Interim Report(April ~ September 2003)

Contents

Financial Highlights (Consolidated)

1

A Message from the President & CEO of Mizuho Financial Group, Inc.

2

Profitability and Financial Strength of Mizuho

4Advanced Financial Services of Mizuho

6TopicsServing Companies, Financial Institutions and Public Sector Entities
Corporate Revitalization
Expanded Line-Up of Products and Services for Individual Customers
Corporate Citizenship

7

Business Results Highlights

14

The Current Financial Status of Mizuho

16

Initiatives to Improve Our Comprehensive Financial Service Capabilities andStrengthen Our Earnings Base

17

Initiatives to Improve Financial Strength23

Financial Analysis of Mizuho
About the Mizuho Financial Group's Figures

27

Results for the Six Months ended September 30, 2003

28

Status of Asset Quality

39

Consolidated Financial Statements of Mizuho Financial Group, Inc.

46

Office Network of Mizuho

51

Investor Information on Mizuho Financial Group, Inc.

53

Contact Information

54

Financial Highlights (Consolidated)

Millions of yen
September 30, 2003
March 31, 2003

For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

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

1,867,688
1,290,594
577,093
255,397—¥

3,441,810
5,703,982(2,262,172)(2,377,172)
22,147

Thousands of U.S. dollars
September 30, 2003$

16,788,209
11,600,853
5,187,356
2,295,708—

Millions of yen
September 30, 2002 (MHHD)¥

1,812,892
1,713,725
99,16739,029—*Non-consolidated basis.

Millions of yen
September 30, 2003
March 31, 2003

At September 30, 2003 and 2002, and March 31, 2003

Total Assets
Securities
Loans and Bills Discounted
Deposits
Total Shareholders' Equity

Thousands of U.S. dollars
September 30, 2003

Millions of yen
September 30, 2002 (MHHD)¥ 134,032,747
23,816,574
69,210,035
72,222,642
2,861,066$ 1,217,839,949
244,103,632
611,147,431
668,132,950
29,435,842¥ 143,047,455
25,520,325
76,118,242
77,929,763
3,715,697

March 31, 2003

U.S. dollars
September 30, 2003

Yen
September 30, 2002 (MHHD)

26,320.47¥ (254,524.65)

$

—

—

—

—

—
—
—
—
—
—
—
—
—
—
—
—

22,5008,200
14,00047,60042,00011,0008,000
17,500
5,380
165
21
247

—
—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
—
—
—
—
/
/
/

September 30, 2003

March 31, 2003

September 30, 2002 (MHHD)

10.63%

9.53%

10.42%JCR
Long Term Short Term

Moody'sLong Term Short Term

¥ 135,484,694
27,156,529
67,990,151
74,329,790
3,274,737

Yen

For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

September 30, 2003

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
Sixth Series Class VI Preferred Stock
Seventh Series Class VII Preferred Stock
Eithth Series Class VIII Preferred Stock
Ninth Series Class IX Preferred Stock
Tenth Series Class X Preferred Stock
Eleventh Series Class XI Preferred Stock
Twelfth Series Class XI Preferred StockThirteenth Series Class XIII Preferred Stock¥236.59¥4,139.96*Non-consolidated basis.

At September 30, 2003 and 2002, and March 31, 2003

Capital Adequacy Ratio (BIS)

Ratings
At January 31, 2004

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

R&I
Long Term Short Term

—
A–
A–
A–
A–
A–

a—1
a—1
a—1
a—1
a—1
a—1

—
—
A
A
—
A–

—
—
—
—
J–1
—

—
—
A3
A3
—
Baa1

1

—
—
P—1
P—1
—
P—2

Standard & Poor's
Long Term Short Term

—
—
BBB
BBB
—
BBB

—
—
A—2
A—2
—
A—2

Fitch
Long Term Short Term

—
—
BBB+
BBB+
—
BBB+

—
—
F2
F2
—
F2

A Message from the President & CEO of Mizuho Financial Group, Inc.

Mizuho's Business Model Delivers Solid Results
On behalf of the Mizuho Financial Group, I would like to take this opportunity to extend my sincerest thanks to ourshareholders and customers for your continued support.
In fiscal 2002, we reorganized the group's corporate structure and worked to further evolve our business modelin order to reinforce our comprehensive financial services capabilities and secure stable profitability. We also took
drastic steps to eliminate future financial risk factors to the maximum extent.
With the above-mentioned measures taken last year, we assured you that we aimed to make fiscal 2003 "A
Year of Achievement" for Mizuho. I am pleased to report that we are on course to attain this aim as our interim
consolidated Net Income of ¥255.3 billion in the first half of fiscal 2003 has exceeded our initial earnings estimates.

Improvement of Our Comprehensive Financial Services Capabilities and Reinforcement of
Our Earnings BaseIn March 2003, under our "Business Reorganization" program, we set up a new financial holding company,

Mizuho Financial Group, Inc., to directly manage not only our group banks and securities companies, but also
strategically important companies such as our credit card company and asset management companies. At the sametime, we strengthened synergistic cooperation between our two banks, Mizuho Corporate Bank and Mizuho Bank,as well as cooperation among our banks and securities companies, and centralized the management of the trust
and asset management businesses. Through the strengthened collaboration within the group under this new management structure, we offer a comprehensive range of high value-added financial services precisely and promptly.

2

A Message from the President & CEO of Mizuho Financial Group, Inc.

Although the severe economic environment continues to pose challenges for financial institutions in Japan, weare dedicated to further strengthening our earnings base swiftly and decisively. First of all, we aim to significantly
increase our profitability by taking advantage of new profit-making opportunities through the pursuit of benefits oflegally separated subsidiaries based on customer segmentation and the further enhancement of each company's
sophisticated expertise according to its customers' needs and its businesses.
In addition to improving our profitability, we are also committed to drastic restructuring measures to accelerate
the process of consolidation and rationalization, and cut both personnel and non-personnel expenses. More specifically, we are reducing the number of employees and redundant offices ahead of schedule as part of our steady andsubstantial cost cutting efforts. By the end of fiscal 2006, our plan is to reduce our annual General and
Administrative Expenses on an aggregated basis for Mizuho Financial Group, Inc., Mizuho Holdings, Mizuho
Corporate Bank and Mizuho Bank to approximately ¥700 billion, down by ¥190 billion compared with fiscal 2002.

Improvement of Asset Quality and Promotion of Corporate Revitalization
In fiscal 2002, we accelerated preparations for coping with future risks related to the deterioration in asset quality
and the final disposal of non-performing loans (NPLs). In light of our strong commitment to halve our NPL balanceby the end of fiscal 2004, we will work to speed up the final disposal of NPLs.
During the first half of fiscal 2003, we launched our "Corporate Revitalization Project," which was implemented
for the early achievement of revitalizing our corporate customers' business and further reinforcement of credit creation in response to customers' demand for financing. In this project, loans and stocks of the customers in need ofrevitalization/restructuring held by Mizuho Corporate Bank, Mizuho Bank, and Mizuho Trust & Banking were transferred to the group's four financial subsidiaries specializing in corporate revitalization.

Progress toward Making This Year "A Year of Achievement"
Owing to these efforts, as I mentioned above, our interim consolidated Net Income reached ¥255.3 billion, which isconsiderably larger than our initial estimates, resulting from the substantial reduction in our expenses and the significant improvement in Credit-related Costs together with the steady reduction in NPLs. We expect to achieve thefinancial targets for this fiscal year, which we committed to meet in our "Business Revitalization Plan." We alsoplan to resume payment of annual dividends for fiscal 2003 on common stocks of ¥3,000 per share, while we
intend to make dividend payments on preferred stocks as prescribed.
In closing, I would like to assure you that we are making every effort to further improve our customer services andenhance our competitiveness and profitability. To this end, I sincerely look forward to your continuing support.

January 2004

Terunobu Maeda
President & CEO
Mizuho Financial Group, Inc.

3

Profitability and Financial Strength of Mizuho

On our reinforced financial base, we are concentrating our full effort to enhance our profitability.

 Net Income in the first half of fiscal 2003 exceeded earnings

 We are reinforcing our profitability by increasing gross profits

estimates for the period due to solid Net Business Profits ofthrough the comprehensive implementation of our business

Mizuho Corporate Bank (MHCB), Mizuho Bank (MHBK) andstrategies according to customer segmentation and business

Mizuho Trust & Banking (MHTB) and a substantial reduction

function, and by reducing costs through thorough restructur-in Credit-related Costs.

ing to accelerate consolidation and rationalization.

Gross Profits (the Three Banks)

Net Business Profits (the Three Banks)

Net Income (the Three Banks)(Billions of yen)(Billions of yen)(Billions of yen) Sep

2,000

1,200

500

1,500

900

0

1,000

600

-500

500

300

-2,0000'02 '03
pt. ar.
Se M

03

07
r. '
Ma lan)
P
(

t. '

p
Se

General & Administrative Expenses(the Two Banks)

0

02

t. '

'02 '03
pt. Mar.

Se

pt.

'03

Acceleration of Restructuring<Employees>(the Holding Companies + the Two Banks)(Billions of yen)

800

07
r. '
Ma lan)
(P

'03

03
r. '
Ma

07
r. '
Ma lan)
P
(

Se

pt.

Se

<Domestic Branches>(the Two Banks excluding Financial Subsidiaries for
Corporate Revitalization)

25,000500

20,000

400

5,000

100

600

400

200

0

'02 '03
pt. ar.
Se M

03

t. '

p
Se

07
r. '
Ma lan)
P
(

0

02

t. '

p
Se

r.
Ma

'03

03

t. '

p
Se

0
05
r. '
Ma lan)
P
(

pt.

Se

'02

03
r. '
Ma

pt.

'03

Se

Note: Figures of the plan are based on the Business Revitalization Plan and aggregated figures are described as follows:
The Two Banks: MHCB+ MHBK+ their financial subsidiaries for corporate revitalization (Non-consolidated).
The Three Banks: the Two Banks+MHTB+MHTB's financial subsidiary for corporate revitalization (Non-consolidated).
The Holding Companies+the Two Banks: Mizuho Financial Group,Inc. (MHFG)+Mizuho Holdings+the Two Banks (Non-consolidated).

4

04
r. '
Ma lan)(P

Profitability and Financial Strength of Mizuho

Credit-Related Costs

Reserve Ratio for Uncovered Portionof NPLs(the Three Banks)

NPL Balance and NPL Ratio(Claims for Special Attention or Worse)(the Three Banks)(the Three Banks)(Billions of yen)(%)(Billions of yen)

(%)

6,000

6

5,000

5

70
2,000

60
Claims with Collection Risk
Claims for Special Attention

50

4

4,000

40
500

3,000

30

0

'02 '03
pt. Mar.

03 04
t. ' ar. '
Sep M

Se

05
r. '
Ma lan)(P(3% range)

3

20

2,000

2

10

1,000

1

0
pt.

'02

3

0
r. '

pt.

Ma

Se

0

'03

pt.

Se

 Credit-related Costs in the first half of fiscal 2003 was sub-

Se

'02

03
'03
r. '
pt.
Ma
Se

0
05
r. '
Ma lan)(P

 We are steadily reducing the balance of NPLs mainly bystantially reduced thanks to the acceleration of final disposal

increasing the amount of NPL disposal. We will halve our NPL

of non-performing loans (NPLs) and the increase of loan-loss

balance by the end of fiscal 2004 compared with the end ofreserve ratios during fiscal 2002. We maintain the highest

the first half of fiscal 2002 through accelerating the final dis-level of loan-loss reserves among major financial groups inposal of NPLs, and tackling corporate revitalization of our cus-

Japan.

tomers.

Stock Portfolio (the Three Banks)

Deferred Tax Assets (DTAs) and
Ratio of DTAs to Tier1 Capital

MHFG's BIS Capital Adequacy Ratio(the Two Banks excluding Financial Subsidiaries for
Corporate Revitalization)(Billions of yen)(Billions of yen)

(%)

(%)

6,000
80

2,000

10

5,000
4,000

1,500

60

1,000

40

500

20

8
3,000
2,000

2

1,000
0

02

t. '

p
Se

r.
Ma

'03

03

t. '

p
Se

04
r. '
Ma lan)P(

 In order to minimize the impact of

0

02

t. '

p
Se

03
r. '
Ma

03

0

t. '

p
Se

0

02
t. '
Sep

03
r. '
Ma

03
t. '
Sep

07
r. '
Ma lan)(P Net DTAs was decreased by recording MHFG maintains a sufficient level ofstock price fluctuation risk, we con-a taxable income in the first half ofconsolidated BIS capital adequacytinue to reduce our stockholdings.

fiscal 2003 and increasing valuation

ratio substantially exceeding the 8%

allowance for DTAs as a result of

requirement.

adopting more conservative estimatesof future taxable income.

5Advanced Financial Services of Mizuho
We precisely and swiftly provide products, services and business solutions
to our customers, which meet their diverse financial needs thoughpursuing group synergies actively.

Securities Business
MizuhoSecurities(MHSC)

MizuhoCorporate Bank(MHCB)

Serving Companies,
Financial Institutions andPublic Sector Entities

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

MHCB 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 of
Switching to a Business Model Aiming toJapanese companies.

MizuhoInvestors
Securities(MHIS)A securities company
that focuses onserving the group’s
customers.

ShinkoSecurities

A comprehensive
securities company
that focuses on the
middle and retailmarkets.

UC Card
A leader among
credit cardcompanies
in Japan.

Enhance Capital Efficiency
MHCB

MizuhoCapitalMizuhoFactors

The group's principal
venture capitalcompany.

The group's
factoringcompany.

MizuhoResearch
InstituteThe group's
think tank.

MHBK

Syndication Business Enters a New Phase

Stronger Approach as a "Solution Bank"
MHCB

MHBK

Corporate Revitalization
Business

MHSC

Supporting Customers in Reorganizing Their Businesses
MHCB

MHSC

MHTB

MizuhoAdvisory

TCSB

An advisory company
with state-of-the-art
know-how concerning
corporate revitalization.

Solutions Business for Financial Institutions
MHCB

MHBK

MizuhoCorporate

Greater Commitment to the China Market
MHCB

MizuhoGlobalMizuhoProject

MizuhoAssetOverseas Subsidiaries
Banking Subsidiaries
Derivatives Subsidiaries
Securities Subsidiaries
Trust Banking Subsidiaries
Asset Management
Subsidiaries

The Adoption of the "Equator Principles"
MHCB

MHBK

Mizuho Capital

Financial subsidiaries specializing in
corporate revitalization.

Second MBO Fund Established
MHCB

MHBK

MHTB

DCPS

DKA

FIMCO

DIAM

Mizuho Research InstituteInitiative in Defined Contribution Pension Service Business

Securities Business
DKB
Information
Systems(DKIS)MHSC

Business Transfer Agreement Concluded with Norinchukin Securities

Trust Banking Operations
MHTB

Fuji
Research
Institute
Corporation(FRIC)IBJ Systems(KSD)

The group's IT-related companies.

Comprehensive Risk Management System Developed for Pension Funds

Expanded Line-Up of
Products and Services for
Individual Customers

Trust Banking andAsset Management Business

Financial Services to SMEs and Middle Market Enterprises
MHBK

Increasing and Expanding Loans to SMEs
MIZUHO BUSINESS FINANCIAL CENTER Established as a Company Specializing in
Lending to Small-Scale Companies

MHBK

Increasing the Number of Customers
Utilizing the Mizuho Value Program

MHBK

MizuhoTrust & Banking(MHTB)

Mizuho Capital

Funding Support for New Businesses

Larger Range of Investment Products

Mizuho Bank(MHBK)"Pay-easy" Tax and Utility Charge Payment Service
Extended to All Branches Nationwide
MHBK

MHTB

MHBK Starts Handling Trust Products for Retail Customers
MHBK

MHCB

MHIS

Shinko Securities

Trust &
Custody

trust bank focusing on
the custody business.

MHBK serves individuals,
domestic companies and local
governments.

MHTB

Joint Branches with Other Group Companies

6

Fuji
Investment
Management(FIMCO)DLIBJ AssetManagement(DIAM)The group's asset managementcompanies.

A full-line trust bankServices Bank
that possesses strengths(TCSB)
in both the corporate
and individual
markets.
A highly specialized"Mizuho Direct" Services Enhanced

Dai-IchiKangyo AssetManagement(DKA)

DefinedContribution
Plan Services(DCPS)
An entity that specializes
in managing defined
contribution pension plans.

Serving Companies, Financial Institutions andPublic Sector Entities
Responding to Customers' Funding Demands and Offering Optimized Solutions to
Their Business and Financial Strategies.

Switching to a Business Model Aiming to Enhance Capital Efficiency
Syndication Business Enters a New Phase
Further Evolution of the Market-Oriented Indirect Financing Model
MHCB

MHBK

MHCB is making a major switch from its conventional asset-

By taking a lead in the creation of a loan trading market

dependent business model to the "originate to distribute"(secondary market), and making the most of the synergies

business model (i.e., a business model based on asset

arising from it, and the associated expansion of the syndi-

turnover) with loan syndication as its core.

cated loan arrangement market (primary market), we aim to

The Mizuho Financial Group's share of the domestic syn-establish ourselves as the number one Japanese loan house.

dicated loan arrangement volume in the first half of 2003
was over 40%, enabling us to maintain our overwhelming
position as a market leader in this sector. In October 2003,

Expanding Syndicated Loan Market in Japan andMizuho's Share

MHCB implemented organizational reforms in order to fur-

(Trillions of yen)ther develop our rapidly growing syndication business.

15

Arrangement of Syndicated
Loans in JapanThe main objectives are: make initiatives to expand into

Mizuho's
Share
42.4%

new business areas such as the secondary loan trading busi10

ness, and strengthen risk management functions.
In particular, MHCB set up the Syndication and Loan
Trading Division, which includes Japan's first department to5

specialize in the loan trading business. This attempt is
attracting considerable attention in the expectation that thiswould make a large contribution to the creation of a loan0

secondary market, which is considered necessary for the

'97

'98

'99

'00

'01

'02

First half '03
of '03 (Plan)*Source: IFR Database.
*The figures for the second half of 2003 are estimated by the Japan Syndication and
Loan-trading Association (JSLA).

smooth flow of funds in a revamped financial infrastructure.

