Interim Report(April ~ September 2002)

Contents

Financial Highlights (Consolidated)

1

A Message from the President & CEO of Mizuho Holdings

2

Business Strategy of Mizuho Corporate Bank,
Mizuho Bank, Mizuho Securities and Mizuho Trust & Banking

4Business Outline of Mizuho Corporate Bank, Mizuho Bank,
Mizuho Securities and Mizuho Trust & Banking

6

Major Financial Subsidiaries of Mizuho

7

Mizuho Topics

8

Business Results Highlights of Mizuho

12

Towards Changing the Mizuho Financial Group13

Outline of the “Mizuho Change & Speed-Up Program”
Outline of “Business Reorganization” to Reform the Mizuho Financial Group

Financial Analysis of Mizuho Holdings

21

Results for the Six Months ended September 30, 2002
Disclosure of Asset Quality

Consolidated Financial Statements of Mizuho Holdings

51

Office Network of Mizuho

56

Investor Information on Mizuho Holdings

58

Contact Information

59

Financial Highlights (Consolidated)

Mizuho Holdings
Millions of yen
For the Six Months ended September 30, 2002 and 2001

Thousands of U.S. dollars

September 30, 2002

September 30, 2001

September 30, 2002

¥ 1,812,892
1,713,725
99,16739,029—¥ 2,791,104
3,193,716(402,612)(264,637)—$ 14,787,051
13,978,184
808,867
318,348—

Total Income
Total Expenses
Income (Loss) before Income Taxes and Minority Interests
Net Income (Loss)
Cash Dividends

Millions of yen
At September 30 and March 31, 2002

Thousands of U.S. dollars

September 30, 2002

March 31, 2002

September 30, 2002

¥ 143,047,455
25,520,325
76,118,242
77,929,763
3,715,697¥ 151,312,427
24,108,931
84,593,656
85,606,235
4,731,420$ 1,166,781,857
208,159,262
620,866,574
635,642,442
30,307,481

September 30, 2002

September 30, 2001

September 30, 2002

¥ 4,139.96¥ (28,753.60)$ 33.77

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September 30, 2002

March 31, 2002

Total Assets
Securities
Loans and Bills Discounted
Deposits
Total Shareholdes' Equityyen
For the Six Months ended September 30, 2002 and 2001

Per Share
Net Income (Loss) (Common Stock)
Cash Dividends per Share:
Common Stock
Preferred StockFirst Series Class I Preferred Stock
Second Series Class II Preferred Stock
Third Series Class III Preferred Stock
Fourth Series Class IV Preferred Stock
Fifth Series Class V Preferred Stock
Sixth Series Class VI Preferred Stock
Seventh Series Class VII Preferred Stock
Eighth Series Class VIII Preferred Stock
Ninth Series Class IX Preferred Stock
Tenth Series Class X Preferred Stock

U.S. dollars

Note : All outstanding Fifth Series Class V Preferred Stock was converted into Common Stock on February 1, 2002.

At September 30 and March 31, 2002

Capital Adequacy
Risk-based Capital Ratio (BIS Capital Ratio)

10.42%

10.56%

Moody'sLong Term Short Term

R&I
Long Term Short Term

Ratings
At December 31, 2002

Mizuho Holdings
Mizuho Corporate Bank
Mizuho Bank
Mizuho Securities
Mizuho Trust & Banking

Fitch
Long Term Short Term

A—
A—
A—
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A—

F2
F2
F2
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F2

JCR
Long Term Short Term

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J–1
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A3
A3
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A3

1

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P—1
P—1
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P—1

A
A
A
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A

a—1
a—1
a—1
a—1
a—1

Standard & Poor's
Long Term Short Term

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BBB
BBB
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A—3
A—3
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A Message from the President & CEO of Mizuho Holdings

On behalf of the Mizuho Financial Group, I would like to take this opportunity
to extend my sincere thanks to our shareholders and customers for yourcontinued support.

Interim Results for Fiscal 2002
An analysis of the world economic conditions in the first half of fiscal 2002shows that personal consumption sentiment in the United States was depressed
due to declines in stock prices and it raised concerns that the U.S. economy washeading for a slowdown, affecting the economies of Europe and Asia. While
the Japanese economy turned to a slight recovery since the beginning of theyear 2002, the outlook remains as uncertain as deflation continues and thestock market remains stagnant.
The harsh conditions facing the financial sector persist. In addition toseeking an early resolution of the non-performing loan (“NPL”) issue andTerunobu Maeda

reinforcing the business structures, financial institutions are aiming for higher

President & CEO, Mizuho Holdings

profitability amid the intensified competition caused by a series of
consolidations and reorganizations of larger financial groups.

Given these conditions, on April 1, 2002, the Mizuho Financial Group consolidated and reorganized the operations of Dai-Ichi
Kangyo Bank, Fuji Bank and Industrial Bank of Japan into Mizuho Corporate Bank and Mizuho Bank under Mizuho Holdings throughthe corporate split and merger process. Mizuho Securities and Mizuho Trust & Banking also became direct subsidiaries of Mizuho
Holdings through corporate splits, whereby a new organization centered on four core subsidiaries was created. The aim of thereorganization is to become an innovative financial services group that will lead the new era through cutting-edge, comprehensive
financial services by dealing with changes in the business environment and strengthening our capability to respond to our customer
requirements.
I would like to also reiterate my deepest regret and apologies for your inconvenience and concern on our group as a result of
causing the computer systems problems in our domestic services, such as ATM service problems and delays in automatic debit
transactions in connection with the launching of Mizuho Corporate Bank and Mizuho Bank. We have conducted thoroughinvestigations to ascertain the causes, and everyone from senior executives to each employee is making every effort not to repeat
similar problems through the implementation of preventative measures established for bringing stability to our systems and business
operations.
Against this background, we maintained our commitment to putting the customer first while continuing the previous fiscal year's
efforts to reinforce our financial strength and earnings base. As a result, our Total Income came to ¥1,812.8 billion, Income before
Income Taxes and Minority Interests to ¥99.1 billion and Net Income to ¥39.0 billion in the first half of the fiscal 2002.

Outlook for Fiscal 2002
In the second half of fiscal 2002, we will further accelerate the final disposal of NPLs and strengthen our efforts in corporate revivalwith a view to the early resolution of the NPL issue. Unfortunately, we expect this to result in a loss for the full fiscal year. In light ofretaining internal reserves, we do not plan to pay any devidends on common stock for fiscal 2002. However, we intend to pay theprescribed dividends on each type of preferred stock for the fiscal year.

2

A Message from the President & CEO of Mizuho Holdings

The "Change & Speed-Up Program"
In light of the increasingly severe business environment in which the financial sector finds itself, the Japanese government announced
its "Program for Financial Revival" in October 2002 with a view to rebuilding confidence in the Japanese financial system. In November
2002, we responded to these environmental changes by announcing "Mizuho Change & Speed-Up Program" to accelerate our efforts
to further strengthen our earnings base. Three elements make up the program's framework: "Change and accelerate theimplementation of business strategies," "Accelerate cost structure reforms," and "Strengthen corporate governance and reinforce a
merit-based remuneration system."
The first of these elements aims to further enhance group company expertise to properly respond to customer and business needs,
and accelerate the business strategies by making maximum use of the group’s enormous customer base and each company’s corestrengths. The second aims to aggressively pursue the consolidation benefits while accelerating efforts to cut operating costs bycarrying out such drastic restructuring plans as reducing the salaries of all executives and employees. The third aims to encouragegroup cohesiveness and create a dynamic and innovative organization.

Outline of "Business Reorganization"
In December, we announced the ' "Business Reorganization” to Reform the Mizuho Financial Group' as part of our strategic programfor implementing the above mentioned Change & Speed-Up Program. The main elements of the program are the further
reinforcement of comprehensive financial services capabilities, and the acceleration of NPL disposal and aggressive pursuit of thecorporate revival business based on the purpose of the Program for Financial Revival.
Further reinforcement of comprehensive financial services capabilities involves the establishment of a new financial holding
company, Mizuho Financial Group, Inc. In addition to managing the existing four core subsidiaries of the group, the new Mizuho
Financial Group will directly manage other primary subsidiaries to enhance group-wide synergy and strengthen its profitability swiftly.
We will also place Mizuho Holdings, the existing holding company, as an intermediate holding company to pursue collaboration
between Mizuho Corporate Bank and Mizuho Bank as well as between the banking and securities subsidiaries according to thecustomer segments by placing Mizuho Securities under Mizuho Corporate Bank, and Mizuho Investors Securities under Mizuho Bank,
respectively. Moreover, we will strategically reorganize our trust, asset management and custody businesses subsidiaries including
merging Mizuho Trust & Banking and Mizuho Asset Trust & Banking, and place these companies directly under Mizuho Financial
Group.
As for the acceleration of NPL disposal and aggressive pursuit of the corporate revival business along with the objectives of theProgram for Financial Revival, assessments of assets will be further tightened by refining the self-assessment standards and earlytermination of the NPL issue, utilizing a separate entity and/or framework for corporate revival will be pursued.
By encouraging everyone in the group from senior executives to each employee to implement the above measures, we aim toenhance our competitiveness, secure high-level and stable profitability in order to maximize the corporate value of the group.
We look forward to the continuing support of our shareholders and customers.

January 2003

Terunobu Maeda
President & CEO
Mizuho Holdings3

Business Strategy of Mizuho Corporate Bank,
Mizuho Bank, Mizuho Securities and Mizuho Trust & Banking

Mizuho Corporate Bank
Mizuho Corporate Bank (“MHCB”) aims to provide adequate responses to the ever-diversifying, increasingly sophisticatedfinancial and business strategy needs of domestic and overseas customers by offering optimal solutions that use our state-ofthe-art financial technology (“FT”) and information technology (“IT”).
More specifically, we have channeled as many of our management resources as possible into product businesses such as syndication,
securitization, real estate finance and acquisition finance so that we can offer our customers at home and abroad high value-added
products and services that make the most of our advanced FT. As part of these efforts, we established a more powerful businesspromotion structure in December 2002, when we carried out organizational changes involving the setting up of the SyndicatedFinance Business Unit, the Financial Products Unit and the Asset Management & Transaction Banking Unit.
Further, in order to fully utilize the group's comprehensive financial services capabilities, we will strengthen cooperation between
group companies such as Mizuho Bank (“MHBK”), Mizuho Securities (“MHSC”) and Mizuho Trust & Banking (“MHTB”) still further
while providing our customers with powerful support for their global business development through our well-established international
network.
In order to strengthen our earnings and financial structures, we are devoting considerable effort in expanding our non-interest
income and reinforcing our portfolio management structure with a view to greatly enhancing our capital and asset efficiency.

Mizuho BankMHBK aims to become the customer's bank of choice and best partner by offering comprehensive, high value-added financial
services that provide maximum customer satisfaction.
More specifically, we will offer our individual customers products and services that are tailored to their diverse financial needs, build amore convenient channel network, and take advantage of the group's all-round capabilities to provide highly specialized privatebanking services.
For our corporate customers, we will provide cutting-edge solutions that match their specific business strategies in areas such as
high-quality funding and investment banking, syndication, derivatives, assistance with public offerings and support for overseas
business development. We will also focus on supporting new businesses, venture companies and other growth companies.
As for local governments, we will promote top-level proposals for efficient finance and investment methods as well as methods toimprove the efficiency of public services to satisfy the increasingly diverse and sophisticated challenges that customers face as a resultof institutional reforms and deregulation.

4

Business Strategy of Mizuho Corporate Bank, Mizuho Bank,
Mizuho Securities and Mizuho Trust & Banking

Mizuho Securities
MHSC aims to become a truly global investment bank, providing the best possible solutions for the wide-ranging needs of ourcustomers centered on domestic and overseas institutional investors, corporations, financial institutions and public corporations
as a market leader in the securities and investment banking businesses.
More specifically, we will focus on bond-related business, equity-related business, M&A and other aspects of the financial advisorybusiness and structured finance as our core business areas in order to resolve customers' funding and investment needs and the issues
they face in the areas of business and financial strategies. To this end, we will offer the best possible products and services backed byour sophisticated and powerful research capabilities (information-gathering and analysis), sales capabilities (ability to provide
information) and advanced FT, while at the same time offering financial services that will win the customer's enduring trust over thelong term.
We also allocate our management resources flexibly in response to risk management requirements and the business environment.
While striving to maximize corporate value through building a company with the kind of constitution that generates profits whatever
the market environment, we also aim to contribute to an increase in shareholders' value for investors in MHFG.

Mizuho Trust & Banking
MHTB provides customers with optimal services as a trust bank with a specialized ability to make full use of our expertise infour key trust business areas aimed at corporate customers: pension trust and asset management, custodial services, stocktransfer agency services and securitization. Through our merger with Mizuho Asset Trust & Banking (“MHAT”) in March 2003,
we aim to fortify our trust services and become a trust bank whose strengths and excellence are truly of world standard.
Specifically, we plan to offer various solutions as a "strategic pensions partner" while supplying high-level custody services in close
cooperation with the Trust & Custody Services Bank. We will also utilize the world-class know-how we have accumulated to date inproviding leading-edge securitization products, and consultation services in connection with legal and business practices, including
measures to deal with corporate realignments.
Also, we have established a first-class risk management system in order to fulfill our responsibilities as a trustee. At the same time,
we are making proactive use of the franchise system in trust services, which has recently been expanded in scope, as we continue toenhance the mechanisms we use to provide customers with proper specialist services at all times.
In March 2003, we will add MHAT's private banking, real estate and asset management product businesses for individuals to theabove-mentioned operations, thereby providing both corporate and individuals with a complete line-up of trust services.

* The merger with MHAT is subject to approval from the appropriate regulatory authorities.

5

Business Outline of Mizuho Corporate Bank, Mizuho Bank, Mizuho Securities and Mizuho Trust & Banking
The Mizuho Financial Group (“MHFG”) aims to become a comprehensive
financial services group that offers accurate and rapid responses to diverse
needs of customers by ensuring that group companies enhance theirexpertise and provide high value-added financial services while reinforcing
cooperation among group companies.
International
Banking Unit

Customers
Large corporations (listed on the firstsections of domestic stock exchanges, etc.)

Customers
Overseas corporations including subsidiaries
of Japanese companies.

Customers
Financial institutions and their groupcompanies, and public sector entities.

Main Businesses

Main Businesses• Provide optimized solutions for funding
and asset management needs,
improvements in operational efficiency,
and establishment of risk management
systems.

• Provide highly specialized services thattake regional and industrial circumstances
into consideration and make use of thegroup's global network.

Consumer and Private
Banking Group
Customers
Individuals
Main Businesses• Through a highly convenient distribution
channel network, provide a broad range of
products and optimum services to ourcustomers responding to their individual
needs at specific occasions of life byoffering savings, augmenting, borrowing
and insurance services.
• Provide private banking services making
the most of the group's comprehensive
capabilities.

Financial Institutions &Public Sector Banking Unit

Corporate Banking Unit

Main Businesses• Provide a full range of financial services
and products that make the most of thegroup's comprehensive capabilities.
• Provide optimized solutions for customers'
needs in the areas of management andbusiness strategy.

Corporate Banking Group

MizuhoCorporate Bank(MHCB)

ALM & Trading Unit
Main Businesses• Develop and provide interest rate, exchange
rate, securities and other market-related
products and their derivatives.
• Asset and liability management for MHCB.

Corporate Restructuring
Business Unit
Main Businesses• Provide comprehensive advice to customers
to support and realize their businessrestructuring efforts.

Asset Management &Transaction Banking Unit
Main Businesses• Provide advanced financial services
tailored to the e-business and the IT era,
yen clearing and yen custody services, andcurrency-related services.
• Provide asset management and trustrelated services utilizing group companies
to offer comprehensive solutions
concerning retirement benefits centeredon defined contribution pension plans.

The bank for individuals, domestic
companies and local governments.

Main Businesses• Support for relationship marketing throughplanning, developing and providing foreignexchange, foreign currency deposits, tradefinance and similar products and services.
• Planning and promotion of correspondentbanking-related business, support for
SWIFT-based transactions.

Syndicated FinanceBusiness Unit
Main Businesses• Provide syndicated loan-related services bothin Japan and overseas in order to better
respond accurately to the funds procurement
needs of customers.

e-Business Services Group
Main Businesses• Support for relationship marketing throughproviding advanced financial services
tailored to the e-business and the IT era.

Customers
Local governments and their affiliatedorganizations and national public sector
entities.
Main Businesses• Propose efficient financing and asset
management methods.
• Provide reliable and high-quality collecting
services of public charges.
• Propose methods, such as PFIs, to improvethe efficiency of public services.

Trading and ALM Group
Main Businesses• Develop and provide interest rate,exchange rate, securities and other marketrelated products and their derivatives.
• Asset and liability management for MHBK.

Securities and Investment
Banking Group
Trust and
Asset Management Group
Main Businesses• Provide high value-added asset
management products and services andsupport for relationship marketing throughclose cooperation with group asset
management and trust companies.

Main Businesses• Provide solutions centered on corporatebond finance, trustee and administration
business of corporate bonds.
• Provide high value-added solutions throughoffering multi-faceted financial methods that
respond to the customers’ various needs
made possible by making use of the close
cooperation with group securities and venture
capital companies. (M&As, asset and property
securitization, and MBO business, etc.)

Financial Products Unit
Main Businesses• Provide value-added financial services suchas securitization and MBOs to meetcustomers’ needs in their business andfinancial strategies by making full use of
cutting-edge financial technologies.
• Bond administration of domestic corporate
bonds and ABSs, etc.

MizuhoTrust & Banking(MHTB)

Pension Trust andAsset Management Services
Equities Trading

Bond Trading

Main Businesses• Provide high-quality finance, andsophisticated products and services.
• Provide solutions that match customers'
business strategies in such areas asinvestment banking services, IPOs as well as
starting overseas operations.
• Support new businesses, venturecompanies and other growth companies.

Mizuho Bank(MHBK)
Trade Services GroupMHCB focuses its efforts on corporate
finance, primarily serving large
corporations (such as those listed on thefirst sections of domestic stock
exchanges), financial institutions andtheir group companies, public sector
entities, and overseas corporations
including subsidiaries ofJapanese companies.

Customers
Domestic small and medium-sized, andmiddle market enterprises.

Public Sector
Banking Group

IPOs

MizuhoSecurities (MHSC)

M&A

Equity Financing

A wholesale securities
company whose customers
are institutional investors,
corporations, financial
institutions and public
corporations.

Structured FinanceSpecialist in corporate trust
banking business, whose
customers are institutional
investors, corporations,financial institutions
and public corporations.

Custodial Services
Stock Transfer
Agency Services

Securitization Services* The MHFG announced its ‘Outline of “Business Reorganization” to Reform the Mizuho Financial Group’on December 4, 2002. Please refer to page 17 for details.

Debt Financing

6

Major Financial Subsidiaries of Mizuho
The Mizuho Financial Group (“MHFG”) provides high-value added comprehensive financial services through the cooperation of major group financial
subsidiaries.
Trust Banking
Mizuho Asset Trust & Banking
Trust & Custody Services Bank
Asset Management

Derivatives

Securities

Dai-Ichi Kangyo Asset Management

Mizuho Investors Securities
Shinko Securities

DLIBJ Asset Management (DIAM)

Fuji Investment Management

Mizuho Capital Markets
Corporation

Defined Contribution Plan Services

Overseas Subsidiaries

Factoring

Banking Subsidiaries
Mizuho Corporate Bank Nederland
Mizuho Corporate Bank (Canada)
Mizuho Corporate Bank (USA)Chekiang First Bank
PT. Bank Mizuho Indonesia
etc.

Mizuho Factors

Venture CapitalMizuho CapitalMizuho Holdings
Mizuho Corporate Bank
Mizuho Bank
Mizuho Securities
Mizuho Trust & Banking

Securities Subsidiaries
Mizuho International
Mizuho Securities USA
Mizuho Bank (Switzerland)
etc.
Trust Banking Subsidiaries
Mizuho Trust & Banking (Luxembourg)
Mizuho Trust & Banking (USA)etc.

Credit Card
UC CARD

Othersleasing companies
etc.

Credit Guarantee Companies
MIZUHO LOAN CREDITMIZUHO CREDIT GUARANTEE
Research Institution
Mizuho Research Institute* The MHFG announced its ‘Outline of “Business Reorganization” to Reform the Mizuho Financial Group’on December 4, 2002. Please refer to page 17 for details.

