May 6, 2005 Mitsui Sumitomo Insurance and MetLife agree to continue individual annuity joint venture in Japan Mitsui Sumitomo Insurance Co., Ltd. CitiInsurance International Holdings Inc. MetLife, Inc. Mitsui Sumitomo Insurance Co., Ltd. (MSI) President Hiroyuki Uemura, MetLife, Inc. (MetLife) International President William J. Toppeta and CitiInsurance International Holdings Inc. (CitiInsurance) President Michael B.G. Froman are pleased to announce that they have concluded a letter of intent to continue the business of Mitsui Sumitomo CitiInsurance Life Insurance Co., Ltd., the individual annuity joint venture between MSI and CitiInsurance founded in 2001. MetLife, through its anticipated acquisition of substantially all of Citigroup Inc.’s international insurance businesses, will become the new joint venture partner. The parties’ agreement is subject to the closing of this acquisition and the receipt of all necessary governmental approvals. The letter of intent places the highest priority on continuation of the current business and business model of the JV company and the strong parent support the company enjoys, which have been key contributors to making it a highly successful model of cooperation between Japanese and American financial institutions. Under the terms of the agreement:   The JV company will remain 51% owned by MSI and 49% owned by MetLife, through its acquisition of CitiInsurance, which will become a wholly-owned, indirect subsidiary of MetLife.   The JV company will continue to provide variable and fixed annuities through financial institutions as distribution agents.   The JV company will benefit from the expertise and close support of both MSI and MetLife, including in such areas as product development, system development, reinsurance, asset management and risk management. MetLife, founded in 1868, is the largest life insurance company in the U.S., with over $2.8 trillion of life insurance in force. Through its subsidiaries and affiliates, MetLife is a leading provider of insurance and other financial services to individual and institutional customers. The MetLife companies serve individuals in approximately 13 million households in the U.S. and provide benefits to 37 million employees and family members through their plan sponsors. MetLife also serves 88 of the top 100 Fortune 500 companies in the U.S. Outside the U.S., the MetLife companies serve approximately 9 million customers through direct insurance operations in Argentina, Brazil, Chile, China, Hong Kong, India, Indonesia, Mexico, South Korea, Taiwan and Uruguay. Although this is the first time MetLife is entering the Japanese insurance market, MetLife has a proven track record and expertise in the annuities business, and has already been very successful in other markets in the region, including South Korea, China and Taiwan. For more information about MetLife, please visit the company’s web site at www.metlife.com. The individual annuity business in Japan has shown remarkable growth over the past few years and is expected to remain a growing market for the foreseeable future. The efforts of the JV company to secure a leading position in this market, which have resulted in its rapid and remarkable growth to become Japan’s #2 distributor of annuities, will now be enhanced by the efforts of MetLife, who has a proven track record and expertise in the annuities business in the U.S. MSI positions the life insurance business, including the annuity business conducted by the JV company, as one of the key business lines critical to satisfaction of the MSI Group’s long-term management vision entitled “Challenge 10,” with a target of fiscal 2010. MSI believes that its partnering with MetLife will lead the JV Company to be a significant contributor to the satisfaction of MSI’s Challenge 10 Goal. It is expected that completion of MetLife’s acquisition of substantially all of Citigroup Inc.’s insurance businesses will occur in the summer of 2005, but the parties have already commenced various preparations to obtain approval by the relevant authorities and secure a smooth integration and transition. Mitsui Sumitomo CitiInsurance Life Insurance Co., Ltd Company Profile Company Name Mitsui Sumitomo CitiInsurance Life Insurance Co., Ltd. Co-Presidents/Chief Executive Officers Takeshi Kurioka and Ichiro Miyake Address Kishimoto-Building 4F 2-1, Marunouchi 2Chome Chiyoda-ku, Tokyo, 105-0005, Japan Capital Fund & Capital Reserve Total 40,295 million yen (Capital Fund: 28,310 million yen, Capital Reserve: 11,985 million yen) Investment Ratio Mitsui Sumitomo Insurance Co., Ltd. -51% CitiInsurance International Holdings Inc. - 49% Total Assets (as of the end of March 2005) 935,288 million yen Total amount of in-force policies (as of the end of March, 2005) 885,689 million yen Contents of business Sales of Individual Annuity Products MetLife Inc. Company Profile Company Name MetLife, Inc. Foundation 1868 Chairman and CEO Robert H. Benmosche President, International William J. Toppeta Address 200 Park Avenue, New York, NY 10166, USA Total Assets (as of the end of Dec. 2004) USD 356.8 billion Number of employees(As of the end of Dec. 2004) US 36, 489 Total Worldwide: 53,920 Contents of business Main Products: Life insurance, annuity, retirement, saving Group companies handle non-life insurance and retail banking Overseas Branches and Offices Total 9 million policyholders in 11 countries in Latin America and Asia Rating Moody’s Aa2 , S&P AA