April 4, 2022

Dai-ichi Life Policy Formulation; the Basic Policy on Responsible Investment
and Medium-Term Responsible Investment Policy- Contributing to a Sustainable Society through Investment Based on Our Mission: "By Your Side, for Life" -Ever since the Dai-ichi Life Insurance Company, Limited (the "Company"; President and Representative Director :Seiji Inagaki) was founded, the Company's mission has been to be "By your side, for life," and—in addition to staying
by the sides of customers for life through life insurance products and services —the Company recognizes that the missionis to support the daily lives of customers in terms of asset management as well. Regarding Investment, the Company
considers responsible investment (ESG investment and stewardship activities) is one of the key initiative and has
promoted this in order to achieve medium- and long-term investment returns and a sustainable society.
To promote more responsible investment, the Company announced “Dai-ichi Life Basic Policy on ESG Investment”
in April of 2020, which specified targets for the end of FY2023, and the Company achieved progress ahead of the target
year. Therefore, the Company hereby announces that it recently formulated the Medium-Term Responsible Investment
Policy, 1 which specifies targets for the end of FY2024.
In addition, the Company recently formulated the Basic Policy on Responsible Investment, which integrates theInitiative Policy on Stewardship Activities; the Company's policy on initiatives under the Stewardship Code, with theDai-ichi Life Basic Policy on ESG Investment; the Company's policy on initiatives related to ESG investment.
Basic Policy on Responsible Investment (overview)

Medium-Term Responsible Investment Policy (overview)

1For details on the "Medium-Term Responsible Investment Policy," see our web page.
https://www.dai-ichi-life.co.jp/english/dsr/investment/pdf/ri-report_005.pdf

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As a "universal owner" that manages wide range of assets entrusted by customers throughout Japan, the Company has
confronted social issues and contributed to the growth of the Japanese economy via the supply of long-term funds.
The Company is committed to contribute the achievement of a sustainable society through the strong promotion ofresponsible investment to resolve social issues in accordance with the Basic Policy on Responsible Investment andMedium-Term Responsible Investment Policy.

Cumulative investment to resolve social issues and future targets (As of March 2022)* Climate change solution investment: investment and financing intended to help resolve climate change issues, Cf.
Green Bonds and renewable-energy power plant business
The key changes to the Basic Policy on Responsible Investment are as follows.
Basic approach and initiative policy related to responsible investment, including ESG investment
The Company has always promoted investment (responsible investment) based on its social responsibilities as
an institutional investor. In August of 2014, the Company formulated and announced its Policy for Initiatives
Under the Stewardship Code and subsequently conducted stewardship activities in line with Japan's StewardshipCode.
The Company also announced the Dai-ichi Life Basic Policy on ESG Investment in April of 2020, which
specified the Company's basic approach and medium-term targets related to ESG investment, and promotedinitiatives accordingly. And then, the Company recently reorganized the above two policies and integrated them as
the Basic Policy on Responsible Investment, which spells out the Company's approach to responsible investment(ESG investment and stewardship activities).
Furthermore, regarding assets targeted by stewardship activities—which mainly consist of domestic stocks anddomestic corporate bonds—the Company will consider the influence of investors and asset- and region-specificcharacteristics and aim to conduct stewardship activities based primarily on engagement for all assets.

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Basic Policy on Responsible Investment
Purpose of responsible investment
The Dai-ichi Life Group's commitment to its customers is to stay "By your side, for life," and the Group therefore hopes
to continue to contribute to well-being (happiness) of all people who can lead prosperous, healthy lives filled with true
peace of mind over the generations today and in the future. Based on this commitment, the purpose of responsible
investment by the Dai-ichi Life Insurance Company, Limited (the "Company")—a core Group company—is to securestable investment income in the medium to long term while helping to achieve a sustainable society—a prerequisite forthe happiness of all people—by contributing to the resolution of key regional and social issues.

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2. Human resources and systems related to responsible investment(1) Officers and employees engaged in responsible investment will endeavor to maintain a high degree of expertise andprofessional ethics as well as a strong sense of integrity during their work as they strive to achieve the purpose ofresponsible investment for the Company, and they will also endeavor to increase said above them such as expertisethrough daily work.
(2) The Company's management team will endeavor to train and station human resources that possess a high degree ofexpertise related to responsible investment, invite outside experts who have a wealth of experience and knowledge
to the Responsible Investment Committee,* and otherwise build systems necessary to promote responsible
investment.
* This committee discusses and reports on important policies related to responsible investment.

3. Information disclosure related to responsible investment and promotion(1) Every fiscal year, information on the situation of initiatives based on initiative policies and other corresponding
policies related to responsible investment will be disclosed as a Responsible Investment Report as well as on theCompany website.
(2) In addition to disclosing the above information, the Company will endeavor to participate in conferences, workshops,
and other events organized by the Life Insurance Association of Japan and other organizations and companies inorder to actively communicate details on activities related to responsible investment as well as pertinent opinions
and thereby promote the responsible investment.

