Aflac's 2017 Proxy

The Finance and Investment Committee

FINANCE RESPONSIBILITIES

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reviewing and reassessing significant financial policies and matters of Treasury and

corporate finance, including the Company’s overall capital structure, dividend policy,

share repurchase program, liquidity, and the issuance or retirement of debt and other

capital securities;

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reviewing and providing guidance to the Board on significant reinsurance transactions

and strategies;

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reviewing and providing guidance on the Company’s credit ratings, ratings strategy, and

overall rating agency dialogue;

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reviewing and providing guidance to the Board on the financing strategy and capital

impact of corporate development activities and multiyear strategic capital project

expenditures;

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reviewing and reassessing the Company’s overall hedging strategy, including foreign

exchange and cash flow hedging, ensuring proper governance over policies and

procedures associated with trading in derivative instruments;

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in partnership with the Compensation Committee, overseeing the Company’s processes

for managing the finances of the employee pension and defined contribution benefit

plans, including the related investment policies, actuarial assumptions, and funding

policies; and

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in partnership with the Audit and Risk Committee, reviewing and providing guidance on

the Company’s corporate insurance coverages.

INVESTMENT RESPONSIBILITIES

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overseeing the investment process and the policies, strategies, and programs of the

Company and its subsidiaries relating to investment risk management;

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periodically reviewing and assessing the adequacy of the Global Investment Policy of the

Company and its subsidiaries, and approving any changes to that policy;

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reviewing and approving investment transactions made on behalf of the Company and its

subsidiaries; and

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reviewing the performance of the investment portfolios of the Company and its

subsidiaries.

MEMBERS

Charles B. Knapp

(Chairman)

Paul S. Amos II

Elizabeth J. Hudson

Thomas J. Kenny

NUMBER OF

MEETINGS IN 2016

Corporate Governance

Board and Committees

AFLAC INCORPORATED

2017 PROXY STATEMENT