NEWS RELEASE. Rating and Investment Information, Inc. (R&I) has announced the following rating.

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1 Assignment of a Rating (Formal) Meiji Yasuda Life 2017 Fund Special Purpose Co., Ltd. Series 1 Specified Bonds (with general security): A+ Rating and Investment Information, Inc. (R&I) has announced the following rating. Aug 04, OUTLINE OF THE STRUCTURE The rating is for the specified bonds to be issued by Meiji Yasuda Life 2017 Fund Special Purpose Co., Ltd. backed by 50.0 billion yen in kikin to be raised by Meiji Yasuda Life Insurance Co. (Meiji Yasuda Life; obligor). 2.CREDIT RATING INSTRUMENT NAME Series 1 Specified Bonds (with general security) RATING ACTION Assignment of a rating R&I RATING Long-term Issue Rating / A+ NOTE The rating is an assessment of the probability that the principal of the specified bonds will be paid in full by the specific redemption date and the interest will be paid timely. 3.ABOUT INSTRUMENT ISSUER Meiji Yasuda Life 2017 Fund Special Purpose Co., Ltd. UNDERLYING ASSET Kikin claims INSTRUMENT NAME Series 1 Specified Bonds (with general security) AMOUNT (CURRENCY) (*1) Sub. Ratio: Subordination Ratio (*2) Redemption Method: HB: Hard-Bullet Yen 50,000,000,000 (JPY) Sub. Ratio (*1) Date of Issue Sched. Maturity Legal Maturity - Aug 04, 2017 Aug 04, 2022 Aug 04, 2022 Redemption (*2) HB Coupon Type/Rate Fixed 0.35%

2 <Outline of the scheme> (1) Meiji Yasuda Life 2017 Fund Special Purpose Co., Ltd. (Meiji Yasuda Fund; issuer) is a tokutei mokuteki kaisha (special purpose company) established in accordance with the Law Regarding Securitization of Specified Assets by a Special Purpose Company (SPC Law). Its tokutei shusshi (specified capital) will be held by General Incorporated Association Meiji Yasuda Life Fund Securitization Funding (holding corporation). (2) Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (hereinafter, the contributor of the kikin) will contribute kikin of 50.0 billion yen to Meiji Yasuda Life on August 4, 2017 in accordance with the kikin contribution agreement. (3) On the day of the contribution, the contributor of the kikin will assign the claims on the aforementioned kikin to Meiji Yasuda Fund. At that time, the assignment will be perfected as against the obligor and third party by obtaining unconditional written consent of Meiji Yasuda Life with a certified date which will be the obligor with respect to the kikin claims. (4) Meiji Yasuda Fund will issue Series 1 Specified Bonds (50.0 billion yen) with the kikin claims as underlying asset. The contributor of the kikin will receive the specified bond issuance proceeds as payment for assignment of the kikin claims. (5) Meiji Yasuda Life will pay interest on the kikin once each year in August, and the principal will be redeemed in lump-sum after 5 years. Meiji Yasuda Life will make the principal and interest payments on the kikin claims 3 bank business days prior to the specified bond principal and interest payment dates. Meiji Yasuda Life's payment of the kikin principal and interest will be made by direct remittance to a deposit account in the name of Meiji Yasuda Fund. (6) In accordance with the provisions of Article 55 of Japan's Insurance Business Law, there is a possibility that the payment of kikin principal and interest will be deferred. Although a certain amount of cash reserves is set at the onset of this transaction, if the payment of kikin principal and interest is postponed, and funds for the payment of specified bond principal and interest fall short, an event of default on the specified bonds will occur after a designated period. (7) The kikin interest earned by Meiji Yasuda Fund will be subject to the applicable withholding tax. Consequently, there could potentially be a shortfall in resources for timely payment of the specified bond interest on each interest payment date. To cover the shortfall of the specified bond interest associated with this withholding tax, a cash reserve is set at the onset, and Meiji Yasuda Fund will enter into an agreement with Meiji Yasuda Life for the establishment of a line of credit. (8) In the event of early redemption of the kikin due to demutualization, the specified bonds will be redeemed before the redemption date. In the event of demutualization of Meiji Yasuda Life, Meiji Yasuda Life will pay the principal, accrued interest and penalties relating to the kikin in accordance with the kikin contribution agreement. In the event of early redemption of the kikin due to reasons other than demutualization, Meiji Yasuda Life will have to obtain consent from the bondholders of the specified bonds regarding the condition of the specified bonds' early redemption.

3 SCHEME DIAGRAM: Meiji Yasuda Life Insurance Co. Kikin Contribution General Incorporated Association Meiji Yasuda Life Fund Securitization Funding Initial Kikin Contribution Kikin interest and principal payments Holding of all specified capital Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Assignment of Kikin claims Payment for Kikin claims assignment Meiji Yasuda Life 2017 Fund Special Purpose Co., Ltd. Specified bond interest and principal payments Proceeds from the issuance of specified bonds Specified bond investors Preferred Stock Credit line agreement for w ithholding tax Meiji Yasuda Life Insurance Co. 4.RATIONALE 1. Risk factors The major risks associated with this instrument are as follows: <Risks associated with mechanism> i) Bankruptcy remoteness of SPV ii) Risk regarding bankruptcy of financial institution with which deposits are placed iii) Risk associated with withholding tax levied on kikin interest iv) Risk associated with waterfall <Risks associated with underlying assets> v) Default risk of the kikin 2. Analysis of risk factors i) Bankruptcy remoteness of SPV In consideration of the measures given below, R&I has deemed the bankruptcy remoteness of SPV to be high. a) Meiji Yasuda Fund is a special purpose company established in Japan under the SPC Law, and its specified capital is wholly owned by the holding corporation. The operation of the holding corporation is limited to the acquisition of interest in an SPC, etc., and the association is subject to the following b) and c). b) Directors of Meiji Yasuda Fund are dispatched from Tokyo Kyodo Accounting Office. c) Parties to the scheme having a direct contractual relationship with Meiji Yasuda Fund have waived their right to compulsory execution against any of the assets of Meiji Yasuda Fund excluding nonexempt properties and pledged that they will not apply for bankruptcy against Meiji Yasuda Fund. d) The operation of Meiji Yasuda Fund is limited to those related to the issuance of the rated specified bonds. e) Meiji Yasuda Fund will not bear any debts other than those related to this scheme.

