T&D : Notice Regarding Determination of the Terms and Conditions of the Issuance of Domestic Subordinated Unsecured Bonds

January 24, 2020

T&D Holdings, Inc.

Hirohisa Uehara, President

(Security Code: 8795, TSE First Section)

Notice Regarding Determination of the Terms and Conditions of

the Issuance of Domestic Subordinated Unsecured Bonds

T&D Holdings, Inc. (President: Hirohisa Uehara, the "Company") of the T&D Insurance Group has today, determined the terms and conditions of the issuance of domestic subordinated unsecured bonds announced on November 28, 2019, and hereby notifies as follows:

1.	Issuer	T&D Holdings, Inc.
		T&D Holdings, Inc., Second	T&D Holdings, Inc., Third
		Series of Domestic	Series of Domestic
2.	Name of bond	Subordinated Unsecured Bonds	Subordinated Unsecured Bonds
		with Interest Deferral Option	with Interest Deferral Option
		and Early Redemption Option	and Early Redemption Option
3.	Principal amount	¥30 billion	¥40 billion
4.	Denomination	¥100 million
5.	Interest rate	From the day immediately	From the day immediately
		following January 30, 2020	following January 30, 2020
		until February 4, 2025: 0.69%	until February 4, 2030: 0.94%
		per annum	per annum
		From the day immediately	From the day immediately
		following February 4, 2025	following February 4, 2030:
		until February 4, 2030:	6-month Japanese yen LIBOR
		6-month Japanese yen LIBOR	plus 1.80%
		plus 0.64%
		From the day immediately
		following February 4, 2030:
		6-month Japanese yen LIBOR
		plus 1.64%
6.	Issue price	¥100 per amount of ¥100 of each bond
7.	Redemption price	¥100 per amount of ¥100 of each bond
		February 4, 2050 (30	February 4, 2050 (30
		year-bonds) The Company	year-bonds) The Company
8.	Maturity date	may, at its discretion, redeem	may, at its discretion, redeem
the bond (i) on any interest	the bond (i) on any interest
		payment date on and after	payment date on and after
		February 4, 2025 or (ii) upon	February 4, 2030 or (ii) upon

	the occurrence and	the occurrence and
	continuation of a regulatory	continuation of a regulatory
	event, a tax deductibility event	event, a tax deductibility event
	or a rating agency event on and	or a rating agency event on and
	after January 30, 2020, subject	after January 30, 2020, subject
	to a prior approval of the	to a prior approval of the
	regulatory authority.	regulatory authority.
9. Interest payment dates	February 4 and August 4 of each year
10. Subscription period	January 24, 2020
11. Payment date	January 30, 2020
	As to the payment of debt in the Company's liquidation
	proceedings, the bonds shall be subordinated to its senior
12. Subordination	indebtedness, rank substantially pari passu with its liquidation
	parity securities and preferred stock, and be senior to its common
	stock.

This disclosure has been prepared for the sole purpose of publicly announcing the information regarding the issuance of bonds by the Company, and not for the purpose of soliciting investment or engaging in any other similar activities within or outside Japan.

[Contact Information]

T&D Holdings, Inc., Group Planning Department, Investor Relations Division Tel: [phone]