Lifenet Insurance : Matters Concerning Controlling Shareholders

NEWS RELEASE

June 21, 2021

Ryosuke Mori, President

LIFENET INSURANCE COMPANY

(Securities Code: 7157, TSE Mothers)

Matters Concerning Controlling Shareholders

TOKYO, June 21, 2021 - LIFENET INSURANCE COMPANY (TSE Mothers 7157, President Ryosuke Mori, URL: https://ir.lifenet-seimei.co.jp/en/)hereby announces the following matters concerning controlling shareholders, etc. with respect to au Financial Holdings Corporation ("au Financial Holdings") and KDDI CORPORATION ("KDDI"), which are its other associated companies.

1. Trade names, etc. of other associated companies

					(As of March 31, 2021)
		Ratio of voting rights (%)	Financial instruments exchanges,
Name	Relationship				etc., where issued share certificates
Direct	Indirect	Total
		ownership	ownership	are listed
au Financial	Other
Holdings	associated	21.12	-	21.12	-
Corporation	company
KDDI	Other				1st section of
associated	-	21.12	21.12
CORPORATION	Tokyo Stock Exchange
company

The company that is deemed to be the most influential on Lifenet is KDDI. au Financial Holdings is a wholly owned subsidiary of KDDI.

2. Relationship between Lifenet and its other associated companies

au Financial Holdings is a major shareholder in Lifenet, the largest shareholder, with holdings of 21.12% voting rights of Lifenet, as well as an "insurance company's major shareholder" as defined under Insurance Business Act, and Lifenet's other associated company whose one of employees serves concurrently as an Outside Director at Lifenet. Lifenet and au Financial Holdings entered into a capital alliance agreement, and three companies including KDDI concluded a business alliance agreement. KDDI owns 100% of the shares of au Financial Holdings, and it owns 21.12% of Lifenet's voting right indirectly. In addition, KDDI has been selling Lifenet's insurance products since 2016 as an insurance agent for Lifenet.

Adequate independence is ensured in this relationship as Lifenet implements its own business activities and decision-making based on independent managerial judgments without being subject to any special restrictions from au Financial Holdings and KDDI. The Director's concurrent positions are as shown below. In addition to this, as of June 21, 2021, one employee of Lifenet is seconded to KDDI as its employee.

			(As of June 21, 2021)
Position	Name	Position at other	Reasons for appointment
associated company*
Director	Takeshi	Managing Executive Officer,	Due to a wealth of knowledge about
au Financial Holdings	consumer business and business
(Outside)	Saito
Corporation	management at KDDI CORPORATION.

* Takeshi Saito is on secondment to au Financial Holdings from KDDI.

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

1

NEWS RELEASE

3. Matters relating to transactions with controlling shareholders, etc. There are no important matters to be reported in fiscal 2020.

About LIFENET (URL：https://ir.lifenet-seimei.co.jp/en/)

Remembering the original purpose of life insurance - mutual support - LIFENET INSURANCE COMPANY was founded with the goal of offering simple, convenient and competitively priced products and services based on the highest levels of business integrity. We sell these products and services directly to customers over the Internet, and by doing so, are able to offer highly cost- competitive products and accept applications from customers at all hours of the day.

Contact:

Investor Relations, Corporate Planning Department

Tel: [phone]

e-mail:[e-mail]

Disclaimer: This is a summarized translation of the original Japanese document, prepared and provided solely for readers' convenience. In case of any discrepancy or dispute, the Japanese document prevails.

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

2