Aflac's 2015 Proxy

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TABLE OF CONTENTS
Notice of Annual Meeting of Shareholders
Proxy Summary
Solicitation and Revocation of Proxy
Proposal 1 — Election of Directors
Director Compensation
Security Ownership of Management
Section 16(a) Beneficial Ownership Reporting Compliance
Corporate Governance
Board and Committees
Compensation Discussion and Analysis
Compensation Committee Report
2014 Summary Compensation Table
2014 Grants of Plan-Based Awards
2014 Outstanding Equity Awards at Fiscal Year-End
2014 Option Exercises and Stock Vested
Pension Benefits
Nonqualified Deferred Compensation
Potential Payments Upon Termination or Change in Control
Equity Compensation Plan Information
Proposal 2 — Advisory Vote on Executive Pay-for-Performance Compensation
Related Person Transactions
Audit Committee Report
Proposal 3 — Ratification of Appointment of Independent Registered Public Accounting Firm
Other Matters