We advised SMTG on its debut dollar-denominated subordinated notes offering

Davis Polk advised Sumitomo Mitsui Trust Group, Inc. (SMTG) in connection with a debut Rule 144A / Regulation S offering of subordinated notes, which consisted of $500 million aggregate principal amount of 5.416% subordinated callable fixed-to-floating-rate notes due 2036. The subordinated notes are expected to qualify as Tier 2 capital for SMTG. The notes are listed on the Singapore Exchange Securities Trading Limited.

SMTG is the holding company for the SuMi Trust Group, an independent financial group specialized in trust banking, whose core subsidiary, Sumitomo Mitsui Trust Bank, Limited, 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 associates Ayano Kitano and Andrew Masaru Orita. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Counsel Leon E. Salkin and associate Alex Brod provided 1940 Act advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.

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