Interim Report( FS oe pr ttehme bSei xr 3M0o, n2t0h0s5e n d e d )2005 Mizuho Financial Group Interim Report

Financial Highlights of Mizuho Financial Group, Inc. (Consolidated)

2

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

3

Advancing into a New Phase of Our Management Strategies

5

Working to Win the Support of Customers
 Pursuing the “Channel to Discovery” Plan

7

 Business Approaches Adopted by Each Global Group12

Global Corporate Group~ Approach to Business with Large and Global Corporations ~Global Retail Group~ Approach to Business with SMEs and Middle Market Corporations ~~ Approach to Business with Individual Customers ~Global Asset & Wealth Management Group~ Dealing with Customers' Demands for Asset Management and Administration ~ Reinforcement of CSR Activities22 Brand Strategy

25

Financial Analysis of Mizuho
Results for the Six Months ended September 30, 2005

27

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

55

1

Financial Highlights of Mizuho Financial Group, Inc. (Consolidated)

For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

September 30, 2005

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

1,766,309
1,272,029
494,279
338,590—

Millions of yen
March 31, 2005¥

3,455,653
2,512,594
943,059
627,383
79,929September 30, 2004¥

1,675,631
1,246,550
429,080
233,941—

Thousands of U.S. dollars
September 30, 2005$

15,602,059
11,236,015
4,366,044
2,990,818—*Non-consolidated basis.

At September 30, 2005 and 2004, and March 31, 2005

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

For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Per Share of Common StockNet Income
Cash Dividends per Share*
Common Stock
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
Eighth 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

September 30, 2005

Millions of yen
March 31, 2005

September 30, 2004

Thousands of U.S. dollars
September 30, 2005

¥ 146,887,998
38,447,107
63,811,414
80,402,985¥ 3,683,283¥ 143,076,236
36,047,035
62,917,336
80,368,058¥ 3,905,726¥ 139,327,169
33,267,393
64,296,977
76,049,315¥ 3,537,597$ 1,297,482,545
339,608,759
563,655,280
710,210,987$
32,534,963

September 30, 2005

Yen
March 31, 2005

September 30, 2004

U.S. dollars
September 30, 2005¥

31,219.12¥

54,625.61¥

21,706.24$

275.76

—

3,500

—

—

/
/
—
—
—
/
/
/
—
/
—

8,200
14,00047,60042,00011,000
8,000
—
5,380
20,000—30,000

—
—
—
—
—
—
—
—
—
—
—

/
/
—
—
—
/
/
/
—
/
—

At September 30, 2005 and 2004, and March 31, 2005

September 30, 2005

March 31, 2005

September 30, 2004

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

10.73%

11.91%

11.86%*Non-consolidated basis.

Ratings
At December 31, 2005

Mizuho Financial Group, Inc.
Mizuho Corporate Bank, Ltd.
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Mizuho Securities Co., Ltd.
Mizuho Investors Securities Co., Ltd.

R&I
Long–Term Short–Term

A–
A
A
A
A
—

a—1
a—1
a—1
a—1
a—1
—

JCR
Long–Term Short–Term

—
AA–
AA–
A+
AA–
—

—
—
—
—
J–1+
J–2

Moody's
Long–Term Short–Term

—
A1
A1
A1
A1*
—

P—1
P—1
P—1
P—1
P—1*
—

Standard & Poor's
Long–Term Short–Term

—
A
A
A
—
—

*Credit ratings for EMTN programme (Joint Medium–term Note Programme with Mizuho International, based on keepwell agreement with Mizuho Corporate Bank)

2

—
A—1
A—1
A—1
—
—

Fitch
Long–Term Short–Term

—
A
A
A
—
—

—
F1
F1
F1
—
—

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

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

Advancing into a New Phase of Our Management
Strategies
Based on our awareness that we have entered a new phase in the
management strategies of Mizuho and are aiming to win the supportof our customers, we have started to implement a new businessstrategy—the “Channel to Discovery” Plan—from the current fiscal
year. Under this new plan, we are focusing on expanding our topline growth by aggressively investing corporate resources in new
growth business areas and accelerating the repayment of publicfunds.
One of the key pillars of our new management plan is ourBusiness Portfolio Strategy, which entails realigning Mizuho's group
activities into three global groups based on customer needs: namely,
the Global Retail Group, the Global Corporate Group, and the Global
Asset & Wealth Management Group. We have created earnings
models that maximize the advantages of each of these three groups.
Our Global Retail Group will continue to position sale ofinvestment products through enhanced consulting functions andloans to individuals as strategic business areas within the retailbanking market and work to expand customer transactions throughenhancing the services of the Mizuho Mileage Club. For small andmedium-sized enterprises and middle market corporations, theGlobal Retail Group is aiming to expand its balance of loans,principally to middle credit risk corporations, and increase noninterest income by promoting its solutions businesses.
To respond effectively to the needs of large corporations andmultinationals, our Global Corporate Group is leveraging thecomprehensive capabilities of our worldwide corporate banking andwholesale securities businesses to offer high-value-added products
and services, including syndicated loan arrangements and securities
and investment banking activities.
Our Global Asset & Wealth Management Group is working tostrengthen our trust and asset management business for individualand corporate customers while realizing further synergies with otherMizuho group companies. In November 2005, Mizuho Private WealthManagement, Japan's first full-fledged private banking company,
started its operations.

3

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

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

Another pillar of our “Channel to Discovery” Plan is our Corporate Management Strategy, which aims to securetransparency in corporate governance and to further enhance confidence among investors. In line with this strategy, we
are moving ahead with preparations for listing our stocks on the New York Stock Exchange as early as feasible. In
addition, we fully recognize the importance of basing corporate action and behavior on the principles of corporate social
responsibility (CSR) to create new corporate value and facilitate future development. Accordingly, we have formed the
CSR Committee and will significantly step up our CSR-related activities, including environmental initiatives and support
for promoting financial education. Moreover, we are implementing a strategy to establish the Mizuho brand as one thatis appropriate for a leader among the world's financial groups.

Aiming for Full Repayment of Public Funds
The implementation of our new management strategy delivered strong results for the first half of fiscal 2005, including
steady expansion of our top-line profits—the primary focus of our management efforts. During the six months ended
September 30, 2005, consolidated Net Income increased ¥104.6 billion over the same period of the previous fiscal year,to ¥338.5 billion. In addition, we continued our initiatives of the previous fiscal year to further improve our financial
soundness, and, at the end of September 2005, the ratio of non-performing loans to total claims had declined to the 1%
range. Our BIS Capital Adequacy Ratio stood at a sufficient level of 10.73% as of September 30, 2005, even after the
repayment of public funds of ¥616.4 billion for the first half. Also, along with the decrease in Net Deferred Tax Assets, thequality of our capital has shown further improvement. We plan to pay a dividend of ¥3,500 per share of Common Stockfor the current fiscal year. Moreover, we are scheduled to make dividend payments on Preferred Stocks as prescribed.
As a consequence of the repayment of public funds including that of ¥250.0 billion in October 2005, made possible
by steadily accumulating retained earnings through stable profit base, we have repaid ¥2,349.0 billion, or approximately
80%, of total public funds. The remaining balance of ¥600 billion in public funds consists entirely of non-convertible
type Preferred Stocks. We plan to complete the repayment of public funds during fiscal 2006, while continuing tomaintain sufficient financial soundness through steady accumulation of retained earnings.
To strengthen our capital base and support our growth strategy going forward, in November 2005, we conducted anoffering of more than ¥500 billion of the Common Stock of Mizuho Financial Group, Inc. (MHFG) held by Mizuho
Financial Strategy (MHFS, formerly Mizuho Holdings). Following the planned full repayment of the public funds, we
intend to repurchase and cancel the remaining Common Stocks of MHFG held by MHFS periodically, giving due regard
to our financial condition and other factors.
We are fully committed to moving forward steadily with the implementation of our “Channel to Discovery” Plan, withthe objectives of becoming “a financial partner that helps customers shape their future and achieve their dreams,”
further strengthening our competitiveness and profitability, and increasing our corporate value. I sincerely look forward
to your continuing support.
January 2006

Terunobu Maeda
President & CEO
Mizuho Financial Group, Inc.
4

Advancing into a New Phase of Our Management Strategies

Advancing into a New Phase of Our Management Strategies

We advanced into a new phase in our management strategies and deployed our new business strategy, called the“Channel to Discovery” Plan, in which we focus on enhancing our top-line growth (expansion in Gross Profits), while
accelerating the repayment of public funds.

Earnings Performance
Our top line profits, the strengthening of which has been the primary focus of our management efforts, steadily
increased, while we accelerated the reduction of General and Administrative Expenses.
Moreover, due mainly to low and stable Credit-related Costs and steady increase in profits for our group companies,
our consolidated Net Income for the first half of fiscal 2005 amounted to ¥338.5 billion, an increase of ¥104.6 billion
compared to the same period of the previous fiscal year.
There was a notable improvement in our interim Return on Equity (ROE), which rose to 17.7% (annualized basis). In
addition to our good profit performance, this improvement was also due to the repurchase and cancellation of Preferred
Stocks of public funds.

 Steady Enhancement of Top-Line Growth and Reduction of Expenses
With regard to Non-interest Income, in our business with corporate
customers, fee income from our solutions businesses increased aswell as profit base in foreign exchange and overseas businesses

Increase in Net Fee and Commission Income(the Three Banks)(Billions of yen)200

steadily expanded. In our business with individual customers, fee
income related to investment trusts and individual annuities

150

increased as a result of expansion in sales of investment products.
Net Interest Income continued to decrease, due in part to theeffects of the decrease in loans during the previous fiscal year. As

100

for the loan balance, however, our domestic loans bottomed out andexpanded in the first half of fiscal 2005, in addition to an increase inoverseas lending. The main factor contributing to this increase in ourdomestic loans was an increase in our loans to middle credit risk

0

Fiscal 2003
First half Second half

The first half-year
Net Fee and¥127.0 bn.
Commission Income

Fiscal 2004
First half Second half

Fiscal 2005
First half¥146.5 bn.

¥171.6 bn.

corporations and our personal loans, both of which are business areas
we have focused on from the previous fiscal year, and this increase
was also supported by the improvement in the domestic economy.

Decrease in General and Administrative Expenses(the Three Banks)(Billions of yen)With regard to General and Administrative Expenses, as a result of450

the completion of Mizuho Bank's IT systems integration in December
2004, “base expenses,” especially IT-related expenses, further
decreased. On the other hand, “strategic expenses” were allocated to
growth business areas, such as the strengthening of the consulting

Strategic
expenses(¥11.6 bn.)

400

Base
expenses(¥392.4 bn.)framework in our individual customer market, and have contributed
to an increase in our top-line profits. As a result of these and otherdevelopments, Mizuho's Expense Ratio, excluding impact of dividends
received from the financial subsidiaries for corporate revitalization,
improved 5.6 percentage points and declined to 47.6%.
50General &Administrative
Expenses

Fiscal 2003
First half

Fiscal 2004
First half

Fiscal 2005
First half

¥437.6 bn.

¥420.5 bn.

¥404.0 bn.

Advancing into a New Phase of Our Management Strategies

Advancing into a New Phase of Our Management Strategies

Further Improvement in Financial Soundness
Even after the repayment of public funds, our BIS Capital Adequacy Ratio was sustained at a sufficient level of 10.73%
as of September 30, 2005.
Our Net Deferred Tax Assets to Tier 1 Capital Ratio at 19.6% and our Non-performing Loan Ratio at 1.85%
demonstrate further improvement in our financial soundness.
The Three Banks: Mizuho Corporate Bank + Mizuho Bank + Mizuho Trust & Banking + their financial subsidiaries for corporate revitalization.

Disciplined Capital Management

Repayment of Public Funds

 Repayment of Public Funds:(Trillions of yen)
3

Repayment of More Than 80% of Public Funds

SubordinatedBonds

We repurchased and cancelled Preferred Stocks of public

2funds amounting to ¥616.4 billion in August 2005 andAs a result, the aggregated amount we repaid was

Repaid morethan 80%

Preferred
Stocks¥250.0 billion in October 2005 on an issued-price basis.
1¥2,349.0 billion, or approximately 80% of the initial amountof ¥2,949.0 billion (Preferred Stocks of ¥1,949.0 billion and0

Subordinated Bonds of ¥1,000.0 billion), and we have

Original amountPublic funds

steadily improved the quality of our capital.

