1. Details of the Agreement

2. Summary of the Reorganization

(1) Current Structure

(2) Post-reorganization

(*) A portion of common shares held be MMC will be sold to a third party.

(3) Details of the Joint Venture Companies

3. Background of the Agreement

DL is a leading company in the general leasing industry with its automotive lease operations concentrated in DAL. As of Sept. 30, 2005 DAL managed about 82,000 vehicles. DL sought to further expand its operations through increasing vehicles under management, reducing costs and increasing efficiency.

MC and MMC, each of which hold 43.25% of MCL, have achieved steady growth in the automotive finance business, focusing mainly on credit and lease operations for MMC vehicles. To further improve service for customers and dealers, and to use the knowledge and experience MCL has accumulated in offering more specialized lease products, MC and MMC studied reorganizing the operation into 'MMC vehicle related automotive finance operations' and 'automotive lease and maintenance operations.'

Uniting the policies of DL, MC, and MMC, the reorganization of MCL into 2 operations, with a strategic partnership with DL for MC and MMC, was decided upon to improve and expand MCL's operations.

4. Aims of the Agreement

(1) Aims of the automotive credit business

1. With the MCL Credit Company executing its automotive finance operations, MMC will further enhance and strengthen relationships with dealers across Japan. Also through the introduction of new campaigns and products, MMC will actively work to answer customer's needs.
2. As a leading company in the general leasing sector, DL has developed strong abilities in many financial service product areas, as well as strong capital procurement know-how. In financial services related to physical assets, DL has focused on leasing activities, which have been built upon the company's knowledge and experience in the area to strengthen and expand. Through the joint venture with MMC however, DL will be able to expand in earnest into the credit business for physical assets, thus strengthening further the company's position as a provider of general financial solutions.
3. Also, DL will be able to provide valuable advice and support to the MCL Credit Company in terms of capital procurement, asset management, management systems, etc. Through this, the new entity will build a stable administrative base upon which to grow.

(2) Aims of the automotive lease business

1. The subsidiary company to be established by MC and DL will unify the management of the MCL Lease Company and DAL. This unification will facilitate a scale for vehicles under management of 200,000 vehicles, making the organization a leading company in the automotive lease industry.
2. Moreover, using the knowledge accumulated by MV, DL, MCL, and DAL (asset management, IT systems, maintenance management systems, etc.) to the fullest extent, the new entity will quickly realize synergies and be able to improve services to answer customer's needs and expand the operation.
3. Unifying the 2 companies under the new subsidiary will bring about many benefits. Management and maintenance operations will be concentrated in a single back office and management strategy will be adjusted. The combination of IT systems functions will also become possible. The companies however will retain their independence in terms of sales strategies to focus on and expand in their respective markets.

5. Details of MCL & DL

6. Schedule

7. Effects on Business Results of DL MC & MMC

This transaction is not expected to have an effect on the consolidated earnings of DL, MC, or MMC for the current fiscal year.