We would like to extend our sincere and warmest sympathies to those who have suffered damage from natural disasters.

The followings are estimated incurred losses caused by major natural disasters in Japan that Tokio Marine & Nichido has incurred so far this fiscal year:

<Estimated incurred losses on a direct basis>

(Unit:bn yen)

Fire,etc. Auto Marine Total Chiba NW earthquake 0.02 0.00 0.00 0.02 Typhoon No.7 0.03 0.01 0.11 0.15 Miyagi offshore earthquake 0.04 0.06 0.00 0.10 Typhoon No.11 0.24 0.04 0.01 0.29 Metropolitan rainstorm 0.66 0.31 0.00 0.98 Typhoon No.14 2.93 0.52 0.01 3.46 Total 3.92 0.94 0.13 5.00

Notes

The information included in the above table presents the estimated incurred losses under both (a) policies wholly underwritten by Tokio Marine & Nichido and (b) policies led by Tokio Marine & Nichido but partially underwritten by other insurers. Policies partially underwritten by other insurers have been deemed wholly underwritten by Tokio Marine & Nichido for convenience purposes. Additionally, for convenience purposes, estimated incurred losses under policies led by other insurers but partially underwritten by Tokio Marine & Nichido are not included.

The information included in the above table also does not take into account reinsurance purchased or sold by Tokio Marine & Nichido relating to these potential loss events. The amounts indicated do not take into account amounts recoverable by Tokio Marine & Nichido from their reinsurers or increased liabilities Tokio Marine & Nichido may have under reinsurance policies they have underwritten.

The above preliminary estimates of Metropolitan rainstorm and Typhoon No. 14 are based on information available to us as of September 12, 2005. Also, the above preliminary estimates of other than Metropolitan rainstorm and Typhoon No. 14 are based on information available to us as of the end of August, 2005. These amounts will be subject to adjustment and may materially change based on the results of claims investigations and other factors. Our actual incurred losses as a result of these natural disasters may also be materially affected by reinsurance and partial underwriting arrangements.

* * * * *

Losses caused by Hurricane Katrina is not available at this moment due to scarcity of information mainly caused by regulatory orders imposed by the local authorities (such as prohibition of entry into disaster areas).
We will disclose the estimation as soon as the information becomes available.