September 2, 2019
T&D Holdings, Inc.
Hirohisa Uehara, President(Security Code: 8795, TSE First Section)

Notice Regarding the Execution of the Capital and Business Alliance Agreement withTikehau Capital SCA, a French Asset Management and Investment Company
T&D Holdings, Inc. (President: Hirohisa Uehara, the “Company”) of the T&D Insurance Group(the “Group”) entered into the Capital and Business Alliance Agreement (the “Agreement”) withTikehau Capital SCA , a French asset management and investment company, as of today.
Tikehau Capital is a leading European asset management and investment group listed onEuronext Paris, with €23.4bn of assets under management (as at June 30, 2019) and shareholders’equity of €3.0bn (as at March 31, 2019, including the amount of a capital increase completed inJune 2019). Tikehau Capital invests notably through its asset management company Tikehau
Investment Management SAS (“Tikehau IM”) in various asset classes (private debt, real estate,private equity and liquid strategies), on behalf of institutional and private investors.
T&D Asset Management Co., Ltd. (“TDAM”) of the Group will market Private Debt products(which have been gaining interest from Japanese pension investors in the context of an ultra-low
interest rate environment) managed by Tikehau IM to pension investors in Japan based on theAgreement. In addition, TDAM and Tikehau IM will consider the possibility of collaboration in
Japan for marketing of other products of Tikehau IM.
As part of this alliance, T&D United Capital Co., Ltd. (“TDUC”) of the Group expresses its
intention to become a shareholder of Tikehau Capital through the acquisition of outstanding
Tikehau Capital shares, with the aim of further strengthening this strategic relationship.
In the “T&D Insurance Group Medium-Term Management Plan (FY2019- FY2021)” announced
on June 3, 2019, the Company positioned the “Diversification of the Business Portfolio” as a pillarof growth strategy alongside the strengthening of its core businesses. In this connection, theCompany has a policy aim of diversifying revenue sources through investments in the asset
management business and closed book business. The Company believes that this project willcontribute towards the realization of such policy.
Our Group will continue striving to expand group profits over the medium to long term, throughmaking strategic investments in business areas which have a highly affinity to the life insurance
business.

[Contact Information]
T&D Holdings, Inc., Group Planning Department, Investor Relations Division
Tel: +81-3-3272-6103

[Exhibit]
1. Outline of Partners Corporations(1) Tikehau Capital
Headquarters

 Paris, France

Representatives

 Antoine Flamarion(Co-founders) Mathieu ChabranYear of Establishment

 2004

Stock Exchange Listing Euronext Paris

Locations Paris, London, Brussels, Madrid, Milan, New York, Seoul,Singapore, Tokyo

Major Asset Management

 Private DebtStrategies

 Real Estate Private Equity
 Liquid Strategies (high yield bond, subordinated bond, etc.)

Outstanding Assets under Approx. 23.4 billion euros (Approx. 2.8 trillion yen) as at June

Management (Group)30, 2019

Number of Employees Approx. 480 employees as at June 30, 2019

(Group)(As of the end of June 2019, 1 euro = 120 yen)
(2) Tikehau IMHeadquarters

 Paris, France

Representative Bruno de Pampelonne

Year of Establishment

 2006

Parent Company

 Tikehau Capital (100%)(As of the end of June 2019)

2. Subsidiaries of the Company that compose the Agreement
TDAM is an asset management subsidiary, which conducts investment trust business andinvestment advisory business.
TDUC is an investment subsidiary established in June this year in order to efficiently build
up strategic investments into business areas expected to have an affinity with the life insurance
business.
3. Outline of Private Debt
Private Debt generally refers to debt financing extended by entities (such as funds) otherthan banks to unrated companies, which requires special skills for analyzing their credit.
Despite its limited liquidity, it attracts investors as an alternative investment due to stable
income gains and high risk-adjusted returns.
In the Private Debt field, Tikehau Capital has one of the largest asset management
capabilities in Europe with strengths in credit analysis and offers attractive yields for the funds
currently being managed.