May 21, 2008
Millea Holdings, Inc.
President: Shuzo Sumi
TSE code number: 8766
Distribution of surplus and share repurchases with a set annual maximum
Millea Holdings, Inc. (the "Company") announced that, at the meeting of the board of directors held on May 21, 2008, it adopted the following resolutions regarding the distribution of surplus with a record date of March 31, 2008 and share repurchases with a set annual maximum.
The Company intends to make the following proposal for the distribution of surplus for approval at the 6th Ordinary General Meeting of Shareholders to be held on June 23, 2008.
1. Distribution of surplus
(1) Details of the distribution
(2) Reasons for the distribution
The Company considers the distribution of profits to shareholders as one of the most important management tasks and has focused on its improvement. The Company aims to improve its dividend payout ratio in the medium-term. With regard to the dividends for the fiscal year ended March 31, 2008, in view of the aforementioned policy and the business results for the fiscal year, the Company resolved a dividend in the amount of 30 yen per share. Together with the interim dividend which was paid in the amount of 18 yen per share, the annual amount of dividends to be paid will be 48 yen per share, an increase of 12 yen per share from the previous fiscal year.
(Reference) Breakdown of annual dividends
2. Share repurchases with a set annual maximum
The board of directors approved repurchases of its own shares with a set annual maximum of 100 billion yen during the period beginning on June 24, 2008 and ending on the Company's 7th Ordinary General Meeting of Shareholders, scheduled for June 2009. Based on this plan of share repurchases with a set annual maximum, the board of directors will set the maximum aggregate purchase price and the maximum aggregate number of shares to be repurchased for each period in which repurchases may be made, pursuant to Article 156 which is applicable in accordance with Article 165, paragraph 3 of the Corporation Law. The Company may modify this plan of share repurchases, in light of changes in the business environment of the Company.