May 31, 2000 Update on Preparations for the Merger of Sumitomo Marine and Mitsui Marine Joint Sales of Mutual Funds It has been agreed that mutual funds set up by Sumitomo Marine Asset Management Co., Ltd. and Mitsui Marine Asset Management Co., Ltd. will be distributed by their mother companies' agents which are allowed to sell mutual funds. Also, training programs for agents aimed at the examination of a registered representative agents will be jointly operated by both firms to help boost our efficiency and competitive edge.