Tokio marine

Japanese Equity: Is it the right time to invest?

This document has been produced as marketing material for discretionary investment management services contracted with Tokio Marine Asset

Management Co., Ltd. (TMA). TMA delegates marketing functions in Europe to Tokio Marine Asset Management (London) Limited based on a Marketing

Agreement.

2

Five Reasons Tokio Marine Asset Management Can Help you

1. Japanese equity indices have slid for over the past 20 years.

2. Some growth stocks have been rewarded even in the declining market.

3. Favorable growth of corporate earnings is expected for the next 2 years.

4. We are experienced stock pickers.

5. We focus on finding “growth” in Japanese companies.

Past performance is not indicative of future results.

3

Your Presenter

Tatsuro Yuzawa, CFA Deputy CIO and Head of Quantitative Research & Investment

Tokio Marine Asset Management Co., Ltd. (TMA)

Currently in charge of all equity investments as Deputy CIO since July 2011

(Joined Tokio Marine Asset Management as Head of Quantitative Research and

Investment in Oct 2006)

21 Years of Investment Experience

MBA, Concentration in Accounting & Strategic Management, from the University

of Chicago

Tatsuro Yuzawa is Deputy Chief Investment Officer and Head of Quantitative Research & Investment, in

charge of all equity investment at Tokio Marine Asset Management.

He started his career as a Japanese equity professional at Brinson Partners in Chicago in 1998 after

managing global fixed income and US equity portfolios in Japan and the US for eight years.

Prior to joining Tokio Marine Asset Management in 2006, he managed Japanese equity portfolios at foreign

asset management firms in Japan such as UBS and Credit Suisse, and also served as Head of Investment at

Mellon Global Investments Japan.

Tatsuro obtained BA in law from Tohoku University and has an MBA from the University of Chicago.

He is a CFA charterholder.

4

Investing into Japanese Equity Indices Has Not Been Attractive

2011/9/30

日経平均 8,700.29

TOPIX 761..17

Source: FactSet Past performance is not indicative of future results.

Nikkei 225: A sharp decline from 38,915 (29 December 1989) to 9,520 (27 April 2012)

TOPIX: Not an efficient index

Source: Ibbotson

Efficient Frontier by Industry and TOPIX

August 1993 ～ March 2012

Banks

Chemicals Foods

Machinery

Mining

Precision Instruments

TOPIX

Air Transport

Communication

Construction

Electronic Appliances

Electronic Power&Gas

Financing Business Fishery Agriculture &

Forestry

Glass&Ceramics

Insurance Iron&Steel

Land Transport

Marine Transport

Metal Products

NonFerrous Metals

Oil&Coal Products

Other Products

Pharmaceutical

Pulp&Paper

Real Estate

Retail Trade

Rubber Products

Securities

Services

Textiles&Apparels

Transport Equipment

Warehousing

Wholesale Trade

-12

-10

-8

-6

-4

-2

0

2

4

10 15 20 25 30 35 40

Risk(%/Year)

Return(%/Year)

1989/12/29

日経平均 38,915.87

TOPIX 2,881.37

0

10,000

20,000

30,000

40,000

Aug

-96

Nov-9

7

Jan-9

9

Mar-

00

May-

01

Jul-02

Sep-0

3

Oct-

04

Dec-0

5

Oct-

07

Dec-0

8

Mar-

10 0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Nikkei (left)

FTSE UK (right) Mar 10, 2009

NKY 7,054.98

Dec 29,1989

NKY 38,915.87

5

Not All Equities Declined over This Period

Total return from Apr 2002 to March 2012

Out of 1,335 stocks which were listed on stock exchanges in Japan at the end of March 2002 and

were members of TOPIX at the end of March 2012 excl. financials

Source: FactSet, TMA


14% of stocks achieved positive total return for the past 22 years since the peak of the market