7

Mizuho Topics

 Proactive Approach to Syndicated Loan Business
As top players in Japan's syndicated loan market, Mizuho Bank (“MHBK”) and Mizuho Corporate Bank (“MHCB”) are actively engaged
in the syndication business, utilizing their high-level arrangement capabilities and the broadly based distribution network they havebuilt up from strong relationships with financial institutions at home and abroad. During fiscal 2002, the two banks have worked to
expand their syndicated loan operations, promoting their arrangement services for medium-sized and middle market enterprises andsatisfying customers' needs to refinance bonds and fund M&A activities. In December 2002, MHCB decided to position the syndication
business as the core of a new financial business model for the future, upgrading its Syndication Division into the Syndicated FinanceBusiness Unit and greatly increasing its staff. In line with our ongoing commitment to revolutionizing business models for financial
institutions, we aim to expand this market.

 Commitment to Corporate Revitalization
In light of recent economic conditions, Mizuho Financial Group (“MHFG”) has taken a proactive approach to corporate revitalization,
establishing specialist sections with a view to supporting customers revive their businesses.
More specifically, MHBK set up Business Advisory Office within its Credit Supervision III Division in July 2002 to bring together theknow-how it has accumulated over the years in the area of corporate revitalization. MHCB has also channeled considerable resources
into providing business support for customers with technological expertise and growth potential, establishing six new divisions –Corporate Restructuring Divisions No. 1 through No. 5, and the International Corporate Restructuring Division – in October 2002.
Meanwhile, Mizuho Securities (“MHSC”) is contributing to its customers' business revival efforts through its M&A know-how.

 Support for Japanese Companies' Business Development into Asia
MHFG is involved in multifaceted efforts to expand its financial services to support the active business development of Japanesecompanies into Asia, particularly China. In July 2002, MHCB established the China Business Promotion Division, setting up a databasethat brings together the information and know-how accumulated within the group and using it to support services that meet thevarious needs of each customer advancing into this market. In September, it concluded a comprehensive business tie-up agreementwith four major Chinese banks, and became the first financial institution to sign an investment business cooperation agreement with
the Shanghai Waigaogiao Free Trade Zone the largest such area in China. These moves are part of MHCB’s ongoing efforts tostrengthen its regional networks and expand its regional financial services centered on Chinese yuan business. In December, itestablished a special line of credit for Japanese small and medium-sized, and middle market enterprises developing business into
China.

 Strengthening Ability to Provide Smaller Businesses with Funding Solutions
MHBK is working to provide smaller businesses with various solutions according to customer segments.
Specifically, for relatively small customers, it has expanded the coverage and improved the contents of "Business Partner,” a loan
product using automatic screening models. For customers with substantial funding needs, it has started selling “Vendor Finance” inthe form of finance guaranteed by leasing companies and using machine tools and other equipment as collateral. It is also working toprovide solutions for healthy funding demand by acting as a lead arranger of CLOs and CBOs in the Tokyo Metropolitan Government's
efforts to foster a bond market.
For highly entrepreneurial customers aiming to go public in the future, MHBK has started handling "Stock Subscription Rights
Financing" whereby it offers preferential interest rates in exchange for acquiring stock subscription rights.
MHBK is also reinforcing the functions of “Mizuho Business Mall,” which provides information services through the internet.

8

Mizuho Topics

 Commitment to Funding Based on Property Rights
MHFG is strengthening its services in the area of funding based on intellectual property rights.
MHBK has long been active in lending that uses intangibles such as copyrights as collateral, and insecuritizing the profit distribution rights inherent in copyrights. More recently, it has entered the business of
securitizing the subsidiary revenues from sales of videos and character goods that derive from popularanimation movies following the completion of first-run cinema showings and TV broadcasts. As its firstoffering in this field, Mizuho Trust & Banking (“MHTB”) issued trust certificates in trust based on thesecondary income from several dozen works and sold them to corporate customers.
© YUU WATASE /SHOGAKUKAN, PIERROT,
FCC, PEAMHCB also provides its customers with funds capitalized through asset-backed
finance on the cashflow generated by patents, trademarks, broadcasting rights andother intangibles. In line with the recent reform of international accounting rules
regarding intangible assets, it has been working to develop new financial products
derived from economic value of corporate brands, for instance, which is making themost of the global marketing strengths offered by its large customer base of major
enterprises.

© KIYOHIKO AZUMA · MEDIAWORKS / AZUMANGA DAIOH
Committee.

 Puts Together One of the World's Largest and Japan's First Synthetic CLO (September 2002)
Working with MHSC, which acted as lead manager and advisor, MHCB has succeeded in putting together
one of the world's largest-ever synthetic CLOs as part of its strategic portfolio management. The transaction
is referenced to loan credits worth approximately ¥1.3 trillion extended to some 150 large Japanesecompanies. While the loan credits remain on the bank's books, it has offloaded default risk on the loans
externally using a type of guarantee called “Protection,” without affecting transactional relationships with its
customers in any way. In becoming the first of Japan’s Big Four banking groups to succeed in this way,
MHFG has taken an epoch-making step, and the CLO was welcomed by investors at home and overseas,
despite the fact that it amounted to over ¥1 trillion. Moreover, the deal received IFR magazine’s Asia-Pacific
Securitization of the Year and Japanese Securitization of the Year awards as its success greatly contributed
to the development of the securitization market.

 Environment-Related Project Finance
MHCB is actively involved in financing environment-related projects in areas like wind power generation and waste disposal.
MHCB has provided finance for wind power generation projects in Hokkaido and Chiba Prefectures and is the only financial
institution to have joined the Japan Wind Power Association. In the area of waste disposal, MHCB continues to arrange finance forseveral projects during fiscal 2002, following the Omuta Refuse Derived Fuel generation project, and Fukuoka Clean Energy projectboth in Fukuoka Prefecture.
MHCB intends to make use of numerous financing methods based on a flexible conceptual approach that involves a deeper
understanding of the business so that it can contribute to the development of a recycling-oriented society.

9Mizuho Topics

 Provides Advice on JAL and Japan Air System Management Integration (October 2002)
MHSC acted as adviser to Japan Airlines when it integrated its operations with those of JapanAir System. The two firms used a stock transfer scheme to establish a holding company
named Japan Airlines System, which will head the new "JAL Group." The new group is due tostrengthen its operations as a world-class air transportation group with well-balanced
domestic and international services.
In providing advice, MHSC drew on the original skills it had accumulated through its
experience in putting together deals, and was joined by MHCB's Industry Research Division,
which was able to apply its specialist knowledge of the airline business as well as the expertise

Joint Press Conference

MHFG acquired when it was established through its corporate split and merger process.

 Defined Contribution Pension BusinessAs a frontrunner in the Japanese defined contribution pension business, we are channeling our total resources into providing solutions
for corporate management issues in this area by supporting the formation of assets for the employees to enjoy in their retirement.
MHBK launched its administration business in October 2002. MHCB also plans to start offering products during fiscal 2002.

 Group Banks Launch Operations as Franchises in Trust Services
In April 2002, MHBK and MHCB started operations as franchises for trust services, introducing corporate customers who are interested
in trust products to MHTB. In the following six months, over 200 contracts were concluded for pension trusts, stock transfer agency
services, specified money trusts (tokkin funds) and monetary claims trusts.
Currently these services are offered at 273 MHBK branches and all MHCB offices. MHBK plans to start offering the services atanother 100 branches or more by February 2003.

 Start of New Services Associated with the Use of IT at Shareholders' Meetings
MHTB has given top priority to developing IT systems for shareholders' meetings as a key element of the infrastructure needed for thestock transfer agency business. While paying particular attention to security, it started offering the system at shareholders' meetings inJune 2002, where it was used as a low-cost system to allow shareholders to exercise their rights electronically. It also offered a service
that makes it possible to monitor at anytime the state of voting on proceedings via the Internet. MHTB will start making"e-notifications" and "e-claims" available from March 2003 shareholders' meetings. The ability to use new electronic methods forvarious procedures will offer issuers and shareholders much greater speed and convenience.

10

Mizuho Topics

 Joint Operations with the Group’s Securities Company and Trust BankTo enable customers to take better advantage of our high quality "one-stop" financial services utilizing the group's all-roundcapabilities, we are offering banking (provided by MHBK and MHCB), trust banking (provided by Mizuho Asset & Trust Banking) andsecurities (provided by Mizuho Investors Securities) services through joint operations.
In October 2002, we opened the first branch to offer banking and securities services on thesame premises following the relaxation of regulations that required clear separation between
banking and securities operations. In November, we opened the first joint branch in Japan tofeature banking, securities and trust banking services.
In December 2002, we were operating 18 joint bank/trust bank branches, 11 jointbank/securities branches and one joint bank/securities/trust bank branch.

Joint bank/securities branch in Shakujii, Tokyo.

 Sales of Individual Variable Annuities Commenced (October 2002)
MHBK began offering individual variable annuities (“IVAs”) at its branches. IVAs have the features of
insurance, pension as well as mutual funds. The policyholders of IVAs invest the premiums into
several separate accounts, each of which has its own unique investment targets and policies. The
amount of annuity benefit depends on the performance of the accounts they choose. The death
protection is also provided to meet the policyholders’ needs.
Taking the fact that the population in Japan is aging rapidly as our business opportunity, we not
only offer IVAs but also provide our consulting services tailored for each customer’s life plan, helping
make customer’s retirement more comfortable.

 Starts Accepting Unsecured Personal Loan Applications Via the Internet (October 2002)
MHBK has started accepting applications via the Internet for the five types of unsecured personal loans, including loans for education,
new car purchases and card loans.
Without visiting branches, anyone can easily apply for the loans anytime only by filling out the application form on MHBK’s web site.
MHBK notifies applicants of the results of its tentative credit assessment within a week to ten days. In the midst of changing lifestyles
and the rapid spread of the Internet, more and more customers desire to apply for personal loans from their homes or workplaces. We
satisfy such needs with this online application service.

 Mini Encyclopedias about Japan Presented to Primary Schools Nationwide
As part of MHFG’s community activities, we published a mini encyclopedia
about Japan for children and presented some 24,000 copies to primary schools
throughout Japan at the start of the new school term in September 2002. We
are delighted to have received many compliments to the effect that the photos
are beautiful and the text easy to understand, making the books ideal for
researching facts about Japan.

11

Business Results Highlights of Mizuho

MHFG is highly ranked in a wide range of financial services in Japan.
Supporting the Financial Needs of Households ¥34 trillion in personal assets under management (No. 1 among Japanese banks) ¥9 trillion in residential housing loan portfolio (No. 1 among Japanese banks)
 6.7 million customers utilizing membership-style banking services (No. 1 among Japanese banks)
 9,265 testamentary trusts entrusted (No. 1 in industry sector)
 MHBK’s 661 full-service branches; approximately 5,400 automated outlets (locations of ATM including
joint-use ATMs at convenience stores) in Japan*All figures are as of September 30, 2002

Supporting the Financial Needs of Corporations
 US$26.9 billion (46.7% share) in arrangement of domestic syndicated loans (No. 1 among Japanese banks)
from January 1 to June 30, 2002
 ¥473.7 billion in lead management of domestic straight bond issues excluding city bank issues, selffinancing issues, and retail investors targeted issues (No. 2 among industry sector)
from April 1 to September 30, 2002 ¥314 billion in lead management of FILP agency bond issues (No. 1 in industry sector)
from April 1 to September 30, 2002
 76 arrangements (No. 2 in industry sector) and US$5 billion (No. 3 in industry sector) in M&A advisory
banking transactions in which Japanese companies operating in Japan were merged or acquired(announcement basis from January 1 to September 30, 2002) ¥5 trillion in domestic pension funds under management (No. 1 in industry sector) as of June 30, 2002
 ¥3.3 trillion in asset securitization of monetary claims trust (No. 1 in industry sector) as of September 30,
2002 ¥1.5 trillion in retirement benefit funds entrusted (No. 1 in industry sector) as of September 30, 2002

Supporting Global Business US$241 million in arrangement of global project finance (No.3 among Japanese banks) from January 1 toJune 30, 2002
 45% share in yen custody services for foreign institutional investors (No. 1 among Japanese banks) as of
September 30, 2002
 34% share in foreign exchange (yen clearing) services (No. 1 among Japanese banks) as of September 30,
2002* All figures are aggregates of the group companies and approximated.

12

Towards Changing the Mizuho Financial GroupIn order to attain maximum corporate value by increasing its competitiveness and securing high and stableprofits, we announced the ‘Outline of the “Mizuho Change & Speed-up Program” ’ on November 25, 2002
and the ‘Outline of “Business Reorganization” to Reform the Mizuho Financial Group’ on December 4, 2002.
The text of the respective announcements is as follows.

Outline of the “Mizuho Change & Speed-Up Program”
On April 1, 2002, through the corporate split and merger process, the Mizuho Financial Group (“MHFG”) adopted a new businessmodel and launched legally separate subsidiaries based on customer segments and business lines. While we are striving to further
strengthen the earning capabilities in accordance with the objectives of “Program for Financial Revival” issued by the Financial Services
Agency on October 30, 2002, we have formulated and will execute the “Mizuho Change & Speed-Up Program” to accelerate theefforts to achieve our goal of being an innovative financial services group that will lead the new era through offering cutting-edge,
comprehensive financial services.

Framework of the “Mizuho Change & Speed-Up Program”
1. Change and accelerate the deployment of business strategies.
2. Accelerate cost structure reforms.
3. Strengthen corporate governance and reinforce a merit-based remuneration system.

By everyone in the Mizuho organization from senior executives to each and every employee working hardest to execute the Program,we aim to improve our competitive edge and enhance the corporate value of the MHFG.

1.Change and accelerate the deployment of business strategies
Based on a clear vision of the future, Mizuho Corporate Bank, Ltd. (“MHCB”), Mizuho Bank, Ltd. (“MHBK”), and other groupcompanies will further enhance their expertise to properly respond to customer and business needs, and accelerate the businessstrategies by making maximum use of the group’s enormous customer base and each company’s core strengths.

(1) Mizuho Corporate Bank“The overwhelming market leader in market-oriented indirect financing”
We will breakaway from the conventional business model that is dependant on volume of assets, and carry out a significant
reallocation of management resources, as well as wide-ranging organizational reforms by the end of December 2002, so as
to swiftly realize a market-oriented indirect financing model with the syndication business at its core.
Target: Ratio of non-interest income to total gross profit = 50%a) Expansion of the syndication business
Expand the arranger business to act as a bridge between borrowers and investors in the market.
— establishment of the Syndication Business Unit with a staff of 200 (to be carried out in December)— expansion of cross border transactions working together with the group’s overseas offices
Increase the efficient use of assets through securitization and strengthening portfolio management.
Reform both the asset structure and the funding structure resulting from squeezing the balance of bank debenture issuances.
Increase in earnings from fee commissions.

13

Towards Changing the Mizuho Financial Groupb) Strengthening of the solution business
Significantly strengthen the products marketing and processing business.
— reorganization and expansion of the Financial Products Business Unit and the Financial Services Unit; an increase by 230
staff (to be carried out in December)— expansion of fee businesses such as structured finance, defined contribution pensions, trade finance and clearing / settlement
Strengthen industry research capabilities.
— enhancement of strategic advisory functions to customers through its corporate research capabilities
Pursue the corporate revival business.
— establishment of the Corporate Restructuring Business Unit, six divisions staffed by 150 (carried out in October)— providing services for corporate reorganization conducted by specialistsc) Strategic restructuring of the international business
Strengthen businesses with the 10 thousand Japanese corporate customers in overseas market.
Especially strengthen support to Japanese corporations expanding their operations into China.
— establishment of the China Business Promotion Division (carried out in July)— setting up a business alliance with China’s four major commercial banks in RMB business (carried out in October)
Review business with non-Japanese customers, and restructure overseas network.
— ¥3 trillion risk asset reduction related to non-Japanese customers (to be carried out during the current fiscal year)— further reduction in number of overseas officesd) Aggressive reallocation of management resources to strategic business areas (to be carried out in December)
Eliminate planning divisions of all groups and business units.
Drastically reduce the corporate and administrative staff and reallocate human resources in strategic business areas.
— syndication and solution business areas: +580 employees (redoubling from current status)— planning and administration areas, etc.: –1,100 employees(2) Mizuho Bank
“Aiming to be the customer’s bank of choice and best business partner by achieving the highest level ofcustomer satisfaction through providing high value-added comprehensive financial services.”
While MHBK enjoys its predominant position supported by both its nation-wide network and enormous customer base, itwill carry out drastic cost reductions ahead of schedule in order to establish its competitive edge in terms of cost, speed andservice quality, and accelerate strategic deployment according to customer segmentation.
Target: Expense ratio= 40% rangea) Cost reduction ahead of schedule
Realize cost competitiveness through branch consolidation and staff reduction well ahead of schedule.
— consolidation of 120 branches during the next year and a half (network of 440 branches by the end of March 2004)— reduction in employees (4,000) one year ahead of scheduleb) Strategic deployment according to customer segmentation<Individual customers>
Expand “Prime” customers, who utilize MHBK as their primary financial institution, through marketing based on
customer segmentation.
— expansion of “Mizuho Value Program,” a membership-style banking service, from the present 6.8 million members to 10
million by the end of March 2005
— growth in the volume of home mortgage loans with more variety in the product line and the quicker approval process

14Towards Changing the Mizuho Financial Group<Small and medium-sized corporations>
Provide stable services to meet the customers’ funding needs and offer high value-added services.
— staff of 500 to exclusively seek new customers— increase of specialists by 100 in the area of solution businesses— support for the customers' business restructuring by the Corporate Consulting Department
Establish low cost and high quality operations for small business loans with quick responses to customers' funding needs— expansion of direct marketing by the Business Finance Center (staffed by 100 experts)— product enhancement of the “Business Partner” (unsecured loan product utilizing automatic credit scoring model)
Secure appropriate loan spreads which reflect credit risks.
Secure appropriate level of fees and commissions which reflect operating costs.

(3) Strategy for securities and trust banking businesses
Mizuho Securities Co., Ltd. (“MHSC”), Mizuho Trust & Banking Co., Ltd. (“MHTB”) and other securities and trust banking armsof MHFG will further strengthen their capabilities in their respective strategic business areas, and actively pursue the synergies
with other group companies.

a) Group’s securities business strategy
Strengthen the equity-related business and secure profitability.
— joint marketing for underwriting business among group securities companies (in addition to Mizuho Investors Securities
Co., Ltd. (“MHIS”), MHSC will establish a joint marketing relationship with Shinko Securities Co., Ltd.)— increasing human resources in MHSC’s equity business (40 professionals including analysts)
Strengthen cooperation in the area of business with individual customers.
— aggressive promotion of setting up one-stop shopping branches by MHBK and MHIS where their operations are placed
under one roof (increase in the number of one-stop shopping branches from the current 12 locations to 100)b) Group’s trust banking business strategy
Increase in the number of branches licensed under franchise system in trust services (MHTB+MHBK, MHCB).
— increase in the number of such branches from the current 291 by 100
Fortify group business promotion activities in the testamentary trust and real estate businesses.
— promotion of setting up one-stop shopping branches by MHBK and Mizuho Asset Trust & Banking Co., Ltd. (MHAT) (50%of MHAT’s branches are now in such a format)

2. Accelerate cost structure reforms
While aggressively pursuing the consolidation effects, MHFG will accelerate its efforts to cut operating costs by carrying out
such drastic restructuring plans as reducing the salaries of all executives and employees.
Fiscal 2005 expense target:¥730 billion(¥170 billion (20%) reduction as compared with the budget for fiscal 2002)a) Additional decrease in the number of board members and executive officers (–20%), and 30% cut in yearly
compensation.
b) Number of employees: reduction of 6,300 employees
24,000 employees as of March 2005 (11,000 (30%) reduction as compared with March 1999)15

Towards Changing the Mizuho Financial Groupc) Salaries: general managers –20%, average –10% cut in annual compensation
Decrease the base salary and bonus of employees (subject to negotiations with the employees’ union.)
Reinforce compensation systems based on the employee’s performance.
— wider deviation in performance evaluations in bonus, promotions, and so on— acceleration of conversion to “professional staff” job classification (annual salary system linked to performance andexpertise)d) Number of domestic branches: reduction of 120
Number of overseas offices: reduction of 13
Domestic —460 branches as of March 2004

(185 (30%) reduction compared with March 1999)

Overseas —43 offices as of March 2004

(70 (60%) reduction compared with March 1999)

3.Strengthen corporate governance and reinforce a merit-based remuneration system
We aim to aggressively strengthen corporate governance, focus on more speedy managerial decision making and reinforce a
merit-based remuneration system. Our employees with unique talent and multi-faceted expertise endeavor to create aprofessional group with a challenging spirit to achieve their objectives of providing the best solution to customers, resulting inencouraging the group's cohesiveness and creating an energetic organization.

a) Strengthen corporate governanceAchieve a management structure that is slim and speedy.
— one–CEO structure— reduction in number of board members and executive officers by 20% (30% reduction as compared with March 2002)
Secure transparency in management and clear accountability.
— increase in the number of outside directors— establishment of an advisory board (carried out in July)b) Development and advancement of young employees
Place younger employees as branch general managers (“GMs”).
— introduction of a job application system for branch GM positions from employees (implementation in January 2003)— employees in their 30s will be eligible, to be placed in 50 branches (10% of all domestic branches)
Dynamic rejuvenation in the organization.
— introduction of a “New Career Path Development Program” (early retirement plan) (January to March 2003: 500
employees)c) The right person in the right job
Expand the job application system.
Assure placement of the right person in the right job through large-scale personnel transfers.

d) Realization of fair performance evaluations
Expand the 360-degree evaluation for all managers (5,000 employees) (during this fiscal year).
Enforce “Mizuho evaluation standard,” a uniform personnel evaluation system throughout the group companies.

e) Enhancing common consciousness as a member of the Mizuho Financial Group
Establish the “Mizuho Group Award” (during second half of fiscal 2002)16

Towards Changing the Mizuho Financial Group

Outline of “Business Reorganization” to Reform the Mizuho Financial GroupOn November 25, 2002, the Mizuho Financial Group announced the “Mizuho Change & Speed-Up Program” to change andaccelerate the deployment of business strategies and to accelerate cost structure reforms primarily of the core subsidiaries including
Mizuho Bank, Ltd. (“MHBK”), Mizuho Corporate Bank, Ltd. (“MHCB”) and securities and trust subsidiaries.
In accordance with the purpose of the “Program for Financial Revival” issued by the Financial Services Agency, as well as in order tocope with the recent severe business environment, we hereby announce that the Mizuho Financial Group will implement the program
described below titled “Business Reorganization.”
Through the “Business Reorganization,” we will reform the group strategy drastically in order to enhance our competitiveness,secure high-level and stable profitability and maximize the corporate value of the group.
The reorganization of the management structure (which is scheduled in March 2003) is subject to the appropriate regulatory
approval and other procedures in Japan and all related countries.

