NEWS RELEASE
June 24, 2024
Ryosuke Mori, President
LIFENET INSURANCE COMPANY(Securities Code: 7157, TSE Growth)

Matters Concerning Controlling Shareholders
TOKYO, June 24, 2024 – LIFENET INSURANCE COMPANY (TSE Growth 7157, President
Ryosuke Mori, URL: https://ir.lifenet-seimei.co.jp/en/) hereby announces the following mattersconcerning controlling shareholders, etc. with respect to au Financial Holdings Corporation (“auFinancial Holdings”) and KDDI CORPORATION (“KDDI”), which are its other associated companies.
1. Trade names, etc. of other associated companies(As of March 31, 2024)
Ratio of voting rights (%)
DirectIndirect
Totalownership ownership

NameRelationshipau Financial

Otherassociatedcompany

18.34-18.34

Otherassociatedcompany-18.34

18.34

Holdings
CorporationKDDI
CORPORATION

Financial instruments exchanges,
etc., where issued share certificatesare listed
Prime Market ofTokyo Stock Exchange

The company that is deemed to be the most influential on Lifenet is KDDI. au Financial Holdings isa wholly owned subsidiary of KDDI.
2. Relationship between Lifenet and its other associated companies
au Financial Holdings is a major shareholder in Lifenet with holdings of 18.34% voting rights ofLifenet, as well as an “insurance holding company” as defined under Insurance Business Act, andLifenet’s other associated company whose one of directors serves concurrently as an outside director
at Lifenet. Lifenet and au Financial Holdings entered into a capital alliance agreement, and threecompanies including KDDI concluded a business alliance agreement. In addition, Lifenet issued newshares through a third-party allotment to au Financial Holdings in fiscal 2023. KDDI owns 100% of theshares of au Financial Holdings, and it owns 18.34% of Lifenet’s voting right indirectly. In addition,
KDDI has been selling Lifenet’s insurance products as an insurance agent for Lifenet. Moreover,Lifenet entered into a business alliance agreement in the group credit life insurance business with auJibun Bank Corporation (“au Jibun Bank”), a subsidiary company of au Financial Holdings, in fiscal
2022. Lifenet started offering group credit life insurance for au Jibun Bank’s mortgage loan borrowers
in fiscal 2023.
Adequate independence is ensured in the relationship between Lifenet and its other associatedcompanies as Lifenet implements its own business activities and decision-making based on
independent managerial judgments without being subject to any special restrictions from au Financial
Holdings and KDDI.

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

1NEWS RELEASEThe Director’s concurrent position is as shown below. In addition to this, as of June 24, 2024, one
employee of Lifenet is seconded to KDDI and one to au Jibun Bank.
(As of June 24, 2024)
Position
Director(Outside)

Name

Position at otherassociated company

Reasons for appointment

Hiro Koya

Executive Officer, au Financial
Holdings Corporation

Due to extensive experience and knowledge
in consumer businesses at KDDI andestablishment of management strategies

3. Matters relating to transactions with controlling shareholders, etc.
There are no important matters to be reported in fiscal 2023.

About LIFENET (URL： https://ir.lifenet-seimei.co.jp/en/)
LIFENET INSURANCE COMPANY has developed the LIFENET Manifesto that embodies ourmission of “Help our customers embrace life more fully by offering comprehensible, cost-competitiveand convenient products and services.” We have consistently delivered customer-oriented products
and services since our business commencement. As the leading online life insurer, we aim to realize“a society where next generation can be nurtured with confidence in the future.”Contact:
Investor Relations, Corporate Planning DepartmentTel:+81-3-5216-7900
e-mail: ir@lifenet-seimei.co.jp
Disclaimer: This is a summarized translation of the original Japanese document, prepared and provided solely forreaders' convenience. In case of any discrepancy or dispute, the Japanese document prevails.

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

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