May 31, 2000 Update on Preparations for the Merger of Sumitomo Marine and Mitsui Marine Business Tie-Ups Overseas Starting in May, Sumitomo Marine has changed its business partner in Vietnam to the United Insurance Company of Vietnam (UIC), a local affiliated company of Mitsui Marine. Owing to this tie-up, Sumitomo Marine's local underwriting presence has been strengthened and the improvement of local services is expected to lead to further expansion of our client base. Moreover, owing to the transfer of Sumitomo Marine's subscribers, premium income in UIC is expected to increase and contribute to higher profits.