7

Serving Companies, Financial Institutions and Public Sector Entities
Stronger Approach as a "Solution Bank"
Supporting Customers in Reorganizing Their Businesses
MHCB

MHBK

MHSC

Management and business strategies for restructuring exist-

solutions ranging from banking products to equities.

ing businesses and expanding into new areas are becoming

In the area of MBOs, in which deals have been occurring

increasingly important for large corporate customers in par-with increasing frequency in recent years in Japan, we offer

ticular. To deal with this situation, we offer multifaceted

MBO finance as well as advisory services in connection withsolutions through tie-ups among group companies.

MBOs in cooperation with Mizuho Corporate Advisory.

MHCB provides support for creating strategies throughWe have a sterling record of supporting many customers

cooperation between its business promotion divisions andin their business reorganization efforts. In fiscal 2003, for

the Industry Research Division, which was set up to survey

example, MHCB served as financial advisor to Ripplewood

trends by industry in Japan and overseas. In addition, it

Holdings when it purchased Japan Telecom in what has

works together with MHSC in areas related to M&A andbeen reported to be Japan's largest-ever LBO.

equities. This means that it is ideally placed to offer seamless

Solutions Business for Financial Institutions
MHCB

MHSC

MHTB

TCSB

Financial institutions face a rapidly changing environment,

customers' businesses and development of overseas business.

and in order to satisfy their diverse needs, MHCB is building

During management integration, mergers and otherup a range of varied solutions in combination with otherrealignments arising within the banking industry, it is able togroup companies.

offer various kinds of expertise from MHSC and other group

It is assisting Japanese regional banks in the implementa-companies. It also responds proactively to customers' needs

tion of the government's "Action Program concerningin areas like foreign exchange operations, the outsourcing of

Enhancement of Relationship Banking Functions" announced

operations for handling principal and interest on public andin March 2003. More specifically, this includes offering themcorporate bonds, and defined contribution pension plans,

its know-how in connection with credit risk management,cooperating with MHTB and TCSB and other group compa-

disposals of non-performing loans, restructuring of theirnies.

Greater Commitment to the China Market
MHCB

MHBK

As Japanese companies continue their business expansion inare proceeding with preparations for the start of factoring

China, we are working to enhance further our various

operations in connection with the receivables held by them.

China-related financial services to meet their needs. As for

Office Network in China

the regional governments and other bodies in China that

4 Branches, 5 Representative Offices(excluding Hong Kong Branch)
Branches
Branches dealing with renminbi business
Representative Offices

welcome Japanese companies, MHCB has concluded business cooperation agreements with Nantong, Qingdao andGuangzhou to strengthen our capabilities in offering busi-

Beijing Branch
Tianjin Rep. Office
Dailian Branchness information to our customers.
In the area of settlement-related services in China, overBusiness cooperation agreements
entered with regional governments:

1,000 customers are using our cash management service

Shanghai Waigaogiao Free Trade Zone: Sept. '02
Dalian City: Feb. '03
Wuxi City: Mar. '03
Nantong City: Aug. '03
Qingdao City: Oct. '03
Guangzhou Municipal Board forInternational Investment: Oct. '03
Shanghai Songjiang Industrial Zone: Oct. '03(CMS), and from the summer of 2003, we became the firstJapanese financial institution to inaugurate the Internetbased global CMS. In response to the receivables management needs of Japanese customers operating in China, we

8

Shanghai Branch
Nanjing Rep. OfficeWuhan Rep. Office
Xiamen Rep. OfficeShenzhen Branch
Guangzhou Rep. OfficeHong Kong BranchServing Companies, Financial Institutions and Public Sector Entities
Stronger Approach as a "Solution Bank"
The Adoption of the "Equator Principles"
MHCB

MHCB is the first Japanese bank to adopt the Equator

In keeping with the spirit of the Equator Principles, MHCB

Principles, which are a standardized framework employed byremains committed to fulfilling its social responsibilities as a

private banks that take into consideration the environmental

financial institution by working to achieve both economic

and social impact of projects financed through project

development, and environmental and social preservation.

finance schemes. The Equator Principles call for banks to verEquator Principles

ify that projects conform to the World Bank Group's social

The Equator Principles are a voluntary framework employed

and environmental standards on the basis of environmental

by private banks, in their role as lenders, for managing theassessments and environmental management plans submit-

local environmental and social impact of projects financed

ted by the borrowers, primarily in the case of project financethrough project finance schemes primarily in developing coun-deals involving developing countries. If a borrower is not intries. The Equator Principles have been adopted by Citigroupcompliance, the lender financial institution requires the bor-and other major western banks since June 2003, and MHCB isrower to take the necessary measures to bring it into compli-

the first Japanese bank, and the 18th bank in the world, todeclare its adoption of the Principles.

ance.

Second MBO Fund Established
MHCB

MHBK

Mizuho Capital

The group's core investment company Mizuho Capital

The need for the MBO Fund has grown in the past few

Partners set up the second MBO Fund with funding of ¥40

years because of an increase in the number of cases wherebillion in November 2003. The first MBO Fund completed its

MBOs have been used for spinning-off subsidiaries or other-equity investments in ten companies over a period of three-wise transforming them into independent entities, and for

and-a-half years from its establishment. The first MBO Fundbusiness inheritance plans. Setting up the second MBO Fundwas involved in helping the first Japanese MBO company toallows us to contribute even more to business reorganiza-

go public through an IPO on JASDAQ, thus making the mosttions through a system that is capable of responding to aof the group's know-how acquired overseas to lead the fieldwider range of needs.

in investment performance in Japan.

Initiative in Defined Contribution Pension Service Business
MHCB

MHBK

MHTB

DCPS

DKA

FIMCO

DIAM

Mizuho Research InstituteWe are a leading provider of defined contribution pension

Institution proved the excellence of our quality management

plan services in Japan, serving over 100,000 participants as

in July 2003 when MHCB received ISO9001 certification.

of September 2003.

Also, based on its broad experience and capabilities in tai-

Our team of experienced professionals tailors high-quality

loring solutions related to defined contribution pension

defined contribution pension plan services that provide pen-plans, MHBK launched the "Mizuho Sogo-gata DC Plan," asion sponsors the integrated solutions that meet their finan-

commingled service package for SMEs and middle market

cial and human resource strategies. Our broad range ofenterprises in August.

products and services pioneered by our group-wide

We remain committed to provide pension sponsors withresources allows us to provide fine-tuned services supported

superior retirement benefit plan solutions for their employ-by state-of-the-art technology. The British Standards

ees.

9

Serving Companies, Financial Institutions and Public Sector Entities
Securities BusinessBusiness Transfer Agreement Concluded with Norinchukin Securities
MHSC

In December 2003, MHSC concluded a business transfer
agreement with Norinchukin Securities to transfer all
Norinchukin Securities' operations to MHSC.

cultivated over many years.
We plan to effect formal transfer around March 15,
2004, subject to authorization under applicable laws and

MHSC will further expand its business by absorbing
Norinchukin Securities' expertise and customer relationships,

regulations, and approval at respective shareholders' meetings.

Trust Banking Operations
Comprehensive Risk Management System Developed for Pension Funds
MHTB

Corporate pension plans are increasingly in need of overall

affiliate Mizuho Pension Research Institute to support thereform as companies reassess their benefit systems,

investment risk management efforts of its customers.

strengthen financial risk management, and move ahead withThe launching of MIRMS marks the first time a Japanese

corporate realignments. Especially, the control of overall

financial institution has fully deployed the TotalRisk SystemTM

pension risk management has become an extremely impor-developed by Barra of the U.S. This new development not

tant issue for corporations. Recognizing these customers'

only enables MHTB to offer customers cutting-edge services

needs, MHTB has started offering the Mizuho Integrated

that feature this decision-making support tool for customers,

Risk Management Service (MIRMS) in conjunction with its

but also enhances its comprehensive consulting functions.

Financial Services to SMEs and Middle Market Enterprises
Increasing and Expanding Loans to SMEs
MHBKMHBK is strengthening its "Partner Series" of unsecuredoffers up to ¥300 million in unsecured loans.

loan products for SMEs in order to provide a more quick

It is also active in developing new products and schemes

response to their needs. Since the start of fiscal 2003, it hasby tying-up with trucking associations in Chiba Prefecture

expanded the range of companies eligible for the "Mizuho

and Saitama Prefecture to extend the applicability of exe-

Advance Partner," a loan program using a rapid automatic

cuted "special purpose loans related to diesel-powered

credit-scoring model for speedy screening of applying SMEs,

vehicles" in connection with the Tokyo Metropolitan

and raised the ceiling on its loan amount. It is establishing a

Government’s exhaust emission regulations. It has also

framework for responding speedily to the funding needs ofdeveloped loans with stock purchase warrants in a scheme

SMEs through new portfolio management-type financial

to offer low-interest loans to customers aiming at issuing

products. These include "Mizuho Frontier Partner 03" for

IPOs, and it has successfully concluded a large number of

new customers, "Mizuho Growing Partner" for existing cus-

contracts.

tomers, and "Wide Partner" which focuses on cash flow and

10

Serving Companies, Financial Institutions and Public Sector Entities
Financial Services to SMEs and Middle Market Enterprises
MIZUHO BUSINESS FINANCIAL CENTER Established as a Company Specializing
in Lending to Small-Scale Companies
MHBK

In October 2003, MHBK established the MIZUHO BUSINESS

25 nationwide.

FINANCIAL CENTER as a subsidiary to take on the task of

The main products offered by the MIZUHO BUSINESS

handling the business of comprehensive lending to small-

FINANCIAL CENTER include "Mizuho Advance Partner," anscale companies. Staff with expertise in the lending businessunsecured loan product that uses a rapid automatic credit-

stands ready to offer more personalized high-quality services

scoring model, and loans with Credit Guarantee Corporationas part of a speedier response to borrowing needs. It plans

guarantees. The center handles inquiries pertaining to loans

to increase the number of locations offering this service toby telephone, fax and direct mail and other tools.

Funding Support for New Businesses
MHBK

Mizuho Capital

In a tie-up with Mizuho Capital, MHBK is working to build

More specifically, MHBK established a ¥10 billion "Newup its transactions with companies in new business areas

Business Lending Facility" for new businesses in Octobersuch as IT, biotechnology, nanotechnology, media content

2003 to supplement the Copyright Investment Scheme forand the environment. It attaches great importance toanimation and other products, and the Mizuho New

expanding transactions with promising new growth compa-

Business Fund for providing grants to venture businesses.

nies that have advanced technologies or new business mod-Establishing this lending facility has made it possible to pro-els, both from the viewpoint of expanding its customer basevide funding support more rapidly while allowing more

and from that of encouraging new businesses and nurturing

proactive risk-taking.

new industries in Japan.

Corporate Revitalization"Corporate Revitalization Project" Launched
Mizuho Advisory

Mizuho Corporate

Mizuho Global

Mizuho Project

Mizuho Asset

We are expediting all our efforts to implement our

the corporate revitalization process in a time frame of three"Corporate Revitalization Project." More specifically, most ofyears.

the loans, stocks and other claims of the customers in need

Steady progress is being made in this area. For example,of revitalization/restructuring held by MHCB, MHBK andin August 2003, we worked together with DBJ on develop-

MHTB were transferred to the financial subsidiaries specializ-ing a scheme whereby bills held by Nippon Yakin Kogyo

ing in corporate revitalization. We also established an advi-

group, which was undergoing reconstruction under volun-

sory company for corporate revitalization equipped withtary liquidation guidelines, were used as collateral for a loan

advanced know-how provided by the Development Bank offrom the group.

Japan (DBJ) and foreign financial institutions. The advisory
company is providing professional advice with the financial* Please refer to page 24 for further information on the "Corporate

subsidiaries swiftly and accurately with a view to completing

Revitalization Project."11Expanded Line-Up of Products and Services for
Individual Customers
Developing and Providing Products and Services Tailored to Customer Life Cycles.

Increasing the Number of Customers Utilizing the Mizuho Value Program
MHBK

MHBK upgraded the Mizuho Value Program membershipplan" offers wide-ranging advantages for a fee. As ofservice and started offering it at all branches from March

September 2003, the program had over 7.6 million mem-

2003. The "basic plan" offers three levels of benefits

bers, making it the largest such service in Japan.

depending on the nature of transactions. The "members

Larger Range of Investment Products
MHBK

MHBK expanded its line-up of investment trusts, foreign cur-In response to its customers' ever-widening requirements,

rency time deposits and individual annuity to make themit lowered the minimum amount necessary for starting a for-more available to customers in managing their assets.

eign currency time deposit account that offers special bene-

In the area of investment trusts, it selected 11 funds forfits. It holds the number one position in outstanding balanceits key line-up, known as "Mizuho Fund Select," selling its

among Japanese banks for this type of account. It also

popular unit-type investment trusts on a series basis, as wellstarted handling foreign currency denominated fixed annuity

as open-type investment trusts based on Australian dollar

and variable annuity guaranteeing pension value at age 90,

bond funds and Japanese-style real estate investment trusts

as well as existing individual variable annuities (IVAs).

(J-REITs).

MHBK Starts Handling Trust Products for Retail Customers
MHBK

MHTB

In October 2003, MHBK started to handle trust products

products whereby the contracts are tailored to the require-

offered by MHTB to retail customers by using the franchisements of individual customers.

system for trust business. The products handled include

The synergies between MHBK's highly convenient chan-"Asset Management Trusts" (specified comprehensive

nel network and specialist functions of MHTB enable theminvestment trusts), securities trusts and "My Trusts" (asset

to provide diverse and sophisticated responses to their cus-management products). All of these are order-made trust

tomers' needs.

"Mizuho Direct" Services Enhanced
MHBK

MHBK is constantly working to upgrade "Mizuho Direct," aaccounts (free of charge), conduct transactions including

service that allows customers to execute banking transac-

transfers to other accounts, time deposits, foreign currency

tions by personal computer (Internet), telephone, mobile

deposits, purchases of investment trusts, borrowings andphone and other methods under a single contract.

repayments of finance loans under credit card function, andCustomers can access their accounts at any MHBK branch ineven buy lottery tickets, a service unique to MHBK.

Japan to check their balances, make transfers between

12Expanded Line-Up of Products and Services for Individual Customers"Pay-easy" Tax and Utility Charge Payment Service Extended to All Branches Nationwide
MHBK

From July 2003, it became possible to use the "Pay-easy"

fares, but from 2004, convenience will be greatly enhanced

Tax and Utility Charge Payment Service via Mizuho Directby the start of services allowing payments of national andand ATMs at all branches of MHBK (excluding ATMs

local government taxes and fees.

installed at convenience stores) .

In November 2003, MHBK started a new automatic debit"Pay-easy" allows customers to pay taxes and utility bills

transactions reception service which allows account transfer

using a personal computer, mobile phone or ATM. It is

procedures to be completed with just a cash card and a per-already possible to pay mobile phone charges and airline

sonal identification number.

Joint Branches with Other Group Companies
MHBK

MHCB

MHIS

Shinko Securities

MHBK has been setting up consultation desks called "Planet
Booths" for MHIS within some branches since 2003, and by

MHTB

Plans for the establishment of joint booth-style brancheswith Shinko Securities are underway as well.

the end of December 2003, was offering customers the convenience of "one-stop shopping" through securities booths
in 11 locations, including Head Office.
It has also been making steady progress in establishingfull-line joint securities/banking branches with MHIS.

Corporate CitizenshipSupport for the "All-Japan Elementary and Junior High School Students'
Environmental Art Contest"
Since 1996, we have supported the "All-Japan Elementary

winning students and their families attended the awards cer-

and Junior High School Students' Environmental Art

emony held in August 2003 at MHBK's office in Tokyo. The

Contest," which promotes environmental education.

winners of the Minister of Education, Culture, Sports,

Sponsored by the All Japan Primary and Junior High School

Science and Technology's Incentive Prize, the Minister of theEnvironmental Education Research Society, this contest aims

Environment's Prize, the Mizuho Special Prize and otherto give students more opportunities to consider the impor-prizes were presented with books containing the forty win-tance of nature and comfortable urban living environments

ning entries. Winning entries can be seen at http://www.

through art.

kodomonoe. com/ (Japanese only).

In 2003, 4,128 entries were submitted nationwide, and13

We are highly ranked in a wide range of financial services in Japan.

Supporting the Financial Needs of Households ¥33 trillion in personal assets under management (No. 2 among Japanese banks) ¥9 trillion in residential housing loan portfolio (No. 1 among Japanese banks)
 7.62 million customers utilizing membership-style banking services (No. 1 among Japanese banks)
 10,174 testamentary trusts entrusted (No. 1 in industry sector)*All figures are as of September 30, 2003.

Supporting the Financial Needs of Corporations ¥2,899 billion and 42.4% share in arrangement of syndicatedloans in Japan (No. 1 among Japanese banks)

Arrangement of Syndicated Loans in Japan ¥986 billion and 35.7% share in administration of domestic public
corporate bonds (No. 1 in industry sector)

Mizuho's share
42.4%(No. 1 among
Japanese banks) ¥630 billion in lead management of domestic SB issues excluding
city bank issues, self-financing issues, and retail investors targetedissues (No. 2 in industry sector)*Source: IFR Database*From April 1 to September 30, 2003.

 Ranked No. 1 in the ABS bookrunner league table (¥254 billion, share 32.4%)
 ¥216 billion in lead management of FILP agency bond issues (No. 3 in industry sector)*Above figures are from April 1 to September 30, 2003.

 74 arrangements (No. 2 in industry sector) and US$13,072 million (No. 4 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, 2003
Domestic SB League Table(Lead Managed Issues)

General ABS Book Runner League Table(Excluding city bank issues, self-financing issues,
and retail investors targeted issues)(Total Amount of Issue: ¥2,769Bn.)
Amount of Lead Market
ShareManaging
Rank
Underwriters
Underwriting (¥Bn.) (%)

Announced M&A;
Japanese Target, Any Acquirer(Excluding equity carveouts, withdrawn deals & open
market repurchases credit to target & acquirer advisors)

Rank

Firm

Amount Market
Number of Issue Shareof Issue (¥Bn.) (%)

Rank

Advisor

Rank
Value(US$Mil.)Numberof Deals

1

Nomura

666

24.1

1

Mizuho Financial Group

9

254

32.4

1

Citigroup

20,048.9182Mizuho Securities

630

22.7

2

Nomura

5

121

15.4

2

Merrill Lynch & Co., Inc.

