TOKIO MARINE FUNDS PLC (An Umbrella Fund with Segregated Liability Between Sub-Funds)

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TOKIO MARINE FUNDS PLC (An Umbrella Fund with Segregated Liability between sub-funds)

Annual Report and Audited Financial Statements

TOKIO MARINE JAPANESE EQUITY LEADERS FUND For the period from 1st January 2013 to 24th April 2013 (date of termination)

TOKIO MARINE JAPANESE EQUITY FOCUS FUND

TOKIO MARINE ASIAN EQUITY FUND (formerly TOKIO MARINE ASIA PACIFIC EQUITY FUND)

Sub-funds of Tokio Marine Funds plc

For the year ended 31st December 2013

TOKIO MARINE FUNDS PLC

Annual Report and Audited Financial Statements For the year ended 31st December 2013

Pages

Directors of the Company 3

Management and Administration 3

Report of the Directors 6

Statement of the Custodian’s Responsibilities 11

Investment Manager’s Report 12

Independent Auditors’ Report to the Shareholders 16

Statement of Financial Position 18

Statement of Comprehensive Income 20

Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 24

Statement of Cash Flows 26

Notes to the Financial Statements 28

Schedule of Investments 69

Schedule of Portfolio Movements (Unaudited) 87

TOKIO MARINE FUNDS PLC

Directors of the Company

Denise Kinsella* (Irish) Karl McEneff^ (Irish) Tetsuya Nakamura^ (Japanese) Yuichi Takayama^ (Japanese) Yasuyuki Kanda^ (Japanese) (appointed 21st August 2013)

*Independent and non-executive ^Non-executive

REGISTERED OFFICE

Block 5 Harcourt Centre Harcourt Road Dublin 2 Ireland

Management and Administration

ADMINISTRATOR & COMPANY SECRETARY

SMT Fund Services (Ireland) Limited Block 5 Harcourt Centre Harcourt Road Dublin 2 Ireland

PROMOTER AND INVESTMENT MANAGER

Tokio Marine Asset Management Co., Ltd. Tokyo Ginko Kyokai Building 1-3-1 Marunouchi Chiyoda-ku Tokyo 100-0005 Japan

SUB-INVESTMENT MANAGER

Tokio Marine Asset Management International Pte. Limited for Tokio Marine Asian Equity Fund 20 McCallum Street #18-01 Tokio Marine Centre Singapore 069046

TOKIO MARINE FUNDS PLC

Management and Administration (Continued)

GOVERNANCE SERVICES PROVIDER

Bridge Consulting Limited 33 Sir John Rogerson’s Quay Dublin 2 Ireland

CUSTODIAN

SMT Trustees (Ireland) Limited Block 5 Harcourt Centre Harcourt Road Dublin 2 Ireland

DISTRIBUTORS

Tokio Marine Asset Management (London) Ltd for the Tokio Marine Japanese Equity Leaders Fund, for the Class A, B, C, D, F and G shares of the Tokio Marine Japanese Equity Focus Fund, and for the Class A, B and C shares of the Tokio Marine Asian Equity Fund 60 Gracechurch Street London EC3V 0HR United Kingdom

Tokio Marine Asset Management International Pte. Limited for the Class E shares of the Tokio Marine Japanese Equity Focus Fund, and for the Class D shares of the Tokio Marine Asian Equity Fund 20 McCallum Street #18-01 Tokio Marine Centre Singapore 069046

INDEPENDENT AUDITORS

PricewaterhouseCoopers Chartered Accountants and Registered Auditors One Spencer Dock North Wall Quay Dublin 1 Ireland

TOKIO MARINE FUNDS PLC

Management and Administration (Continued)

IRISH STOCK EXCHANGE SPONSORING BROKER

Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2 Ireland

IRISH LEGAL ADVISORS TO THE COMPANY

Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2 Ireland

TOKIO MARINE FUNDS PLC

Report of the Directors For the year ended 31st December 2013

The Directors present the annual report and audited financial statements for the year ended 31st December 2013.

Principal Activities Tokio Marine Funds plc (the “Company”) is an open-ended umbrella investment company with variable capital and segregated liability between the sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963 to 2013 with registration number 481763 and established as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended). There are currently two sub-funds of the Company in operation, Tokio Marine Japanese Equity Focus Fund and Tokio Marine Asian Equity Fund.

The single Shareholder in Tokio Marine Japanese Equity Leaders Fund redeemed its investment and the sub-fund was terminated on 24th April 2013. An application will be made to the Central Bank of Ireland for the revocation of the approval of the Tokio Marine Japanese Equity Leaders Fund in due course.

Results The financial position and results are set out on pages 18 to 27.

Review of the Development of the Business Please see the Investment Manager’s Report on pages 12 to 15.

Dividends and Retention No dividends were declared or paid during the year.

Post Balance Sheet Events Subsequent to the year end and up to 17th April 2014, Tokio Marine Japanese Equity Focus Fund received subscriptions of JPY5,822,127 and paid redemptions of JPY1,548,043,261. There were no other subscriptions or redemptions into or out of the Company.

There were no other events subsequent to the year end that require disclosure in the financial statements other than what is detailed in Note 19.

Directors The Directors at the date of this report are listed on page 3.

Directors’ and Secretary’s Interests None of the Directors had any interest in the Redeemable Participating Shares of the Company, as defined by the Companies Act 1990, for the year ended 31st December 2013 (2012: None). Related party transactions are described in Note 11 in these financial statements.

TOKIO MARINE FUNDS PLC

Report of the Directors For the year ended 31st December 2013 (Continued)

Transactions Involving Directors None of the Directors had an interest in any transaction with the Company for the year ended 31st December 2013 (2012: None).

The Board is satisfied that there are arrangements in place to ensure that any transaction carried out with a connected party is carried out as if negotiated on an arm’s length basis and is in the best interests of shareholders.

Risk Management objectives and policies Descriptions of the risks associated with the Company are contained in Note 5 of the financial statements.

Books of Account The measures taken by Directors to secure compliance with the Company’s obligation to keep proper books of account are the use of appropriate accounting systems and procedures and employment of competent persons. The books of account are kept at the following address: SMT Fund Services (Ireland) Limited, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland.

Corporate Governance Code The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) (the “Regulations”) require the inclusion of a corporate governance statement in the Report of the Directors.

The Irish Funds Industry Association issued a voluntary Corporate Governance Code for Collective Investment Schemes and Management Companies (the “Code”), effective from 1st January 2012, with a 12 month transitional period, until 1st January 2013. The Board having considered the implications of the Code resolved on 27th November 2012 to adopt the Code with effect from 1st January 2013.

The Company has assessed it is organised in such a way as to meet all the provisions of the Code.

The Company is subject to corporate governance practices imposed by:

i) The Memorandum and Articles of Association of the Company. ii) The Companies Acts, 1963 to 2013. iii) The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), and the associated series of UCITS Notices and Guidance Notes issued by the Central Bank of Ireland (the “Central Bank”). iv) The Irish Stock Exchange (“ISE”) Code of Listing Requirements and Procedures. v) The Code. vi) The Channel Islands Stock Exchange (“CISX”) Listing Rules.

TOKIO MARINE FUNDS PLC

Report of the Directors For the year ended 31st December 2013 (Continued)

Corporate Governance Code (continued) Copies of all of the above are available for inspection at the Company’s registered office.

The Board of Directors appointed Bridge Consulting Limited as Governance Services Provider on 19th March 2010.

Internal control and risk management systems in relation to financial reporting The Directors are responsible for establishing and maintaining adequate internal control and risk management systems in relation to the financial reporting process of the Company. Such systems are designed to manage, rather than eliminate, the risk of error or fraud in achieving the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatements or loss.

The Board of Directors has procedures in place to ensure that all relevant books of account are properly maintained and are readily available, including production of annual and half yearly financial statements. The Board of Directors has appointed the Administrator to maintain the books and records of the Company. The Administrator is authorised and regulated by the Central Bank and must comply with rules imposed by the Central Bank. From time to time, the Board of Directors receive reports with respect to the Administrator’s financial accounting and reporting routines. The annual and half yearly financial statements of the Company are produced by the Administrator and reviewed by the Investment Manager. They are required to be approved by the Board of Directors and the annual and half yearly financial statements of the Company are required to be filed with the Central Bank and the Irish Stock Exchange.

The statutory financial statements are required to be audited by independent auditors who report annually to the Board of Directors on their findings. As part of its review procedures, the Board of Directors receives presentations from relevant parties including consideration of International Financial Reporting Standards (“IFRS”) as adopted by the European Union and their impact on the annual financial statements and presentations and reports on the audit process. The Board of Directors evaluates and discusses significant accounting and reporting issues as the need arises.

Board composition and activities The Directors of the Company meet regularly to review the business and affairs of the Company and they will also discuss and evaluate significant account and reporting issues as the need arises. The minimum required number of Directors is two, which is also the minimum number of Directors required for a meeting to take place. Currently there are five non-executive Directors, one of whom is independent of the Investment Manager and the Administrator. The Directors are listed on page 3.

The business of the Company is managed by the Directors, who are responsible for the Company’s overall direction and strategy, including review of investment management performance, administration of the Company’s funds and compliance with the Company’s regulatory requirements. Custody of the Company’s assets is overseen by an independent Custodian, SMT Trustees (Ireland) Limited.

TOKIO MARINE FUNDS PLC

Report of the Directors For the year ended 31st December 2013 (Continued)

Corporate Governance Code (continued) Board composition and activities (continued) The Board of Directors meets at least four times a year to review the operations of the Company, address matters of strategic importance and to receive reports from the Administrator, Custodian and the Investment Manager. A Director may call a meeting of Directors at any time.

At any meeting of the Directors, if there are an equal number of votes for or against a resolution, the Chairman of the meeting may exercise a second or casting vote.

Dealing with Shareholders The convening and conduct of Shareholders’ meetings are governed by Irish Company Law and the Memorandum and Articles of Association. Shareholders together holding 5% or more in aggregate of the Shares of the Company in issue may at any time request that the Directors convene a meeting of Shareholders to consider any matters that may be proposed by the Shareholders requesting the meeting.

A meeting of Shareholders held in accordance with the provisions of the Memorandum and Articles of Association may by a 75% majority of those voting approve a change to Memorandum and Articles of Association or a proposal to wind up the Company. A simple majority vote is required for most other proposals, including proposals to determine that the Directors shall retire, or to terminate any of its sub-funds and any material change in the investment objective and policies or the investment restrictions set out in the Prospectus issued by the Company.

Twenty one clear days notice at least of every meeting shall be given to Shareholders in the manner provided in the Memorandum and Articles of Association. At any meeting any matter put to a vote shall be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman or by one or more Shareholders present in person or by proxy and holding or representing one-tenth of the number of Shares for the time being in issue. Unless a poll is so demanded, a declaration by the Chairman that a resolution has been carried or carried unanimously or by a particular majority or lost shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution.

If a poll is duly demanded, it shall be taken in such manner as the Chairman may direct and the result of a poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

TOKIO MARINE FUNDS PLC

Investment Manager’s Report For the year ended 31st December 2013

Japanese equities

Performance summary The TOPIX Total Return Index returned 54.41% during 2013. Tokio Marine Japanese Equity Focus Fund returned 58.60% (Class D, JPY).

Equity Market Review

January-March Quarter TOPIX rallied sharply as market players continued their buying spree of the Japanese market on the back of high expectations for “Abenomics” centering on bold financial policy, flexible fiscal policy and growth strategies to stimulate private investment. The Bank of Japan adopted a 2% inflation target under pressure from the government, and the market rallied after the appointment of Haruhiko Kuroda as the next governor of the Bank of Japan, indicating high investor hopes for aggressive monetary easing.

April-June Quarter TOPIX rallied again particularly in the first half of the quarter as the Bank of Japan pledged to double its monetary base over the next two years, exceeding investor expectations. However, the announcement of weaker than expected HSBC Manufacturing PMI data for China and amid concerns over the FRB’s scaling back of its asset purchase program earlier than expected triggered a sell-off in the second half of the quarter. The Abe administration’s “third arrow” growth strategy also failed to impress investors. The market rallied again towards the end of June helped by the depreciation of the yen and the fact that the liquidity supply from the People’s Bank of China stabilised the short term interest rates.

July-September Quarter Japanese stocks were range-bound due to speculation as to when the US Federal Reserve will begin tapering of quantitative easing. Investor anxieties about the impact of Fed tapering on emerging markets and heightened geopolitical risk in the Middle East drove down share prices. However, the market was lifted by positive domestic factors such as the ruling Liberal Democratic Party’s majority win in the Upper House election, corporate earnings recovery, Tokyo’s selection as host of the 2020 Olympic Games and the planned stimulus package to offset the impact of the consumption tax rise from April 2014.

October-December Quarter Speculation about the timing and size of reduction in asset purchases by the US Federal Reserve contributed to the volatility of share prices during the October-December quarter, but the market’s reaction changed as time passed. In December the Fed decided to begin tapering its quantitative easing program, but the market reacted positively to its enhanced forward guidance about the target for the federal funds rate, and Japanese equities rose to a new high for the year while the yen declined.

TOKIO MARINE FUNDS PLC

Investment Manager’s Report For the year ended 31st December 2013 (Continued)

Japanese equities (continued)

Tokio Marine Japanese Equity Focus Fund The fund outperformed the benchmark during 2013. From April to June, the Japanese market was quite volatile and high quality stocks outperformed well. At that time the portfolio’s holdings focused on high quality strategic stocks rather than short-term tactical stocks, so the fund outperformed more than 3% during that period. In August, growing anticipation of the Fed’s tapering had a greater impact on emerging markets than on developed markets and this also, to a large degree, impacted Japanese stocks, which was expected to be negatively affected by the Asian Economy. In November, some companies held in our portfolio released positive result announcements due to their cost management, which contributed to the fund’s performance. However, the fund underperformed its benchmark in December, because its stock selection in the pharmaceuticals/health care sector resulted in a negative contribution overall.

Note on tracking error in the fund Between January and June 2013 the ex-ante tracking error for the fund was around 5% and between July and December 2013 the ex-ante tracking error for the fund was around 4% (fund’s indicative range is 5-10%). This was mostly due to external market issues and declining market volatilities. There are no major changes to the numbers of holdings of the portfolio throughout the year and no changes to the investment policy have been made. The Investment Manager will continue to monitor the tracking error of the fund.

Asia ex-Japan equities

Note on Tokio Marine Asian Equity Fund Tokio Marine Asia Pacific Equity Fund was renamed as Tokio Marine Asian Equity Fund on 4th December 2013. The transition period ended on 10th December 2013 and the fund has been managed under the new Investment Objective and Investment Policy with a new Benchmark (MSCI, AC Asia ex-Japan).

