July 8, 2021

Investment in Climate Infrastructure Fund for Emerging Countries- Contributing to Resolving Climate Change Challenges Through Joint Public/Private Support forDevelopment of a Low Carbon Economy The Dai-ichi Life Insurance Company, Limited (the "Company"; President and Representative Director: SeijiInagaki) has decided to impact invest1 approximately JPY 5.5 billion in the "Climate Finance Partnership Fund" (the"Fund"), a climate infrastructure fund which is managed by BlackRock and specializes in investment in climate
infrastructure assets for emerging countries. This impact investment is a part of the Company's ESG investments.
The main investment targets for the Fund are construction and operation projects in the climate infrastructure sector
involving solar power, wind power, and the likes, as well as equipment related to power generation, such as powertransmission/distribution and power storage facilities. The regions for investment are emerging countries in Asia,Africa, and Central and Latin America.
Financing for the Fund has been confirmed from German state-owned investment and development bank (KfW),and French Development Agency (AFD), as well as Japan Bank for International Cooperation (JBIC). In view offuture increases in power demand due to population and economic growth in emerging countries, the Fund aims toprovide joint public/private support for the development of renewable energy businesses. The Fund operates inaccordance with an appropriately allocating risks and returns between the government organizations and the private
institutional investors, and private investors take on prioritized portions which are relatively low in risk.
Furthermore, through the construction of a climate infrastructure supply chain that extends from power generation topower provision, the Fund also pursues a positive impact on the environment and society, and quantitively measures
the social impact created from projects which receive investment. Specifically, the Fund measures carbon emission
reductions based on the amount of clean energy generated, and uses a proprietary method to convert this impact intomonetary value in order to monitor the impact creation value with respect to the investment amount.
As a universal owner that manages assets of about JPY 38 trillion sourced from insurance premiums of customers
throughout Japan, the Company has been promoting ESG investments with a focus on the themes of quality of life,regional revitalization, and climate change. As a responsible institutional investor, the Company will continue toactively engage in ESG investment to contribute to realizing a sustainable society as well as improving its investment
return through sophisticated and diverse investment methods.

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Impact investment is an investment method where Dai-ichi Life makes investment decisions with the intent to gain investment returns and generate social
impact (e.g., structural change in society).

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Photo credit: BlackRockFund Overview
Fund Name
OperatingCompany

Climate Finance Partnership FundBlackRock

Investment

Climate infrastructure assets (power generation, storage and transmission/distribution facilities,Targetsetc.) in non-OECD member countries

Investment
Amount of theUSD 50million (approx. JPY 5.5 billion)

Company
Dai-ichi Life's Impact Investment History
Release
DateHeadline
Dai-ichi Life to Engage in Impact Investment

URL
https://www.dai-ichi-- First Impact Investment in Gojo & Company, Inc. which provides support for microfinance business

Oct. 23, 2017

-life.co.jp/english/news_release/2017/pdf/index_012.pdf

Dai-ichi Life to Invest in Spiber Inc.
- Second Impact Investment through Support for Development of New-Generation Bio-Materials -Oct. 23, 2017https://www.dai-ichilife.co.jp/company/news/pdf/2017_044.pdf
https://www.dai-ichi-Dai-ichi Life to Invest in CureApp, Inc.

Feb. 26, 2018

- Third Impact Investment through Support for Treatment Applications -life.co.jp/english/news_release/2017/pdf/index_018.pdf

Dai-ichi Life to Impact Invest in CROWD CREDIT, Inc.
- Energize Business Activities in Developing Countries to Alleviate the Global Supply-Demand GapApr. 5, 2018

for Funds Dai-ichi Life to Impact Invest in SUSMED, Inc.
- Promote the Widespread Adoption of Non-Drug Therapies through Insomnia Therapy Apps -June 4, 2018https://www.dai-ichilife.co.jp/company/news/pdf/2018_002.pdf
https://www.dai-ichilife.co.jp/company/news/pdf/2018_008.pdf
https://www.dai-ichi-

Dai-ichi Life to Impact Invest in MELTIN MMI- Mitigating Accidents Caused by Work in Hazardous Environments by MELTIN’s Avatar Robots -Oct. 17, 2018

life.co.jp/english/news_release/2018/pdf/index_004.pdf

Dai-ichi Life to Impact Invest in MOLCURE Inc.

