Sumitomo Life Insurance Company (President: Yoshio Sato; “SLIC”) and Mitsui Sumitomo Insurance Company, Limited (President: Toshiaki Egashira; “MSI”) have had a business alliance since February 2000 in the areas of claims support and wholesale marketing of the non-life insurance business.  SLIC and MSI hereby announce that they have entered into a basic agreement to further strengthen the business alliance in order to seek both to enhance their corporate values and to provide even better services to customers by expanding their businesses further and making them more efficient.

1. Purpose and Background of Strengthening Business Alliance (1) SLIC has developed its main business of providing comprehensive insurance coverage integrating life and non-life insurance, together with its subsidiary, The Sumi-Sei General Insurance Co., Ltd. (President: Shinichiro Satake; “Sumi-Sei”), since entering the non-life insurance business in 1996.  SLIC has now decided to strengthen its alliance with MSI and make full use of MSI’s high-quality non-life insurance products and services and know-how in non-life insurance business, so that SLIC may sustainably expand its main business by further pursuing quality and improving its competitiveness, while taking full advantage of its strengths as a life insurer providing non-life insurance services mainly through full-time sales personnel.  SLIC seeks to boost its market share in the domestic life insurance market, its primary market, and to proactively develop its overseas business, by concentrating its management resources on the life insurance business. (2) MSI intends to boost its market share and profitability in the non-life insurance business by taking advantage of the expansion of customer base that will result from the strengthened alliance. (3) SLIC and MSI have established a firm business alliance not only in the non-life insurance business, but also through a joint venture (currently “Sumitomo Mitsui Asset Management Company, Limited”) in the asset management field under a comprehensive alliance scheme established in November 2001 among four companies including Sumitomo Mitsui Banking Corporation and Mitsui Life Insurance Company Limited.  SLIC and MSI aim to take a step forward and improve their corporate value and the services they provide to customers, by effectively and efficiently utilizing their management resources and know-how.

2. Details of Strengthened Business Alliance (1) Expansion of line-up of MSI’s non-life insurance products sold by SLIC   SLIC have sold MSI’s non-life insurance products (automobile insurance and products for business customers) underwritten jointly with Sumi-Sei since November 2000 under an agency and representative agreement with MSI regarding offering of non-life insurance.  SLIC will, from around October 2009 on, sell MSI’s non-life insurance products, both personal and commercial lines (including automobile, fire and personal injury insurance), through its approximately 29 thousand salespersons qualified to offer non-life insurance. (2) Transfer of Sumi-Sei’s policies to MSI   Starting in October 2009, MSI’s products will be offered for renewal to holders of policies with Sumi-Sei, in line with (1) above.  Following a transition period and subject to necessary approvals by the competent authorities, insurance policies written by and still with Sumi-Sei (such as long-term contracts) will be comprehensively transferred to MSI, and Sumi-Sei will wind up its business after the comprehensive transfer is completed. (3) Establishment of sales system, processes and infrastructure for expanded non-life insurance business   SLIC and MSI intend to build a sales system, processes, infrastructure, etc., fit for their expanded non-life insurance businesses.  SLIC and MSI will establish a “Non-Life Insurance Alliance Promotion Council” (provisional name) to work on the details.

Sumitomo Life Insurance Company The Sumi-Sei General Insurance Co., Ltd Mitsui Sumitomo Insurance Company, Limited Inception May 1907 August 1996 October 1918 Location of head office 1-4-35 Shiromi, Chuo-ku, Osaka-shi 8-2 Honshio-cho, Shinjuku-ku, Tokyo 27-2 Shinkawa 2-chome, Chuo-ku, Tokyo President Yoshio Sato Shinichiro Satake Toshiaki Egashira Total number of employees Number of sales employees Number of agencies 43,434 34,728 - 249 - 857 14,421 - 46,396 Total assets JPY 23,382.5 billion JPY 88.2 billion JPY 6,968.5 billion Net premiums written (for FY 2007) - JPY 29.4 billion JPY 1,311.3 billion Insurance premiums and other (for FY 2007) JPY 2,548.5 billion - -