Performance summary The MSCI AC Asia Pacific ex Japan Index returned 8.95% from 1st January 2013 to 3rd December 2013 and Tokio Marine Asia Pacific Equity Fund returned 7.02% for the period (Class A, USD). The MSCI AC Asia ex-Japan Index returned 0.09% from 11th December 2013 to 31st December 2013. Tokio Marine Asian Equity Fund returned 0.73% for the period (Class D, USD).

Equity Market Review

January-March Quarter Asian equities ended the first quarter on a negative territory on the back of China stock underperformance. The Chinese government tightened its rules on credit to wane the upward price pressure on domestic properties. Despite a positive outlook in January and February the quarter ended with disappointing results while US fiscal debt issues, China’s economic transition and an increase in currency volatility loomed around the market.

TOKIO MARINE FUNDS PLC

Investment Manager’s Report For the year ended 31st December 2013 (Continued)

Asia ex-Japan equities (continued)

Equity Market Review (continued)

April-June Quarter There was a further drag to the Asian equity market during the second quarter as the market was impacted by news from the US and China. While lower commodity prices such as petrochemical, oil and metal helped the market, concerns over the US pulling back on quantitative easing, amid China making efforts to cut back speculative lending sending the interbank rate to reach a record high hurt the market.

July-September Quarter The Asian equity market rebounded ending the quarter on a positive territory in the third quarter. The market was lifted by the Fed’s decision to postpone trimming asset purchases helped the market recover. While US budget impasses loomed around, positive economic data from Europe and US helped the market recover during the quarter.

October-December Quarter During the quarter the market ended in the positive territory. While the government shutdown in the US and the debt ceiling discussion loomed around the market in October, the market pushed forward their expectation for quantitative easing tapering to next year. The market was relatively less volatile towards the end of the year.

Tokio Marine Asian Equity Fund (formerly Tokio Marine Asia Pacific Equity Fund) (1st January 2013 - 10th December 2013) The fund outperformed the benchmark during 2013. At the beginning of the year the fund experienced some negative contribution from key overweights in China and Korea. However, the stock selection in Hong Kong, China, and Korea’s high conviction names helped. Towards the second half of the year the portfolio was defensively positioned with low gearing which helped the performance overall. After the volatile market conditions during the summer, the portfolio was positioned cautiously optimistic amid concerns over returning volatility in the market. Concentration on high quality names in China and Taiwan overall helped the performance.

TOKIO MARINE FUNDS PLC

Investment Manager’s Report For the year ended 31st December 2013 (Continued)

Asia ex-Japan equities (continued)

Equity Market Review (continued)

Tokio Marine Asian Equity Fund (formerly Tokio Marine Asia Pacific Equity Fund) (continued) (11th December 2013 - 31st December 2013) The fund was re-named on 4th December 2013 and the transition period ended on 10th December 2013.

The fund beat the benchmark by a small increment during the period of the fund commencement on 11th December to end of 2013. The portfolio benefited mainly from being underweight in Thailand and China, whilst being underweight in Hong Kong and overweight in Indonesia hurt performance. Stock selection in China, Indonesia, and Singapore added to performance, whilst stock selection in Korea dragged on performance. Much of a volatile year made a mild correction towards the year end following the Fed’s announcement of tapering its purchases of long term debt securities. In Asia, profit taking was seen in China after the strong rally last month on reform hopes after the Chinese authorities put some precaution measures on property price bubble in real estates. Thailand posted a sharp decline as political unrest worsened. Taiwan held up well on technology sector recovery as US economic growth accelerates. Malaysia outperformed on reform action taken by government by allowing tariff hikes on utilities. We positioned the portfolio to be optimistically cautious for 2014 anticipating some offspring of recovery in certain segments as Asia equity valuation was still compelling. While the US continues on its growth recovery path, this should drive Asia equity performance.

Note on tracking error in the fund Between January and April 2013 the ex-ante tracking error for the fund was below 3% (fund’s indicative range is 3-10%). During this period the fund kept a conservative approach as a new Chief Fund Manager was expected to take over the portfolio management of the fund. The ex-ante tracking error for the fund returned to the fund’s indicative range of 3-10% from May 2013.

Tokio Marine Asset Management Co., Ltd. 24th January 2014

TOKIO MARINE FUNDS PLC

INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF TOKIO MARINE FUNDS PLC

We have audited the financial statements of Tokio Marine Funds plc for the year ended 31st December 2013 which comprise the Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Cash Flows, the Statement of Changes in Net Assets attributable to holders of Redeemable Participating Shares and the related notes for the Company and for each of its Sub-Funds and the Schedule of Investments for each of the Sub-Funds. The financial reporting framework that has been applied in their preparation is Irish law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Respective responsibilities of the directors and auditors As explained more fully in the Statement of Directors’ Responsibilities set out on page 10, the directors are responsible for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Section 193 of the Companies Act, 1990 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrectly based on, or materially inconsistent with, the knowledge acquired by us in the course of performing an audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements In our opinion the financial statements:

• give a true and fair view in accordance with IFRSs as adopted by the European Union, of the state of the Company’s and Sub-Funds’ affairs as at 31st December 2013 and of their results and cash flows for the year then ended; and • have been properly prepared in accordance with the requirements of the Companies Acts 1963 to 2013 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

TOKIO MARINE FUNDS PLC

Statement of Financial Position As at 31st December 2012

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2012 2012 2012 2012 Notes JPY JPY USD JPY* Assets Cash and cash equivalents 6 4,596,334 24,721,058 468,036 69,613,200 Financial assets at fair value through profit or loss 3,4 854,885,600 7,509,944,300 25,362,066 10,548,391,430 Debtors 7 78,081,699 16,480,766 17,772 96,092,565

Total Assets 937,563,633 7,551,146,124 25,847,874 10,714,097,195

Liabilities Creditors 8 80,665,538 11,431,997 74,413 98,504,126 Liabilities (excluding Net Assets attributable to Holders of Redeemable Participating Shares) 80,665,538 11,431,997 74,413 98,504,126

Net Assets attributable to Holders of Redeemable Participating Shares 856,898,095 7,539,714,127 25,773,461 10,615,593,069 Adjustment for capitalisation of formation costs 10 2,848,759 1,892,699 30,848 7,397,351 Net Assets attributable to Holders of Redeemable Participating Shares (dealing NAV) 859,746,854 7,541,606,826 25,804,309 10,622,990,420

* For the purposes of calculating the total, Tokio Marine Asian Equity Fund, has been converted to JPY at the year end rate of exchange. The accompanying notes and schedules form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Statement of Comprehensive Income For the year ended 31st December 2013

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2013** 2013 2013 2013 Notes JPY JPY USD JPY* Income Dividend income 2 10,525,249 176,349,501 703,254 255,757,368 Interest on cash and cash equivalents 2 19,957 3,019 271 49,550 Net gain on financial assets and liabilities at fair value through profit or loss 12 294,259,642 4,476,580,173 1,693,394 4,936,704,918 Other income 2 - 191,589 - 191,589

Total investment income 304,804,848 4,653,124,282 2,396,919 5,192,703,425

Expenses Investment Manager fees 10 (1,657,145) (44,888,440) (40,831) (50,544,908) Sub-Investment Manager fees 10 - - (102,076) (9,998,211) Administration fees 10 (1,126,503) (8,269,133) (60,000) (15,272,503) Custody fees 10 (422,436) (2,584,100) (15,000) (4,475,809) Distributor fees 10 (710,202) (32,643,419) (61,246) (39,352,604) Audit fees 10 (1,250,386) (3,783,147) (6,007) (5,621,899) Directors’ fees (144,671) (2,885,370) (10,819) (4,089,699) Other expenses (4,657,939) (22,951,325) (184,693) (45,699,659)

Total operating expenses (9,969,282) (118,004,934) (480,672) (175,055,292)

Profit before finance costs and taxes 294,835,566 4,535,119,348 1,916,247 5,017,648,133

TOKIO MARINE FUNDS PLC

Statement of Comprehensive Income For the year ended 31st December 2012

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2012 2012 2012 2012 Notes JPY JPY USD JPY* Income Dividend income 2 16,957,030 145,868,364 876,995 232,827,713 Interest on cash and cash equivalents 2 836 23,572 187 39,303 Net gain on financial assets and liabilities at fair value through profit or loss 12 97,309,909 614,581,867 3,439,891 986,465,799 Other income 2 246,790 380,873 - 627,663

Total investment income 114,514,565 760,854,676 4,317,073 1,219,960,478

Expenses Investment Manager fees 10 (4,164,256) (22,262,085) (23,740) (28,321,314) Sub-Investment Manager fees 10 - - (59,351) (4,737,432) Administration fees 10 (3,608,382) (4,787,197) (60,006) (13,185,317) Custody fees 10 (1,353,140) (1,530,106) (15,005) (4,080,969) Distributor fees 10 (1,784,683) (14,994,529) (35,611) (19,621,675) Audit fees 10 (442,495) (3,881,516) (13,282) (5,384,209) Directors’ fees (343,380) (2,885,490) (10,819) (4,092,449) Other expenses (4,569,156) (12,870,692) (159,616) (30,180,433)

Total operating expenses (16,265,492) (63,211,615) (377,430) (109,603,798)

Profit before finance costs and taxes 98,249,073 697,643,061 3,939,643 1,110,356,680

TOKIO MARINE FUNDS PLC

Statement of Comprehensive Income For the year ended 31st December 2012 (Continued)

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2012 2012 2012 2012 Notes JPY JPY USD JPY*

Finance Costs and Taxes Interest expense 2 - - (104) (8,276) Withholding taxes 2 (1,187,525) (10,236,269) (125,516) (21,442,552)

(1,187,525) (10,236,269) (125,620) (21,450,828) Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations 97,061,548 687,406,792 3,814,023 1,088,905,852

Movement in adjustment for capitalisation of formation costs 10 (1,428,132) (712,602) (8,620) (2,828,771)

Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations (dealing NAV) 95,633,416 686,694,190 3,805,403 1,086,077,081

* For the purposes of calculating the total, Tokio Marine Asian Equity Fund, has been converted to JPY at the average rate of exchange for the year. Gains and losses arose solely from continuing operations. There are no recognised gains and losses other than those shown in the Statement of Comprehensive Income. The accompanying notes form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares For the year ended 31st December 2013

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2013** 2013 2013 2013 JPY JPY USD JPY*

Net Assets attributable to Holders of Redeemable Participating Shares at start of year (dealing NAV) 859,746,854 7,541,606,826 25,804,309 10,622,990,420

Proceeds from Redeemable Participating Shares issued - 186,120,007 19,294,865 2,076,020,151 Payments for Redeemable Participating Shares redeemed (1,150,981,423) (7,371,281) (27,469,113) (3,848,906,982)

Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations 291,234,569 4,520,522,847 1,806,364 4,988,687,805

Foreign currency translation - - - 448,160,049***

Net Assets attributable to Holders of Redeemable Participating Shares at end of year (dealing NAV) - 12,240,878,399 19,436,425 14,286,951,443

* For the purposes of calculating the total, Tokio Marine Asian Equity Fund, has been converted to JPY at the average rate of exchange for the year. ** For the period from 1st January 2013 to 24th April 2013 (date of termination). *** Due to the difference between average and opening/closing currency exchange rates.

The accompanying notes form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares For the year ended 31st December 2012

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2012 2012 2012 2012 JPY JPY USD JPY*

Net Assets attributable to Holders of Redeemable Participating Shares at start of year (dealing NAV) 764,113,438 2,345,489,876 21,998,906 4,802,199,154

Proceeds from Redeemable Participating Shares issued - 4,919,092,757 - 4,919,092,757 Payments for Redeemable Participating Shares redeemed - (409,669,997) - (409,669,997)

Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations 95,633,416 686,694,190 3,805,403 1,086,077,081

Foreign currency translation - - - 225,291,425**

Net Assets attributable to Holders of Redeemable Participating Shares at end of year (dealing NAV) 859,746,854 7,541,606,826 25,804,309 10,622,990,420

* For the purposes of calculating the total, Tokio Marine Asian Equity Fund, has been converted to JPY at the average rate of exchange for the year. ** Due to the difference between average and opening/closing currency exchange rates.

The accompanying notes form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Statement of Cash Flows For the year ended 31st December 2013 Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2013** 2013 2013 2013 JPY JPY USD JPY* Cash flows from operating activities Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations before movement in adjustment for capitalisation of formation costs 294,083,328 4,521,231,555 1,814,960 4,993,087,192 Changes in operating assets and liabilities: Decrease/(increase) in financial assets at fair value through profit or loss 854,885,600 (4,604,363,141) 8,235,838 (3,368,794,567) Increase in financial liabilities at fair value through profit or loss - 234,573 43 239,190 Decrease/(increase) in debtors 77,901,550 (381,536,110) (378,277) (343,796,591) (Decrease)/increase in creditors (78,795,032) 352,531,907 1,782 275,351,317 Net cash provided by/(used in) operating activities 1,148,075,446 (111,901,216) 9,674,346 1,556,086,541

Cash flows from financing activities Proceeds from Redeemable Participating Shares issued - 186,120,007 19,294,865 2,076,020,151 Payments for Redeemable Participating Shares redeemed (1,150,981,423) (7,371,281) (27,469,113) (3,848,906,982) Foreign currency translation - - - 447,631,517 Net cash (used in)/provided by financing activities (1,150,981,423) 178,748,726 (8,174,248) (1,325,255,314)

Net (decrease)/increase in cash and cash equivalents (2,905,977) 66,847,510 1,500,098 230,831,227 Cash and cash equivalents at start of period/year 4,596,334 24,721,058 468,036 69,613,200 Cash and cash equivalents at end of period/year 1,690,357 91,568,568 1,968,134 300,444,427

Supplementary information: Interest received on cash and cash equivalents 20,002 3,128 200 42,751 Interest expense paid - (185) (68) (6,886) Dividend income received 10,109,371 164,744,018 616,393 235,228,054

* For the purposes of calculating the total, Tokio Marine Asian Equity Fund, has been converted to JPY at the average rate of exchange for the year and the year end rate of exchange as at 31st December 2013. ** For the period from 1st January 2013 to 24th April 2013 (date of termination). The accompanying notes form an integral part of these financial statements. 26

TOKIO MARINE FUNDS PLC

Statement of Cash Flows For the year ended 31st December 2012

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2012 2012 2012 2012 JPY JPY USD JPY* Cash flows from operating activities Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations before movement in adjustment for capitalisation of formation costs 97,061,548 687,406,792 3,814,023 1,088,905,852 Changes in operating assets and liabilities: Increase in financial assets at fair value through profit or loss (98,422,460) (5,185,903,140) (3,733,614) (5,803,794,033) (Increase)/decrease in debtors (77,290,184) (14,347,342) 25,284 (89,854,897) Increase/(decrease) in creditors 77,710,730 4,973,164 (12,756) 82,383,702 Net cash (used in)/provided by operating activities (940,366) (4,507,870,526) 92,937 (4,722,359,376)

Cash flows from financing activities Proceeds from Redeemable Participating Shares issued - 4,919,092,757 - 4,919,092,757 Payments for Redeemable Participating Shares redeemed - (409,669,997) - (409,669,997) Foreign currency translation - - - 224,984,155 Net cash provided by financing activities - 4,509,422,760 - 4,734,406,915 Net (decrease)/increase in cash and cash equivalents (940,366) 1,552,234 92,937 12,047,539 Cash and cash equivalents at start of year 5,536,700 23,168,824 375,099 57,565,661 Cash and cash equivalents at end of year 4,596,334 24,721,058 468,036 69,613,200

Supplementary information: Interest received on cash and cash equivalents 844 23,303 194 39,646 Interest expense paid - - (104) (8,221) Dividend income received 16,185,050 123,367,488 777,792 201,636,347

* For the purposes of calculating the total, Tokio Marine Asian Equity Fund, has been converted to JPY at the average rate of exchange for the year and the year end rate of exchange as at 31st December 2012. The accompanying notes form an integral part of these financial statements.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013

1. GENERAL INFORMATION

Tokio Marine Funds plc (the “Company”) is an open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963 to 2013 on 8th March 2010 with registration number 481763 and established as an undertaking for collective investment in transferable securities on 19th March 2010 pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended). During the year ended 31st December 2013, there were three sub-funds of the Company approved for operation by the Central Bank of Ireland (the “Central Bank”): Tokio Marine Japanese Equity Leaders Fund, Tokio Marine Japanese Equity Focus Fund and Tokio Marine Asian Equity Fund (formerly Tokio Marine Asia Pacific Equity Fund) (collectively called the “Sub-Funds”).