17,255.5

53

Daiwa Securities SMBC

387

14.0

3

Morgan Stanley

2

70

9.0

3

Deutsche Bank AG

16,650.2

3

4

Nikko Citigroup

332

12.0

4

Citigroup

2

65

8.3

4

Mizuho Financial Group

13,071.7

74

5

Mitsubishi Securities

206

7.4

5

UFJ Group

2

53

6.7

5

Mitsubishi Tokyo Financial Group 12,857.6

29

6Goldman Sachs

136

4.9

6

Daiwa Securities SMBC

1

33

4.3

6

Lehman Brothers

10,182.5

4

7Morgan Stanley

128

4.6

7

Lehman Brothers

2

29

3.7

7

UFJ Holdings Inc.

8,341.8

43

8

UFJ Tsubasa Securities

60

2.2

8

Deutsche Bank

1

27

3.4

8

Daiwa Securities SMBC

6,630.3

39

9

Norinchukin Securities

44

1.6

9

Credit Suisse First Boston

1

25

3.2

9

Nomura6,585.6

75

10

UBS

43

1.5

9

Goldman Sachs

1

25

3.2

10 Goldman Sachs & Co.

4,915.9

11*Source: Mizuho Securities based on I-N Information Systems' data

*Aggregated figures of MHSC and its overseas securities subsidiaries.
*ABSs backed by assets in Japan: Domestic public and private bonds
and Eurobonds.
*Source: THOMSON Deal Watch* All figures are for the group, and are rounded off.

14

*Aggregated figures of MHSC, MHIS, Shinko Securities, MHCB,MHBK and MHTB.
*Transactions in which Japanese companies operating in Japan weremerged or acquired.
*Source: Thomson Financial

Supporting the Financial Needs of Corporations ¥4.5 trillion in domestic pension funds under investment management (No. 1 in industry sector) as of June30, 2003
 ¥5.7 trillion in securitized assets (receivables and real estate) under administration as trustee (No. 1 inindustry sector) as of September 30, 2003
 ¥2.0 trillion in retirement benefit funds under administration as trustee (No. 1 in industry sector) as of
September 30, 2003

Domestic Pension Funds under Investment Management
Mizuho ¥4.5 trillion

OthersMarketvolume¥36.9
trillion

Sumitomo Mitsui Financial Group(Daiwa SB Investments + Sumitomo Mitsui
Asset Management Company)
Nomura Asset Management
Nissay Asset Management*Aggregated figures of DKA, FIMCO and DIAM.
*Source: Japan Securities Investment Advisers Association.

Supporting Global Business US$673 million in arrangement of global project finance (No.3 among Japanese banks) from January 1 toJune 30, 2003
 45% share in yen securities custody service for foreign institutional investors (No. 1 among Japanese banks)
as of September 30, 2003
 33% share in foreign exchange (yen clearing) services (No. 1 among Japanese banks) as of September 30,
2003
Yen Securities Custody Service
for Foreign Institutional Investors
Mizuho's share
45%(No. 1 among
Japanese banks)*Source: MHCB.

* All figures are for the group, and are rounded off.

15

Foreign Exchange (Yen Clearing)Services
Mizuho's share
33%(No. 1 among
Japanese banks)*Source: Tokyo Bankers Association.

The Current Financial Status of Mizuho
We aimed to make fiscal 2003 "A Year of Achievement," and our recent performanceshows we are on course to attain this aim.

Initiatives to Improve Our Comprehensive Financial Service Capabilities andStrengthen Our Earnings Base

Page 17

In the first half of fiscal 2003, Mizuho Corporate Bank (MHCB), Mizuho Bank (MHBK), and Mizuho Trust & Banking (MHTB) all
recorded solid Net Business Profits due to increased non-interest income and sharp cost reduction. There was also a substantial reduction in Credit-related Costs and a significant improvement in Net Gains/Losses related to Stocks and Other Securities, resulting fromdrastic financial measures taken during fiscal 2002.
As a result, the consolidated Net Income of Mizuho Financial Group, Inc. (MHFG) in the first half of fiscal 2003 reached ¥255.3 billion well exceeding earnings estimates for the period. The aggregated Net Income of MHCB, MHBK, MHTB and their financial subsidiaries for corporate revitalization for the period reached ¥309.7 billion.

• Evolving Our Business Model• Working toward Drastic Improvement of Our Profitability

Initiatives to Improve Financial Strength

Page 23

In fiscal 2002, we tackled various financial issues: prompt resolution of non-performing loan (NPL) issue, further reduction in stockholding risks, and conservative valuation of deferred tax assets (DTAs). Continuous efforts in fiscal 2003 to further strengthen our
financial base have brought significant improvements.

• Steady Progress in Disposal of NPLs
• Implementation of the "Corporate Revitalization Project"• Risk Reduction in Stock and Japanese Government Bond (JGB) Portfolios• Conservative Valuation of DTAs
• Reduction in Projected Benefit Obligations Related to Employee Retirement Benefits• Enhancement of Capital Base

Note: Figures of the plan are based on the Business Revitalization Plan and aggregated figures are described as follows:
The Two Banks: MHCB+MHBK+their financial subsidiaries for corporate revitalization (Non-consolidated).
The Three Banks: the Two Banks+MHTB+MHTB's financial subsidiary for corporate revitalization (Non-consolidated).
The Holding Companies+the Two Banks: MHFG+Mizuho Holdings (MHHD)+the Two Banks (Non-consolidated).

16

Initiatives to Improve Our Comprehensive Financial Service
Capabilities and Strengthen Our Earnings BaseIn March 2003, the group corporate structure was reorganized to create a framework providing
comprehensive financial services by way of closer cooperation among group companies. We aim to achieve adrastic improvement in our profitability by increasing our gross profits through every business opportunity
based on the group's massive customer base, as well as by drastically reducing costs.

Evolving Our Business Model
We have reorganized the group corporate structure in order to improve our capability to provide comprehensive financial services andto strengthen our earnings base.
The Group's Corporate Structure after the Business Reorganization
1
Mizuho Financial Group, Inc. (MHFG: financial holding company)
Mizuho Holdings, Inc. (MHHD: intermediate holding company for banks and securities subsidiaries)
Mizuho Corporate Bank, Ltd.
(MHCB)

2
Mizuho Bank, Ltd. (MHBK)

3
Strengthening
collaboration
between banks
and securities
subsidiaries«Advisory company for corporate revitalization»

Mizuho Advisory, Inc.

Mizuho Securities Co., Ltd.
(MHSC)

ShinkoSecurities
Co., Ltd.

Mizuho Investors
Securities Co., Ltd. (MHIS)«Financial subsidiaries for corporate revitalization»

Mizuho Corporate, Ltd.
Mizuho Global, Ltd.

Mizuho Project, Ltd.
Mizuho Asset, Ltd.

4
Mizuho Trust & Banking Co., Ltd. (MHTB)

Reorganizationof trust andasset
management
sectorTrust & Custody Services Bank, Ltd. (TCSB)

BankingandSecurities
Business
SectorCorporate
Revitalization

6 Corporate
Revitalization
Project
Trust and
Asset
Management
Sector«Asset management companies» Dai-Ichi Kangyo Asset Management Co., Ltd. (DKA)

Fuji Investment Management Co., Ltd. (FIMCO) DLIBJ Asset Management Co., Ltd. (DIAM)«Credit card company»

UC Card Co., Ltd.

«Research institution»

Mizuho Research Institute5«Information technology» DKB Information Systems Inc. (DKIS)
Fuji Research Institute Corporation (FRIC) IBJ Systems, Limited (KSD)«Venture capital»

Placing
strategic
subsidiaries
directly under
MHFG'smanagement

Mizuho Capital Co., Ltd.


1 Management Integration of the Group Companies
2 Tailored Financial Services Provided by Two Banks

under the Holding Company

Based on Customer Segmentation

The holding company structure was designed to support man-

We have an overwhelming customer base. The main customer

agement flexibility in order to respond to changes in the busi-

segment for MHCB consists of large domestic and overseas cor-ness environment. This structure has been further evolved toporations, while MHBK focuses mainly on individuals, small anddirectly manage not only the group's banks and securities com-

medium-sized enterprises (SMEs), and middle market enter-

panies, but also other strategically important group businesses,

prises. Each bank provides highly specialized and sophisticatedsuch as its credit card company and asset management compa-

financial products and services, and is able to respond precisely

nies.

and promptly to the diversified needs of its respective customers.

17

Initiatives to Improve Our Comprehensive Financial Service Capabilities and Strengthen Our Earnings Base
3 Strengthened Cooperation between Group Banks

As for asset management companies, we aim to consolidate
them.

and Securities Companies
In addition to stronger collaboration between MHCB and

5 Conversion of Affiliated Companies in Strategic

MHBK, we have also strengthened cooperation among theAreas into Direct Subsidiaries of MHFG

group's banks and securities companies according to customer

Strategically important companies, including the group's credit

segmentation.
MHCB utilizes Mizuho Securities' (MHSC) top-class expertisecard company and IT-related companies, have been placedin such areas as fixed income, equities and investment banking

under direct management of MHFG. Under this structure, suchbusinesses and provides optimized solutions to its customers.

companies can provide high-quality products and services within

MHBK works with Mizuho Investors Securities (MHIS), whichand beyond the group, and expand further group earnings. We

includes cooperation through joint branches, to meet customer

also promote rationalization of the group's management byneeds in the areas of asset management and financing.

means of utilizing think tank functions within the group for

Also, MHSC and Shinko Securities have established a cooper-

business promotion, and of sharing systems infrastructure

ative strategy designed to enhance their ability to win mandates

among the group companies.

as lead managing underwriters.

We plan to integrate our IT-related companies, expecting
prompt realization of consolidation effects.


4 Reorganization of Trust and Asset Management
Businesses
6 Implementation of the "Corporate Revitalization

The former Mizuho Trust & Banking, with sophisticated exper-

Project"

tise in corporate trust services such as pensions, and Mizuho

For an early achievement of corporate customers' revitalization,

Asset Trust & Banking, with an advantage in the areas of realloans, stocks and other claims of the customers in need of revi-

estate-related services and trust banking services for individuals,

talization/restructuring held by MHCB, MHBK and MHTB were

were merged, resulting in the integration of the group's trusttransferred to the group’s four financial subsidiaries specializingbanking services under the new MHTB. At the same time,in corporate revitalization. In addition, an advisory company for

MHFG directly manages its trust banks and asset management

corporate revitalization provides prompt and appropriatecompanies.

schemes to these financial subsidiaries. We are expediting all

MHTB offers a full range of trust banking services for corpo-

our efforts to complete revitalization of the customers in a time

rations and individuals by maximizing synergies with otherframe of three years.

group companies, i.e., the franchise system for trust businesses
and joint branches with MHBK.

2003 June
May
March

Mizuho Advisory established as the group's advisory company
for corporate revitalization.
Mizuho Corporate, Mizuho Global, Mizuho Project, and Mizuho Asset establishedas the group's financial subsidiaries for corporate revitalization.
Implementation of the group's business reorganization.
• Strategic companies such as the group's credit card company, asset management companies, and IT-related companies
that are the backbone of the entire group's management infrastructure, were brought under direct management of MHFG.
• MHHD was reformed as an intermediate holding company to manage the banking and securities business sector.
• MHSC became a subsidiary of MHCB.
• MHIS became a subsidiary of MHBK.
• Mizuho Trust & Banking and Mizuho Asset Trust & Banking were merged to create MHTB.

January

MHFG established.

2002 April

MHCB and MHBK start operations.

2000 October

MHSC and MHTB start operations.

September

MHHD established and the Mizuho Financial Group established as a comprehensive
financial group.

18

Initiatives to Improve Our Comprehensive Financial Service Capabilities and Strengthen Our Earnings Base

Working toward Drastic Improvement of Our Profitability
Under the new corporate structure, we aim to achieve drastic improvement in our profitability by implementation of our businessstrategies according to customer segmentation and business function, and by reducing costs through thorough restructuring to accelerate consolidation and rationalization.

Business Strategies Based on Customer Segmentation and Business Function

Business Strategies of MHCBMHCB is working to strengthen its syndication and solution businesses with the aim of increasing its non-interest income to 50% of its
gross profits, and to accelerate the transition to the "originate to distribute" business model.
 Transition to an Asset Turnover Business Model Promotion of Solutions Businesses— MHCB is moving away from the traditional Japanese bank-— MHCB works closely with MHSC and other group compa-

ing model dependent on volume of assets to a market-ori-nies to provide a wide range of solutions that will help its

ented indirect financing model. In other words, it iscustomers' business reorganizations.

establishing a new banking business model by switching to— By combining the comprehensive financial service capabili-

the "originate to distribute" business model (i. e., an asset

ties of the group, MHCB provides diversified financing

turnover business model) centering on the syndication

schemes in such areas as loan securitization, real estatebusiness.

finance and acquisition finance.

<Creation and Expansion of the Syndication Business>— MHCB uses the expertise of its specialist staff in such areas— MHCB maintains a dominant share of the Japanese syndi-

as foreign exchange to expand its settlement businesses.

cated loan market in terms of arrangement volume. MHCB— MHCB strengthens its financial services capabilities foralso promotes loan trading businesses and is working for

globally active Japanese companies and continues to focus

establishment of a secondary market, that will lead to theon the China market.

further development and expansion of the primary market.

Earnings Plan of MHCB
(Including its Financial Subsidiaries for Corporate Revitalization)(Billions of yen)

Gross Profits

500
General and Administrative
Expenses (G&A Expenses)

0

Fiscal '02

Fiscal '03 (Plan)

Fiscal '06 (Plan)

Aiming to increase the ratio of non-interest income to 50% of gross profits.

19Initiatives to Improve Our Comprehensive Financial Service Capabilities and Strengthen Our Earnings BaseBusiness Strategies of MHBKMHBK is stepping up the development of strategies according to customer segmentation. Based on MHBK's extremely convenient network and massive customer base, it aims to increase gross profits through enhancement of good and profitable loans, improvement ofcost competitiveness and achievement of appropriate loan spreads and to reduce G&A Expenses. Through these efforts, it will reduce
its expense ratio to gross profits to 40% range.

Consumer and Private Banking BusinessCorporate Banking Business Reinforcement of Business Promotion Structure andIntroduction of Strategic Products Reinforcing Lending Strategy for SMEs and Middle
Market Enterprises— MHBK will establish a competitive advantage in the individ-— MHBK centralizes its business with small-scale companies

ual loan market centering on housing loans by strengthen-in the MIZUHO BUSINESS FINANCIAL CENTER. Expertise ofing its sales structure and introducing products that match

staff at the Center enhances customer convenience, whilecustomer needs.

centralized marketing helps to reduce costs.

— MHBK expands business with "prime customers" (cus-— MHBK works to increase good and profitable loans, andtomers who regard MHBK as their "main bank") as well as

secure appropriate loan spreads, as well as to respondreinforces sales of profitable products such as investment

actively to the financing needs of its customers by develop-

trusts, foreign currency deposits and insurance.

ing and marketing unsecured loan products, and by
expanding loans with financial covenants (lending terms

 Improving Channel Efficiency and Strengthening
Marketingare changeable according to the financial status of the borrower).

— MHBK aims to further improve customer convenience and Syndicated Loans and Solutions

expand fee income opportunities by establishing an efficient ATM network by increasing the number of ATMs and— By taking advantage of MHBK's expertise as a retail bank,enhancing ATM functions and services.

it expands its fee income by strengthening its lending busi-— The Relationship Marketing Data Base (RMDB) system will

ness including syndicated loans, and by providing high-be deployed in all branches by the end of fiscal 2004 as

quality solutions that match the business strategies of its

part of MHBK's efforts to strengthen relationship market-

customers.

ing.

 Securing Appropriate Loan Spreads— MHBK strives to increase good and profitable loans while
increasing loan spreads reflecting the risk/return profile.

Earnings Plan of MHBK
(Including its Financial Subsidiary for Corporate Revitalization)(Billions of yen)

Gross Profits

1,000

500

0

G&A Expenses

Fiscal '02

Fiscal '03 (Plan)

Fiscal '06 (Plan)

Aiming to reduce the expense ratio to gross profits to 40% range.

20

Initiatives to Improve Our Comprehensive Financial Service Capabilities and Strengthen Our Earnings Base

Securities and Trust Business Strategies
MHSC, MHTB and other group securities and trust companies continue to enhance their expertise and strengthen their strategies while
maximizing synergies through dynamic collaboration with the group companies.
 MHSC

 MHTB— As a market leader in the areas of wholesale securities and—MHTB, through its highly experienced experts, provides its

investment banking businesses, MHSC aims to become acustomers with optimum solutions by the utilization of its

global investment bank providing optimal solutions in such

trust functions and the development of unique products

areas as financing, investment, and the solution of issues

and services.

relating to business and financial strategies of customers.

— MHTB aims to enhance its competitive advantage in such

— MHSC has established a position for itself as one of theareas as asset securitization, real estate-related services andmost respected names in fixed income and investment

private banking. It will also expand its cooperation with thebanking businesses and is steadily building a record ofgroup companies through the franchise system for trustachievement in the equities business.

businesses and joint branches with MHBK.

— MHSC has established a global network and is flexibly— MHTB is working toward establishing the status as one ofdeveloping new businesses through its strategic sub-Japan's leading trust banks with a full range of trust ser-sidiaries. It will further expand its customer base by merg-

vices.

ing all operations of Norinchukin Securities.

 Trust & Custody Services Bank (TCSB) MHIS— As a banking institution specializing in securities custody— MHIS handles the group's middle and retail securities busi-

and administration services and master trust services, TCSB

nesses. It is pursuing synergy effect through the group's

is highly competitive in terms of both quality of services

banking and securities companies, which includes the con-and prices. It works closely with other group companies totinuing establishment of joint branches with MHBK.

provide prompt and effective responses to the needs of its
customers.

