OREANDA-NEWS.  The Dai-ichi Life Insurance Company, Limited (the “Company”; President: Koichiro Watanabe) hereby announces that it has completed an investment in an FPSO* vessel project in Brazil. This is the first investment in foreign-currency denominated overseas project finance. The demand for FPSO vessels is boosted by the recent progress in the development of a large scale oil and gas field off the coast of Brazil. This investment is made for the SPC (Special Purpose Company), established by Mitsui Ocean Development & Engineering Co., Ltd, together with Mitsui and Co. and Mitsubishi Corporation. This SPC owns the FPSO vessel, and charters it for Petróleo Brasileiro S.A and other major oil companies.

The fund for this FPSO, Cidade de Sao Paulo MV23, is sourced through project finance, and the vessel is already in operation. The Company makes this investment by purchasing the loan from one of the existing lenders. The Company, as an institutional investor, intends to contribute to the further development of the infrastructure sector in which Japanese companies have international competitiveness, through its active investment in this growth area. The Company will continuously and actively strive to invest in both domestic and overseas project finance, while considering profitability and diversification.