The single Shareholder in Tokio Marine Japanese Equity Leaders Fund redeemed its investment and the sub-fund was terminated on 24th April 2013. An application will be made to the Central Bank for the revocation of the approval of the Tokio Marine Japanese Equity Leaders Fund in due course.

The investment objective of Tokio Marine Japanese Equity Focus Fund is to achieve a return in excess of the TOPIX Total Return Index and to maximise medium to long term growth through investment in listed stocks in Japan. Tokio Marine Japanese Equity Focus Fund was approved by the Central Bank on 26th August 2010 and commenced operations on 31st August 2010.

Effective 5th December 2013, the name of Tokio Marine Asia Pacific Equity Fund changed to Tokio Marine Asian Equity Fund and its investment policy was amended. The investment objective of Tokio Marine Asian Equity Fund is to achieve a return in excess of the MSCI AC Asia ex Japan Index and to maximise middle to long term growth through investment in Asia (ex Japan) equities. Tokio Marine Asian Equity Fund was approved by the Central Bank on 25th March 2011 and commenced operations on 4th August 2011.

2. PRINCIPAL ACCOUNTING POLICIES

The significant accounting policies adopted by the Company are as follows:

Statement of Compliance These financial statements have been prepared in accordance with IFRS, as adopted by the European Union, and interpretations adopted by the International Accounting Standards Board (“IASB”).

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Basis of Preparation The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss.

In relation to Tokio Marine Japanese Equity Leaders Fund, the Board of Directors, on the recommendation of the Investment Manager, decided to cease trading activities of the sub-fund effective 24th April 2013 and all shares of the sub-fund were redeemed effective this date. Accordingly as the sub-fund is not a going concern, the financial statements have been prepared on a non going concern basis. When preparing these accounts on a non going concern basis, assets have been stated at their net realisable value and liabilities have been stated at their settlement value at 24th April 2013. No material adjustments are required to the accounting policies when moving to a non going concern basis of accounting as in the opinion of the Directors the carrying value of assets and liabilities at fair value through profit or loss approximates net realisable value or settlement value as at 24th April 2013.

The financial statements for Tokio Marine Japanese Equity Leaders Fund and Tokio Marine Japanese Equity Focus Fund are presented in Japanese Yen (“JPY”) the functional currency of these Sub Funds, as set out in relevant Supplements. The financial statements for Tokio Marine Asian Equity Fund are presented in United States Dollar (“USD”), the functional currency of the Sub Fund, as set out in the Supplement. The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are summarised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Standards and amendments to existing standards effective 1st January 2013

IFRS 10 Consolidated Financial Statements IFRS 10, which is effective for annual periods beginning on or after 1st January 2013, builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated financial statements of the parent company. The standard provides additional guidance to assist in the determination of control where this is difficult to assess. The new standard does not have any impact on the Company’s financial position or performance.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Standards and amendments to existing standards effective 1st January 2013 (continued)

IFRS 12 Disclosures of interests in other entities IFRS 12, which is effective for annual periods beginning on or after 1st January 2013, includes the disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off-balance sheet vehicles. The new standard does not have any impact on the Company’s financial position or performance.

IFRS 13 Fair Value Measurement IFRS 13, which is effective for annual periods beginning on or after 1st January 2013, improves consistency and reduces complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRS. The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRS. If an asset or a liability measured at fair value has a bid price and an ask price, the standard requires valuation to be based on a price within the bid-ask spread that is most representative of fair value and allows the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurement within a bid-ask spread. On adoption of the standard, the Company changed its valuation inputs for listed financial assets and liabilities to last traded prices to be consistent with the inputs prescribed in the Company’s offering document for the calculation of its per share trading value for subscriptions and redemptions. The use of last traded prices is recognised as a standard pricing convention within the industry. In the prior year, the Company utilised bid and ask prices for its listed financial assets and liabilities in accordance with IAS 39. The change in valuation inputs is considered to be a change in estimate in accordance with IAS 8. The amendments did not have any impact on the Company’s financial position or performance.

Amendments to IFRS 7 Disclosures – Offsetting financial assets and financial liabilities Amendments to IFRS 7, which is effective for annual periods beginning on or after 1st January 2013, require additional disclosures to enable users of financial statements to evaluate the effect or the potential effects of netting arrangements, including rights of set-off associated with an entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position. The amendments did not have any impact on the Company’s financial position or performance, however, has resulted in additional disclosure in the notes to the financial statements.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

New standards, amendments and interpretations effective after 1st January 2013 which have not been early adopted

IFRS 9 Financial Instruments IFRS 9 deals with classification and measurement of financial instruments and its requirements represent a significant change from the existing requirements in IAS 39 in respect of financial instruments. The standard contains two primary measurement categories for financial assets: amortised cost and fair value. A financial asset would be measured at amortised cost if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and the asset’s contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. All other financial assets would be measured at fair value.

The standard eliminates the existing IAS 39 categories of held to maturity, available for sale and loans and receivables. For an investment in an equity instrument which is not held for trading, the standard permits an irrevocable election, on initial recognition, on an individual unit-by-unit basis, to present all fair value changes from the investment in other comprehensive income. No amount recognised in other comprehensive income would ever be reclassified to profit or loss. However, dividends on such investments are recognised in profit or loss, rather than other comprehensive income unless they clearly represent a partial recovery of the cost of the investment. Investments in equity instruments in respect of which an entity does not elect to present fair value changes in other comprehensive income would be measured at fair value with changes in fair value recognised in profit or loss.

The standard requires that derivatives embedded in contracts with a host that is a financial asset within the scope of the standard are not separated; instead the hybrid financial instrument is assessed in its entirety as to whether it should be measured at amortised cost or fair value. The standard is effective for annual periods beginning on or after 1st January 2015. Earlier application is permitted but has not been adopted by the Company.

The Company is currently in the process of evaluating the potential effect of this standard. The standard is not expected to have a significant impact on the financial statements since the majority of the Company’s financial assets are categorised as at fair value through profit or loss.

Amendments to IAS 32 Offsetting financial assets and financial liabilities Amendments to IAS 32, which is effective for annual periods beginning on or after 1st January 2014, clarify the offsetting criteria in IAS 32 and address inconsistencies in their application. This includes clarifying the meaning of ‘currently has a legally enforceable right of set-off’ and that some gross settlement systems may be considered equivalent to net settlement. The amendments are not expected to have any impact on the Company’s financial position or performance.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Functional and Presentation Currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates, (the “functional currency”), this is JPY for Tokio Marine Japanese Equity Leaders Fund and Tokio Marine Japanese Equity Focus Fund which is also the Company’s total presentation currency and USD for Tokio Marine Asian Equity Fund.

Foreign Currencies Securities transactions are recorded in the financial statements on the trade date of the transaction and converted into JPY or USD (the “functional currency”) at the exchange rate prevailing at the close of business on the trade date. Monetary assets and liabilities denominated in foreign currencies are converted into JPY or USD at the exchange rates ruling at the year end date. Non- monetary foreign currency denominated assets and liabilities that are carried at fair value are converted into JPY or USD at the date the fair values are determined. Foreign currency gains or losses arising from trading activities are included in the Statement of Comprehensive Income for the year.

Financial instruments (i) Classification The category of financial assets and liabilities at fair value through profit or loss comprises:

• Financial instruments held-for-trading. These include equities and forward currency contracts. • Financial instruments designated at fair value through profit or loss upon initial recognition. The Company does not hold any such instruments at 31st December 2013 or 2012.

Financial assets that are classified as loans and receivables consist of trade and other receivables and other assets. Financial liabilities that are not at fair value through profit or loss include trade and other payables and financial liabilities arising on Redeemable Participating Shares.

(ii) Recognition The Company recognises financial assets on the date it becomes a party to the contractual provisions of the instrument. A regular way purchase of financial assets is recognised using trade date accounting. From this date any gains and losses arising from changes in fair value of the financial assets or financial liabilities are recorded.

Financial liabilities are not recognised unless one of the parties has performed its obligations or the contract is a derivative contract not exempted from the scope of IAS 39.

(iii) Measurement Financial instruments are measured initially at fair value (the “transaction price”) plus, in case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on financial assets and financial liabilities at fair value through profit or loss are expensed immediately, while transaction costs on other financial instruments are amortised.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments (continued) (iii) Measurement (continued) Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with fair value changes recognised in the Statement of Comprehensive Income.

(iv) Fair value measurement principles The fair value of financial instruments is based on their quoted market prices at the Statement of Financial Position date without any deduction for estimated future selling costs.

If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-exchange-traded financial instruments, the fair value of the instrument is estimated using valuation techniques, including use of recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that can be considered to provide a reliable estimate of prices obtained in actual market transactions. Fair values for unquoted equity investments, if any, are estimated, if possible, using applicable price/earnings ratios for similar listed companies adjusted to reflect the specific circumstances of the issuer.

(v) Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with IAS 39.

The Company uses the “first in first out” method to determine the realised gains and losses on derecognition.

A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Cash and Cash Equivalents Cash and cash equivalents comprise cash held with Brown Brothers Harriman & Co. (the “Global Sub-Custodian”). These amounts are reported as cash and cash equivalents in the Statement of Cash Flows.

Income and Expense Dividend income is recorded gross of any non-reclaimable withholding taxes suffered on an ex-date basis. Interest income/(expense) is accounted for on an effective interest basis gross of any non- reclaimable withholding taxes. Other income comprises tax refunded during the year.

Expenses Expenses are accounted for on an accruals basis.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

2. PRINCIPAL ACCOUNTING POLICIES (continued)

Redeemable Participating Shares All Redeemable Participating Shares issued by the Company provide the Shareholders with the right to require redemption for cash at the value proportionate to the Shareholder’s share in the Company’s Net Assets at the redemption date. In accordance with IAS 32 such instruments give rise to a financial liability for the present value of the redemption amount. In accordance with the issued prospectus, the Company is contractually obliged to redeem Shares at the Net Asset Value per Share.

The Net Asset Value per Share is calculated by dividing the total Net Assets by the number of Shares in issue.

Transaction Costs Transaction costs are defined as the costs to sell an asset or transfer a liability in the principal (or most advantageous) market for the asset or liability that are directly attributable to the disposal of the asset or the transfer of the liability. To be defined as transaction costs they must result directly from that transaction and they would not have been incurred by the entity had the decision to sell the asset or transfer the liability not been made.

44 3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2013 2013 2013 2013 JPY JPY USD JPY

Financial assets at fair value through profit or loss Held for trading: - Equities - 12,104,686,500 17,126,228 13,907,565,054 - Forward currency contracts - 9,620,941 - 9,620,941

- 12,114,307,441 17,126,228 13,917,185,995

Financial liabilities at fair value through profit or loss - Forward currency contracts - 234,573 43 239,190

- 234,573 43 239,190

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2012 2012 2012 2012 JPY JPY USD JPY

Financial assets at fair value through profit or loss Held for trading: - Equities 854,885,600 7,509,944,300 25,362,066 10,548,391,430

854,885,600 7,509,944,300 25,362,066 10,548,391,430

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The tables below and overleaf show financial instruments recognised at fair value analysed between those whose fair value is based on: • quoted prices in active markets for identical assets or liabilities (Level 1); • those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and • those with inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

Financial assets at fair value 2013 2013 2013 2013 through profit or loss Level 1 Level 2 Level 3 Total JPY JPY JPY JPY

Tokio Marine Japanese Equity Focus Fund Held for trading: - Listed equities 12,104,686,500 - - 12,104,686,500 - Forward currency contracts - 9,620,941 - 9,620,941

12,104,686,500 9,620,941 - 12,114,307,441

USD USD USD USD Tokio Marine Asian Equity Fund Held for trading: - Listed equities 17,126,228 - - 17,126,228

17,126,228 - - 17,126,228

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

4. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

Financial liabilities at fair value 2013 2013 2013 2013 through profit or loss Level 1 Level 2 Level 3 Total JPY JPY JPY JPY

Tokio Marine Japanese Equity Focus Fund Held for trading: - Forward currency contracts - 234,573 - 234,573

- 234,573 - 234,573

USD USD USD USD Tokio Marine Asian Equity Fund Held for trading: - Forward currency contracts - 43 - 43

- 43 - 43

Financial assets at fair value 2012 2012 2012 2012 through profit or loss Level 1 Level 2 Level 3 Total JPY JPY JPY JPY

Tokio Marine Japanese Equity Leaders Fund Held for trading: - Listed equities 854,885,600 - - 854,885,600

854,885,600 - - 854,885,600

Tokio Marine Japanese Equity Focus Fund Held for trading: - Listed equities 7,509,944,300 - - 7,509,944,300

7,509,944,300 - - 7,509,944,300

USD USD USD USD Tokio Marine Asian Equity Fund Held for trading: - Listed equities 25,362,066 - - 25,362,066

25,362,066 - - 25,362,066

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

4. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

When fair values of listed equity at the reporting date are based on quoted market prices or binding dealer price quotations, without any deduction for transaction costs, the instruments are included within Level 1 of the hierarchy. When the Company has assets and liabilities with offsetting market risks, it uses mid- market prices as a basis for establishing fair values for the offsetting risk positions and applies the bid or ask price to the net open position as appropriate.

