[Unofficial translation]

November 18, 2010

Koichiro Watanabe
President and Representative Director
The Dai-ichi Life Insurance Company, Limited
Code: 8750 (TSE First section)

Disclosure of European Embedded Value as of September 30, 2010

The Dai-ichi Life Insurance Company, Limited (hereinafter “Dai-ichi Life”) hereby
discloses the European Embedded Value (“EEV”) of Dai-ichi Life and Dai-ichi
Frontier Life Insurance Co., Ltd (hereinafter “Dai-ichi Frontier Life” or “DFL”)
(collectively, the “Group”) as of September 30, 2010.

[Unofficial translation]

Contents

1. Outline
1-1 About EEV
1-2 EEV Methodology

2. EEV as of September 30, 2010
2-1 EEV Results of the Group
2-1-1 Adjusted Net Worth
2-1-2 Value of In-force Business
2-1-3 Value of New Business
2-2 EEV by Company

3. Movement Analysis
3-1 Movement Analysis of Group EEV
3-2 Movement Analysis by Company

4. Sensitivity Analysis
4-1 Sensitivity Analysis of Group EEV
4-2 Sensitivity Analysis by Company

5． Note on Using EV

Appendix A: EEV Methodology
Appendix B: Principal EEV Assumptions
Appendix C: Actuarial Opinion
Appendix D: Glossary

[Unofficial translation]

1. Outline

1-1 About EEV
The EEV Principles and related guidance were published in May 2004 by the CFO
Forum, an organization comprising the chief financial officers of Europe''s leading life
insurers, in order to improve consistency and transparency in EV reporting. In October
2005, further guidance on minimum required disclosures of sensitivities and other
items was provided by the CFO Forum.

1-2 EEV Methodology
In the calculation of EEV, the Group has adopted a market-consistent approach – an
approach which values cash flows from both assets and liabilities of a company
consistently with comparable financial instruments traded in the market. An increasing
number of insurers, mainly in Europe, have implemented similar market-consistent
approaches, and in response to such trends, the CFO Forum published the European
Insurance CFO Forum Market Consistent Embedded Value Principles©

(the “MCEV Principles”) in June 2008. The use of the MCEV Principles was intended to be
mandatory for EV reporting for member insurers with effect from fiscal year 2009.
However, in light of recent severe market conditions, the principles were revised in
October 2009, and it was decided to defer mandatory MCEV reporting for all members
until 2011.
Taking into consideration the current situation, the Group has fully adopted the EEV
Principles, while also taking into account a market-consistent approach, in calculating
its EV.

To continue reading, please go to the following page:
http://www.dai-ichi-life.co.jp/english/investor/ir/financial/results/2010/pdf/index_023.pdf