70% of stocks gained positive return for the past 10 years

Total return from January 1990 to March 2012

Out of 949 stocks which were listed on stock exchanges in Japan at the end of December 1989

and were members of TOPIX at the end of March 2012 excl. financials


Annual Total Return from Apr 2002 to Mar 2012

-30

-20

-10

0

10

20

30

1 101 201 301 401 501 601 701 801 901 1001 1101 1201 1301

%

TOPIX -0.61% 69.6%

929 Stocks

1,335 Stocks

Annual Total Return from Jan 1990 to Mar 2012

-30

-20

-10

0

10

20

30

1 101 201 301 401 501 601 701 801 901

%

TOPIX -4.22% 14.2%

135 Stocks

949 Stocks

6

List of Winners from 1989 to 2012

Return % Return % Return % Return %

1 Nitori Holdings Co., Ltd. 1,108 26 Nichiiko Pharmaceutical Co.,Ltd. 132 51 KYOCERA CORPORATION 75 76 NIDEC COPAL CORPORATION 35

2 YAMADA DENKI CO.,LTD. 959 27 SMC CORPORATION 131 52 TOYODA GOSEI CO.,LTD. 68 77 ROHTO PHARMACEUTICAL CO.,LTD. 34

3 NIDEC CORPORATION 727 28 KEIHIN CORPORATION 130 53 AUTOBACS SEVEN CO.,LTD. 67 78 TOYODA BOSHOKU CORPORATION 34

4 Tamron Co.,Ltd. 707 29 IBIDEN CO.,LTD. 130 54 Kurita Water Industries Ltd. 64 79 NOK CORPORATION 33

5 HISAMITSU PHARMACEUTICAL CO.,INC. 676 30 CANON ELECTRONICS INC. 129 55 TACHI-S CO.,LTD. 63 80 Foster Electric Company,Limited 31

6 UNI-CHARM CORPORATION 515 31 KOMATSU LTD. 126 56 TOYOTA TSUSHO CORPORATION 61 81 DAIKIN INDUSTRIES,LTD. 29

7 SANTEN PHARMACEUTICAL CO.,LTD. 389 32 JGC CORPORATION 124 57 HORIBA,Ltd. 59 82 FUJI CO.,LTD. 28

8 K'S HOLDINGS CORPORATION 380 33 TOYOTA MOTOR CORPORATION 124 58 TOYO SUISAN KAISHA,LTD. 58 83 Mitsubishi Corporation 28

9 HONDA MOTOR CO.,LTD. 339 34 Tokyo Electron Limited 121 59 SECOM CO.,LTD. 57 84 AISAN INDUSTRY CO.,LTD. 27

10 SHIMAMURA Co.,Ltd. 326 35 DISCO CORPORATION 114 60 Stanley Electric Co.,Ltd. 56 85 NIHON PARKERIZING CO.,LTD. 27

11 CANON INC. 325 36 AISIN SEIKI CO.,LTD. 114 61 NIFCO INC. 55 86 Sumitomo Realty & Development Co.,Ltd. 27

12 KEYENCE CORPORATION 322 37 NITTO DENKO CORPORATION 109 62 Nintendo Co.,Ltd. 55 87 AIR WATER INC. 26

13 Shin-Etsu Chemical Co.,Ltd. 234 38 EXEDY Corporation 109 63 Miraca Holdings 54 88 CHUGAI PHARMACEUTICAL CO.,LTD. 26

14 HOYA CORPORATION 234 39 ARCLAND SAKAMOTO CO.,LTD. 108 64 Hibiya Engineering,Ltd. 53 89 Hitachi High-Technologies Corporation 24

15 KOMERI CO.,LTD. 227 40 FANUC LTD. 107 65 DENSO CORPORATION 53 90 TOKAI RIKA CO.,LTD. 24

16 SHIMANO INC. 216 41 DAIHATSU MOTOR CO.,LTD. 105 66 JSR CORPORATION 52 91 ONO PHARMACEUTICAL CO.,LTD. 24

17 YAOKO CO.,LTD 200 42 HIROSE ELECTRIC CO.,LTD. 105 67 SUN-WA TECHNOS CORPORATION 51 92 Maruichi Steel Tube Ltd. 23

18 MURATA MANUFACTURING COMPANY,LTD.195 43 ROHM COMPANY LIMITED 104 68 YAMATO KOGYO CO.,LTD. 50 93 Hitachi Transport System,Ltd. 20