Framework of the “Business Reorganization”
1. Further reinforcement of comprehensive financial services capabilities(1) Establish a new financial holding company named “Mizuho Financial Group, Inc.” (“MHFG”) in order todramatically improve the comprehensive financial services capabilities of the group.
(2) Place the existing holding company as an intermediate holding company for the group’s banks and securities
subsidiaries to strengthen the synergistic cooperation between MHBK and MHCB, as well as between the banking
and securities subsidiaries according to customer segments.
(3) Strategically reorganize trust, asset management, and custody business subsidiaries and place these companies
directly under the new financial holding company.

2. Acceleration of non-performing loan (“NPL”) disposal and aggressive pursuit of the corporate revival
business based on the purpose of the Program for Financial Revival(1) Further tighten assessment of assets by elaborating the self-assessment standard.
(2) Promptly conduct disposition or revival of the NPLs that are classified as “ claims for special attention” or below by
separating these NPLs from the group’s banking sector through the utilization of a separate entity and/or
framework for corporate revival.

3. Further reinforcement of financial strength(1) Raise capital through the market in order to further reinforce the financial strength.
(2) Make a conservative review of deferred tax assets based on risk scenarios.

4. Strict implementation of the “Mizuho Change & Speed-up Program” (announced on November 25, 2002)17

Towards Changing the Mizuho Financial Group

1. Further reinforcement of comprehensive financial services capabilities(1) Establish a new financial holding company named “Mizuho Financial Group, Inc.” (“MHFG”) inorder to dramatically improve the comprehensive financial services capabilities of the group.
a) In addition to the existing group management framework centered on the four core subsidiaries, MHFG will
directly manage other primary subsidiaries, enhance group-wide synergy and strengthen its profitability swiftly.
b) MHFG will realize the consolidation effects promptly by strengthening cost competitiveness throughconsolidation of the group’s affiliates and utilization of a common infrastructure, etc.
Promptly consolidate systems related subsidiaries and asset management subsidiaries.
Further expand the earning base in such growing business areas as credit card and asset management businesses, andpromote various measures such as utilization of the group’s research institutions and common IT infrastructure.

(2) Place the existing holding company as an intermediate holding company for the group’s banks
and securities subsidiaries to strengthen the synergistic cooperation between MHBK and MHCB, as
well as between the banking and securities subsidiaries according to customer segments.
a) In conjunction with the establishment of MHFG, Mizuho Holdings, Inc. (“MHHD”) will be reformed as anintermediate holding company to manage the banking and securities business sector.
The intermediate holding company will be devoted to further strengthen synergistic cooperation between MHBK and MHCB,
as well as between the banking and securities subsidiaries.

b) According to customer segments, Mizuho Securities Co., Ltd. (“MHSC”) will be placed under MHCB, and Mizuho
Investors Securities Co., Ltd. (“MHIS”) will be placed under MHBK.
c) MHSC will transfer its retail business to MHIS.
MHFG will request to revise Article 65 of the Securities and Exchange Law to enable MHBK and MHIS, and MHCB and MHSC,
respectively, to merge to enhance customer convenience.

d) A joint marketing relationship between MHSC and Shinko Securities Co, Ltd. has already been established forthe underwriting business.

(3) Strategically reorganize trust, asset management, and custody business subsidiaries and placethese companies directly under the new financial holding company.
a) Unify the trust banking business, and centralize the management of the group’s trust and asset management
sector including Trust & Custody Services Bank, Ltd. (“TCSB”) and asset management subsidiaries.
Mizuho Trust & Banking Co., Ltd. (“MHTB”) and Mizuho Asset Trust & Banking Co., Ltd. (“MHAT”) will be merged after
placing MHTB, currently a wholly owned subsidiary of MHHD, under MHFG.
MHTB will secure its existing high credit rating.
MHAT will separate and remove its NPLs that are classified as “claims for special attention” or below and accelerate their final
disposition, utilizing a separate entity and/or framework for corporate revival.
TCSB will be placed as a direct subsidiary under MHFG in order to clarify its position as a common vehicle for asset
management business for the group, and provide high quality financial services to customers not only for the groupcompanies but also for non-group companies.

18

Towards Changing the Mizuho Financial Group

2. Acceleration of NPL disposal and aggressive pursuit of the corporate revival business basedon the purpose of the Program for Financial Revival(1) Further tighten assessment of assets by elaborating the self-assessment standard.
a) Elaborate the self-assessment standard based on the “Framework of the New Financial Administration” includedin the Program for Financial Revival.
Elaborate the self-assessment standard, including application of Discounted Cash Flow type methods to large borrowers whoare classified as “claims for special attention.”(2) Promptly conduct disposition or revival of the NPLs that are classified as “claims for special
attention” or below by separating these NPLs from the group’s banking sector through theutilization of a separate entity and/or framework for corporate revival.
a) MHBK, MHCB and MHAT will separate and remove NPLs that are classified as “claims for special attention” or
below and accelerate their final disposition and corporate revival.
b) Pursue early termination of the NPL issue, utilizing a separate entity and/or framework for corporate revival.
c) Make a prompt assessment of NPLs as to the possibility of revival and accelerate disposition or support bystrengthening cooperation with Resolution and Collection Corporation, Corporate Revivals Organization andother corporate reconstruction funds.
Having separated and removed NPLs, MHBK, MHCB and MHAT will further strengthen their fund providing function in theirrespective marketplaces.

3. Further reinforcement of financial strength(1) Raise capital through the market in order to further reinforce the group's financial strength.
a) MHFG will raise the capital necessary for this reorganization through the market.

(2) Make a conservative review of deferred tax assets based on risk scenarios.
a) Based on the “Framework of the New Financial Administration” included in the Program for Financial Revival,
MHFG will review its deferred tax assets, estimating the taxable income conservatively based on risk scenarios.
Partially withdraw deferred tax assets.

4. Strict implementation of the “Mizuho Change & Speed-up Program”
On November 25, 2002, the Mizuho Financial Group announced the “Mizuho Changing & Speed-up Program” which includes cost
structure reforms and strengthening of corporate governance. Please refer to page 13 for details.

19

Towards Changing the Mizuho Financial Group

Reorganization Structure

Mizuho Financial Group, Inc. (MHFG)(Financial Holding Company)
Mizuho Holdings, Inc.(MHHD)

Venture Capital (Mizuho Capital Co., Ltd.)
Information & Technology (DKIS폷FRIC폷KSD)

Research Institution (Mizuho Research Institute)
Credit Card (UC Card Co., Ltd.)

Mizuho Asset Trust & Banking Co., Ltd.

Asset Management Companies (DKA폷FIMCO폷DIAM)

Trust & Custody Services Bank, Ltd.

Mizuho Trust &Banking Co., Ltd

Mizuho Securities Co., Ltd.

Trust & AssetManagement Sector
Banking & Securities
Business Sector

Merger
1st half of
FY2003

Mizuho Investors Securities Co., Ltd.

Mizuho Asset Trust & Banking Co., Ltd.

Asset Management

Credit Card

Research Institution

Information Technology

Venture Capital

Trust & Custody Services Bank, Ltd.

Shinko Securities Co., Ltd
Mizuho Investors Securities Co., Ltd.

20

Entity and/or framework forcorporate revival

Mizuho Corporate Bank, Ltd.

Mizuho Bank, Ltd.

Mizuho Bank, Ltd.

Mizuho Corporate Bank, Ltd.

Mizuho Securities Co., Ltd.

Mizuho Trust & Banking Co., Ltd.

(Intermediate Holding Company
for Banks & Securities Subsidiaries)

Trust
BankingMizuho Holdings, Inc.(MHHD)

Financial Analysis of Mizuho Holdings

Results for the Six Months ended September 30, 2002
Consolidated Accounts
1. Scope of Consolidation and Application of the Equity Method
companies

At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2002(a)March 31, 2002(b)September 30, 2001

Change (a)-(b)

160

171

309

(11)

34

30

83

4

Number of consolidated subsidiaries
Number of affiliates accounted for underthe equity method

At September 30, 2002, the number of consolidated subsidiaries of Mizuho Holdings, Inc. ("MHHD") decreased by 11 to 160, and the number ofaffiliates accounted for under the equity method increased by 4 to 34 from the end of the previous fiscal year. The major consolidated subsidiaries
are Mizuho Bank, Ltd., Mizuho Corporate Bank, Ltd., Mizuho Securities Co., Ltd., and Mizuho Trust & Banking Co., Ltd. The major affiliates
accounted for by the equity method were The Chiba Kogyo Bank, Ltd. and Shinko Securities Co., Ltd.

2. Consolidated Profits and Losses
Billions of yen

For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

September 30, 2002 (a)Consolidated Gross Profits
Net Interest Income
Net Fiduciary Income
Net Fee and Commissions Income
Net Trading Income
Net Other Operating Income
General and Administrative Expenses
Credit-related Costs
Net Gains (Losses) related to Stocks and Other Securities
Equity in Earnings (Losses) from Investment in Affiliates
OthersIncome (Loss) before Income Taxes and Minority Interests
Income Taxes–Current
Income Taxes–Deferred
Minority Interests in Net Income (Loss)Net Income (Loss)Net Income (Loss) per Share of Common Stock (Yen)¥ 1,098.3
654.6
22.5
180.7
123.6
116.7
651.5
300.7
(55.3)
(6.8)
15.3
99.1
15.6
12.8
31.6
39.0
¥ 4,139.96

March 31, 2002¥

2,462.0
1,527.6
54.4
501.0
178.8
199.9
1,368.2
2,487.6
116.7(6.7)(141.2)(1,425.1)
110.4(545.9)(13.7)(976.0)¥ (108,003.27)

September 30, 2001 (b)¥1,237.4
746.2
22.1
217.7
100.0
151.3
637.8
1,037.5
65.6(1.0)(29.1)(402.6)18.8(136.1)(20.6)(264.6)¥ (28,753.60)

Change (a)-(b)¥(139.1)(91.6)
0.4(36.9)
23.6(34.6)
13.6(736.8)(120.9)
(5.7)
44.4
501.7
(3.2)
149.0
52.3
303.6
¥ 32,893.56

Notes: 1. Consolidated Gross Profits: Net Interest Income + Net Fiduciary Income + Net Fee and Commissions Income + Net Trading Income + Net Other Operating Income.
2. Credit-related Costs = Expenses related to Portfolio Problems + Provision of General Reserve for Possible Losses on Loans.

(1) Consolidated Gross Profits
Consolidated Gross Profits decreased by ¥139.1 billion to ¥1,098.3 billion in comparison with the corresponding interim period of the previous
fiscal year.
Net Interest Income decreased by ¥91.6 billion to ¥654.6 billion, as a result of weak domestic funding demand, and other.
Net Fiduciary Income increased by ¥0.4 billion to ¥22.5 billion.
Net Fee and Commissions Income decreased by ¥36.9 billion to ¥180.7 billion, mainly because of a decline in Remittance Commissions.
Because of a rise in profits on derivatives for trading transactions and others, Net Trading Income increased by ¥23.6 billion to ¥123.6 billion.
Net Other Operating Income decreased by ¥34.6 billion to ¥116.7 billion.

(2) General and Administrative Expenses
While efforts were made to curtail personnel expenses, rising depreciation expenses and other costs caused General and Administrative Expenses
to increase by ¥13.6 billion from the corresponding interim period of the previous fiscal year to ¥651.5 billion.

(3) Credit-related Costs
Credit-related costs fell by ¥736.8 billion from the corresponding interim period of the previous fiscal year to ¥300.7 billion because of decelerationof new non-performing loans (“NPLs”) and a decline in loan balances to be provided reserves.

21

Financial Analysis of Mizuho Holdings(4) Net Gains (Losses) Related to Stocks and Other Securities
Net Gains related to Stocks and Other Securities decreased by ¥120.9 billion from the corresponding interim period of the previous fiscal year,
resulting in a loss of ¥55.3 billion, mainly as a result of the devaluation of stocks and other securities amounting to ¥76.3 billion due to the decline
in the stock market.

(5) Net Income (Loss)
As a result of the above, Income before Income Taxes and Minority Interests amounted to ¥99.1 billion.
Net Income rose by ¥303.6 billion to ¥39.0 billion from the corresponding interim period of the previous fiscal year after reflecting Income
Taxes–Current, Income Taxes–Deferred and Minority Interests in Net Income to Income before Income Taxes and Minority Interests.

Use and Source of Funds
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Billions of yen

September 30,
2002 (a)Average balance
March 31,
September 30,
2002
2001 (b)Use of Funds¥ 132,795.9 ¥ 130,664.1 ¥ 128,914.1
Due from Banks
8,689.0
3,724.3
4,215.2
Call Loans and Bills Purchased
6,431.6
1,886.3
1,741.0
Receivables under Resale Agreements
4,324.7
3,265.7
3,778.9
Guarantee Deposit Paid under Securities
Borrowing Transactions
5,054.6//
Securities
26,021.5
30,046.6
26,807.3
Loans and Bills Discounted
80,682.3
88,835.8
89,776.3
Source of Funds¥ 133,495.1 ¥ 126,610.8 ¥ 127,366.1
Deposits
84,844.4
81,877.5
80,717.1
Debentures
14,820.4
16,878.0
17,450.4
Call Money and Bills Sold
14,408.3
8,280.1
8,346.6
Payables under Repurchase Agreements
7,680.9
7,095.4
7,501.1
Guarantee Deposit Received under Securities
Lending Transactions
3,402.3//
Commercial Paper
276.7
1,545.1
1,736.9
Borrowed Money
2,479.2
3,695.3
4,080.6

Change(a)-(b)Yield
September 30, March 31, September 30,
2002 (a)2002 2001 (b)¥ 3,881.7
4,473.7
4,690.6
545.7

1.64%
0.55
0.22
3.82

2.31%
2.84
0.88
8.01

2.50% (0.86)%
2.47(1.92)
1.05(0.83)
7.59(3.77)

5,054.6(785.7)(9,093.9)¥ 6,128.9
4,127.3(2,630.0)
6,061.7
179.8

0.02
1.36
1.90
0.64%
0.27
0.92
0.08
3.11

/
1.71
2.31
1.17%
0.61
1.01
0.39
4.91

/
0.02
2.06
(0.70)
2.44(0.54)
1.37% (0.73)%
0.74(0.47)
0.98(0.06)
0.26(0.18)
5.08(1.97)

3,402.3(1,460.2)(1,601.3)

0.37
0.36
1.37

/
1.26
2.54

/
1.40
2.27

Net Fee and Commissions Income
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Fee and Commissions Income
Deposits, Debentures and Lending Business
Remittance Business
Securities-related BusinessAgency Business
Safe Custody and Safety Deposit Box Business
Guarantee Business
Trust-related BusinessFee and Commissions Expenses
Remittance BusinessChange(a)-(b)0.37(1.04)(0.90)

Billions of yen

September 30, 2002 (a)March 31, 2002

September 30, 2001(b)Change (a)-(b)¥ 213.2
47.0
55.4
37.9
17.2
5.4
18.2
16.1
¥ 32.513.8¥ 544.2
123.7
115.8
85.1
41.1
8.3
39.4
23.8
¥ 43.1
27.5¥ 264.5
64.6
57.3
40.3
15.9
5.4
15.8
9.8
¥ 46.8
13.6¥ (51.2)(17.6)
(1.9)
(2.4)
1.2
0.0
2.3
6.2
¥ (14.3)
0.2

22

Financial Analysis of Mizuho Holdings

3. Consolidated Assets and Liabilities
Billions of yen

At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2002 (a)Total Assets
Cash and Due from Banks
Trading Assets
Securities
Loans and Bills Discounted
Other Assets
Customers’ Liabilities for Acceptances and Guarantees
Total Liabilities
Deposits
Debentures
Call Money and Bills Sold
Other Liabilities
Minority Interests
Shareholders’ Equity¥ 143,047.4
6,326.7
9,098.1
25,520.3
76,118.2
4,866.6
4,948.8
138,281.4
77,929.7
13,783.5
10,380.1
4,242.0
1,050.2¥
3,715.6

March 31, 2002 (b)September 30, 2001

Change (a)-(b)¥ 151,312.4
11,720.1
7,951.4
24,108.9
84,593.6
11,067.7
4,923.2
145,629.9
85,606.2
15,310.8
9,453.6
11,278.1
951.0¥ 4,731.4¥ 163,736.9
5,848.9
11,019.1
25,801.7
90,587.6
15,219.0
5,896.7
157,669.8
85,198.4
16,715.7
7,867.0
16,957.4
765.7¥ 5,301.3¥ (8,264.9)(5,393.3)
1,146.6
1,411.3(8,475.4)(6,201.1)
25.6(7,348.4)(7,676.4)(1,527.3)
926.4(7,036.1)
99.1¥ (1,015.7)(1) Assets
Loans and Bills Discounted at the end of the interim term decreased by ¥8,475.4 billion from the end of the previous fiscal year to ¥76,118.2
billion, primarily as a result of declining demand for funds and progress in removing NPLs from the balance sheet. Non-Accrual, Past Due &Restructured Loans amounted to ¥5,424.8 billion, or 7.13% to total Loans and Bills Discounted.
Securities increased by ¥1,411.3 billion to ¥25,520.3 billion. At the end of the interim term, Net Unrealized Losses on Other Securities (available
for sale) amounted to ¥526.2 billion.
Total Assets came to ¥143,047.4 billion.

