May 31, 2002

NIPPONKOA Insurance Co., Ltd. (President: Ken Matsuzawa) has decided to establish an Investment Committee as an informal advisory organ to the Board of Directors, for the purpose of receiving general advice from outside well-informed investment managers. Profiles of the outside members taking part in the Committee are as follows. Both of them have abundant experience in investments in domestic and overseas markets, and in addition, as investment managers owning shares of NIPPONKOA, they have a strong interest in and commitment to raising shareholder value of NIPPONKOA through the enhancement of its investment capability.

The function of the Investment Committee is to give informal advice to the Board of Directors, regarding the wide-ranging issues related to the investment of NIPPONKOA, but the primary agenda the Committee faces for the moment are as follows:
1. Investment policy of NIPPONKOA
2. Selection of Chief Investment Officer
3. Outsourcing
The Chief Investment Officer thus selected will also take part in the Investment Committee.

The first meeting is scheduled in July this year, and subsequent meetings will be held twice a year. Outside members of the Investment Committee will provide general advice regarding investment policy and strategy, but will not participate directly in the management of NIPPONKOA's assets. Investment Committee meetings will occur after earnings are released and will utilize only public information. No fees will be paid to outside members of the Investment Committee.


Outside Members of the Investment Committee (in alphabetical order)