Investor Presentaiton

Enhancing Investment Returns NISSAY Nippon Life Insurance Company Implement flexible portfolio management considering market trends in anticipation that hedging costs will remain high; investment in and replacement of ultra long-term JGBs corresponding to interest rate levels, investment in foreign corporate bonds which is swapped to yen taking into account the hedge cost and yen-dominated corporate bonds Yen-denominated Interest Bearing Assets FY2022 Results Senior Loans Increase Flat Domestic Investment Strategy by Asset Class (Policy in FY2023) Increase Increase Bonds etc. Hedged Foreign Bonds Decrease Flat Non-hedged Foreign Bonds Decrease - Flat Decrease Plan to conduct preferred lending considering spread levels, etc. Leverage "Nissay Green Loan", which supports decarbonization Plan to invest in ultra long-term JGBs while observing interest rate levels Plan to secure investment yield through investment in currency swapped foreign corporate bonds and yen-denominated corporate bonds While selectively sell low yield bonds, plan to selectively invest in foreign corporate bonds etc. which provides reasonable yield from a medium to long-term perspective Flexibly control overall exposure to FX risks while monitoring the levels of interest rates and FX rates Other Asset Classes Domestic and Foreign Stocks etc. Domestic Real Estate Increase Increase Flat Flat Plan to increase investment in foreign stocks and alternative assets Maintain exposure flat for domestic stocks Invest in renewals of existing properties and acquire new superior properties 24

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