On April 2, 2002, The Tokio Marine and Fire Insurance Company, Limited ("Tokio Marine"; president: Kunio Ishihara) and The Nichido Fire and Marine Insurance Company, Limited ("Nichido Fire"; president: Tomio Higuchi) (collectively, the "Companies") jointly established a holding company, Millea Holdings, Inc., through a statutory share exchange under Japanese law. The changes in the parent company and in the major shareholders of the Companies are as shown in the appendix.

As a result of the transaction, the Companies have become wholly owned subsidiaries of Millea Holdings, Inc. 

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                                                                                                                Appendix

1. Changes in the parent company of the Companies. 
   
   (1) Outline of the parent company:

        Company Name:
             Millea Holdings, Inc.
        Address:
             5-1, Otemachi 1-chome, Chiyoda-ku, Tokyo
        Name of Representative:
             Kunio Ishihara
        Share Capital:
             150 billion yen
        Business Operations:
             Management of non-life insurance companies, life insurance companies, 
             securities companies, foreign companies engaged in insurance businesses and 
             any other company which is or may become a subsidiary of Millea Holdings in 
             accordance with the provisions of the Insurance Business Law of Japan; and 
             Any other business pertaining to the foregoing paragraph. 

   (2) Number of voting shares held in the Companies by the parent company and the 
        ratio of its voting shares to all outstanding voting shares:

        - Tokio Marine
             Before changes:
                0shares ( 0.00%)
             After changes:
                1,549,692,481 shares (100.00%)
        - Nichido Fire
             Before changes: 
                0 shares ( 0.00%)
             After changes:
                445,443,869 shares (100.00%) 

   (3) Reason for the changes and the date of the changes:

        - Reason:
             Establishment of a holding company through a statutory share exchange under 
             Japanese law. 
        - Date: 
             April 1, 2002 

2. Changes in the major shareholders of the Companies. 

   (1) Name of the major shareholder: 
          Millea Holdings, Inc. 
  
    (2) Number of voting shares held by the major shareholder of the Companies and the 
         ratio of its voting shares to all outstanding voting shares: 
    
        - Tokio Marine
             Before changes:
                0 shares (0.00%)
             After changes:
                1,549,692,481 shares (100.00%) 
        - Nichido Fire
             Before changes:
                0 shares ( 0.00%)
             After changes:
                445,443,869 shares (100.00%) 

   (3) Date of the changes: 
        April 1, 2002