We advised SMTB on the offering

Davis Polk advised Sumitomo Mitsui Trust Bank, Limited (SMTB) in connection with the update of its global medium-term note program and a drawdown of senior notes under Rule 144A / Regulation S, which consisted of $500 million aggregate principal amount of 4.850% senior notes due 2029, $750 million aggregate principal amount of floating-rate senior notes due 2029 and $1 billion aggregate principal amount of floating-rate senior notes due 2031.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as the arrangers in connection with the program. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Daiwa Capital Markets America Inc. were the joint lead managers and joint bookrunners for the offering. The notes are listed on the Singapore Exchange Securities Trading Limited.SMTB is one of the largest Japanese trust banks in terms of total trust account assets.

The Davis Polk corporate team included partner Christopher Kodama and associate Andrew Masaru Orita. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Associates Rebecca Sattaur and Hamza Suhail provided 1940 Act advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.

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