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Shareholder Remuneration Policy

1. Adjusted consolidated net income represents sum of the adjusted net income of the NKSJ group companies calculated for each business segment according to the following formulas.

Business segment	Sum of the net income of:	Formulas for the calculation of adjusted net income
Domestic P&C Insurance	Sompo Japan Ins. and Nipponkoa Ins.	net income + catastrophic loss reserve (after tax) + reserve for price fluctuation (after tax) - capital gains/losses on sale of marketable securities and valuation losses on marketable securities (after tax) - extraordinary items
Domestic life insurance	Sompo Japan Himawari and Nipponkoa Life Ins.	increase in EV - capital transactions incl. capital increase - impact of interest rate fluctuations
Overseas	Overseas insurance subsidiaries	net income as reported in financial statements
Financial services, etc.	Saison Automobile & Fire Ins., Sonpo 24、Japan DIY Life Ins., financial service business, healthcare business, etc.	net income as reported in financial statements

2. Shareholder remuneration ratio = (total dividends + share buybacks) / adjusted consolidated net income (excl. increase in life ins. EV)
   Indicator of shareholder remuneration as a percent of net income for each year.

Dividends

	Interim	Year-end	Annuaｌ
Year ended March 31, 2011	-	20.00yen	20.00yen
Year ending March 31, 2012（Forecast）	-	80.00yen	80.00yen

(NKSJ Holdings, Inc. carried out a reverse split of stocks to combine common stocks at a ratio of four shares to one share as of October 1, 2011. The　effect of the reverse split of stocks is considered in estimation of dividends forecasts for the fiscal year ending March 31, 2012.)

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