19 RINNAI CORPORATION 178 44 NIKON CORPORATION 96 69 Astellas Pharma Inc. 50 94 MANDOM CORPORATION 20

20 PIGEON CORPORATION 172 45 Makita Corporation 94 70 BRIDGESTONE CORPORATION 48 95 KAMEI CORPORATION 19

21 Eisai Co.,Ltd. 164 46 SHINKO ELECTRIC INDUSTRIES CO.,LTD.93 71 BROTHER INDUSTRIES,LTD. 45 96 NIPPON PILLAR PACKING CO.,LTD. 18

22 TERUMO CORPORATION 140 47 KONAMI CORPORATION 92 72 MIURA CO.,LTD. 36 97 TOHO TITANIUM COMPANY,LIMITED 18

23 HARASHIN NARUS Holdings CO.,LTD. 137 48 Kao Corporation 91 73 TEIKOKU PISTON RING CO.,LTD. 35 98 TOA CORPORATION 16

24 SUZUKI MOTOR CORPORATION 133 49 IZUMI CO.,LTD. 88 74 Aica Kogyo Company,Limited 35 99 TSUGAMI CORPORATION 16

25 Takeda Chemical Industries,Ltd. 133 50 NIHON KOHDEN CORPORATION 76 75 MITSUI & CO.,LTD. 35 100 DAIDO METAL CO.,LTD. 16


Out of 949 stocks which were listed on stock exchanges in Japan at the end of December 1989 and were members of TOPIX at the end of March 2012 excl. financials


This is not a recommendation to buy or sell individual stocks. Past performance is not indicative of future results.

7

Return Driver of Winners: Growth

Growth of

Equity

Cash-Flow

Yield

Valuation

ChangeEst. Return

Actual

Return

Average of winners 5.8% 0.7% -4.4% 2.6% 2.8%

Average of losers 1.9% 0.5% -7.4% -4.6% -3.9%

total return ＝ growth of equity + cash flow yield + valuation change

)g(1PB

ΔPB

PB

gROEgTR t

1-t

t

1t

ttt t


Out of 949 stocks which were listed on stock exchanges in Japan at the end of December

1989 and were members of TOPIX at the end of March 2012 excl. financials


Growth is the key factor

Valuation shrinkage was equally negative for both winners (positive total returns) and losers

Growth differentiated winners and losers

Need to focus forward-looking analysis on fundamental development

8

Where Is “Growth” of Japanese Companies Now? (1)

Corporate earnings to grow in FY2012 and FY2013

A very wide dispersion of earnings growth

GDP growth for the next 2 years to be ranked as top-tier of developed countries

FY 2012 FY 2013 FY 2012 FY 2013

TOPX 500

excl. Financials3.6% 3.1% 33.1% 16.7%

Sales Growth (%)Recurring Profit

Growth (%)


World Economic Outlook Projection

% 2012 2013

Japan 2.0 1.7

United Kingdom 0.8 2.0

Germany 0.6 1.5

France 0.5 1.0

Italy -1.9 -0.3

Spain -1.8 0.1

United States 2.1 2.4

Canada 2.1 2.2

Source: IM F WEO April 2012

Source: Toyo Keizai, TMA As of 30 March 2012

Source: Toyo Keizai, TMA

Distribution of FY 2012 RP Growth

-100%

-50%

0%

50%

100%

150%

1 101 201 301 401

Average 33.1%

Distribution of FY 2012 RP Growth

-50%

-30%

-10%

10%

30%

50%

70%

90%

110%

130%

150%

1 101 201

Average 16.7%

7

9


Photos of Sendai City in March, June, and September in 2011

Source: AP/Kyodo News

Fiscal stimulus package for post-earthquake reconstruction

17.7 trillion yen in FY2011 and 3.8 trillion yen in FY2012


10


2010

5-Oct 14-Mar 4-Aug 27-Oct 14-Feb 27-Apr

35.0 40.0 50.0 55.0 65.0 70.2 49.8

30.0 30.0 35.0 35.0 35.0 30.0 34.6

5.0 10.0 15.0 20.0 30.0 40.2 15.2

JGB 1.5 2.0 4.0 9.0 19.0 29.0 7.3

FB 2.0 3.0 4.5 4.5 4.5 4.5 3.3

CP 0.5 2.0 2.1 2.1 2.1 2.1 1.5

Corporate Bonds 0.5 2.0 2.9 2.9 2.9 2.9 2.1

ETF 0.5 0.9 1.4 1.4 1.4 1.6 0.9

J-REIT 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Dec-11 Jun-12 Dec-12 Dec-12 Dec-12 Jun-13Term