The Company uses widely recognised valuation models for determining fair values of forward foreign exchange contracts. The most frequently applied valuation techniques include forward pricing using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates. For these financial instruments, inputs into models are market observable and are therefore included within Level 2. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non- transferability, which are generally based on available market information. Valuation techniques include net present value techniques, comparison to similar instruments for which market observable prices exist, options pricing models and other relevant valuation models.

There were no transfers between levels during the current or previous years.

Assets and liabilities not carried at fair value but for which fair value is disclosed The following table analyses within the fair value hierarchy the Fund’s assets and liabilities not measured at fair value at 31st December 2013 but for which fair value is disclosed:

Tokio Marine Japanese Equity Leaders Fund Level 1 Level 2 Level 3 Total Assets JPY JPY JPY JPY Cash and cash equivalents 1,690,357 - - 1,690,357 Debtors - 180,149 - 180,149

1,690,357 180,149 - 1,870,506

Tokio Marine Japanese Equity Leaders Fund Level 1 Level 2 Level 3 Total Liabilities JPY JPY JPY JPY Creditors - 1,870,506 - 1,870,506

- 1,870,506 - 1,870,506

Tokio Marine Japanese Equity Focus Fund Level 1 Level 2 Level 3 Total Assets JPY JPY JPY JPY Cash and cash equivalents 91,568,568 - - 91,568,568 Debtors - 398,016,876 - 398,016,876

91,568,568 398,016,876 - 489,585,444

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

4. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

Assets and liabilities not carried at fair value but for which fair value is disclosed (continued) Tokio Marine Japanese Equity Focus Fund (continued) Level 1 Level 2 Level 3 Total Liabilities JPY JPY JPY JPY Creditors - 363,963,904 - 363,963,904 Net Assets attributable to Holders of Redeemable Participating Shares - 12,240,878,399 - 12,240,878,399

- 12,604,842,303 - 12,604,842,303

Tokio Marine Asian Equity Fund Level 1 Level 2 Level 3 Total Assets USD USD USD USD Cash and cash equivalents 1,968,134 - - 1,968,134 Debtors - 396,049 - 396,049

1,968,134 396,049 - 2,364,183 Liabilities Creditors - 76,195 - 76,195 Net Assets attributable to Holders of Redeemable Participating Shares - 19,436,425 - 19,436,425

- 19,512,620 - 19,512,620

The assets and liabilities included in the above table are carried at amortised cost; their carrying values are a reasonable approximation of fair value.

Cash and cash equivalents include cash in hand and deposits held with banks.

Debtors include the contractual amounts for settlement of trades and other obligations due to the Company. Creditors represent the contractual amounts and obligations due by the Company for settlement of trades and expenses.

5. FINANCIAL RISK MANAGEMENT

The main risks arising from the Sub-Funds’ financial instruments can be summarised as follows:

Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices and includes interest rate risk, foreign currency risk and other price risks, such as equity and commodity risk.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Market risk (continued) Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Sub-Funds might suffer through holding market positions in the face of price movements.

The Investment Manager calculates the market risk of each portfolio using tracking error. This is monitored by the portfolio manager and the Investment Risk Management Team on a daily basis. The table below shows the estimated tracking error for the Sub-Funds:

2013 2012 Estimated tracking error Estimated tracking error Tokio Marine Japanese Equity Leaders Fund N/A 4.12% Tokio Marine Japanese Equity Focus Fund 4.04% 5.09% Tokio Marine Asian Equity Fund 4.04% 2.21%

The Investment Risk Management Team also uses the Investment Manager’s proprietary Risk Management System and Bloomberg AIM-CMGR to ensure compliance with product and client investment guidelines. Additionally, the Investment Manager’s Performance Review Committee convenes monthly to review the risk management of company-wide products and accounts.

As at 31st December 2013, if the value of each financial instrument held by the Sub-Funds had increased by 5% (2012: 5%), whilst the foreign currency rates held constant, there would have been an increase of approximately 0% (2012: 4.97%), 4.95% (2012: 4.97%) and 4.41% (2012: 4.91%) in Net Assets attributable to Holders of Redeemable Participating Shares of Tokio Marine Japanese Equity Leaders Fund, Tokio Marine Japanese Equity Focus Fund and Tokio Marine Asian Equity Fund respectively.

A decrease by 5% would result in an equal but opposite effect on Net Assets attributable to Holders of Redeemable Participating Shares to the figures shown above, on the basis that all other variables remain constant.

This calculation is based on adjusting the fair value of the financial instruments as at 31st December 2013 and 2012. Based on the Investment Manager’s experience of the Sub-Funds they would deem a 5% movement of the financial instruments appropriate for the calculation.

Disclosures of Limitations of the Analysis • Sensitivity analyses are based on historical data and cannot take account of the fact that future market price movements, correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns. • The market price risk information is a relative estimate of risk rather than a precise and accurate number. • The market price risk information represents a hypothetical outcome and is not intended to be predictive. • Future market conditions could vary significantly from those experienced in the past. 39

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Market risk (continued) The market risk exposure of the Company is disclosed in the Schedule of Investments.

Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The financial assets and liabilities of the Sub- Funds are not exposed directly to interest rates other than cash balances, which bear interest at a floating rate. As a result the interest rate risk exposure is not considered material and an interest rate sensitivity analysis has not been prepared. Less than Non-Interest 1 month Bearing Total 2013 JPY JPY JPY Tokio Marine Japanese Equity Leaders Fund

Assets Cash and cash equivalents 1,690,357 - 1,690,357 Debtors - 180,149 180,149

Total assets 1,690,357 180,149 1,870,506

Liabilities Creditors - 1,870,506 1,870,506

Total liabilities - 1,870,506 1,870,506

Total Interest Sensitivity Gap 1,690,357 N/A N/A

Less than Non-Interest 1 month Bearing Total 2013 JPY JPY JPY Tokio Marine Japanese Equity Focus Fund

Assets Cash and cash equivalents 91,568,568 - 91,568,568 Financial assets at fair value through profit or loss - 12,114,307,441 12,114,307,441 Debtors - 398,016,876 398,016,876

Total assets 91,568,568 12,512,324,317 12,603,892,885

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Interest rate risk (continued) Less than Non-Interest 1 month Bearing Total 2013 JPY JPY JPY Tokio Marine Japanese Equity Focus Fund (continued)

Liabilities Financial liabilities at fair value through profit or loss - 234,573 234,573 Creditors - 363,963,904 363,963,904 Net Assets attributable to Holders of Redeemable Participating Shares - 12,239,694,408 12,239,694,408

Total liabilities - 12,603,892,885 12,603,892,885

Total Interest Sensitivity Gap 91,568,568 N/A N/A

Less than Non-Interest 1 month Bearing Total 2013 USD USD USD Tokio Marine Asian Equity Fund

Assets Cash and cash equivalents 1,968,134 - 1,968,134 Financial assets at fair value through profit or loss - 17,126,228 17,126,228 Debtors - 396,049 396,049

Total assets 1,968,134 17,522,277 19,490,411

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Interest rate risk (continued) Less than Non-Interest 1 month Bearing Total 2013 USD USD USD Tokio Marine Asian Equity Fund (continued)

Liabilities Financial liabilities at fair value through profit or loss - 43 43 Creditors - 76,195 76,195 Net Assets attributable to Holders of Redeemable Participating Shares - 19,414,173 19,414,173

Total liabilities - 19,490,411 19,490,411

Total Interest Sensitivity Gap 1,968,134 N/A N/A

Less than Non-Interest 1 month Bearing Total 2012 JPY JPY JPY Tokio Marine Japanese Equity Leaders Fund

Assets Cash and cash equivalents 4,596,334 - 4,596,334 Financial assets at fair value through profit or loss - 854,885,600 854,885,600 Debtors - 78,081,699 78,081,699

Total assets 4,596,334 932,967,299 937,563,633

Liabilities Creditors - 80,665,538 80,665,538 Net Assets attributable to Holders of Redeemable Participating Shares - 856,898,095 856,898,095

Total liabilities - 937,563,633 937,563,633

Total Interest Sensitivity Gap 4,596,334 N/A N/A

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Interest rate risk (continued) Less than Non-Interest 1 month Bearing Total 2012 JPY JPY JPY Tokio Marine Japanese Equity Focus Fund

Assets Cash and cash equivalents 24,721,058 - 24,721,058 Financial assets at fair value through profit or loss - 7,509,944,300 7,509,944,300 Debtors - 16,480,766 16,480,766

Total assets 24,721,058 7,526,425,066 7,551,146,124

Liabilities Creditors - 11,431,997 11,431,997 Net Assets attributable to Holders of Redeemable Participating Shares - 7,539,714,127 7,539,714,127

Total liabilities - 7,551,146,124 7,551,146,124

Total Interest Sensitivity Gap 24,721,058 N/A N/A

Less than Non-Interest 1 month Bearing Total 2012 USD USD USD Tokio Marine Asian Equity Fund

Assets Cash and cash equivalents 468,036 - 468,036 Financial assets at fair value through profit or loss - 25,362,066 25,362,066 Debtors - 17,772 17,772

Total assets 468,036 25,379,838 25,847,874

Liabilities Creditors - 74,413 74,413 Net Assets attributable to Holders of Redeemable Participating Shares - 25,773,461 25,773,461

Total liabilities - 25,847,874 25,847,874

Total Interest Sensitivity Gap 468,036 N/A N/A

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. Tokio Marine Japanese Equity Focus Fund does not invest in securities and other investments that are not denominated in currencies other than the functional currency of the Sub-Fund. As at 31st December 2013, Class C shares are hedged against exchange rate fluctuations between the denominated Class currency and the functional currency of the assets of the sub-fund attributable to the Class C shares. Other Class shares of the sub-fund are denominated in a currency other than the functional currency of the sub-fund and changes in the exchange rate between the functional currency and the currency of each share Class may affect the value of each share Class as expressed in the functional currency. As at 31st December 2013, Tokio Marine Japanese Equity Leaders Fund did not hold any positions, therefore currency risk is not deemed material.

The financial instruments of Tokio Marine Asian Equity Fund are invested in securities denominated in currencies other than USD and any income received by the Sub-Fund from these investments will be received in those currencies, some of which may fall in value against the USD. The Sub-Fund calculates its Net Asset Value in USD, the functional currency, and there is therefore a currency exchange risk which may affect the value of shares.

Currency risk in the Tokio Marine Asian Equity Fund is not actively hedged/managed at the overall portfolio level. However, the Sub-Investment Manager does consider and monitor currency risk in conjunction with country allocation and stock selection as part of investment and risk management decisions, as adverse movements in currencies impact both stock valuations and earnings of companies that are vulnerable to currency fluctuations.

The foreign currency exposures of Tokio Marine Asian Equity Fund are set out below and overleaf: 2013 Currency – Net 2013 Non- 2013 Monetary Monetary Total USD USD USD

Australian Dollar 140 1 141 Euro 17,923 - 17,923 Great British Pound - 34 34 Hong Kong Dollar - 6,379,996 6,379,996 Indian Rupee 36,887 1,253,450 1,290,337 Indonesian Rupiah - 1,139,111 1,139,111 Malaysian Ringgit - 260,168 260,168 New Taiwan Dollar 680,838 1,762,022 2,442,860 Philippine Peso - 267,053 267,053 Singapore Dollar - 719,229 719,229 South Korean Won 104,883 3,346,667 3,451,550 Thai Baht - 1,000,070 1,000,070

Total 840,671 16,127,801 16,968,472

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Currency risk (continued) 2012 Currency – Net 2012 Non- 2012 Monetary Monetary Total USD USD USD

Australian Dollar 106 6,392,752 6,392,858 Euro 10,739 - 10,739 Hong Kong Dollar - 7,748,291 7,748,291 Indian Rupee 41,445 1,334,454 1,375,899 Indonesian Rupiah - 567,953 567,953 Malaysian Ringgit - 635,195 635,195 New Taiwan Dollar 115,384 2,183,249 2,298,633 Philippine Peso - 85,015 85,015 Singapore Dollar - 1,112,223 1,112,223 South Korean Won - 4,894,511 4,894,511 Thai Baht - 262,004 262,004

Total 167,674 25,215,647 25,383,321

Had each currency moved 5% compared to the USD, the Tokio Marine Asian Equity Fund would see a currency profit of the following: 2013 Currency – Net 2013 Non- 2013 Monetary Monetary Total USD USD USD

Australian Dollar 7 - 7 Euro 896 - 896 Great British Pound - 2 2 Hong Kong Dollar - 319,000 319,000 Indian Rupee 1,844 62,673 64,517 Indonesian Rupiah - 56,956 56,956 Malaysian Ringgit - 13,008 13,008 New Taiwan Dollar 34,042 88,101 122,143 Philippine Peso - 13,353 13,353 Singapore Dollar - 35,961 35,961 South Korea Won 5,244 167,333 172,577 Thai Baht - 50,004 50,004

Total 42,033 806,391 848,424

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Currency risk (continued) 2012 Currency – Net 2012 Non- 2012 Monetary Monetary Total USD USD USD

Australian Dollar 5 319,638 319,643 Euro 537 - 537 Hong Kong Dollar - 387,415 387,415 Indian Rupee 2,072 66,723 68,795 Indonesian Rupiah - 28,398 28,398 Malaysian Ringgit - 31,760 31,760 New Taiwan Dollar 5,769 109,162 114,931 Philippine Peso - 4,251 4,251 Singapore Dollar - 55,611 55,611 South Korea Won - 244,726 244,726 Thailand Baht - 13,100 13,100

Total 8,383 1,260,784 1,269,167

Liquidity risk Liquidity risk is the risk that the Sub-Funds may not be able to rapidly realise their investment positions at a reasonable price to meet financial liabilities. The main liability of the Sub-Funds is the redemption of any Redeemable Participating Shares that investors may wish to sell.

The Investment Manager conducts liquidity screens on the research universe before conducting in- depth individual stock research to ensure that all names in the portfolio are highly liquid. Additionally, as part of the Investment Manager’s pre-trade checks, order size is checked against daily trading volume of the stock to minimise market impact.

