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

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1 TMLS SINGAPORE CASH FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund TMLS Singapore Cash Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd. Fund Structure The Fund is a feeder ILP Sub-Fund which invests substantially into the Legg Mason Western Asset Singapore Dollar Fund Class B (the Underlying Fund ) managed by Western Asset Management Company Pte. Limited (the Manager ). Legg Mason Western Asset Singapore Dollar Fund is a subfund of Legg Mason Western Asset Funds, an open-ended umbrella unit trust constituted in Singapore. The Fund is not classified as an Excluded Investment Product. Investment Objectives The investment objective of the Underlying Fund is to invest as a money market fund, in Singapore Dollar denominated money market instruments and debt securities, to achieve a return above short-term cash deposit whilst managing liquidity and risk to preserve capital. Fund Details Launch Date 15 August 2014 Inception Date Fund Manager Fund Currency Subscription Risk Classification Initial Offer Price Not incepted yet Western Asset Management Company Pte. Limited SGD Cash / SRS Lower Risk Broadly Diversified S$1.00 Bid/Offer Spread 5.0% Fund Size Not incepted yet (As of 30 April 2015) Fund Management Fee Valuation Frequency Benchmark 0.30% p.a. Daily 1-month Singapore Interbank Bid Rate Average (SGD) Note: There is no minimum ILP sub-fund size required in order to launch this Fund. The Offer Price will be held until the receipt of the first subscription by Tokio Marine Life Insurance Singapore Ltd. Page 1 of 5

2 Fund Performance vs Benchmark (%) (as at 30 April 2015) Period 1 Year 3 # 3 5 # 5 10 # 10 *Since Inception # *Since Inception ^TMLS Singapore Cash Fund Benchmark # Annualised returns ^ The fund performance of TMLS Singapore Cash Fund is not available as it s incepted for less than one year. The returns shown above are based on the performance of the Underlying Fund, Legg Mason Western Asset Singapore Dollar Fund Class B. * The Underlying Fund was incepted on 17 April Since Inception figures are calculated from 31 May The returns are calculated using bid-to-bid prices, with all dividends and distribution reinvested. Fees and charges payable through deduction of premium or cancellation of units are excluded from this calculation. Investments are subject to investment risks including the possible loss of the principal amount invested. Returns on the units of the Fund are not guaranteed. The value of the units in the Fund and the income accruing to the units, if any, may fall or rise. Past performance of the Underlying Fund is not indicative of future performance of the Underlying Fund or the Fund. Source: Western Asset Management Company Pte. Ltd. Information on the Manager The Manager of the Underlying Fund is Western Asset Management Company Pte. Limited. Western Asset Management Company Pte. Limited is an ultimately wholly-owned subsidiary of Legg Mason, Inc. ( Legg Mason ), a U.S. financial services holding company that provides asset management services through its subsidiaries including the Manager. Legg Mason was founded in 1899 and is listed on the New York Stock Exchange, Inc. under the symbol LM. As of 31 March 2014, Legg Mason was responsible for US$ billion of assets under management invested in a broad range of financial instruments including global equities, fixed interest securities, and currencies. The Manager s strategic goal is to provide above average returns over the long term by managing diversified, risk controlled, value oriented portfolios across a range of investment products in major and emerging markets. Portfolios employ a long-term value orientation that utilises multiple investment strategies to achieve above market returns while approximating market risk. The Manager advises and manages an extensive range of investments on behalf of institutions and individuals. Through unit trusts and separate account management, the Manager provides investors with access to fixed interest and currency investment opportunities that seek to add value and control risk. The Manager has been managing collective investment schemes in Singapore since As at 31 March 2014, the Managers managed approximately US$4.6 billion of assets on behalf of institutional and retail clients. Page 2 of 5

3 The Trustee who is independent of the Manager, is responsible for the safe custody of the Underlying fund assets and ensures that the underlying fund is managed according to the guidelines laid out in the trust deed to minimise the risk of mismanagement by the fund manager. Investors should note that the past performance of the Managers is not necessarily indicative of the future performance of the Managers. Investment Focus and Approach The investment objective of the Underlying Fund is to invest as a money market fund, in Singapore Dollar denominated money market instruments and debt securities to achieve a return above shortterm cash deposit whilst managing liquidity and risk to preserve capital. Such money market instruments and debt securities include bank certificates of deposits, fixed deposits, money market securities, Singapore government and statutory board securities and corporate bonds. The Underlying Fund does not intend to invest in derivatives. The Underlying Fund will invest in Singapore Dollar denominated money market instruments and debt securities taking into account macro economic factors, interest rate trends, industry trends and bond specific factors. Soft Dollar Commissions or Arrangements The Manager currently does not but shall be entitled to receive and enter into soft-dollar commissions/arrangements in respect of the Underlying Fund. The Managers will comply with applicable regulatory and industry standards on soft-dollars. The soft-dollar commissions which the Managers may receive include specific advice as to the advisability of dealing in, or the value of any investments, research and advisory services, economic and political analyses, portfolio analyses including valuation and performance measurements, market analyses, data and quotation services, computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process, the giving of advice, or the conduct of research or analysis, and custodial service in relation to the investments managed for clients. Soft-dollar commissions received shall not include travel, accommodation, entertainment, general administrative goods and services, general office equipment or premises, membership fees, employees salaries or direct money payment. The Managers will not accept or enter into soft dollar commissions/arrangements unless such softdollar commissions/arrangements would, in the opinion of the Managers, assist the Managers in their management of the Underlying Fund, provided that the Managers shall ensure at all times that best execution is carried out for the transactions, and that no unnecessary trades are entered into in order to qualify for such soft-dollar commissions/arrangements. Risks 1. General Risks Investors should note that investment in the Underlying Fund, which is a collective investment scheme will be subject to different degrees of interest rate risk, currency risk, liquidity risk, sovereign risk, credit risk and exchange control risk.. The foregoing list of risks does not purport to be an exhaustive or complete list of the risks involved in investing in the Underlying Fund. Investors should be aware that the value of the Units and the income from them may rise as well as fall and there is the possible loss of the principal amount invested. Past performance figures are Page 3 of 5