2012

Total A+B

(Trillion Yen)

Asset Purchase Program

B

Fixed Rate Fund-

Supplying Operation A

Bank of Japan's Comprehensive Monetary Easing

Announcement Date

Balance

as of 20 April

2011


Daiwa 200 ManufacturersNon-

manufacturers

Base case

($1=¥77, €1=¥100)30.9% 39.6% 19.6%

Scenario 1

($1=¥80, €1=¥105)33.5% 44.5% 18.7%

Scenario 2

($1=¥85, €1=¥110)37.0% 51.3% 17.2%

Source: Daiw a Securities

RP Growth FY 2012

BOJ continues to ease monetary policy until the “price stability goal” is achieved

Asset reflation and weaker yen may follow

11


Depreciation, Capex, and Cash Flows of all Japanese Companies

0

10

20

30

40

50

60

70

80

19

72

19

74

19

76

19

78

19

80

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

20

10

Trillion Yen

50%

70%

90%

110%

130%

150%

170%

190%

210%

230%

Depreciation (left) Capex (left)

Cash Flow (left) Capex/Depr (right)

Source: Ministry of Finance

Long-term deleveraging adjustment resulted in under-investment by Japanese companies

Ample cash has piled up after paying back debt


12

How We Pick “Winners”

-3 -2 -1 0 1 -3

-2

-1

0

1

Low Growth

Va

lua

tion

High

Low

2

High

3

2

3

Our Targets

We look at both growth and valuation

We look into consensus gaps on earnings estimates and valuation

Our analyst performance worked for Japanese equities well


Analyst Rating Performance

60

80

100

120

140

160

180

200

FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011

Ａ

Ｂ

Ｃ

Source: TMA Accumulated rating performance relative to each sector excl. mid/small cap stocks

A: Strong outperformers

B: Outperformers

C: Market performers

13

Example 1: EXEDY (Ticker 7278)

1,000

1,500

2,000

2,500

3,000

3,500

Jun-

09

Jul-0

9

Aug

-09

Sep

-09

Oct

-09

Nov

-09

Dec

-09

Jan-

10

Feb

-10

Mar

-10

Apr

-10

May

-10

Jun-

10

Jul-1

0

Aug

-10

Sep

-10

Oct

-10

Nov

-10

Dec

-10

Jan-

11

Feb

-11

Mar

-11

Apr

-11

May

-11

Jun-

11

Jul-1

1

Aug

-11

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12

Feb

-12

Mar

-12

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

Cumulative AR relative to sector Index (right)

Exedy Stock Price (left)

A

10 June 2009

B

23 February 2011

D

28 October 2011

This is not a recommendation to buy or sell individual stocks.


EXEDY Corp is an automobile equipment manufacturer that produces manual transmissions /clutches (30% of total sales), and

torque converters / wet friction clutch plates (60%).

“A” rating as of June 2009

Consensus gap on earnings: steady manual clutch sales for replacement supported earnings, but

overall market was more concerned with the sharp decline in demand for new cars

Long-term growth: torque converters and wet friction clutches for overseas automakers

Attractive valuation: 0.9x PBR relative to 1.1x industry average

14

Example 2: NIDEC (Ticker 6594)

This is not a recommendation to buy or sell individual stocks.


NIDEC CORP is an electric motor drive manufacturer that produces spindle motors / other small precision motors for mobile

phones (47% of total sales), motors for automobiles / industrial equipment (20%), power transmission equipment / factory

automation systems (11%), and camera shutters / lens units (17%).