 Shinko Securities— The mission of TCSB is to provide next-generation financial— Shinko Securities uses its strengths as a comprehensive

services based on advanced IT systems infrastructure.

securities company to provide a wide range of customers
with a full line-up of financial services based on its close
collaboration with other group companies, including abusiness alliance with MHSC.

21

Initiatives to Improve Our Comprehensive Financial Service Capabilities and Strengthen Our Earnings Base

Reducing Costs
We are speeding up the reduction of personnel and non-personnel expenses by accelerating consolidation and rationalization.

Cost Reduction

Expenses Target (the Two Banks)(Billions of yen)In the first half of fiscal 2003, G&A Expenses was ¥401.0 billion. We con-Tax, etc.

tinue to strengthen our restructuring efforts to accelerate consolidation,

Personnel

including the start of the integration of MHBK's computer systems in fiscal

Approx. – ¥190 bn.

500

2004. The goal is to reduce G&A Expenses to ¥700 billion in fiscal 2006, a
Non-personnel

reduction of ¥190 billion compared to the level in fiscal 2002.
In the first half of fiscal 2003, the expense ratio to gross profits was
44.2% and we will reduce the ratio to 30% range by fiscal 2006.

0

Fiscal '02

Fiscal '06 (Plan)¥ 891.9 bn.
G&A Expenses
Expense Ratio to Gross Profits
52.2%

Note: Based on the Business Revitalization Plan (the Two Banks).

¥ 705.6 bn.
34.8%

Closure/Consolidation of Domestic Branches and Overseas Offices, and Streamlining of Work ForceIn the first half of fiscal 2003, we reduced 46 domestic branches, mainly duplicate branches, through closure/consolidation to 516.
This was partly achieved by the implementation of the "branch-in-branch" program (relocating several domestic branches at one site).
The number of overseas subsidiaries was reduced by two, bringing the total number of overseas branches and subsidiaries to 47.
In fiscal 2002, we have achieved our target for the reduction of board members.
The number of employees will be reduced to 24,000 by the end of March 2005.

Compensation Reviews
Annual compensation for senior executives was cut by 30% in fiscal 2002. Annual salaries for employees have been reduced by anaverage of 10%, and by an average of 20% for general managers.

Progress of Restructuring Plan (The Holding Companies+the Two Banks)
Employees

March 2003

September 2003

Plan

27,90027,974

March 2005

24,000

Domestic branches

562

516

March 2004

458

Overseas branches and subsidiaries

49

47

March 2004

43

Notes: 1.Based on the Business Revitalization Plan. With respect to the number of domestic branches, if several branches had been located at one site as a part of the group's branch-inbranch program, those branches are counted as a single office.
2.With respect to the number of employees at the end of September 2003, it was increased by 74 compared with the end of March 2003, due to the hiring of 1,090 college
graduates in April of the same year.

Earnings PlanThrough the increase in gross profits and the reduction in costs, we are aiming to achieve Net Business Profits target of ¥1,398.9 billion for fiscal 2006 (before Provision of General Reserve for Possible Losses on Loans) and Net Income target of ¥631.4 billion for thesame period.
Note: Aggregated figures of the Three Banks based on the Business Revitalization Plan.

22

Initiatives to Improve Financial Strength
In fiscal 2002, we made the largest possible preparations for the resolution of our financial issues. Efforts toimprove our financial strength continues in fiscal 2003.

Steady Progress in Disposal of NPLs
Steady reduction in balance of NPLs.
The balance of NPLs (classified as Claims for Special Attention or worse) at the end of the first half of fiscal 2003 was ¥4,336.0 billion,
a reduction of ¥449.8 billion from the end of fiscal 2002 as a result of accelerating final disposal of NPLs. In addition to signs of arecovery in the Japanese economy, the acceleration of the final disposal of NPLs and the increase in the level of loan-loss reserves in fiscal 2002 have started to show results that our Credit-related Costs were substantially reduced to ¥131.4 billion in the first half of fiscal
2003, despite further increases in the level of loan-loss reserves resulting from a further review of borrowers subject to the discounted
cash flow method.
Reduction of Credit-Related Costs (the Three Banks)

In light of our strong commitment to halve our NPL balance by the end(Billions of yen)of fiscal 2004 compared with the end of the first half of fiscal 2002, we
2,000

continue to make efforts to accelerate the final disposal of NPLs and prevent incurring newly classsified NPLs by stringent credit risk management.

500

Moreover, we have accelerated reduction of the NPL balance throughexpediting all our efforts to tackle corporate revitalization of our cus-0

tomers.

Mar. '03
Sept. '02

Mar. '05(Plan)

Mar. '04 (Plan)
Sept. '03

Note: Aggregated figures of the Three Banks.

Reduction of Disclosed Claims under the Financial Reconstruction Law (the Three Banks)(Trillions of yen)

Additional reduction
from the initial Plan
( – ¥ 100bn.)

54Claims forSpecialAttention

Further additional
reduction fromthe initial Plan

50% reductionof NPLs

3
2
1
0

Claims with
Collection
Risk
Claims against
Bankrupt andSubstantially
Bankrupt Obligors
Sept. '02

Mar. '03

Sept. '03

Mar. '04 (Plan)

Mar. '05 (Plan)

NPL amount¥ 5,424.9 bn.

¥ 4,785.9 bn.

¥ 4,336.0 bn.

¥ mid – 3.0 tn.

¥ mid – 2.0 tn.

NPL ratio

6.4%

6.2%

5.8%

upper 4% range

3% range

Increase in Reserve Ratios
The Mizuho Financial Group (the Three Banks)
March '03
September '03
Claims with Collection Risk (for uncovered portion)

74.5%

+ 4.0

78.5%

MTFG

SMFG

UFJ

72.51%

69.5%

54.11%

Claims for Special Attention (for uncovered portion)

37.9%

+ 5.5

43.4%

32.32%

Other Watch Obligors* (reserve ratio against total claims)

7.53%+ 1.56

9.09%

4.00%

Claims subject to DCF method (for uncovered portion)

Approx. 45%

Approx. 50%

30.5%(Claims for Special 35.01%
Attention Obligors)

5.5%

Obligors subject to DCF method• Approx. 60% of Special
Attention Obligors*• 75% of Special Attention
Obligors* of MHCB

Note: Based on the first half of fiscal 2003 financial results of each group.
*Reserve ratios for obligor classification based on self-assessment of assets.

23

5.50%

Initiatives to Improve Financial Strength

Implementation of the "Corporate Revitalization Project"
We are implementing the "Corporate Revitalization Project," which simultaneously works toward the early achievement of corporate
revitalization and further reinforcement of credit creation. Recognizing that the project is the grand sum for revitalizing our customers,
we have accelerated the measures that we have previously taken for corporate revitalization and are expediting all our efforts to complete the revitalization of our customers in need of revitalization/restructuring in a time frame of three years.
Overview of Structure
MHFG

MHHD

Loans, stocks and otherclaims transferred tofinancial subsidiaries
Number of customers:
Approx. 950 companies
Outstanding amount ofloans, stocks and otherclaims:Approx. ¥4.5 trillion

MHBK

MHCB

MHTB

Business regarding customers in need of revitalization / restructuring

Business regarding customers in need of revitalization / restructuring

Business regarding customers in need of revitalization / restructuring

Mizuho Project

Mizuho Corporate

Mizuho Global

Mizuho AssetExpertise in corporate revitalization

Mizuho Financial Group
companies

Development
Bank of Japan(DBJ)

Cerberus Group,
Deutsche Securities,
Merrill Lynch Japan Securities,
Morgan Stanley Japan,
UBS Consortium (UBS Securities
Japan / Lone Star Fund)

Stockholdings: 30%

Centralized advisory function

Stockholdings: 10%

Stockholdings: 60%

Mizuho Advisory

Establishment of Financial Subsidiaries for Corporate Revitalization.
To speed up the corporate revitalization process, MHCB, MHBK and MHTB established four specialized financial subsidiaries, namely,
Mizuho Project, Mizuho Corporate, Mizuho Global and Mizuho Asset, according to the characteristics of each bank's customers. The
three banks transferred approximately ¥4.5 trillion in loans, stocks and other claims of about 950 customers in need of revitalization/
restructuring to the four subsidiaries.
Necessary personnel resources and divisions engaged in corporate revitalization in each bank were brought together to the financial
subsidiaries. The financial subsidiaries are working under the group's stringent management to implement revitalization of customers.
This approach allows the three banks to focus on their banking operations, centering on financial intermediary function such as thestable supply of quality financing.

Establishment of an Advisory Company for Corporate Revitalization.
Mizuho Advisory was established to provide the financial subsidiaries for corporate revitalization with schemes for revitalization
promptly and pertinently. It brought together human resources and expertise that were formerly dispersed throughout the group andcombined them with the expertise of the Development Bank of Japan and foreign financial institutions.

24

Initiatives to Improve Financial Strength

Risk Reduction in Stock and JGB Portfolios
Minimizing the impact of price fluctuation risks in stock and JGB portfolios.
The basic policy of the group is to reduce our stockholdings to minimize the impact of stock price fluctuation risk on our financial performance. In the first half of fiscal 2003, we reduced our stockholdings of approximately ¥300 billion in carrying value, including sales
amounting to ¥67 billion through the Bank of Japan's Stock Purchasing Plan.
We took measures to reduce the risk of interest rate fluctuations on JGB portfolios including the reduction of the average period tomaturity and interest rate hedging operation in response to upward movement in the long-term interest rate since July 2003. We have
reduced our interest rate sensitivity to about one-third compared to the end of fiscal 2002.
Note: Aggregated figures of the Three Banks.

Reduction of Risks in Stock Portfolio (the Three Banks)(Trillions of yen)

8

6

Carrying value
Unrealized
loss

Fair value– ¥ 3 tn.
– ¥ 0.3 tn.

– ¥ 0.3 tn.

4
Fair
value

2

0
Carrying
value

Mar. '02

Mar. '03

Sept. '03

¥ 7,067.3 bn.

¥ 3,948.0 bn.

¥ 3,651.0 bn.

Mar. '04 (Plan)

Note: Out of "Other Securities," only the "stocks which have a market price" are counted.

Conservative Valuation of DTAs
Further conservative estimation of future taxable income.
MHCB and MHBK stringently comply with the accounting rules relating to DTAs, and book the appropriate amounts in their accounts
within the limit of their future taxable income for five years, which is estimated by using projections of gross profits more conservative
than the targets in the Business Revitalization Plan announced in September 2003.
At the end of the first half of fiscal 2003, net DTAs decreased by ¥440 billion from the end of fiscal 2002 to ¥1,538.2 billion. Thisdecline was due to a decrease in gross DTAs reflecting positive taxable income in the first half of fiscal 2003, a substantial increase indeferred tax liabilities by the increase in Unrealized Gains on Other Securities, and an increase in valuation allowances reflecting a conservative estimation of future taxable income.
This had the effect of reducing the percentage of DTAs to Tier 1 capital by 16.8 points to 41.3%, resulting in an improvement ofquality of capital.
Note: Aggregated figures of the Two Banks (excluding financial subsidiaries for corporate revitalization).

Ratios of Net DTAs to Tier 1 Capital(the Two Banks excluding Financial Subsidiaries
for Corporate Revitalization)
March 2003

Approx.
58%

September 2003

Approx.
41%25

Initiatives to Improve Financial Strength

Reduction in Projected Benefit Obligations Related to Employee Retirement Benefits
Unrecognized Net Obligation at the end of the first half of fiscal 2003 was reduced by approximately ¥280 billion from the end of fiscal 2002, primarily due to the return of a substitutional portion of the Employees' Pension Fund to the government. This is also
expected to reduce future amortization expenses, leading to an improvement in our future profitability.
Return of a Substitutional Portion of the Employees' Pension Fund, or "Daiko-Henjo"
Through this process, the portion of the governmental Employees' Pension Fund which is invested and paid by companies on behalf of the government is returned to the government. This became possible under the Defined Contribution Pension Law, which took effect in April 2002.

Enhancement of Capital Base
The consolidated BIS capital adequacy ratio of MHFG is 10.63%.
The consolidated BIS capital adequacy ratio of MHFG has reached 10.63% at the end of the first half of fiscal 2003, an improvementof 1.1 points from the end of fiscal 2002. The improvement of our capital adequacy is owed to the recording of Net Income in the firsthalf of fiscal 2003, as well as reducing inefficient assets. All group banks achieved sufficient consolidated capital adequacy ratios.
MHFG has accumulated sufficient retained earnings to secure a source for projected annual dividend at ¥3,000 per share of common stocks in fiscal 2003.

Consolidated BIS Capital Adequacy Ratios of the Group Companies
September 2002

March 2003

September 2003

10.42%

9.53%

10.63%MHFG (International Standard)
MHCB (International Standard)
MHBK

9.74%

10.42%

12.16%

Domestic Standard

9.85%

9.25%

9.12%

International Standard

10.36%

9.47%

9.20%

*10.10%11.23%

12.44%MHTB (International Standard)*Figures for the end of September 2002 are for the former Mizuho Asset Trust & Banking (domestic standard).

26

Financial Analysis of Mizuho

About the Mizuho Financial Group's Figures

The Mizuho Financial Group reorganized its corporate structure in March 2003. In July 2003, Mizuho Corporate Bank (MHCB),
Mizuho Bank (MHBK) and Mizuho Trust & Banking (MHTB) transferred loans, stocks and other claims of customers in need of revitalization/restructuring to their financial subsidiaries for corporate revitalization. The figures for each term are therefore defined as
below.

<Definition of the Figures>
April 2002

March 2003

July 2003• MHCB and MHBK started theiroperations.

• Mizuho Financial Group, Inc.
(MHFG) instituted direct management of strategic companies aswell as MHCB and MHBK. Mizuho
Holdings (MHHD) was reformed
as an intermediate holding company to manage the banking andsecurities business sector.
• Mizuho Asset Trust & Banking(Former MHAT) and Mizuho Trust& Banking (Former MHTB) weremerged to create MHTB.

• Loans, stocks and other claimsof customers in need of revitalization/restructuring held by
MHCB, MHBK and MHTB weretransferred to the four financial
subsidiaries for corporate revitalization.

For the Six Months ended
September 2002

For the Fiscal Year ended
March 31, 2003

For the Six Months ended
September 2003

At September 30, 2002

At March 31, 2003

At September 30, 2003

Consolidated Accounts

MHHD (Consolidated)

Aggregated Figures of theThree BanksMHCB+MHBK+Former MHAT+Former MHTB
(Non-consolidated)

Aggregated Figures of theThree Banks excluding
Financial Subsidiaries for
Corporate Revitalization

MHCB+MHBK+Former MHAT+Former MHTB
(Non-consolidated)

MHFG (Consolidated)

MHCB+MHBK+MHTB(Non-consolidated)

MHCB+MHBK+MHTB+
Financial Subsidiaries for
Corporate Revitalization(Non-consolidated)

MHCB+MHBK+MHTB(Non-consolidated)

Aggregated Figures of the Two
Banks excluding Financial
Subsidiaries for Corporate
Revitalization

MHCB+MHBK(Non-consolidated)<Transfer of Loans, Stocks and Other Claims of Customers in Need of Revitalization/Restructuring>(Financial Subsidiaries for Corporate Revitalization)

Mizuho Corporate
MHCB
Mizuho Global
MHBK

Mizuho Project

MHTB

Mizuho Asset27

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

Consolidated Accounts
1. Scope of Consolidation and Application of the Equity Method
companies

At September 30, 2003 and 2002, and at March 31, 2003

September 30, 2003 (a)March 31, 2003 (b)September 30, 2002

Change (a)-(b)

125

138

160

(13)

29

33

34

(4)

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

At September 30, 2003, the number of consolidated subsidiaries of MHFG decreased by 13 to 125, and the number of affiliates
accounted for under the equity method decreased by 4 to 29 from the end of previous fiscal year.
The major consolidated subsidiaries are Mizuho Corporate Bank, Ltd., Mizuho 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, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

September 30, 2003 (a)Consolidated Gross Profits
Net Interest Income
Net Fiduciary Income
Net Fee and Commission Income
Net Trading Income
Net Other Operating Income
General and Administrative Expenses
Expenses related to Portfolio Problems +Provision for General Reserve for Possible Losses on Loans
Net Gains (Losses) related to Stocks
Equity in Earnings (Losses) from Investment in Affiliates
Other
Income (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)
Credit-related Costs¥

1,097.3
585.1
26.8
196.4
129.1
159.8
(572.1)(165.6)
119.5
1.2
96.8
577.0
(22.1)(268.6)30.9
255.3
26,320.47¥ (169.5)

March 31, 2003¥

2,233.6
1,256.3
55.4
410.5
244.5
266.7
(1,237.6)(2,092.3)(924.9)(3.4)(237.3)(2,262.1)(22.2)(30.5)
62.2(2,377.1)(254,524.65)¥(2,111.5)

September 30, 2002 (b)¥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¥ (311.2)

Change (a)-(b)

¥

(0.9)
(69.4)
4.2
15.6
5.4
43.1
79.3

135.0
174.8
8.0
81.4
477.9
(6.4)
(255.7)(0.6)
216.3
22,180.51¥ 141.7

Notes: 1. Consolidated Gross Profits= Net Interest Income + Net Fiduciary Income + Net Fee and Commission 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 + Credit Costs for Trust Accounts.

(1) Consolidated Gross Profits
Consolidated Gross Profits declined by ¥0.9 billion to ¥1,097.3 billion compared with the corresponding interim period of the previous
fiscal year.
Net Interest Income decreased by ¥69.4 billion to ¥585.1 billion as a result of a decline in loans outstanding due to weak domestic
funding demand and a review of the asset portfolio.
Net Fiduciary Income increased by ¥4.2 billion to ¥26.8 billion.
Net Fee and Commission Income rose by ¥15.6 billion to ¥196.4 billion as a result of efforts to increase non-interest income.
Net Trading Income increased by ¥5.4 billion to ¥129.1 billion.
Net Other Operating Income increased by ¥43.1 billion to ¥159.8 billion as a result of higher Net Gains Related to Bonds due to adequate operations in response to market conditions.

28

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

(2) General and Administrative Expenses
As cost structure reforms progressed, efforts to curtail personnel and non-personnel expenses caused General and Administrative
Expenses to decrease by ¥79.3 billion to ¥572.1 billion.

