UNOFFICIAL TRANSLATION
Although Japan Post Insurance pays close attention to provide English translation of the information disclosedin Japanese, the Japanese original prevails over its English translation in the case of any discrepancy.
May 15, 2024
JAPAN POST INSURANCE Co., Ltd.
Daiwa Securities Group Inc.
Daiwa Asset Management Co.Ltd.

Notice Regarding Capital and Business Alliance between
Japan Post Insurance and Daiwa Securities Group in the Asset Management Field
JAPAN POST INSURANCE Co., Ltd. (hereinafter “Japan Post Insurance”) hereby announces that on May 15, 2024,
Japan Post Insurance, Daiwa Securities Group Inc., and Daiwa Securities Group Inc.’s consolidated subsidiary, Daiwa
Asset Management Co.Ltd. (hereinafter “Daiwa Asset Management”), have agreed to enter into a capital and businessalliance (hereinafter “the Alliance”). Under the Alliance, Japan Post Insurance will underwrite a third-party allotment
capital increase by Daiwa Asset Management, and will acquire 20% of Daiwa Asset Management’s shares after thecapital increase.
■ Background and objective of the Alliance
The Japanese economy, having emerged from the prolonged stagnation that followed the bursting of the bubble
economy and the turmoil caused by the COVID-19 pandemic, is now taking steady steps toward a long-term growthtrajectory in a wide range of fields, creating an environment that is expected to lead to a virtuous cycle that starts
with investment.
A tectonic shift “from savings to investments” is occurring against a backdrop of policy drivers, starting with theentrenchment of inflation, the era of 100-year lifespans, and the introduction of the new NISA.
In this environment, Japan Post Insurance and Daiwa Securities Group held discussions and reached the conclusionthat collaboration between the two companies, which have different strengths and management resources, wouldenhance Daiwa Asset Management’s investment management capabilities and prowess in providing products andservices, and would also be beneficial for Japan Post Insurance to achieve diversification of revenue sources andstrengthening of asset management capabilities. Consequently, the companies agreed to enter the Alliance.
By organically linking asset managers and asset owners through the Alliance, Daiwa Asset Management will promote
the sophistication of its investment management capabilities and become even more trusted and valued by investors
and the market, thereby contributing to promoting Japan as a leading asset management center.
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■ Details of the Alliance
1. Details of the business alliance・Collaboration in the asset management field
Japan Post Insurance will entrust Daiwa Asset Management with the management of assets currently managed by
Japan Post Insurance. Japan Post Insurance and Daiwa Asset Management will collaborate on Daiwa AssetManagement’s full-scale entry into the investment advisory business domain, including the alternative investment
field.
・Personnel exchange
Japan Post Insurance and Daiwa Asset Management will conduct a mutual exchange of asset management
personnel with the aim of expanding their respective revenue bases, enhancing investment sophistication, anddeveloping dedicated professionals.
2. Overview of the third-party allotment capital increase by Daiwa Asset Management
Total number of issued shares before

2,608,525 shares

capital increase
Number of new shares to be issued

652,132 shares of common stock

Method of offering or allotment

652,132 shares will be allotted to Japan Post(Scheduled allottee)

