Millea Holdings, Inc. (the "Company") resolved at a meeting of its board of directors 
today to make a proposal at the 1st ordinary general meeting of shareholders to be held 
on June 27, 2003, regarding a reduction of additional paid-in capital as detailed below.

   1.Purpose of the reduction of additional paid-in capital
        The Company intends to reduce additional paid-in capital pursuant to Article 289, 
        section 2 of the Commercial Code, in preparation for its future financial policies 
        such as a repurchase of its own shares.

   2.Amount of the reduction
        500 billion yen
        (The aggregate amount of stockholders' equity will not change since the 500 billion 
        yen will be transferred to other capital surplus.)

   3.Schedule
        (a) Date of the resolution at the meeting of the board of directors:
               May 29, 2003
        (b) Scheduled date of the resolution at the general meeting of shareholders:
               June 27, 2003
        (c) Termination date of the period for creditors to assert objections:
               Early August, 2003
        (d) Effective date:
               Early August, 2003