The Board of Directors of Millea Holdings, Inc. ("Millea Holdings") resolved today the details of the allotment of the stock acquisition rights pursuant to a stock option scheme under a stock-linked compensation plan to be issued to Millea Holdings' directors and corporate auditors and to the directors and corporate auditors of its wholly-owned subsidiaries, Tokio Marine & Nichido Fire Insurance Co., Ltd. and Tokio Marine & Nichido Life Insurance Co., Ltd. (collectively referred to as the "Directors and Corporate Auditors"), in accordance with Articles 280-20 and 280-21 of the Commercial Code and the relevant resolution of the 3rd ordinary general meeting of shareholders held today.



1. Name of the stock acquisition rights
   July 2005 Millea Holdings Stock Acquisition Rights (stock option scheme under a stock-   linked compensation plan)


2. Class and number of shares to be issued upon exercise of the stock acquisition rights
   310 shares of Millea Holdings common stock.


3. Total number of stock acquisition rights
   310 stock acquisition rights.

   The number of shares to be issued upon exercise of the stock acquisition rights shall 
   be one (1) share of Millea Holdings common stock.


4. Issue price and issue date of stock acquisition rights
   The stock acquisition rights shall be issued without receipt of monetary consideration 
   by Millea Holdings. The issue date shall be July 14, 2005.

5. Amount to be paid upon exercise of stock acquisition rights
   The amount payable to Millea Holdings upon exercise of the stock acquisition rights 
   shall be determined by multiplying one (1) yen, the per-share exercise price, by the  
   number of common shares to be issued upon exercise of the stock acquisition rights.


6. Total issue price of new shares when new shares are issued upon exercise of stock acquisition rights
   310 yen


7. Exercise period of stock acquisition rights
   The exercise period of the stock acquisition rights shall be from July 15, 2005 through 
   June 30, 2035.


8. Additional conditions for the exercise of the stock acquisition rights 
   a. Any Director or Corporate Auditor may exercise his/her stock acquisition rights 
       that he/she holds only after he/she no longer occupies any position as either a 
       director or corporate auditor of Millea Holdings, Tokio Marine & Nichido Fire 
       Insurance Co., Ltd. or Tokio Marine & Nichido Life Insurance Co., Ltd., as applicable.
   b. A partial exercise of any single stock acquisition right shall not be allowed.

9. Redemption of stock acquisition rights
   Millea Holdings may, at any time, redeem unexercised stock acquisition rights 
   acquired and held by Millea Holdings, without payment of any monetary consideration.


10. Restriction on the transfer of stock acquisition rights
   Any transfer of the stock acquisition rights requires the approval of the Board of 
   Directors of Millea Holdings.

11. Certificates of stock acquisition rights
   Certificates of the stock acquisition rights shall be issued only upon request from the 
   holders of the stock acquisition rights.

12. The amount to be capitalized when new common shares are issued upon exercise of stock acquisition rights
   The amount to be capitalized shall be one (1) yen per share.


13. Dividends payable when new shares are issued upon exercise of stock acquisition rights
   The first payment of dividends or interim dividends for common shares that are newly 
   issued upon exercise of the stock acquisition rights shall be calculated as follows: 

   a. When stock acquisition rights are exercised between April 1 and September 30 of   
       any given year during the exercise period, dividends shall be calculated as if the 
       relevant common shares were issued on April 1 of that year. 

   b. When stock acquisition rights are exercised between October 1 of any given year 
       during the exercise period and March 31 of the following year, dividends shall be     
       calculated as if the relevant common shares were issued on October 1 of that given 
       year.


14. Where to submit the application for the exercise of stock acquisition rights   
   Personnel Planning Dept. of Millea Holdings, or the department in charge of the 
   business from time to time.


15. The place handling payment upon exercise of stock acquisition rights
   The Head Office of The Mitsubishi Trust and Banking Corporation, or its successor 
   bank or its successor office/branch from time to time.

16. The number of directors and corporate auditors to whom allotment shall be made
   A total of 63 Directors and Corporate Auditors.