NEWS RELEASE
July 15, 2020
Ryosuke Mori, President
LIFENET INSURANCE COMPANY(Securities Code: 7157, TSE Mothers)

Notice of Determination of Number of New Shares to be Issued
and Change in Major Shareholder
TOKYO, July 15, 2020 – LIFENET INSURANCE COMPANY (TSE Mothers 7157, President
Ryosuke Mori; URL: https://ir.lifenet-seimei.co.jp/en/; hereafter, the “Company”) announces that,in connection with the issuance of new shares of the Company by way of offering (hereinafter, the“Issuance of New Shares by way of Offering”) and the secondary offering of shares in aninternational offering, which were resolved at the meeting of the Board of Directors of theCompany held on July 3, 2020, the number of shares to be issued upon exercise of the option topurchase the additionally-issued shares granted to the Manager was determined as follows. TheCompany also announces that a change in the major shareholder of the Company is expected asa result of the Issuance of New Shares by way of Offering.
I. Determination of Number of New Shares to be Issued
Number of shares to be issued upon exercise of the option topurchase the additionally-issued shares granted to the Manager
in connection with the Issuance of New Shares by way ofOffering

1,200,000 shares<For Reference>1.

Number of Shares to be Offered
Shares of common stock of the Company, which is the sum of (i)and (ii) below:

9,200,000 shares(i) Shares of common stock of the Company to be purchased bythe Manager:

8,000,000 shares(ii) Shares of common stock of the Company to be issued upon
exercise of the option to purchase the additionally-issued shares
granted to the Manager:

1,200,000 shares

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to theissuance of new shares by way of offering and secondary offering of shares of the Company in an international
offering, and not for the purpose of soliciting investment or engaging in any other similar activities within or outside
Japan. In addition, this press release does not constitute an offer or sale of securities in the United States. The
securities may not be offered or sold in the United States absent registration or an exemption from registration under
the United States Securities Act of 1933, as amended. The securities referred to above will not be publicly offeredor sold in the United States. It is prohibited to distribute this press release in the United States.

Copyright© LIFENET INSURANCE COMPANY All rights reserved1NEWS RELEASE
2.

Change in the Number of Shares Issued as a Result of Issuance of New Shares
Total number of shares issued (as of July 8, 2020):

51,395,136 shares

Increase in number of shares issued as a result of the Issuanceof New Shares by way of Offering:

9,200,000 shares

Total number of shares issued after the Issuance of New Sharesby way of Offering:

60,595,136 shares(Note) Although the Company has issued the stock acquisition rights, the above total numbersof shares do not include an increase in total number of shares issued upon exercise ofthe stock acquisition rights since June 1, 2020.

II. Change in Major Shareholder
1. Background of Change
It is expected that, as a result of the Issuance of New Shares by way of Offering pursuant to
the resolution adopted at the meeting of the Board of Directors held on July 3, 2020, Swiss Re
Life Capital Ltd, a major shareholder of the Company, will cease to be a major shareholder, asfollows.
2. Overview of the Shareholder Subject to Change(1)Company Name
Swiss Re Life Capital Ltd(2)
Location
Mythenquai 50/60, 8002 Zurich, Switzerland(3)
Representative
CEO Thierry Leger(4)(5)

Business Description
CapitalHolding company for business unit (insurance)
100,000 Swiss Franc

3. Number of Shares Held and Number of Voting Rights Held by the Shareholder and its
Ownership Percentage Before and After the Change
Number of Voting
Ratio to the Total
RightsNumber ofVoting
Rights of(Number of Shares
All Shareholders
Held)
Before Change(As of March31, 2020)
After Change
Notes 1

56,839(5,683,900 shares)
56,839(5,683,900 shares)

Shareholder
Ranking

11.07%

2nd9.38%

2ndThe ratio to the total number of voting rights of all shareholders before change is calculated
based on the total number of voting rights of all shareholders as of March 31, 2020 (513,560

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to theissuance of new shares by way of offering and secondary offering of shares of the Company in an international
offering, and not for the purpose of soliciting investment or engaging in any other similar activities within or outside
Japan. In addition, this press release does not constitute an offer or sale of securities in the United States. Thesecurities may not be offered or sold in the United States absent registration or an exemption from registration under
the United States Securities Act of 1933, as amended. The securities referred to above will not be publicly offeredor sold in the United States. It is prohibited to distribute this press release in the United States.

Copyright© LIFENET INSURANCE COMPANY All rights reserved2NEWS RELEASE

2voting rights); provided, however, that the number of voting rights held by Swiss Re Life Capital
Ltd and its ratio to the total number of voting rights of all shareholders are based on the Large
Shareholding Report as of March 21, 2017 filed by such company and the Company cannot
confirm the beneficial number of shares held in the name of such company.
The ratio to the total number of voting rights of all shareholders after change is calculated basedon the total number of voting rights of all shareholders (605,908 voting rights), which is obtainedby adding (a) the number of voting rights to be increased as a result of the Issuance of New
Shares by way of Offering (92,000 voting rights) and (b) the number of voting rights that
increased as a result of issuance of new shares of the Company as restricted stockcompensation as announced by the press release: “Notice of New Share Issue for Restricted
Stock Compensation” dated June 22, 2020 (348 voting rights) to (c) the total number of voting
rights of all shareholders before change (513,560 voting rights).

4. Date of Change
July 20, 2020 (Monday) (Scheduled)
5. Future Prospect
This change in major shareholder will have no impact on the management and business resultsof the Company.
Contact:
Investor Relations, Corporate Planning Department
Tel: +81-3-5216-7900
e-mail: ir@lifenet-seimei.co.jp
Disclaimer: This is a summarized translation/version of the original Japanese document, prepared and provided
solely for readers' convenience. In case of any discrepancy or dispute, the Japanese document prevails.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to theissuance of new shares by way of offering and secondary offering of shares of the Company in an international
offering, and not for the purpose of soliciting investment or engaging in any other similar activities within or outside
Japan. In addition, this press release does not constitute an offer or sale of securities in the United States. The
securities may not be offered or sold in the United States absent registration or an exemption from registration under
the United States Securities Act of 1933, as amended. The securities referred to above will not be publicly offeredor sold in the United States. It is prohibited to distribute this press release in the United States.

Copyright© LIFENET INSURANCE COMPANY All rights reserved

3