(3) Credit-Related Costs
Credit-related Costs fell by ¥141.7 billion from the corresponding interim period of the previous fiscal year to ¥169.5 billion as a resultof accelerated final disposals of non-performing loans (NPLs) and proactive measures against the risk of deterioration in asset quality
during the previous fiscal year.

(4) Net Gains related to Stocks
Net Gains related to Stocks increased by ¥174.8 billion from the corresponding interim period of the previous fiscal year to ¥119.5 billion as a result of proactive efforts to reduce stockholdings in an environment of improving stock prices.

(5) Net Income and Other
Income before Income Taxes and Minority Interests increased by ¥477.9 billion to ¥577.0 billion.
Net Income rose by ¥216.3 billion to ¥255.3 billion from the corresponding interim period of the previous fiscal year after reflecting
Income Tax Expenses–Current, Income Taxes–Deferred and Minority Interests in Net Incomes in Income before Income Taxes andMinority Interests.

Use and Source of Funds
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Billions of yen

September 30,
2003 (a)Average balance
March 31,
September 30,
2003
2002 (b)Change(a)-(b)Use of Funds¥ 109,990.5 ¥ 125,177.1 ¥ 132,795.9 ¥ (22,805.3)
Due from Banks
1,803.6
5,506.9
8,689.0(6,885.3)
Call Loans and Bills Purchased
2,618.9
5,867.1
6,431.6(3,812.6)
Receivables under Resale Agreements
3,869.3
4,234.6
4,324.7(455.3)
Guarantee Deposit Paid under Securities
Borrowing Transactions
6,803.6
2,846.6
5,054.6
1,748.9
Securities
24,880.0
25,456.0
26,021.5(1,141.5)
Loans and Bills Discounted
68,024.4
77,957.3
80,682.3(12,657.9)
Source of Funds¥ 113,661.4 ¥ 126,911.2 ¥ 133,495.1 ¥ (19,833.7)
Deposits
72,554.2
79,247.3
84,844.4(12,290.1)
Debentures
11,261.3
13,767.2
14,820.4(3,559.0)
Call Money and Bills Sold
11,278.0
15,027.0
14,408.3(3,130.2)
Payables under Repurchase Agreements
8,385.0
8,365.4
7,680.9
704.1
Guarantee Deposit Received under Securities
Lending Transactions
4,930.5
3,500.2
3,402.3
1,528.1
Commercial Paper
901.9
418.6
276.7
625.1
Borrowed Money
1,464.9
2,245.3
2,479.2(1,014.2)

Yield
September 30, March 31, September 30,
2003 (a)2003 2002 (b)

1.49%
1.70
0.22
1.98

1.59%
0.77
0.19
2.69

1.64% (0.15)%
0.55
1.15
0.22
0
3.82
(1.84)

0.02
1.19
1.77
0.41%
0.16
0.88
0.02
1.55

0.02
1.36
1.83
0.57%
0.24
0.87
0.04
2.27

0.02
1.36
1.90
0.64%
0.27
0.92
0.08
3.11

0
(0.17)(0.13)(0.23)%(0.10)(0.04)(0.06)(1.56)

0.24
0.10
2.29

0.24
0.20
1.97

0.37
0.36
1.37

(0.13)(0.26)
0.92

Net Fee and Commission Income
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Fee and Commission Income
Remittance BusinessFee and Commission Expenses
Remittance BusinessChange(a)-(b)Billions of yen

September 30, 2003 (a)March 31, 2003

September 30, 2002(b)Change (a)-(b)¥ 245.1
58.2¥ 48.714.3¥ 490.1
113.4¥ 79.627.9¥ 213.2
55.4¥ 32.513.8¥ 31.82.7¥ 16.20.4

29

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

3. Consolidated Assets and Liabilities
Consolidated Assets and Liabilities
At September 30, 2003 and 2002, and at March 31, 2003

Billions of yen

September 30, 2003 (a)Total Assets
Cash and Due from Banks
Trading Assets
Securities
Loans and Bills Discounted
Customers' Liabilities for Acceptances and Guarantees
Total Liabilities
Deposits
Debentures
Call Money and Bills Sold
Acceptances and Guarantees
Minority Interests
Shareholders' Equity¥ 135,484.6
7,012.8
9,150.5
27,156.5
67,990.1
3,923.3
131,164.3
74,329.7
10,705.9
9,330.7
3,923.3
1,045.6¥
3,274.7

March 31, 2003 (b)September 30, 2002

Change (a)-(b)¥ 134,032.7
7,849.7
9,919.0
23,816.5
69,210.0
4,145.4
130,133.6
72,222.6
11,696.3
11,185.8
4,145.4
1,038.0¥ 2,861.0¥ 143,047.4
6,326.7
9,098.1
25,520.3
76,118.2
4.948.8
138,281.4
77,929.7
13,783.5
10,380.1
4,948.8
1,050.2¥ 3,715.6¥ 1,451.9(836.8)(768.4)
3,339.9(1,219.8)(222.0)1,030.6
2,107.1(990.4)(1,855.0)(222.0)7.5¥ 413.6(1) Assets
Securities increased by ¥3,339.9 billion from the end of the previous fiscal year to ¥27,156.5 billion. At the end of the interim term,
Net Unrealized Gains on Other Securities (available for sale) amounted to ¥353.4 billion.
Loans and Bills Discounted decreased by ¥1,219.8 billion to ¥67,990.1 billion due to declining corporate demand for funds and areview of the asset portfolio.
Total Assets ended up with ¥135,484.6 billion.

(2) Liabilities and Minority Interests
Deposits increased by ¥2,107.1 billion from the end of the previous year to ¥74,329.7 billion. Debentures decreased by ¥990.4 billion
to ¥10,705.9 billion. Total Liabilities increased by ¥1,030.6 billion to ¥131,164.3 billion.
Minority interests increased by ¥7.5 billion to ¥1,045.6 billion.

(3) Shareholders' Equity
Shareholders' Equity increased by ¥413.6 billion from the end of the previous fiscal year to ¥3,274.7 billion, primarily as a result of¥255.3 in Net Income for the interim term.
The consolidated Capital Adequacy Ratio (BIS) was maintained at the sufficient level of 10.63%.

30

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

Fair Value of Securities
At September 30, 2003 (a)Other Securities*1
Stocks*2
Bonds
Other

Billions of yen

Cost

Fair Value¥ 24,452.2
3,668.0
15,925.2
4,858.9¥ 24,805.7
4,213.3
15,704.9
4,887.3¥

Gross Unrealized
Gains
LossesNet Unrealized
Gains (Losses)

747.3
688.7
7.3
51.2

¥

¥

393.8
143.3
227.6
22.8

353.4
545.3
(220.2)
28.3
Billions of yen

At March 31, 2003 (b)CostFair Value

Other Securities*1
Stocks*2
Bonds
Other

¥ 21,804.5
3,946.4
12,289.0
5,569.0¥ 21,784.9
3,755.8
12,376.5
5,652.5¥

Gross Unrealized
Gains
LossesNet Unrealized
Gains (Losses)

359.3
166.0
88.5
104.7

¥

¥

378.9
356.6
1.0
21.2

(19.5)(190.5)
87.4
83.5
Billions of yen

At September 30, 2002

Cost

Fair Value

Other Securities*1
Stocks*2
Bonds
Other

¥ 24,116.0
5,886.3
12,886.6
5,343.0¥ 23,589.8
5,220.3
12,912.5
5,456.9¥

Gross Unrealized
Gains
LossesNet Unrealized
Gains (Losses)

398.6
216.9
36.5
145.1

¥

¥

924.8
882.9
10.6
31.3

(526.2)(666.0)25.9
113.8
Billions of yen

Change (a)-(b)Other Securities*1
Stocks*2
Bonds
Other

Cost

Fair Value¥ 2,647.7(278.3)3,636.2(710.0)¥ 3,020.8
457.5
3,328.4(765.1)Gross Unrealized
Gains
Losses

¥

387.9
522.6
(81.2)(53.4)¥

14.9(213.2)226.5
1.6

Net Unrealized
Gains (Losses)

¥

373.0
735.9
(307.7)(55.1)*1 In addition to the balances shown in the above table, Other Securities included securities without fair values such as unlisted stock (excluding OTC stock) of ¥766.9 billion and non-publicly offered bonds of¥1,103.4 billion as of September 30, 2003.
*2 Fair value of Stocks is determined based on the average market prices during one-month periods before the balance sheet date.

31

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

Capital Adequacy Ratio (BIS)
Billions of yen

At September 30, 2003 and 2002, and at March 31, 2003

September 30, 2003 (a)Capital Adequacy Ratio
Tier I Ratio
Tier I(A)
Capital Stock
Capital Surplus
Retained Earnings (Deficit)
Minority Interest in Consolidated Subsidiaries
Preferred Stock issued by Overseas SPC
Unrealized Losses on Other Securities
Treasury Stock
Foreign Currency Translation Adjustments
Goodwill Equivalent
Consolidation Differences Equivalent
Tier II(B)
45% of Unrealized Gains on Securities
45% of Revaluation Reserve for Land, net of Taxes
General Reserve for Possible Losses on Loans
Debt Capital
Perpetual Subordinated Debt and Other Debt Capital
Subordinated Debt and Redeemable Preferred Stock
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 Equivalent

10.63%
5.40%¥ 3,792.9
1,540.9
1,262.2
172.0
1,030.0
959.7—(134.1)(78.2)(0.1)—
3,792.9159.7
279.7
1,512.1
2,755.0
1,155.7
1,599.3
121.5¥ 7,464.2¥ 70,204.1
69,371.0
65,136.8
4,234.1
833.1
66.6

32

March 31, 2003 (b)September 30, 2002

Change(a)-(b)

9.53%
4.86%
¥ 3,495.4
1,540.9
2,599.5(1,427.9)
1,036.4
960.2(23.0)(134.1)(96.2)(0.1)—
3,495.4—
287.3
1,515.4
2,877.9
1,270.7
1,607.2
143.4¥ 6,847.4¥ 71,823.5
71,144.9
66,644.0
4,500.8
678.6
54.2

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

1.10%
0.54%
¥ 297.4—(1,337.2)
1,600.0
(6.3)
(0.5)
23.0
0.0
17.9
0.0
—
297.4
159.7
(7.6)
(3.2)
(122.9)(115.0)(7.8)(21.8)¥ 616.8¥ (1,619.3)(1,773.9)(1,507.2)(266.6)
154.5
12.3

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

Aggregated Figures of the Three Banks
1. MHFG Consolidated Figures and Aggregated Figures of the Three Banks
Differences between Consolidated Figures and Aggregated Figures of the Three Banks

For the Six Months ended
September 30, 2003 and 2002

Gross Profits
Net Interest Income
Net Fiduciary Income
Net Fee and Commission Income
Net Trading Income
Net Other Operating Income
Credit-related Costs
Net Income

September 30, 2003
Aggregated Figures of theThree Banks excluding
MHFG Financial Subsidiaries(Consolidated)
for Corporate(a)Revitalization (b)(a) – (b)¥ 1,097.3
585.1
26.8
196.4
129.1
159.8
(169.5)255.3¥ 965.4
599.7
26.8
127.0
62.1
149.6
(131.4)309.7¥ 131.9(14.6)
(0.0)
69.3
66.9
10.2
(38.1)(54.3)

Billions of yen

September 30, 2002(b) / (a)MHHD(Consolidated)(a)AggregatedFigures of theThree Banks (b)(a) – (b)(b) / (a)

87.9%
102.4
100.0
64.6
48.1
93.5
77.4
121.2

¥ 1,098.3
654.6
22.5
180.7
123.6
116.7
(311.2)39.0¥ 905.3
599.6
22.5
114.5
56.4
112.1
(273.7)49.5¥ 192.9
55.0
0.0
66.1
67.2
4.5
(37.5)(10.4)

82.4%
91.5
99.7
63.4
45.6
96.1
87.9
126.8

Note: Credit-related Costs = Expenses related to Portfolio Problems + Provision for General Reserve for Possible Losses on Loans + Credit Costs for Trust Accounts.
Billions of yen

At September 30 and March 31, 2003

September 30, 2003
Aggregated Figures of theThree Banks excluding
MHFG Financial Subsidiaries(Consolidated)
for Corporate(a)Revitalization (b)(a) – (b)(b) / (a)AggregatedFigures of theThree Banks (b)(a) – (b)(b) / (a)Total Assets
Securities
Loans and Bills Discounted¥ 135,484.6
27,156.5
67,990.1

99.5% ¥ 134,032.7 ¥ 134.976.9
112.2
23,816.5
24,550.4
99.8
69,210.0
68,932.1¥ (944.2)(733.8)277.8

100.7%
103.0
99.5¥ 134,847.2
30,483.5
67,856.3¥ 637.4(3,327.0)
133.8

March 31, 2003

MHFG
(Consolidated)(a)2. Profits and Losses (Aggregated Figures of the Three Banks)
Aggregated Net Business Profits (before Provision for General Reserve for Possible Losses on Loans) for the Three Banks increased by¥112.4 billion from the corresponding interim period of the previous fiscal year to ¥531.6 billion.
Net Gains related to Stocks and Other Securities increased by ¥161.9 billion to ¥99.0 billion as a result of proactive efforts to reducestockholdings in an environment of improvement in stock market.
Credit-related Costs decreased by ¥142.2 billion to ¥131.4 billion as a result of accelerated final disposals of NPLs and proactive
measures against the risk of deterioration in asset quality during the previous fiscal year.
Net Income increased by ¥260.2 billion to ¥309.7 billion reflecting tax refund resulting from a settlement-at-court with the Tokyo
Metropolitan Government and the Tokyo Governor as well as gains on return of substitutional portion of Mizuho Pension Fund andother.

33

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

Profits and Losses (the Three Banks)
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Billions of yen

September 30, 2003 (a)Domestic Gross Profits
International Gross Profits
Gross Profits
Net Interest Income
Net Fiduciary Income
Net Fee and Commission Income
Net Trading Income
Net Other Operating Income
Net Gains related to Bonds
General and Administrative Expenses(Excluding Non-recurring Losses)
Net Business Profits (before Provision for
General Reserve for Possible Losses on Loans)Excluding Net Gains related to Bonds
Provision for General Reserve for
Possible Losses on Loans(A)Net Business Profits
Net Non-recurring Losses
Net Gains (Losses) related to Stocks and Other Securities
Expenses related to Portfolio Problems
(B)
Other
Income (Loss) before Income Taxes
Income Taxes–Current
Income Taxes–Deferred
Net Income (Loss)
Credit-related Costs(A)+(B)¥

March 31, 2003

September 30, 2002 (b)

¥

694.3
211.0
905.3
599.6
22.5
114.5
56.4
112.1
83.3

Change (a)-(b)

672.1
293.3
965.4
599.7
26.8
127.0
62.1
149.6
115.3

¥ 1,463.5
374.3
1,837.8
1,167.9
55.0
249.3
109.9
255.5
204.4

¥

(22.2)
82.2
60.0
0.1
4.3
12.4
5.6
37.4
31.9

(437.6)(966.0)(496.6)

59.0

531.6
416.3

890.9
686.5

419.2
335.8

112.4
80.4

(13.8)
513.9
86.3
99.0
(113.6)
100.9
600.2
(0.2)
(290.2)¥ 309.7¥ (131.4)(427.4)444.2(2,857.7)(905.8)(1,648.6)(303.2)(2,413.4)
(0.9)
42.9
¥ (2,398.1)¥ (2,095.2)

18.6
427.3
(363.6)(62.9)(281.7)(18.9)
63.6(0.3)(13.8)¥ 49.5¥ (273.7)(32.5)
86.5
450.0
161.9
168.1
119.9
536.6
0.0
(276.3)¥ 260.2¥ 142.2

Notes: 1. Net Business Profits (Before Provision for General Reserve for Possible Losses on Loans) of MHTB denote amounts before Provision for General Reserve for Possible Losses on Loans and Credit Costs for
Trust Accounts.
2. Credit-related Costs = Expenses related to Portfolio Problems + Provision for General Reserve for Possible Losses on Loans + Credit Costs for Trust Accounts.