March 2005

¥2,949.0 bn. ¥1,466.4 bn.

September 2005

December 2005

¥850.0 bn.

¥600.0 bn.

As we gave priority to canceling convertible Preferred Stocks in order to avoid dilution, the only and remaining
Preferred Stocks of ¥600.0 billion public funds are all non-convertible type.
We aim to complete full repayment of the remaining public funds by the end of fiscal 2006, while maintaining
a sufficient financial soundness through the steady accumulation of retained earnings.

 Secondary Offering of Common Stock of Mizuho Financial Group, Inc. (MHFG)In November 2005, by means of a global offering, we conducted an offering in the scale of more than ¥500
billion of MHFG's Common Stock held by Mizuho Financial Strategy (MHFS) (formerly Mizuho Holdings). This
offering will contribute mainly to enhancing the group's capital base to support future growth strategies.
With regard to the remaining Common Stocks of MHFG held by MHFS after the offering, our aim is torepurchase and cancel such stocks periodically, after the completion of our intended full repayment of the publicfunds, taking our financial condition and other factors into consideration.
Trends in MHFG's Stock Prices(Trillions of yen)(Thousands of yen)
1,000

15

Our strong profit performance and improved financial

Stock prices(TSE* closing prices)

soundness have been reflected in our stock prices.

700

10

5

Marketcapitalization

0400

The end of
March 2005

The end of
September 2005

The end of
December 2005

Stock prices(TSE* closing prices)¥507,000¥722,000¥936,000

Market capitalization¥6.1 tn.

¥8.7 tn.

¥11.2 tn.

*TSE:Tokyo Stock Exchange

60Working to Win the Support of Customers

Pursuing the “Channel to Discovery” Plan

In April 2005, we launched our new business strategy “Channel to Discovery” Plan. As action plans of this, we are developing“Business Portfolio Strategy” as well as “Corporate Management Strategy.”

A New Dimension to our Business Portfolio Strategy
To pursue our Business Portfolio Strategy, we have realigned our business into three global groups according to our customers' needs.
These groups are the Global Corporate Group, the Global Retail Group and the Global Asset & Wealth Management Group. We arebuilding a new business model by maximizing the advantages of each group.
Management Structure of Mizuho

Mizuho Financial Group, Inc.
(MHFG)

GlobalCorporateGroup

GlobalAsset & WealthManagement
Group

GlobalRetailGroup

Group
Strategy
Affiliates

Mizuho Information & ResearchInstitute, Inc. (MHIR)

Mizuho Research Institute Ltd.
(MHRI)

Asset management companies(DKA, FIMCO, DIAM )Mizuho Financial Strategy Co., Ltd.
(MHFS)

Mizuho Private WealthManagement Co., Ltd.

Trust & Custody Services Bank, Ltd.
(TCSB)

Mizuho Investors Securities
Co., Ltd. (MHIS)

Mizuho Securities Co., Ltd.
(MHSC)

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

Mizuho Bank, Ltd.
(MHBK)

Mizuho Corporate Bank, Ltd.
(MHCB)
Shinko Securities
Co., Ltd.

Mizuho Capital Co., Ltd.

UC Card Co., Ltd.

(As of December 31, 2005)

7

Working to Win the Support of Customers

 Pursuing the “Channel to Discovery” Plan

Strategies of the Three Global Groups
The Global Corporate GroupThrough close cooperation between the global corporate banking sector and the wholesale securities sector, the Global Corporate
Group provides highly-specialized and cutting-edge products and services, which leverage our comprehensive financial capabilities andmeet the needs of large/global corporations.

Strategies of MHCB MHCB is working to enhance its business globally in order to meet its customers' requirements for internationally competitive
services.
 It is offering a wide range of financial services on a continuous, multi-faceted basis by leveraging the financial service strengths ofthe entire group, as well as through alliances with foreign investment banks, equity funds and other companies.
 It is proactively using syndicated loans to meet its customers' financing needs, and is working through a specialist section to expand
the newly evolved loan trading market.

Strategies of MHSC MHSC aims to become a market leader in the securities and investment banking business by strengthening its equity-related
business, principal finance and other measures.

The Global Retail GroupThe Global Retail Group provides high-quality products and services on a global scale through close cooperation with leading
domestic and international companies in response to the increasingly diverse and global needs of individuals, SMEs and middle market
corporations.

Strategies of MHBKFor Individual Customers
 MHBK continues to have a strategic focus on its consulting and loan businesses aimed at the individual customer, and will respondto its customers' diverse needs by establishing a 2,000-strong force of financial consultants and developing new loan products.
 It intends to improve security measures including the increased adoption of IC cards.
 It is further enhancing the functions of its “Mizuho Mileage Club” membership service, in order to expand businesses dealings with
mass-retail customers.
For SMEs and Middle Market Corporations
 It aims to be No.1 in terms of market share and provision of the best solutions, by strengthening its loan business and increasing its
non-interest income through the promotion of business solutions.
Business Collaborations with Top U.S. Banks
 It aims to swiftly and efficiently offer products and services of a high global quality to its customers through business collaborations
with top U.S. banks.

Reorganization of Strategic Retail Subsidiaries In pursuit of further synergies in the retail market business, the two strategic retail subsidiaries, UC Card and Mizuho Capital, whichwere under MHFG in the previous fiscal year, have been reorganized as subsidiaries of MHBK.

8

Working to Win the Support of Customers

 Pursuing the “Channel to Discovery” Plan

The Global Asset & Wealth Management GroupThe Global Asset & Wealth Management Group provides top-level products and services globally, in response to its customers'
increasingly diverse and sophisticated needs in the business areas of trust and custody, as well as private banking.

Strategies of MHTB
 MHTB plans to take advantage of the new business opportunities, which are likely to arise due to the amendments to Japan's TrustBusiness Law and other laws.
 Through collaboration with one of the top U.S. banks, it is enhancing its asset management and asset administration capabilities.

Establishment of Mizuho Private Wealth Management Mizuho Private Wealth Management, Japan's first fully-fledged private banking company, has commenced operations. It provides
the same type of comprehensive and integrated services as those found in the U.S. and Europe, in compliance with Japanese legal
regulations.

 Reorganization of Mizuho Holdings into a New Advisory Company
In October 2005, we reorganized Mizuho Holdings (MHHD) into Mizuho Financial Strategy (MHFS), a new advisory company thatprovides advice to financial institutions. MHFS has integrated MHHD's expertise in group management as a bank holding
company, with Mizuho Advisory's expertise in the area of corporate revitalization.
 Completion of the Role of Financial Subsidiaries in Corporate Revitalization
Four financial subsidiaries—Mizuho Corporate, Mizuho Global, Mizuho Project, and Mizuho Asset—terminated operations, andMizuho Corporate Bank, Mizuho Bank and Mizuho Trust & Banking merged their own subsidiaries in October 2005.

9

Working to Win the Support of Customers

 Pursuing the “Channel to Discovery” Plan

Business Collaborations with Wachovia Bank and Wells Fargo BankIn April 2005, MHBK entered into separate businesscollaborations with two top U.S. super-regional banks,
Wachovia Bank and Wells Fargo Bank, with the aim ofreinforcing its channel network, and providing
products and services of the highest global standards
in its retail banking business.
In July 2005, it started to sell the investment funds“Mizuho Wachovia U.S. Investment Grade Corporate
Bond Fund,” “Mizuho Wells Fargo Emerging Markets
Equity Open.”

Collaborating Parties(As of Dec. 31, 2004)

Wachovia

Wells Fargo

Bank name
Holding company
Head office
Chairman & CEO
Number of branches
Number of employees (*)
Long-term credit ratings (**)

Wachovia Bank, N.A.

Wells Fargo Bank, N. A.

Wachovia Corporation

Wells Fargo & Company

Charlotte, N.C., USA

San Francisco, C.A., USA

G. Kennedy Thompson

Richard M. Kovacevich

Approx. 3,300

Approx. 3,100

Approx. 96,000

Approx. 150,000«Moody's» Aa2«S&P» AA-

«Moody's» Aaa«S&P» AA

Total shareholders' equity (*)
Total assets (*)
Market capitalization (*)

US$ 47.3 billion

US$ 37.8 billion

US$ 493.3 billion

US$ 427.8 billion

US$ 83.5 billion

US$ 105.0 billion(*) Figures on a holding company basis.
(**) As of April 30, 2005.

Contents of the Collaborations
Referral of customers
Cash management
product
Trade finance

The mutual referral of customers for the purpose of opening accounts and utilizing cash management services in Japan and U.S.
Enable to check account information and make cash transfer between Japan and U.S. by utilizing SWIFT.
Appoint the other party as the “Advising Bank” when issuing import letters of credits, and as “Collecting Bank” whencollecting export related documentation (only with Wachovia).
Participate the risks of trade finance transactions to the other party (e.g., Forfaiting (without recourse), L/C Confirmation,
Open Account-based Discount).

Distribution of
investment trust
products in Japan

Investment trust management companies of Mizuho group will create a product using the asset management expertise of
Wachovia group and Wells Fargo group, and MHBK will distribute the products.

Mutual website links

MHBK and Wachovia linked websites and created a webpage with regard to collaboration.

Business Collaborations with The Bank of New YorkIn April 2005, MHTB entered into a business collaboration with The
Bank of New York, a global leader in the trust banking business, withthe aim of enhancing its asset management capabilities, execution
expertise, and asset administration capabilities to achieve the highest
global level in the area of asset management.
MHBK also entered into a business collaboration with The Bank of New

The Bank of New YorkBank name
Holding company
Head office
Chairman & CEO
Number of branches
Number of employees (*)
Long-term credit ratings(As of Dec. 31, 2004)
The Bank of New YorkThe Bank of New York Company, Inc.
New York, N.Y., USA
Thomas A. Renyi
Approx. 341
Approx. 23,000«Moody's» Aa2«S&P» AA-York in the area of distribution of investment trust products in Japan andTotal shareholders' equity (*) US$ 9.3 billion
Total assets (*)
US$ 94.5 billion
Market capitalization (*)
US$ 26.0 billion

started to sell the “Mizuho BNY US Bank Loan Fund” in September 2005.

(*) Figures on a holding company basis.

Contents of the Co aborations
Establishment of“Mizuho-The Bankof New York Global
Management”

Offer investment strategies utilizing The Bank of New York group's alternative investment capabilities such as Ivy AssetManagement Corp. and MHTB's REIT investment products, to customers such as Japanese corporate pension funds in thegrowing alternative investment market.
Enhance performance by utilizing The Bank of New York's advanced expertise in execution.

Distribution of
investment trust
products in Japan

Our group's asset management company will establish an investment trust utilizing The Bank of New York group's asset
management capabilities. The new products will be distributed by MHTB together with MHBK.

Global custodybusiness

With respect to the above-mentioned “Mizuho-The Bank of New York Global Management” and distribution of investment trust,
our group will be the custodian in Japan, while The Bank of New York group will be the custodian outside Japan.

10Working to Win the Support of Customers

 Pursuing the “Channel to Discovery” Plan

Developing a New Corporate Management Strategy
 MHFG is enhancing its corporate management system to apply for listing on the New York Stock Exchange (NYSE) as early as is
feasible, in order to further improve the transparency of its corporate governance and increase its investors' trust. We will seek toprovide investors with disclosure based on accounting principles generally accepted in the U.S., and to establish disclosure andinternal control practices in compliance with the U.S. Sarbanes-Oxley.
 We position CSR activities as one of the main pillars of our group business strategy, for the creation of new corporate value and theachievement of sustainable growth. We promote CSR activities on a group-wide basis, and have established a CSR committee atthe group's holding company, MHFG, to enhance CSR activities of group companies such as tackling environmental issues andsupporting the financial education.
 As we advance to a new phase in our efforts to win the support of customers, we will continue to develop our new branding
strategy in order to establish ‘Mizuho’ as a brand befitting a global leading financial group.

Full Repayment of Public Funds
MHFG aims to complete repayment of remaining public funds by the end of fiscal 2006 through the establishment of a steady profit
base and the accumulation of retained earnings.

