June 6, 2002 Basic Items of the Merger of Asset Management Subsidiaries Mitsui Mutual Life Insurance Company Sumitomo Life Insurance Company Mitsui Sumitomo Insurance Co.,Ltd. Sumitomo Mitsui Banking Corporation Tokyo, June 6, 2002 Mitsui Mutual Life Insurance Company ("Mitsui Life"), Sumitomo Life Insurance Company ("Sumitomo Life"), Mitsui Sumitomo Insurance Co., Ltd ("MSI") and Sumitomo Mitsui Banking Corporation ("SMBC") announced today that they had determined basic items such as the name of the company, the plan for key personnel, share of interest, through extensive discussion based upon the basic agreement, which we announced on April 26, 2002, regarding the merger of their asset management subsidiaries?MITSUI LIFE GLOBAL ASSET MANAGEMENT CO., LTD. ("MLG"), Sumitomo Life Investment Co., Ltd. ("SLI"), Sumisei Global Investment Trust Management Co., Ltd. ("SGT"), MITSUI SUMITOMO INSURANCE ASSET MANAGEMENT CO., LTD. ("MSIAM"), and SAKURA INVESTMENT MANAGEMENT CO., LTD. ("SAMCO"). We established special task forces for each business unit under merger committee, and we are taking steps to build a premiere asset management company that can provide highest quality products and services for clients, by enhancing investment management capability and improving efficiency through the merger. Other details will be determined such as address, merger structure, and personnel toward the merger targeted for December 2002. 1. Name Sumitomo Mitsui Asset Management Company, Limited. 2. The plan for key personnel Chairman: Shozo Otaki (Chairman of MITSUI LIFE GLOBAL ASSET MANAGEMENT CO., LTD) President(CEO): Keisuke Inoue (Managing Director of Sumitomo Life Insurance Company) 3. Share of interrest Mitsui Mutual Life Insurance Company 30.0% Sumitomo Life Insurance Company 35.0% Mitsui Sumitomo Insurance Co., Ltd 17.5% Sumitomo Mitsui Banking Corporation 17.5% End