(English translation) November 4, 2004 NOTICE OF REVISION OF THE BUSINESS RESULTS FORECAST FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2004 Mitsui Sumitomo Insurance Company, Limited (the "Company") will amend the business results forecast for the six months ended September 30, 2004 that was made public on May 21, 2004 as set forth below. At the moment, there are no changes in the business results forecast for the fiscal year ending March 31, 2005. (1) Revision of non-consolidated business results forecast for the six months ended September 30, 2004 (from April 1, 2004 to September 30, 2004):   (Billions of Yen)   Net premiums written (Note) Ordinary profit Net income for the interim period Previous forecast (A) (653.0) 654.0 40.0 47.0 Revised forecast (B) (658.0) 660.0 10.5 27.0 Increase or decrease (B)-(A) (5.0) 6.0 - 29.5 - 20.0 Percentage of increase or decrease (0.8%) 0.9% - 73.8 % - 42.6 %   (Reference) Results of the corresponding six months of the previous fiscal year (from April 1, 2003 to September 30, 2003)   Results for the corresponding six months of the previous fiscal year (651.4) 648.2 129.4 79.2       (Note)   The figures presented in parenthesis in the upper lines in the column "Net premiums written" represent the amounts after deducting the refundable premium of the Company's original automobile insurance "Modo-Rich", which contains a special clause for premium adjustment and refunded at maturity, and are provided for the purpose of comparison with other companies.   (Principal reasons for the revision)   While the Company expects that income from portfolio investment will be higher than the initial forecasts and net premiums written in respect of underwriting insurances will also be higher than the initial projections, an estimated amount for net losses (approximately ¥ 65.0 billion including outstanding loss reserve) will substantially exceed the initial estimates (¥ 18.5 billion for the fiscal year ending March 31, 2005 and ¥ 13.5 billion for the six months ended September 30, 2004), due to natural disasters such as typhoon No. 18 that occurred during the six months ended September 30, 2004. The initial business results forecast for the six months ended September 30, 2004 will be revised and amended, accordingly.       At this point, it is estimated that there will be no substantial changes in the business results forecast for the fiscal year ending March 31, 2005 which was previously made public. The Company will reverse the catastrophic loss reserve (Note) equivalent to the portion exceeding the certain amount of claims to be paid for the fiscal year ending March 31, 2005, including damages caused by natural disasters, such as typhoon No. 23 that occurred during the latter half of the fiscal year ending March 31, 2005.   (Note)   The amount to be reversed from the catastrophic loss reserve will be calculated based on the claims which is actually determined to be paid. Therefore, with respect to the outstanding loss during the six months ended September 30, 2004, it will be followed by the reversal of the catastrophic loss reserve in line with the payment of the claims during the latter half of the fiscal year ending March 31, 2005. (2) Revision of consolidated business results forecast for the six months ended September 30, 2004 (from April 1, 2004 to September 30, 2004):   (Billions of Yen)   Ordinary income Ordinary profit Net income for the interim period Previous forecast (A) 970.0 47.0 49.0 Revised forecast (B) 1,020.0 14.5 28.0 Increase or decrease (B)-(A) 50.0 - 32.5 - 21.0 Percentage of increase or decrease 5.2% - 69.1 % - 42.9%   (Reference) Results of the corresponding six months of the previous fiscal year (from April 1, 2003 to September 30, 2003)   Results for the corresponding six months of the previous fiscal year 1,101.4 132.6 80.8   (Principal reasons for the revision)   The consolidated business results forecast will be also revised, as a result of the revision of the non-consolidated business results forecast.       Note:   The foregoing are forward-looking statements based on a number of assumptions and beliefs in light of the information currently available to management and subject to significant risks and uncertainties. Actual financial results may differ materially depending on a number of factors including adverse economic conditions, currency exchange rate fluctuations, adverse legislative and regulatory developments, delays in new product launches, pricing and insurance product initiatives of competitors, the inability of the Company or its subsidiaries or affiliates to market existing and new insurance products effectively, infringements of the intellectual property rights of the Company or its subsidiaries or affiliates and adverse outcome of material litigation involving the Company or its subsidiaries or affiliates.