Drawing up a New Medium-Term Business Plan
In order to move into a new phase in our management strategies, we have initiated a new medium-term business plan.

Highlights of the New Medium-Term Business Plan We will accumulate our Gross Profits by devoting management resources to new strategic measures in order to respond to
customers' needs. We will also continue with intensive rationalization of our existing businesses. This should enable us to achieve
Net Business Profits at the core banks of ¥1.18 trillion in fiscal 2007, the final year of the medium-term business plan.
 By promoting each global group's strategic measures to improve profitability, we will strive to boost Net Business Profits in fiscal
2007 by approximately ¥380 billion compared with fiscal 2004.
 Steadily increasing Net Business Profits should enable us to achieve consolidated Net Income of ¥650 billion by fiscal 2007.

Overview of the Medium-Term Business Plan

(Billions of yen)

Establish a stableearning basesupported by customers

Resolution of financial issues

Fiscal 2007 (Plan)

MHFG(Change from fiscal 2004)

Consolidated
Net Income
650.0(330.0)

Net BusinessProfits
2 1,180.0(380.0)

Global Corporate Group

1

290.0

2

460.0

Global Retail Group

1

290.0

2

630.0

Global Asset & Wealth Management Group

1

40.0

2

90.0

1 Aggregated figures of core banking subsidiary and securities subsidiary (non-consolidated).
2 Figures of core banking subsidiary (non-consolidated).

11

This section contains statements concerning the group's future performance.
These statements, however, do not guarantee the ultimate outcome of thegroup's performance in the future, and take into consideration the risks anduncertainties that may be caused by such factors as changes in the businessenvironment.

Working to Win the Support of Customers

Business Approaches Adopted by Each Global Group
Global Corporate Group~ Approach to Business with Large and Global Corporations ~GLOBAL CORPORATE GROUP

Ongoing Evolution of the Solutions Business
Solutions Business Helps Raise Corporate Value
As a bank that is “constantly evolving,” MHCB is putting a great deal of effort into offering solutions that help raise
corporate value for its customers.
Employing a strategic advisory service-based solutions business approach as their code of behavior, MHCB's relationshipmanagers offer solutions that bring together the group's financial functions in the form of group-wide relationshipmanagement. In other words, they engage in “Deal after Deal” marketing that involves thinking from managements ofcustomer corporations' point of view and offering timely strategic advice on maximizing corporate value through solutions
provided on a continuing and multifaceted basis.
This business style is unique in that it combines the features of strategic consulting companies and foreign investmentbanks and is designed to enable it to become a strategic building partner to its customers through solutions marketing.

Trendsetting Products
A sophisticated product line-up supports the solution business offered by MHCB to help raise corporate value forcustomers.

 Leading the Way in Advanced FinanceIn the area of acquisition finance tailored to the business restructuring needs of our customers, MHCB has established aleading position in Japan's markets with a first-class record in MBOs, LBOs and similar transactions.
In the real estate sector, it has played a pioneering role as a leading player in large-scale development finance projects
associated with urban renewal, such as the Tokyo Midtown Project for redeveloping the site once occupied by the Defense
Agency.
The same applies to the structured finance business, where it offers securitization solutions for customers with a varietyof assets, including future receivables in addition to accounts and bills receivables, and intellectual property rights.

 Evolution of e-Business
MHCB is putting considerable effort in Japan and overseas into offering e-solutions based on Mizuho Advanced CMS, asupport system for customers' consolidated financial control, and Mizuho Global CMS, which makes more efficient cash
management available to customers with overseas offices.
In fiscal 2005, MHCB is due to release a series of sophisticated and highly convenient products in rapid succession.
These include the Mizuho e-Business Site, which offers domestic and foreign exchange transactions and forward exchange
contract transactions via the Internet, the Super Receiver credit collection agent service, the Overseas Pooling service forrealizing zero balances in cross-border transactions, and an electronic import duty payment service in a tie-up with
Shanghai's customs authorities.
 Super ReceiverThis service enables a controlling company to act as agent in bulk collections of accounts receivable that were formerly handled by individual group companies.

 Pooling Service
This service enables a controlling company to adjust daily fund surpluses and shortfalls between multiple local overseas subsidiaries automatically, and to aggregate any
surplus funds.

12

Working to Win the Support of Customers

 Business Approaches Adopted by Each Global Group
Global Corporate Group~ Approach to Business with Large and Global Corporations ~GLOBAL CORPORATE GROUP

Taking the Syndication Business to the Next Stage
Having grown rapidly in recent years, Japan's syndicated loan markets expanded into new fields in the first half of fiscal
2005 as syndicated loans to the public sector got underway in earnest and cross-border syndicated loans increased. There
was also remarkable progress in qualitative terms as customers aiming to increase their corporate value looked for deals
involving more sophisticated financial solutions or greater diversification in corporate acquisitions. MHCB plays a leadingrole in all these aspects of business.
It has also set up specialist divisions to engage in market-making and trading relating to loan assets. It has positioned
fiscal 2005 as “year one for loan trading” and is compiling an impressive record in expanding the loan trading market still
further, exchanging loan assets for loan portfolio management within financial institutions and putting together “highliquidity syndicated loans” that provide current indications of loan prices.
In its ongoing role as a market leader in the syndication business, MHCB has seized the initiative in creating the loan
trading market and will continue to contribute to the expansion of the syndicated loan market.

New Developments in International Business
Mizuho's Strong Presence in Asia
We are strengthening our operations in Asia, where Japanese companies are highly active in developing their business andwhich we see as our home ground. In May 2005, MHCB established offices of the new Asia Corporate Banking Division in
Singapore and Hong Kong to bring together its syndication, acquisition finance, CMS and other product-related functions.
In China, it has effectively supplemented one of the largest networks of any Japanese bank in China through businesscooperation agreements with several major Chinese local banks and local governments, creating a framework to provide
close support for our customers' business development efforts throughout the country. In Japan, MHCB established the
China Business Promotion Division to offer comprehensive advisory services on doing business in China. In addition, it
plans to open a branch in New Delhi, India in May 2006 as well as a branch in Wuxi, China during the first half of fiscal
2006 as part of our efforts to further strengthen the group's bases in Asia.

Looking for a Breakthrough in the Americas and European Markets
MHCB continues its efforts towards achieving rapid, exponential growth in the Americas and European markets, wheredevelopment of new financial technologies is rapid. The group not only holds a top-tier position in the European MBO
market, but also boasts an excellent record in project finance in the Americas. In order to upgrade its securitization productoperations and credit investment operations such as credit derivatives, it strengthened this area of its business still further
by establishing the new Americas Credit Investment & Management Division in New York in October 2005.
To supplement the group's network effectively, it has also set up “Mizuho Desks” through tie-ups with local banks,
such as Austria's Raiffeisenbank, the UAE's Mashreqbank, Brazil's Unibanco, and Malaysia's Maybank.

Mizuho Desks
Mizuho Desks make it possible to offer various services in regions where MHCB has no branches through tie-ups
with major local banks. The various transactions involved are conducted on the basis of contracts between thecustomers and the local banks with which MHCB has concluded tie-ups.

13

Working to Win the Support of Customers

 Business Approaches Adopted by Each Global Group
Global Corporate Group~ Approach to Business with Large and Global Corporations ~GLOBAL CORPORATE GROUP

Corporate Revitalization Enters a New Phase
During fiscal 2004, we materially resolved our NPL issues when we achieved the target set by the Financial Revitalization
Program of halving our NPL ratio.
In April 2005, MHCB established the Credit Engineering Division to bring together the highly specialized know-how weaccumulated during the corporate revitalization process.
This new division is actively engaged in promoting and backing up businesses that focus more on enhancing corporate
value and improving market confidence, offering high value-added investment bank-like skills in setting up business
revitalization schemes, calculating corporate value and supporting feasibility studies on refinancing and capital policy
measures.
In keeping with its aim of becoming a partner to its customers in creating new corporate value, MHCB makes use of
MHSC and other group resources while at the same time working in broadly based cooperation with foreign investmentbanks and various types of equity funds.

Securities and Investment Banking Business Strategies
Aspiring to become a Leading Investment Bank in JapanMHSC is a wholesale securities company that offers high-quality, specialized solutions in the areas of securities andinvestment banking in response to the wide-ranging needs of domestic and international institutional investors,
corporations, financial institutions and public sector entities.
Debt, equities and investment banking — which have M&A and other financial advisory business, and ABS and otherstructured finance operations at its core — are the three pillars of its operations. Based on this, and making the most of its
highly skilled human resources and advanced financial technologies, it offers customers high value-added products andservices at all times.
As part of its efforts to diversify its earnings structure, it is proactively engaged in promoting principal finance andstrengthening its fund sales. It remains committed to expanding its infrastructure and strengthening its business in order toachieve its goal of becoming a leading investment bank in Japan.
Domestic SB League Table(Excluding bank debenture, self-led issues, retail targeted)* Lead managing amount basis. Total Amount of Issues: ¥3,982.6 billion(April 2005 - September 2005)
RankingCompany name

Underwriting(billions of yen)

Marketshare (%)

Overall ABS Bookrunner League Table(ABSs backed by assets in Japan: Domestic public andprivate bonds and Eurobonds)* Settlement date basis (April 2005 - September 2005)
Ranking Company name

No. ofissuesAmount(billions of yen)

Marketshare (%)

1

Mizuho Securities

830.7

20.86

1

Daiwa Securities SMBC

7

370.3

23.4

2

Nomura Securities

781.2

19.62

2

Nomura Securities

6

359.3

22.7

3

Nikko Citigroup

618.8

15.54

3

Goldman Sachs

1

250.0

15.8

4

Daiwa Securities SMBC

617.7

15.51

4

Mizuho Securities

9

219.5

13.9

5

Mitsubishi Securities

379.2

9.52

5

CS First Boston

2

119.2

7.5

Source: I-N Information Systems

Source: THOMSON DealWatch*Figures for Mizuho Securities are the aggregate figures for MHSC and its overseas
securities subsidiaries

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Working to Win the Support of Customers

 Business Approaches Adopted by Each Global Group
Global Corporate Group~ Approach to Business with Large and Global Corporations ~GLOBAL CORPORATE GROUP

Strengthening Global Operations~ Building up the Securities Business in Asia and China ~As the core company responsible for the securities operations of the Global Corporate Group, MHSC has set up securities
subsidiaries in key overseas markets in the U.K., the U.S., Hong Kong and Switzerland to establish the operating structure
for a global investment banking business centered on equity and bond underwriting and trading. It makes maximum useof its overseas network in providing high value-added services backed by its strengths in research, sales and execution skills
to satisfy the diversifying needs of its customers.
In addition to opening its first Chinese representative offices in Beijing and Shanghai in September 2005, it establishedthe International Business Promotion Group to strengthen its securities operations in Asia.

Strategic Alliances Yielding Solid Results
MHSC's participation in alliances designed to strengthen its business promotion base and selling power, and its efforts to
expand its operations as a wholesale securities company, are yielding solid results.
Having concluded a business tie-up with Nikko Cordial Securities in January 2005, MHSC strengthened the relationshipcentered on supplying products by, among other things, jointly arranging a privately placed real estate investment fund in
May 2005. MHSC also worked to build up its sales network further, setting up alliances related to securities sales agency
business with the Shonai Bank and MHCB in April, and another alliance with Toyota Financial Services Securities
Corporation to sell foreign bonds to be issued by overseas financial subsidiaries of Toyota Motor Corp. in June.

To Prevent Recurrence of Placement of Erroneous Orders
We reiterate our deepest apology to all related parties for any inconvenience caused by the erroneous orderplaced by MHSC in December 2005. MHSC is working to prevent any recurrence of such an incident by improving
its systems and conducting a thorough review of its operating procedures as well as substantially strengthening its
management control.

