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

the Resolution. This Resolution is intended to propose an idea to the shareholders of the Company at the upcoming AGM, and this press release is solely intended to explain the background and rationale for submitting the Resolution.

(Reference Material)

Direct excerpt from Shareholder Proposal (please note that 'Company' refers to Mitsui Sumitomo Insurance Group Holdings)

(II) Reasons

This proposal reflects the belief that the Company should maintain a balance sheet that is consistent with its core business as an insurance company, and that capital well in excess of such needs should, if opportunities arise, be deployed in a more value enhancing manner, which would include the repurchase of its own shares or a return to shareholders via dividends.

This proposal for a one time dividend increase aims for the gradual reduction of the Company's excess capital. In past years, Brandes has encouraged the Company to reduce excess capital via share repurchases. It 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 as it believes that this would be the preferred way to reduce excess capital due to the Company's shares trading 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 Insurance Co., Ltd. ("Aioi") and Nissay Dowa General Insurance Co., Ltd. ("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 draft proposal and is now formally proposing that an initial step be taken to reduce excess capital via a one-time dividend of 40 yen per share.
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SOURCE Brandes Investment Partners, L.P.
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