Millea Holdings, Inc. (the "Company") announced that on June 29, 2004 its board of directors approved repurchases of its own shares, pursuant to Article 211-3, paragraph 1, item 2 of the Commercial Code, as detailed below.

1.Reasons for the repurchases of shares
The Company intends to repurchase its own shares in order to implement flexible financial policies.

2.Details of the repurchases of shares
(a) Class of shares to be repurchased:
     Common stock of Millea Holdings, Inc.
(b) Aggregate number of shares to be repurchased:
     Up to 9,000 shares.
     (Approximately 0.5% of the shares outstanding.) 
(c) Aggregate purchase price of shares:
     Up to 13 billion yen.
(d) Period in which repurchases would be made:
     From July 1, 2004 through July 30, 2004.

(For reference)

Status of the Company's own shares as of May 31, 2004.
(a) Number of shares outstanding (excluding treasury stock): 1,775,442.76 shares.
(b) Number of shares held as treasury stock: 81,605.99 shares.