“A” rating as of April 2008

Mid / long-term growth: Accelerating penetration of small motor equipment in automobiles

Structural change: Productivity improvement activity (WPR) to double its profit target

Management’s capability: Proven M&A track record, still aggressively pursuing business expansion

through M&A, and high visibility of management’s earnings forecasts

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

Ap

r-0

8M

ay-

08

Jun

-08

Jul-

08

Au

g-0

8S

ep

-08

Oct

-08

No

v-0

8D

ec-

08

Jan

-09

Fe

b-0

9M

ar-

09

Ap

r-0

9M

ay-

09

Jun

-09

Jul-

09

Au

g-0

9S

ep

-09

Oct

-09

No

v-0

9D

ec-

09

Jan

-10

Fe

b-1

0M

ar-

10

Ap

r-1

0M

ay-

10

Jun

-10

Jul-

10

Au

g-1

0S

ep

-10

Oct

-10

No

v-1

0D

ec-

10

Jan

-11

Fe

b-1

1M

ar-

11

Ap

r-1

1M

ay-

11

Jun

-11

Jul-

11

Au

g-1

1S

ep

-11

Oct

-11

No

v-1

1D

ec-

11

Jan

-12

Fe

b-1

2M

ar-

12

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

Cumulative AR relative to sector Index (left)

NIDEC Stock Price (right)

A

10 April 2008

15

Tokio Marine Asset Management

A trusted and experienced manager

Leading Japanese equity active manager in Japan

Stock selection focusing on growth

Long track record: Established in 1985

Well resourced investment team

8 experienced PMs

Well organized team of 16 Japanese equity analysts

Collaboration between Asian equity team in Singapore* and global equity analysts in NY** and

our analysts in Tokyo

Dedicated support from economists and quantitative analysts

Note:

* Tokio Marine Asset Management (International) Pte.Ltd.

** Tokio Marine Asset Management (USA) Ltd.

16

Valuation Comparison of Japanese Equities

Comparable PER with lower PBR/ROE in peers

JapanNorth

AmericaEurope EM Japan

North


North


North

AmericaEurope EM

Energy 9.8 11.1 8.5 7.1 0.8 1.7 1.3 1.0 7.0% 12.1% 14.5% 15.8% 4.5 5.0 4.1 4.5

Materials 13.2 12.0 10.3 9.4 0.9 2.0 1.4 1.4 6.8% 16.6% 12.9% 14.0% 5.8 6.5 4.7 6.2

Industrials 10.6 13.3 12.5 11.9 1.1 2.5 1.9 1.5 11.4% 18.3% 7.5% 10.4% 7.3 8.0 6.7 7.6

Consumer

Discretionary13.4 15.3 11.1 10.4 1.1 2.8 1.6 1.9 10.5% 18.1% 15.5% 14.6% 5.9 7.1 5.1 6.1

Consumer Staples 16.8 15.2 14.6 19.5 1.4 3.0 2.7 3.2 12.0% 16.7% 15.8% 8.5% 5.8 9.2 8.6 12.0

Health Care 16.8 12.4 11.4 17.5 1.4 2.3 2.7 2.7 7.8% 17.7% 24.5% 8.9% 6.3 7.6 7.7 9.8

Financials 11.8 11.8 8.6 9.1 0.8 1.1 0.7 1.3 4.5% 9.2% 9.1% 11.0% 12.5 9.4 8.6 10.0

Information

Technology15.3 12.9 16.1 12.5 1.2 3.0 2.2 2.0 7.7% 20.9% 14.6% 15.7% 5.2 7.2 7.5 6.3

Telecommunication

Services8.8 14.2 9.6 12.3 1.0 2.0 1.3 2.0 11.1% 12.8% 24.7% 12.6% 3.1 5.3 5.4 5.0

Utilities 17.0 14.6 10.7 12.0 0.9 1.5 1.1 1.0 -1.1% 9.7% 9.7% 3.5% 10.4 8.5 6.0 6.9

EXCL Financials 12.8 13.1 11.1 10.6 1.1 2.3 1.7 1.5 9.8% 16.3% 8.8% 12.1% 5.9 6.9 5.8 6.1

EXCL Financials &

Energy12.9 13.5 11.8 11.9 1.1 2.5 1.8 1.8 10.5% 17.3% 8.8% 12.0% 5.9 7.5 6.3 6.6

TOTAL 12.6 12.9 10.5 10.2 1.0 2.0 1.4 1.5 7.3% 14.4% 8.8% 12.1% 6.1 7.1 6.0 6.3

Source: FactSet Consensus As of 30 March 2012

PER PBR ROE EV/EBITDA


17

Technical Analysis as a Rule of Thumb

TOPIX & US Treasury

-1

1

3

5

7

9

11

Se

p-8

9

Au

g-9

1

Ju

l-9

3

Ju

n-9

5

Ma

y-9

7

Ap

r-9

9

Ma

r-0

1

Fe

b-0

3

Ja

n-0

5

De

c-0

6

No

v-0

8

Oct-

10

%

0

700

1400

2100

2800US 10Y Yield (left)