All assets and liabilities (including the Redeemable Participating Shares) of each Sub-Fund held at 31st December 2013 and 2012 can be liquidated within one month in normal circumstances.

Credit Risk Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into and cause the Sub-Funds to incur financial losses. The Sub- Funds will be exposed to credit risk on parties with whom they trade and will also bear the risk of settlement default.

The Sub-Funds maximum exposure to credit risk, in the event that counterparties fail to perform their obligations in relation to each recognised financial asset, is the carrying value of those assets as reflected in the Statement of Financial Position.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Credit Risk (continued) The Investment Manager’s and Sub-Investment Manager’s internal rules state that brokers and trading counterparties must be rated BBB or higher, and these ratings are monitored on a daily basis. The Sub-Investment Manager’s internal rules also state that exceptions may be made for unrated brokers and counterparties if the Sub-Investment Manager deems them to be well- established and financially sound. Note 6 provides further information relating to the cash management and counterparties at the year end.

Global Exposure The Investment Manager and Sub-Investment Manager are authorised to use financial derivative instruments both for efficient portfolio management and for investment purposes in connection with its investment of the assets of each of the Sub-Funds, as described in the Company’s Prospectus. The Investment Manager and Sub-Investment Manager apply the Commitment Approach to measure the global exposure of all financial derivative instrument positions of the Company. The financial derivative instruments held by the Company as at 31st December 2013 were forward foreign exchange contracts.

Offsetting and amounts subject to master netting arrangements and similar agreements As at 31st December 2013, the Company was subject to one master netting arrangement with London Branch of Sumitomo Mitsui Trust Bank, Limited its sole derivative counterparty. All of the derivative assets and liabilities of the Company are held with this counterparty and the margin balance maintained by the Company with its derivative counterparty is for the purpose of providing collateral on derivative positions. Credit exposure to the counterparty is reduced by the full amount of any collateral provided by the Company on derivative positions by using the ISDA Credit Support Annex structure. The Credit Support Annex provides for one-way transfer of Credit Support from the Company to the counterparty.

Derivative positions with the same counterparty may be netted where the master agreement provides for any open positions to be marked to market and netted off against each other in the event of a default by the counterparty for any reason.

The Sub-Funds and their counterparties have elected to settle all transactions on a gross basis however each party has the option to settle all open contracts on a net basis in the event of default of the other party. Per the terms of the master netting agreement, an event of default includes the following:

- failure by a party to make payment when due; - failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied within 30 days after notice of such failure is given to the party; and - bankruptcy.

The tables overleaf present the Company’s financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements. The tables are presented by type of financial instrument.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

5. FINANCIAL RISK MANAGEMENT (continued)

Offsetting and amounts subject to master netting arrangements and similar agreements (continued) Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements: Tokio Marine Japanese Equity Focus Fund 2013 Gross Gross Net Amounts Financial Amounts Financial Not Collateral Net Assets Set-Off Assets Set-Off Received Amount JPY JPY JPY JPY JPY JPY London Branch of Sumitomo Mitsui Trust Bank, Limited

9,620,941 - 9,620,941 - - 9,620,941

There were no forwards held at 31st December 2012.

Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements: Tokio Marine Japanese Equity Focus Fund 2013 Gross Gross Net Amounts Financial Amounts Financial Not Collateral Net Liabilities Set-Off Liabilities Set-Off Pledged Amount JPY JPY JPY JPY JPY JPY London Branch of Sumitomo Mitsui Trust Bank, Limited

234,573 - 234,573 - - 234,573 There were no forwards held at 31st December 2012.

Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements: Tokio Marine Asian Equity Fund 2013 Gross Gross Net Amounts Financial Amounts Financial Not Collateral Net Liabilities Set-Off Liabilities Set-Off Pledged Amount USD USD USD USD USD USD London Branch of Sumitomo Mitsui Trust Bank, Limited

43 - 43 - - 43 There were no forwards held at 31st December 2012.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

6. CASH AND CASH EQUIVALENTS

SMT Trustees (Ireland) Limited as Custodian has appointed Sumitomo Mitsui Trust (UK) Limited as their Sub-Custodian. Sumitomo Mitsui Trust (UK) Limited has, in turn, appointed Brown Brothers Harriman (“BBH”) as its Global Sub-Custodian. The Company has elected to enter into a BBH sweep program which means that BBH will sweep cash into overnight eligible bank counterparty accounts in order to diversify overnight exposure and/or to gain interest on the various accounts. Participation in Cash Management Systems involves investment risks (such as the loss of any balances swept) and the sovereign and counterparty risks associated with offshore overnight time deposits.

As at 31st December 2013, the cash balances were deposited in an overnight account with Citibank, Wells Fargo and BBH, Cayman Islands. As at 31st December 2012, the cash balances were deposited in an overnight account with Deutsche Bank and BBH, Cayman Islands.

Cash and cash equivalents comprise cash with original maturities of three months or less held with the Sub-Custodian, which has placed the balances with the Global Sub-Custodian.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

7. DEBTORS Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2013 2013 2013 2013 JPY JPY USD JPY

Receivable for investments sold - 382,194,869 390,593 423,312,558 Dividend income receivable - 13,813,025 1,472 13,967,937 Interest receivable on cash and cash equivalents 6 442 84 9,331 Other receivables 180,143 2,008,540 3,900 2,599,321

180,149 398,016,876 396,049 439,889,147

2012 2012 2012 2012 JPY JPY USD JPY

Receivable for investments sold 77,699,088 - - 77,699,088 Dividend income receivable 336,360 16,095,184 15,727 17,785,566 Interest receivable on cash and cash equivalents 51 545 13 1,748 Other receivables 46,200 385,037 2,032 606,163

78,081,699 16,480,766 17,772 96,092,565

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued) 8. CREDITORS Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2013 2013 2013 2013 JPY JPY USD JPY Payable for investments purchased - 346,103,033 - 346,103,033 Investment Manager fees - 4,245,971 2,684 4,528,481 Sub-Investment Manager fees - - 6,709 706,265 Administration fees - 782,210 5,096 1,318,642 Custody fees - 244,439 1,274 378,564 Distributor fees - 3,087,273 4,025 3,511,033 Audit fees - 3,783,147 6,007 4,415,539 Directors’ fees - 464,019 2,546 732,063 Other expenses 1,870,506 5,253,812 47,854 12,161,823 1,870,506 363,963,904 76,195 373,855,443

2012 2012 2012 2012 JPY JPY USD JPY Payable for investments purchased 77,807,204 - - 77,807,204 Investment Manager fees 363,576 915,021 2,162 2,823,451 Sub-Investment Manager fees - - 5,406 465,424 Administration fees 305,975 482,072 5,088 1,226,119 Custody fees 114,742 150,651 1,272 374,917 Distributor fees 155,821 1,643,173 3,244 2,078,251 Audit fees 442,495 3,881,516 13,282 5,467,556 Directors’ fees 77,720 677,111 2,568 975,926 Other expenses 1,398,005 2,323,773 41,391 7,285,278 80,665,538 11,431,997 74,413 98,504,126

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

9. SHARES ISSUED AND REDEEMED DURING THE YEAR

Capital Management / Capital Requirements The authorised share capital of the Company is 300,000 Redeemable Non-Participating Shares of no par value and 500,000,000,000 Redeemable Participating Shares of no par value. Non-Participating Shares do not entitle the holders thereof to any dividend and on a winding up entitle the holders thereof to receive the consideration paid therefore but do not otherwise entitle them to participate in the assets of the Company. The Directors have the power to allot shares in the capital of the Company on such terms and in such manner as they may think fit. No share capital of the Company has been put under option nor has any share capital been agreed (conditionally or unconditionally) to be put under option.

The Company has issued Class A Shares (denominated in USD), Class B Shares (denominated in EUR), Class C Shares (denominated in GBP), Class D Shares (denominated in JPY), Class E Shares (denominated in USD), Class F Shares (denominated in GBP) and Class G Shares (denominated in USD) available for subscription for Tokio Marine Japanese Equity Focus Fund. At 31st December 2013, Classes A to G were in issue.

The Company has issued Class A Shares (denominated in USD), Class B Shares (denominated in GBP), Class C Shares (denominated in EUR), Class D Shares (denominated in USD), Class E Shares (denominated in USD) and Class F Shares (denominated in GBP) available for subscription for Tokio Marine Asian Equity Fund. At 31st December 2013, Classes C to F were in issue.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

9. SHARES ISSUED AND REDEEMED DURING THE YEAR (continued)

Class C GBP Class D JPY Accumulating Accumulating Tokio Marine Japanese Equity Leaders Fund* Shares Shares 2013

Number of Redeemable Participating Shares at start of year 36,785.53 50,000.00

Redeemable Participating Shares redeemed (36,785.53) (50,000.00)

Number of Redeemable Participating Shares at end of year - -

Reported Net Asset Value GBP- JPY-

Reported Net Asset Value per Share GBP- JPY-

Ongoing Charges Figure** 0% 0%

Class C GBP Class D JPY Accumulating Accumulating 2012 Shares Shares Number of Redeemable Participating Shares at start and end of year 36,785.53 50,000.00

Reported Net Asset Value GBP3,103,363 JPY428,122,590

Reported Net Asset Value per Share GBP84.36 JPY8,562

Ongoing Charges Figure** 2.20% 2.20%

Class C GBP Class D JPY Accumulating Accumulating 2011 Shares Shares Number of Redeemable Participating Shares at start and end of year 36,785.53 50,000.00

Reported Net Asset Value GBP3,208,208 JPY380,500,636

Reported Net Asset Value per Share GBP87.21 JPY7,610

Ongoing Charges Figure** 2.11% 2.11%

*Terminated on 24th April 2013. 53

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

9. SHARES ISSUED AND REDEEMED DURING THE YEAR (continued)

Class A USD Class B EUR Class C GBP Class D JPY Class E USD Class F GBP Class G USD Tokio Marine Japanese Equity Focus Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating Fund Shares Shares Shares Shares Shares Shares*** Shares 2013

Number of Redeemable Participating Shares at start of year 237,986.40 14,384.72 11,615.73 15,588.42 18,038.61 11,615.72 532,666.95

Redeemable Participating Shares issued ------19,602.08 Redeemable Participating Shares redeemed ------(629.00)

Number of Redeemable Participating Shares at end of year 237,986.40 14,384.72 11,615.73 15,588.42 18,038.61 11,615.72 551,640.03

Reported Net Asset Value USD33,089,655 EUR1,847,290 GBP1,668,580 JPY269,658,188 USD2,508,172 GBP1,522,595 USD70,306,722

Reported Net Asset Value per Share USD139.04 EUR128.42 GBP143.65 JPY17,299 USD139.04 GBP131.08 USD127.45

Ongoing Charges Figure** 1.13% 1.13% 1.13% 1.13% 1.13% 1.13% 1.13%

*** Class F GBP Distributing Shares changed to Accumulating Shares effective 10th December 2013.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

9. SHARES ISSUED AND REDEEMED DURING THE YEAR (continued)

Class A USD Class B EUR Class C GBP Class D JPY Class E USD Class F GBP Class G USD Tokio Marine Japanese Equity Focus Accumulating Accumulating Accumulating Accumulating Accumulating Distributing Accumulating Fund Shares Shares Shares Shares Shares Shares Shares 2012

Number of Redeemable Participating Shares at start of year 180,973.86 14,384.72 27,294.64 15,588.42 18,038.61 11,615.72 -

Redeemable Participating Shares issued 57,012.54 - 16,780.95 - - - 532,666.95 Redeemable Participating Shares redeemed - - (32,459.86) - - - -

Number of Redeemable Participating Shares at end of year 237,986.40 14,384.72 11,615.73 15,588.42 18,038.61 11,615.72 532,666.95

Reported Net Asset Value USD25,512,885 EUR1,481,536 GBP1,198,415 JPY170,041,191 USD1,933,858 GBP1,198,415 USD52,343,718

Reported Net Asset Value per Share USD107.20 EUR102.99 GBP103.17 JPY10,908 USD107.21 GBP103.17 USD98.27

Ongoing Charges Figure** 1.08% 1.08% 1.08% 1.08% 1.08% 1.08% 1.06%

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

9. SHARES ISSUED AND REDEEMED DURING THE YEAR (continued)

Class A USD Class B EUR Class C GBP Class D JPY Class E USD Class F GBP Tokio Marine Japanese Equity Focus Accumulating Accumulating Accumulating Accumulating Accumulating Distributing Fund Shares Shares Shares Shares Shares**** Shares 2011

Number of Redeemable Participating Shares at start of year 18,038.61 14,384.72 11,615.73 15,588.42 18,038.61 11,615.72

Redeemable Participating Shares issued 162,935.25 - 15,678.91 - - -

Number of Redeemable Participating Shares at end of year 180,973.86 14,384.72 27,294.64 15,588.42 18,038.61 11,615.72

Reported Net Asset Value USD18,625,425 EUR1,448,552 GBP2,810,309 JPY145,884,119 USD1,856,540 GBP1,195,995

Reported Net Asset Value per Share USD102.92 EUR100.70 GBP102.96 JPY9,358 USD102.92 GBP102.96

Ongoing Charges Figure** 1.53% 1.71% 1.62% 1.71% 1.71% 1.71%

**** Class E USD Distributing Shares changed to Accumulating Shares effective 28th October 2011.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

9. SHARES ISSUED AND REDEEMED DURING THE YEAR (continued)

Class A USD Class B GBP Class C EUR Class D USD Class E USD Class F GBP Accumulating Accumulating Accumulating Accumulating Accumulating Accumulating Tokio Marine Asian Equity Fund Shares Shares Shares Shares Shares Shares***** 2013

Number of Redeemable Participating Shares at start of year 128,506.62 78,634.90 - - - -

Redeemable Participating Shares issued (128,506.62) (78,634.90) 35,004.86 48,281.50 48,281.50 29,433.77

Number of Redeemable Participating Shares at end of year - - 35,004.86 48,281.50 48,281.50 29,433.77

Reported Net Asset Value USD- GBP- EUR3,520,191 USD4,858,004 USD4,858,004 GBP2,931,997

Reported Net Asset Value per Share USD- GBP- EUR100.56 USD100.62 USD100.62 GBP99.61

Ongoing Charges Figure** 1.88% 1.88% 2.38% 2.38% 2.38% 2.38%

***** The Class F Share was converted into Accumulating Shares on 9th December 2013.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

9. SHARES ISSUED AND REDEEMED DURING THE YEAR (continued)

Class A USD Class B GBP Accumulating Accumulating Tokio Marine Asian Equity Fund Shares Shares 2012

Number of Redeemable Participating Shares at start and end of year 128,506.62 78,634.90

Reported Net Asset Value USD12,906,758 GBP7,980,360

Reported Net Asset Value per Share USD100.44 GBP101.49

Ongoing Charges Figure** 1.61% 1.61%

Class A USD Class B GBP Accumulating Accumulating Tokio Marine Asian Equity Fund Shares Shares 2011

Number of Redeemable Participating Shares at start of period - -

Redeemable Participating Shares issued 128,506.62 78,634.90

Number of Redeemable Participating Shares at end of period 128,506.62 78,634.90

Reported Net Asset Value USD11,003,378 GBP7,105,860

Reported Net Asset Value per Share USD85.62 GBP90.37

Ongoing Charges Figure** 1.35% 1.35%

**The ongoing charges figure (formerly total expense ratio) is the annualised operating expenses as a percentage of average Net Asset Value for the period.