15

Working to Win the Support of Customers

 Business Approaches Adopted by Each Global Group

Global Retail Group~ Approach to Business with SMEs and Middle Market Corporations ~GLOBAL RETAIL GROUP

Promoting Lending
Expanding Middle Credit Risk Lending
MHBK is switching the focus of its lending strategy away from low credit risk loans towards an increase in middle credit
risk loans (loans offering high returns after adjusting for risk).
In the first half of fiscal 2005, it increased middle credit risk lending (including private bond issues) by approximately¥370 billion. Moreover, as a result of making efforts to increase new lending by mobilizing more staff to specialize in newloans, it raised new lending by approximately ¥570 billion.
It also worked on strengthening its loan product line-up, to the extent that the “Super Wide” strategic loan fundlaunched in October 2004 handled approximately ¥600 billion in just one year.
MHBK will adhere to a proactive approach to meeting customers' funding demands by expanding the “Partner Series”
of unsecured loan products and offering various fund procurement schemes as a means of satisfying the varied needs of
SMEs and middle market corporations.

Launching New Loan Products for SMEs through Alliance with Orient Corporation
MHBK is making use of the credit enhancement capabilities offered by Orient Corporation (Orico) and the debt servicer
know-how offered by Japan Collection Service, a member of the Orico group, to develop a number of loan products for
SME customers. On an execution basis, it has already extended loans in excess of ¥300 billion.
This was realized by the development of several breakthrough products that manage risk for the entire productportfolio, including “Mizuho Long Partner,” which provides unsecured working capital for up to seven years, and “Mizuho
Rising Partner,” which provides loans to smaller companies with growth potential.
Of these, “Mizuho Long Partner” responds to the needs of companies planning IPOs. So long as they meet certain criteria, it
is now possible to eliminate the need for acquiring guarantees from a customer's representative director. MHBK has also
developed “Mizuho Quick Partner,” a new unsecured loan product for relatively small-scale companies.
MHBK intends to respond speedily to the financing needs of a wide range of corporate customers by developing more
unsecured loan products in cooperation with Orico.
Sales Performance of Three Products Developed by Mizuho(No. of deals)
6,000(Billions of yen)
400
Amount (execution basis)
No. of transactions“Mizuho Support 30”
launched
4,500

300

“Mizuho Rising Partner”
launched
3,000

200“Mizuho Long Partner”
launched

1,500

100

0

Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep.
2003
2004
2005

16

0

Working to Win the Support of Customers

 Business Approaches Adopted by Each Global Group
Global Retail Group~ Approach to Business with SMEs and Middle Market Corporations ~GLOBAL RETAIL GROUP

Expanding the Mizuho Business Financial Center Network
MHBK is proactively engaged in the lending business, and has concentrated its overall lending operations for small-scalecompanies in the Mizuho Business Financial Center, a subsidiary specializing in lending.
During the second half of fiscal 2005, it plans to accelerate the network's expansion by increasing the number ofcenters from 39 at the end of September 2005 to 100 by the end of the fiscal year. It has raised the number of staff withexpertise in the lending business to 600, and is working to expand sales of loans with guarantees by the Credit Guarantee
Corporation, as well as sales of the “Mizuho Quick Partner” unsecured loan product.
Mizuho Business Financial Center specializes in small-scale enterprises and is manned by veteran staffers, so it is wellpositioned to continue offering carefully tailored responses, including helpful business consultations and guidance on
policy-based loans.

Becoming the Top Bank in Providing Solutions for SMEs and Middle Market
Corporations
Enhancing the Promotion of the Solutions Business
Through multifaceted collaboration, specialist teams in each sector have established a system for providing customers withappropriate responses to a variety of management issues.
A team of approximately 300 MHBK professionals specializing in corporate banking is working together with its
branches to provide solutions that make the most of the bank's expertise as a specialist in transactions with SMEs andmiddle market corporations.
The solutions offered are very diverse, ranging from financing deals in areas like structured finance and syndicated loans
to solutions associated with business strategies such as business matching, M&As and MBOs, solutions to corporate
pension scheme restructuring needs, consulting services for hospitals and schools, proposals concerning securities andother investment products, and advisory services on overseas expansion and foreign exchange-related issues.

Mobilizing Group Strengths
MHBK responds to the needs of customers planning IPOs through multifaceted collaboration with three group partners:
Mizuho Capital serves as a venture capital investor and provides advice on going public; MHIS provides broadly based IPO
support as a securities company; and MHTB provides advisory and stock transfer agency services.
In October 2005, MHBK set up the Corporate Consulting Office within the Corporate Banking Group to strengthen its
ability to deal with important customers' management issues, such as the inheritance of management rights and businessrestructuring. In cooperation with MHTB and Mizuho Management Advisory, it offers the best possible solutions tocustomers' needs in such areas as business inheritance.
In order to satisfy the needs of Japanese companies that are active overseas, especially in China and other Asianmarkets, specialist staff who are well-versed in overseas business provide assistance in customers' local projects throughthe group's overseas network, which is one of the most extensive of any Japanese bank.

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Working to Win the Support of Customers

 Business Approaches Adopted by Each Global Group
Global Retail Group~ Approach to Business with Individual Customers ~GLOBAL RETAIL GROUP

Working to Improve Customer Convenience“Mizuho Mileage Club” Membership Services Enhanced
As of the end of December 2005, over one million customers had signed up for MHBK's “Mizuho Mileage Club”
membership service.
The Mizuho Mileage Club Card incurs no annual fees and embodies the functions of an ATM card and a credit card in asingle card that also serves as a membership card. Equipped with an IC chip, it offers substantially better security thancards with magnetic tape only.
With the addition of six new companies in June 2005, MHBK raised to 14 the number of participants in the “Partners
Service,” a new service built on affiliations with a number of well-known firms transcending the boundaries of the financial
sector launched in February 2005. This further enhanced the service, whereby members earn bonus points depending on
their credit card usage and can convert these points for products and services among participating corporate partners.

Enhancing the Convenience of the Channel Network
In June 2005, it became possible to use MHBK ATM cards at “VIEW ALTTE” ATM corners at stations of East Japan Railway(JR East).
This means MHBK now offers withdrawal and balance inquiry services at 224 ATMs located in “VIEW ALTTE” corners at
165 stations of JR East, primarily in the Tokyo Metropolitan area.

Personal Loans
Housing LoansMHBK is working to strengthen its housing loan programs by enhancing the convenience of its products, services andchannels as part of its efforts to respond to customers' constantly diversifying needs.
To respond to customers' interest requirements, it continues its special interest rate housing loan campaign.
To respond to customers' longer term fixed-interest needs, the “Flat 35” securitization-type housing loan product has
proven popular, enabling MHBK to continue the trend set in the second half of fiscal 2004 by retaining the number-one
position among banks on a results basis in the first half of fiscal 2005 as well.
In the first half of fiscal 2005, MHBK also held weekend consultations on housing loans at approximately 460 branches,
assisting large numbers of customers who cannot otherwise visit its offices on regular business days with their refinancing
and other needs.
In order to enhance its services to customers, it expanded its Housing Loan Business Promotion Centers — a specialist
channel via which customers apply for housing loans through real estate vendors — and increased their staff members,
while enabling call centers to accept requests for accelerated repayments of housing loans.

Unsecured Loans
Through its comprehensive business alliance with Orico, MHBK has succeeded in increasing the number of affiliated merchants
handling captive loans (exclusive sales tie-up loans extended through Orico's affiliated merchants) and the balance of such loans.
MHBK continues to work on faster, more finely tuned services for customers, including a new credit-card loan productthat offers loans guaranteed by Orico to be launched in January 2006, greatly shortened credit screening response times,
and expanded application channels, including mobile phones.
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Working to Win the Support of Customers

 Business Approaches Adopted by Each Global Group
Global Retail Group~ Approach to Business with Individual Customers ~GLOBAL RETAIL GROUP

Aiming for the No.1 in Consulting Services
Strengthening Consulting Functions
MHBK is striving to become the leader in consulting services to ensure that it is the customer's bank of choice as a lifetime
advisor at various stages of their lives. To this end, it is working to train and deploy more expert personnel, build a new inbranch organization and improve its information infrastructure.
It will respond to customers' increasingly sophisticated needs by training and deploying 2,000 financial consultants who
specialize in business promotion for individual customers and can respond to all kinds of consulting needs.
At the end of September 2005, it had established “Premium Salons” at 100 branches to provide customers with space
for thorough consultations on asset management using life plan simulations and other tools, and plans to expand this toapproximately 250 branches.
It is also establishing “Comprehensive Reception and Information Desks” and deploying “Lobby Concierges” to provide
tailored assistance to customers in completing their business at branches more smoothly.

Cooperation with Trust Bank and Securities Company
MHBK has concluded tie-ups with trust bank and security companies with a view to responding more rapidly to customers'
increasingly diverse and sophisticated needs.
Using the franchise system for trust businesses, MHBK handles MHTB's asset management products and testamentary
trusts at its head office and all its branches.
MHIS consultation booths (“Planet Booths”) in the lobbies of MHBK branches, a service that it is actively promoting,
had reached 60 at the end of September 2005.
The private banking division started engaging in securities sales agency business in December 2004, establishing aframework that enables more direct responses to customers' increasingly diverse asset management needs than everbefore.
The line-up of investment products has also been strengthened following the start in July 2005 of online securities sales
agency business in an alliance with Monex Securities, which made it possible to offer securities sales agency business via
the Internet.

Expanding Asset Management Products
To support customers' asset investment needs, MHBK offers a wide range of products, from investment trusts, personal
pension insurance and foreign currency deposits to Japanese government bonds (JGBs) and trusts. Its mainstay line-up
comprises four key product packages carefully selected from among these. It has also started handling five new investment
trust products including those developed through business collaborations with top U.S. banks. It offers a principleguaranteed type variable personal pension insurance and other insurance schemes. It is also using campaigns and othermeans to expand its business in JGBs for individual investors.
Using the franchise system for trust businesses, MHBK's head office and all its branches handle MHTB's products thatprecisely meet the needs of customers, including an order-made asset management product and a product for integrated
management of securities such as equities and bonds, as well as money.

19

Working to Win the Support of Customers

 Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group~ Dealing with Customers' Demands for Asset Management and Administration ~GLOBAL ASSET & WEALTH MANAGEMENT GROUP

Approach to Trust and Custody Business
Testamentary Trusts
Amidst growing interest in inheritances and wills, MHTB
responds to the increasingly complex needs of customers by

Testamentary Trusts Entrusted(Consent to undertake the execution of wills + custody service)holding seminars on these subjects and individual consultation(No. of deals)
11,500meetings as needed. MHTB became the first institution to
11,000adopt a franchise system regarding testamentary trust
business to MHBK in January 2005, allowing customers to

10,500obtain consultation services on testamentary trusts at MHBK's

10,000head office and branches throughout the country. As a result,it maintained its top position in terms of the number of0

testamentary trusts entrusted to it, with 11,206 contracts as

March 2004

March 2005

September 2005of the end of September 2005.

Securitization of Financial Assets, etc.
MHTB makes full use of its trust functions in developing stable asset financing schemes on an order-made basis, andproposing them to its customers. Utilizing the high-level structuring capabilities it has built up on the basis of its
performance as the institution with the highest share of entrustments in the trust business, MHTB offers various solutions
to customer needs for fund procurement, cutbacks in assets and liabilities and better financial indices.
At the same time, it provides investors with new investment instruments in the form of asset securitization products. In
particular, outstanding sales of its “Chochiku no Tatsujin” automobile loan securitization product for individuals toppedthe ¥600 billion mark as of the end of September 2005.
MHTB is proactively developing new products to satisfy the growing variety and sophistication of customer needs,
including software copyright trusts and animation copyright trusts.

Approach to Real Estate Securitization
In recent years, real estate securitization has come into increasingly active use. Contributing factors include the growing
need to make more efficient use of assets, the diversification of fund investment and procurement needs, and the overhaulof strategies relating to real estate holdings in response to the introduction of impairment accounting.
Fully utilizing the know-how it has built up over many years, MHTB is engaged in a wide range of securitization deals
involving office buildings and commercial facilities. At the same time, it is proactively engaged in real estate development
methods that utilize securitization mechanisms. MHTB's capabilities and performance in arranging real estate securitization
deals have earned high marks among rating agencies and foreign investors. As of the end of September 2005, it boasted
the highest balance of securitized assets under administration as trustee with a total in excess of ¥3.5 trillion.
It will put forward sophisticated proposals that will satisfy all real estate needs by making the most of the overall
strengths generated through the combination of its arrangement capabilities and financial functions.

