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October 3, 2019
Ryosuke Mori, President
LIFENET INSURANCE COMPANY(Securities Code: 7157, TSE Mothers)

Notice of Change in the Largest Major Shareholder
TOKYO, October 3, 2019 - LIFENET INSURANCE COMPANY (TSE Mothers 7157, President
Ryosuke Mori, URL: https://ir.lifenet-seimei.co.jp/en/) hereby announces a planned change in thelargest major shareholder and other associated company.
This change is a result of KDDI CORPORATION (hereafter, “KDDI”), the largest major
shareholder of LIFENET INSURANCE COMPANY (hereafter, “Lifenet”), deciding to transfer all
Lifenet common shares held by KDDI (24.99%*) to au Financial Holdings Corporation, anintermediate financial holding company, provisioned on obtaining approval of the competentauthorities.

1. Date of Change
December 2, 2019 (scheduled)
2. Behind ChangeKDDI has decided to execute a corporate split (absorption-type split) on December 2, 2019and succeed all Lifenet shares held by KDDI to au Financial Holdings Corporation, anintermediate financial holding company.
3. Overview of the Shareholders Subject to the Change(1) Overview of KDDI CORPORATION(As of March 31, 2019)(1) Company NameKDDI CORPORATION(2) Location

2-3-2, Nishishinjuku, Shinjuku-ku, Tokyo(3) Representative

Makoto Takahashi, President(4) Business Description

Telecommunications business(5) Capital

141,852 million yen

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RELEASE(2) Overview of au Financial Holdings Corporation(As of April 1, 2019)(1) Company Name

au Financial Holdings Corporation(2) Location

1-19-1, Nihonbashi, Chuo-ku, Tokyo(3) Representative

Tomohiko Katsuki, PresidentManagement of and business pertaining to the management of(4) Business Description

subsidiary companies as determined by Banking Act(5) Capital

20,000 million yen(6) Date established

April 1, 2019(7) Consolidated net assets

124,566 million yen (as of June 30, 2019)(8) Consolidated total assets

1,696,807 million yen (as of June 30, 2019)(9) Major shareholder &KDDI CORPORATION 100%

percentage of shares held(10) Shareholder’s relationship

Capitalau Financial Holdings Corporation has no capital

relationshiprelationship with Lifenet
Yasuhiro Morita, a managing executive officer ofPersonnelwith Lifenetau Financial Holdings Corporation, is an outside

relationship(As of October 3, 2019)

director of Lifenet.

Transactional

au Financial Holdings Corporation has no material

relationshiptransactional relationship with Lifenet.

4. Number of Shares Held and Number of Voting Rights Held by the Shareholders and their
Ownership Percentage Before and After the Change(1) KDDI CORPORATION

Directownershipownership

Largest major
shareholder
and other
associatedcompany

12,800,000(24.99%*)128,000(24.99%*)Other
associatedcompany0(0.00%)0(0.00%)AttributionBeforeChange(As of March31, 2019)

AfterChangeNumber of Voting Rights (Percentage)

Number ofShares Held(Percentage)

Indirect

Shareholder

TotalRanking0(0.00%)128,000(24.99%*)

1st128,000(24.99%*)128,000(24.99%*)－Copyright© LIFENET INSURANCE COMPANY All rights reserved.

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RELEASE(2) au Financial Holdings Corporation

Attribution

BeforeChangeNumber ofShares Held(Percentage)0（0.00%）－

Number of Voting Rights (Percentage)
Indirect

Directownershipownership0（0.00%）0（0.00%）Shareholder

TotalRanking0（0.00%）－Largest major
shareholder
12,800,000
128,000
0128,000Afterand other1st*）*）*）
Change（24.99%（24.99%（0.00%）（24.99%associatedcompany* The total number of shares issued as of October 3, 2019 is 51,218,238. The total number of shares issued
as of October 3, 2019 includes an additional 73,238 shares added as a result of the new share issue forrestricted stock compensation on August 9, 2019. The percentage of shares held (24.99%) was therefore
calculated based on 51,218,238 as the total number of shares issued. The percentage of voting rights(24.99%) was also calculated based on a total number of voting rights of 512,138, which includes the total
number of voting rights as of March 31, 2019 (511,408) plus 730 voting rights associated with the newshares issued. Numbers are rounded down to the second decimal place. Please note that the figures noted
above were based on information available on October 3, 2019 and may differ from the actual figures.

5. Unlisted Parent Company or Other Subject to Disclosure
au Financial Holdings Corporation will become an associated company of Lifenet, but asKDDI has the largest impact on Lifenet, there are no changes in unlisted parent company orother subject to disclosure.
6. Future Prospects
As this change is due to organizational changes within the KDDI Group, it will have no impact
on Lifenet’s results.
7. Others
Lifenet and KDDI entered into a capital and business alliance in April 2015 with the aim ofproviding new financial services by combining life insurance with communications. Since
December 2016, Lifenet, with KDDI as a sales agent, has been selling au Life Insurance withRefund, which allows au mobile phones users to be eligible for monthly refunds of 200 yen forup to 60 months as refunds of insurance premiums.
Looking forward, Lifenet, KDDI and au Financial Holdings Corporation will work together tointegrate their respective customer bases, brands and business expertise, and jointly provide
products and services that take advantage of both companies’ strengths while Lifenet
continues to maintain and ensure management independence.

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RELEASE

About LIFENET URL： https://ir.lifenet-seimei.co.jp/en/
Remembering the original purpose of life insurance - mutual support - LIFENET INSURANCECOMPANY 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 andservices directly to customers over the Internet. We aim to be the leading company driving thegrowth of the online life insurance market.
Contact:
Tel:e-mail:Disclaimer:

Investor Relations, Corporate Planning Department+81-3-5216-7900
ir@lifenet-seimei.co.jp

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

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