Millea Holdings, Inc. ("Millea Holdings", President and Director: Kunio Ishihara), has announced its business plan for the fiscal year ending March 31, 2006 ("FY2005").

In FY2004, the Millea Group completed a smooth merger of its property and casualty insurance subsidiaries, which it viewed as a critically important task. Despite the Millea Group's efforts in building a solid foundation for the domestic property and casualty insurance business adjusted earnings for FY2004 was 51.8 billion yen, mainly due to frequent occurrences of natural disasters.

In FY2005, the Millea Group aims to focus on restoring growth in its domestic property and casualty insurance business and on further expanding its domestic life insurance business and overseas insurance business. The Millea Group aims at adjusted earnings of approximately 147 billion yen and an ROE level of approximately 4.5 percent in FY2005.

* In order to capture the corporate value of the Millea Group and to aim for the enhancement thereof, the management uses "adjusted earnings" to determine adjusted income and adjusted ROE (see Appendix 2 for details).

* Targeted Group portfolio in FY2005 was announced in November 2003 as part of the medium- to long-term corporate strategy of Millea Holdings (the "2003 Mid-Term Plan"). ROE is calculated based on the equity capital at the time of formulation of the plan.

* Starting with the business plan for FY2005, adjusted earnings for overseas life insurance business is drawn from "increase in embedded value", as has been the case with domestic life insurance business.

* See Appendix 1 for business performance indices for each major business segment.

Appendix 1

Figures below reflect the corrections which we announced on June 8, 2005

1. Domestic property and casualty business
Indices for Tokio Marine & Nichido Fire Insurance Co., Ltd. are as follows:

* Figures in < > exclude the impact of revisions to the Compulsory Automobile Liability Insurance regulations.

2. Domestic life insurance business
Indices for Tokio Marine & Nichido Life Insurance Co., Ltd. and Tokio Marine & Nichido Financial Life Insurance Co., Ltd. are as follows:

* Annualized premiums for new policies are derived by dividing the aggregate amount of premiums by the duration of insurance policies to show the amount of premiums per year. With regards to whole-life insurance policies, the total amount of insurance premiums paid is calculated for a term up to the age of 80 of the insured, and in any case for a minimum of ten years if the current age of the insured is higher than 70.

* FY2005 target was announced in November 2003 as part of the medium- to long-term corporate strategy of Millea Holdings (the "2003 Mid-Term Plan"). The calculation method employed at that time differs from the one employed currently. Based on the current method, the target of 71 billion yen would be 62.5 billion yen.

3. Overseas insurance business
We continue to position Asia as a main market in the overseas insurance business with high growth and profitability potential. We also intend to expand insurance operations in the Brazil, Russia, India and China group of countries, or BRIC, where the economy and the insurance market are expected to grow significantly. The indices for the overseas insurance business are as follows:

* Net premiums written are calculated taking into account the ratio of respective equity interest of Millea Holdings in each local subsidiary.

* FY2005 target, announced in November 2003 as part of the 2003 Mid-Term Plan, was 50 billion yen in net premiums written for insurance operations in Asia.