https://www.dai-ichi-- Shortening Pharmaceutical Development through the World's First Antibody Discovery Platform

Nov. 27, 2018

Utilizing AI -life.co.jp/english/news_release/2018/pdf/index_007.pdf

Dai-ichi Life to Impact Invest in QD Laser, Inc.

https://www.dai-ichi-- World’s First Eyewear that Employs State-of-the-Art Laser Technology Improves Quality of Life forDec. 12, 2018

Low-Vision Patients -life.co.jp/english/news_release/2018/pdf/index_010.pdf

Dai-ichi Life to Impact Invest in Challenergy Inc.

https://www.dai-ichi-- Helping to reduce CO2 emissions using the world’s first wind turbine capable of generating electricity

Feb. 28, 2019

even in typhoons -life.co.jp/english/news_release/2018/pdf/index_012.pdf

Dai-ichi Life to Impact Invest in Venture Fund managed by Energy & Environment Investment, Inc.
- Japan's Only Independent Venture Capital Focused on the Energy and Resource Related Sectors -2Mar. 20, 2019https://www.dai-ichilife.co.jp/english/news_release/2018/pdf/index_015

.pdf
Impact Investment in CureApp and NeuroTrack

https://www.dai-ichi-- Extending healthy life expectancy and improve quality of life through synergies between investments

July 5, 2019and life insurance-

life.co.jp/english/news_release/2019/pdf/index_008.pdf

Dai-ichi Life to Impact Invest in Integral Geometry Science

https://www.dai-ichi-- Contributing to a reduction in breast cancer deaths through the world’s first high precision breast

Sep. 13, 2019cancer visualizing system -life.co.jp/english/news_release/2019/pdf/index_015.pdf

Dai-ichi Life to Impact Invest in UniFa

https://www.dai-ichi-- Contributing to Resolving the Lengthy Daycare Waiting List Problem Caused by a Shortage ofSep. 27, 2019

Nursery Care Workers by Introducing IoT and AI to Daycare Operations -life.co.jp/english/news_release/2019/pdf/index_014.pdf
https://www.dai-ichi-

Dai-ichi Life to Impact Invest in Life is Tech, Inc.
- Contributing to Solving the IT Talent Shortage with IT and Programming Education Services -Nov. 15, 2019

life.co.jp/english/news_release/2019/pdf/index_018.pdf

Dai-ichi Life to Impact Invest in World's First Anti-Smoking Social Impact Bondhttps://www.dai-ichi-- Support Social Impact Creator and Investment Recipient CureApp, through Investment in Anti-

Nov. 29, 2019

Smoking Project -life.co.jp/english/news_release/2019/pdf/index_021.pdf

Dai-ichi Life to Impact Invest in Modulus Discovery, Inc.

https://www.dai-ichi-- Contributing to Realizing Accessible Healthcare for All by Cutting Development Timelines and Costs

May 13, 2020of Pharmaceuticals -life.co.jp/english/news_release/2020/pdf/index_003.pdf

Impact Investment in Metcela Inc.

https://www.dai-ichi-- Contributing to Extending Healthy Life Expectancy of Patients with Heart Failure through theJan. 4, 2021

Development and Provision of a New Treatment -life.co.jp/english/news_release/2020/pdf/index_017.pdf

Impact Investment in Sharing Energy Co., Ltd.

https://www.dai-ichi-- Contributing to CO2 emission reduction through distributed renewable energy power generation forFeb. 15, 2021

residential solar power -life.co.jp/english/news_release/2020/pdf/index_021.pdf

Impact Investment in GITAI Japan

https://www.dai-ichi-- Contributing to Economic Growth through Promotion of Space Development by Means of R&D for

March 1, 2021

Space Worker Robots -life.co.jp/english/news_release/2020/pdf/index_024.pdf

Impact Investment in Noile-Immune Biotech, Inc.

https://www.dai-ichi-- Extending Healthy Life Expectancy through Development and Provision of Next-Generation Cancer
Immunotherapy –March 22, 2021

life.co.jp/english/news_release/2020/pdf/index_028.pdf

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