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Brandes Proposes 40 yen Per Share Dividend for Mitsui Sumitomo Insurance Group Holdings, Inc. Annual Meeting
Date:5/7/2009

any transactions that would improve the Company's capital efficiency. Moreover, the recent disclosure that the Company intends to consolidate with Aioi Insurance Co., Ltd. ("Aioi") and Nissay Dowa General Insurance Co., Ltd. ("Nissay Dowa") through a share exchange contradicts the Company's previously stated intentions to fund 'strategic investments' with excess capital.

Brandes believes that - even taking into account current global credit conditions and expected capital needs - the Company retains an unnecessary amount of excess capital. Brandes recognizes that the Company must continue to secure a strong capital base to support its business, but also believes that maintaining excess capital without any clear return-on-capital targets is not in the Company's best long term interests. Even taking into account the Company's downward earnings revision for FY 03/09, announced on April 28th, due to larger than expected valuation losses on its security holdings, Brandes believes that the current Resolution for a one time increase in dividend is appropriate and reasonable.

The Shareholder Proposal

In past years, Brandes has encouraged the Company to reduce excess capital via share repurchases. Brandes recently submitted to the Company a draft shareholder proposal to give shareholders the right to vote on a 25.2 billion yen share buyback program. Brandes believes this would be the preferred way to reduce excess capital because the Company's shares trade at a discount to book value per share.

Unfortunately, it appears that the Company may not legally engage in a share buyback at this time due to the ongoing business consolidation discussions with Aioi and Nissay Dowa, and that this restriction will not be lifted until an Extraordinary General Meeting is held -- likely in late 2009 or early 2010 -- to vote on the pending business combination and business alliance. As such, Brandes has converted its
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SOURCE Brandes Investment Partners, L.P.
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