July 21, 2005

PERSONNEL INFORMATION FORUM MEETING

JAPAN's PENSION SYSTEM:

CASE STUDIES AND IMPLICATIONS FOR DC PLAN IMPLEMENTATION

This meeting was conducted in English.

Guest Speaker: Mr. James W. McInnes, Executive Officer, Sompo Japan DC Securities (JSDC)

Mr. McInnes returned again to address this forum on the following topics:

1) Overview of Japan's Pension Market

a) Japan's Pension Structure

b) Recent Market Trends

c) Conditions Forcing Retirement Scheme Changes

d) DC Implementation Status

2) Regulatory Changes

a) Modifications to the Social Welfare Pension

b) Improvements to Corporate DC Plan

c) Regulations Anticipated Regulatory Changes

3) Trends in Pension Plan Re-design

a) General Trends in Pension Plan Re-design

b) Pension Reform Process

4) Designing the New Scheme

a) Case Studies 1-3

5) Transitioning From Old To New

a) Canceling the Old Plan

b) Cash Flow Implications When Canceling

6) Gaining Employee Acceptance

a) Why Employees will Say Yes