May 22, 2008
Millea Holdings, Inc.
Tokio Marine Nichido Samuel Co., Ltd.
Millea Holdings to make "Tokio Marine Nichido Samuel Co., Ltd." its subsidiary
1. Retirement home business circumstances
As society ages, needs for nursing care homes have been increasing and growing in diversity. Under such a business environment, TMNS, which has become a member of the Millea Group in February 2006 through the equity alliance with Millea HD, has expanded its operations.
In addition to providing nursing-care services including the dementia care and terminal care, TMNS has had a high reputation in the premium retirement home industry for its development and provision of its original soft meal "MoerDish (five types of meals matched to person's swallowing function)". In spring 2008, TMNS newly opened two facilities of senior residence of "senior housing" series (Hyldemoer Okamoto, Hyldemoer Tamaplaza Village Ⅲ) under the theme of "Moving to a living place for your retirement beforehand". TMNS has expanded its business which meets customers' needs through various approaches such as proposing new lifestyles for the senior with its message "Selecting and moving to a living place with a sense of security for your comfortable retirement, on your own free will, before getting old".
2. Purpose of making TMNS a subsidiary of Millea HD
Making TMNS a subsidiary of Millea HD will lead to greater synergies between TMNS's expertise and experience it has built up through its nursing-care business and customers' confidence in Millea HD. TMNS and Millea HD, as the Millea Group, seek to further expand their businesses by strengthening the management base and continuing to provide customers with high quality services in a stable manner.
3. Details of the agreement
i) Millea HD to underwrite the third-party allocation of new shares by TMNS: as a result, the percentage of equity holdings will be up to 55% from 49%.
ii) Millea HD to send two full-time officers (including a managing director) to TMNS
iii) TMNS to become a subsidiary in June 2008, subject to approval by relevant authorities.
4. Company information (as a subsidiary of Millea HD)