4. Basic stance on responsible investment(1) Based on the Principles for Responsible Investment (PRI) as well as the Principles for Responsible Institutional

(2)

(3)

(4)

(5)

Investors (Japan's Stewardship Code),* the Company will endeavor to achieve responsible investment via ESG
investment as well as stewardship activities while also participating in initiatives and cooperative engagement bothwithin and outside of Japan in order to maximize the effects of such investment.
* For details on the initiative policy based on the principles of Japan's Stewardship Code, see clause "5."In terms of the collection and analysis of information related to important issues that the Company is aiming toresolve, the Company will actively communicate with other investors, governments, and regional and socialstakeholders and then apply diverse opinions and evaluations to responsible investment activities in order to improvethe effectiveness of initiatives.
In terms of all asset management policies and investment processes, the Company will endeavor to consider
sustainability* according to asset- and region-specific characteristics and continuously improve the corresponding
methods, etc.
* Medium-to-long-term sustainability that includes ESG factors
Given the mission and characteristics of life insurance business as well as the purpose of this policy, the Company
will pursue investment initiatives aimed at generating a positive impact in terms of achieving a sustainable society
in the future. In addition, the Company will be extremely careful regarding the effects of the business activities andprojects of companies, governments, and other organizations that receive investments or financing on theenvironment, society, and human rights. In this connection, the Company will not invest in or finance any businessthat violates laws or public order and standards of decency, any business related to the manufacturing of inhumane
weapons, any business that has a significant negative effect on climate c hange, regional environments, society, or
human rights, or any business that risks having any of the above effects. Details on the specific target fields will bedisclosed in the Responsible Investment Report, etc.
Regarding all assets, the Company will consider the influence of investors and asset- and region-specificcharacteristics based on the perspectives below and aim to conduct stewardship activities based primarily onengagement. By doing this, the Company will endeavor to promote both the improved value and sustainable growthof investment targets in order to suitably fulfill the Company's stewardship responsibilities.
①To promote both a deeper understanding of investment targets, their business environments, etc. and value
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②③5.

improvement that considers the perspective of sustainability, the Company will pursue ongoingengagement based on thorough research related to the business strategies, financial strategies, shareholder
return policies, and other details of investment targets as well as governance and environmental and social
issues, including climate change.
To achieve sufficient engagement effects, the Company will have investment targets comprehensively
disclose not only financial information but also non-financial information, including the ESG perspective.
The Company will suitably apply engagement results to in-house evaluations to be used as the basis forinvestment decisions, and the characteristics of assets will be considered as the Company considers how
to apply such results to voting decisions, investment policies, etc.

Commitment to the Japan’s Stewardship Code

The Company expresses its deep support for and acceptance of the aims of the Principles for Responsible Institutional
Investors (the Japan’s Stewardship Code). Regarding to Principles 1 to 7 of the Code, our policy is as follows.

Principle 1. Institutional investors should have a clear policy on how they fulfill their stewardship
responsibilities, and publicly disclose it.
Dai-ichi Life fully supports the purport of Japan’s Stewardship Code. We fulfil our stewardship
responsibilities as an institutional investor in accordance with the Basic Policy on Responsible
Investment (“this Policy”).

When we entrust any investments to an external asset manager, we request that the asset manager
engage in stewardship activities. We also monitor the status of these activities after clearlyspecifying the principles and matters we require them to follow and implement.

Dai-ichi Life has established and published the Basic Policy on Responsible Investment. We build
issues related to sustainability into investment policies and processes for all assets in accordancewith this Policy, in order to strengthen the medium- to long-term resilience of portfolios (*).
*Details of our initiatives are disclosed in the Responsible Investment Report.
https://www.dai-ichi- life.co.jp/english/dsr/investment/ri-report.html

Principle 2. Institutional investors should have a clear policy on how they manage conflicts of interestin fulfilling their stewardship responsibilities and publicly disclose it.
Dai-ichi Life has a policy for managing conflicts of interest, and has established a framework forpreventing such conflicts of interest. When carrying out stewardship activities, including
engagement with investees and exercising our rights to vote on these companies’ corporate
matters, we identify situations where a conflict of interest could arise, then determine a policy
which ensures that the interests of shareholders and insurance policyholders of the parent
company will not be unjustly damaged.

