T&D : Financial Summary for the Three Months Ended June 30, 2017

(For the three months ended June 30, 2017)

August 9, 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: August 9, 2017 Projected Starting Date of Dividend Distribution: -

Supplemental Information for Quarterly Financial Statements: Available

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

1. Consolidated Operating Results for the Three Months Ended June 30, 2017 (April 1, 2017 - June 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 term of the previous year.

   	Ordinary Revenues % change		Ordinary Profit % change		Profit Attributable to Owners of Parent %change
   Three months ended June 30, 2017	¥457,298 million	(6.3)	¥37,547 million	(17.4)	¥19,453 million	(22.0)
   Three months ended June 30, 2016	¥488,202 million	(12.6)	¥45,445 million	3.8	¥24,955 million	16.5

   Note: Comprehensive income was ¥72,160 million (- %) for the three months ended June 30, 2017 and ¥(40,150) million (- %) for the three months ended June 30, 2016.

   	Net Income per Share	Net Income per Share (Fully Diluted)
   Three months ended June 30, 2017 Three months ended June 30, 2016	¥30.81 ¥38.53	¥30.22 ¥37.83

   	Total Assets	Net Assets	Equity Ratio
   As of June 30, 2017 As of March 31, 2017	¥14,991,386 million ¥14,891,167 million	¥1,141,659 million ¥1,096,772 million	7.6% 7.3%

3. Financial Conditions

4. Note: Equity was ¥1,137,244 million as of June 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	-
   Year ending March 31, 2018 (Forecast)	¥17.50	-	¥17.50	¥35.00

5. Dividends

   Note: Revisions to previously announced dividend forecasts: None

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

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

   	Ordinary Revenues	Ordinary Profit	Net Income Attributable to Owners of Parent	Net Income per Share
   Year ending March 31, 2017	¥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 Significant Subsidiaries During the Consolidated Cumulative Quarter : None

10. Adoption of Special Accounting Method for the Quarterly Consolidated Financial Reporting: None

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

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

13. Changes other than 1. above: None

14. Changes in accounting estimates: None

15. Restatement of corrections: None

16. Number of Outstanding Shares (Common Stock)

17. Number of outstanding shares including treasury shares at the end of the term: as of June 30, 2017: 681,480,000

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

18. Number of treasury shares at the end of the term: as of June 30, 2017: 59,306,347

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

19. Average number of outstanding shares during the term: for the three months ended June 30, 2017: 631,313,888

20. for the three months ended June 30, 2016: 647,624,829

    • This "FINANCIAL SUMMARY" (Quarterly "TANSHIN") is not subject to the quarterly 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 2

21. Unaudited Consolidated Balance Sheet 2

22. Unaudited Consolidated Statement of Operation and Unaudited Consolidated

    Statement of Comprehensive Income 3

23. Notes on Unaudited Consolidated Financial Statements 4

[Notes on Going-Concern Assumption] 4

[Notes on Material Changes in Shareholders' Equity] 4

[Significant Subsequent Events] 5

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

1. Unaudited Consolidated Financial Statements‌ (1) Unaudited Consolidated Balance Sheet

(Millions of yen)

As of March 31, 2017	As of June 30, 2017
Assets:	862,425	724,775
Cash and deposits
Call loans	11,302	10,732
Monetary claims purchased	141,242	134,709
Monetary trusts	583,476	611,758
Securities	11,001,953	11,207,048
Loans	1,685,118	1,709,908
Tangible fixed assets	319,884	321,175
Intangible fixed assets	23,195	23,814
Due from agencies	756	706
Due from reinsurers	3,535	3,340
Other assets	210,889	216,529
Deferred tax assets	49,143	28,615
Reserve for possible loan losses	(1,755)	(1,727)
Total assets	14,891,167	14,991,386
Liabilities: Policy reserves Reserve for outstanding claims Policy reserve Reserve for policyholder dividends Due to agencies Due to reinsurers Short-term debentures 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	13,150,179
	70,065	64,901
	12,976,211	12,995,285
	92,942	89,992
	334	846
	1,781	1,852
	2,999	6,000
	50,095	50,087
	332,772	370,034
	263	68
	56,547	56,697
	53	46
	204,894	208,475
	204,894	208,475
	7	12
	5,426	5,426
Total liabilities	13,794,395	13,849,726
Net assets:	207,111	207,111
Capital stock
Capital surplus	194,522	194,500
Retained earnings	460,683	469,067
Treasury shares	(67,763)	(84,435)
Total shareholders' equity	794,554	786,244
Valuation difference on available-for-sale securities	338,842	391,468
Deferred gains (losses) on hedging instruments	(5,203)	(5,127)
Land revaluation	(35,354)	(35,354)
Foreign currency translation adjustment	17	13
Total accumulated other comprehensive income	298,302	350,999
Subscription rights to shares	1,178	938
Non-controlling interests	2,737	3,476
Total net assets	1,096,772	1,141,659
Total liabilities and net assets	14,891,167	14,991,386