Millea Holdings, Inc. ("Millea Holdings", President: Kunio Ishihara) has reached an agreement with Mondial Assistance Group (President: Alain Demissy), based in Paris (Note 1), the world's largest assistance company affiliated to Allianz Group in Germany that Millea Holdings will acquire 50% of the shares of AS Nijyuyon Inc. ("AS24"), which is a Japanese subsidiary company of Mondial Assistance Group, in January 2006. The objective is to provide comprehensive assistance service (Note 2) and business process outsourcing ("BPO") (Note 3) service in Japan as a new business for Millea Group. Millea Holdings and Mondial Assistance Group have also agreed to name the joint venture company "Millea Mondial Co.,Ltd.("the JV").

The JV will provide customers with the highest quality assistance services to fulfill their various requirements through combining Mondial Assistance Group's expertise which is considered to be the most advanced in the world, and the Millea Group's expertise and strength in product development and marketing in the field of life and non-life insurance business.

Millea Group aims to exploit utmost synergy effect between the insurance business, which focuses on "cash benefits", and assistance service business, which focuses on "non-cash benefits", by strategically promoting the two businesses which are highly complementary to each other and providing top quality "fusion products" which features the function of both protection and service to meet the diversifying needs of the customers. "Total Assist", a new "fusion" automobile policy which Tokio Marine & Nichido Fire Insurance Co., Ltd. released in August 2005 is a pioneer of Millea Group's pursuit of this strategy. The JV will contribute to enhance and develop this business domain.

Millea Group will provide customers with comprehensive "safety and security" by taking advantage of the group's professional expertise and intends to expand not only the core domestic life and non-life insurance business but also new business domains which have higher profitability and growth potential to maximize the total value of the group by utilizing unique strength and features of the group companies. Our acquisition is subject to approval from the related authority.

Note 1: Mondial Assistance Group is the leading company in assistance business with 
           a strong network consisted of more than 400,000 service providers and local 
           subsidiary companies in 28 countries.
Note 2: Their main assistance businesses are as follows: 
a) Home assistance: arrangement services for house maintenance such as fixing water 
    leaks and unlocking the doors.
b) Concierge assistance: comprehensive arrangement services for home helpers and 
    private tutors etc.
c) Travel assistance: providing travel information and reserving hotels and airline tickets 
    etc. during business trips or travels.
d) Medical assistance: introducing hospitals and arranging transportation services by 
    automobiles and airlines in case of illness or injury.
e) Road assistance: arrangement services for towing automobiles in case of breakdown 
    or accident, charging batteries and unlocking the automobile doors etc.

Note 3: Business Process Outsourcing (BPO) is an outsourcing activity including call   
           center services such as receiving customers' inquiries, orders or claims. 

Outline of the JV:
New corporate name: Millea Mondial Co.,Ltd.
Home address: Toranomon 1-10, 3-chome, Minato-ku, Tokyo, JAPAN
Employees: approximately 130
Amount of capital: 100,000,000 yen
Equity participation: Millea Holdings will participate in 50% of the capital of AS24 in Janurary 2006 which is a Japanese subsidiary fully owned by Mondial Assistance Group and the name of the joint venture company will be changed to the new corporate name.