[Policy for the Management of Conflict of Interest in Stewardship Activities]
・ The Responsible Investment Department, which is dedicated to stewardship activities, makes
decisions regarding engagement activities and exercise of voting rights from the viewpoint ofmaintaining or enhancing an investee company’s corporate value and improving its governance.
・ The Responsible Investment Committee monitors the following from the viewpoint of conflictsof interest: deliberations on the revision or abolition of this Policy or other critical regulations,
including the criteria for exercising voting rights; deliberations on critically important exercisesof voting rights that must be determined on a case-by-case basis; and the outcomes of exercising4these voting rights. As a rule, the majority of the Committee members shall be outside experts,
and the executive officer responsible for the Compliance Control Department, who supervises themanagement of conflicts of interest, shall also serve as a Committee member.
・ The Board of Auditors is mostly comprised of Outside Auditors. The Board audits thedeliberations of meetings of the Responsible Investment Committee as necessary concerning thesuitability of their processes, etc.
(Situations where conflicts of interest may typically arise)・ In cases where we exercise our voting rights at an investee company that has engaged in businesswith Dai-ichi Life and/or its group company, such as insurance policies, investments or loans.
・ In cases where we exercise our voting rights at an investee company to which Dai-ichi Life
and/or its group company has proposed entering into insurance policies or engaging in businesssuch as investments or loans.
Reference: Dai-ichi Life Policy for the Management of Conflict of Interest
https://www.dai-ichi- life-hd.com/en/coi.html

Principle 3. Institutional investors should monitor investee companies so that they can appropriately
fulfill their stewardship responsibilities with an orientation towards the sustainable growthof the companies.
Through research by analysts and engagement, we endeavor to maintain an accurate grasp of thesituation at investees to fulfill our stewardship responsibilities, as appropriate, towards thesustainable growth of the investees.
In regard to research and engagement, we conduct in-depth research on a company’s businessstrategies, financial strategies, and shareholder return policies, among others, as well as on nonfinancial aspects of its business such as governance and initiatives to address environmental andsocial problems, thereby assessing its medium- to long-term profit growth potential and credit.

Principle 4. Institutional investors should seek to arrive at an understanding in common with investee
companies and work to solve problems through constructive engagement with investee
companies.
To help enhance the corporate value of investees from a medium- to long-term perspective, wecontinue our engagement with these companies concerning their business strategies, financialstrategies, and shareholder return policies, among others, as well as governance and initiatives toaddress environmental and social problems, and addressing any problems after sharing ourunderstanding with them.

We regularly check for updates on the status of any issues faced by investees based on thisengagement, and support investees in resolving issues by carrying out additional engagement,providing information, and other means.

In principle, we conduct engagement on our own; however, we may work with other institutional5

investors as necessary.
We do not carry out engagement based on material facts not disclosed to the public. In theunlikely case that we receive any undisclosed material facts, we will manage them in accordancewith internal regulations.

Principle 5. Institutional investors should have a clear policy on voting and disclosure of votingactivity. The policy on voting should not be comprised only of a mechanical checklist; itshould be designed to contribute to the sustainable growth of investee companies.
The Responsible Investment Department determines whether to vote for or against corporate
matters in accordance with the criteria for exercising voting rights, which were established basedon deliberations made at meetings of the Responsible Investment Committee.

We regularly review the criteria for exercising voting rights from the viewpoint of maintaining or
enhancing the medium- to long-term corporate value of the investees, and publicly disclose thedetails of these reviews.

Regarding the outcomes of exercising voting rights that come from listed domestic stocks, wepublicly disclose the results of whether we voted for or against each proposal made at anindividual investee company, in addition to providing these results as a spreadsheet. For proposals
that we vote against, we disclose the relevant criteria for exercising voting rights that werecontravened. Also, for proposals that we deem require particular explanation in light of conflictsof interest or the criteria for exercising voting rights, we specify the grounds for the decision,

regardless of whether it was made for or against the proposal.
When we oppose a proposal by having exercised (or planning to exercise) our voting rights at a
general meeting of shareholders of a company subject to engagement, we provide the reason for
opposing the proposal to the company whenever possible.

Note: In principle, when we lend listed domestic stocks, we do not conduct the transaction over a
period that includes the date of record pertaining to our voting rights, taking care to ensure that wehold the rights. Even in exceptional cases where we carry out this type of transaction, we do so with afixed cap on the amount to be lent.
Principle 6. Institutional investors in principle should report periodically on how they fulfill theirstewardship responsibilities, including their voting responsibilities, to their clients andbeneficiaries.
We regularly announce any updates on the activities we carry out to fulfill our stewardship
responsibilities, including engagement and exercising our voting rights, on our company website.

Principle 7. To contribute positively to the sustainable growth of investee companies, institutional
investors should develop skills and resources needed to appropriately engage with thecompanies and to make proper judgments in fulfilling their stewardship activities based on6in-depth knowledge of the investee companies and their business environment andconsideration of sustainability consistent with their investment management strategies.
To ensure that stewardship activities are carried out based on an in-depth understanding of aninvestee company and its business environment, our management promotes initiatives to establish
organizations needed to meet this objective, and to train employees with a high level of expertise.

To fulfill our stewardship responsibilities to a high level, we regularly conduct self-evaluations
aimed at the continuous improvement of stewardship activities, and we publish those results
together with the outcomes of stewardship activities, including engagement with investees.

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