Tokio Marine Insurance Singapore Ltd.

Support from Tokio Marine&Nichido Fire Insurance Co. Ltd. A highly strategically important subsidiary of the Tokio Marine Group. The financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) reflects the unconditional guarantee of the company's insurance policy obligations by its parent Tokio Marine&Nichido Fire Insurance Co. Ltd. (local currency: A+/Stable/A-1). We expect that Tokio Marine&Nichido will ensure that claims made by TMIS' policyholders are paid. The rating on TMIS is therefore equalized with that on Tokio Marine&Nichido. The explicit support that Tokio Marine&Nichido provides to TMIS meets Standard&Poor's Ratings Services' group rating methodology on policy guarantee agreements. TMIS is a 92.45%-owned subsidiary of Tokio Marine&Nichido,

...*Unless otherwise noted, all ratings in this report are global scale ratings. Standard & Poor's credit ratings on the global scale are comparable across countries. Standard & Poor's credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS OCTOBER 29, 2015 5...

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