TOPIX (right)

Treasury’s range break may mean upside potential for Japanese equities

In 2005 TOPIX jumped as the yen slid significantly

TOPIX and JPY/USD

500

700

900

1,100

1,300

1,500

1,700

1,900

De

c-0

3

Oct-

04

Au

g-0

5

Ju

n-0

6

Ap

r-0

7

Fe

b-0

8

De

c-0

8

Oct-

09

Au

g-1

0

Ju

n-1

1

70

80

90

100

110

120

130

TOPIX (left)

JPY/USD (right)


18

Summary

Opportunities in Japanese Equities

Growth is the key factor to invest in Japanese equities

Corporate earnings are expected to grow over the next two years

Fiscal package and monetary easing policy support corporate earnings growth

Tokio Marine Asset Management is your gateway

We focus on finding growth

Long track record and experienced professionals

The investment manager for Tokio Marine Japanese Equity Focus Strategy

Appendix

20

Tokio Marine Asset Management group: Global Coverage

Key facts:

Tokio Marine Asset Management Co., Ltd. (TMA): established in Tokyo in 1985

TMA group offices: located in Tokyo, Singapore, Shanghai, London, and New York

Employees in TMA group: over 200

TMA group AUM: USD 67.1 billion as of 31 December 2011

TMA group manages diversified asset classes from traditional assets to alternative assets (Private Equity, Equity L/S etc).

Both Investment Management and Business Development

Investment Research Only

TMA USA in NY

TMA - Tokyo

(Parent company)

TMAI - Singapore

TMAL - London

TMAI - Shanghai

As at 31 Dec 2011

21

Tokio Marine Asset Management: History and AUM

History

1985

1987

1987

1990

1991

1997

1998

1999

2000

2002

2003

Established under the name Tokio Marine MC Asset Management

Co., Ltd.

Acquired license to provide investment advisory services

Acquired license to provide discretionary investment management services

Established Tokio Marine Asset Management London (TMA

London)

Started pension-fund management operations

Established TMA International (Singapore)

Acquired investment trust license and changed name to Tokio Marine

Asset Management Co., Ltd.

Assets under management reached ¥1 trillion

Established TMA USA

Started private equity advisory service

Formed joint venture (Tokio Marine Rogge Asset Management) for

foreign bond investment

Registered as a financial instruments firm 2007

2008

2008

TMA London acquired marketing license from the UK Financial

Services Authority

Acquired stake in Governance for Owners Japan KK

TMA becomes signatory to UNPRI 2011

TMAL granted Variation of Part IV permission by the Financial Services

Authority to manage investments and deal in investments as agent 2011

Ownership

100% owned by our parent company, Tokio Marine & Nichido Fire Insurance Co., Ltd.

Segregated assets

International

Equity 8%

Alternatives 4%

Others 4%

Investment Trust assets

International Equity 1% Others 8%

Private Equity 2%

As at 31.12.2011

Japanese

Fixed Income

50% International

Fixed Income

26%

Japanese

Equity

13% Balanced

43% International

Fixed income 12%

Japanese

Fixed Income

14%

Japanese Equity 11%

REIT 4%

Breakdown of AUM by Asset Class

1,487 936 Private equity /Alternatives/REIT

48,173

3,801

-

12,520

648

24,203

6,064

Segregated

AUM ($millions)

19,233

740

8,364

2,270

1,550

2,672

2,150

Investment Trust

AUM ($millions)

Others

Japanese equity

Japanese fixed income

International equity

International fixed income

Balanced

Asset Class

Total

22

Tokio Marine Asset Management: Japanese Equity Team

Singapore NY

Japanese Equity Investment (8 PMs)

Investment Research

Chief Investment Officer: Hirofumi Kasai (26/19)*

Deputy CIO: Tatsuro Yuzawa (21/5)

Global Equity

Investment

Head: Yoshihisa Nakagawa (22/22)

Focus PM: Akira Sato (24/14）

Tokyo

Basic Industry

Japanese Equity Research (16 Analysts)

IT Financial &

Services

Social

Infrastructure

Autos, Machinery

Materials

Trading House

Electronics

Software, Media,

Telecommunication

Financial

Pharmaceutical,

Healthcare,

Foods,

Household

Goods

Utilities

Infrastructure

Tokio Marine Asset Management International

Pte. Ltd.