4 not necessarily indicative of the future performance. Investment in the Underlying Fund is generally designed to produce returns over the long-term and is not suitable for short-term speculation. Investors should not expect to obtain short-term gains from such investment although money market Funds may be suitable for short-term investment. 2. Fund Specific Risks In addition to the general risk factors set out above, potential investors should be aware of certain fund specific risks as set out below: 2.1 Market risk The value of investments made by the Underlying Fund may go up and down due to changing economic (such as growth, inflation or policy changes), political or market conditions in the market(s) that the Underlying Fund may invest in, or due to an issuer s individual situation. 2.2 Interest rate risk Investments by the Underlying Fund in bonds, debentures, loan stocks, convertibles and other debt securities may rise or decline in value if interest rates change. In general, the price of debt securities rises when interest rates fall, and fall when interest rates rise. 2.3 Credit risk The Underlying Fund is subject to the risk that some issuers of debt securities and other investments made by the Underlying Fund may not make payments on such obligations. Alternatively, an issuer may suffer adverse changes in its financial condition that could lower the credit quality of a security, leading to greater volatility in the price of the security and in the value of the Underlying Fund. A change in the quality rating of security can also affect the security s liquidity and make it more difficult to sell. You may not be able to redeem on a Dealing Day if a redemption limit is imposed for the Underlying Fund. There may be a 10% limit on the number of Units that can be redeemed on any Dealing Day. You will not be able to redeem when redemption is suspended for the Underlying Fund. Your right to redeem Units may be temporarily suspended under certain circumstances. Money Market ILP Sub-Fund ( MMF ) The purchase of a unit in the MMF is not the same as placing funds on deposit with a bank or deposit-taking financial institution. Although the Manager may seek to maintain or preserve the value of the principal of the MMF, there can be no assurance that the Fund shall be able to meet this objective. The MMF is not a guaranteed fund, in that there is no guarantee as to the amount of capital invested or return received. Potential Conflicts of Interest The Managers may from time to time have to deal with competing or conflicting interests of the Underlying Fund with other funds managed by the Managers. For example, the Managers may make a purchase or sale decision on behalf of some or all of the other funds managed by them without making the same decision on behalf of the Underlying Fund, as a decision whether or not to make the same investment or sale for the Underlying Fund depends on factors such as the cash availability and portfolio balance of the Underlying Fund. However, the Managers will use reasonable endeavours at all times to act fairly and in the interests of the Underlying Fund. In particular, after taking into account the availability of cash and relevant investment guidelines of the other funds managed by the Managers, the Managers will endeavour to ensure that securities Page 4 of 5

5 bought and sold will be allocated in an equitable and practical manner among the Underlying Fund and the other funds managed by the Managers. The factors which the Managers will take into account when determining if there are any conflicts of interest above include the assets and, where applicable, the debt securities of the Underlying Fund. To the extent that another fund managed by the Managers intends to purchase substantially similar assets, the Managers will ensure that the assets are allocated equitably and that the interests of all investors are treated equally between the Underlying Fund and the other funds. The Managers may from time to time act as investment manager or investment adviser in relation to, or be otherwise involved in, other funds which have similar investment objectives to those of the Underlying Fund. It is, therefore, possible that it may, in the course of business, have potential conflicts of interests with the Underlying Fund. The Managers will, at all times, have regard in such event to their obligations to the Underlying Fund and will ensure that such conflicts are resolved fairly. In addition, the Managers and each of their affiliated entities will, at all times, have regard to their obligations to the Underlying Fund and shall ensure that in any transaction carried out with the Underlying Fund, such transaction will be carried out as if effected on normal commercial terms negotiated at arm s length. Central Provident Fund ( CPF ) Investment Scheme The Fund is not included under the CPF Investment Scheme. Expense Ratio The expense ratio of the Fund, including the Underlying Fund expense ratio as at 31 December 2014 is not available 1. The expense ratio for the Underlying Fund as at 31 December 2014 is 0.46% 1. Expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fees, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. The expense ratio is calculated in accordance with the Investment Management Association of Singapore s guidelines. Turnover Ratio The turnover ratio of the Fund as at 31 December 2014 is not available 1. The turnover ratio of the Underlying Fund as at 31 December 2014 is % 1. The turnover ratio means the number of times per year that a dollar of assets is reinvested. It is calculated based on the lesser of purchases or sales for the 12 months preceding the reporting date expressed as percentage of the daily average Net Asset Value. 1 Source: TMLS Annual Investment-Linked Funds Report (Jan Dec 2014) Page 5 of 5

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