 Gross Profits (Aggregated Figures of the Three Banks)
Gross Profits increased by ¥60.0 billion to ¥965.4 billion in comparison with the corresponding interim period of the previous fiscal year.
Breakdown of Gross Profits (the Three Banks)
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Net Interest Income
Domestic Operations
International Operations
Net Fiduciary Income
Domestic Operations
International Operations
Net Fee and Commission 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, 2003 (a)

¥

¥

599.7
458.5
141.2
26.8
26.8
/
127.0
97.1
29.9
62.1
25.3
36.7
149.6
64.3
85.3
965.4

34

March 31, 2003

¥ 1,167.9
1,006.1
161.7
55.0
55.0
/
249.3
194.8
54.5
109.9
68.2
41.7
255.5
139.2
116.3
¥ 1,837.8

September 30, 2002 (b)

¥

¥

599.6
508.2
91.3
22.5
22.5
/
114.5
84.8
29.7
56.4
20.9
35.4
112.1
57.7
54.4
905.3

Change (a)-(b)¥ 0.1(49.7)
49.8
4.3
4.3
/
12.4
12.2
0.1
5.6
4.3
1.3
37.4
6.5
30.9
¥ 60.0Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

 Net Interest Income (Aggregated Figures of the Three Banks)
Net Interest Income increased by ¥0.1 billion from the corresponding interim period of the previous fiscal year to ¥599.7 billion.
Breakdown of Net Interest Income(the Two Banks excluding Financial Subsidiaries for Corporate Revitalization)
For the Six Months ended September 30, 2003 and2002, and for the Fiscal Year ended March 31, 2003

Total
Use of Funds
Loans and Bills Discounted
Securities
Source of Funds
Deposits and Debentures
Domestic Operations
Use of Funds
Loans and Bills Discounted
Securities
Source of Funds
Deposits and Debentures
International Operations
Use of Funds
Loans and Bills Discounted
Securities
Source of Funds
Deposits and Debentures

For the Six Months ended September 30, 2003 and2002, and for the Fiscal Year ended March 31, 2003

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

September 30,
2003 (a)Billions of yen

Average Balance
March 31,2003

September 30,
2002 (b)Change(a)-(b)¥ 107,277.3
63,100.4
25,410.1
111,820.4
82,529.1¥ 120,756.9
73,805.6
24,201.1
122,159.4
90,589.5¥ 124,598.9
76,300.8
24,421.8
125,876.9
96,812.1¥ (17,321.6)(13,200.3)
988.3(14,056.5)(14,283.0)

91,068.4
56,741.6
19,901.6
95,662.2
73,588.8

102,299.9
64,707.5
18,807.5
103,913.3
79,994.7

105,519.4
66,290.7
19,419.0
106,995.1
85,262.4(14,451.0)(9,549.1)
482.5(11,332.9)(11,673.6)

17,195.1
6,358.8
5,508.4
17,144.4
8,940.2

20,390.0
9,098.0
5,393.5
20,179.0
10,594.7

21,573.4
10,010.0
5,002.7
21,375.7
11,549.7(4,378.3)(3,651.2)
505.7(4,231.2)(2,609.4)

September 30,
2003 (a)Yield
March 31,2003

September 30,
2002 (b)Change(a)-(b)

1.46%
1.70
1.57
0.38
0.24
1.07
1.45

1.46%
1.77
1.35
0.53
0.32
0.93
1.44

1.51%
1.80
1.37
0.58
0.36
0.93
1.44

(0.04)%(0.10)
0.20(0.19)(0.11)
0.14
0.00

1.12
1.58
0.52
0.17
0.16
0.95
1.42

1.17
1.57
0.71
0.22
0.19
0.94
1.37

1.17
1.58
0.77
0.25
0.21
0.92
1.37

(0.04)
0.00(0.24)(0.07)(0.04)
0.03
0.05

3.17
2.69
5.36
1.55
0.92
1.62
1.76

2.97
3.20
3.57
2.18
1.32
0.78
1.88

3.12
3.30
3.68
2.28
1.44
0.84
1.86

0.05
(0.60)
1.68(0.72)(0.51)
0.78(0.09)

35

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

 Net Fee and Commission Income (Aggregated Figures of the Three Banks)
Net Fee and Commission Income increased by ¥12.4 billion from the corresponding interim period of the previous fiscal year to ¥127.0
billion.
Breakdown of Net Fee and Commission Income (the Three Banks)
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Fee and Commission Income
Remittance BusinessFee and Commission Expenses
Remittance BusinessBillions of yen

September 30, 2003 (a)March 31, 2003

September 30, 2002 (b)Change (a)-(b)¥ 185.2
57.7
58.2
14.2

¥ 349.8
112.4
100.4
27.8

¥ 163.5
55.1
48.9
13.6

¥ 21.72.6
9.2
0.5

 Net Other Operating Income (Aggregated Figures of the Three Banks)
Net Other Operating Income increased by ¥37.4 billion from the corresponding interim period of the previous fiscal year to ¥149.6 billion.
Breakdown of Net Other Operating Income (the Three Banks)
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

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

Billions of yen

September 30, 2003 (a)March 31, 2003

September 30, 2002 (b)Change (a)-(b)¥ 149.6
37.7
115.3
64.3
61.2
85.3
37.7
54.1

¥ 255.5
69.4
204.4
139.2
137.8
116.3
69.4
66.5

¥ 112.1
27.7
83.3
57.7
53.6
54.4
27.7
29.7

¥ 37.4
10.0
31.9
6.5
7.6
30.9
10.0
24.3

 General and Administrative Expenses (Aggregated Figures of the Three Banks)
As cost structure reforms progressed, systematic efforts to curtail personnel and non-personnel expenses caused General and
Administrative Expenses to fall by ¥59.0 billion from the corresponding interim period of the previous fiscal year to ¥437.6 billion.
Breakdown of General and Administrative Expenses (Excluding Non-Recurring Expenses) (the Three Banks)
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Personnel Expenses
Non-personnel Expenses
Miscellaneous Taxes
Total

Billions of yen

September 30, 2003 (a)March 31, 2003

September 30, 2002 (b)Change (a)-(b)¥ 146.5
268.0
23.0¥ 338.4
577.6
49.8¥ 177.5
293.3
25.7¥ (31.0)(25.3)(2.6)¥ 437.6¥ 966.0¥ 496.6¥ (59.0)

 Net Gains related to Stocks and Other Securities (Aggregated Figures of the Three Banks excluding Financial
Subsidiaries for Corporate Revitalization)
Net Gains related to Stocks and Other Securities increased by ¥162.3 billion from the corresponding interim period of the previous fiscal year to ¥99.4 billion as a result of proactive efforts to reduce stockholdings in an environment of improving stock prices.

36

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

Breakdown of Net Gains (Losses) related to Stocks and Other Securities (the Three Banks excluding Financial Subsidiaries for
Corporate Revitalization)

Billions of yen

For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

September 30, 2003 (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 for Reserves for Possible
Losses on Investments
Gains (Losses) on Derivatives other than for Trading¥ 99.4
138.1
(4.2)
(8.5)

March 31, 2003

(905.8)75.3(385.5)(591.2)¥

Change (a)-(b)(62.9)
33.3(11.3)(84.5)¥ 162.3
104.7
7.0
76.0

(0.9)
0.5

(10.4)(15.0)March 31, 2003 (b)September 30, 2002

Change (a)-(b)¥ 134,847.2
9,190.5
4,339.930,483.5
67,856.3
5,071.3
128,356.7
76,427.0
10,791.5
10,641.4
2,604.7
5,071.3
6,490.4¥ 134.976.9
9,390.6
7,410.5
24,550.4
68,932.1
5,371.4
131,623.2
73,728.9
11,797.6
13,215.6
4,933.7
5,371.4
3,353.7¥ 143,548.0
8,125.5
7,271.9
26,373.7
75,813.0
6,466.2
139,224.5
79,318.0
13,885.8
13,976.4
3,183.8
6,466.2
4,323.4¥ (129.7)(200.1)(3,070.5)
5,933.1(1,075.8)(300.0)(3,266.5)
2,698.1(1,006.1)(2,574.1)(2,329.0)(300.0)3,136.7

139.5(29.0)(525.9)168.6(11.3)(14.5)¥

September 30, 2002 (b)

(4.8)
0.4

3. Aggregated Assets and Liabilities (Aggregated Figures of the Three Banks)
Assets and Liabilities (the Three Banks)
At September 30, 2003 and 2002, and at March 31, 2003

Billions of yen

September 30, 2003 (a)Total Assets
Cash and Due from Banks
Call Loans
Securities
Loans and Bills Discounted
Customers' Liabilities for Acceptances and Guarantees
Total Liabilities
Deposits
Debentures
Call Money
Bills Sold
Acceptances and Guarantees
Shareholders' Equity
Net Unrealized Gains (Losses) on other Securities,
net of Taxes(1) Assets
Total Assets decreased by ¥129.7 billion from the end of the previous fiscal year to ¥134,847.2 billion.
Although proactive efforts were made to reduce stockholdings in an environment of improving stock prices, an increase in government bonds and acquisitions of stocks of financial subsidiaries for corporate revitalization caused Securities to increase by ¥5,933.1 billion to ¥30,483.5 billion. At the end of the interim term, Net Unrealized Gains on Other Securities (available for sale) amounted to¥324.7 billion.
Loans and Bills Discounted decreased by ¥1,075.8 billion to ¥67,856.3 billion primarily as a result of declining domestic demand forfunds.

(2) Liabilities
Total Liabilities decreased by ¥3,266.5 billion from the end of the previous fiscal year to ¥128,356.7 billion.
Deposits increased by ¥2,698.1 billion to ¥76,427.0 billion.
Debentures decreased by ¥1,006.1 billion to ¥10,791.5 billion.

(3) Shareholders' Equity
Shareholders' Equity increased by ¥3,136.7 billion from the end of the previous fiscal year to ¥6,490.4 billion owing to the higher
Retained Earnings that resulted from the posting of Interim Net Income as well as the increases in Common Stock and Preferred Stockand Capital Surplus that resulted from the establishment of the financial subsidiaries for corporate revitalization.

37

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2003

Balance of Housing and Consumer Loans (the Three Banks)
At September 30, 2003 and 2002, and at March 31, 2003

Billions of yen

September 30, 2003 (a)March 31, 2003 (b)September 30, 2002

Change (a)-(b)¥ 12,552.4
9,433.9¥ 12,848.7
9,529.2¥ 13,011.4
9,502.7¥ (296.2)(95.2)March 31, 2003 (b)September 30, 2002

Change (a)-(b)¥ 39,779.7¥ 39,791.7¥ 42,127.0¥ (11.9)

61.3%

61.2%

60.7%

0.1%

Housing and Consumer Loans
Housing Loans for Owner's Residential Housing

Note: Above figures are aggregated banking and trust accounts (Trust account denotes trust accounts with contracts indemnifying the principal amount).

Loans to Both Small/Medium-Size Companies and Individual Customers (the Three Banks)
At September 30, 2003 and 2002, and at March 31, 2003

September 30, 2003 (a)Loans to Both Small/Medium-size Companies
and Individual Customers
Percentage of Loans to Both Small/Medium-size Companies
and Individual Customers to Total Domestic Loans

Billions of yen

Note: Above figures are aggregated banking and trust account amounts.

Fair Value of Securities (the Three Banks)
At September 30, 2003 (a)Other Securities*1
Stocks*2
Bonds
Other

Billions of yen

Cost

Fair Value¥ 24,018.0
3,650.9
15,785.3
4,581.6¥ 24,342.7
4,172.3
15,564.9
4,605.5

Gross Unrealized
Gains

¥

718.6
665.0
7.3
46.1

LossesNet Unrealized
Gains (Losses)¥ 393.8
143.7
227.7
22.3

¥ 324.7
521.3(220.4)
23.8
Billions of yen

At March 31, 2003 (b)CostFair Value

Other Securities*1
Stocks*2
Bonds
Other

¥ 21,342.1
3,948.0
12,130.6
5,263.4¥ 21,314.1
3,753.2
12,218.1
5,342.7

Gross Unrealized
Gains

¥

348.9
160.4
88.5
99.9

LossesNet Unrealized
Gains (Losses)¥ 376.9
355.2
1.0
20.6

¥ (28.0)(194.8)
87.4
79.3
Billions of yen

At September 30, 2002

Cost

Fair Value

Other Securities*1
Stocks*2
Bonds
Other

¥ 23,556.7
5,915.5
12,575.0
5,066.0¥ 23,007.3
5,230.0
12,600.4
5,176.9

Gross Unrealized
Gains

¥

382.9
205.5
35.9
141.4

LossesNet Unrealized
Gains (Losses)¥ 932.3
891.0
10.6
30.5

¥ (549.3)(685.5)25.3
110.8

LossesNet Unrealized
Gains (Losses)¥ 16.9(211.5)226.7
1.7¥ 352.7
716.1(307.8)(55.4)

Billions of yen

Change (a)-(b)Other Securities*1
Stocks*2
Bonds
Other

Cost

Fair Value¥ 2,675.9(297.1)
3,654.7(681.7)¥ 3,028.6
419.0
3,346.8(737.1)*1 In addition to the balances shown in the above table, Other Securities included securities without market values.
*2 Fair value of Stocks is determined based on the average market prices during one-month periods before the balance sheet dates.

38

Gross Unrealized
Gains

¥

369.7
504.6
(81.1)(53.7)

Financial Analysis of Mizuho

Status of Asset Quality

Status of Asset Quality
 Credit-Related Costs
Credit-Related Costs (Consolidated)

Billions of yen

For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

September30, 2003 (a)Credit-related Costs
Expenses related to Portfolio Problems + Provision
for General Reserve for Possible Losses on Loans
Losses on Write-offs of Loans
Net Provision for Reserve for
Possible Losses on Loans
Credit Costs for Trust Accounts
Note:

March 31, 2003

September 30, 2002 (b)Change (a)-(b)¥ (169.5)¥ (2,111.5)¥ (311.2)¥ 141.7(165.6)(83.6)(2,092.3)(735.1)(300.7)(229.5)

135.0
145.8

(80.5)(3.9)(914.7)(19.1)(15.6)(10.5)(64.8)
6.6

Credit-related Costs = Expenses related to Portfolio Problems + Provision for General Reserve for Possible Losses on Loans + Credit Costs for Trust Accounts

Credit-Related Costs (the Three Banks)

Billions of yen

For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

September30, 2003 (a)March 31, 2003

September 30, 2002 (b)Change (a)-(b)¥ (131.4)(113.6)(65.7)¥ (2,095.2)(1,648.6)(673.1)¥ (273.7)(281.7)(202.7)¥ 142.2
168.1
137.0

(57.7)(0.6)(383.5)(18.2)(39.6)(2.8)(18.1)
2.2

3.9—(10.7)(0.5)(17.0)
(0.0)

21.0
0.0

4.5

—

—

4.5

5.6
(0.9)
(2.7)

15.0
(6.3)
(571.1)

10.2(3.8)(25.7)

(4.5)
2.8
23.0

(13.8)(3.9)(427.4)(19.1)

18.6(10.5)(32.5)
6.6

September 30, 2002

Change (a)-(b)Credit-related Costs
Expenses related to Portfolio Problems
Losses on Write-offs of Loans
Provision for Specific Reserve for
Possible Losses on Loans
Losses on Sales of Loans to CCPC
Reversal of (Provision for) Reserve for
Possible Losses on Loans Sold
Losses on Support of Specific Borrowers
Reversal of Reserve for Possible Losses on
Support of Specific Borrowers
Reversal of Reserve for Possible Losses on
Loans to Restructuring Countries
Provision for Reserve for Contingencies
Other Losses on Sales of Loans
Reversal of (Provision for) General Reserve
for Possible Losses on Loans
Credit Costs for Trust Accounts

Notes: 1. Credit-related Costs = Expenses related to Portfolio Problems + Provision for General Reserve for Possible Losses on Loans + Credit Costs for Trust Accounts
2. CCPC: Cooperative Credit Purchasing Company, Ltd.

 Disclosed Claims under the Financial Reconstruction Law (FRL)
Disclosed Claims under the FRL (Consolidated)
At September 30, 2003 and 2002, and at March 31, 2003

Billions of yen

September30, 2003 (a)Claims against Bankrupt and Substantially
Baunkrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Total

¥

March 31, 2003 (b)604.2
1,253.6
2,554.1¥ 4,412.1¥

680.1
1,300.7
2,883.6¥ 4,864.6¥

971.9
2,041.1
2,535.1¥ 5,548.2

September 30, 2003 (a)March 31, 2003 (b)September 30, 2002

¥ 1,798.1¥ 1,832.8¥ 2,717.6¥¥(75.9)(47.0)(329.5)(452.5)

Notes: 1. Above figures are excluding Disclosed Claims under the FRL for Trust Account.
2. Above figures are presented net of partial direct write-offs.
Billions of yen

Amount of Partial Direct Write-offs

39

Change (a)-(b)¥(34.6)

Financial Analysis of Mizuho

Status of Asset Quality

Disclosed Claims under the FRL (the Three Banks: Banking Accounts and Trust Accounts)
At September 30, 2003 and 2002, and at March 31, 2003

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

September30, 2003 (a)¥March 31, 2003 (b)Billions of yen

September 30, 2002¥¥

Change (a)-(b)548.6
1,218.9
2,568.4
4,336.070,291.9¥ 74,628.0

615.1
1,265.0
2,905.7
4,785.9
71,298.9¥ 76,084.8

898.1
1,961.4
2,565.3
5,424.9
78,755.1¥ 84,180.0¥(66.5)(46.1)(337.2)(449.8)(1,006.9)¥ (1,456.8)

September 30, 2003 (a)March 31, 2003 (b)September 30, 2002

Change (a)-(b)¥ 1,555.3¥ 1,586.0¥ 2,440.6

Notes: Above figures are presented net of partial direct write-offs.
Billions of yen

Amount of Partial Direct Write-offs¥(30.7)

Ratio of Disclosed Claims under the FRL (the Three Banks: Banking Accounts and Trust Accounts)
At September 30, 2003 and 2002, and at March 31, 2003

September30, 2003 (a)March 31, 2003 (b)September 30, 2002

Change (a)-(b)

0.73%
1.63
3.44
5.81
94.18
100.00%

0.80%
1.66
3.81
6.29
93.70
100.00%

1.06%
2.33
3.04
6.44
93.55
100.00%(0.07)%(0.02)(0.37)(0.48)
0.48.—

September 30, 2002

Change (a)-(b)Claims against Bankrupt and Substantially
Baunkrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Subtotal
Normal Claims
Total

Disclosed Claims under the FRL and Coverage Amount (the Three Banks: Banking Accounts)
At September 30, 2003 and 2002, and at March 31, 2003

Claims against Bankrupt and Substantially
Baunkrupt Obligors
Collateral, Guarantees, and equivalent
Reserve for Possible Losses
Claims with Collection Risk
Collateral, Guarantees, and equivalent
Reserve for Possible Losses
Claims for Special Attention
Collateral, Guarantees, and equivalent
Reserve for Possible Losses
Total
Collateral, guarantees, and equivalent
Reserve for Possible Losses

September30, 2003 (a)

¥

538.2
477.8
60.4
1,213.8
573.1
503.4
2,552.2
1,004.7
673.0¥ 4,304.3
2,055.6
1,236.8

40

March 31, 2003 (b)

¥

603.9
525.9
77.9
1,259.6
573.5
511.4
2,880.8
1,051.5
694.7¥ 4,744.4
2,151.0
1,284.1

Billions of yen

¥

880.9
769.8
111.1
1,951.8
870.1
714.2
2,535.7
821.0
328.5¥ 5,368.6
2,461.0
1,153.9¥¥(65.7)(48.1)(17.5)(45.7)(0.4)(8.0)(328.5)(46.8)(21.6)(440.0)(95.4)(47.2)

Financial Analysis of Mizuho

Status of Asset Quality

Status of Coverage on Disclosed Claims under the FRL (the Three Banks: Banking Accounts)
At September 30, 2003 and 2002, and at March 31, 2003