Market Value of Securities

Billions of yen

Cost

At September 30, 2002 (a)Other Securities*1
Stocks*2
Bonds
Others¥ 24,116.0
5,886.3
12,886.6
5,343.0

Gross unrealized
Gains¥ 398.6
216.9
36.5
145.1

¥

LossesMarket value

924.8
882.9
10.6
31.3

¥ 23,589.8
5,220.3
12,912.5
5,456.9
Billions of yen

At March 31, 2002 (b)CostOther Securities*1
Stocks*2
Bonds
Others¥ 23,231.1
7,092.2
11,104.0
5,034.7

Gross unrealized
Gains¥ 459.8
409.5
15.4
34.8

LossesMarket value¥ 1,347.5
1,156.1
29.0
162.3¥ 22,343.5
6,345.6
11,090.5
4,907.2
Billions of yen

At September 30, 2001

Cost

Other Securities*1
Stocks*2
Bonds
Others¥ 25,126.3
7,352.5
12,380.1
5,393.6

Gross unrealized
Gains¥ 478.1
388.2
22.9
67.0

LossesMarket value¥ 1,629.1
1,542.5
32.9
53.5¥ 23,975.4
6,198.2
12,370.0
5,407.0
Billions of yen

Cost

Change (a)-(b)Other Securities*1
Stocks*2
Bonds
Others¥884.9(1,205.9)
1,782.5
308.3

Gross unrealizedGains¥ (61.2)(192.6)21.0
110.3

Losses¥ (422.6)(273.1)(18.3)(131.0)Market value¥

1,246.3(1,125.3)
1,822.0
549.6*1 In addition to the balances shown in the above table, Other Securities included securities without market values such as unlisted stock (excluding OTC stock) of ¥538.4 billion, ¥320.7billion and¥249.9 billion, and non-publicly offered bonds of ¥1,000.0 billion, ¥851.5 billion and ¥946.3 billion as of September 30, 2002 and 2001, and March 31, 2002, respectively.
*2 Market value of Stocks is determined based on the average market prices during one-month periods before the balance sheet date.

23

Financial Analysis of Mizuho Holdings(2) Liabilities and Minority Interests
Deposits decreased by ¥7,676.4 billion from the end of the previous fiscal year to ¥77,929.7 billion. Debentures decreased by ¥1,527.3 billion to¥13,783.5 billion. Total Liabilities fell by ¥7,348.4 billion to ¥138,281.4 billion.
Minority interests increased by ¥99.1 billion to ¥1,050.2 billion.

(3) Shareholders’ Equity
Shareholders’ Equity decreased by ¥1,015.7 billion from the end of the previous fiscal year to ¥3,715.6 billion, primarily because of accelerated
disposals of NPLs, and disposal of unrealized losses by offsetting with Additional Capital Surplus resulted from the Corporate Split and Merger
Process.
The consolidated Risk-based Capital Ratio (BIS Capital Ratio) maintained at the healthy level of 10.42%.

Risk-Based Capital Ratio (BIS Capital Ratio)
At September 30, 2002 and 2001 and at March 31, 2002

BIS Capital Ratio
Tier I Ratio
Tier I(A)
Capital Stock
Capital Surplus
Retained Earnings
Minority Interest in Consolidated Subsidiaries
Preferred Shares issued by overseas SPC
Unrealized Losses on Other Securities
Treasury Stock
Foreign Currency Transaction Adjustments
Goodwill Equivalent
Consolidation Differences Equivalent
Tier II(B)
45% of Unrealized Gains on Securities
45% of Revaluation Reserve for Premises
General Reserve for Possible Losses on Loans
Debt Capital
Perpetual Subordinated Debt
Subordinated Debt Redeemable Preferred Shares
Deductions from Capital(C)
Capital(A)+(B)-(C)Risk-adjusted Assets
Assets Exposed to Credit Risk
On-balance-sheet Items
Off-balance-sheet Items
Market Risk Equivalent Divided by 8%(Reference) Market Risk EquivalentBillions of yen

September 30, 2002 (a)10.42%
5.26%¥ 4,286.6
2,572.0
353.7
983.5
1,045.6
958.9(509.2)(1.0)(101.6)(0.3)(56.0)
4,286.6
—
308.3
924.8
3,709.5
1,591.6
2,117.9
89.3¥ 8,483.9¥ 81,363.5
80,623.0
74,836.9
5,786.1
740.4
59.2

24

March 31, 2002 (b)10.56%
5.33%¥ 5,028.9
2,572.0
2,203.7
46.1
952.6
872.5
(559.6)(1.2)(120.1)(0.2)(64.2)
5,028.9
—
391.3
953.4
3,974.5
1,710.0
2,264.5
98.3¥ 9,959.5¥ 94,288.7
93,276.5
85,791.7
7,484.8
1,012.1
80.9

September 30, 2001

10.53%
5.33%¥ 5,391.0
2,569.9
2,203.7
801.6
761.9
497.1
(709.3)/(128.6)(0.2)(107.9)5,391.0
—
399.8
877.2
4,727.8
1,994.6
2,733.2
127.5¥ 10,654.5¥ 101,128.6
99,873.0
91,538.5
8,334.5
1,255.5
100.4

Change (a)-(b)(0.14)%(0.07)%¥(742.2)—(1,849.9)
937.3
92.9
86.3
50.4
0.2
18.5
(0.1)
8.2
(742.2)—(82.9)(28.5)(264.9)(118.3)(146.5)(8.9)¥ (1,475.5)¥ (12,925.2)(12,653.4)(10,954.8)(1,698.6)(271.7)(21.7)

Financial Analysis of Mizuho Holdings

Aggregated Figures of the Two Banks
The following “aggregated figures” are the sum of the non-consolidated results of Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd. for the six
months ended September 30, 2002 ("aggregated figures of the Two Banks"). The interim and full-year figures for fiscal 2001 comprised the sumof the non-consolidated results of The Dai-Ichi Kangyo Bank, Limited, The Fuji Bank, Limited and The Industrial Bank of Japan, Limited("aggregated figures of the Three Former Banks".)

1.MHHD Consolidated Figures and Aggregated Figures of the Two Banks
Differences between MHHD Consolidated Figures and Aggregated Figures of the Two Banks
2002

For the Fiscal Years ended September 30,

Gross Profits
Net Interest Income
Net Fiduciary Income
Net Fee and Commissions Income
Net Trading Income
Net Other Operating Income
Credit-related Costs
Net Income (Loss)

MHHD(Consolidated)(a)AggregatedFigures of the
Two Banks (b)(a) – (b)(b) / (a)¥ 1,098.3
654.6
22.5
180.7
123.6
116.7
300.7
39.0

¥ 846.8
578.3
—
106.0
54.8
107.6
268.9
52.3

¥ 251.4
76.2
22.5
74.7
68.8
9.0
31.7
(13.3)

77.1%
88.4
.—
58.7
44.3
92.2
89.4
134.1

Billions of yen

2001
MHHD Aggregated Figures(Consolidated)of the Three(a) Former Banks (b)¥ 1,237.4
746.2
22.1
217.7
100.0
151.3
1,037.5(264.6)¥ 972.4
659.5
—
115.0
81.1
116.6
861.6
(149.2)(a) – (b)¥ 264.9
86.7
22.1
102.6
18.8
34.7
175.9
(115.3)(b) / (a)

78.6%
88.4
—
52.8
81.2
77.1
83.0
56.4
Billions of yen

At September 30 and March 31, 2002

MHHD
(Consolidated)(a)September 30, 2002
AggregatedFigures of the
Two Banks (b)(a) – (b)Total Assets
Securities
Loans and Bills Discounted¥ 143,047.4
25,520.3
76,118.2¥ 137,139.8
24,916.5
72,287.8¥ 5,907.5
603.7
3,830.3(b) / (a)March 31, 2002
MHHD Aggregated Figures(Consolidated)of the Three(a) Former Banks (b)(a) – (b)95.9% ¥ 151,312.4 ¥ 140,985.9 ¥ 10,326.4
97.6
24,108.9
24,049.0
59.8
95.0
84,593.6
80,574.3
4,019.3(b) / (a)

93.2%
99.8
95.3

2.Aggregated Profits and Losses
Net Business Profits for the Two Banks (before Provision (Reversal) of General Reserve for Possible Losses on Loans) decreased by ¥156.0 billion
from the corresponding interim period of the previous fiscal year (aggregated figures of the Three Former Banks) to ¥387.8 billion, primarily
because of a decrease in Net Interest Income.
Against the background of decline in the stock market, Losses on Devaluation of Stocks and Other Securities caused Net Loss related to Stocks
and Other Securities of ¥48.1 billion.
Expenses related to Portfolio Problems decreased by ¥492.6 billion to ¥283.1 billion because of deceleration of new NPLs and a decline in loanbalances to be provided reserves.
Net Income thus increased by ¥201.6 billion to ¥52.3 billion.

25

Financial Analysis of Mizuho Holdings

Profits and Losses (Aggregated Figures)
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Billions of yen

September 30, 2002 (a)Domestic Gross Profits
International Gross Profits
Gross Profits
Net Interest Income
Net Fee and Commissions Income
Net Trading Income
Net Other Operating Income
Net Gains related to Bonds
General and Administrative Expenses(Excluding Non-recurring Expenses)
Net Business Profits (before Provision (Reversal)of General Reserve for Possible Losses on Loans)Excluding Net Gains related to Bonds
Provision (Reversal) of General Reserve for
Possible Losses on Loans(A)Net Business Profits
Net Non-recurring Gains (Losses)
Net Gains (Losses) related to Stocks and Other Securities
Expenses related to Portfolio Problems(B)
OthersIncome (Loss) before Income Taxes
Income Taxes–Current
Income Taxes–Deferred
Net Income (Loss)¥(Reference) Credit-related Costs(A)+(B)

March 31, 2002

September 30, 2001 (b)¥ 1,303.7
526.1
1,829.9
1,335.2
231.6
118.5
144.4
62.7

459.0

871.7

428.4

30.5

387.8
308.9

958.2
895.4

543.9
464.3

(156.0)(155.3)(14.2)
402.1(331.2)(48.1)
283.1
0.1
70.8
0.2
18.2
¥
52.3

214.3
743.8
(2,211.4)(73.4)
1,979.5(158.4)(1,467.6)
3.5(561.4)¥ (909.6)

85.7
458.1
(720.5)87.4
775.8(32.1)(262.3)3.0(116.1)¥ (149.2)(100.0)(56.0)
389.3(135.6)(492.6)
32.3
333.2
(2.8)
134.4
¥ 201.6¥¥ 2,193.9¥¥ (592.7)

268.9

¥

707.7
264.7
972.4
659.5
115.0
81.1
116.6
79.6

Change (a)-(b)

638.2
208.6
846.8
578.3
106.0
54.8
107.6
78.9

861.6

¥

(69.4)(56.0)(125.5)(81.1)(9.0)(26.3)(8.9)(0.7)

 Gross Profits
Gross profits decreased by ¥125.5 billion to ¥846.8 billion in comparison with the corresponding interim period of the previous fiscal year, primarily
due to a decline of ¥81.1 billion in Net Interest Income.

Breakdown of Gross Profits (Aggregated Figures)
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Net Interest Income
Domestic Operations
International Operations
Net Fee and Commissions Income
Domestic Operations
International Operations
Net Trading Income
Domestic Operations
International Operations
Net Other Operating Income
Domestic Operations
International Operations
Gross Profits

Billions of yen

September 30, 2002 (a)

¥

¥

578.3
485.4
92.9
106.0
76.2
29.7
54.8
20.4
34.3
107.6
56.0
51.5
846.8

26

March 31, 2002

¥ 1,335.2
1,108.2
226.9
231.6
156.6
75.0
118.5
34.5
84.0
144.4
4.2
140.1
¥ 1,829.9

September 30, 2001 (b)

¥

¥

659.5
582.1
77.3
115.0
78.4
36.6
81.1
24.2
56.9
116.6
22.8
93.8
972.4

Change (a)-(b)¥(81.1)(96.7)
15.5
(9.0)
(2.1)
(6.8)
(26.3)(3.7)(22.5)(8.9)
33.2(42.2)¥ (125.5)

Financial Analysis of Mizuho Holdings(1) Net Interest Income
Net Interest Income decreased by ¥ 81.1 billion from the corresponding interim period of the previous fiscal year to ¥ 578.3 billion. Income frominternational operations increased by ¥15.5 billion to ¥92.9 billion, while income from domestic operations decreased by ¥96.7 billion to¥485.4 billion because of a decline in outstanding loans due to weak domestic funding demand and other factors.

Breakdown of Net Interest Income (Aggregated Figures)
For the Six Months ended September 30,
2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Total
Use of Funds
Loans and Bills Discounted
Securities
Source of Funds
Deposits and Debentures
Interest Margins
Loan and Deposit Rate Margin(including Expenses)
Domestic Operations
Use of Funds
Loans and Bills Discounted
Securities
Source of Funds
Deposits and Debentures
Interest Margins
Loan and Deposit Rate Margin(including Expenses)
International Operations
Use of Funds
Loans and Bills Discounted
Securities
Source of Funds
Deposits and Debentures
Interest Margins
Loan and Deposit Rate Margin(including Expenses)

Billions of yen

Average balance
March 31, September 30,
2002
2001 (b)Change(a)-(b)¥ 124,598.9 ¥ 118,491.2 ¥ 117,831.2
76,300.8
82,752.1
82,845.6
24,421.8
26,728.1
26,088.6
125,876.9 115,585.4 114,981.2
96,812.1
95,123.3
94,320.4///¥ 6,767.6(6,544.8)(1,666.8)
10,895.7
2,491.7/

September 30,
2002 (a)September 30,
2002 (a)Yield
March 31, September 30,
2002
2001 (b)Change(a)-(b)

1.51%
1.80
1.37
0.58
0.36
0.93

2.02%
2.08
1.84
0.91
0.65
1.11

2.17%
2.18
2.11
1.08
0.77
1.09

(0.66)%(0.38)(0.74)(0.50)(0.41)(0.16)

/

/

/

/

1.44

1.43

1.41

0.03

105,519.4
66,290.7
19,419.0
106,995.1
85,262.4/

96,404.9
70,154.7
20,822.1
95,315.9
80,773.8/

95,801.8
70,881.0
20,415.0
94,427.5
79,346.5/

9,717.6(4,590.3)(995.9)12,567.6
5,915.9
/

1.17
1.58
0.77
0.25
0.21
0.92

1.47
1.68
0.94
0.32
0.28
1.15

1.57
1.73
1.18
0.36
0.32
1.21

(0.40)(0.15)(0.41)(0.11)(0.11)(0.29)

/

/

/

/

1.37

1.40

1.41

(0.04)

21,573.4
10,010.0
5,002.7
21,375.7
11,549.7/

24,710.9
12,597.3
5,906.0
22,894.1
14,349.4/

24,488.1
11,964.5
5,673.5
23,012.3
14,973.9/(2,914.7)(1,954.5)(670.8)(1,636.6)(3,424.1)
/

3.12
3.30
3.68
2.28
1.44
0.84

4.10
4.30
5.03
3.43
2.74
0.67

4.45
4.90
5.45
4.07
3.16
0.38

(1.33)(1.60)(1.77)(1.79)(1.72)
0.46

/

/

/

/

1.86

1.56

1.74

0.12

(2) Net Fee and Commissions Income
Net Fee and Commissions Income decreased by ¥ 9.0 billion from the corresponding interim period of the previous fiscal year to ¥ 106.0 billion.

Breakdown of Net Fee and Commissions Income (Aggregated Figures)
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Fee and Commissions Income
Deposits, Debentures and Lending Business
Remittance Business
Securities-related BusinessAgency Business
Safe Custody and Safety Deposit Box Business
Guarantee BusinessFee and Commissions Expenses
Remittance BusinessBillions of yen

September 30, 2002 (a)March 31, 2002

September 30, 2001 (b)Change (a)-(b)¥ 147.3
38.8
54.8
14.4
11.3
4.5
9.5
41.3
13.5

¥ 333.3
95.5
114.5
28.6
27.7
6.5
22.8
101.6
28.7

¥ 167.5
49.2
56.8
14.2
13.7
4.6
10.9
52.5
14.3

¥ (20.2)(10.4)
(2.0)
0.2
(2.4)
(0.1)
(1.4)
(11.1)(0.8)

27

Financial Analysis of Mizuho Holdings(3) Net Trading Income
Net Trading Income decreased by ¥ 26.3 billion from the corresponding interim period of the previous fiscal year to ¥54.8 billion.

(4) Net Other Operating Income
Net Other Operating Income decreased by ¥8.9 billion from the corresponding interim period of the previous fiscal year to ¥107.6 billion, primarily
due to lower Profits on Foreign Exchange Transactions.

Breakdown of Net Other Operating Income (Aggregated Figures)
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Billions of yen

September 30, 2002 (a)March 31, 2002

September 30, 2001 (b)Change (a)-(b)¥ 107.6
27.7
78.9
56.0
51.9
51.5
27.7
26.9

¥ 144.4
91.1
62.7
4.2
4.7
140.1
91.1
58.0

¥ 116.6
39.5
79.6
22.8
24.0
93.8
39.5
55.5

¥ (8.9)(11.7)
(0.7)
33.2
27.8
(42.2)(11.7)(28.5)

Total
Profits on Foreign Exchange Transactions
Net Gains related to Bonds
Domestic Operations
Net Gains related to Bonds
International Operations
Profits on Foreign Exchange Transactions
Net Gains related to Bonds

 General and Administrative Expenses
Despite ongoing efforts to rationalize general management and increase efficiency, General and Administrative Expenses increased by ¥30.5 billion
from the corresponding interim period of the previous fiscal year to ¥459.0 billion as a result of higher Non-personnel Expenses relating to theconsolidation.
Personnel Expenses decreased by ¥10.3 billion to ¥162.0 billion, primarily reflecting a reduction in the number of personnel resulting from therestructuring process.
Non-personnel Expenses increased by ¥38.5 billion to ¥272.2 billion, in part because of cost increases relating to the consolidation.

Breakdown of General and Administrative Expenses (Excluding Non-Recurring Expenses) (Aggregated Figures)
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Personnel Expenses
Salaries and Remuneration
Non-personnel Expenses
Miscellaneous Taxes
Total

Billions of yen

September 30, 2002 (a)March 31, 2002

September 30, 2001 (b)Change (a)-(b)¥ 162.0
88.0
272.2
24.6
¥ 459.0¥ 345.2
208.2
479.6
46.7
¥ 871.7¥ 172.4
102.0
233.7
22.3
¥ 428.4¥ (10.3)(13.9)
38.5
2.2¥ 30.5

 Net Business Profits
Net Business Profits (before Provision (Reversal) of General Reserve for Possible Losses on Loans) decreased by ¥156.0 billion from the corresponding
interim period of the previous fiscal year to ¥387.8 billion.

28

Financial Analysis of Mizuho Holdings

 Net Non-Recurring Gains (Losses) and Net Income (Loss)(1) Net Gains (Losses) Related to Stocks and Other Securities
Net Gains related to Stocks and Other Securities decreased by ¥135.6 billion from the corresponding interim period of the previous fiscal year to aloss of ¥48.1 billion, mainly as a result of the devaluation of stocks and other securities amounting to ¥67.6 billion.

(2) Expenses Related to Portfolio Problems
Expenses related to Portfolio Problems decreased by ¥492.6 billion from the corresponding interim period of the previous fiscal year to ¥283.1
billion, because of deceleration of new NPLs and a decline in loan balances to be provided reserves.
Expenses related to Portfolio Problems mainly consisted of Losses on Write-offs of Claims of ¥199.7 billion and Provision of Specific Reserve for
Possible Losses on Loans of ¥43.3 billion.

Breakdown of Net Non-Recurring Gains (Losses) (Aggregated Figures)
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

September 30, 2002 (a)Net Gains (Losses) Related to Stocks andOther Securities
Gains on Sales of Stocks and Other Securities
Losses on Sales of Stocks and Other Securities
Losses on Devaluation of Stocks and Other Securities
Provision (Reversal) of Reserves for Possible
Losses on Securities
Gains on Derivatives other than for Trading
Expenses Related to Portfolio Problems
Losses on Write-offs of Claims
Net Provision of Specific Reserve for
Possible Losses on Loans
Losses on Sales of Loans to CCPC
Provision of Reserve for Possible Losses on
Loans Sold
Losses on Support of Specific Borrowers
Provision of Reserve for Possible Losses on
Support of Specific Borrowers
Provision of Reserve for Possible Losses on
Loans to Restructuring Countries
Provision of Reserve for Contingencies
Other Losses on Sales of Loans
OthersNet Non-recurring Losses¥ (48.1)
30.7
10.8
67.6

Billions of yen

March 31, 2002¥

September 30, 2001 (b)(73.4)
299.7
38.8
335.4

¥

Change (a)-(b)

87.4
271.3
12.5
173.1

¥ (135.6)(240.6)(1.6)(105.5)

0.9
0.5
283.1
199.7

0.0
1.0
1,979.5
1,083.2

(0.0)
1.7
775.8
372.6

1.0
(1.2)
(492.6)(172.8)

43.3
2.8

608.6
54.9

302.5
18.4

(259.1)(15.6)

16.9
0.0

15.9
144.2

12.6
—

4.3
0.0

—

17.2

53.2

(53.2)

(9.6)
3.8
25.9
0.1
¥ (331.2)

5.2
—
49.9
(158.4)¥ (2,211.4)

(1.1)
—
17.4
(32.1)¥ (720.5)

(8.5)
3.8
8.5
32.3
¥ 389.3(3) Income Taxes
Income Taxes–Current amounted to ¥0.2 billion, and Income Taxes–Deferred amounted to ¥18.2 billion.

