On March 19, 2024, Aflac Incorporated entered into a Note Purchase Agreement with the purchasers named therein in connection with the offer and sale in a private placement of an aggregate principal amount of ¥75,000,000,000 of the Company?s yen-denominated senior notes. The Private Placement Notes consist of (a) ¥18,300,000,000 aggregate principal amount of the Company?s 1.600% Senior Notes, Series A, due 2034, (b) ¥15,000,000,000 aggregate principal amount of the Company?s 1.740% Senior Notes, Series B, due 2036, (c) ¥16,500,000,000 aggregate principal amount of the Company?s 1.920% Senior Notes, Series C, due 2039, (d) ¥5,700,000,000 aggregate principal amount of the Company?s 2.160% Senior Notes, Series D, due 2044 and (e) ¥19,500,000,000 aggregate principal amount of the Company?s 2.400% Senior Notes, Series E, due 2054. The Private Placement Notes bear interest on the outstanding principal balance at the stated rates per annum from the date of issuance, payable semiannually on March 19 and September 19 of each year, commencing September 19, 2024, until such principal becomes due and payable.

The Private Placement Notes are senior unsecured obligations of the Company and rank at least pari passu in right of payment with all other unsecured senior indebtedness of the Company. The Purchase Agreement contains customary covenants, events of default, prepayment and other standard terms and conditions, many of which are consistent with terms and conditions of the Company?s other obligations, including under its existing credit facility. The Company intends to use the net proceeds from the issuance of the Private Placement Notes for general corporate purposes.

The Private Placement Notes have not been registered under the Securities Act of 1933, as amended, and were offered and sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act. On March 21, 2024, the Company issued (i) ¥13,000,000,000 aggregate principal amount of 1.048% Senior Notes due 2029, (ii) ¥27,900,000,000 aggregate principal amount of 1.412% Senior Notes due 2031 and (iii) ¥7,700,000,000 aggregate principal amount of 1.682% Senior Notes due 2034. The Registered Notes were offered by the Company in a public offering pursuant to the Company?s Registration Statement on Form S-3ASR (No.

333-259379), the prospectus dated September 7, 2021, and the related prospectus supplement dated March 14, 2024. The Company intends to use the net proceeds from the offering of Registered Notes for general corporate purposes. The 2029 Notes bear interest at the rate of 1.048% per annum from and including their date of issuance to, but excluding, March 21, 2029, or early redemption.

The 2031 Notes bear interest at the rate of 1.412% per annum from and including their date of issuance to, but excluding, March 20, 2031 or early redemption. The 2034 Notes bear interest at the rate of 1.682% per annum from and including their date of issuance to, but excluding, March 21, 2034, or early redemption. Interest on the Registered Notes is payable semi-annually in arrears on March 21 and September 21 each year, beginning on September 21, 2024, except that the final interest payment date in 2031, in the case of the 2031 Notes, shall be the maturity date of the 2031 Notes.

On or after three months, in the case of the 2029 Notes and the 2031 Notes, and six months, in the case of the 2034 Notes, prior to their respective maturity date, the applicable series of Registered Notes will be redeemable in whole or in part from time to time, at the sole option of the Company, at a redemption price equal to 100% of the aggregate principal amount of the applicable series of Registered Notes to be redeemed plus accrued and unpaid interest on the principal amount of the Registered Notes to be redeemed, if any, to, but not including, the redemption date. The Registered Notes are general unsecured obligations and rank equally in right of payment with any of the Company?s existing and future unsecured senior indebtedness. The Registered Notes were issued under an indenture, dated as of May 21, 2009 (the ?Base Indenture?), between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by (i) a thirty-eighth supplemental indenture, dated as of March 21, 2024 (the ?Thirty-Eighth Supplemental Indenture?) between the Company and the Trustee, in the case of the 2029 Notes, (ii) a thirty-ninth supplemental indenture, dated as of March 21, 2024 (the ?Thirty-Ninth Supplemental Indenture?) between the Company and the Trustee, in the case of the 2031 Notes, and (iii) a fortieth supplemental indenture, dated as of March 21, 2024 (the ?Fortieth Supplemental Indenture?) between the Company and the Trustee, in the case of the 2034 Notes.

As used herein, the term ?Indenture? means the Base Indenture as supplemented by (1) in the case of the 2029 Notes, the Thirty-Eighth Supplemental Indenture, (2) in the case of the 2031 Notes, the Thirty-Ninth Supplemental Indenture and (3) in the case of the 2034 Notes, the Fortieth Supplemental Indenture. The Indenture provides for customary events of default, including, among other things, nonpayment, failure to comply with the other agreements in the Indenture for a period of 90 days, and certain events of bankruptcy, insolvency and reorganization.