Coverage AmountReserve for Possible Losses on Loans
Reserve for Possible Losses on Support ofSpecific Borrowers
Collateral and Guarantees, and equivalent
Coverage Ratio (after Partial Direct
Write-offs of Category IV Loans)
Claims against Bankrupt and Substantially
Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Reserve Ratio against Non-collateralized Claims
Claims against Bankrupt and Substantially
Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention(Reserve Ratio regarding Total Claims forSpecial Attention)
Reserve Ratio regarding Other Claims
Claims against Watch Obligors excluding
Claims against Special Attention Obligors
Normal Claims

Billions of yen

September30, 2003 (a)March 31, 2003 (b)September 30, 2002

Change (a)-(b)¥ 3,292.5
1,218.5¥ 3,435.2
1,261.3¥ 3,615.0
1,121.5¥ (142.7)(42.7)

18.3
2,055.6

22.8
2,151.0

32.4
2,461.0(4.5)(95.4)

76.4%

72.4%

67.3%

4.0%

100.0
88.6
65.7

100.0
86.1
60.6

100.0
81.1
45.3

—
2.5
5.1

100.0%
78.5
43.4

100.0%
74.5
37.9

100.0%
66.0
19.1

—
4.0%
5.5

26.3

24.1

/

2.2

9.09%
0.15

7.53%
0.15

4.22%
0.15

1.56%
(0.00)

41

Financial Analysis of Mizuho

Status of Asset Quality

Outstanding Loans, and Disclosed Claims under the FRL and Coverage Ratio by Industry (the Three Banks)
Outstanding
Loans

September 30, 2003
Disclosed
Claimsunder the FRL

Coverage
Ratio¥ 64,837.1
9,284.3
59.4
2.1
11.0
138.9
2,103.2
1,063.2
1,105.4
3,144.1
8,229.7
7,315.6
7,226.1
10,719.1
304.8
14,129.2¥ 4,110.5
602.0
1.7
0.4
2.8
4.0
359.9
6.8
34.8
79.5
977.5
144.8
797.6
619.3
—
478.8

4,362.5
153.3
415.2
3,793.9¥ 69,199.6

225.5
11.4
1.7
212.3
¥ 4,336.0

At September 30, 2003 and at March 31, 2003

Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture
Forestry
Fishery
MiningConstruction
Utilities
Communication
Transportation
Wholesale & Retail
Finance & Insurance
Real Estate
Service Industries
Local Government
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

Billions of yen

Outstanding
Loans

March 31, 2003
Disclosed
Claimsunder the FRL

Coverage
Ratio

76.5%
76.2
95.2
70.0
96.0
99.9
72.6
98.4
79.0
74.1
76.0
58.5
83.9
70.9
—
80.1

¥ 64,974.3
9,595.0
67.5
3.0
10.4
128.5
2,211.5
1,044.7
1,252.7
3,111.8
8,201.0
7,484.4
7,316.6
10,292.9
323.8
13,929.7¥ 4,367.2
702.5
2.2
0.4
2.5
3.5
407.6
11.6
33.1
105.8
993.9
183.3
865.7
674.1
0.3
379.9

72.9%
71.6
90.3
82.6
93.3
111.9
77.2
96.9
79.5
77.4
69.3
55.0
76.5
70.1
66.5
82.4

78.0
31.3
76.1
80.5
76.4%

5,516.3
172.0
517.3
4,826.9¥ 70,490.7

418.6
12.2
2.0
404.4
¥ 4,785.9

68.0
32.1
64.3
69.1
72.4%

Notes: 1.Since the “Japanese Standard Industry Categorization” was amended on March 7, 2002 by Bulletin no.139 of the Ministry of Public Management, Home Affairs, Posts and Telecommunications, and wasapplied from October 1, 2002, the amounts for each industry under “Domestic Total (excluding loans booked offshore)” at September 30, 2003 and at March 31, 2003 are given on the basis of theamended standard.
2.Outstanding Loans represents the principal amount of loans and bills discounted, without including the amounts of other exposures.

(Reference)

Billions of yen

Outstanding
Loans

September 30, 2002
Disclosed
Claimsunder the FRL

Coverage
Ratio¥ 69,331.4
10,170.1
72.9
3.3
12.5
80.0
2,361.2
1,200.4
3,545.3
9,182.3
7,789.6
7,854.1
11,346.4
275.9
15,436.7¥ 4,984.3
752.2
3.0
0.4
2.2
0.5
348.2
18.1
89.8
918.5
355.3
1,283.8
824.1
0.3
387.2

68.1%
60.3
83.3
75.6
81.7
58.7
57.2
78.1
75.3
69.6
63.4
73.4
63.8
17.3
83.4

7,374.7
210.5
307.7
6,856.4¥ 76,706.1

440.6
26.8
29.8
383.9
¥ 5,424.9

59.9
42.4
41.2
62.6
67.3%

At September 30, 2002

Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture
Forestry
Fishery
MiningConstruction
Utilities
Transportation & Communication
Wholesale, Retail & Restaurant
Finance & Insurance
Real Estate
Services
Local Government
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

42

Financial Analysis of Mizuho

Status of Asset Quality

 Results of Removal of NPLs from the Balance Sheet (the Three Banks)
Outstanding Balances of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk
(under the FRL)
Billions of yen

Amount Categorized as Problem Assets
before September 30, 2000

At September 30,
2000

At March 31,
2001

At September 30,
2001

At March 31,
2002

At September 30,
2002

At March 31,
2003 (a)At September 30,
2003 (b)Change(b)-(a)¥ 2,718.7¥ 1,912.3¥ 1,510.3¥ 864.0¥ 622.5¥ 155.6¥ 109.0¥ (46.5)

265.6

103.8

73.2

(30.5)of which the amount which was in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

1,183.9
1,534.7

Amount Newly Categorized as Problem Assets
during the Second Half of Fiscal 2000

755.2
1,156.9

697.6
812.6

438.5
425.5

342.7
279.7

112.9
42.7

78.9
30.1

(33.9)(12.5)

700.6

494.5

322.1

255.9

104.5

67.8

(36.6)

49.1

25.8

17.9

(7.8)

of which the amount which was in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

150.0
550.5

81.0
413.3

95.4
226.3

67.2
188.6

34.4
70.0

24.9
42.9

(9.5)
(27.1)

1,384.9

927.1

727.4

347.5

278.7

(68.8)

199.7

136.4

125.5

(10.9)

277.7
649.2

230.1
497.3

183.6
163.9

157.5
121.1

(26.0)(42.8)

1,236.5

664.4

236.4

168.7

(67.7)

165.4

88.8

61.1

(27.7)

172.8
491.6

124.7
111.7

90.1
78.5

(34.5)(33.1)

Amount Newly Categorized as Problem Assets
during the First Half of Fiscal 2002

589.1

226.5

144.5

(81.9)of which the amount which was in the processof being removed from the balance sheet

71.8

44.8

43.2

(1.5)

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

85.0
504.0

70.2
156.2

64.3
80.2

(5.9)
(75.9)

Amount Newly Categorized as Problem Assets
during the Second Half of Fiscal 2002

809.5

603.5

(205.9)of which the amount which was in the processof being removed from the balance sheet

57.0

74.0

16.9

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

89.1
720.3

82.1
521.4

(6.9)
(198.9)Amount Newly Categorized as Problem Assets
during the First Half of Fiscal 2003

395.0

/

of which the amount which was in the processof being removed from the balance sheet

43.6

/

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

50.5
344.5

/
/

Amount Newly Categorized as Problem Assets
during the First Half of Fiscal 2001of which the amount which was in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

261.7
1,123.1

Amount Newly Categorized as Problem Assets
during the Second Half of Fiscal 2001of which the amount which was in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

Total

313.1
923.1

¥ 2,718.7¥ 2,613.2¥ 3,390.1¥ 3,350.3

of which the amount which was in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

1,183.9
1,534.7

905.4
1,707.7

1,040.6
2,349.5

43

1,125.5
2,224.8¥ 2,859.6¥ 1,880.2¥ 1,767.6 ¥ (112.6)

751.6

456.9

438.8

(18.0)

898.1
1,961.4

615.1
1,265.0

548.6
1,218.9(66.5)(46.1)

Financial Analysis of Mizuho

Status of Asset Quality

Progress in Removal of Problem Assets from the Balance Sheet (Accumulated Removal Amount and Removal Ratio)

AmountAs of September 30, 2000
Second Half of Fiscal 2000
First Half of Fiscal 2001
Second Half of Fiscal 2001
First Half of Fiscal 2002
Second Half of Fiscal 2002
First Half of Fiscal 2003
Total

Balance at
September 30,
2003¥ 2,718.7
700.6
1,384.9
1,236.5
589.1
809.5
395.0
¥ 7,834.3

¥

109.0
67.8
278.7
168.7
144.5
603.5
395.0
¥ 1,767.6

Billions of yen

Accumulated
RemovalAmountAccumulated
Removal
Ratio*Modified
Accumulated
Removal Ratio

Target of the Emergency
Economic
Policy Package¥ 2,609.7
632.7
1,106.2
1,067.8
444.6
205.9
/
/

95.9%
90.3
79.8
86.3
75.4
25.4
/
/

98.6%
92.8
88.9
91.2
82.8
34.5
/
/

Almost completed> more than 80%> more than 80%> more than 80%> more than 80%///

Note: *Modified accumulated removal ratios are based on the accumulated removal amount including the amount which was in the process of being removed from the balance sheet.

Breakdown of Reasons for Removal of Problem Assets from the Balance Sheet (Banking Accounts and Trust Accounuts)
Problem Assets Newly Categorized as Problem Assets
Accumulated as of Second Half ofFirst Half of Second Half ofFirst Half ofSeptember 30, 2000
Fiscal 2000
Fiscal 2001
Fiscal 2001
Fiscal 2002

Liquidation
Restructuring
Improvement in Business Performancedue to Restructuring

¥

(3.8)
(2.7)

¥

(13.3)

¥

(0.3)

(0.4)

¥

(0.3)

(0.6)

¥

(35.9)(1.6)

Billions of yen

Amount Removed
Second Half of from BS in the First
Fiscal 2002 Half of Fiscal 2003

¥

(5.4)

(0.6)

¥

(1.6)

(20.6)(46.4)

—

—

—

—

(0.0)

(6.4)

(6.4)

Securitization(30.4)(14.0)(46.5)(6.4)(15.8)(2.7)(116.0)

Direct Write-off

29.4

19.4

18.1

23.9

(8.4)

(53.8)

28.6

Other
Debt Recovery
Improvement in Business Performance
Total(39.0)(28.3)(39.6)(48.5)(50.5)(140.4)(346.6)(34.8)(13.7)(31.4)(37.2)(35.3)(85.5)(238.2)(4.2)(14.5)¥ (46.5)¥ (36.6)(8.1)¥(68.8)(11.2)¥(67.7)¥(15.1)(54.8)(108.3)(81.9)¥ (205.9)¥ (507.6)(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet
Second Half of
Fiscal 2002

AccumulatedFirst Half of from Second Half
Fiscal 2003 of Fiscal 2000

¥ (229.3)¥ (154.9)¥ (172.7)¥¥(84.4)(309.9)(47.8)

Second Half of
Fiscal 2000

Liquidation
Restructuring
Improvement in Business Performancedue to Restructuring
Securitization
Direct Write-off
Other
Debt Recovery
Improvement in Business Performance
Total

Billions of yen

Breakdown of Amount Removed
First Half of Second Half ofFirst Half of
Fiscal 2001
Fiscal 2001
Fiscal 2002¥

(190.2)(235.2)(214.5)(316.5)(20.6)(46.4)¥(982.4)(1,040.4)

/

(9.9)

(4.6)

(47.8)(58.7)(6.4)(127.6)(170.3)(258.7)(311.7)(237.9)(1,658.1)(116.0)(2,753.0)

69.2

455.5

(98.2)

324.6

1,010.7

28.6

1,790.6(390.9)(329.2)(639.9)(693.2)(551.5)(346.6)(2,951.6)/(305.2)(505.9)(387.5)(390.8)(238.2)//(23.8)(133.7)(305.7)(160.7)(108.3)/¥ (806.2)¥ (607.8)¥ (1,276.1)¥ (1,079.8)¥ (1,788.8)¥ (507.6)¥ (6,066.7)

44

Financial Analysis of Mizuho

Status of Asset Quality

 Overview of Disclosure of NPLs at September 30, 2003 (the Three Banks: Banking Accounts)
Billions of yen

1. Self-Assessment
ObligorCategorization

Category I(Non-Categorization)

Category II

Category IV
Category III (Non-Collateralized)

538.2
Bankrupt and Substantially
Bankrupt Obligors
538.2

Watch Obligors

Intensive Control
Obligors
1,213.8

Claims for Special
Attention
2,552.2

Collateral, guarantees, etc.:
477.8
Reserve for Possible Losses:
60.4

Reserve
Ratio
100%

1,076.5

137.3

Collateral, guarantees, etc.:
573.1
Reserve for Possible Losses:
503.4

Reserve
Ratio
78.5%

DirectWrite-offs

2. Disclosed Claims
under the FRL

3. Non-Accrual, Past
Due & Restructured
Loans

Claims against Bankrupt
and Substantially Bankrupt
Obligors
538.2

Loans to Bankrupt Obligors
238.2

Coverage Ratio 100%
Claims with Collection Risk
1,213.8

Non-Accrual
Delinquent Loans
1,458.6

Coverage Ratio 88..6%
55.4 (Note 2)

Reserve Ratio for
Uncoverd Portion
43.4%

Claims for Special Attention(Note 1) 2,552.2

Collateral, guarantees, etc.:
1,004.7
Reserve for Possible Losses:
673.0

Coverage Ratio 65.7%

Loans Past Due for 3 Months
or More40.5
Restructured Loans
2,511.4(Special Attention Obligors)
Other Watch Obligors
Normal Obligors

Reserved based on
estimated credit losses·Other Watch Obligors 9.09%·Normal Obligors 0.15%

Total
73,964.8

Aggregate Coverage
Ratio 76.4%

Total
4,304.3

Total
4,248.8

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 against Special Attention Obligors includes all claims, not limited to loans, against Special Attention Obligors.
2. The difference between total Non-Accrual, Past Due and Restructuring Loans and total Disclosed Claims under the FRL represents claims other than loans included in Disclosed Claims under the FRL.

45

Consolidated Financial Statements of Mizuho Financial Group, Inc.

Consolidated Balance Sheets
At September 30, 2003 and 2002, and at March 31, 2003

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
Reserves for Possible Losses on Loans
Reserve for Possible Losses on Investments
Total Assets
Liabilities, Minority Interests and Shareholders' Equity
Liabilities
Deposits
Debentures
Call Money and Bills Sold
Payables under Repurchase Agreements
Guarantee Deposit Received under Securities
Lending Transactions
Commercial Paper
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Short-term Corporate Bonds
Bonds and Notes
Bonds with Stock Option
Due to Trust Account
Other Liabilities
Reserve for Bonus Payments
Reserve for Employee Retirement Benefits
Reserve for Possible Losses on Loans Sold
Reserve for Contingencies
Reserve under Special Law
Other Reserves
Deferred Tax Liabilities
Deferred Tax Liabilities for Revaluation Reserve for Land
Acceptances and Guarantees
Total Liabilities
Minority Interests

Millions of yen
September 30, 2003
March 31, 2003¥

7,012,827
446,948
4,054,119¥

7,849,717
641,908
3,736,424

Thousands of U.S. dollars
September 30, 2003$

63,036,655
4,017,518
36,441,526

Millions of yen
September 30, 2002 (MHHD)¥

6,326,761
1,821,161
5,110,620

7,682,677
942,770
9,150,593
32,13827,156,529
67,990,151
730,491
5,318,127
1,557,180
765
1,672,098—
3,923,369(2,181,117)(4,977)
135,484,694

6,297,721
1,209,540
9,919,083
33,54023,816,574
69,210,035
720,519
4,904,656
1,632,851
1,041
2,130,243—
4,145,411(2,211,366)(5,156)
134,032,747

69,057,774
8,474,340
82,252,523
288,888244,103,632
611,147,431
6,566,215
47,803,389
13,997,129
6,880
15,030,102—
35,266,243(19,605,555)(44,741)
1,217,839,949

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

74,329,790
10,705,987
9,330,788
6,879,857

72,222,642
11,696,391
11,185,809
8,209,283

668,132,950
96,233,594
83,872,259
61,841,416

77,929,763
13,783,539
10,380,132
8,494,440

8,203,716
781,500
6,527,425
1,473,260
229,31570,0002,364,428—
1,332,829
4,537,370
28,08628,924
6,465
142,103
1,016—
15,694
252,417
3,923,369
131,164,349¥ 1,045,607

4,140,383
627,400
6,278,262
1,454,826
190,878/
2,468,606
3,858
1,489,463
5,526,554
36,96926,562
25,561
141,124
884—
4,276
258,515
4,145,411
130,133,666¥ 1,038,013

73,741,274
7,024,719
58,673,491
13,242,793
2,061,265
629,213
21,253,289—
11,980,490
40,785,351
252,460
259,995
58,113
1,277,331
9,141—
141,078
2,268,920
35,266,243
1,179,005,385$
9,398,722

4,099,757
378,125
6,598,423
2,434,959
245,629/
2,776,592
3,599
1,460,322
4,242,000
23,37024,25047,838——
139,468
8,089
262,305
4,948,881
138,281,492¥ 1,050,265

46

Consolidated Financial Statements of Mizuho Financial Group, Inc.

(continued)
At September 30, 2003 and 2002, and at March 31, 2003

Millions of yen
September 30, 2003
March 31, 2003

Shareholders' Equity
Common Stock and Preferred Stock¥
1,540,965
Capital Surplus
1,262,267
Retained Earnings (Deficit)
173,583
Revaluation Reserve for Land, net of Taxes
369,212Net Unrealized Gains (Losses) on Other Securities, net of Taxes
142,410Foreign Currency Translation Adjustments(79,562)
Treasury Common Stock(134,139)
Total Shareholders' Equity
3,274,737
Total Liabilities, Minority Interests andShareholders' Equity¥ 135,484,694¥¥ 134,032,747

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥111.25=US$1.00, the foreign exchange rate on September 30, 2003, has been used for translation.
3. Figures for September 30, 2002 are for Mizuho Holdings (MHHD).

