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Investor Presentaiton

PERFORMANCE TAL is focused on delivering strong cash flows and returns to Dai- ichi Life as part of the mid-term management plan TAL's commitment to Dai-ichi Life Capital allocation • • • TAL's execution of inorganic and organic growth objectives means we are and will continue to be a cash flow positive provider to Dai-ichi Life over the next 10 years. TAL is also actively pursuing a number of ROE and intragroup reinsurance initiatives, with an intention to increase and recycle capital through to Dai-ichi Life. TAL's financial position has proven to be strong and resilient, ensuring our ability to generate sustainable profit and cash flow. These will be up streamed to Dai-ichi Life as part of the capital management strategy. 16 TAL Presentation Cash circulation Group (Holdings) Capital circulation management focused on improvement of capital efficiency Balanced capital allocation and substantial financial measures that contribute to sustainable growth (emphasis on cash flow and economic value) Reaffirmation of cost of capital/business portfolio management (expanding / exploring)/risk transfer (utilization of reinsurance) / circulation of surplus capital Growth investments/shareholder returns / reinforcement of financial soundness Free cash flow Growth investment (capital, investment, etc.) Operating Companies TAL
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