10. FEES AND EXPENSES

Investment Manager Fee Tokio Marine Japanese Equity Leaders Fund The Investment Manager received a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.525% of the Net Asset Value of Tokio Marine Japanese Equity Leaders Fund.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

10. FEES AND EXPENSES (continued)

Investment Manager Fee (continued) Tokio Marine Japanese Equity Focus Fund From 1st January 2013, the Investment Manager receives an annual fee calculated and accrued as at each valuation point and paid monthly in arrears as a percentage of the Net Asset Value at an annual rate of 0.525% for Classes A-F and 0.375% for Class G. Prior to 1st January 2013, the Investment Manager received a fee calculated and accrued as at each valuation point and paid monthly in arrears as a percentage of the Net Asset Value at an annual rate of 0.455% for Classes A-F and 0.325% for Class G.

Tokio Marine Asian Equity Fund From 1st January 2013, the Investment Manager receives an annual fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.16% of the Net Asset Value. Prior to 1st January 2013, the Investment Manager received a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.10% of the Net Asset Value.

Sub-Investment Manager Fee Tokio Marine Asian Equity Fund From 1st January 2013, the Sub-Investment Manager receives an annual fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.40% of the Net Asset Value. Prior to 1st January 2013, the Sub-Investment Manager received a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.25% of the Net Asset Value.

Administration Fee Tokio Marine Japanese Equity Leaders Fund & Tokio Marine Japanese Equity Focus Fund The Administrator receives a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.08% per annum of the Net Asset Value of the Sub-Funds, subject to a minimum annual fee of JPY3,608,000 per Sub-Fund (plus VAT, if any thereon).

The Administrator also receives an annual fee of JPY315,000 per Sub-Fund (plus VAT, if any thereon) for performing fund accounting services.

The Administrator also receives an annual fee of JPY1,578,000 (plus VAT, if any thereon) for performing company secretarial duties, divided between the two Sub-Funds.

The Administrator also receives all of its reasonable out of pocket expenses incurred on behalf of the Sub-Funds, which shall include legal fees, courier fees and telecommunication costs and expenses together with VAT, if any, thereon. The Administrator is entitled to additional fees to be agreed between the parties up to a maximum of JPY1,000,000 per annum.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

10. FEES AND EXPENSES (continued)

Administration Fee (continued) Tokio Marine Asian Equity Fund The Administrator receives a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.12% per annum of the Net Asset Value of the Sub-Fund, subject to a minimum annual fee of USD60,000 for the Sub-Fund (plus VAT, if any thereon).

The Administrator also receives an annual fee of USD3,500 (plus VAT, if any thereon) for performing fund accounting services.

The Administrator also receives an annual fee of USD5,000 (plus VAT, if any thereon) for performing company secretarial duties, for the Sub-Fund.

The Administrator also receives all of its reasonable out of pocket expenses incurred on behalf of the Sub-Fund, which shall include legal fees, courier fees and telecommunication costs and expenses together with VAT, if any, thereon. The Administrator is entitled to additional fees to be agreed between the parties up to a maximum of USD10,000 per annum.

Custody Fee Tokio Marine Japanese Equity Leaders Fund & Tokio Marine Japanese Equity Focus Fund The Custodian receives a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.025% of the Net Asset Value of the Sub-Funds, subject to a minimum fee of JPY1,353,000 per Sub-Fund (plus VAT, if any thereon).

The Custodian also receives all of its reasonable out of pocket expenses incurred on behalf of the Sub-Funds, which shall include banking maintenance fees, interbank transfer fees, charges and telephone, letter, courier, facsimile and printing costs and expenses, and the fees, transaction charges and expenses of any sub-custodian appointed by it, which shall be at normal commercial rates. The Custodian is entitled to additional fees to be agreed between the parties up to a maximum of JPY1,000,000 per annum.

Tokio Marine Asian Equity Fund The Custodian receives a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.025% of the Net Asset Value of the Sub-Fund, subject to a minimum fee of USD15,000 for the Sub-Fund (plus VAT, if any thereon).

The Custodian also receives all of its reasonable out of pocket expenses incurred on behalf of the Sub-Fund, which shall include banking maintenance fees, interbank transfer fees, charges and telephone, letter, courier, facsimile and printing costs and expenses, and the fees, transaction charges and expenses of any sub-custodian appointed by it, which shall be at normal commercial rates. The Custodian is entitled to additional fees to be agreed between the parties up to a maximum of USD10,000 per annum.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

10. FEES AND EXPENSES (continued)

Distributor Fee Tokio Marine Japanese Equity Leaders Fund The Distributor received a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.225% of the Net Asset Value of Tokio Marine Japanese Equity Leaders Fund.

Tokio Marine Japanese Equity Focus Fund From 1st January 2013, the Distributor receives an annual fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.225% for Classes A-F and 0.375% for Class G of the Net Asset Value. Prior to 1st January 2013, the Distributor received a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.195% for Classes A-F and 0.325% for Class G of the Net Asset Value.

Tokio Marine Asian Equity Fund From 1st January 2013, the Distributor receives an annual fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.24% of the Net Asset Value. Prior to 1st January 2013, the Distributor received a fee calculated and accrued as at each valuation point and paid monthly in arrears at an annual rate of 0.15% of the Net Asset Value.

Formation Costs Tokio Marine Japanese Equity Leaders Fund, Tokio Marine Japanese Equity Focus Fund & Tokio Marine Asian Equity Fund All fees and expenses relating to the formation and organisation of the Sub-Funds, to include the fees of the Promoter, professional advisers and all fees incurred by the Promoter in relation to the registration of the Sub-Funds are borne by the Sub-Funds. In accordance with IFRS, the formation costs of JPY7,000,000, JPY3,500,000 and USD43,000 for Tokio Marine Japanese Equity Leaders Fund, Tokio Marine Japanese Equity Focus Fund and Tokio Marine Asian Equity Fund respectively were fully charged in the Statement of Comprehensive Income in the period in which they were incurred. For the purpose of calculating the Reported Net Asset Value used for dealing purposes of the Sub-Funds, these formation costs relating to the creation of the Sub-Funds are being amortised over the first five years in accordance with the Prospectus.

Governance Services Provider Fee Tokio Marine Japanese Equity Leaders Fund, Tokio Marine Japanese Equity Focus Fund & Tokio Marine Asian Equity Fund The Governance Services Provider receives an annual fee of €18,125. The fee paid for the period from 1st January 2013 to 24th April 2013 was JPY65,985 (Japanese Equity Leaders), for the year ended 31st December 2013 was JPY2,070,146 (Japanese Equity Focus) and USD4,760 (Asian Equity).

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

10. FEES AND EXPENSES (continued)

Audit Fee Fees and expenses to the statutory auditors, PricewaterhouseCoopers, of JPY5,621,899 (2012: JPY5,834,209), in respect of the financial year, entirely relate to the audit of the financial statements of the Company. The Company incurred tax services fees to PricewaterhouseCoopers during the year of JPY3,961,506 (2012: JPY1,744,212) and tax services fees outstanding at year end amounted to JPY2,008,694 (2012: JPY1,315,807). There were no fees and expenses paid in respect of other assurance or non-audit services provided by the auditors for the years ended 31st December 2013 or 2012.

11. RELATED PARTY TRANSACTIONS

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.

The Company engaged in the following related party transactions: Mr. Tetsuya Nakamura is General Manager in Global Business Development at the Investment Manager and a Director of the Company.

With effect from 21st August 2013, Mr. Yasuyuki Kanda was appointed to the Board of Directors of the Company. Mr. Kanda is the Chief Executive Officer of Tokio Marine Asset Management (London) Limited and leads their Global Business Development for traditional and alternative asset classes.

For the years ended 31st December 2013 and 2012, the fees incurred with the Investment Manager are disclosed on pages 20 and 22 and the fees payable to the Investment Manager as at 31st December 2013 and 2012 are disclosed on page 51.

Mr. Karl McEneff is a Director of the Company and the Administrator. For the years ended 31st December 2013 and 2012, the fees paid to the Administrator are disclosed on pages 20 and 22 and the fees payable to the Administrator as at 31st December 2013 and 2012 are disclosed on page 51.

Mr. Yuichi Takayama is a Director of the Company and was Chief Executive Officer of the Distributor until June 2013. On 1st July 2013, Mr. Takayama was appointed Head of Global Business Development at the Investment Manager.

Mr. Yasuyuki Kanda is a Director of the Company and Chief Executive Officer of the Distributor. For the years ended 31st December 2013 and 2012, the fees paid to the Distributor are disclosed on pages 20 and 22 and the fees payable to the Distributor as at 31st December 2013 and 2012 are disclosed on page 51.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

11. RELATED PARTY TRANSACTIONS (continued)

At the end of the reporting year Tokio Marine & Nichido Fire Insurance Co., Ltd is a 100% Shareholder in Tokio Marine Asian Equity Fund (2012: 100%). Tokio Marine & Nichido Fire Insurance Co., Ltd redeemed its investment in Tokio Marine Japanese Equity Leaders Fund and the fund was terminated on 24th April 2013. At the end of the reporting year, Tokio Marine & Nichido Fire Insurance Co., Ltd is a 10.37% Shareholder in Tokio Marine Japanese Equity Focus Fund (2012: 10.60%). All subscriptions for Tokio Marine Asian Equity Fund since inception were with related parties.

For the years ended 31st December 2013 and 2012, the fees paid to the Directors are disclosed on pages 20 and 22 and the fees payable to the Directors as at 31st December 2013 and 2012 are disclosed on page 51.

Although not deemed to be related parties under IFRS as they do not exercise significant influence over the activities of the Sub-Funds, UCITS Notice 14, also deems a Custodian and its associated or group companies to be connected parties to the Company. During the year, the Custodian and the Administrator earned fees for the provision of custodial and administrative services to the Company as disclosed on page 20 in these financial statements. The fees payable to the Administrator and Custodian as at 31st December 2013 and 2012 are disclosed on page 51.

Class C Shares of Tokio Marine Japanese Equity Focus Fund are hedged against FX exposure between the currency that the fund is denominated in and the currency that the particular share class is denominated in. The counterparty for such FX transactions is (London Branch of Sumitomo Mitsui Trust Bank, Limited) a related company of the Administrator and the Custodian.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

12. NET GAIN ON FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2013 2013 2013 2013 JPY JPY USD JPY Net realised gain from: - Investments in securities and currencies 374,819,504 2,606,522,105 3,337,835 3,308,276,993 374,819,504 2,606,522,105 3,337,835 3,308,276,993 Net change in unrealised (loss)/gain from: - Investments in securities and currencies (80,559,862) 1,870,058,068 (1,644,441) 1,628,427,925 (80,559,862) 1,870,058,068 (1,644,441) 1,628,427,925 Net gain on financial assets and liabilities at fair value through profit or loss 294,259,642 4,476,580,173 1,693,394 4,936,704,918

Tokio Marine Tokio Marine Tokio Marine Japanese Equity Japanese Equity Asian Leaders Fund Focus Fund Equity Fund Total 2012 2012 2012 2012 JPY JPY USD JPY Net realised loss from: - Investments in securities and currencies (65,465,400) (212,591,689) (313,644) (303,092,316)

(65,465,400) (212,591,689) (313,644) (303,092,316) Net change in unrealised gain from: - Investments in securities and currencies 162,775,309 827,173,556 3,753,535 1,289,558,115

162,775,309 827,173,556 3,753,535 1,289,558,115 Net gain on financial assets and liabilities at fair value through profit or loss 97,309,909 614,581,867 3,439,891 986,465,799

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

13. PORTFOLIO TRANSACTION COSTS

Tokio Marine Tokio Marine Japanese Japanese Tokio Marine Equity Equity Asian Leaders Fund Focus Fund Equity Fund Total 2013 2013 2013 2013 JPY JPY USD JPY*

Total transaction costs on Purchases 215,327 9,686,457 119,972 21,652,844 Out of which are commissions 215,327 9,686,457 95,963 19,301,202 Out of which are taxes - - 15,105 1,479,510 Out of which are charges - - 8,904 872,132

Total transaction costs on Sales (440,000) (9,169,825) (188,756) (28,098,164) Out of which are commissions (440,000) (9,169,825) (113,773) (20,753,703) Out of which are taxes - - (52,425) (5,134,942) Out of which are charges - - (22,558) (2,209,519)

Tokio Marine Tokio Marine Japanese Japanese Tokio Marine Equity Equity Asian Leaders Fund Focus Fund Equity Fund Total 2012 2012 2012 2012 JPY JPY USD JPY*

Total transaction costs on Purchases 382,252 3,369,269 86,970 10,693,516 Out of which are commissions 382,252 3,369,269 68,234 9,197,998 Out of which are charges - - 18,736 1,495,518

Total transaction costs on Sales (413,287) (2,766,323) (123,763) (13,058,443) Out of which are commissions (413,287) (2,766,323) (67,329) (8,553,849) Out of which are charges - - (56,434) (4,504,594) *For the purposes of calculating the total, Tokio Marine Asian Equity Fund, has been converted to JPY at the average rate of exchange for the years ended 31st December 2013 and 2012.

14. DIVIDEND POLICY

Income and capital gains will normally be accumulated and reinvested and the Company will not ordinarily, but may at the discretion of the Directors, make distributions or pay dividends in respect of any Class.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

15. TAXATION

Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to Shareholders or any encashment, redemption, cancellation, transfer or the holding of shares at the end of each eight year period beginning with the acquisition of such shares.

No Irish tax will arise on the Company in respect of chargeable events in respect of:

(a) a Shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes (as defined in the Prospectus for the Company), at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company or where the Company has been authorised by Irish Revenue to make gross payments in absence of appropriate declarations; and

(b) certain exempted Irish tax resident Shareholders who have provided the Company with the necessary signed statutory declarations.