20

Working to Win the Support of Customers

 Business Approaches Adopted by Each Global Group
Global Asset & Wealth Management Group~ Dealing with Customers' Demands for Asset Management and Administration ~GLOBAL ASSET & WEALTH MANAGEMENT GROUP

Pensions Business
MHTB responds to customers' broad-based needs as a pension trustee offering full services ranging from pension planningand consultation to pension asset management. In cooperation with Mizuho Pension Research Institute, MHTB provides
ALM consultation and risk management services through highly experienced professionals equipped with the best knowhow in the business.
We worked cooperatively as a group to promote the defined contribution pension business which was launched in
October 2001. As a result, in terms of asset administration, the number and the balance of funds under administration astrustee is the highest in the industry.
As a “Best Solutions Partner” in the area of corporate pensions, MHTB will continue to offer high-quality services andproducts to precisely meet customer needs.

Establishment of Japan's First Full-Fledged Private Banking Company
We are establishing a business promotion structure by customer segmentation in the retail banking business in order tooffer the best solutions to customers' diversified needs in each segment.
In November 2005, we started operations of Japan's first full-fledged private banking company, “Mizuho Private
Wealth Management,” to provide our ultra-high-net-worth customers comprehensive and integrative services similar to
those available in the U.S. and Europe to the extent permitted under Japanese laws and regulations.
Based on the open-architecture concept of “providing customers with the best around the globe,” we will seek to offer
products and services of the highest level. With regard to non-financial services, we will provide premium services to meetcustomers' diverse needs in relation to art, automobiles and other similar areas, in collaboration with prestigious
companies, as well as high-quality solutions in connection with areas such as philanthropy and concierge services.

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Working to Win the Support of Customers

Reinforcement of CSR Activities

CSR Activities of Mizuho
Mindful of our mission to contribute to the ongoing development of the economy through active social participation as a globally
active financial group, we are reinforcing our commitment to CSR activities.
The following are the key points of our commitment: Involvement in Environmental Awareness
By recognizing the immediate importance of curbing and alleviating environmental impact as a globally shared challenge, we are
seeking to provide financial services that are in line with environmental preservation policies, such as measures to prevent global
warming, while at the same time reducing our own consumption of resources.

 Supporting Financial Education
We support financial education programs for the development of the next generation so they can acquire financial knowledge andthe ability to resolve the issues they may face in their daily lives.

 Enhancement of Corporate Governance
We are further enhancing corporate governance in order to sustain maximum fairness and integrity in our corporate activities andthus win high levels of acceptance in the global financial and capital markets.

 Highly Responsive Communications
We are realizing responsive communications between stakeholders by ensuring transparency in corporate activities through further
promoting information disclosure.

Working to bring greater specificity to CSR activities, we established a CSR Committee with responsibility for cross-organizational
discussions and coordination in connection with basic approaches and measures related to CSR, and in September 2005, drew up abasic CSR policy. The CSR Promotion Office of MHFG's Corporate Communications Division strengthens coordinated group-wide
efforts, while further advancing the efforts that individual group companies have made to date.
Preparations are in progress for the publication of a CSR Report during fiscal 2005.

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Working to Win the Support of Customers

 Reinforcement of CSR Activities

Environmental Activities
In compliance with laws and ordinances relating to the environment, we are working to contribute to the protection of theenvironment through energy and resource conservation efforts that include separating and collecting garbage by type andusing recycled materials.
At the same time, we are tackling environmental issues as a financial institution by supporting customers' programs for
dealing with the environment and offering financial products and service that contribute to environmental preservation.

 Developing Environment-Related Financial Products and Advisory Services
Services related to global
warming

The latest information on greenhouse gas emissions, trading and advisory services concerning the creation of
trading systems, creation of schemes concerning CDM/JI (clean development mechanisms and joint implementation*) investments, and the development of funding methods for validation and carbon funds.

Project finance

Advisory services for CDM/JI investments, arranging finance for wind power generation and garbage incineration facilities.

Natural energy-related
products

Trading in wind speed (for wind power) and precipitation (for hydroelectric power) derivatives.

Environmental
management consulting

Preparation of environmental IR strategies, introduction of environmental accounting and acquisition of
ISO14001 certification.

LCA support services

Implementation of LCA (life cycle assessments) in connection with products and services.

 CDM/JI: The mechanisms adopted under the Kyoto Protocol for greenhouse gas emission reduction projects.

 Adoption of the “Equator Principles”
In October 2003, MHCB became the first Japanese bank to adopt the Equator Principles which are a standardized framework
employed by private banks to monitor whether projects financed through project finance schemes have taken into
consideration the environmental and social impact that projects may have on the local community.
In June 2005, the environmental NGO BankTrack, which grades and publicizes the progress of implementation of theEquator Principles by banks, chose MHCB as one of the top five banks for its efforts in the area of disclosure out of a total of
31 banks in Japan and overseas at the time of the evaluation. MHCB also earned above-average marks in the overall
evaluation.
Ten major banks such as Citigroup implemented the Equator Principles in June 2003, and as of October 2005, 35 majorbanks around the world have adopted the Principles.

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Working to Win the Support of Customers

 Reinforcement of CSR Activities

Contributions to Society Mizuho Charity Fund
In 2002, we launched the Mizuho Charity Fund which collects contributions in units of ¥100 directly from the monthly salaries of
employees, to promote community activities by the group's senior executive officers and employees. Using this fund, we makedonations via group philanthropic foundations to purchase welfare vehicles for the physically challenged and the elderly, provide relief
aid for natural disasters, and contribute to volunteer organizations recommended by group employees.
The following donations have been made in connection with large-scale disasters so far in fiscal 2005. Contributions have also
been made to NPOs and other volunteer activities in which group employees directly participate or otherwise support.
Contributions to Large-scale Disasters Disaster relief in connection with Hurricane Katrina in the U.S.
 Disaster relief in connection with the Kashmir earthquake (also known as the Northern Pakistan earthquake or South Asia earthquake)
In addition to these contributions from the Mizuho Charity Fund, the group's senior executive officers and employees also carried out separate
fund-raising activities and the monies raised were donated along with contributions from MHFG itself.

 Activities of Philanthropic Foundations in Japan
We support social welfare for senior citizens and the physically challenged, international exchange, educational support andscholarships, and academic research through the following foundations; Mizuho Education Welfare Foundation, Mizuho Welfare
Foundation, Mizuho International Foundation, Mizuho Scholarship Foundation and Mizuho Foundation for the Promotion of Sciences.

 Overseas Activities
Our overseas offices are actively engaged in efforts to contribute to local communities.
Mizuho Asian Fund
The Mizuho Asian Fund was established in 1998 to facilitate the development of healthy youths, theeradication of drugs and promotion of sports in ASEAN countries.
Through the cooperation of Thailand's Ministry of Education, the fund sponsors soccer and volleyball
tournaments (collectively called the MIZUHO GAMES) for elementary and junior high schools.
Also, the fund has awarded scholarships to university students as well as supported company visits forelementary and junior high school students in Thailand.

 Support for the “All-Japan Elementary and Junior High School Students' Environmental Art Contest”
Since 1997, we have supported the “All-Japan Elementary and Junior High School Students' Environmental Art Contest” throughfunding, participating to the screening process and renting a conference room for awarding ceremony. The contest promotes
environmental education among elementary and junior high school students. Winners are presented with books containing thewinning entries.

24

Working to Win the Support of Customers

Brand Strategy

We are pursuing a strategy to transform the Mizuho name into a brand that befits a leading global financial services group.
Under this branding strategy, we will make clear declarations of the kind of value we can provide to customers. This is our Brand
Promise.
Our Promise, however, is mere words and is not enough on its own to win customer approval for our efforts to provide value. In
order to fulfill Brand Promise, therefore, we will share and put into practice the strengths and challenges embodied in the expression“enterprising, open, and leading-edge” in our daily work activities.
We believe we will only achieve our aspiration to become “A financial partner that helps customers shape their future and achieve
their dreams” when our customers truly feel we are “enterprising, open, and leading-edge” and have fulfilled our Promise.

Brand Promise
To customers ranging from domestic retail, corporate to international,
Mizuho Financial Group is comprised of enterprising, spirited professionals
who use creative and original methods to respond to customer needs today,
while helping them achieve a bright future tomorrow.
Because we want to play a meaningful role in our customers' lives
by always being available to them, we offer a full range of leading-edge products and services
designed to help them achieve their goals and make their lives more enjoyable and gratifying.

Brand Strength
EnterprisingOpen

Leading-edge“Enterprising” means we have the passion“Open” means we are flexible and are

and power to help customers find theopen to new ideas and new ways to serve

right path.

customers.

“Leading-edge” means we have theforesight to “light the future.”
In other words, each of us should

We think creatively about our businessWe listen sincerely to our customers

anticipate how society and customers

and each of us is empowered to make aand treat them with fairness and kindness

change. As a result of this, we introduce

difference in our customers' lives. We

any time we have the chance.

the most advanced and unique products

keep focused on our customer needs andWe must be open.

and services to better serve our customers.

continuously strive to help them achieve

Because of our innovative mindset, we

their dreams.

help our customers achieve a better andWe must be enterprising.

brighter future.
We must be at the leading-edge.

Brand Vision“A financial partner that helps customers shape their future and achieve their dreams”

25Working to Win the Support of Customers

 Brand Strategy

We will continue to declare our Promise through various kinds of communications activities under the group's unified Brand Slogan,“Channel to Discovery.”

Brand Slogan

The slogan expresses the role Mizuho will play, not only to realize today's dreams,
but also to discover new possibilities that lie ahead and to create a better future.

“Discovery” stands for Mizuho's customers discovering their dreams and new possibilities, and“Channel” stands for the role Mizuho will play in providing the ways and means to its customers
so that they can realize their dreams and new possibilities.

Communications Activities
TV commercial aired in Japan

26

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

Consolidated Accounts of Mizuho Financial Group, Inc. (MHFG)
1. Scope of Consolidation and Application of the Equity Method
companies

At September 30, 2005 and 2004, and at March 31, 2005

September 30, 2005 (a)March 31, 2005 (b)September 30, 2004

Change (a)-(b)Number of consolidated subsidiaries
Number of affiliates under the equity method

117
19

118
20

121
22

(1)
(1)

The number of MHFG's consolidated subsidiaries decreased by 1 to 117, and the number of affiliates under the equity method
decreased by 1 to 19 from the end of the previous fiscal year.
The major consolidated subsidiaries are Mizuho Holdings, Inc. (MHHD), Mizuho Corporate Bank, Ltd.(MHCB), Mizuho Bank,
Ltd.(MHBK), Mizuho Trust & Banking Co., Ltd. (MHTB), and Mizuho Securities Co., Ltd.(MHSC). The major affiliates under the equity
method are The Chiba Kogyo Bank, Ltd. and Shinko Securities Co., Ltd.
MHHD changed its trade name to Mizuho Financial Strategy Co., Ltd. on October 1, 2005.

2. Consolidated Profits and Losses
Billions of yen

For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

September 30, 2005 (a)Consolidated Gross Profits
Net Interest Income
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 related to Stocks
Equity in Income from Investments in Affiliates
Other
Income before Income Taxes and Minority Interests
Income Taxes–Current
Income Taxes–Refund
Income Taxes–Deferred
Minority Interests in Net Income
Net Income
Net Income per Share of Common Stock (Yen)
Credit-related Costs(Reference) Consolidated Net Business Profits¥

1,045.8
533.1
34.1
255.4
81.5
141.6
548.3

61.0
121.4
4.7
(68.3)
494.2
24.8
—
89.4
41.3
¥
338.5
¥ 31,219.11
¥
14.6
¥
507.9

March 31, 2005¥

1,993.0
1,106.4
63.2
472.6
165.0
185.7
1,091.3

231.9
210.3
1.4
61.4
943.0
41.0
21.2
235.2
60.6
¥
627.3
¥ 54,625.61
¥
93.9
¥
912.5

September 30, 2004 (b)

¥

961.2
564.5
26.7
215.1
70.0
84.7
563.0

155.5
80.1
2.0
104.2
429.0
18.9
—
148.4
27.7
¥
233.9
¥ 21,706.23¥(28.4)¥
420.7

Change (a)-(b)

¥

¥
¥
¥
¥

84.5
(31.4)
7.3
40.2
11.5
56.8
(14.6)(94.5)
41.3
2.7(172.6)65.1
5.9—(58.9)
13.5
104.6
9,512.88
43.0
87.2

Notes: 1. Credit-related Costs = (Expenses related to Portfolio Problems + Provision for General Reserve for Possible Losses on Loans) + Reversal of Reserves for Possible Losses on Loans, etc. + Credit Costs for Trust
Accounts.
2. Consolidated Net Business Profits = Consolidated Gross Profits - General and Administrative Expenses (Excluding Non-recurring Losses) + Equity in Income from Investments in Affiliates and otherconsolidation adjustments.
3. Net Gains related to Stocks for the six months ended September 30, 2005, include Gains on Disposition of Investment in Subsidiary of ¥42.4 billion.
4. Note that unlike in previous terms, there is no reclassification for Reversal of Reserves for Possible Losses on Loans, etc. / on Investments.