Insurance by way of a third-party allotment

Shareholding ratio after capital increase

Daiwa Securities Group Inc. 80%
Japan Post Insurance 20%

 Japan Post Insurance will acquire 20% of Daiwa Asset Management shares through a third-party allotment
method, and will continue its efforts to deepen the alliance.
■ Kunio Tanigaki, Director and President, CEO, Representative Executive Officer of Japan Post Insurance madethe following comments:
This collaboration with Daiwa Asset Management, one of Japan’s leading asset management companies, will
work to diversify our revenue sources and strengthen our asset management capabilities. Through the Alliance,we will enhance our profitability and heighten corporate value, thereby meeting the expectations of ourstakeholders and contributing to promoting Japan as a leading asset management center.
■ Akihiko Ogino, President and CEO of Daiwa Securities Group Inc. made the following comments:
Daiwa Asset Management, the core subsidiary of our asset management business, has been a leader in the Japanese
investment trust industry since its establishment in 1959. The changes in the business environment we see today
require us to grow into an even more competitive asset management company. By collaborating with Japan PostInsurance, a preeminent asset owner in Japan, we intend to promote the sophistication of our investment
management capabilities and contribute to promoting Japan as a leading asset management center throughenhanced product and service offerings.
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■ Mikita Komatsu, President of Daiwa Asset Management made the following comments:
We will pursue improved investment management capabilities and product offerings, and push forward to provide
services that will earn even greater trust from investors. Through collaboration with Japan Post Insurance, weseek a synergistic effect, starting with our human resources, and to drive enhanced functionality of the investment
chain in Japan, while contributing to promote Japan as a leading asset management center and achieve asset
formation of all types of investors.
■ Company overview
About Japan Post Insurance
Company NameJAPAN POST INSURANCE Co., Ltd.

Company Address

OTEMACHI PLACE WEST TOWER 3-1, Otemachi 2chome,Chiyoda-ku, Tokyo 100-8794, Japan

Representative

Kunio Tanigaki
Director and President, CEO, Representative Executive Officer

Date of Founding

October 1, 2007URL

https://www.jp-life.japanpost.jp/english/

About Daiwa Securities Group Inc.
Company Name

Daiwa Securities Group Inc.

Company Address

GranTokyo North Tower 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo1006751, Japan

Representative

Akihiko Ogino, President and CEO

Date of Founding

April 26, 1999

URL

https://www.daiwa-grp.jp/english/

About Daiwa Asset Management
Company Name

Daiwa Asset Management Co.Ltd.

Company Address

GranTokyo North Tower 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo1006753, Japan

Representative

Mikita Komatsu, President

Date of Founding

December 12, 1959

URL

https://www.daiwa-am.co.jp/english/3■ Schedule of the Alliance
Date of resolution at the Daiwa Asset Management

May 15, 2024

General Meeting of Shareholders(Confirmation of matters relating to the offering ofshares by way of third-party allotment)
Date of conclusion of final agreement

May 15, 2024

Payment date for third-party allotment

July 1, 2024 (planned)■ Future outlook
The impact of the Alliance on the consolidated financial results of Japan Post Insurance and Daiwa Securities GroupInc. for the fiscal year ending March 31, 2025 is currently expected to be negligible. However, by promoting thisinitiative, we will work to enhance our corporate value over the medium to long term.
In the event it becomes clear that the specific progress of this initiative will have an impact on our businessperformance, we will promptly announce such information.

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Japan Post Insurance and Daiwa Securities Group’s Business andCapital Alliance in the Asset Management Field
A Major Asset Management
Company in JapanA Leading Asset Ownerin Japan Japan Post Insurance and Daiwa Securities Group have agreed on a capital and business alliance in the asset

management field, with Japan Post Insurance underwriting a third-party allotment capital increase by Daiwa
Asset Management (hereinafter Daiwa AM), and acquiring 20% of outstanding shares after the capital increase.
 Through this alliance of asset manager and asset owner, Daiwa AM will promote the sophistication of its
investment management capabilities and become even more trusted and valued by investors and the market,
thereby contributing to promoting Japan as a leading asset management center.

Aim of Daiwa AM

Aim of Japan Post Insurance

Acquire new revenue sources byentering the investment trust
business for individuals and theinvestment advisory business
Strengthen investment management
capabilities by leveraging Daiwa AM’s
expert personnel and overseas offices
Heighten the abilities of dedicatedprofessionals through mutual
personnel exchange

20％

80％



Nurture and develop human capitalthrough mutual personnel exchangeEnhance presence in the investment
advisory business by expanding
assets under management andacquiring an asset owner perspectiveDiversify revenue sources by
expanding fields of assets to bemanaged including alternative
investments