March 7, 2024

Impact Investment in Rakuten Medical, Inc.
-Supporting the development of a novel cancer treatment called Alluminox Treatment(Photoimmunotherapy) to advance treatment options for cancer patientsThe Dai-ichi Life Insurance Company, Limited (the "Company"; President and Representative Director: ToshiakiSumino) has invested USD 5 million（approx. JPY 750 million） in Rakuten Medical, Inc. (“Rakuten Medical”; CoChief Executive Officers: Mickey Mikitani, Takashi Toraishi), a US biotechnology start-up that develops and markets
pharmaceuticals and medical devices used in Alluminox treatment (photoimmunotherapy), a type of cancer treatment.
This impact investment1 is part of the Company's ESG investments.
⚫

Rakuten Medical, Inc. is a US-based biotechnology company 2
developing and commercializing precision, cell targeting therapies
based on its proprietary Alluminox™ platform 3 . The therapies using
pharmaceuticals and medical devices developed from this platform arecalled Alluminox treatment (photoimmunotherapy).

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Alluminox treatment (photoimmunotherapy) involves a two-stepprocess: 1) administration of a drug that combines a substance that
accumulates in specific cells, such as cancer cells, with a substance thatreacts to specific light, and 2) light illumination. After drug
administration, target cells in which the drug has accumulated areilluminated with light, which activates the drug and selectively destroys
or eliminates the targeted cells, such as cancer cells.

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Photo by courtesy of Rakuten Medical

Alluminox treatment (photoimmunotherapy) is currently provided under the Japanese insurance system which hasmitigated copayment, the first in the world, for "unresectable locally advanced or recurrent head and neck cancer".
Rakuten Medical aims to expand the range of treatment options for various cancer patients worldwide.
* Rakuten Medical’s therapies based on Alluminox™ platform are investigational outside of Japan.

1Impact investment is an investment activity where an investor makes investment decisions with the intent to gain investment returnsand generate social impact (e.g., structural change in society).
2

The start-up that uses biotechnology to research, develop and disseminate advanced technologies that lead to medical and industrial
development.
3It does not refer to a specific drug or medical device, as it is a technology infrastructure that integrates drugs, medical devices, medicaltechnology, and other peripheral technologies related to photoimmunotherapy.

1Applicable SDGs

Social Impact⚫

Advancing treatment options for cancer patients by providing innovativecancer treatments
Rakuten Medical contributes to advancing treatment options for cancer patients byproviding novel treatment methods for patients with stage progression of cancer due
to recurrence, metastasis, or other factors that limit treatment options.

The Company believes high returns from its investment in Rakuten Medical. Through this investment, the Company
will also provide financial support for and continually monitor the progress of Rakuten Medical’s initiatives, which arehoped to contribute to advance treatment options for cancer patients through the provision of novel cancer treatment.
As a responsible institutional investor, the Company will continue to actively engage in ESG investment to realize asustainable society as well as to improve its investment returns through sophisticated and diverse investment methods.
Mickey Mikitani, Co-Chief Executive Officer of Rakuten Medical, Inc., provided the following comments:"Cancer represents a great societal challenge both in Japan and globally. Rakuten
Medical is developing its investigational cancer treatment based on Alluminox
plaftorm across the globe. We have received marketing approval of a drug “Akalux ®
IV Infusion 250 mg” and a device “BioBlade® Laser System” in Japan to be used
for our Alluminox treatment for unresectable locally advanced or recurrent headand neck cancer. This approval, however, only addresses a fraction of the broader
cancer spectrum, and there is need for ongoing development. That’s why I am
delighted that Dai-ichi Life has recognized our innovative technology and thepotential value it holds for society. Together, we aim to accelerate the developmentof our therapies and enhance treatment options for as many patients as possible."[Company Profile]
Trade Name

Rakuten Medical, Inc.

Head Office

San Diego, California

Representatives

Mickey Mikitani and Takashi Toraishi, Co-Chief Executive Officers

EstablishedApril, 2010

Business Description

Development, manufacturing and commercialization of pharmaceuticals andmedical devices

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Dai-ichi Life's Impact Investment History (Last 3years)
Headline

Release Date

URL

Investment in Climate Infrastructure Fund for Emerging Countries- Contributing to Resolving Climate Change Challenges Through Joint Public/Private
Support for Development of a Low Carbon Economy -Jul. 8, 2021

https://www.dai-ichilife.co.jp/english/news_releas
e/2021/pdf/index_003.pdf

Impact Investment in PaMeLa Co., Ltd.
- Contributing to Improving Patients' Quality of Life through Development of Medical
Device That "Visualizes" Pain Using Brain Waves -Sep. 29, 2021

https://www.dai-ichilife.co.jp/english/news_releas
e/2021/pdf/index_008.pdf

Impact Investment in WASSHA Inc.
- Contributing to Sustainable Development through Offering an Electric Power Service to
Off-Grid Communities in Africa -Jun. 10, 2022

https://www.dai-ichilife.co.jp/english/news_releas
e/2022/pdf/index_004.pdf

Impact Investment in READYFOR INC.
- Achieving a Society that Overflows with Heartfelt Support through Vitalization of theDonation and Subsidy Market -Jul. 13, 2022

https://www.dai-ichilife.co.jp/english/news_releas
e/2022/pdf/index_005.pdf

Impact Investment in Clean Energy Connect- Accelerating uptake of renewable energy by expanding off-site corporate PPAs -Aug. 1, 2022

https://www.dai-ichilife.co.jp/english/news_releas
e/2022/pdf/index_006.pdf

Impact Investment in JEPLAN, INC.
- Contributing to a Sustainable Society through PET Chemical Recycling Technologies -Aug. 24, 2022

https://www.dai-ichilife.co.jp/english/news_releas
e/2022/pdf/index_007.pdf

Impact Investment in a Venture Fund by Energy & Environment Investment, Inc.
- Supporting a Decarbonized Society via Venture Fund Focused on the Environment andEnergy Sectors -Sep. 15, 2022

https://www.dai-ichilife.co.jp/english/news_releas
e/2022/pdf/index_008.pdf

Impact Investment in KAKEHASHI Inc.
- Contributing to Medical DX and to Establishing a Sustainable Medical System -Apr. 19, 2023

https://www.dai-ichilife.co.jp/english/news_releas
e/2023/pdf/index_001.pdf

Investment in Climate Infrastructure Fund for Emerging Countries- Contributing to Resolving Climate Change Challenges Through Joint Public/Private
Support for Development of a Low Carbon Economy -Jul. 8, 2021

https://www.dai-ichilife.co.jp/english/news_releas
e/2021/pdf/index_003.pdf

Impact Investment in PLANTX Inc.
-Contributing to environmental conservation through sustainable plant production-

Nov. 30, 2023

https://www.dai-ichilife.co.jp/english/news_releas
e/2023/pdf/index_008.pdf

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