Global Research Including Emerging

En

erg

y

Utilitie

s

Fin

an

cia

ls

Con

su

me

r Sta

ple

s

Te

leco

mm

un

ica

tion

s

IT Health Care

Transportation

Real Estate

Materials

Consumer

Discretionary

Tokio Marine Asset Management (USA) Ltd.

China & Hong Kong

3 analysts 4 analysts

Korea & Taiwan

India

Australia

ASEAN

4 PMs

6 PMs and 3 analysts

*(Years of investment

experience/ Years with Tokio

Marine).

2 Economists 7 Quantitative analysts 1 Economist As at 31 Dec 2011

23

Yuichi “Alex” Takayama

Chief Executive Officer Chartered Member of the Security Analysts

Association of Japan

TOKIO MARINE

ASSET MANAGEMENT (LONDON) LIMITED Authorised and regulated by the Financial Services Authority

60 Gracechurch Street, London EC3V 0HR, U.K.

Tel: +44 (0)20 7280 8570*

Email: [email protected]

www.tokiomarineam.co.uk

高山裕一

For general enquiries, please contact

Business Development: [email protected]

Tel: + 44 (0) 20 7280 8580*

* calls may be recorded

Ayumi Kondo 近藤あゆみ Head of Marketing, Business Development Chartered Member of the Security Analysts

Association of Japan

TOKIO MARINE

ASSET MANAGEMENT (LONDON) LIMITED Authorised and regulated by the Financial Services Authority

60 Gracechurch Street, London EC3V 0HR, U.K.

Tel: +44 (0)20 7280 8576*

Email: [email protected]

www.tokiomarineam.co.uk

Tokio Marine Asset Management (London)

Contact Information

24

Disclaimer Swiss Residents

The funds promoted on this document (the "Funds") have not been authorised by the Federal Banking Commission as foreign collective investment schemes pursuant to article 120 of the Swiss Federal Act on Collective Investment Schemes

("CISA") of June 23, 2006. Accordingly, interests in the Funds may not be offered to the public in or from Switzerland, and neither the information contained on this document nor any other offering material relating to the Funds may be

distributed in connection with any such public offering. Interests in the Funds may only be offered and the information contained on this document may only be distributed in or from Switzerland to qualified investors pursuant to article 10

CISA and without any public offering in accordance with the relevant practice of the Swiss Federal Banking Commission.

Any promotions of asset management services accessible through this document may be restricted under Swiss law and therefore Swiss residents into whose possession this information comes should inform themselves about and observe

any such restrictions. Any such promotions could otherwise result in a violation of the law of Switzerland.

UK Residents

Funds Promotions

The funds promoted on this document (the "Funds") are unregulated collective investment schemes within the meaning of Section 235 of the Financial Services & Markets Act 2000 ("Act"). As such they are not regulated by the Financial

Services Authority or any other regulatory authority. Tokio Marine Asset Management (London) Limited, authorised and regulated in the UK by the Financial Services Authority, is restricted by Section 21 and by Section 238 of the Act

respectively and can only promote the Funds to certain categories of person. Tokio Marine Asset Management Co. Ltd (the Tokyo and Singapore entities) are not authorised and regulated in the UK by the Financial Services Authority.

As such, the promotion of interests in the Funds and communication of Fund related documents accessible through this document are restricted to 'investment professionals' and 'high net worth companies'. Recipients must fall within one of

the following categories:

(a) You must fall within the "high net worth companies" exemption set out in both Article 22 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. The information regarding

the Funds is thus only provided on the basis the recipient is a company, trust or partnership with capital or assets exceeding the relevant minimum value set out in Article 22 or Article 49 (or is a person who normally represents such an entity

in respect of its unregulated fund investments). Participation in the Funds may be available to such high net worth companies. Persons of any other description should not act or rely on the information provided. Any investment into the Funds

must be understood to be high risk and to include the possibility of losing all of the committed investment and should therefore be carefully considered; or

(b) You must fall within the "investment professional" exemption set out in both Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. The information regarding

the Funds is thus only provided on the basis the recipient is an investment professional on the basis that you have professional experience of participating in unregulated schemes. Participation in the Funds will only be available to you if you

are such a person. Should you not have the professional experience of participating in unregulated schemes, you should not rely on the information provided. Any investment into the Funds must be understood to be high risk and to include

the possibility of losing all of your committed investment and should therefore be carefully considered.

