MS&AD_en

1/22 Cover

Hello, everyone. My name is Toshiaki Egashira, and I am from the MS&AD Insurance Group Holdings. Thank you for joining our Information Meeting today. The first half of FY2012 has passed. Looking back over the period, there were a number of natural disasters in Japan, including bomb cyclones in April, and hailstorms, torrential rains, and typhoons in May and afterward. Although the Japanese economy was expected to recover moderately, backed by reconstruction demand after the earthquake, the recovery was slowed by the downturn in the global economy. Some economic forecasts expect the Japanese economy to remain weak. While the strong yen has depreciated slightly and the stock market has recovered over the past few weeks, the economic environment remains challenging. Under these circumstances, I believe that most Japanese companies, including the MS&AD Insurance Group, continue to face a challenging business environment. Now I will give an overview of the financial results in the first half of FY2012 and the progress of the MS&AD Insurance Group's strategies, taking the external environment into consideration. Please take a look at your handout.