The Finance Act 2010 provides that the Revenue Commissioners may grant approval for investment funds marketed outside of Ireland to make payments to non-resident investors without deduction of Irish tax where no relevant declaration is in place, subject to meeting the “equivalent measures”. A fund wishing to receive approval must apply in writing to the Revenue Commissioners, confirming compliance with the relevant conditions.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its Shareholders.

16. EXCHANGE RATES USED IN THIS REPORT

The following exchange rates were used to translate assets and liabilities into one JPY:

2013 2012 Euro 144.7807 113.8304 Great British Pound 173.6111 139.0821 United States Dollar 105.2742 86.0956

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

16. EXCHANGE RATES USED IN THIS REPORT (continued)

The following exchange rates were used to translate assets and liabilities into one USD:

2013 2012 Australian Dollar 1.1196 0.9644 Euro 0.7260 0.7583 Hong Kong Dollar 7.7540 7.7507 Indian Rupee 61.7900 54.9950 Indonesian Rupiah 12,171.0000 9,643.0000 Malaysian Ringgit 3.2790 3.0585 New Taiwan Dollar 29.8310 28.9970 Philippine Peso 44.4100 41.0100 Singapore Dollar 1.2635 1.2218 South Korean Won 1,048.2300 1,066.5600 Thai Baht 32.7350 30.5950

The following is the average rate of exchange used to translate assets and liabilities into one JPY:

2013 2012 United States Dollar 97.9484 79.8206

17. SOFT COMMISSION ARRANGEMENTS

The Company did not have any soft commission arrangements in place for the years ended 31st December 2013 or 2012.

18. SIGNIFICANT EVENTS

Mr. Yasuyuki Kanda was appointed as Director to the Company on 21st August 2013.

Effective 17th September 2013, Class C Shares of Tokio Marine Japanese Equity Focus Fund are hedged against exchange rate fluctuations between the denominated Class currency of the sub-fund.

Effective 5th December 2013, subscriptions are no longer accepted into Classes A & B in Tokio Marine Asian Equity Fund.

Effective 5th December 2013, Tokio Marine Asia Pacific Equity Fund was renamed as Tokio Marine Asia Pacific Equity Fund and the sub-fund has been managed under the new Investment Objective and Investment Policy with a new Benchmark.

Effective 10th December 2013, Class F Shares of Tokio Marine Japanese Equity Focus Fund changed from Distributing Shares to Accumulated Shares.

TOKIO MARINE FUNDS PLC

Notes to the Financial Statements 31st December 2013 (Continued)

19. POST BALANCE SHEET EVENTS (continued)

The Key Investor Information Document (“KIID”) dated 30th January 2014 for Tokio Marine Japanese Equity Focus Fund and Tokio Marine Asian Equity Fund (Classes A & B) are available at www.tokiomarineam.co.uk. The KIID dated 4th December 2013 for Tokio Marine Asian Equity Fund (Classes C, D, E & F) are also available at www.tokiomarineam.co.uk.

Subsequent to the year end and up to 17th April 2014, Tokio Marine Japanese Equity Focus Fund received subscriptions of JPY5,822,127 and paid redemptions of JPY1,548,043,261. There were no other subscriptions or redemptions into or out of the Company.

20. APPROVAL OF FINANCIAL STATEMENTS

The Directors approved the financial statements on 17th April 2014.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2013

Fair Nominal Value % of Holding JPY NAV

Equities

Japan Aeon Financial Services 130,000 366,600,000 3.00 Aisin Seiki 64,800 276,696,000 2.26 Asahi Co Ltd 130,300 191,280,400 1.56 Astellas Pharma Inc 60,600 377,538,000 3.08 Bridgestone Corp 95,600 380,488,000 3.11 Daicel Chemical Industry 315,000 269,640,000 2.20 Dai-Ichi Life Insurance 161,700 284,106,900 2.32 Denso Corp 74,100 411,255,000 3.36 Dowa Holdings Co Ltd 320,000 328,960,000 2.69 Gulliver International 272,300 159,840,100 1.31 Hitachi High-Tech 97,200 256,705,200 2.10 Hitachi Ltd 579,000 460,884,000 3.77 Hitachi Transport System Ltd 166,800 261,876,000 2.14 Honda Motor Co Ltd 143,200 620,056,000 5.07 J Front Retailing Co 288,000 229,248,000 1.87 Japan Tobacco Inc 81,800 279,756,000 2.29 JX Holdings Inc 462,500 250,212,500 2.04 Kajima Corp 792,000 312,840,000 2.56 Kao Corp 87,500 289,625,000 2.37 KDDI Corp 72,600 469,722,000 3.83 Kubota Corp 101,000 175,639,000 1.43 M3 Inc 770 202,895,000 1.66 Namco Bandai Holdings 148,200 345,898,800 2.83 Nidec Corp 30,300 312,090,000 2.55 Orix Corp 330,300 610,064,100 4.97 Otsuka Corp 32,800 439,848,000 3.59 Rohm Co Ltd 55,600 284,672,000 2.33 Sawai Pharmaceutical 32,300 219,640,000 1.79 Seiko Epson Corp 164,500 464,712,500 3.80 Sekisui Chemical Co Ltd 144,000 185,760,000 1.52 Showa Denko 1,450,000 216,050,000 1.77 Sumitomo Mitsui Financial Group 70,300 381,026,000 3.11

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2013 (Continued)

Fair Nominal Value % of Holding JPY NAV

Equities (continued)

Japan (continued) Suruga Bank 203,000 382,858,000 3.13 Takeda Pharmaceutical 103,400 498,905,000 4.08 Toray Industry Inc 550,000 400,400,000 3.27 Toshiba Corp 531,000 234,702,000 1.92 Tsuruha Holdings 16,100 155,687,000 1.27 UMN Pharma 38,200 116,510,000 0.95

Total equities 12,104,686,500 98.90

All securities are transferable and are admitted to an official stock exchange listing at year end.

Nominal Notional Unrealised Holding Cost Gain JPY JPY Forward currency contracts

British Pound Forward currency contracts 31-Jan-14 1,631,493 273,521,384 9,620,941

Total Forward Currency Contracts 273,521,384 9,620,941

Total Financial Assets at Fair Value through Profit or Loss 12,114,307,441

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2013 (Continued)

Nominal Notional Unrealised Holding Cost Loss JPY JPY Forward currency contracts

British Pound Forward currency contracts 31-Jan-14 (33,419) (5,565,346) (234,573)

Total Forward Currency Contracts (5,565,346) (234,573)

Total Financial Liabilities at Fair Value through Profit or Loss (234,573)

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2013 (Continued)

Analysis of NAV

Fair Value % of JPY NAV Cash and cash equivalents 91,568,568 0.75 Total financial assets and liabilities at fair value through profit or loss 12,114,072,868 98.97 Other assets and liabilities 34,052,972 0.28

Total Net Assets attributable to Holders of Redeemable Participating Shares 12,239,694,408 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 0.73 Financial assets at fair value through profit or loss 96.12 Debtors 3.15

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2013

Fair Nominal Value % of Holding USD NAV

Equities

Bermuda Hong Kong Land Holdings 30,000 177,000 0.91 Jardine Matheson 7,200 376,632 1.94 553,632 2.85 Cayman Islands Baidu Inc ADS Class A 1,427 248,284 1.28 Bona Film 375 2,198 0.01 China Modern Dairy 419,000 226,954 1.17 China Shineway Pharma 140,000 191,746 0.99 China State Construction International 110,000 197,188 1.02 Hilong Holding Ltd 237,000 202,950 1.05 Phoenix New Media 14,777 139,938 0.72 Shimao Property Holdings 92,000 211,431 1.09 Sino Biopharmaceutical 492,000 390,224 2.01 Sunac China Holdings 451,000 270,460 1.39 Sunny Optical Technology 304,000 295,610 1.52 Tencent Holdings Ltd 10,300 656,999 3.38 Tenwow International Holdings 764,000 350,766 1.81 3,384,748 17.44 China Anhui Conch Cement Co 41,000 152,018 0.78 China Const Bank 284,000 214,263 1.10 China Galaxy Securities 183,000 159,541 0.82 Great Wall Motor 53,500 295,305 1.52 Shanghai Fosun Pharma 262,000 788,972 4.06 Wuxi Pharmatech 5,060 192,280 0.99 1,802,379 9.27 Hong Kong AIA Group Ltd 27,200 136,456 0.70 China Overseas Grand Oceans 340,000 324,039 1.67 Cnooc Ltd 150,000 278,952 1.44 Sinomedia Holding 293,000 208,962 1.08 Wharf Holdings 80,000 611,812 3.15 1,560,221 8.04

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2013 (Continued)

Fair Nominal Value % of Holding USD NAV

Equities (continued)

India GNP 40,719 351,802 1.81 Infosys Ltd 1,250 70,514 0.36 ITC 73,471 382,694 1.97 Sun Pharmaceuticals 48,831 448,441 2.31 1,253,451 6.45 Indonesia Gudang Garam 85,000 293,320 1.51 PT Astra International 460,000 257,004 1.32 Semen Indonesia Persero 116,000 134,862 0.69 Telekomunikasi Indonesia 1,797,500 317,527 1.64 1,002,713 5.16 Italy Prada (Hong Kong Listing) 24,200 215,347 1.11 215,347 1.11 Malaysia Sapura Kencana Petroleum 174,100 260,168 1.34 260,168 1.34 Philippines Puregold Price Club 311,200 265,582 1.37 265,582 1.37 Singapore Cordlife GRP 109,000 102,663 0.53 Super Group Ltd 205,000 616,566 3.18 719,229 3.71 South Korea Amorepacific 213 203,200 1.05 Hyundai Engineering & Construction 5,155 298,511 1.54 Hyundai Motor Co 3,053 688,813 3.55 Hyundai Wia Corp 1,299 235,454 1.21 LG Chemical 640 182,861 0.94 LG Household & Health Care 452 236,299 1.22

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2013 (Continued)

Fair Nominal Value % of Holding USD NAV

Equities (continued)

South Korea (continued) Orion Corp 464 420,076 2.16 Osstem Implant 3,811 83,802 0.43 Samsung Electronics 678 887,416 4.57 SK Hynix Inc 3,140 110,235 0.57 3,346,667 17.24 Taiwan Province Of China Delta Electronic 21,000 119,674 0.62 Largan Precision 8,000 325,836 1.68 Mediatek Inc Corp 27,000 401,411 2.07 Ruentex Development Co 238,657 462,417 2.38 Taiwan Semiconductor Manufacturing 128,000 452,683 2.33 1,762,021 9.08 Thailand Advanced Information Services 66,800 407,106 2.10 Kasikornbank Plc 40,300 192,051 0.99 LPN Development 581,000 275,103 1.42 PTT 14,400 125,810 0.65 1,000,070 5.16

Total equities 17,126,228 88.22

Total Financial Assets at Fair Value through Profit or Loss 17,126,228

All securities are transferable and are admitted to an official stock exchange listing at year end.

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2013 (Continued)

Nominal Notional Unrealised Holding Cost Loss USD USD Forward currency contracts

Hong Kong Dollar Forward currency contracts 02-Jan-14 (1,971,034) (254,143) (43)

Total Forward Currency Contracts (254,143) (43)

Total Financial Liabilities at Fair Value through Profit or Loss (43)

The counterparty for forward currency contracts is London Branch of Sumitomo Mitsui Trust Bank, Limited

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2013 (Continued)

Analysis of NAV

Fair Value % of USD NAV Cash and cash equivalents 1,968,134 10.14 Total financial assets and liabilities at fair value through profit or loss 17,126,185 88.21 Other assets and liabilities 319,854 1.65

Total Net Assets attributable to Holders of Redeemable Participating Shares 19,414,173 100.00

Analysis of total assets for each asset class

Assets % Cash and cash equivalents 10.10 Financial assets at fair value through profit or loss 87.87 Debtors 2.03

Total Assets 100.00

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Leaders Fund Schedule of Investments As at 31st December 2012

Fair Nominal Value % of Holding JPY NAV

Equities

Japan Aisin Seiki 6,000 15,984,000 1.87 Anritsu Corp 21,000 21,420,000 2.50 Benesse Holdings 3,200 11,488,000 1.34 Canon Inc 5,300 17,702,000 2.07 Dai-Ichi Life Insurance 213 25,538,700 2.98 Daiseki Co Ltd 17,800 21,217,600 2.48 Denso Corp 9,600 28,540,800 3.33 East Japan Railway Co 4,800 26,784,000 3.13 ESPEC Corp 3,000 1,968,000 0.23 FP Corp 3,400 19,584,000 2.29 Hitachi Transport System Ltd 7,000 8,813,000 1.03 Honda Motor Co Ltd 11,000 34,595,000 4.04 Isuzu Motors Ltd 48,000 24,528,000 2.86 JFE Holdings Inc 17,800 28,515,600 3.33 Kawasaki Kisen Kai 80,000 10,480,000 1.22 Komatsu Ltd 7,100 15,506,400 1.81 Message Co 52 10,389,600 1.21 Mitsubishi Corp 14,300 23,552,100 2.75 Mitsubishi UFJ Financial Group 85,500 39,415,500 4.60 Mitsui Chemicals 25,000 5,575,000 0.65 Mitsui Fudosan 7,000 14,630,000 1.71 Nidec Corp 2,100 10,542,000 1.23 Nikkiso Co Ltd 21,000 19,257,000 2.25 Nikon Corp 7,100 17,934,600 2.09 Nissha Printing Co 10,700 10,871,200 1.27 NTT Docomo Inc 169 20,956,000 2.45 Orix Corp 4,490 43,508,100 5.08 OSG Corp 17,800 21,199,800 2.47 Pigeon Corp 3,600 14,868,000 1.74 Rakuten Inc 24,900 16,782,600 1.95 Resona Holdings Inc 35,000 13,720,000 1.60

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Leaders Fund Schedule of Investments As at 31st December 2012 (Continued) Fair Nominal Value % of Holding JPY NAV

Equities (continued)

Japan (continued) Rinnai Corp 2,800 16,380,000 1.91 Sekisui Chemical Co Ltd 29,000 21,721,000 2.53 Shiga Bank Ltd 6,000 3,204,000 0.37 Shimizu Corp 53,000 17,119,000 2.00 Ship Healthcare Holdings 8,900 20,425,500 2.38 Start Today Co Ltd 11,500 9,223,000 1.08 Sumitomo Chemical Co 114,000 30,666,000 3.58 Sumitomo Mitsui Financial Group 12,500 38,937,500 4.54 Taiheiyo Cement Corp 135,000 31,860,000 3.72 Tokyo Electron 3,600 14,166,000 1.65 Toyota Motor Corp 4,300 17,221,500 2.01 Wacom Co Ltd 90 20,340,000 2.37 Yamada Denki Co Ltd 5,340 17,755,500 2.07