27

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

(1) Consolidated Gross Profits
Consolidated Gross Profits for the interim period of fiscal 2005 were ¥1,045.8 billion, increasing by ¥84.5 billion from the corresponding interim period of fiscal 2004. Net Interest Income was ¥533.1 billion, decreasing by ¥31.4 billion resulting from the increase inInterest and Dividends on Securities being offset by increased funding costs resulting from the rise in U.S. interest rates, decrease inInterest on Loans and Bills Discounted and other factors. Net Fee and Commission Income was ¥255.4 billion, increasing by ¥40.2 billion. This was as a result of increases in fee income related to our solutions business, investment trusts, individual annuities and otherfactors. Net Trading Income was ¥81.5 billion, increasing by ¥11.5 billion. Net Other Operating Income was ¥141.6 billion, increasingby ¥56.8 billion. This was as a result of increased market-related income such as Net Gains related to Bonds.

(2) General and Administrative Expenses
General and Administrative Expenses amounted to ¥548.3 billion, decreasing by ¥14.6 billion. This was because of a decrease in baseexpenses, especially IT-related expenses as a result of completion of Mizuho Bank's IT systems integration and a decrease in Personnel
Expenses resulting from a fall in Expenses related to Employee Retirement Benefits, etc.

(3) Credit-Related Costs
Credit-related Costs amounted to ¥14.6 billion. This was mainly due to decreases in costs related to write-offs with the nearcompletion of the removal of problem assets from the balance sheet and reversal of reserves with the strengthening of Mizuho's
asset quality.

(4) Net Gains Related to Stocks and Equity in Income from Investments in Affiliates
Supported by a robust stock market in addition to the continuing progress in decreasing our stockholdings to alleviate the risk ofstockholdings. Net Gains related to Stocks amounted to ¥121.4 billion (including Gains on Disposition of Investments in Subsidiaries of¥42.4 billion).
Equity in Income from Investments in Affiliates amounted to ¥4.7 billion, increasing by ¥2.7 billion as a result of a strong businessperformance by our affiliates under equity method.

(5) Other
Other decreased by ¥172.6 billion to record a loss of ¥68.3 billion. Major components are as follows:
Reversal of Reserves for Possible Losses on Loans of ¥47.7 billion
Gains on sales of premises and equipment of ¥8.1 billion
Losses on sales of bonds of ¥52.8 billion and valuation losses of bonds of ¥32.5 billion related to Japanese Government Bonds etc.,
resulting from revisions of the bond portfolio strategies
Impairment of fixed assets of ¥16.5 billion
Losses on sales of premises and equipment of ¥6.5 billion(6) Income Taxes and Minority Interests in Net Income
Income Taxes–Current amounted to ¥24.8 billion, and Income Taxes–Deferred amounted to ¥89.4 billion.
Minority Interests in Net Income amounted to ¥41.3 billion.

(7) Net Income
After reflecting the above, Net Income amounted to ¥338.5 billion, increasing by ¥104.6 billion.

28

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

Use and Source of Funds (Consolidated)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Billions of yen

Average balance
March 31,
September 30,
2005
2004 (b)September 30,
2005 (a)Use of Funds¥ 115,261.6 ¥ 112,846.2 ¥ 115,871.1
Due from Banks
1,741.2
1,719.8
1,704.5
Call Loans and Bills Purchased
419.3
1,271.5
1,438.1
Receivables under Resale Agreements
5,750.4
4,937.6
4,859.7
Guarantee Deposits Paid under Securities
Borrowing Transactions
7,880.2
7,603.1
7,319.7
Securities
37,706.3
33,073.0
32,626.4
Loans and Bills Discounted
61,442.2
63,767.4
65,437.9
Source of Funds¥ 116,399.9 ¥ 115,568.6 ¥ 116,814.6
Deposits
76,944.4
76,900.876,807.4
Debentures
7,547.2
8,590.0
8,986.4
Call Money and Bills Sold
9,117.1
8,764.4
8,601.0
Payables under Repurchase Agreements
10,417.2
8,902.5
8,861.8
Guarantee Deposits Received under Securities
Lending Transactions
7,260.2
7,156.4
7,051.8
Commercial Paper
649.7
1,066.8
952.7
Borrowed Money
2,521.7
2,135.3
1,930.5

Change(a)-(b)Interest
March 31, September 30,
2005
2004 (b)September 30,
2005 (a)Change(a)-(b)¥ (609.5) ¥ 904.4 ¥ 1,584.4 ¥ 776.9 ¥ 127.5
36.7
23.2
29.7
12.6
10.6
(1,018.7)
4.3
5.0
2.3
2.0
890.6
114.1
110.2
46.8
67.2
560.4
2.1
3.6
1.7
0.3
5,079.8
196.7
290.6
131.7
64.9
(3,995.7)
522.1
1,065.1
540.6(18.5)¥ (414.7) ¥ 371.2 ¥ 477.9 ¥ 212.3 ¥ 158.9
137.0
108.4
125.9
51.4
57.0
(1,439.2)
26.3
68.6
36.5
(10.2)
516.1
2.3
2.9
1.3
1.0
1,555.3
160.6
154.0
61.7
98.9
208.3
(303.0)
591.2

10.4
0.2
11.4

12.7
1.0
26.5

5.5
0.4
14.1

4.9
(0.1)
(2.6)
%

Yield
September 30, March 31, September 30,
2005 (a)2005 2004 (b)For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Use of Funds
Due from Banks
Call Loans and Bills Purchased
Receivables under Resale Agreements
Guarantee Deposits Paid under Securities
Borrowing Transactions
Securities
Loans and Bills Discounted
Source of Funds
Deposits
Debentures
Call Money and Bills Sold
Payables under Repurchase Agreements
Guarantee Deposits Received under Securities
Lending Transactions
Commercial Paper
Borrowed Money

1.56%
2.67
2.09
3.96

1.40%
1.72
0.39
2.23

1.34% (0.22)%
1.47
1.19
0.32
1.77
1.92
2.03

0.05
1.04
1.69
0.63%
0.28
0.69
0.05
3.08

0.04
0.87
1.67
0.41%
0.16
0.79
0.03
1.72

0.04
0.00
0.80
0.23
1.65
0.04
0.36% (0.27)%
0.13
0.14
0.81
(0.11)
0.03
0.02
1.39
1.69

0.28
0.08
0.91

0.17
0.09
1.24

0.15
0.09
1.46

Net Fee and Commission Income (Consolidated)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Net Fee and Commission Income
Fee and Commission Income
Deposits, Debentures and Lending Business
Remittance Business
Securities-related Business
Trust-related BusinessAgency Business
Guarantee Business
Safe Custody and Safety Deposit Box BusinessFee and Commission Expenses
Remittance BusinessChange(a)-(b)0.13(0.00)(0.55)

Billions of yen

September 30, 2005 (a)

¥
¥

¥

255.4
301.9
70.5
57.7
55.3
22.2
20.0
13.8
3.1
46.4
14.9

29

March 31, 2005

¥
¥

¥

472.6
566.1
126.0
113.7
105.3
45.4
40.0
25.6
6.6
93.4
28.9

September 30, 2004(b)

¥
¥

¥

215.1
268.0
58.8
56.5
51.3
19.6
19.2
12.4
4.8
52.8
14.3

Change (a)-(b)

¥
¥

¥

40.2
33.8
11.7
1.1
4.0
2.6
0.7
1.4
(1.6)
(6.3)
0.5

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

3. Consolidated Assets and Liabilities
Billions of yen

At September 30, 2005 and 2004, and at March 31, 2005

September 30, 2005 (a)March 31, 2005 (b)September 30, 2004

¥ 146,887.9
5,124.5
11,389.9
38,447.1
63,811.4
142,046.8
80,402.9
7,242.2
8,362.9
1,157.8¥ 3,683.2¥ 143,076.2
6,808.9
11,047.6
36,047.0
62,917.3
138,042.1
80,368.0
7,795.0
8,359.9
1,128.3¥ 3,905.7¥ 139,327.1
5,442.8
11,027.3
33,267.3
64,296.9
134,681.2
76,049.3
8,461.5
8,457.9
1,108.3¥ 3,537.5

3,811.7(1,684.4)342.3
2,400.0894.0
4,004.7
34.9(552.8)3.0
29.4¥(222.4)

748.1

538.0

350.4

210.0

Total Assets
Cash and Due from Banks
Trading Assets
Securities
Loans and Bills Discounted
Total Liabilities
Deposits
Debentures
Call Money and Bills Sold
Minority Interests
Total Shareholders' Equity
Net Unrealized Gains on Other Securities,
net of Taxes

Change (a)-(b)¥(1) Assets, Liabilities and Shareholders' Equity
Consolidated total assets as of September 30, 2005 amounted to ¥146,887.9 billion, increasing by ¥3,811.7 billion from the end of
fiscal 2004.
Securities were ¥38,447.1 billion, increasing by ¥2,400.0 billion. This reflected mainly an increase in non-Japanese bonds.
The balance of Loans and Bills Discounted bottomed out and increased by ¥894.0 billion to ¥63,811.4 billion.
With respect to Non-Performing Loans, further efforts to improve MHFG's financial soundness resulted in a consolidated balance ofDisclosed Claims under the Financial Reconstruction Law amounted to ¥1,361.4 billion, decreasing by ¥225.7 billion.
Deferred Tax Assets were ¥795.7 billion, decreasing by ¥241.1 billion as a result of recording taxable income and the continued conservative assessment.
Deposits amounted to ¥80,402.9 billion, increasing by ¥34.9 billion.

(2) Consolidated Capital Adequacy Ratio (BIS Capital Ratio)
Consolidated qualified capital amounted to ¥7,609.8 billion, decreasing by ¥410.3 billion from the end of fiscal 2004. While wereported a strong business performance during the interim period to increase our Net Income substantially, we repurchased and cancelled public funds of preferred shares amounting to ¥692.9 billion (¥616.4 billion on an issued-price basis). The Risk-adjusted Assets
balance was ¥70,874.8 billion, increasing by ¥3,549.8 billion due to the increase in assets and further efforts to expand top-line
growth after entering the new phase in our management strategies.
As a result, the Consolidated Capital Adequacy Ratio (BIS Capital Ratio) decreased by 1.18 % to 10.73 %.

