Tokio Marine : Announcement regarding shareholder return, aiming to implement flexible policies (distribution of surplus and share repurchases from the market)

November 19, 2018 Tokio Marine Holdings, Inc. President: Tsuyoshi Nagano

TSE code number: 8766

Announcement regarding shareholder return, aiming to implement flexible financial policies (distribution of surplus and share repurchases from the market)

Tokio Marine Holdings, Inc. (the "Company") announced that its board of directors on November 19, 2018 adopted the resolution to pay ordinary dividend. The Company also resolved additional shareholder return of around 100.0 billion yen (one-time dividend for the capital level adjustment: the total amount of 50.1 billion yen, share repurchases: up to 50.0 billion yen).

1. One-time dividend for the capital level adjustment (distribution of surplus)

The Company resolved the one-time dividend for the capital level adjustment as detailed below.

Details

Record date	September 30, 2018
Dividend per share
Total payout	50,138 million yen
Effective date	December 11, 2018
Source of dividends	Retained earnings

70 yen

The Company resolved the distribution of surplus (interim dividend), combined with the ordinary dividend, as detailed below.

Interim dividend (total)
One-time dividend for the capital level adjustment	Ordinary dividend

Interim dividend

paid for the

fiscal year 2017

Record date	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Dividend per	160 yen	70 yen	90 yen	80 yen
share
Total payout	114,601 million yen	50,138 million yen	64,463 million yen	59,598 million yen
Effective date	Dec. 11, 2018	Dec. 11, 2018	Dec. 11, 2018	Dec. 1, 2017
Source of	Retained earnings	Retained earnings	Retained earnings	Retained earnings
dividends

Dividend projections are as follows.

Dividend per share
Record date	Sep. 30	Mar. 31	Annual amount
Previous forecast on dividends (*)	90 yen	90 yen	180 yen
Fiscal year 2018 (Forecast)	90 yen	250 yen
Fiscal year 2018	160 yen
Fiscal year 2017	80 yen	80 yen	160 yen

(*) Forecast announced on Aug. 10, 2018.

2. Share repurchases (Acquisition by the Company of its own shares pursuant to the provision of its Articles of Incorporation in accordance with Article 165, paragraph 2 of the Companies Act)

In addition to the above mentioned one-time dividend for the capital level adjustment, the Company resolved to repurchase its own shares, pursuant to Article 156 of the Companies Act which is applicable in accordance with Article 165, paragraph 3 of the Companies Act, as detailed below.

A) Reason for the repurchase of shares

The Company intends to repurchase its own shares in order to implement flexible financial policies.

B)Details of the resolution made on November 19, 2018

• (a) Class of shares to be repurchased:

  Common stock of the Company

• (b) Aggregate number of shares to be repurchased:

  Up to 12,500,000 shares

  (Represents approximately 1.7% of total issued shares excluding treasury shares.)

• (c) Aggregate purchase price of shares:

  Up to 50.0 billion yen

• (d) Period in which repurchases may be made:

From December 1, 2018 through March 22, 2019

(For reference)

Total issued shares as of Sep. 30, 2018(excluding treasury shares): 716,261,970 shares Number of treasury shares held by the Company as of Sep. 30, 2018: 3,438,030 shares