(4) Net Income
Net Income thus increased by ¥201.6 billion from the corresponding interim period of the previous fiscal year to ¥52.3 billion.

29

Financial Analysis of Mizuho Holdings

3.Aggregated Assets and Liabilities
Billions of yen

At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2002 (a)Total Assets
Cash and Due from Banks
Trading Assets
Securities
Loans and Bills Discounted
Other Assets
Customers’ Liabilities for Acceptances and Guarantees
Total Liabilities
Deposits
Debentures
Call Money
Other Liabilities
Acceptances and Guarantees
Shareholders’ Equity
Net Unrealized Losses on other Securities,
net of Taxes

March 31, 2002 (b)September 30, 2001

Change (a)-(b)¥ 137,139.8
7,596.4
5,142.9
24,916.5
72,287.8
4,229.0
6,220.7
133,200.5
76,007.7
13,885.8
13,574.7
3,294.4
6,220.7
3,939.2¥ 140,985.9
11,385.9
5,347.4
24,049.0
80,574.3
8,852.9
6,391.8
135,908.1
82,484.9
15,805.5
7,437.0
8,907.8
6,391.8
5,077.7¥ 148,356.3
5,492.8
7,583.2
25,152.1
84,205.9
12,670.0
7,562.6
142,652.4
80,825.6
17,152.7
5,132.3
14,064.4
7,562.6
5,703.8¥ (3,846.0)(3,789.4)(204.5)867.4(8,286.4)(4,623.8)(171.1)(2,707.6)(6,477.2)(1,919.6)
6,137.7(5,613.4)(171.1)(1,138.4)(458.0)(530.3)(664.6)

72.3

Market Value of Securities (Aggregated Figures)Billions of yen

Cost

At September 30, 2002 (a)Other Securities*1
Stocks*2
Bonds
Others¥ 22,263.4
5,420.5
12,001.6
4,841.2

Gross unrealized
Gains¥ 355.5
183.4
32.6
139.3

¥

LossesMarket value

836.9
796.9
10.4
29.5

¥ 21,782.0
4,807.0
12,023.8
4,951.0
Billions of yen

At March 31, 2002 (b)CostOther Securities*1
Stocks*2
Bonds
Others¥ 21,336.3
6,550.3
10,398.2
4,387.7

Gross unrealized
Gains¥ 411.7
368.5
12.7
30.4

LossesMarket value¥ 1,273.0
1,091.2
28.7
153.0¥ 20,475.0
5,827.5
10,382.2
4,265.1
Billions of yen

At September 30, 2001

Cost

Other Securities*1¥ 22,783.4
6,720.9
11,370.0
4,692.4

Stocks*2
Bonds
OthersGross unrealized
Gains¥ 418.9
342.4
18.3
58.1

LossesMarket value¥ 1,498.6
1,423.5
31.0
44.0¥ 21,703.8
5,639.8
11,357.3
4,706.5
Billions of yen

Cost

Change (a)-(b)Other Securities*1
Stocks*2
Bonds
Others¥927.1(1,129.7)
1,603.4
453.5

Gross unrealizedGains¥ (56.2)(185.0)19.9
108.9*1 In addition to the balances shown in the above table, Other Securities included securities without market values.
*2 Market value of Stocks is determined based on the average market prices during one-month periods before the balance sheet date.

30

Losses¥ (436.0)(294.3)(18.2)(123.4)Market value¥

1,307.0(1,020.5)
1,641.6
685.8

Financial Analysis of Mizuho Holdings(1) Assets
Total Assets decreased by ¥3,846.0 billion from the end of the previous fiscal year to ¥137,139.8 billion.
Securities increased by ¥867.4 billion to ¥24,916.5 billion. At the end of the interim term, Net Unrealized Losses on Other Securities amounted
to ¥481.4 billion.
Loans and Bills Discounted decreased by ¥8,286.4 billion to ¥72,287.8 billion, primarily as a result of declining demand for funds and progressin removing NPLs from the balance sheet. Non-Accrual, Past Due & Restructured Loans amounted to ¥4,878.2 billion, or 6.75% to total Loans andBills Discounted.

(2) Liabilities
Total Liabilities decreased by ¥2,707.6 billion from the end of the previous fiscal year to ¥133,200.5 billion.
Deposits decreased by ¥6,477.2 billion from the end of the previous fiscal year to ¥76,007.7 billion.
Debentures decreased by ¥1,919.6 billion to ¥13,885.8 billion.

(3) Shareholders’ Equity
Shareholders’ Equity decreased by ¥1,138.4 billion from the end of the previous fiscal year to ¥3,939.2 billion, primarily because of accelerated
disposals of NPLs, and disposal of unrealized losses by offsetting with Additional Capital Surplus resulted from the Corporate Split and Merger
Process.

31

Financial Analysis of Mizuho Holdings

Disclosure of Asset Quality
The following “consolidated figures” are those of Mizuho Holdings, Inc (“MHHD”.)
The following “aggregated figures” are the sum of the non-consolidated results of Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd. for thesix months ended September 30, 2002 ("aggregated figures of the Two Banks"). The interim and full-year figures for fiscal 2001 comprised thesum of the non-consolidated results of The Dai-Ichi Kangyo Bank, Limited, The Fuji Bank, Limited and The Industrial Bank of Japan, Limited("aggregated figures of the Three Former Banks".)

 Disposal of Problem Loans
In line with the call for drastic measures included in the government's Emergency Economic Policy Package, the Two Banks have been accelerating
the removal of non-performing loans (“NPLs”) from the balance sheet. During the first half of the fiscal year, aggregated figures of Credit-related
Costs for the Two Banks amounted to ¥268.9 billion and consolidated Credit-related Costs for MHHD amounted to ¥300.7 billion, because of
deceleration of arising new NPLs and a decline in Loans and Bills Discounted.

Credit-related Costs (Aggregated Figures)
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Credit–related Costs
Expenses Related to Portfolio Problems
Losses on Write-offs of Claims
Net Provision of Specific Reserve for
Possible Losses on Loans
Losses on Sales of Loans to CCPC
Provision of Reserve for Possible Losses on
Loans Sold
Losses on Support of Specific Borrowers
Provision of Reserve for Possible Losses on
Support of Specific Borrowers
Provision of Reserve for Possible Losses on
Loans to Restructuring Countries
Provision of Reserve for Contingencies
Other Losses on Sales of Loans
Provision (Reversal) of General Reserve for
Possible Losses on Loans

Billions of yen

September30, 2002 (a)March 31, 2002

September 30, 2001 (b)Change (a)-(b)¥ 268.9
283.1
199.7

¥ 2,193.9
1,979.5
1,083.2¥ 861.6
775.8
372.6

¥ (592.7)(492.6)(172.8)

43.3
2.8

608.6
54.9

302.5
18.4

(259.1)(15.6)

16.9
0.0

15.9
144.2

12.6
—

4.3
0.0

—

17.2

53.2

(53.2)

(9.6)
3.8
25.9

5.2
—
49.9

(1.1)
—
17.4

(8.5)
3.8
8.5

(14.2)

214.3

85.7

(100.0)32

Financial Analysis of Mizuho Holdings Overview of Disclosure of Problem Loans at September 30, 2002 (Aggregated Figures)Billions of yen

1. Self-Assessment
Categorization
ObligorCategory I(Non-Categorization)

Category II

Category IV
Category III(Non-Collateralized)

848.8
Bankrupt and Substantially
Bankrupt Obligors
848.8

Watch Obligors

Intensive Control
Obligors
1,798.7

Claims for Special
Attention
2,325.5

Collateral, guarantees, etc.:
741.7
Reserve for Possible Losses:
107.1

Reserve
Ratio
100%

1,445.6

353.0

Collateral, guarantees, etc.:
787.8
Reserve for Possible Losses:
657.8

Reserve
Ratio
65.1%

DirectWrite-offs

2. Disclosed Claims
under the FRL

Claims against Bankrupt
and Substantially Bankrupt
Obligors 848.8

3. Non-Accrual, Past
Due & Restructured
Loans
Loans to Bankrupt Obligors
512.8

Coverage Ratio 100%

Claims with Collection Risk
1,798.7

Non-Accrual
Delinquent Loans
2,039.8

Coverage Ratio 80.4%
94.9 (Note 2)

Reserve Ratio for
Uncoverd Portion
18.2%

Claims for Special Attention(Note 1) 2,325.5

Collateral, guarantees, etc.:
721.5
Reserve for Possible Losses:
291.5

Coverage Ratio 43.6%

Loans Past Due for 3 Months
or More 82.9

Restructured Loans
2,242.6(Special Attention Obligors)
Other Watch Obligors
Normal Obligors

Reserved based on
estimated credit losses

Total
79,587.6

Aggregate Coverage
Ratio 66.5%

Total
4,973.1

Total
4,878.2

Notes: 1. Claims for Special Attention includes loans only and is equal to the total amount of Loans Past Due for 3 Months or More and Restructured Loans.
Claims for Special Attention obligors includes all claims, not limited to loans, against Special Attention Obligors.
2. The difference between total Non-Accrual, Past Due & Restructuring Loans and total Disclosed Claims under the FRL represents claims other than loans included in Disclosed Claims
under the FRL.
3. FRL: Financial Reconstruction Law (described on page 34)

33

Financial Analysis of Mizuho Holdings

 Claims Disclosed under the Financial Reconstruction Law
Based on the provisions of the Financial Reconstruction Law (“FRL”), Claims Disclosed under the FRL are classified as Claims against Bankrupt andSubstantially Bankrupt Obligors, Claims with Collection, Claims for Special Attention and Nomal Claims.
They are based on the obligor classifications used for self-assessments as follows: claims on Bankrupt and Substantially Bankrupt Obligors aredisclosed as Claims against Bankrupt and Substantially Bankrupt Obligors, claims on Intensive Control Obligors are presented as Claims with
Collection Risk, and among those claims on Watch Obligors, amounts equivalent to Loans Past Due for 3 Months or More and Restructured Loans
under Non-Accrual, Past Due & Restructured Loans are disclosed as Claims for Special Attention.
On the basis of the aggregated figures of the Two Banks at the end of the first half of the fiscal year, the balance of the total amount of Claims
against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection Risk and Claims for Special Attention decreased by ¥50.5 billion fromthe end of the previous fiscal year to ¥4,973.1 billion, or 6.24% to the total Loans and Bills Discounted. Of this total, the balance of Claims against
Bankrupt and Substantially Bankrupt Obligors decreased by ¥211.4 billion and ¥231.3 billion in Claims with Collection Risk, as the removal of NPLs
from the balance sheet was accelerated through selling them to the Resolution and Collection Corp. (“RCC”) and direct write-offs, and the Two
Bank's efforts to actively tackle the issue of corporate revitalization resulted in the improvement of the obligors classification. In contrast, Claims
for Special Attention increased by ¥392.3 billion. Not only did new NPLs arise because recent economic conditions caused a deterioration in thefinancial condition of certain customers, but some customers had their obligor classification raised from that of Intensive Control Obligors following
corporate revitalization efforts.
Coverage ratios against the above claims in the form of reserves, collateral and guarantees at the end of the first half of the fiscal year stood at
100% for Claims against Bankrupt and Substantially Bankrupt Obligors, 80.4% for Claims with Collection Risk, 43.6% for Claims for Special
Attention, and 66.5% overall.
On a consolidated basis for MHHD, the total amount of Claims against Bankrupt and Substantially Bankrupt Obligors, Claims with Collection
Risk and claims for Special Attention came to ¥5,548.2 billion.

 Non-Accrual, Past Due & Restructured Loans
Non-Accrual, Past Due & Restructured Loans are disclosed under the provisions of the Banking Law of Japan and refer collectively to Loans toBankrupt Obligors, Non-Accrual Delinquent Loans, Loans Past Due for 3 Months or More and Restructured Loans.
They are based on the obligor classifications used for self-assessments as follows: loans to Bankrupt Obligors are disclosed as Loans to Bankrupt
Obligors, loans to Substantially Bankrupt Obligors and Intensive Control Obligors are disclosed as Non-Accrual Delinquent Loans, and loans toWatch Obligors that meet certain conditions are disclosed as Loans Past Due for 3 Months or More or Restructured Loans.
On a consolidated basis for MHHD, Non-Accrual, Past Due & Restructured Loans decreased by ¥42.3 billion from the end of the previous fiscal
year to ¥5,424.8 billion. On the basis of the aggregated figures for the Two Banks, they decreased by ¥29.5 billion to ¥4,878.2 billion.

 Management of Loans
Credit Ratings
One of the most important elements of the Two Bank's risk management is to follow objective indications of a customer's creditworthinessthrough the unified 16-grade credit rating system. In principle, ratings apply to all borrowers and are subject to regular reviews at least once a year
to promptly reflect their term-end corporate results, as well as special reviews as required whenever a borrower's credit standing changes. This
enables the Two Banks to monitor both individual borrowers and the status of the overall portfolio in a timely fashion. Since credit ratings are
considered to be a primary phase of the self-assessment process described below, they are linked to the obligor classifications used in asset selfassessments of assets.

Self-Assessments“Self-assessments” relate to the procedures carried out by banks as one of the measures of credit risk management. They also enable the banks to
prepare financial statements that reflect the actual quality of their assets by ascertaining the status of these assets in preparation for making theappropriate write-offs and provisions based on generally accepted accounting principles.
Specifically, the borrowers are categorized into five obligor classifications according to creditworthiness, then assets are classified into four
categories according to asset recovery risk and risk of impairment (for details, please refer to the Definitions of Obligor Classifications andDefinitions of Categories of Self-Assessments described on page 36).

34

Financial Analysis of Mizuho Holdings

Write-Offs and Provisions
As a rule, write-offs and provisions are made according to obligor classifications and asset categories on the basis of self-assessment results. The
method of write-offs and provisions at the end of the first half of the fiscal year is described below.
The results of write-offs and reserve provisions of the Two Banks at the end of the first half of the fiscal year are described on page 33.

Normal Obligors
Appropriate the expected amount of losses over a year computed based on the expected loss ratio for General Reserve for Possible
Losses on Loans.

Watch Obligors
Appropriate the expected amount of losses over three years computed based on the expected loss ratio for General Reserve for
Possible Losses on Loans. As for any claims against obligors equivalent to Loans Past Due for 3 Months or More and/or Restructured
Loans under Non-Accrual, Past Due & Restructured Loans, appropriate the projected balance after deduction of the anticipatedamount from the sale of collateral pledged against the claims and/or the anticipated amount recoverable from the guarantors of theclaims for General Reserve for Possible Losses on Loans.

Intensive Control Obligors
Appropriate, either of the amounts calculated in (1) or (2) below and after the deduction of the anticipated amount from the sale ofcollateral pledged against the claims and/or the anticipated amount recoverable from the guarantors of the claims.
(1) An amount based on a comprehensive evaluation of the obligor's ability to pay.
(2) An amount determined by multiplying the aforementioned balance by the expected loss ratio for the next three years.

Substantially Bankrupt Obligors
Appropriate the following amounts for Specific Reserve for Possible Losses on Loans or write-offs:
the entire balance after the deduction of the anticipated amount from the sale of collateral pledged against the claims
and/or the anticipated amount recoverable from the guarantors of the claims.

Bankrupt Obligors
Appropriate the following amounts for Specific Reserve for Possible Losses on Loans or write-offs:
the entire balance after the deduction of the anticipated amount from the sale of collateral pledged against the claims
and/or the anticipated amount recoverable from the guarantors of the claims.

35

Financial Analysis of Mizuho Holdings

Definition of Obligor Classifications and Definitions of Categories of Self-Assessments
Definition of Obligor Classifications

Normal Obligors

Obligors whose business conditions are favorable and whoare deemed not to have any particular problems in terms of
their financial position.

Watch Obligors

Obligors who require close watching going forward because
there are problems with their borrowings, such as reduced orsuspended interest payments, problems with fulfillment suchas de facto postponements of principal or interest payments,
or problems with their financial positions as a result of theirpoor or unstable business conditions.

Intensive Control
Obligors

Obligors who are not yet bankrupt but are in financial
difficulties and are deemed to be very likely to go bankrupt in
the future because they are finding it difficult to makeprogress in implementing their management improvement
plans (including obligors who are receiving ongoing support
from financial institutions).

Substantially
Bankrupt Obligors

Obligors who have not yet gone legally or formally bankrupt
but who are substantially bankrupt because they are in serious
financial difficulties and are not deemed to be capable ofrestructuring.

Bankrupt Obligors

Obligors who have already gone bankrupt, from both a legal
and/or formal perspective.

Category I(Non-Categorized)

Category II

Category III

Category IV(Non-Collateralized)

All credit given toNormal Obligors.

Credit given to Watch
Obligors other thanthose included in
Category I.

Credit to borrowers
which have pledged
collateral or are coveredby guarantees,considered of highquality, such as
deposit collateral.

36

Credit given to Intensive
Control Obligors otherthan those included in
Category I and Category II.
Credit to borrowers
which are covered bygeneral collateral, suchas real estate andguarantees.

The difference between theassessed value and market
value of collateral on credit
to Bankrupt and Substantially
Bankrupt Obligors (i.e., theportion of loans for which
final collection problems orlosses are anticipated).

Credit to Bankrupt andSubstantially Bankrupt
Obligors, other thanthose in Category I,
Category II and Category
III (credit that is judged
to be unrecoverable orwithout value).

Financial Analysis of Mizuho Holdings

Connection between Credit Ratings, Definition of Obligor Classifications of Self-Assessments, Claims Disclosed under the
FRL and Non-Accrual, Past Due & Restructured Loans
Definition of
ObligorClassifications of
Self-Assessment

CreditRatings

Definition of Ratings(Major Category)A

Obligors whose certainty of debt fulfillment is very high, hence their level of credit risk is excellent.

B

Obligors whose certainty of debt fulfillment poses no problems for the foreseeable future, hence
their level of credit risk is sufficient.

C

Obligors whose certainty of debt fulfillment and their level of credit risk pose no problems for theforeseeable future.

D

Obligors whose current certainty of debt fulfillment poses no problems, however, their resistanceto future environmental changes is low.

E

Please refer to the definition for Watch Obligors in the “Definition of Obligor Classifications andDefinitions of Categories of Self-Assessments.“

Claims Disclosed under
the FRL

Non-Accrual, Past Due& Restructured Loans

Normal Obligors

Watch Obligors

F

Please refer to the definition for Intensive Control Obligors in the “Definition of Obligor
Classifications and Definitions of Categories of Self-Assessments.”

Substantially
Bankrupt Obligors

G

Please refer to the definition for Substantially Bankrupt Obligors in “Definition of Obligor
Classifications and Definitions of Categories of Self-Assessments.”

Bankrupt Obligors

H

Please refer to the definition for Bankrupt Obligors in the “Definition of Obligor Classifications
and Definitions of Categories of Self-Assessments.”

