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| [Translation] |
January 31, 2008 |
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Notice Regarding Repurchase of Company’s Own Shares
(Repurchase of company's own shares according to the articles of incorporation pursuant to Article 165,
Paragraph 2 of the Companies Act of Japan) |
Mitsui Sumitomo Insurance Company, Limited hereby announces that pursuant to Article 156 of the Companies Act of Japan as modified by Article 165, Paragraph 3, of the Act, the Company has resolved at the meeting of the Board of Directors held on January 31, 2008, to repurchase its own shares as follows:
1.Reason for Repurchase
To improve capital efficiency and to promote return of profits to shareholders
2.Details of Repurchase
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(1) |
Type of shares to be repurchased |
: |
Shares of common stock of the Company |
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(2) |
Total number of shares to be repurchased |
: |
8,000,000 shares (Maximum)
(Approximately 0.5% of the shares issued) |
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(3) |
Aggregate amount of the repurchase cost |
: |
JPY 7,000,000,000 (Maximum) |
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(4) |
Period of repurchase |
: |
From February 1, 2008, to March 24, 2008 |
(Reference)
Status of the company's own shares as at December 31, 2007:
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(a) |
Number of shares issued
(excluding treasury shares) |
: |
1,410,897,794 shares |
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(b) |
Number of shares held as treasury shares |
: |
102,287,086 shares |
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| - End - |
| Note Regarding Forward-looking Statements |
| This document contains forward-looking statements that are based on the Company’s current expectations, assumptions, estimates and projections about its business, its industry and capital markets around the world. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “estimate”, “plan” or similar words. These statements discuss future expectations, identify strategies, contain projections of results of operations or of the Company’s financial condition, or state other forward-looking information. Known and unknown risks, uncertainties and other factors could cause the actual results to differ materially from those contained in any forward-looking statement. The Company cannot promise that its expectations expressed in these forward-looking statements will turn out to be correct. The Company’s actual results could be materially different from and worse than those expectations. Important risks and factors that could cause the Company’s actual results to be materially different from its expectations include, but are not limited to; (1) economic downturn in Japan; (2) the extent of competition that the Company faces from Japan’s other major non-life insurance companies and new entrants in the Japanese non-life insurance market; (3) the extent of further deregulation of the Japanese insurance industry; (4) occurrence of natural disasters in Japan; (5) occurrence of losses the type or magnitude of which could not be foreseen by the Company at the time of writing the insurance policies covering such losses; (6) the price and availability of reinsurance; (7) the performance of the Company’s investments; and (8) the Company’s relationship with the other “Mitsui” and “Sumitomo” companies. |
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