Total equities 854,885,600 99.77

All securities are transferable and are admitted to an official stock exchange listing at year end.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2012

Fair Nominal Value % of Holding JPY NAV

Equities

Japan Advantest Corp 145,900 196,673,200 2.61 Aisin Seiki 90,600 241,358,400 3.20 Asahi Breweries 94,800 174,147,600 2.31 Asahi Co Ltd 130,300 160,920,500 2.13 Astellas Pharma Inc 25,700 99,587,500 1.32 Bridgestone Corp 121,800 270,883,200 3.59 Canon Inc 85,000 283,900,000 3.77 Daihatsu Motor Co 145,000 248,095,000 3.29 Daikin Industries 76,500 225,063,000 2.99 Hitachi Ltd 445,000 224,280,000 2.97 Hitachi Transport System Ltd 111,100 139,874,900 1.86 Honda Motor Co Ltd 86,200 271,099,000 3.60 JFE Holdings Inc 137,800 220,755,600 2.93 Message Co 324 64,735,200 0.86 Mitsubishi Corp 196,300 323,306,100 4.29 Mitsui Chemicals 932,000 207,836,000 2.76 Mitsui Osk Lines 857,000 217,678,000 2.89 Nidec Corp 72,700 364,954,000 4.84 Nitori Holdings 28,750 181,987,500 2.41 Nitto Denko Corp 24,800 104,656,000 1.39 Nomura Holdings 571,300 287,363,900 3.81 Orix Corp 39,810 385,758,900 5.12 Otsuka Corp 23,900 155,828,000 2.07 Rakuten Inc 247,100 166,545,400 2.21 Rengo Co Ltd 334,000 144,956,000 1.92 Rinnai Corp 27,300 159,705,000 2.12 Sawai Pharmaceutical 16,000 139,040,000 1.84 Secom Ltd 33,400 144,789,000 1.92 Sekisui Chemical Co Ltd 299,000 223,951,000 2.97 Sekisui House Ltd 169,000 159,198,000 2.11 Sumitomo Mitsui Financial Group 100,400 312,746,000 4.15 Suruga Bank 197,000 208,623,000 2.77

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Investments As at 31st December 2012 (Continued)

Fair Nominal Value % of Holding JPY NAV

Equities (continued)

Japan (continued) Taiheiyo Cement Corp 1,091,000 257,476,000 3.40 THK Co Ltd 120,900 185,702,400 2.46 Tohoku Electric Power 219,000 175,857,000 2.33 Yamada Denki Co Ltd 54,320 180,614,000 2.40

Total equities 7,509,944,300 99.61

All securities are transferable and are admitted to an official stock exchange listing at year end.

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2012

Fair Nominal Value % of Holding USD NAV Equities

Australia Acrux NPV 34,187 101,035 0.39 Australia & New Zealand Banking Group 38,954 1,011,871 3.93 BHP Billiton Ltd 13,199 507,785 1.97 Boart Longyear Group 40,000 77,773 0.30 Commonwealth Bank of Australia 18,758 1,209,491 4.69 Echo Entertainment 37,368 133,298 0.52 Iluka Resources Ltd 8,552 79,991 0.31 Insurance Australia Group 57,529 279,785 1.09 Mirvac Group 122,687 188,925 0.73 Regis Resources Ltd 14,041 74,402 0.29 Rio Tinto Ltd 8,589 587,919 2.28 Telstra Corp 77,701 352,106 1.37 Transurban Group 31,737 200,423 0.78 Wesfarmers Ltd 15,403 588,584 2.28 Westfield Group 33,896 371,174 1.44 Woodside Petroleum 8,023 281,868 1.09 6,046,430 23.46 Bermuda Cheung Kong Infrastructure 11,000 67,414 0.26 China Gas Holdings 154,000 121,203 0.47 Kerry Properties Ltd 21,500 111,652 0.43 Kunlun Energy Co 106,000 221,282 0.86 521,551 2.02 Canada Alacer Gold Corp 31,234 153,522 0.60 153,522 0.60 Cayman Islands AAC Technologies Holdings 40,000 139,859 0.54 Baidu Inc ADS Class A 1,054 104,346 0.40 Intime Department Store 118,000 139,152 0.54 KWG Property Holdings 430,500 323,265 1.25 Melco Crown Entertainment 3,555 57,804 0.22

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2012 (Continued)

Fair Nominal Value % of Holding USD NAV

Equities (continued)

Cayman Islands (continued) Sino Biopharmaceutical 544,000 259,694 1.01 Tencent Holdings Ltd 7,400 237,735 0.92 Vinda International Holdings 96,000 131,292 0.51 1,393,147 5.39 China Air China Ltd 184,000 155,497 0.60 Anhui Conch Cement Co 100,000 363,840 1.41 China Const Bank 851,000 682,939 2.65 China Life Ins 148,000 483,108 1.87 China Petroleum Chemical 238,000 269,608 1.05 China Shenhua Energy 67,000 293,479 1.14 Dongfeng Motor Group 148,000 228,378 0.89 Haitong Securities 131,600 225,824 0.88 Industrial & Commerce Bank of China 1,106,000 784,837 3.05 Zhuzhou CSR Times Electric 67,000 248,095 0.96 3,735,605 14.50 Hong Kong AIA Group Ltd 59,200 231,052 0.90 Boc Hong Kong Holdings 16,000 49,751 0.19 Cheung Kong Holdings 17,000 261,010 1.01 China Mobile Ltd 43,000 500,700 1.94 Cnooc Ltd 201,000 435,161 1.69 Galaxy Entertainment Group 38,000 148,800 0.58 Hang Lung Properties 42,000 166,902 0.65 Henderson Land Development 6,000 42,345 0.16 HKT Trust & HKT Ltd 119,000 116,226 0.45 Hutchison Whampoa 25,000 260,946 1.01 Techtronic Industries Co 25,500 47,245 0.18 2,260,138 8.76

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2012 (Continued)

Fair Nominal Value % of Holding USD NAV

Equities (continued)

India Axis Bank 5,000 123,334 0.48 Bharti Airtel Ltd 19,000 109,554 0.43 Bharti Infratel Ltd 22,367 78,780 0.31 Coal India Ltd 35,000 225,802 0.88 Dr Reddys Labs 7,000 232,898 0.90 HDFC Bank 16,500 203,599 0.79 Housing Development Finance 12,500 188,392 0.73 ITC 33,000 172,096 0.67 1,334,455 5.19 Indonesia Hero Supermarket 109,000 48,888 0.19 Perusahaan Gas Negara 312,500 149,072 0.58 PT Bank Central Asia 181,000 170,808 0.66 UTD Tractors 97,500 199,186 0.77 567,954 2.20 Malaysia Cimb Group Holding 113,300 282,648 1.10 Digi.com Berhad 130,400 225,541 0.88 Petronas Gas 19,900 127,006 0.49 635,195 2.47 Papua New Guinea Oil Search Ltd 25,469 185,138 0.72 185,138 0.72 Philippines Universal Robina Corp 41,580 85,015 0.33 85,015 0.33 Singapore DBS Group Holdings 20,000 242,928 0.94 Overseas-Chinese Banking 25,000 199,098 0.77 Singapore Press Holdings 82,000 270,479 1.05 Singapore Telecommunications 145,000 391,648 1.52 1,104,153 4.28

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2012 (Continued)

Fair Nominal Value % of Holding USD NAV

Equities (continued)

South Korea CJ Cheiljedang Corp 826 275,318 1.07 Hyundai Engineering & Construction 3,303 216,781 0.84 Hyundai Heavy Industries 1,414 320,833 1.24 Hyundai Motor Co 1,327 271,855 1.05 Hyundai Wia Corp 1,524 247,198 0.96 KB Financial Group 10,950 389,106 1.51 LG Chemical 763 236,077 0.92 LG Electronics Inc 4,746 327,507 1.27 Posco 559 182,916 0.71 Samsung Card Co 4,940 169,058 0.66 Samsung Electronics 966 1,378,499 5.35 Shinsegae Co 824 168,808 0.65 SK Hynix Inc 14,100 340,417 1.32 SK Innovation Co Ltd 1,388 226,440 0.88 SK Telecom 1,005 143,698 0.56 4,894,511 18.99 Taiwan, Province of China Cheng Shin Rubber Industry Co 68,000 176,818 0.69 Cheng Uei Precision Industry Co 45,000 96,993 0.38 E.Sun Financial Holdings 236,250 132,395 0.51 Formosa Plastic 52,000 140,953 0.55 Hon Hai Precision 66,900 205,104 0.80 HTC Corp 14,000 145,084 0.56 Largan Precision 8,000 214,643 0.83 Mediatek Inc Corp 20,000 223,127 0.87 Mega Financial Holdings 133,181 103,800 0.40 Ruentex Development Co 89,000 183,543 0.71 Taiwan Cement Corp 68,000 91,223 0.35 Taiwan Mobile Corp 23,000 84,871 0.33 Taiwan Semiconductor Manufacturing 115,000 384,695 1.49 2,183,249 8.47

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Investments As at 31st December 2012 (Continued)

Fair Nominal Value % of Holding USD NAV

Equities (continued)

Thailand Advanced Information Services 29,000 198,104 0.77 Bangkok Bank 10,000 63,899 0.25 262,003 1.02

Total equities 25,362,066 98.40

All securities are transferable and are admitted to an official stock exchange listing at year end.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Leaders Fund Schedule of Portfolio Movements (Unaudited) 31st December 2013

Acquisitions Disposals Nominal Nominal Anritsu Corp - 21,000 Chugai Pharmaceutic Co 7,100 - Denso Corp - 9,600 DTS Corp 12,500 - East Japan Railway Co - 5,300 H2O Retailing 25,000 - Honda Motor Co Ltd - 11,700 JFE Holdings Inc - 17,800 KDDI Corp 7,100 - Kimoto Co Ltd 17,800 - Kyocera Corp 2,200 - Kyowa Hakko Kirin 11,000 - Message Co 69 121 Mitsubishi UFJ Financial Group - 85,500 Mitsui Fudosan - 11,000 NTT Docomo Inc 68 237 Orix Corp - 35,000 Resona Holdings Inc 25,000 60,000 Rinnai Corp 1,500 4,300 Rohto Pharm 14,000 - Ryohin Keikaku Co 3,600 3,600 Sekisui Chemical Co Ltd - 29,000 Seven Bank Ltd 120,000 120,000 Showa Shell Sekiya 33,000 - Sumitomo Chemical Co - 114,000 Sumitomo Mitsui Financial Group - 12,500 Taiheiyo Cement Corp - 135,000 Taikisha Ltd 8,200 - Takuma Co 44,000 - Toyota Motor Corp 1,700 6,000 Uni-Charm Corp 3,600 - United Arrows Ltd 7,500 - Wacom Co Ltd - 90

This schedule represents the statement of changes in the composition of the portfolio during the year, as required under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “Regulations”). This schedule shows the 20 largest acquisitions and 20 largest disposals in the year. It is not intended to provide a reconciliation between holdings at the beginning of the year and holdings at the end of the year.

TOKIO MARINE FUNDS PLC

Tokio Marine Japanese Equity Focus Fund Schedule of Portfolio Movements (Unaudited) 31st December 2013

Acquisitions Disposals Nominal Nominal Aeon Financial Services 130,000 - Astellas Pharma Inc 61,400 - Daicel Chemical Industry 380,000 - Daihatsu Motor Co - 150,000 Daikin Industries - 76,500 Denso Corp 74,100 - Dowa Holdings Co Ltd 320,000 - East Japan Railway Co - 40,400 Hitachi Ltd 579,000 - Honda Motor Co Ltd 169,100 112,100 Isuzu Motors 561,000 561,000 JFE Holdings Inc - 137,800 Kajima Corp 792,000 - Kawasaki Heavy Industries 1,120,000 1,120,000 KDDI Corp 100,400 - Mitsubishi Corp - 201,900 Mitsubishi Heavy Industry 540,000 540,000 Nidec Corp - 44,600 Nippon Paint Co Ltd - 189,000 Nippon Steel & Sumitomo Metal 1,090,000 1,090,000 Nitto Denko Corp - 76,700 Rakuten Inc - 299,800 Ryohin Keikaku Co - 36,300 Taiheiyo Cement Corp - 1,091,000 Takeda Pharmaceutical 103,400 - Terumo Corp 71,100 71,100 Tokyo Gas Co 567,000 567,000 Toray Industry Inc 550,000 - Toshiba Corp 835,000 - Tsuruha Holdings 34,800 - Uni-Charm Corp - 51,300 Zeon Corporation 284,000 284,000

This schedule represents the statement of changes in the composition of the portfolio during the year, as required under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, (as amended) (the “Regulations”). This schedule shows the 20 largest acquisitions and 20 largest disposals in the year. It is not intended to provide a reconciliation between holdings at the beginning of the period and holdings at the end of the period.

TOKIO MARINE FUNDS PLC

Tokio Marine Asian Equity Fund Schedule of Portfolio Movements (Unaudited) 31st December 2013

Acquisitions Disposals Nominal Nominal Advanced Information Services 81,000 - Australia & New Zealand Banking Group - 38,954 Bangkok Bank 82,000 92,000 BHP Billiton Ltd 19,766 32,965 China Const Bank 1,175,000 1,742,000 China Petroleum Chemical - 797,000 China State Construction International 432,000 - Cnooc Ltd 350,000 401,000 Cochlear Ltd 11,695 11,695 Commonwealth Bank of Australia - 18,758 DBS Group Holdings 61,000 81,000 Housing Development Finance 42,170 54,670 Hyundai Motor Co 5,031 3,305 Industrial & Commerce Bank of China - 1,106,000 KB Financial Group - 20,100 Keppel Corp Ltd 124,000 - PT Astra International 904,500 - Rio Tinto Ltd - 11,430 Samsung Electronics 893 1,181 Shanghai Fosun Pharma 377,500 - Singapore Telecommunications - 282,000 SK Hynix Inc 28,990 39,950 SK Innovation Co Ltd 3,761 5,149 Sun Pharmaceuticals 73,084 - Super Group Ltd 223,000 - Taiwan Semiconductor Manufacturing 184,000 171,000 Wesfarmers Ltd - 17,287 Wharf Holdings 80,000 -

This schedule represents the statement of changes in the composition of the portfolio during the year, as required under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, (as amended) (the “Regulations”). This schedule shows the 20 largest acquisitions and 20 largest disposals in the year. It is not intended to provide a reconciliation between holdings at the beginning of the year and holdings at the end of the year.