4 ii) Risk regarding bankruptcy of financial institution with which deposits are placed Meiji Yasuda Life will remit kikin principal and interest payments by direct transfer to a deposit account in the name of Meiji Yasuda Fund. Meiji Yasuda Fund s deposit account will initially be opened at Mitsubishi UFJ Trust and Banking Corp. If R&I s Short-term Rating of the financial institution where Meiji Yasuda Fund has a deposit account slips below a-1, Meiji Yasuda Fund will transfer the account to other financial institution that has a Short-term Rating of a-1 or higher. iii) Risk associated with withholding tax levied on kikin interest The kikin interest earned by Meiji Yasuda Fund will be subject to withholding tax. Consequently, there potentially could be a shortfall in resources for a timely specified bond interest payment on each interest payment date, thereby preventing the timely specified bond coupon payment. The following mechanism will be adopted to counter the shortfall associated with this withholding tax. A) Mechanism in connection with the first year's specified bond coupon payment This structure is designed with the idea that any withholding tax deducted from kikin interest will be refunded, thereby resulting in zero taxable income each year for Meiji Yasuda Fund, the special purpose company. However, the date on which tax withheld on kikin interest earned during the first year is refunded will come after the first year's specified bond coupon payment date. The mechanism is such that a cash reserve set aside at the time of issuance will basically cover any shortfall in resources for the first year's specified bond coupon payment. B) Mechanism in connection with specified bond coupon payments in the second and subsequent years Kikin interest earned in the second year will be subject to the same rate of withholding tax as during the first year. However, the tax refund for the amount withheld from the first year's interest income is scheduled to be carried out prior to the second year's specified bond coupon payment date. Accordingly, it will be possible for not only the net kikin interest earned in the second year but also the refund of tax withheld during the first year to be allocated as resources to cover the second year's specified bond coupon payment. The same arrangement will also apply to specified bond coupon payments in the third and subsequent years. By utilizing a mechanism that employs the previous year's tax refund as the source of funds for the next year's specified bond coupon payment, the availability of resources to cover specified bond coupon payments in the second and subsequent years is assured. C) Credit line agreement with Meiji Yasuda Life Insurance Co. The mechanism explained above in B) is based on various assumptions: (1) Meiji Yasuda Fund's taxable income will always be zero and the amount of tax withheld will be fully refunded. (2) Tax refunds will be properly implemented and refunding of each year's withholding tax will be carried out prior to the date of the following year's specified bond coupon payment. (3) The rate of withholding tax will remain at the present level throughout the period prior to the issue's redemption. If these assumptions are not satisfied, there could potentially be a shortfall in resources for specified bond coupon payments. To counter such risk, Meiji Yasuda Fund will enter into an agreement with Meiji Yasuda Life for the establishment of a line of credit. Repayment of funds borrowed on the basis of this agreement will be subordinate to the specified bond principal and interest. iv) Risk associated with waterfall Meiji Yasuda Fund estimates the initial expenses and expenses during the term which will be allocated out of the preferred stock from Meiji Yasuda Life.

5 v) Default risk of the kikin There is a possibility that an event of default on the specified bonds will occur and the principal of the specified bonds will not be paid in full when Meiji Yasuda Life, the obligor of the kikin (the underlying asset), defaults, and/or when kikin principal and interest are deferred in accordance with the provisions of Article 55 of Japan's Insurance Business Law. In such case, the recovery rate of the specified bonds will depend on the recovery rate of the kikin. In light of the characteristics of the kikin, R&I has assigned a rating of A+ to Meiji Yasuda Life s kikin. Please find the R&I News Release dated August 4, 2017 regarding the rating of Meiji Yasuda Life s kikin (the underlying asset). 3. Comprehensive evaluation Following comprehensive evaluation of the given instrument, R&I has assigned the Long-term Issue Rating to the instrument. 5.DETAILS ON LOSSES, CASH FLOW AND SENSITIVITY ANALYSIS CREDIT None ENHANCEMENT LIQUIDITY Credit line agreement with Meiji Yasuda Life Insurance Co. ENHANCEMENT When the following rating methodologies are applied to the given instrument, the creditworthiness of the instrument at this time will be dependent on the Long-term Issue Rating of the kikin (the underlying asset). 6.RATING METHODOLOGY The primary rating methodologies applied to this rating are: Announced in TITLE November 2016 Chapter 1: General November 2016 Chapter 2: Particulars: Risks regarding structure November 2016 Chapter 3: Particulars: Risks regarding underlying assets Subchapter 11: Other monetary receivables (including trust beneficial interest) November 2016 Chapter 4: Particulars: Cash flow risk Subchapter 7: Analysis method based on credit ratings of underlying assets and parties involved in the structure The above rating methodologies are available at R&I's website: