May 31, 2000 Update on Preparations for the Merger of Sumitomo Marine and Mitsui Marine Joint Research and Development of Insurance Products   Our two firms have collaborated in setting up an office space in Chuo-ku in Tokyowhere we have started joint research and development activities. Our objective isto jointly develop new products and to reorganize and consolidate existing productsand regulations. (Development of life insurance products began in April, and non-lifeinsurance products in May.)