T&D : Financial Summary for the Six Months Ended September 30, 2018

(For the six months ended September 30, 2017)

November 13, 2017

Name of Company: T&D Holdings, Inc.

Stock Listings: Tokyo

Security Code No.: 8795

Head Office: Tokyo, Japan

URL: http://www.td-holdings.co.jp/en/ Projected Filling Date of Quarterly Securities Report: November 28, 2017 Projected Starting Date of Dividend Distribution: December 5, 2017 Supplemental Information for Quarterly Financial Statements: Available

Holding of Quarterly Financial Results Meeting: Yes (for institutional investors and analysts)

1. Consolidated Operating Results for the Six Months Ended September 30, 2017 (April 1, 2017 - September 30, 2017)

2. Results of Operations

   Note: Amounts of less than one million yen are omitted, and percentages have been rounded to the nearest percent. % changes are presented in comparison with the same period of the previous year.

   	Ordinary Revenues % change		Ordinary Profit % change		Profit Attributable to Owners of Parent %change
   Six months ended September 30, 2017	¥921,014 million	(3.6)	¥83,564 million	(7.9)	¥44,100 million	(8.5)
   Six months ended September 30, 2016	¥955,815 million	(7.4)	¥90,780 million	(5.0)	¥48,210 million	(0.4)

   Note: Comprehensive income was ¥120,701 million (- %) for the six months ended September 30, 2017, and ¥(36,484) million (- %) for the six months ended September 30, 2016.

   	Net Income per Share	Net Income per Share (Fully Diluted)
   Six months ended September 30, 2017 Six months ended September 30, 2016	¥70.37 ¥75.16	¥69.01 ¥73.76

3. Financial Conditions

4. 	Total Assets	Net Assets	Equity Ratio
   As of September 30, 2017 As of March 31, 2017	¥15,099,450 million ¥14,891,167 million	¥1,190,504 million ¥1,096,772 million	7.9% 7.3%

   Note: Equity was ¥ 1,185,794 million as of September 30, 2017, and ¥1,092,856 million as of March 31, 2017.

   Dividends per Share
   First Quarter-end	Second Quarter-end	Third Quarter-end	Year-end	Annual
   Year ended March 31, 2017	-	¥15.00	-	¥17.50	¥32.50
   Year ending March 31, 2018	-	¥17.50
   Year ending March 31, 2018 (Forecast)	-	¥17.50	¥35.00

5. Dividends

   Note: Revisions to previously announced dividend forecasts: None.

6. Consolidated Forecasts for the Year Ending March 31, 2018 (April 1, 2017 - March 31, 2018)

   Note: % changes are presented in comparison with the same period of the previous year.

   	Ordinary Revenues	Ordinary Profit	Profit Attributable to Owners of Parent	Net Income per Share
   Year ending March 31, 2018	¥1,900,000 (3.8)% million	¥150,000 (4.6)% million	¥74,000 (1.6)% million	¥116.99

   Note: Revisions to previously announced financial forecasts: None.

7. Notes

9. Changes in Consolidated Subsidiaries (Change in Scope of Consolidation): None

10. Changes in Accounting Policies, Accounting Estimates and Restatement of Corrections:

11. Changes in accounting policies due to the revision of accounting standards and other regulations: None

12. Changes in accounting policies other than 1. above: None

13. Changes in accounting estimates: None

14. Restatement of corrections: None

15. Number of Outstanding Shares (Common Stock)

16. Number of outstanding shares including treasury shares at the end of the period: As of September 30, 2017: 655,000,000

    As of March 31, 2017: 681,480,000

17. Number of treasury shares at the end of the period: As of September 30, 2017: 32,803,953

    As of March 31, 2017: 48,925,774

18. Average number of outstanding shares during the period: For the six months ended September 30, 2017: 626,730,643 For the six months ended September 30, 2016: 641,436,628

19. • This "FINANCIAL SUMMARY" (Interim "TANSHIN") is not subject to the interim review.

    • Explanation for the proper use of earnings forecasts and other special remarks.

    The forward-looking statements made in this document, including the earnings forecasts, are based on current obtained information and certain assumptions which are deemed rational by the Company. The Company offers no assurance that these statements will be realized. Actual results may differ substantially due to various factors.

    Contents of Appendix 1. Unaudited Consolidated Financial Statements and Main Notes

20. Unaudited Consolidated Balance Sheet 2

21. Unaudited Consolidated Statement of Operation and Unaudited Consolidated Statement of Comprehensive Income 3

22. Unaudited Consolidated Statement of Changes in Net Assets 5

23. Notes on Unaudited Consolidated Financial Statements 6

[Notes on Going-Concern Assumption] 6

*Supplementary materials for financial statements are available on T&D Holdings' website.

1. Unaudited Consolidated Financial Statements and Main Notes‌ (1) Unaudited Consolidated Balance Sheet

(Millions of yen)

As of March 31, 2017	As of September 30, 2017
Assets:	862,425	664,887
Cash and deposits
Call loans	11,302	10,582
Monetary claims purchased	141,242	127,369
Monetary trusts	583,476	651,022
Securities	11,001,953	11,399,990
Loans	1,685,118	1,688,570
Tangible fixed assets	319,884	321,473
Intangible fixed assets	23,195	24,803
Due from agencies	756	666
Due from reinsurers	3,535	3,575
Other assets	210,889	188,820
Deferred tax assets	49,143	19,365
Reserve for possible loan losses	(1,755)	(1,676)
Total assets	14,891,167	15,099,450
Liabilities: Policy reserves Reserve for outstanding claims Policy reserve Reserve for policyholder dividends Due to agencies Due to reinsurers Short-term debenture Bonds Other liabilities Provision for bonuses to directors and audit & supervisory board members Net defined benefit liability Provision for directors' and audit & supervisory board members' retirement benefits Reserves under the special laws Reserve for price fluctuations Deferred tax liabilities Deferred tax liabilities on land revaluation	13,139,218	13,210,785
	70,065	66,679
	12,976,211	13,055,764
	92,942	88,341
	334	597
	1,781	1,910
	2,999	6,000
	50,095	50,080
	332,772	372,698
	263	137
	56,547	49,102
	53	49
	204,894	212,165
	204,894	212,165
	7	13
	5,426	5,406
Total liabilities	13,794,395	13,908,946
Net assets:	207,111	207,111
Capital stock
Capital surplus	194,522	156,787
Retained earnings	460,683	493,764
Treasury shares	(67,763)	(46,703)
Total stockholders' equity	794,554	810,960
Valuation difference on available-for-sale securities	338,842	415,277
Deferred gains (losses) on hedging instruments	(5,203)	(5,052)
Land revaluation	(35,354)	(35,404)
Foreign currency translation adjustments	17	13
Total accumulated other comprehensive income	298,302	374,834
Subscription rights to shares	1,178	1,223
Non-controlling interests	2,737	3,485
Total net assets	1,096,772	1,190,504
Total liabilities and net assets	14,891,167	15,099,450