30

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

Fair Value of Other Securities (Consolidated)

Billions of yen

Cost

Fair value¥ 32,028.7
3,030.6
21,414.6
7,583.4¥ 33,351.0
4,506.5
21,295.0
7,549.4

At September 30, 2005 (a)Other Securities*1
Stocks*2
Bonds
Other

Gross unrealized
Gains
Losses¥ 1,605.4
1,537.4
4.4
63.5

¥

283.0
61.5
123.9
97.4

Net unrealized*3
gains (losses)¥

1,322.3
1,475.8(119.5)(33.9)
Billions of yen

At March 31, 2005 (b)CostFair value

Other Securities*1
Stocks*2
Bonds
Other

¥ 30,554.5
3,087.9
22,170.2
5,296.3¥ 31,551.2
4,197.5
22,094.0
5,259.6

Gross unrealized
Gains
Losses¥ 1,232.6
1,174.3
15.8
42.3

¥

235.9
64.7
92.0
79.0

Net unrealized*3
gains (losses)

¥

996.7
1,109.6(76.2)(36.6)
Billions of yen

At September 30, 2004

Cost

Fair value

Other Securities*1
Stocks*2
Bonds
Other

¥ 28,566.0
3,128.2
20,515.6
4,922.1¥ 29,245.7
3,951.1
20,375.5
4,919.0

Gross unrealized
Gains
Losses

¥

947.4
900.3
11.7
35.3

¥

267.7
77.4
151.8
38.4

Net unrealized*3
gains (losses)

¥

679.7
822.9
(140.0)(3.1)
Billions of yen

Cost

Change (a)-(b)Other Securities
Stocks
Bonds
Other

¥

Fair value

1,474.1(57.2)(755.6)2,287.1¥

1,799.8308.9(798.9)2,289.8¥

Gross unrealized
Gains
LossesNet unrealized
gains (losses)

372.7
363.0
(11.4)
21.1

¥

¥

47.0
(3.1)
31.8
18.4

325.6
366.2
(43.3)
2.7*1 In addition to the balances shown in the above table, Other Securities include securities without fair values such as unlisted stock of ¥774.6 billion and non-publicly offered bonds and other of ¥1,878.6 billion
as of September 30, 2005.
*2 Fair value of Stocks is determined based on the average market price over the month preceding the balance sheet date.
*3 Net unrealized gains (losses) include ¥18.9 billion, ¥54.0 billion and ¥32.9 billion which was recognized in the Statement of Operations of September 30, 2005, March 31, 2005 and September 30, 2004,
respectively, by applying the fair-value hedge method and other. As a result, the base amount to be recorded directly to Shareholders' Equity after tax and consolidation adjustments as of September 30, 2005,
March 31, 2005 and September 30, 2004 were ¥1,303.4 billion, ¥942.6 billion and ¥646.8 billion, respectively.

(Reference)
Unrealized Gains (Losses) on Other Securities (the base amount to be recorded directly to Shareholders' Equity after tax andconsolidation adjustments)
For certain Other Securities (which have readily determinable fair value), unrealized gains (losses) were recognized in the Statement of
Operations by applying the fair-value hedge method and other. They were excluded from unrealized gains (losses) on Other Securities.
These adjusted unrealized gains (losses) were the base amount, which was to be recorded directly to Shareholders' Equity after tax andconsolidation adjustments.
The base amount was as follows:
Billions of yen

At September 30, 2005 and 2004, and at March 31, 2005

Other Securities
Stocks
Bonds
Other

September 30, 2005 (a)¥1,303.4
1,475.8(138.0)(34.3)

31

March 31, 2005 (b)

¥

942.6
1,109.6(130.2)(36.6)

September 30, 2004

¥

646.8
822.9
(172.9)(3.1)

Change (a)-(b)

¥

360.8
366.2
(7.7)
2.3

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

Consolidated Capital Adequacy Ratio (BIS Capital Ratio)
Billions of yen

At September 30, 2005 and 2004, and at March 31, 2005

September 30, 2005 (a)Capital Adequacy Ratio
Tier I Ratio
Tier I(A)
Common Stock and Preferred StockNew Stock Subscription
Capital Surplus
Retained Earnings
Minority Interests in Consolidated Subsidiaries
Preferred Stock issued by Overseas SPCs
Unrealized Losses on Other Securities
Treasury Stock Subscription
Treasury Stock
Foreign Currency Translation Adjustments
Goodwill Equivalent
Consolidation Differences Equivalent
Tier II(B)
45% of Unrealized Gains on Other Securities
45% of Revaluation Reserve for Land
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

10.73%
5.44%¥ 3,862.4
1,540.9—
69.6
1,322.7
1,114.1
942.8——(134.8)(50.1)(0.0)—
3,862.4
589.8
141.4
550.3
2,757.5
827.1
1,930.3
115.1¥ 7,609.8¥ 70,874.8
69,457.6
62,969.1
6,488.5
1,417.2
113.3

32

March 31, 2005 (b)September 30, 2004

Change(a)-(b)11.91%
6.19%¥ 4,172.0
1,540.9—
1,022.5
972.5
1,079.2
927.9——(394.5)(48.6)(0.0)—
3,956.4
426.0
150.7
637.3
2,742.3
854.3
1,888.0
108.2¥ 8,020.2¥ 67,324.9
66,391.5
60,702.4
5,689.1
933.4
74.6

11.86%
6.01%¥ 4,044.1
1,540.9—
1,022.5
634.3
1,075.7
937.2——(134.2)(95.1)(0.0)—
4,044.1
292.0
165.1
834.6
2,753.1
814.4
1,938.7
113.5¥ 7,974.6¥ 67,239.4
66,141.7
60,760.3
5,381.3
1,097.6
87.8(1.18)%(0.75)%¥ (309.5)——(952.9)
350.2
34.9
14.9
—
—
259.7
(1.4)
(0.0)
—
(93.9)
163.8(9.2)(87.0)
15.1(27.1)
42.2
6.8¥ (410.3)¥ 3,549.8
3,066.0
2,266.6
799.3
483.8
38.7

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

Aggregated Figures of the Three Banks
For an early achievement of corporate revitalization, loans and stocks of customers in need of revitalization/restructuring held by MHCB,MHBK and MHTB were transferred to their financial subsidiaries for corporate revitalization in July 2003.
Aggregated figures of the Three Banks are the aggregated non-consolidated figures of MHCB, MHBK, MHTB and their financial subsidiaries for corporate revitalization.
MHCB, MHBK and MHTB merged with their own financial subsidiaries for corporate revitalization respectively, as of October 1,
2005, in consequence of the termination of the “Corporate Revitalization Project.”

1. Differences between Consolidated Figures and Aggregated Figures of the Three Banks
Billions of yen, %For the Six Months ended
September 30, 2005 and 2004

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

MHFG(Consolidated)(a)¥1,045.8
533.1
34.1
255.4
81.5
141.6
14.6
338.5

September 30, 2005
AggregatedFigures of theThree Banks (b)(a) – (b)¥ 968.1
619.2
33.6
171.6
10.1
133.3
14.6
398.8

¥

(b) / (a)

77.6
92.5%
(86.1) 116.1
0.4
98.7
83.7
67.2
71.3
12.4
8.3
94.1
(0.0) 100.2(60.3) 117.8

September 30, 2004
MHFG
Aggregated(Consolidated)
Figures of the(a) Three Banks (b)(a) – (b)¥ 961.2
564.5
26.7
215.1
70.0
84.7
(28.4)
233.9¥ 788.2
526.5
26.8
146.5
7.4
80.9
(33.5)
191.9(b) / (a)¥ 173.0
38.0
(0.0)
68.6
62.6
3.7
5.1
41.9

82.0%
93.2
100.0
68.0
10.5
95.5
117.9
82.0

Note: Credit-related Costs = Expenses related to Portfolio Problems + Provision for General Reserve for Possible Losses on Loans + Reversal of Reserves for Possible Losses on Loans, etc. + Credit Costs for Trust
Accounts.
Billions of yen, %At September 30 and March 31, 2005

MHFG
(Consolidated)(a)September 30, 2005
AggregatedFigures of theThree Banks (b)(a) – (b)(b) / (a)Total Assets
Securities
Loans and Bills Discounted¥ 146,887.9
38,447.1
63,811.4¥136,697.5 ¥10,190.4
40,941.2(2,494.0)
63,543.9
267.4

93.0% ¥ 143,076.2 ¥ 135,561.5
106.4
36,047.0
39,192.0
99.5
62,917.3
62,647.1

33

MHFG(Consolidated)(a)March 31, 2005
AggregatedFigures of theThree Banks (b)(a) – (b)¥ 7,514.6(3,144.9)
270.1(b) / (a)

94.7%
108.7
99.5

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

2. Aggregated Profits and Losses(the Three Banks)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Billions of yen

September 30, 2005 (a)Domestic Gross Profits
International Gross Profits
Gross Profits
Net Interest Income
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 (Reversal of)
General Reserve for Possible Losses on Loans)Excluding Net Gains related to Bonds
Provision for (Reversal of) General Reserve for
Possible Losses on Loans
Net Business Profits
Net Non-recurring Losses
Net Gains related to Stocks
Expenses related to Portfolio Problems
Other
Income before Income Taxes
Income Taxes–Current
Income Taxes–Refund
Income Taxes–Deferred
Net Income
Credit-related Costs¥¥¥

March 31, 2005

September 30, 2004 (b)¥ 1,214.7
411.6
1,626.4
1,028.1
62.8
315.1
43.8
176.5
9.6

404.0

829.1

420.5

(16.5)

564.6
530.2

800.0
790.3

369.1
377.3

195.5
152.9

5.8
558.2
(67.5)
72.5(77.2)(62.8)
490.6
0.3
—
91.4
398.8
14.6

(155.2)952.4(154.1)193.8(456.6)
108.6
798.2
0.6
21.2
236.2
582.5
61.2

7.6
360.0
(18.0)
62.5(154.9)
74.2
341.9
0.3
—
149.6
¥ 191.9¥ (33.5)

(1.7)
198.1
(49.4)
10.0
77.7(137.1)148.7
0.0—(58.1)
206.9
48.2

¥
¥

¥

612.4
175.7
788.2
526.5
26.8
146.5
7.4
80.9
(8.1)

Change (a)-(b)

744.2
223.9
968.1
619.2
33.6
171.6
10.1
133.3
34.4

¥

131.7
48.1
179.9
92.7
6.8
25.1
2.7
52.3
42.6

Notes: 1. Net Business Profits (before Provision for General Reserve for Possible Losses on Loans) of MHTB exclude the amounts of Credit Costs for Trust Accounts.
2. Credit-related Costs = Expenses related to Portfolio Problems + Provision for General Reserve for Possible Losses on Loans + Reversal of Reserves for Possible Losses on Loans, etc. + Credit Costs for Trust
Accounts.
3. Dividends from the revitalization subsidiaries of ¥120.0 billion are included due to the simple aggregation of the three banks (non-consolidated) and their revitalization subsidiaries.
4. Note that unlike in previous terms, there is no reclassification for Reversal of Reserves for Possible Losses on Loans, etc./on Investments.

Breakdown of Gross Profits (the Three Banks)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Net Interest Income
Domestic Operations
International Operations
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, 2005 (a)

¥

¥

619.2
536.6
82.6
33.6
33.6
/
171.6
138.4
33.2
10.1
19.9
(9.7)
133.3
15.5
117.7
968.1

34

March 31, 2005

¥ 1,028.1
866.2
161.8
62.8
62.8
/
315.1
257.0
58.0
43.8
16.7
27.1
176.5
11.9
164.5
¥ 1,626.4

September 30, 2004 (b)

¥

¥

526.5
448.4
78.0
26.8
26.8
/
146.5
116.1
30.4
7.4
12.9
(5.5)
80.9
8.1
72.7
788.2

Change (a)-(b)

¥

¥

92.7
88.1
4.5
6.8
6.8
/
25.1
22.2
2.8
2.7
7.0
(4.2)
52.3
7.3
44.9
179.9

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

Breakdown of Net Interest Income (MHCB and MHBK excluding Financial Subsidiaries for Corporate Revitalization)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

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

September 30,
2005 (a)Average balance
March 31,
2005

Billions of yen

September 30,
2004 (b)Change(a)-(b)¥ 106,100.8
56,552.1
38,630.4
109,232.0
84,705.4¥ 105,591.5
57,668.6
34,036.2
109,216.4
84,158.4¥ 106,292.2
57,944.7
33,390.4
109,618.4
83,765.8¥(191.3)(1,392.6)
5,239.9(386.4)939.6

87,811.7
50,570.2
31,420.5
91,599.7
74,702.3

89,710.5
52,379.0
28,917.6
93,485.4
75,117.9

90,401.2
52,719.7
28,527.9
93,926.4
74,862.7(2,589.5)(2,149.5)
2,892.6(2,326.7)(160.3)

19,224.5
5,981.9
7,209.8
18,567.6
10,003.1

16,904.3
5,289.6
5,118.6
16,754.2
9,040.5

16,865.9
5,225.0
4,862.5
16,666.9
8,903.0

2,358.6756.8
2,347.3
1,900.6
1,100.0%

For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

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,
2005 (a)Yield
March 31,2005

September 30,
2004 (b)Change(a)-(b)