Intensive Control
Obligors

37

Normal Claims

Restructured Loans
Claims for Special
Attention

Claims with Collection
Risk
Claims against Bankrupt andSubstantially Bankrupt
Obligors

Loans Past Due for
3 Months or More

Non-Accrual Delinquent
Loans

Loans to Bankrupt
Obligors

Financial Analysis of Mizuho Holdings

 Status of Disclosed Claims under the FRL (Consolidated)
Disclosed Claims under the FRL (After Direct Write-offs of Category IV Loans)

Billions of yen

September 30, 2002

At September 30, 2002

Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Total

¥

971.9
2,041.1
2,535.1¥ 5,548.2

Note:

Billions of yen

September 30, 2002

Amount of Direct Write-offs¥ 2,717.6

 Status of Disclosed Claims under the FRL (Aggregated Figures)
Disclosed Claims under the FRL (After Direct Write-offs of Category IV Loans)
At September 30, 2002 and 2001, and at March 31, 2002

Claims against Bankrupt andSubstantially Bankrupt Obligors
Collateral, guarantees, etc.
Reserve for Possible Losses
Claims with Collection Risk
Collateral, guarantees, etc.
Reserve for Possible Losses
Claims for Special Attention
Collateral, guarantees, etc.
Reserve for Possible Losses
Subtotal
Collateral, guarantees, etc.
Reserve for Possible Losses
Normal Claims
Total

September 30, 2002 (a)¥Billions of yen

March 31, 2002 (b)September 30, 2001¥

Change (a)-(b)

848.8
741.7
107.1
1,798.7787.8
657.8
2,325.5
721.5
291.5
4,973.1
2,251.1
1,056.5
74,614.5¥ 79,587.6¥ 1,060.3
930.1
130.2
2,030.1
961.6
682.8
1,933.2
561.0
280.5
5,023.7
2,452.7
1,093.6
87,497.1¥ 92,520.9

944.2
832.1
112.0
2,116.8
951.5
754.9
2,517.0
802.3
449.9
5,578.0
2,586.0
1,317.0
91,637.2¥ 97,215.3¥(211.4)(188.4)(23.0)(231.3)(173.7)(25.0)
392.3
160.5
10.9
(50.5)(201.6)(37.1)(12,882.6)¥ (12,933.2)

September 30, 2002 (a)March 31, 2002 (b)September 30, 2001

Change (a)-(b)¥ 2,197.4¥ 2,519.3¥ 2,081.3

Note:

Billions of yen

Amount of Direct Write-offs

38¥(321.8)Financial Analysis of Mizuho Holdings

Status of Coverage on Disclosed Claims under the FRLAt September 30, 2002 and 2001, and at March 31, 2002

Coverage AmountReserve for Possible Losses on Loans
Reserve for Possible Losses on Supportof Specific Borrowers
Collateral and Guarantees
Coverage Ratio (after Direct Write-offs ofCategory IV Loans)
Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Coverage Ratio (before Direct Write-offs ofCategory IV Loans)
Reserve Ratio against Non-collateralized Claims
Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Reserve Ratio against Other Claims
Claims against Watch Obligors excluding
Claims for Special Attention
Normal Claims

Billions of yen

September 30, 2002 (a)March 31, 2002 (b)September 30, 2001

Change (a)-(b)¥ 3,307.6
1,024.1¥ 3,546.4
1,061.2¥ 3,903.1
1,097.9¥ (238.8)(37.1)

32.4
2,251.1

32.4
2,452.7

219.1
2,586.0—(201.6)

66.5%

70.6%

70.0%

(4.1)%

100.0
80.4
43.6

100.0
81.0
43.5

100.0
80.6
49.8

—
(0.6)
0.1

76.8

80.4

78.1

(3.6)

100.0%
65.1
18.2

100.0%
63.9
20.4

100.0%
64.8
25.9

—%
1.2
(2.2)

4.16%
0.16

4.56%
0.16

3.69%
0.08

(0.40)%
0.00

39

Financial Analysis of Mizuho Holdings

 Status of Non-Accrual, Past Due & Restructured Loans (Consolidated)[Consolidated]
Non-Accrual, Past Due & Restructured Loans (After Direct Write-offs of Category IV Loans)
At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2002 (a)Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total

March 31, 2002 (b)¥¥Billions of yen

September 30, 2001

Change (a)–(b)558.0
2,332.4
85.7
2,448.6¥ 5,424.8

639.2
2,698.5
69.7
2,059.6¥ 5,467.2¥

586.5
2,911.8
155.5
2,589.9¥ 6,244.0¥(81.2)(366.1)16.0
389.0¥ (42.3)

September 30, 2002 (a)March 31, 2002 (b)September 30, 2001

Change (a)-(b)¥ 2,627.7¥ 2,925.4¥ 2,652.2¥ (297.7)

March 31, 2002 (b)September 30, 2001

Change (a)–(b)Note:Billions of yen

Amount of Direct Write-offs

Ratio to Total Loans (After Direct Write-offs of Category IV Loans)
At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2002 (a)Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Non-Accrual, Past Due & Restructured Loans /Total Loans

0.73%
3.06
0.11
3.22

0.76%
3.19
0.08
2.43

0.65%
3.21
0.17
2.86

(0.02)%(0.13)
0.03
0.78

7.13%

6.46%

6.89%

0.66%

Status of Loan Loss Reserves
At September 30, 2002 and 2001, and at March 31, 2002

Billions of yen

September 30, 2002 (a)March 31, 2002 (b)September 30, 2001

Change (a)–(b)¥ 1,815.6
924.8
868.3

¥ 1,949.8
953.4
962.4

¥ 1,909.1
877.2
1,004.6¥ (134.1)(28.5)(94.0)

22.4

34.0

27.2

(11.5)

Reserve for Possible Losses on Loans(After Direct Write-offs of Category IV Loans)
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans
Reserve for Possible Losses on Loans
to Restructuring Countries
Reserve for Possible Losses on Supportof Specific Borrowers
Reserve for Possible Losses on Loans Sold

¥

—
47.8

¥

—
49.6

¥

195.5
121.9

¥

Note:

—
(1.8)
Billions of yen

September 30, 2002 (a)Amount of Direct Write-offs(Specific Reserve for Possible Losses on Loans)¥ 2,719.1

March 31, 2002 (b)September 30, 2001

Change (a)-(b)¥ 3,040.0¥ 2,749.0¥ (320.8)

March 31, 2002 (b)September 30, 2001

Change (a)–(b)Reserve Ratios for Non-Accrual, Past Due & Restructured Loans
At September 30, 2002 and 2001, and at March 31, 2002

Before Direct Write-offs of Category IV Loans
After Direct Write-offs of Category IV Loans

September 30, 2002 (a)56.32%
33.47

59.46%
35.66

54.56%
33.71

Note: Reserve ratio: (Reserve for Possible Losses on Loans + Reserve for Possible Losses on Support of Specific Borrowers) / Total Non-Accrual, Past Due & Restructured Loans.

40(3.14)%(2.19)

Financial Analysis of Mizuho Holdings[Trust Account]
Non-Accrual, Past Due & Restructured Loans (After Direct Write-offs of Category IV Loans)
At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2002 (a)Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total

¥

¥

March 31, 2002 (b)

8.9
20.1
1.7
25.5
56.3

¥

¥

11.3
30.0
0.9
30.1
72.5

Billions of yen

September 30, 2001

Change (a)–(b)

¥

¥

23.5
43.3
1.1
31.2
99.2

(2.3)
(9.9)
0.7
(4.6)
¥ (16.2)

September 30, 2001

Change (a)–(b)¥Ratio to Total Loans (After Direct Write-offs of Category IV Loans)
At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2002 (a)Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Non-Accrual, Past Due & Restructured Loans /Total Loans

March 31, 2002 (b)

1.10%
2.47
0.21
3.14

1.24%
3.28
0.10
3.29

2.30%
4.24
0.11
3.06

(0.14)%(0.81)
0.11(0.15)

6.93%

7.91%

9.72%

(0.98)%[Consolidated & Trust Account]
Non-Accrual, Past Due & Restructured Loans (After Direct Write-offs of Category IV Loans)
At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2002 (a)Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total

March 31, 2002 (b)

¥

566.9
2,352.5
87.4
2,474.2¥ 5,481.2¥

Billions of yen

September 30, 2001¥

Change (a)–(b)650.6
2,728.6
70.6
2,089.8¥ 5,539.7

610.1
2,955.1
156.7
2,621.2¥ 6,343.2¥ (83.6)(376.1)
16.7
384.4¥ (58.5)

March 31, 2002 (b)September 30, 2001

Change (a)–(b)Ratio to Total Loans (After Direct Write-offs of Category IV Loans)
At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2002 (a)Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Non-Accrual, Past Due & Restructured Loans /Total Loans

0.74%
3.06
0.11
3.22

0.76%
3.12
0.08
2.44

0.67%
3.23
0.17
2.86

(0.02)%(0.13)
0.03
0.77

7.13%

6.48%

6.92%

0.65%

41

Financial Analysis of Mizuho Holdings

 Status of Non-Accrual, Past Due & Restructured Loans (Aggregated Figures)
Non-Accrual, Past Due & Restructured Loans (After Direct Write-offs of Category IV Loans)
At September 30, 2002 and 2001, and at March 31, 2002

Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total

Billions of yen

September 30, 2002 (a)March 31, 2002 (b)September 30, 2001

¥

¥

¥

Change (a)–(b)512.8
2,039.8
82.9
2,242.6¥ 4,878.2

583.8
2,390.6
67.7
1,865.5¥ 4,907.8

553.2
2,405.5
149.7
2,367.2¥ 5,475.7¥ (71.0)(350.8)15.2
377.0¥ (29.5)

September 30, 2002(a)March 31, 2002 (b)September 30, 2001

Change (a)–(b)¥ 2,131.5¥ 2,414.9¥ 1,998.3¥ (283.4)

March 31, 2002 (b)September 30, 2001

Change (a)–(b)Note:Billions of yen

Amount of Direct Write-offs

Ratio to Total Loans (After Direct Write-offs of Category IV Loans)
At September 30, 2002 and 2001, and at March 31, 2002

Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Non-Accrual, Past Due & Restructured Loans /Total Loans

September 30, 2002 (a)

0.71%
2.82
0.11
3.10

0.72%
2.96
0.08
2.31

0.66%
2.86
0.18
2.81

(0.01)%(0.14)
0.03
0.79

6.75%

6.09%

6.50%

0.66%

Status of Loan Loss Reserves
At September 30, 2002 and 2001, and at March 31, 2002

Reserve for Possible Losses on Loans(After Direct Write-offs of Category IV Loans)
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans
Reserve for Possible Losses on Loans
to Restructuring Countries
Reserve for Possible Losses on Supportof Specific Borrowers
Reserve for Possible Losses on Loans Sold
Loans to CCPC

Billions of yen

September 30, 2002 (a)March 31, 2002 (b)September 30, 2001

Change (a)–(b)¥ 1,562.3
753.9
787.4

¥ 1,689.5
788.6
869.3

¥ 1,559.1
650.3
884.2

¥ (127.2)(34.6)(81.8)

20.8

31.5

24.5

(10.6)

32.4
46.7
60.5

32.4
48.2
82.3

219.1
118.2
192.6

—
(1.5)
(21.7)

September 30, 2002 (a)March 31, 2002 (b)September 30, 2001

Change (a)–(b)¥ 2,197.5¥ 2,519.3¥ 2,081.3¥ (321.8)

March 31, 2002 (b)September 30, 2001

Change (a)–(b)Notes: 1.

Amount of Direct Write-offs(Specific Reserve for Possible Losses on Loans)

Billions of yen

2. CCPC: Cooperative Credit Purchasing Company, Ltd.

Reserve Ratios for Non-Accrual, Past Due & Restructured Loans
At September 30, 2002 and 2001, and at March 31, 2002

Before Direct Write-offs of Category IV Loans
After Direct Write-offs of Category IV Loans

September 30, 2002 (a)54.10%
32.69

57.92%
35.09

51.64%
32.48

Note: Reserve ratio: (Reserve for Possible Losses on Loans + Reserve for Possible Losses on Support of Specific Borrowers) / Total Non-Accrual, Past Due & Restructured Loans.

42(3.82)%(2.40)

Financial Analysis of Mizuho Holdings

 Status of Loans by Industry (Aggregated Figures)
Outstanding Loans by Industry
At September 30, 2002 and 2001, and at March 31, 2002

Domestic Offices (excluding Loans Bookedat Offshore Markets)
Manufacturing
Agriculture
Forestry
Fishery
MiningConstruction
Utilities
Transportation & Communication
Wholesale, Retail & Restaurant
Finance & Insurance
Real Estate
Services
Local Government
OthersOverseas Offices and Loans Bookedat Offshore Markets
Governments
Financial Institutions
Others
Total

Billions of yen

September 30, 2002
Outstanding Balance
Composition

March 31, 2002
Outstanding Balance Composition

September 30, 2001
Outstanding Balance Composition¥ 64,958.5
9,579.1
72.9
3.3
7.5
69.8
2,186.8
1,003.5
3,271.8
8,917.0
7,116.0
7,118.0
10,955.5
227.7
14,428.9

100.00%
14.75
0.11
0.00
0.01
0.11
3.37
1.54
5.04
13.73
10.95
10.96
16.87
0.35
22.21

¥ 71,102.8
11,173.4
74.3
3.3
59.0
82.0
2,552.3
1,226.1
3,803.1
10,365.4
8,939.5
8,016.8
10,866.5
241.5
13,699.0

100.00%
15.71
0.10
0.00
0.08
0.12
3.59
1.72
5.35
14.58
12.57
11.28
15.28
0.34
19.27

¥ 74,665.1
11,458.4
98.2
3.5
60.6
85.2
2,757.6
1,557.9
4,143.3
10,805.0
9,156.5
7,989.2
11,751.2
230.0
14,567.8

100.00%
15.35
0.13
0.01
0.08
0.11
3.69
2.09
5.55
14.47
12.26
10.70
15.74
0.31
19.51

7,329.3
202.1
306.2
6,820.9¥ 72,287.8

100.00
2.76
4.18
93.06
/

9,471.4435.4
391.0
8,644.9¥ 80,574.3

100.00
4.60
4.13
91.27
/

9,540.8408.3
472.5
8,659.9¥ 84,205.9

100.00
4.28
4.95
90.77
/

43

Financial Analysis of Mizuho Holdings

Disclosed Claims under the FRL by Industry

At September 30, 2002 and 2001, and at March 31, 2002

Domestic Offices (excluding Loans Bookedat Offshore Markets)
Manufacturing
Agriculture
Forestry
Fishery
MiningConstruction
Utilities
Transportation & Communication
Wholesale, Retail & Restaurant
Finance & Insurance
Real Estate
Services
Local Government
OthersOverseas Offices and Loans Bookedat Offshore Markets
Governments
Financial Institutions
Others
Total

Billions of yen

September 30, 2002
Disclosed
Coverage on
Claims under
Disclosed Claimthe FRL
under the FRLMarch 31, 2002
Disclosed
Coverage on
Claims under
Disclosed Claimthe FRL
under the FRL¥ 4,543.2
699.9
3.0
0.4
0.5
0.4
305.6
17.4
78.1
880.4
343.1
1,066.8
782.2
0.3
364.6

67.2%
60.6
83.3
75.6
92.1
55.2
56.9
77.4
74.7
69.3
62.1
70.9
63.0
17.0
84.0

¥ 4,551.0
450.3
2.8
0.4
0.2
0.5
398.2
11.2
76.4
938.2
408.3
1,160.7
771.9
0.3
330.9

71.4%
69.6
85.2
75.8
79.1
66.1
61.7
88.6
65.1
74.1
70.6
74.5
68.3
44.5
89.0

¥ 5,170.0
319.4
21.7
0.1
0.1
2.4
582.4
10.4
76.7
910.2
481.1
1,409.3
1,023.7
—
332.0

429.8
26.5
29.8
373.5
¥ 4,973.1

59.2
41.8
41.3
61.9
66.5%

472.6
24.3
6.9
441.2
¥ 5,023.7

63.6
38.3
71.2
65.0
70.6%

407.9
10.3
8.9
388.7
¥ 5,578.0

Non-Accrual, Past Due & Restructured Loans by Industry
At September 30, 2002 and 2001, and at March 31, 2002

September 30, 2001
Disclosed
Claims under
the FRL

Billions of yen

September 30, 2002

March 31, 2002

September 30, 2001

¥ 4,482.9
677.0
2.9
0.4
0.4
0.4
300.1
16.4
77.8
875.8
334.6
1,065.1
768.1
0.3
362.9

¥ 4,488.3
429.8
2.8
0.4
0.2
0.5
380.6
10.3
76.1
933.3
408.1
1,159.6
756.3
0.3
329.4

¥ 5,119.0
314.4
21.7
0.1
0.1
2.3
581.5
9.4
76.3
888.0
480.3
1,407.1
1,006.8
—
330.4

395.2
26.5
27.4
341.2
¥ 4,878.2

419.4
21.3
4.4
393.6
¥ 4,907.8

356.6
10.3
4.9
341.4
¥ 5,475.7

Domestic Offices (excluding Loans Bookedat Offshore Markets)
Manufacturing
Agriculture
Forestry
Fishery
MiningConstruction
Utilities
Transportation & Communication
Wholesale, Retail & Restaurant
Finance & Insurance
Real Estate
Services
Local Government
OthersOverseas Offices and Loans Bookedat Offshore Markets
Governments
Financial Institutions
OthersTotal

44

Financial Analysis of Mizuho Holdings

 Status of Loans by Nationality of Borrowers (Aggregated Figures)
Loans to Asia
At September 30, 2002 and 2001, andat March 31, 2002

Billions of yen

Outstanding Balance
September 30, 2002
March 31, 2002 September 30, 2001

Hong Kong
Thailand
China
SingaporeRepublic of Korea
Indonesia
Others
Total

¥

303.7
268.7
205.8
166.1
151.1
146.5
291.5
¥ 1,533.7

¥

511.3
340.5
243.2
164.5
213.8
182.0
392.0
¥ 2,047.6

¥

538.4
318.5
237.9
144.3
196.3
199.8
384.3
¥ 2,019.7

Non-Accrual, Past Due & Restructured Loans
September 30, 2002
March 31, 2002 September 30, 2001

¥ 12.2
40.0
5.6
3.5
2.3
48.2
11.8
¥ 123.8

¥

4.9
37.8
7.6
4.6
3.8
59.8
21.2
¥ 139.8

Loans to Central and South America
At September 30, 2002 and 2001, andat March 31, 2002

MexicoChile
BrazilColombia
Argentina
Others
Total

Russia

7.3
39.0
20.1
5.9
3.4
46.1
18.6
¥ 140.8

Billions of yen

Outstanding Balance
September 30, 2002
March 31, 2002 September 30, 2001

¥

¥

66.1
44.2
37.0
34.7
25.9
41.2
249.4

¥

¥

92.1
54.0
41.2
39.4
30.4
37.3
294.7

¥

¥

85.3
51.6
39.0
38.8
30.3
33.9
279.1

Non-Accrual, Past Due & Restructured Loans
September 30, 2002
March 31, 2002 September 30, 2001

¥

0.0
—
1.2
0.4
15.8
1.4
¥ 19.1

¥

0.8
—
—
0.4
19.1
1.6
¥ 22.1Loans to Russia
At September 30, 2002 and 2001, andat March 31, 2002

¥

¥

¥

1.9
—
—
0.4
—
1.5
3.9

Billions of yen

Outstanding Balance
September 30, 2002
March 31, 2002 September 30, 2001

¥

17.9

¥

19.6

45

¥

18.4

Non-Accrual, Past Due & Restructured Loans
September 30, 2002
March 31, 2002 September 30, 2001

¥

2.2

¥

3.2

¥

3.3

Financial Analysis of Mizuho Holdings

 Results of Removal of Problem Loans (Aggregated Figures)
Under the government's Emergency Economic Policy Package, major banks are required to remove existing Claims against Bankrupt andSubstantially Bankrupt Obligors and Claims with Collection Risk (under the FRL) in the first half of fiscal year 2000 and before from their balance
sheets within two years. Half of any such new claims in the second half of fiscal year 2000 and after should be removed within one year, 80%
within two years, and 100% within three years.
Therefore, with regard to recovery and final disposals of NPLs, various measures were adopted by the Two Banks, including strengthening their
management and collection systems through bulk sales and centralized management of NPLs by specialist departments, which enabled them toaccelerate their final disposals of NPLs.
As a result of accelerating final disposal, NPLs removed from the balance sheet on a principal basis were approximately ¥720.0 billion in thesecond half of fiscal 2000, ¥550.0 billion in the first half of fiscal 2001, ¥1,160.0 billion in the second half of fiscal 2001, and ¥1,020.0 billion in
the first half of fiscal 2002.
As a result, we made steady progress in removing problem loans from the balance sheet, achieving a removal ratio of 86% for existing NPLs
that must be disposed of by the end of March 2003 (i.e., arising up to and including the first half of fiscal 2000), including claims for which thesteps leading to removal from the balance sheet have been taken.