47

1,540,965
2,599,552(1,404,992)
380,120(24,600)(95,786)(134,190)
2,861,066

Thousands of U.S. dollars
September 30, 2003$

Millions of yen
September 30, 2002 (MHHD)

13,851,371
11,346,228
1,560,298
3,318,768
1,280,094(715,169)(1,205,748)
29,435,842¥

2,572,000
353,765
983,536
422,905(513,863)(101,626)(1,019)3,715,697$ 1,217,839,949¥

143,047,455

Consolidated Financial Statements of Mizuho Financial Group, Inc.

Consolidated Statements of Operations
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Millions of yen
September 30, 2003
March 31, 2003

Thousands of U.S. dollars
September 30, 2003

Millions of yen
September 30, 2002 (MHHD)¥ 1,991,236
55,460490,182244,524
416,972
243,434
3,441,810$ 7,403,149
241,3152,203,701
1,160,572
2,510,271
3,269,201
16,788,209¥ 1,085,681
22,569213,275
123,658
183,209
184,497
1,812,892

734,859
79,647150,217
1,237,641
3,501,617
5,703,982(2,262,172)

2,143,210
438,294
1,073,242
5,143,147
2,802,960
11,600,853
5,187,356

431,061
32,53066,498651,558
532,076
1,713,725
99,16722,28830,50562,205¥(2,377,172)

198,718
2,414,394
278,536$ 2,295,708

15,674
12,836
31,62639,029Millions of yen
September 30, 2003
March 31, 2003

Thousands of U.S. dollars
September 30, 2003

IncomeInterest Income¥ 823,600
Fiduciary Income
26,846
Fee and Commission Income
245,161
Trading Income
129,113
Other Operating Income
279,267
Other Income
363,698
Total Income
1,867,688
Expenses
Interest Expenses
238,432
Fee and Commission Expenses
48,760
Other Operating Expenses
119,398
General and Administrative Expenses
572,175
Other Expenses
311,829
Total Expenses
1,290,594
Income (Loss) before Income Taxes and Minority Interests
577,093
Income Taxes:
Current
22,107
Deferred
268,601
Minority Interests in Net Income (Loss)
30,987Net Income (Loss)¥ 255,397¥

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥111.25=US$1.00, the foreign exchange rate on September 30, 2003, has been used for translation.
3. Figures for September 30, 2002 are for Mizuho Holdings (MHHD).

Consolidated Statements of Capital Surplus and Retained Earnings
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Capital Surplus
Balance at the Beginning of Interim Period (the year)
Increase
Decrease
Balance at the End of Interim Period (the year)
Retained Earnings (Deficit)
Balance at the Beginning of Interim Period (the year)
Increase
Decrease
Net Income (Loss)
Balance at the End of Interim Period (the year)¥ 2,599,552
11
1,337,295
1,262,267¥

353,765
2,245,787—
2,599,552$ 23,366,764
102
12,020,638
11,346,228(1,404,992)
1,345,325
22,147
255,397¥
173,583

997,265
29,89954,985(2,377,172)¥ (1,404,992)(12,629,147)
12,092,817
199,080
2,295,708$ 1,560,298

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥111.25=US$1.00, the foreign exchange rate on September 30, 2003, has been used for translation.
3. Figures for September 30, 2002 are for Mizuho Holdings (MHHD).

48

Millions of yen
September 30, 2002 (MHHD)¥¥

353,765——
353,765
997,265
2,227
54,98639,029983,536

Consolidated Financial Statements of Mizuho Financial Group, Inc.

Consolidated Statements of Cash Flows
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Millions of yen
September 30, 2003
March 31, 2003

I. Cash Flow from Operating Activities
Income (Loss) before Income Taxes and Minority Interests ¥577,093
Depreciation
69,911
Amortization of Consolidation Differences(90)
Equity in Income (Losses) from Investments in Affiliates(1,203)
Increase (Decrease) in Reserve for Possible Losses on Loans(26,811)
Decrease in Reserve for Possible Losses on Investments(178)
Decrease in Reserve for Possible Losses on Loans Sold
(19,096)
Increase in Reserve for Contingencies
978
Increase (Decrease) in Reserve for Bonus Payments(9,247)
Increase (Decrease) in Reserve for Employee
Retirement Benefits
15,821
Interest Income—accrual basis(823,600)Interest Expenses—accrual basis
238,432
Losses (Gains) on Securities(252,766)
Losses from (Gains on) Money Held in Trust(266)
Foreign Exchange Losses—net
21,348Losses on Disposal of Premises and Equipment
35,809Gains on Establishment of Employee Retirement Benefit Trusts(60,474)
Net Decrease (Increase) in Trading Assets
822,346
Net Increase in Trading Liabilities
214,478
Net Decrease in Loans and Bills Discounted
1,004,473
Net Increase (Decrease) in Deposits
2,491,904
Net Decrease in Debentures(990,403)
Net Increase in Borrowed Money(excluding Subordinated Borrowed Money)
20,920Net Decrease (Increase) in Due from Banks(excluding Deposits with Central Banks)(70,836)
Net Decrease (Increase) in Call Loans etc.
316,395
Net Decrease in Cash Placed as Collateralon Securities Borrowed—
Net Increase in Guarantee Deposits Paid under
Securities Borrowing Transactions(1,384,955)
Net Increase (Decrease) in Call Money etc.
(3,359,375)
Net Increase (Decrease) in Commercial Paper
154,100
Net Decrease in Cash Received as Collateralfor Securities Lent—
Net Increase in Guarantee Deposits Received under
Securities Lending Transactions
4,063,333
Net Decrease (Increase) in Foreign Exchange Assets(28,425)
Net Increase (Decrease) in Foreign Exchange Liabilities
41,554Net Increase in Short-term Corporate Bonds (Liabilities)
70,000Net Decrease in Issuance, Redemption of Bonds and Notes(5,814)
Net Decrease in Due to Trust Account(156,634)Interest and Dividend Income—cash basis
878,892
Interest Expenses—cash basis(282,097)
Other—net(518,193)
Subtotal
3,047,322
Cash Paid in Income Taxes(13,526)
Net Cash Provided by (Used in)Operating Activities¥ 3,033,795

49¥ (2,262,172)
144,182
68,597
3,491
263,907(1,682)(24,085)
6,920
15,167

Thousands of U.S. dollars
September 30, 2003$

5,187,356
628,421(809)(10,822)(241,001)(1,609)(171,657)
8,799(83,123)

Millions of yen
September 30, 2002 (MHHD)¥

99,16752,912
7,765
6,875(133,898)(2,261)(1,808)
4,496
1,568

(36,501)(1,991,236)
734,859
708,795
988
116,110
100,818(43,847)(2,111,812)
1,508,735
15,264,686(13,346,746)(3,614,499)

142,216(7,403,149)
2,143,210(2,272,055)(2,397)
191,901
321,887(543,595)
7,391,875
1,927,894
9,028,973
22,399,145(8,902,507)(11,709)(1,085,681)
431,061(22,730)
1,062
135,468
9,704(45,769)(1,328,334)
1,861,049
8,250,101
7,701,048(1,527,350)

23,356

188,053

249,633

1,027,730(2,509,156)(636,733)
2,844,008

940,153(5,604,645)

3,313,727—

3,313,727(6,297,721)
5,294,445(77,856)(12,449,038)(30,196,633)
1,385,169(4,637,828)
4,821,877(330,432)(4,050,050)—(4,050,050)

4,140,383
463,947(517,285)/(50,228)(286,941)
2,085,777(844,916)
671,265(2,108,846)(87,315)

36,524,346(255,514)
373,527
629,214(52,267)(1,407,947)
7,900,157(2,535,709)(4,657,923)
27,391,663(121,587)

4,099,757
505,438(462,452)/(58,776)(316,082)
1,127,696(516,472)
45,404(1,872,409)(96,073)

27,270,076¥ (1,968,482)¥ (2,196,162)$

Consolidated Financial Statements of Mizuho Financial Group, Inc.

(continued)
For the Six Months ended September 30, 2003 and 2002,
and for the Fiscal Year ended March 31, 2003

Millions of yen
September 30, 2003
March 31, 2003

II. Cash Flow from Investing Activities
Payments for Purchase of Securities¥ (35,053,167)
Proceeds from Sales of Securities
23,700,305
Proceeds from Redemption of Securities
7,712,650
Payments for Increase in Money Held in Trust(5,117)
Proceeds from Decrease in Money Held in Trust
7,899
Payments for Purchase of Premises and Equipment(22,572)
Proceeds from Sales of Premises and Equipment
17,157
Proceeds from Sales of Stocks of Subsidiaries(affecting the scope of consolidation)
50,716Net Cash Used in Investing Activities(3,592,128)
III. Cash Flow from Financing Activities
Proceeds from Issuance of Subordinated Borrowed Money
10,109
Repayments of Subordinated Borrowed Money(10,000)
Proceeds from Issuance of Subordinated Bonds,
Notes and Bonds with Stock Option
11,800
Payments for Redemption of Subordinated Bonds,
Notes and Bonds with Stock Option(115,697)
Proceeds from Issuance of Stocks—
Proceeds from Investments in Minority Interests—
Dividends Paid
(22,147)
Dividends Paid to Minority Interests(35,758)
Payments for Purchase of Treasury Stock(35)
Net Cash Used in Financing Activities(161,729)
IV. Effect of Exchange Rate Changes on Cashand Cash Equivalents(792)
V. Net Decrease in Cash and Cash Equivalents(720,855)
VI. Cash and Cash Equivalents at the Beginning ofInterim Period (the year)
7,048,505
VII. Net Decrease in Cash and Cash Equivalents
Resulted from Exclusion of Subsidiaries fromthe Scope of Consolidation—
VIII. Cash and Cash Equivalents at the End
of Interim Period (the year)¥ 6,327,649

Thousands of U.S. dollars
September 30, 2003

Millions of yen
September 30, 2002 (MHHD)¥ (59,435,925)
48,003,018
11,261,664(20,364)
54,340(94,326)
25,257$ (315,084,652)
213,036,450
69,327,195(46,003)
71,010(202,903)
154,224¥ (31,062,410)
22,316,262
6,747,494(733)
18,796(51,281)
9,783—(206,336)

455,882(32,288,797)—(2,022,088)

243,000(1,335,000)

90,869(89,888)

159,000(522,000)

75,000106,067

73,000(485,778)
1,081,930
118,500(54,985)(36,424)(263)(394,021)(1,039,974)——(199,080)(321,423)(323)(1,453,752)(181,322)
118,500(54,985)(21,594)(88)(429,490)

72(2,796,448)(7,127)(6,479,600)(657)(4,420,719)

9,847,366

63,357,350

9,847,366(2,413)——¥

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥111.25=US$1.00, the foreign exchange rate on September 30, 2003, has been used for translation.
3. Figures for September 30, 2002 are for Mizuho Holdings (MHHD).

50

7,048,505$

56,877,750¥

5,426,647

Office Network of Mizuho

Domestic Network of Mizuho(as of September 30, 2003)

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

Mizuho Securities

Group Headquarters

Head Office and Branches (Business
Promotion Divisions): 18

Headquarters

Mizuho Bank

Head Office and Branches: 38

Mizuho Holdings
Headquarters

Mizuho Trust & Banking

Head Office and Branches: 535
Sub-branches: 102
Agencies: 4
Note: Please refer to page 22 for the aggregated number ofhead offices and branches of MHCB and MHBK basedon the Business Revitalization Plan, and reflecting thebranch-in-branch program.

International Network of Mizuho(as of December 31, 2003)

Asia and Oceania

Guangzhou Representative Office

Kuala Lumpur Representative Office

Branches and Representative Offices

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

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

Hong Kong Branch

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

Seoul Branch
14th Floor, Nae Wei Building, 6, 2-ka, Eulji-ro,
Chung-ku, Seoul, Republic of Korea
TEL 822-3782-8500

Shanghai Branch

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

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

Taipei Branch

Dalian Branch

Kaohsiung Branch

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

Beijing 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

Shenzhen Branch
21st Floor, Shenzhen International Financial Building,
Jian She Lu, Shenzhen, Guangdong Province,
The People's Republic of China
TEL 86-755-8222-1918

Tianjin Representative Office
Room 2202, Tianjin International Building 75,
Nanjing Road, Tianjin,
The People's Republic of China
TEL 86-22-2330-5448

Nanjing Representative Office
Room 801, Nanjing Grand Hotel, 208 Guangzhou
Road. Nanjing, Jiangsu Province,
The People's Republic of China
TEL 86-25-332-9379

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)

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

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

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

Ho Chi Minh City Representative Office

Singapore Branch

Mumbai Branch
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 91-11-341-2190

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

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

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

Mizuho Corporate Asia (HK) Limited

Bangkok Branch

Mizuho Corporate Leasing (Thailand)Co., Ltd.

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

17th Floor, Two Pacific Place, 88 Queensway,
Hong Kong, S.A.R., The People's Republic of China
TEL 852-2103-3040

19th Floor, TISCO Tower 48/44 North Sathorn Road,
Silom, Bangrak, Bangkok 10500, Thailand
TEL 662-638-0900

Labuan Branch

Mizuho Capital Markets (HK) Limited

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

16th Floor, Two Pacific Place, 88 Queensway,
Hong Kong, S.A.R., The People's Republic of China
TEL 852-2537-3815

Labuan Branch,Kuala Lumpur
Marketing Office

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

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

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*** Subsidiary of DLIBJ Asset Management

51

Mizuho Securities Asia Limited*

Mizuho Futures (Singapore) Pte.
Limited*Six Battery Road, #18-05 Singapore 049909,
Republic of Singapore
TEL 65-6221-3633

Office Network of Mizuho

The Americas

Europe and the Middle East

Branches, Agency and
Representative Offices

Branches and Representative Offices

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

1251 Avenue of the Americas,
New York, NY 10020, U.S.A.
TEL 1-212-282-3000

Chicago Branch
311 South Wacker Drive Suite 2020,
Chicago, IL 60606-6620, U.S.A.
TEL 1-312-855-1111

Los Angeles Agency
350 South Grand Avenue, Suite 1500,
Los Angeles, CA 90071, U.S.A.
TEL 1-213-243-4500

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

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

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

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

Bahrain Representative Office
Suite 201-202, Entrance 4, 2nd Floor Manama Center,
Manama, Bahrain(P.O. BOX 5759, Manama, Bahrain)
TEL 973-17-224522

Tehran Representative Office
3rd Floor, No.1, 14th Street,
Khaled Eslamboli Avenue, Tehran 15117, IranTEL 98-21-872-6593

Subsidiaries
Mizuho Corporate Bank Nederland N.V.
Apollolaan 171, 1077 AS Amsterdam,
The Netherlands
TEL 31-20-5734343

Subsidiaries

Mizuho Corporate Bank (Germany)
Aktiengesellschaft

Mizuho Corporate Bank (Canada)

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

Suite 1102, 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 Coporate Bank (USA)1251 Avenue of the Americas,
New York, NY 10020, U.S.A.
TEL 1-212-282-3030

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

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.*

Mizuho Securities USA Inc.*

Loewenstrasse 32, 8023 Zurich, Switzerland
TEL 41-1-216-9111

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

Mizuho Trust & Banking(Luxembourg) S.A.**

The Bridgeford Group, Inc.*

1B, Parc d'Activité Syrdall, L-5365 Munsbach,Luxembourg
TEL 352-4216171

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

Mizuho Trust & Banking Co.(USA) **666 Fifth Avenue, Suite 802,
New York, NY 10103, U.S.A.
TEL 1-212-373-5900

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

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

52

Investor Information on Mizuho Financial Group, Inc.

Date of Establishment

Accounting Auditors

January 8, 2003

Shin Nihon & Co.

Paid-in Capital

Transfer Agent¥1,540,965 million

Mizuho Trust & Banking Co., Ltd.

Outstanding SharesFiscal Year

13,389,341.91 shares
Common Shares: 11,295,311.91 shares
Preferred Shares:
2,094,030 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 3 months from the last day ofeach business year and an extraordinary general meetingof shareholders shall be convened whenever necessary.

Number of Shareholders
Common Shares:
Preferred Shares:

290,692
3,424

Principal Shareholders (Common Stock)

Record Date

Shares held

Percentageof shares
outstanding(%)

1,155,840.83

10.23

Japan Trustee Services Bank, Ltd.
(Trust account)

408,521.00

3.61

The Dai-ichi Mutual Life Insurance
Company

331,258.84

2.93

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

287,574.00

2.54

Nippon Life Insurance Company

189,476.76

1.67

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; thesame shall apply 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 toa resolution of the Board of Directors and upon giving a priorpublic notice thereof.

Asahi Mutual Life Insurance
Company

175,608.00

1.55

Dividends

Mizuho Holdings, Inc.

Dividends on shares shall be paid to the shareholders or
registered pledgees appearing in writing or digitally on the lastregister of shareholders as of March 31 of each year or to theholders of fractional shares appearing in writing or digitally on
the last register of holders of fractional shares as of March 31
of each year.

Trust & Custody Services Bank, Ltd.
(The Yasuda Mutual Life Insurance
Company Retirement Benefit Trust
Account re-entrusted by Mizuho Trustand Banking Co., Ltd.)

137,000.00

1.21

DB LDN GENERAL NON-TREATY A/C

131,115.00

1.16

UFJ Trust Bank Limited(Trust account A)

108,500.00

0.96

Interim Dividends

MORGAN STANLEY & CO.INC

86,454.00

0.76

The Company may, by a resolution of the Board of Directors,
make cash distributions pursuant to the provisions of Article
293-5 of the Commercial 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 eachyear or to the holders of fractional shares appearing in writingor digitally on the last register of holders of fractional shares asof September 30 of each year.

Stock Listings
Tokyo Stock Exchange
Osaka Securities Exchange(as of September 30, 2003)

53

Contact Information

Mizuho Financial Group, Inc.
1-5-5, Otemachi,
Chiyoda-ku, Tokyo 100-0004,
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.
1-2-1, Yaesu,
Chuo-ku, Tokyo 103-8670,
Japan
Tel. +81-(0)3-3278-8111
URL: http://www.mizuho-tb.co.jp/

This annual report contains statements concerning the group's future
performance. These statements, however, do not guarantee the ultimate
outcome of the group's performance in the future, and take into
consideration the risks and uncertainties that may be caused by suchfactors as changes in the business environment.

54