This document is therefore being communicated on the basis that it is exempt from the restriction on the promotion of unregulated schemes and its contents have therefore not been approved by an authorised person within the meaning of

the Financial Services and Markets Act 2000. This is on the grounds that this document is being made to ‘investment professionals’ and ‘HNWC’ only as specified below and that these persons being persons having professional experience

in matters relating to investments or persons to whom it may lawfully be promoted.

This document must not be distributed or passed on, directly or indirectly, to any person who does not fall within the categories of person listed above. This material is being supplied to you exclusively for your information and may not be

reproduced, forwarded to any other person or published, in whole or in part, for any purpose. If you are in any doubt about the investment to which this document relates you should consult a person authorised under the Financial Services

and Markets Act 2000 who specialises in advising on investments of the kind described in this document.

Asset Management Promotions

Tokio Marine Asset Management (London) Limited, authorised and regulated in the UK by the Financial Services Authority, is restricted by Section 21 of the Financial Services & Markets Act 2000 (“Act”) and can only promote its asset

management services in the UK to certain categories of person. Tokio Marine Asset Management Co. Ltd (the Tokyo and Singapore entities) are not authorised and regulated in the UK by the Financial Services Authority.

As such, the promotion of the services and communication of related documents through this material is restricted to 'investment professionals' and 'high net worth companies'. Recipients must fall within one of the following categories:

(a) You must fall within the "high net worth companies" exemption set out in Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. The information regarding the asset management service is thus only

provided on the basis the recipient is a company, trust or partnership with capital or assets exceeding the relevant minimum value set out Article 49 (or is a person who normally represents such an entity in respect of its unregulated fund

investments). Participation in the service may be available to such high net worth companies. Persons of any other description should not act or rely on the information provided. Any investment must be understood to be high risk and to

include the possibility of losing all of the committed investment and should therefore be carefully considered; or

(b) You must fall within the "investment professional" exemption set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. The information regarding the asset management service is thus only

provided on the basis the recipient is an investment professional on the basis that you have professional experience of participating in these activities. Participation in the service will only be available to you if you are such a person. Should

you not have the professional experience of participating in these activities, you should not rely on the information provided. Any investment must be understood to be high risk and to include the possibility of losing all of your committed

investment and should therefore be carefully considered.

Should you not fall within the relevant categories for the Funds or asset management service you should not proceed. If you can not so proceed it is possible that you may fall within other exemptions. Please contact Tokio Marine Asset

Management (London) Limited to discuss further. Potential investors who are uncertain of their status should refer to the relevant articles of the Financial Promotion Order.

Persons from EEA member states and elsewhere

The promotion of the asset management services, interests in the Funds and communication of related documents accessible through this document may in certain jurisdictions be restricted by law and therefore persons into whose

possession this document comes should inform themselves about and observe any such restrictions. Any such distribution could result in a violation of the law of such jurisdictions.

US Residents

This document is reserved exclusively for non-US persons and should not be accessed by any person in the United States. This document does not include any offer of investment products or services to any US persons.

All persons

You must also ensure you comply with the disclaimers and promotional restrictions in the document. The distribution of this document in certain jurisdictions may be restricted by law and therefore persons into whose possession this

document comes should inform themselves about and observe any such restrictions. Any such distribution could result in a violation of the law of such jurisdictions.

Each person in receipt of this document undertakes that they shall not at any time disclose to any person or entity any information set out in, or relating to, this document except as expressly authorised by the Funds.

The information contained on this document is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and no other person should rely or act upon it. The information contained on this document does

not constitute an offer to sell or a solicitation of an offer to buy any security, investment or financial advice.

Past performance is not a guide to future returns.

The value of investments can go down as well as up and you may not get back what you invested.

Returns may increase or decrease as a result of currency fluctuations.

Tokio marine

Economy & Finance

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