Problem Loans in the First Half of Fiscal Year 2000 and Before
The Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors andClaims with Collection Risk (Under the FRL)At September 30,
2000

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

At March 31, At September 30,
2001
2001

¥ 1,039.9
1,425.5¥ 2,465.4¥ 663.8
1,080.9¥1,744.8

Billions of yen

At March 31, At September 30,
2002 (a)2002 (b)¥ 609.3
782.3¥1,391.7¥ 398.6
414.0¥ 812.6¥ 314.7
271.2¥ 585.9

Change(b)-(a)¥ (83.9)(142.8)¥ (226.7)

Note: The balance at September 30, 2002 includes the claims of ¥240.8 billion, for which the steps leading to off-balancing were taken.

Types of Removal of Problem Loans

Billions of yen

The First Half of Fiscal Year 2002

Liquidation
Restructure
Improvement in Business Performance due to Restructuring
Securitization
Write-off
Other
Debt Recovery
Improvement in Business PerformanceTotal¥ (62.4)(85.0)(0.1)(138.3)155.1(95.7)(69.6)(26.1)¥ (226.7)

Off-Balancing Ratio

Billions of yen

At September 30,
2000

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

¥ 1,039.9
1,425.5¥ 2,465.4

Accumulated OffBalancing from
September 30,
2000¥(725.2)(1,154.3)¥ (1,879.5)

46

Off-Balancing
Ratio

69.7%
81.0
76.2%

(Reference)
Accumulated OffBalancing including
the Claims in the
Above Note¥(955.4)(1,164.9)¥ (2,120.3)

Billions of yen

Off-Balancing
Ratio

91.9%
81.7
86.0%

Financial Analysis of Mizuho Holdings

Problem Loans in the Second Half of Fiscal Year 2000
The Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors andClaims with Collection Risk (Under the FRL)At March 31, At September 30,
2001
2001

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

¥ 141.9531.9¥ 673.9

Billions of yen

At March 31, At September 30,
2002 (a)2002 (b)¥ 77.7404.0¥ 481.8¥ 88.7222.6¥ 311.6¥ 61.8186.0¥ 247.9

Change(b)-(a)¥ (26.9)(36.6)¥ (63.6)

Note: The balance at September 30, 2002 includes the claims of ¥43.7 billion, for which the steps leading to off-balancing were taken.

Types of Removal of Problem Loans

Billions of yen

The First Half of Fiscal Year 2002

Liquidation
Restructure
Improvement in Business Performance due to Restructuring
Securitization
Write-off
Other
Debt Recovery
Improvement in Business PerformanceTotal¥ (3.0)(2.9)—(31.6)
17.7(43.7)(23.7)(19.9)¥ (63.6)

Off-Balancing Ratio

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

Billions of yen

At March 31,
2001

Accumulated OffBalancing fromMarch 31,2001

¥ 141.9531.9¥ 673.9¥ (80.1)(345.9)¥ (426.0)

47

Off-Balancing
Ratio

56.4%
65.0
63.2%

(Reference)
Accumulated OffBalancing including
the Claims in the
Above Note

¥ (122.7)(346.9)¥ (469.7)

Billions of yen

Off-Balancing
Ratio

86.5%
65.2
69.7%

Financial Analysis of Mizuho Holdings

Problem Loans in the First Half of Fiscal Year 2001
The Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors andClaims with Collection Risk (Under the FRL)At September 30,
2001

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

Billions of yen

At March 31, At September 30,
2002 (a)2002 (b)¥ 257.1
930.1¥1,187.3¥ 267.4
502.7¥ 770.3¥ 223.1
357.8¥ 581.0

Change(b)-(a)¥ (44.3)(144.9)¥ (189.2)

Note: The balance at September 30, 2002 includes the claims of ¥192.7 billion, for which the steps leading to off-balancing were taken.

Types of Removal of Problem Loans

Billions of yen

The First Half of Fiscal Year 2002

Liquidation
Restructure
Improvement in Business Performance due to Restructuring
Securitization
Write-off
Other
Debt Recovery
Improvement in Business PerformanceTotal¥ (18.2)
(8.3)
(1.5)
(17.9)(9.0)(134.0)(93.1)(40.9)¥ (189.2)

Off-Balancing Ratio

Billions of yen

At September 30,
2001

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

¥

257.1
930.1
¥ 1,187.3

Accumulated OffBalancing from
September 30,
2001¥(34.0)(572.3)¥ (606.3)

48

Off-Balancing
Ratio

13.2%
61.5
51.1%

(Reference)
Accumulated OffBalancing including
the Claims in the
Above Note

¥ (220.1)(578.9)¥ (799.0)

Billions of yen

Off-Balancing
Ratio

85.6%
62.2
67.3%

Financial Analysis of Mizuho Holdings

Problem Loans in the Second Half of Fiscal Year 2001
The Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors andClaims with Collection Risk (Under the FRL)

Billions of yen

At March 31, At September 30,
2002 (a)2002 (b)Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

¥

305.1
890.3
¥ 1,195.6¥ 166.8
484.2¥ 651.0

Change(b)-(a)¥ (138.4)(406.3)¥ (544.8)

Note: The balance at September 30, 2002 includes the claims of ¥159.4 billion, for which the steps leading to off-balancing were taken.

Types of Removal of Problem Loans

Billions of yen

The First Half of Fiscal Year 2002

Liquidation
Restructure
Improvement in Business Performance due to Restructuring
Securitization
Write-off
Other
Debt Recovery
Improvement in Business PerformanceTotal¥ (103.2)(138.8)(26.9)(44.3)
165.2(396.7)(182.4)(214.2)¥ (544.8)

Off-Balancing Ratio

Billions of yen

At March 31,
2002

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

¥

305.1
890.3
¥ 1,195.6

Accumulated OffBalancing fromMarch 31,2002

¥ (138.4)(406.3)¥ (544.8)

49

Off-Balancing
Ratio

45.4%
45.6
45.6%

(Reference)
Accumulated OffBalancing including
the Claims in the
Above Note

¥ (292.7)(411.5)¥ (704.2)

Billions of yen

Off-Balancing
Ratio

95.9%
46.2
58.9%

Financial Analysis of Mizuho Holdings

Problem Loans in the First Half of Fiscal Year 2002
The Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors andClaims with Collection Risk (Under the FRL)

Billions of yen

At September 30, 2002

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

¥ 82.1499.4¥ 581.5

Note: The balance at September 30, 2002 includes the claims of ¥70.7 billion, for which the steps leading to off-balancing were taken.

Off-Balancing Ratio

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

Billions of yen(Reference)

At September 30,
2002

Accumulated OffBalancing from
September 30,
2002

Off-Balancing
Ratio

Accumulated OffBalancing including
the Claims in the
Above Note

¥ 82.1499.4¥ 581.5

/
/
/

/
/
/

¥ (70.7)—¥ (70.7)

Billions of yen

Off-Balancing
Ratio

86.1%
—
12.2%

(Reference) Category of “Intensive Control Obligors” and below at September 30, 2002

Billions of yen

At September 30, 2002

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

¥

848.8
1,798.7¥ 2,647.6(Reference) Types of Removal of Problem Loans in the First Half of Fiscal Year 2002

Billions of yen

The First Half of Fiscal Year 2002

Liquidation
Restructure
Improvement in Business Performance due to Restructuring
Securitization
Write-off
Other
Debt Recovery
Improvement in Business PerformanceTotal¥ (186.9)(235.2)(28.6)(232.3)329.0(670.3)(368.9)(301.3)¥ (1,024.4)

50

Consolidated Financial Statements of Mizuho Holdings

Consolidated Balance Sheets
At September 30, 2002 and 2001, and at March 31, 2002

AssetsCash and Due from Banks
Call Loans and Bills Purchased
Receivables under Resale Agreements
Guarantee Deposit Paid under Securities
Borrowing Transactions
Other Debt Purchased
Trading Assets
Money Held in Trust
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Other Assets
Premises and Equipment
Deferred Debenture Charges
Deferred Tax Assets
Consolidation Differences
Customers' Liabilities for Acceptances and Guarantees
Reserve for Possible Losses on Loans
Reserve for Possible Losses on Securities
Total Assets

September 30, 2002¥

Millions of yen
March 31, 2002

September 30, 2001

6,326,761
1,821,161
5,110,620¥ 11,720,134
942,285
1,768,766

4,637,828
1,729,902
9,098,107
48,09625,520,325
76,118,242
681,2424,866,637
1,715,324
2,021
2,186,442
56,024
4,948,881(1,815,665)(4,499)143,047,455/
604,395
7,951,419
69,762
24,108,931
84,593,656
1,186,977
11,067,767
1,753,497
4,843
2,509,110
64,296
4,923,244(1,949,819)(6,841)
151,312,427/
669,465
11,019,131
251,165
25,801,785
90,587,678
1,181,338
15,219,025
1,735,351
5,544
2,253,622
107,996
5,896,764(1,909,131)(4,587)
163,736,959

37,828,947
14,110,131
74,209,683
392,307
208,159,262
620,866,574
5,556,625
39,695,245
13,991,226
16,488
17,833,951
456,974
40,366,082(14,809,667)(36,699)
1,166,781,857

85,606,235
15,310,890
9,453,692
4,855,073

85,198,408
16,715,716
7,867,022
6,513,491

635,642,442
112,426,917
84,666,664
69,285,814/
711,382
4,883,842
2,553,382
708,2312,966,847
8,432/
1,776,404
11,278,184
21,801
36,61949,647—135,154
15,741
335,108
4,923,244
145,629,916¥
951,091/
1,306,389
6,373,495
3,787,083
631,221
4,097,149
7,436/
1,530,204
16,957,429
23,55480,184
121,972
195,512
9,065
15,531
342,213
5,896,764
157,669,847¥
765,762

33,440,111
3,084,219
53,820,747
19,861,004
2,003,503
22,647,571/
29,36011,911,279
34,600,327
190,621
197,806
390,204—
1,137,594
65,9862,139,520
40,366,082
1,127,907,771$
8,566,605

Liabilities, Minority Interests and Shareholders' Equity
Liabilities
Deposits
77,929,763
Debentures
13,783,539
Call Money and Bills Sold
10,380,132
Payables under Repurchase Agreements
8,494,440
Guarantee Deposit Received under Securities
Lending Transactions
4,099,757
Commercial Paper
378,125
Trading Liabilities
6,598,423
Borrowed Money
2,434,959
Foreign Exchange Liabilities
245,629
Bonds and Notes
2,776,592
Convertible Bonds/
Bonds with Stock Option
3,599
Due to Trust Accounts
1,460,322
Other Liabilities
4,242,000
Reserve for Bonus Payments
23,370Reserve for Employee Retirement Benefits
24,250Reserve for Possible Losses on Loans Sold
47,838Reserve for Possible Losses on Support of Specific Borrowers—
Other Reserves
139,468
Deferred Tax Liabilities
8,089
Deferred Tax Liabilities for Revaluation Reserve for Land
262,305
Acceptances and Guarantees
4,948,881
Total Liabilities
138,281,492
Minority Interests¥ 1,050,265

51¥

5,848,953
1,463,670
3,609,184

Thousands of U.S. dollars
September 30, 2002$

51,604,902
14,854,501
41,685,325

Consolidated Financial Statements of Mizuho Holdings

At September 30, 2002 and 2001, and at March 31, 2002

Shareholders' Equity
Common Stock and Preferred Stock
Capital Surplus
Revaluation Reserve for Land, net of Taxes
Retained Earnings
Net Unrealized Losses on Other Securities, net of Taxes
Foreign Currency Translation Adjustments
Subtotal
Treasury Stock
Total Shareholders' Equity
Shareholders' Equity
Common Stock and Preferred Stock
Capital Surplus
Retained Earnings
Revaluation Reserve for Land, net of Taxes
Net Unrealized Losses on Other Securities, net of Taxes
Foreign Currency Translation Adjustments
Treasury Stock
Total Shareholders' Equity
Total Liabilities, Minority Interests andShareholders' Equity

September 30, 2002

¥

/
/
/
/
/
/
/
/
/

Millions of yen
March 31, 2002¥

2,572,000
2,203,747
534,447
101,133(558,485)(120,167)
4,732,675(1,255)
4,731,420

September 30, 2001¥

2,572,000
2,203,747
546,415
801,612(691,702)(128,672)
5,303,401(2,051)5,301,350

Thousands of U.S. dollars
September 30, 2002

$

/
/
/
/
/
/
/
/
/

2,572,000
353,765
983,536
422,905(513,863)(101,626)(1,019)3,715,697

/
/
/
/
/
/
/
/

/
/
/
/
/
/
/
/

20,978,793
2,885,525
8,022,317
3,449,474(4,191,386)(828,926)(8,316)30,307,481¥ 143,047,455¥ 151,312,427¥ 163,736,959$ 1,166,781,857

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.60=US$1.00, the foreign exchange rate on September 30. 2002, has been used for translation.

52

Consolidated Financial Statements of Mizuho Holdings

Consolidated Statements of Operations
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

September 30, 2002

IncomeInterest Income¥ 1,085,681
Fiduciary Income
22,569Fee and Commissions Income
213,275
Trading Income
123,658
Other Operating Income
183,209
Other Income
184,497
Total Income
1,812,892
Expenses
Interest Expenses
431,061
Fee and Commissions Expenses
32,530
Other Operating Expenses
66,498General and Administrative Expenses
651,558
Other Expenses
532,076
Total Expenses
1,713,725
Income (Loss) before Income Taxes and Minority Interests
99,167
Income Taxes:
Current
15,674
Deferred
12,836
Minority Interests in Net Income (Loss)
31,626Net Income (Loss)¥
39,029Millions of yen
March 31, 2002

September 30, 2001

Thousands of U.S. dollars
September 30, 2002

¥ 3,020,489
54,443544,238
178,884
651,035
866,499
5,315,591¥ 1,616,091
22,123
264,567
100,004
358,268
430,047
2,791,104$ 8,855,475
184,093
1,739,605
1,008,636
1,494,371
1,504,871
14,787,051

1,492,876
43,156451,041
1,368,206
3,385,481
6,740,762(1,425,170)

869,835
46,845206,942
637,874
1,432,219
3,193,716(402,612)

3,515,997
265,342
542,401
5,314,505
4,339,939
13,978,184
808,867

110,498(545,923)(13,701)¥ (976,044)

18,892(136,169)(20,698)¥ (264,637)

127,854
104,699
257,966
318,348$

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.60=US$1.00, the foreign exchange rate on September 30. 2002, has been used for translation.

Consolidated Statements of Capital Surplus and Retained Earnings
Millions of yen

For the Six Months ended September 30, 2002

Capital Surplus
Balance at beginning of Interim Period
Balance at end of Interim Period
Retained Earnings
Balance at beginning of Interim Period (the year)
Increase
Decrease
Net Income
Balance at end of Interim Period¥¥

Thousands of U.S. dollars

353,765
353,765$ 2,885,525
2,885,525

997,265
2,227
54,98639,029983,536

8,134,303
18,165448,499
318,348$ 8,022,317

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.60=US$1.00, the foreign exchange rate on September 30. 2002, has been used for translation.

Consolidated Statements of Retained Earnings
Millions of yen

For the Fiscal Year ended March 31, 2002,
and for the Six Months ended September 30, 2001

Retained Earnings
Balance at beginning of Interim Period (the year)
Increase
Decrease
Net Loss
Balance at end of Interim Period (the year)
Note: The amounts indicated in millions of yen are rounded down by truncating the figures below one million.

53

March 31, 2002

September 30, 2001

¥ 1,107,231
13,56043,614
976,044¥ 101,133¥ 1,107,231
2,426
43,408
264,637¥ 801,612

Consolidated Financial Statements of Mizuho Holdings

Consolidated Statements of Cash Flows
For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

September 30, 2002

I. Cash Flows from Operating Activities
Income (Loss) before Income Taxes and Minority Interests ¥99,167
Depreciation
52,912
Amortization of Consolidation Differences
7,765
Equity in Losses (Income) from Investments in Affiliates
6,875
Increase (Decrease) in Reserve for Possible Losses on Loans(133,898)
Increase (Decrease) in Reserve for Possible Losses on Securities(2,261)
Decrease in Reserve for Possible Losses on Loans Sold
(1,808)
Increase (Decrease) in Reserve for Possible
Losses on Support of Specific Borrowers—
Increase (Decrease) in Reserve for Contingencies
4,496
Increase in Reserve for Bonus Payments
1,568
Increase (Decrease) in Reserve for Employee
Retirement Benefits(11,709)
Interest Income—accrual basis(1,085,681)
Interest Expenses—accrual basis
431,061
Gains on Securities(22,730)
Losses from Money Held in Trust
1,062
Foreign Exchange Losses (Gains)—Net
135,468
Losses on Disposal of Premises and Equipment
9,704
Gains on Establishment of Retirement Benefit Trusts(45,769)
Net Decrease (Increase) in Trading Assets(1,328,334)
Net Increase (Decrease) in Trading Liabilities
1,861,049
Net Decrease in Loans and Bills Discounted
8,250,101
Net Increase (Decrease) in Deposits(5,757,558)
Net Increase (Decrease) in Negotiable Certificatesof Deposit (Liabilities)(1,943,489)
Net Decrease in Debentures(1,527,350)
Net Increase (Decrease) in Borrowed Money(excluding Subordinated Borrowed Money)
249,633
Net Decrease (Increase) in Due from Banks(excluding Deposits with Central Banks)
940,153
Net Decrease (Increase) in Call Loans(5,604,645)
Net Decrease (Increase) in Cash Placed as Collateralon Securities Borrowed
3,313,727
Net Increase in Guarantee Deposits Paid under
Securities Borrowing Transactions(4,637,828)
Net Increase (Decrease) in Call Money
4,821,877
Net Increase in Commercial Paper(330,432)
Net Increase (Decrease) in Cash Received as Collateralfor Securities Lent
(4,050,050)
Net Increase in Deposits Received under Securities
Lending Transactions
4,099,757
Net Decrease (Increase) in Foreign Exchanges Assets
505,438Net Increase (Decrease) in Foreign Exchanges Liabilities(462,452)
Net Decrease in Issuance, Redemption of Bonds and Notes(58,776)
Net Decrease in Due to Trust Accounts(316,082)
Interest and Dividends Income—cash basis
1,127,696
Interest Expense—cash basis(516,472)
Others—net
45,404
Subtotal(1,872,409)
Cash Paid in Income Taxes(96,073)
Net Cash Provided by (Used in)Operating Activities¥ (1,968,482)

54

Millions of yen
March 31, 2002

September 30, 2001

¥ (1,425,170)
94,74921,162
6,771
361,543
2,771(149,445)¥ (402,612)
42,715
14,297
1,089
276,525354(77,120)(159,628)
110,171
21,79035,883(15,852)
23,554—36,677
12,793(35,370)(3,020,489)
1,492,876(201,863)
17,502(413,530)
33,119(89,036)
3,150,206(46,227)
6,394,050
6,286,547

9,978(1,616,091)
869,835(162,533)
20,82984,4007,820(74,592)(207)
1,522,415
2,025,650
2,746,849(95,514)(8,855,475)
3,515,997(185,401)
8,665
1,104,966
79,157(373,325)(10,834,704)
15,179,852
67,292,836(46,962,143)(1,405,177)(2,537,366)

2,322,992(1,130,040)(15,852,281)(12,458,000)

411,237

73,2992,036,165

1,055,250
1,319,767(131,245)(2,597,556)

7,668,465(45,714,891)(528,551)(281,736)

27,028,773/(390,433)(1,142,331)/
1,080,810(1,100,938)(37,828,948)
39,330,159(2,695,206)(555,210)

511,690(33,034,669)/(315,128)
424,834(102,909)(50,007)3,095,889(1,603,992)(3,220,239)
6,908,130(131,692)/(347,219)
360,304(80,799)(290,184)
1,668,846(954,086)(3,248,304)
1,189,021(37,497)

33,440,111
4,122,666(3,772,040)(479,413)(2,578,157)
9,198,177(4,212,665)
370,345(15,272,506)(783,632)

6,776,438¥ 1,151,524$ (16,056,138)¥

Thousands of U.S. dollars
September 30, 2002$

808,867
431,590
63,33956,077(1,092,156)(18,446)(14,749)

Consolidated Financial Statements of Mizuho Holdings

For the Six Months ended September 30, 2002 and 2001,
and for the Fiscal Year ended March 31, 2002

Millions of yen
March 31, 2002

September 30, 2001

Thousands of U.S. dollars
September 30, 2002

¥ (58,967,968)
40,450,103
19,571,083(109,999)
429,371(193,154)
35,109¥ (34,377,074)
24,930,313
9,102,528(48,844)
171,652(77,655)
33,999¥ (253,363,868)
182,024,982
55,036,656(5,980)
153,314(418,281)
79,800(1,064)(935)—

318,553——(1,282)
1,530,751(1,085)(267,101)—(16,493,377)

159,000(522,000)

116,000(644,800)

116,000(402,700)

1,296,901(4,257,749)/

274,033

263,800—

73,000//595,432/(719,117)(159,558)—(181,322)
118,500—(54,985)(21,594)(88)—(429,490)/
379,874(16,487)(43,393)(43,421)(323)
233(697,401)/
21,856(15,568)(43,364)(22,480)(243)233(242,025)(1,478,973)
966,558—(448,496)(176,139)(723)—(3,503,189)

September 30, 2002

II. Cash Flows from Investing Activities
Payments for Purchase of Securities¥ (31,062,410)
Proceeds from Sale of Securities
22,316,262
Proceeds from Redemption of Securities
6,747,494
Payments for Increase in Money Held in Trust(733)
Proceeds from Decrease in Money Held in Trust
18,796
Payments for Purchase of Premises and Equipment(51,281)
Proceeds from Sale of Premises and Equipment
9,783
Payments for Purchase of Stocks of Subsidiaries(affecting the scope of consolidation)—
Proceeds from Sale of Stocks of Subsidiaries(affecting the scope of consolidation)—
Payments for Purchase of Stocks of Subsidiaries(not affecting the scope of consolidation)—
Net Cash Provided by (Used in) Investing Activities(2,022,088)
III. Cash Flows from Financing Activities
Proceeds from Issuance of Subordinated Borrowed Money
Repayments for Subordinated Borrowed Money
Proceeds from Issuance of Subordinated Bonds,
Notes and Convertible Bonds
Proceeds from Issuance of Subordinated Bonds,
Notes and Bonds with Stock Option
Redemption of Subordinated Bonds, Notes andConvertible Bonds
Redemption of Subordinated Bonds, Notes andBonds with Stock Option
Proceeds from Investments in Minority Interests
Repayments for Minority Interests
Dividends Paid
Dividends Paid for Minority Interests
Payments for Purchase of Treasury Stock
Proceeds from Sales of Treasury Stock
Net Cash Used in Financing Activities
IV. Effects of Exchange Rate Changes on Cashand Cash Equivalents(657)

17,731

7,001(5,366)

V. Net Increase (Decrease) in Cash and Cash Equivalents(4,420,719)

7,627,520

649,399(36,058,070)

VI. Cash and Cash Equivalents at the Beginning ofInterim Period (the year)

9,847,366

2,219,805

2,219,805

80,321,096

VII. Net Increase in Cash and Cash Equivalents
Resulting from Inclusion of Subsidiaries inthe scope of Consolidation

—

46

46

—

VIII. Net Decrease in Cash and Cash Equivalents
Resolved from Exclusion of Subsidiaries fromthe scope of Consolidation

—

(5)

—

—

IX. Cash and Cash Equivalents at the End
of Interim Period (the year)¥

5,426,647¥

9,847,366

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥122.60=US$1.00, the foreign exchange rate on September 30. 2002, has been used for translation.

