***For Translation Purposes Only******For Translation Purposes Only***Independent Auditor’s ReportOur responsibility is to express an opinion on the said list of assets and liabilities which was prepared andfairly presented in accordance with auditing standards generally accepted in Japan and also in conformitywith the public-interest certification documents.

To the Board of Directors, Global Health Innovative Technology Fund:<Audit of the Financial Statements>We have audited the accompanying financial statements, which comprise the balance sheet, the statement ofincome, the notes to the financial statements, and the related supplementary schedules of the Public InterestIncorporated Association Global Health Innovative Technology Fund (“the Organization”) applicable to thethird fiscal year from April 1, 2014, through March 31, 2015. We conducted our audit in accordance with therules and regulations concerning the Act on the Authorization, etc. of Public Interest IncorporatedAssociations and Public Interest Incorporated Foundations in Japan, under Article 23.
Directors’ Responsibility for the Financial Statements and the Related Supplementary SchedulesDirectors need to ensure that the financial statements and related supplementary schedules were prepared andfairly presented in accordance with accounting principles generally accepted in Japan. Among others,directors are responsible for designing and operating such internal control as directors determine is necessaryto enable the preparation and fair presentation of the financial statements and the related supplementaryschedules that are free from material misstatement, whether due to fraud or error.
Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements and the related supplementaryschedules based on our audit. We conducted our audit in accordance with auditing standards generallyaccepted in Japan. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements and the related supplementary schedules are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements and the related supplementary schedules. The procedures selected depend on theauditor’s judgment, including the assessment of the risks of material misstatement of the financial statementsand the related supplementary schedules, whether due to fraud or error. The purpose of an audit of thefinancial statements is not to express an opinion on the effectiveness of the Organization’s internal control,but in making these risk assessments, the auditor considers internal controls relevant to the Organization’spreparation and fair presentation of the financial statements in order to design audit procedures that areappropriate for the circumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by directors, as well as evaluating theoverall presentation of the financial statements and the related supplementary schedules.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.
OpinionIn our opinion, the financial statements and the related supplementary schedules referred to above presentfairly, in all material respects, the financial position and results of operations of the Organization applicableto the third fiscal year ended March 31, 2015, in conformity with accounting principles generally accepted inJapan for Public Interest Incorporated Associations (equivalent to a 501(c)(3) in the United States).
<Opinion on the List of Assets and Liabilities>We have audited the accompanying list of assets and liabilities for the third fiscal year of the Public InterestIncorporated Association Global Health Innovative Technology Fund at March 31, 2015. We conducted ouraudit in accordance with the rules and regulations concerning the Act on the Authorization, etc. of PublicInterest Incorporated Associations and Public Interest Incorporated Foundations in Japan, under Article 23.
Directors’ Responsibility for the List of Assets and LiabilitiesDirectors need to ensure that the list of assets and liabilities was prepared and fairly presented in accordancewith accounting principles generally accepted in Japan and also in conformity with the public-interestcertification documents.
Auditor’s ResponsibilityOpinionIn our opinion, the list of assets and liabilities referred to above present fairly, in all material respects, inaccordance with auditing standards generally accepted in Japan and also in conformity with thepublic-interest certification documents.
<Emphasis of Matter>As stated in the Notes to Financial Statement, the Organization became certified as a Public InterestIncorporated Association on June 1, 2014. The financial statements for the period between April 1st, 2014and May 31st, 2014 were prepared as a General Incorporated Association. Our opinion is not affected by thismatter.
<Conflicts of Interest>We have no interest in the Organization which should be disclosed in compliance with the Certified Public
Accountants Act.

Ernst & Young ShinNihon LLCMay 7, 2015End-of-DocumentMitsuhiro Ushio, MDAssistant Minister for Global Health,Minister’s Secretariat,Ministry of Health, Labour and Welfare