Tokio Marine Holdings, Inc. ("TMHD") (Headquarters: Chiyoda-ku, Tokyo, President: Shuzo Sumi) and NTT FINANCE CORPORATION ("NTT FINANCE") (Headquarters: Minato-ku, Tokyo, President: Kanji Koide), a subsidiary of NIPPON TELEGRAPH AND TELEPHONE CORPORATION ("NTT"), agreed today on the joint establishment of a preparatory company that will be transformed into a non-life insurance company (the "New Company"). A business and capital alliance agreement between TMHD and NTT FINANCE was signed today.

Through the preparatory company, TMHD and NTT FINANCE will prepare to obtain regulatory approval and to commence operations of a non-life insurance business.

1. Profile of the Preparatory Company

(1) Company name: E. design Insurance Preparatory Co., Ltd. (Tentative)

(2) Date of establishment: January 26, 2009 (Tentative）

(3) Location of headquarters: 13F Tokyo Opera City Tower 3-20-2,
                                                Nishi-Shinjuku, Shinjuku-ku, Tokyo

(4) Capital (including capital surplus): 7,000,000,000 yen

(5) Shareholders and shareholding percentages:
(i) Tokio Marine Holdings, Inc.: 85.01%
(ii) NTT FINANCE CORPORATION: 14.99%

(6) President: Noritake Higurashi

(7) Business Operations:
(i) Obtaining a non-life insurance business license under the Insurance Business Law of Japan; and
(ii) Establishing the infrastructure for the operation of a non-life insurance business

2. Purpose of the Business and Capital Alliance

The New Company is expected to be formed through the alliance between TMHD and NTT FINANCE. By integrating knowledge and expertise of both TMHD and NTT FINANCE, the New Company intends to develop a new business model based on a customer interface that uses mobile phone networks and the Internet.

(1) TMHD intends to contribute its knowledge and expertise as it relates to insurance underwriting and claim settlements.

(2) NTT FINANCE intends to contribute its knowledge and expertise as it relates to the Next Generation Network (NGN), mobile phone networks and the Internet.

3. Schedule and Financial Impact

Upon approval of regulatory authorities, the preparatory company is expected to be transformed into the New Company within fiscal year 2009 (April 2009 to March 2010). The New Company will commence the operation of a non-life insurance business focused on automobile insurance.

The financial impact of the preparatory company on TMHD's consolidated business results for fiscal year 2008 (April 2008 to March 2009) is expected to be minimal.


■ Profile of NTT FINANCE CORPORATION（http://www.ntt-finance.co.jp）

NTT FINANCE provides a range of financial services including leasing and installment sales, corporate loans, venture capital investments, credit cards and housing loans as a core financial services company of the NTT group.

NTT FINANCE develops and offers optimal financial solutions that meet the financial needs and expectations of all its domestic and overseas customers both inside and outside of the NTT group.

■ Date of establishment: April, 1985
■ Capital: 6,773,500,000 yen
■ Major Shareholders:
(i) NIPPON TELEGRAPH AND TELEPHONE CORPORATION;
(ii) NTT DATA CORPORATION;
(iii) NTT DOCOMO, Inc.;
(iv) NTT Urban Development Corporation; and
(iv) Others