55¥

2,869,251$

44,263,026

Office Network of Mizuho

Domestic Network of Mizuho(as of September 30, 2002)

Mizuho Holdings

Mizuho Bank

Mizuho Trust & Banking

Head Office

Head Office and Branches: 577
Sub-branches: 91
Agencies: 7

Head Office and Branches: 8
Sub-branch: 1

Mizuho Corporate Bank
Domestic Network: 33 (Includes head
office and 15 offices specializing in collection of accounts receivable)

Mizuho Securities
Head OfficeInternational Network of Mizuho
Branches, Agencies andRepresentative Offices
The Americas
New York Branch
1251 Avenue of the Americas,
New York, NY 10020, U.S.A.
TEL 1-212-282-3000

Chicago Branch
AT&T Corporate Center,Suite 2600, 227 WestMonroe Street, Chicago, IL 60606, U.S.A.
TEL 1-312-855-1111

Atlanta Representative Office
One Ninety One Peachtree Tower, Suite 3825, 191
Peachtree Street, N.E., Atlanta, GA 30303, U.S.A.
TEL 1-404-524-8770

Houston Agency
One Houston Center, Suite 4100,
1221 McKinney Street, Houston,
Texas 77010, U.S.A.
TEL 1-713-759-1800

Los Angeles Agency
350 South Grand Avenue, Suite 1500,
Los Angeles, CA 90071, U.S.A.
TEL 1-213-243-4500(as of December 31, 2002)

Caracas Representative Office

Shanghai Branch

Avenida Principal con 1 ra,Transversal de laCastellana, Torre Banco de Lara, Piso 11, Oficina B, La
Castellana, Municipio Autònomo Chacao, Apartado
Del Este 60128, Caracas 1060, Venezuela

25th Floor, HSBC TOWER., 101 Yin Cheng
East Road, Pudong New Area, Shanghai
200120, The People's Republic of China
TEL 86-21-6841-0001

Buenos Aires Representative Office

Dalian Branch

Av. Dávila 270, Piso 2°, Puerto Viamonte 2, 1107
Buenos Aires, Argentina

6th Floor, Senmao Building, Zhongshan
Road 147, Xigang District, Dalian 116011, The
People's Republic of China
TEL 86-411-3602543

Europe and the Middle East

Beijing Branch

London Branch

8th Floor, Chang-Fu-Gong Office Building, Jia 26,
Jianguomenwai Street, Chaoyang District,
Beijing 100022, The People's Republic of China
TEL 86-10-6513-9026

River Plate House, 7-11 Finsbury Circus,
London EC2M 7DH, UK
TEL 44-20-7012-4000

Shenzhen BranchParis Branch
Washington Plaza 40, rue Washington, 75408 Paris
Cedex 08, France
TEL 33-1-5383-4100

21st Floor, Shenzhen International Financial Building,
Jian She Lu, Shenzhen, Guangdong Province,
The People's Republic of China
TEL 86-755-82221918

Düsseldorf Branch

Tianjin Representative Office

Königsallee 60 D, 40212 Düsseldorf,
F.R. Germany
TEL 49-211-13020

Room 2202, Tianjin International Building 75,
Nanjing Road, Tianjin,
The People's Republic of China
TEL 86-22-23305448

Milan Branch
Via Senato 14/16, 20121 Milan, Italy
TEL 39-02-760-861

San Francisco Representative Office

Madrid Branch

One Market, Spear Tower, Suite 1610,
San Francisco, CA 94105, U.S.A.
TEL 1-415-981-3131

Torre Picasso Planta 9,
Plaza Pablo Ruiz Picasso, 1 AZCA,
28020 Madrid, SpainTEL 34-91-597-2612

Panama Branch
Plaza Internacional, Vía España,
P.O.Box 2637, Panama 9A,
Republic of Panama
TEL 507-269-6111

Mexico Representative Office
Edificio Omega, Campos Eliseos No.345-11,
Col. Chapultepec Polanco, Deleg. Miguel Hidalgo,
11560 Mexico, D.F., Mexico
TEL 52-55-5281-5037

Bahrain Representative Office
Suite 201-202, Entrance 4,
2nd Floor Manama Center,
Manama, Bahrain(P.O. BOX 5759, Manama, Bahrain)
TEL 973-224522

Tehran Representative Office
3rd Floor, No.1, 14th Street,
Khaled Eslamboli Avenue, Tehran 1517, IranTEL 98-21-872-6593

São Paulo Representative Office
Avenida Paulista,1274-11˚ andar, CEP.01310-926,
São Paulo, SP, Brazil
TEL 55-11-251-4199

Colombia Representative Office
Carrera 7 No.71-52, Torre B. Piso 9, Santafe de
Bogota, D.C. Colombia

Asia and Oceania

Nanjing Representative Office
Room 801, Nanjing Grand Hotel, 208 Guangzhou
Road. Nanjing, Jiangsu Province, The People's
Republic of China
TEL 86-25-3329379

Wuhan Representative Office
Room 305, Holiday Inn Tian-an Wuhan,
868 Jiefang Dadao, Wuhan 430022,
The People's Republic of China
TEL 86-27-8582-1155

Xiamen Representative Office
Room 915, East Ocean Building Hotel, No.1
Building, Zhongshan Road, Xiamen, Fujian
361001, The People's Republic of China
TEL 86-592-202-1111 (ex 2915)

Guangzhou Representative Office
12th Floor, Garden Tower, 368 Huanshi
Dong Lu, Guangzhou 510064,
The People's Republic of China
TEL 86-20-8385-8000

Hong Kong Branch

Seoul Branch
Nae Wei Building, 6, 2-ka, Eulji-ro,
Chung-ku, Seoul, Republic of Korea
TEL 822-3782-8500

17th Floor, Two Pacific Place, 88 Queensway,
Hong Kong, S.A.R.,
The People's Republic of China
TEL 852-2103-3000

Taipei Branch
2nd Floor, Hung Kuo Building, 167 Tun Hua
North Road, Taipei 105, Taiwan
TEL 886-2-2715-3911

Note : All overseas offices are those of Mizuho Corporate Bank except for offices as indicated as follows:* Subsidiary of Mizuho Securities** Subsidiary of Mizuho Trust & Banking

56

Office Network of Mizuho

Kaohsiung Branch

Subsidiaries

12th Floor, No.2, Chung Cheng 3rd Road, Kaohsiung
800, Taiwan
TEL 886-7-236-8768

DKB Investment Management
International Limited

Mizuho Corporate Bank (Canada)

Edinburgh One, Morrison Street, Edinburgh, EH3
8BE, UK
TEL 44-131-655-3200

Manila Branch
26th Floor, Citibank Tower, Valero Street corner
Villar Street, Salcedo Village, Makati City,
Metro Manila, Philippines
TEL 63-2-848-0001

Hanoi Branch
Suite 403~407, 63 LTT Building,
63 Ly Thai To Street, Hanoi,
Socialist Republic of Vietnam
TEL 84-4-826-6553

Suite1102, 100 Yonge Street, Toronto, Ontario,
Canada M5C 2W1
TEL 1-416-874-0222

Mizuho Corporate Bank of California
555 West Fifth Street, Los Angeles, CA 90013, U.S.A.
TEL 1-213-612-2700

Mizuho Corporate Bank (USA)1251 Avenue of the Americas, New York, NY 10020,
U.S.A.
TEL 1-212-282-3030

Ho Chi Minh City Representative OfficeMizuho Capital Markets Corporation

7th Floor, The Landmark, 5B Ton Duc Thang Street,
District 1, Ho Chi Minh City,
Socialist Republic of Vietnam
TEL 84-8-8228-638

1440 Broadway, 25th Floor, New York, NY 10018,
U.S.A.
TEL 1-212-547-1500

Bangkok Branch
18th Floor, TISCO Tower, 48 North Sathorn Road,
Silom, Bangrak, Bangkok 10500, Thailand
TEL 66-2-638-0200

Labuan Branch
Level 9 (B) & (C), Main Office Tower, Financial Park
Labuan, Jalan Merdeka, 87000 Federal Territory ofLabuan, Malaysia
TEL 60-87-417766

Mizuho Securities USA Inc.*
Waterfront Corporate Center, 111 River Street
11th Floor, Hoboken, NJ 07030, U.S.A.
TEL 1-201-626-1000

The Bridgeford Group, Inc.*
445 Park Avenue, 20th Floor, New York, NY 10022,
U.S.A.
TEL 1-212-705-0880

Mizuho Trust & Banking Co.(USA) **Labuan Branch,Kuala Lumpur
Marketing Office

666 Fifth Avenue, Suite 802, New York, NY 10103 ,U.S.A.
TEL 1-212-373-5900

Level 34, Menara Maxis, Kuala Lumpur City Centre,
50088 Kuala Lumpur, Malaysia
TEL 60-3-2070-6880

DLIBJ Asset Management U.S.A. Inc.

Kuala Lumpur Representative Office
Level 34, Menara Maxis, Kuala Lumpur City Centre,
50088 Kuala Lumpur, Malaysia
TEL 60-3-2070-6595

1133 Avenue of the Americas, 28th Floor,New York,NY 10036, U.S.A.
TEL 1-212-350-7650

Mizuho Corporate Bank Nederland N.V.

Singapore Branch

Apollolaan 171, 1077 AS Amsterdam,
The Netherlands
TEL 31-20-5734343

168 Robinson Road, #13-00 Capital Tower,
Singapore 068912, Republic of Singapore
TEL 65-6423-0330

Mizuho Corporate Bank (Germany)
Aktiengesellschaft

Mumbai Branch

Taunustor 2,60311 Frankfurt am Main,
F.R. Germany
TEL 49-69-27282-0

Maker Chamber III, 1st Floor, Jamnalal Bajaj Road,
Nariman Point, Mumbai, 400021 India
TEL 91-22-2288-6638

New Delhi Representative Office
DBS Business Centre, 1st Floor, World Trade Tower,
Barakhamba Lane, New Delhi 110 001 India
TEL 91-11-2341-2190

Sydney Branch
Level 33, 60 Margaret Street, Sydney, N.S.W. 2000,
Australia
TEL 61-2-8273-3888

Yangon Representative Office
7th Floor, FMI Centre, No.380, Bogyoke Aung San
Street, Yangon, Myanmar
TEL 95-1-2341-009

Jakarta Representative Office
Plaza BII Menara 2, 24th Floor, JI. M.H. Thamrin
No. 51, Jakarta 10350, Indonesia
TEL 62-21-392-9535

Mizuho Capital Markets (UK) LimitedRiver Plate House, 7-11 Finsbury Circus, London
EC2M 7DH, UK
TEL 44-20-7972-9900

Mizuho Corporate Bank-BA
Investment Consulting GmbH
Landhausgasse 4/7, 1010 Vienna, Austria
TEL 43-1-5355868

Mizuho International plc*
Bracken House, One Friday Street,
London EC4M 9JA, UK
TEL 44-20-7236-1090

Mizuho Bank (Switzerland) Ltd.*
Loewenstrasse 32, 8023 Zurich, Switzerland
TEL 41-1-216-9111

Mizuho Trust & Banking(Luxembourg) S.A.**
1B, Parc d'Activité Syrdall, L-5365 Munsbach,Luxembourg
TEL 352-4216171

57

Fuji Investment Management
Company (Europe) Limited
Bracken House, One Friday Street, London, EC4M
9JA, UK
TEL 44-207-776-6400

DLIBJ Asset Management
International Ltd.
Bracken House, One Friday Street, London, EC4M
9JA, UK
TEL 44-20-7329-3777

PT. Bank Mizuho Indonesia
Plaza Bll Menara 2, 24th Floor, Jl. M.H. Thamrin
No. 51, Jakarta 10350, Indonesia
TEL 62-21-392-5222

Mizuho Corporate Asia (HK) Limited
17th Floor, Two Pacific Place, 88 Queensway,
Hong Kong, S.A.R., The People's Republic of China
TEL 852-2103-3040

Chekiang First Bank Ltd.
Chekiang First Bank Bldg., 60 Gloucester Road,
Hong Kong, S.A.R., The People's Republic of China
TEL 852-2922-1222

Mizuho Corporate Leasing (Thailand)Co., Ltd.
19th Floor, TISCO Tower 48/44 North Sathorn Road,
Silom, Bangrak, Bangkok 10500, Thailand
TEL 662-638-0900

P.T. Dai-Ichi Kangyo Panin Leasing
6th Floor, Panin Bank Centre, Jalan Jenderal
Sudirman (Senayan), Jakarta 10270, Indonesia
TEL 62-21-725-0285

P.T. Jaya Fuji Leasing Pratama
9th Floor, Jaya Bldg., Jalan, M.H. Thamrin 12,
Jakarta 10340, Indonesia
TEL 62-21-331-750

Mizuho Corporate Asia (Singapore)
Limited168 Robinson Rd, #11-02 Capital Tower,
Singapore 068912, Republic of Singapore
TEL 65-6416-0290

Mizuho Capital Markets (HK) Limited
2502, Gloucester Tower, The Landmark 11 Pedder
Street, Central, Hong Kong, S.A.R.,
The People's Republic of China
TEL 852-2537-3815

Mizuho Securities Asia Limited*
Suites 901-907, CITIC Tower,
1 Tim Mei Avenue, Central, Hong Kong, S.A.R.,
The People's Republic of China
TEL 852-2685-2000

Mizuho Futures (Singapore) Pte.
Limited*Six Battery Road, #18-05 Singapore 049909,
Republic of Singapore
TEL 65-221-3633

Investor Information on Mizuho Holdings

Date of Establishment

Accounting Auditors

September 29, 2000

Shin Nihon & Co.

Paid-in Capital

Transfer Agent¥2,572,000 million

Mizuho Trust & Banking Co., Ltd.

Outstanding SharesFiscal Year

10,493,250.71 shares
Common Shares : 9,430,250.71 shares
Preferred Shares :1,063,000 shares

April 1 to March 31

Convocation of General Meetings of Shareholders
A regular general meeting of shareholders of the Company shall be
convened no later than three months from the last day of eachbusiness year, and an extraordinary general meeting of shareholders shall be convened whenever necessary.

Number of Shareholders
Common Shares :Preferred Shares :225,060
9

Principal Shareholders (Common Stock)

Record Date

Percentageof shares
outstanding
Shares held(%)

The Company shall deem shareholders having voting rights appearing in writing or digitally on the last register of shareholders(including the register of beneficial shareholders; the same shallapply hereinafter) as of March 31 of each year as the shareholders
who shall be entitled to exercise their rights at the regular general
meeting of shareholders for the relevant fiscal term.
In addition to the preceding paragraph, the Company may temporarily set the record date whenever necessary, pursuant to a resolution of the Board of Directors and upon giving a prior public
notice thereof.

The Dai-ichi Mutual Life Insurance
Company

379,158.00

4.02

Japan Trustee Services Bank, Ltd.
(Trust account)

300,013.00

3.18

The Master Trust Bank of Japan,
Ltd. (Trust account)

241,551.00

2.56

NIPPON LIFE INSURANCECOMPANY

210,475.76

2.23

THE YASUDA MUTUAL LIFE
INSURANCE COMPANY

175,618.00

1.86

Asahi Mutual Life Insurance
Company

175,608.00

1.86

SOMPO JAPAN INSURANCE INC.

147,402.00

1.56

Dividends on shares shall be paid to the shareholders or registeredpledgees appearing in writing or digitally on the last register ofshareholders as of March 31 of each year or to the holders offractional shares appearing in writing or digitally on the last registerof holders of fractional shares as of March 31 of each year.

State Street Bank and Trust
Company

134,815.00

1.42Interim Dividends

UFJ Trust Bank Limited(Trust account A)

121,418.00

1.28

Shinsei Bank, Limited

77,476.12

0.82

Dividends

The Company may, by a resolution of the Board of Directors, makecash distributions pursuant to the provisions of Article 293-5 of theCommercial Code (referred to as “Interim Dividends” in these
Articles of Incorporation) to the shareholders or registered pledgees
appearing in writing or digitally on the last register of shareholders
as of September 30 of each year or to the holders of fractional
shares appearing in writing or digitally on the last register of holders of fractional shares as of September 30 of each year.

(as of September 30, 2002)

Stock Listings
Tokyo Stock Exchange
Osaka Securities Exchange
London Stock Exchange

58

Contact Information

Mizuho Holdings, Inc.
Marunouchi Center Building,
1-6-1, Marunouchi,
Chiyoda-ku, Tokyo 100-8208,
Japan
Tel. +81-(0)3-5224-1111
URL: http://www.mizuho-fg.co.jp/

Mizuho Corporate Bank, Ltd.
1-3-3, Marunouchi,
Chiyoda-ku, Tokyo 100-8210,
Japan
Tel. +81-(0)3-3214-1111
URL: http://www.mizuhocbk.co.jp/

Mizuho Bank, Ltd.
1-1-5, Uchisaiwaicho,
Chiyoda-ku, Tokyo 100-0011,
Japan
Tel. +81-(0)3-3596-1111
URL: http://www.mizuhobank.co.jp/

Mizuho Securities Co., Ltd.
Otemachi First Square,
1-5-1, Otemachi,
Chiyoda-ku, Tokyo 100-0004,
Japan
Tel. +81-(0)3-5208-3210
URL: http://www.mizuho-sc.com/

Mizuho Trust & Banking Co., Ltd.
Shinmarunouchi Building,
1-5-1, Marunouchi,
Chiyoda-ku, Tokyo 100-8240,
Japan
Tel. +81-(0)3-3240-7000
URL: http://www.mizuho-tb.co.jp/

59