T&D : Revisions of Consolidated Earnings and Dividend Forecasts for the Fiscal Year Ended March 31, 2019

April 25, 2019

T&D Holdings, Inc.

Hirohisa Uehara, President

(Security Code: 8795, TSE First Section)

Revisions of Consolidated Earnings and Dividend Forecasts

for the Fiscal Year Ended March 31, 2019

T&D Holdings, Inc. (President: Hirohisa Uehara, "the Company") of the T&D Life Group hereby announces that it has revised the consolidated earnings and the dividend forecasts for the fiscal year ended March 31, 2019, as follows:

1.Consolidated Earnings Forecasts for the Fiscal Year Ended March 31, 2019 (April 1, 2018 - March 31, 2019)

(1) Details of the Revisions:					(Millions of yen)
				Profit		Net Income
		Ordinary	Ordinary	Attributable to
						Per Share
		Revenues	Profit	Owners of
						(Yen)
				Parent
	Previous Forecasts (A)	2,130,000	156,000	79,000		126.97
	Revised Forecasts (B)	2,140,000	146,900	72,800		118.45
	Amount of Change	10,000	(9,100)	(6,200)		-
	(B)-(A)
	Percentage of Change (%)	0.5	(5.8)	(7.8)		-
	(Reference)
	Results of the Previous	1,928,359	156,475	77,577		124.23
	Fiscal Year End

Note: "Previous Forecasts (A)" is the forecast previously announced on May 15, 2018.

(2) Reasons for the Revisions

Ordinary revenues are expected to be in line with the previous forecasts.

Ordinary profit is expected to be approximately 146.9 billion yen mainly due to increase in the provision for standard policy reserve associated with increase in new policies and increase in losses from derivatives, net, etc. caused by high level of currency hedging costs.

Profit attributable to owners of parent is expected to be approximately 72.8 billion yen.

Note: The above forecasts are based on the information available at the date of this announcement. Actual results may differ from the stated forecast figures due to various factors.

1

2.Dividend Forecast for the Fiscal Year Ended March 31, 2019

(1) Details of the Revision:

		Annual dividends
	Interim dividends	Year-end dividends	Total
Previous forecast		¥20	¥40
(Announced on May 15,2018)
Revised forecast		¥22	¥42
Actual dividends	¥20
for fiscal 2018
Actual dividends	¥17.5	¥20	¥37.5
for fiscal 2017

(2) Reasons for the Revision:

The Company sets its basic policy of first taking into consideration maintaining sufficient internal reserves to ensure the soundness of the group companies' management, and then works to increase shareholder value and conducts stable profit distribution.

In accordance with this policy, considering the financial soundness, to enhance shareholder return further, the Company has revised the year-end dividends forecast for the fiscal year ended March 31, 2019 by ¥ 2 per share from the previous forecast.

As a result, the annual dividends are expected to increase by ¥ 4.5 to ¥ 42 per share from the previously announced forecast of increasing by ¥ 2.5 to ¥ 40 per share.

This issue is scheduled to be submitted to the 15th Ordinary General Meeting of Shareholders which will be held in June, 2019.

[Contact Information]

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

2