December 24, 2013

Daido Life Insurance Company

Tetsuhiro Kida, President

Strategic Investment in the German Insurance group NÜRNBERGER

Daido Life Insurance Company ("Daido"), a member of T&D Life Group, is pleased to announce that Daido has signed agreements to acquire a 5% stake in NÜRNBERGER Beteiligungs- Aktiengesellschaft ("NÜRNBERGER"), a publicly listed German Insurance group. At the same time, Daido has entered into a co-operation agreement with NÜRNBERGER.
NÜRNBERGER, with approximately 130 years of history since its foundation in 1884, is a leading German insurance group which mainly operates in life insurance. Daido and NÜRNBERGER sympathize with their respective corporate philosophy and truly believe that Daido's strategic investment will be of mutual benefit for both organizations.
On the basis of the co-operation agreement, Daido and NÜRNBERGER will explore the exchange of personnel and information and also explore joint strategic initiatives, including a

cooperation in the area of products/services and investments.

For inquiries regarding the above, please contact:

Investor Relations, T&D Holdings, Inc. Tel: +81-3-3434-9142

(Reference)

Overview of NÜRNBERGER

Company Name

NÜRNBERGER Beteiligungs-Aktiengesellschaft

Year of Foundation

1884

Location of the Headquarters

Nürnberg, Germany

Representative

Dr. Armin Zitzmann (CEO)

Major Business Areas of the

Group

Life insurance and Property-Casualty insurance

Key Figures (consolidated) (FY2012)

Premium Income (Total) EUR 3,639 million

(in Life business) EUR 2,702 million

Key Figures (consolidated) (FY2012)

Net Income (Total) EUR 82 million

(in Life business) EUR 60 million

Key Figures (consolidated) (FY2012)

Total Assets EUR 25,169 million

Rating

[The primary entities of the group:

Life: NÜRNBERGER Lebensversicherung AG and

P&C: NÜRNBERGER Allgemeine Versicherungs-AG]

A+, stable (Fitch Ratings; Insurer Financial Strength Rating)

A, stable (Standard & Poor's; Insurer Financial Strength Rating)

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