Since November 2006, in an effort to increase its investment in highly rated bonds and to enhance its investment efficiencies, Tokio Marine & Nichido Fire Insurance Co., Ltd. ("Tokio Marine & Nichido"), a wholly- owned subsidiary of Millea Holdings, Inc. (the "Company"), has been invested in the subordinated income notes (the "Notes") issued by a special purpose company, Vetra Finance Corporation ("Vetra"). However, due to disruptions and uncertainties in the credit markets that are resulting in liquidity difficulties, it has become difficult for Vetra to obtain new funding and to make new investments. The Company announces that Vetra plans to complete the payment in full of amounts owing to its remaining secured creditors in a few months and then to purchase all of the outstanding Notes held by Tokio Marine & Nichido with the remaining assets of Vetra. Tokio Marine & Nichido's investment in Vetra will cease accordingly.

The Company has treated Vetra as a consolidated subsidiary of the Company and the financial results of Vetra have been consolidated into the financial results of the Company. Vetra will no longer be a consolidated subsidiary of the Company once Tokio Marine & Nichido's investment in Vetra ceases. The impact of this to the business forecasts of the Company for the fiscal year ending March 31, 2009 that were announced on May 21, 2008 is considered insignificant.

Profile of Vetra is as follows:

(1) Company Name: Vetra Finance Corporation

(2) Location: Cayman Islands, British West Indies

(3) Date of Foundation: June 16, 2006

(4) Business Operations: Investment in highly rated bonds funded by the issuance
     of secured notes (mainly consisting of asset-backed commercial paper) and
     subordinated income notes. (*)

   *Neither the Company nor Tokio Marine & Nichido is liable for Vetra's debts,
     nor do either of them undertake any credit or liquidity assurance with respect
     to secured notes issued by Vetra.

(5) Closing Date of Fiscal Year: January 31

(6) Number of Directors: 4

(7) Capital Stock: US$1,000

(8) Number of Shares Issued: 1 share

(9) Major Shareholders and Shareholding Percentages: A charitable trust in
     the Cayman Islands is the sole shareholder of Vetra (100%). The Company
     and Tokio Marine & Nichido each own 0% of the shares of Vetra.

(10) Results of Business Operation for the fiscal year ended January 31, 2008:
     Net loss from operating activities: 4,579 million yen
     Total assets: 56,867 million yen
     Net assets attributable to the shareholder and to the income note holder:
     10,524 million yen