1.64%
1.59
1.69
0.53
0.32
1.11
1.26

1.30%
1.58
0.90
0.38
0.23
0.91
1.34

1.28%
1.59
0.88
0.35
0.21
0.92
1.37

0.36)%
0.00
0.81
0.17
0.11
0.19
(0.10)

1.25
1.33
1.24
0.10
0.08
1.14
1.24

1.01
1.43
0.45
0.12
0.10
0.88
1.32

1.04
1.47
0.46
0.13
0.11
0.91
1.35

0.20
(0.14)
0.77(0.02)(0.02)
0.23(0.11)

3.38
3.83
3.66
2.62
2.12
0.76
1.71

2.74
3.04
3.47
1.83
1.28
0.90
1.75

2.47
2.78
3.29
1.61
1.03
0.86
1.74

0.90
1.05
0.37
1.00
1.08
(0.09)(0.02)

35

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

Breakdown of Net Fee and Commission Income (the Three Banks)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Billions of yen

September 30, 2005 (a)March 31, 2005

September 30, 2004 (b)¥ 171.6¥ 225.8
66.3
57.7
24.7
14.3
3.1
11.7
¥ 54.215.0¥ 315.1¥ 422.2
118.8
113.9
43.7
29.9
6.6
20.9
¥ 107.1
29.1¥ 146.5¥ 203.0
55.3
56.7
19.8
14.2
4.8
10.1
¥ 56.5
14.4

Net Fee and Commission Income
Fee and Commission Income
Deposits, Debentures and Lending Business
Remittance Business
Securities-related BusinessAgency Business
Safe Custody and Safety Deposit Box Business
Guarantee BusinessFee and Commission Expenses
Remittance BusinessChange (a)-(b)

¥
¥

25.1
22.8
11.0
1.0
4.8
0.0
(1.6)
1.5
¥ (2.3)
0.5

Breakdown of Net Other Operating Income (the Three Banks)

Billions of yen

For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

September 30, 2005 (a)March 31, 2005

Net Other Operating Income
Total
Profits on Foreign Exchange Transactions
Net Gains (Losses) related to Bonds
Domestic Operations
Net Gains (Losses) related to Bonds
International Operations
Profits on Foreign Exchange Transactions
Net Gains (Losses) related to Bonds¥ 133.3¥ 133.3
103.6
34.4
15.5
12.6
117.7
103.6
21.8

¥ 176.5¥ 176.5
156.0
9.6
11.9
(4.5)
164.5
156.0
14.2

September 30, 2004 (b)

¥
¥

80.9
80.9
76.4
(8.1)
8.1
(7.0)
72.7
76.4
(1.1)

Change (a)-(b)¥¥Breakdown of General and Administrative Expenses (Excluding Non-recurring Losses) (the Three Banks)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Billions of yen

September 30, 2005 (a)March 31, 2005

September 30, 2004 (b)¥ 122.5
257.0
24.3¥ 245.7
531.3
52.1¥ 125.4
268.5
26.5

¥

(2.8)
(11.4)(2.1)¥ 404.0¥ 829.1¥ 420.5¥(16.5)

Personnel Expenses
Non-personnel Expenses
Miscellaneous Taxes
Total(Reference) Breakdown of Credit-Related Costs (the Three Banks)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

52.3
52.3
27.2
42.6
7.3
19.7
44.9
27.2
22.9

September 30, 2005 (a)Credit-related Costs
Credit Costs for Trust Accounts
Reversal of General Reserve for Possible Losses on Loans
Losses on Write-offs of Loans
Provision for Specific Reserve for Possible Losses on Loans
Reversal of Reserve for Possible Losses on Loans to
Restructuring Countries
Provision for (Reversal of) Reserve for Contingencies
Other Losses on Sales of Loans

¥

14.6
0.6
(74.8)
26.4
29.0
(1.1)
30.0
4.5

36

Change (a)-(b)Billions of yen

March 31, 2005¥

September 30, 2004 (b)

61.2
2.7
(332.6)
163.6
160.3

¥ (33.5)
1.4(248.9)
138.3
62.1

(3.0)
8.5
61.7

(2.3)
(1.4)
17.1

Change (a)-(b)

¥

48.2
(0.8)
174.1
(111.9)(33.1)
1.1
31.4(12.5)

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

3. Aggregated Assets and Liabilities(the Three Banks) (Banking Accounts)
At September 30, 2005 and 2004, and at March 31, 2005

Total Assets
Cash and Due from Banks
Call Loans
Securities
Loans and Bills Discounted
Total Liabilities
Deposits
Debentures
Call Money
Bills Sold
Total Shareholders' Equity
Net Unrealized Gains on Other Securities,
net of Taxes

Billions of yen

September 30, 2005 (a)March 31, 2005 (b)September 30, 2004

Change (a)-(b)¥ 136,697.5
7,446.3
2,913.2
40,941.2
63,543.9
129.880.2
83,595.4
7,309.8
7,889.3
2,624.2
6,817.3¥ 135,561.5
9,818.5
2,296.1
39,192.0
62,647.1
127,996.5
83,336.2
7,894.5
6,603.6
3,342.4
7,565.0¥ 134,494.0
8,041.7
3,028.0
36,305.6
64,140.3
127,498.5
78,586.1
8,555.7
8,041.5
2,880.4
6,995.5¥ 1,136.0(2,372.2)
617.1
1,749.1
896.8
1,883.6
259.1(584.7)
1,285.6(718.2)(747.6)

744.8

523.7

344.8

221.0

Breakdown of Deposits (the Three Banks excluding Financial Subsidiaries for Corporate Revitalization)(Banking Accounts)
At September 30, 2005 and 2004, and at March 31, 2005

Deposits
Individual Deposits
Corporate Deposits
Financial/Government Institutions

Billions of yen

September 30, 2005 (a)March 31, 2005 (b)September 30, 2004

Change (a)-(b)¥ 67,385.8
31,270.8
28,843.9
7,271.0¥ 65,085.3
30,928.1
28,614.9
5,542.2¥ 62,481.8
30,784.1
25,856.2
5,841.4¥ 2,300.5
342.7
229.0
1,728.7

Note: Above figures are before adjustment of transit accounts for inter-office transactions, and do not include deposits booked at overseas offices and offshore deposits.

Balance of Housing and Consumer Loans (the Three Banks) (Banking Accounts and Trust Accounts)
At September 30, 2005 and 2004, and at March 31, 2005

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

Billions of yen

September 30, 2005 (a)March 31, 2005 (b)September 30, 2004

¥ 11,671.1
9,071.9¥ 11,833.0
9,140.4¥ 11,821.4
9,038.1

Loans to Both Small and Medium-Size Enterprises and Individual Customers (the Three Banks)(Banking Accounts and Trust Accounts)
At September 30, 2005 and 2004, and at March 31, 2005

Loans to Both Small and Medium-size Enterprises
and Individual Customers
Percentage of Loans to Both Small and Medium-sizeEnterprises and Individual Customers , ofTotal Domestic Loans

Change (a)-(b)¥(161.9)(68.5)

Billions of yen, %September 30, 2005 (a)March 31, 2005 (b)September 30, 2004

¥ 36,676.7¥ 37,307.8¥ 37,282.2

61.6%

62.4%

60.7%

Change (a)-(b)¥(631.0)(0.8)%

Notes: 1. Above figures do not include loans booked at overseas offices and offshore loans.
2. The definition of “Small and Medium-size Enterprises” is as follows:Enterprises of which the capital is ¥300 million or below (¥100 million or below for the wholesale industry, and ¥50 million or below for the retail and service industries), or enterprises with full-time
employees of 300 or below. (100 or below for the wholesale industry, 50 or below for the retail industry, and 100 or below for the service industry)37

Financial Analysis of Mizuho

Results for the Six Months ended September 30, 2005

Fair Value of Other Securities (the Three Banks) (Banking Accounts)
Cost

Fair value¥ 31,522.4
3,028.4
21,228.2
7,265.7¥ 32,796.2
4,457.3
21,108.8
7,229.9

At September 30, 2005 (a)Other Securities*1
Stocks*2
Bonds
Other

Billions of yen

LossesNet unrealized*3
gains (losses)¥ 282.5
61.9
123.7
96.7

¥ 1,273.7
1,428.8(119.4)(35.7)

LossesNet unrealized*3
gains (losses)

Gross unrealized
Gains¥ 1,556.2
1,490.8
4.3
61.0

Billions of yen

At March 31, 2005 (b)CostFair value

Other Securities*1
Stocks*2
Bonds
Other

¥ 30,042.9
3,077.1
22,029.6
4,936.2¥ 30,979.4
4,127.9
21,953.6
4,897.8

Gross unrealized
Gains¥ 1,171.2
1,115.4
16.0
39.7¥ 234.7
64.5
92.0
78.1

¥

936.5
1,050.8(75.9)(38.3)
Billions of yen

At September 30, 2004

Cost

Fair value

Other Securities*1
Stocks*2
Bonds
Other

¥ 28,013.0
3,111.5
20,336.7
4,564.7¥ 28,642.9
3,885.4
20,197.1
4,560.2

Gross unrealized
Gains

¥

895.6
850.8
11.8
32.9

Losses¥ 265.6
76.8
151.4
37.4

Net unrealized*3
gains (losses)

¥

629.9
773.9
(139.5)(4.4)
Billions of yen

Cost

Change (a)-(b)Other Securities
Stocks
Bonds
Other

¥

Gross unrealized
Gains

Fair value

1,479.4(48.6)(801.3)2,329.5¥

1,816.7
329.3(844.7)2,332.1

¥

385.0
375.4
(11.6)
21.3

Losses

¥

47.7
(2.6)
31.7
18.6

Net unrealized
gains (losses)

¥

337.2
378.0
(43.4)
2.6*1 In addition to the balances shown in the above table, Other Securities includes securities without fair values.
*2 Fair value of Stocks is determined based on the average market price over the month preceding the balance sheet date.
*3 Net unrealized gains (losses) include ¥18.9 billion, ¥54.0 billion and ¥32.9 billion which was recognized in the Statement of Operations of September 30, 2005, March 31, 2005 and September 30, 2004,
respectively, by applying the fair-value hedge method and other. As a result, the base amount to be recorded directly to Shareholders' Equity after tax adjustment as of September 30, 2005, March 31, 2005
and September 30, 2004 were ¥1,254.8 billion, ¥882.4 billion and ¥597.0 billion, respectively.

(Reference)
Unrealized Gains (Losses) on Other Securities (the base amount to be recorded directly to Shareholders' Equity after tax adjustment)
For certain Other Securities (which have readily determinable fair value), unrealized gains (losses) were recognized in the Statement of
Operations by applying the fair-value hedge method and other. They were excluded from unrealized gains (losses) on Other Securities.
These adjusted unrealized gains (losses) were the base amount, which was to be recorded directly to Shareholders' Equity after tax
adjustment.
The base amount was as follows:
Billions of yen

At September 30, 2005 and 2004, and at March 31, 2005

Other Securities
Stocks
Bonds
Other

September 30, 2005 (a)¥1,254.8
1,428.8(137.9)(36.0)

38

March 31, 2005 (b)

¥

882.4
1,050.8(130.0)(38.3)

September 30, 2004

¥

597.0
773.9
(172.5)(4.4)

Change (a)-(b)

¥

372.4
378.0
(7.8)
2.3

Financial Analysis of Mizuho

Status of Asset Quality

Status of Asset Quality
 Credit-Related Costs
Credit-Related Costs (Consolidated)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Billions of yen

September 30, 2005 (a)Credit-related Costs
Expenses related to Portfolio Problems +Provision for General Reserve
for Possible Losses on Loans
Losses on Write-offs of Loans
Reversal of Reserves for Possible Losses on Loans, etc.
Credit Costs for Trust Accounts

¥

14.6

March 31, 2005

¥

61.0
26.4
(47.0)
0.6

93.9

September 30, 2004 (b)

¥

231.9
161.4
(140.7)2.7(28.4)

Change (a)-(b)

¥

155.5
138.4
(185.4)1.4

43.0(94.5)(111.9)
138.4
(0.8)

Note: Credit-related Costs = (Expenses related to Portfolio Problems + Provision for General Reserve for Possible Losses on Loans) + Reversal of Reserves for Possible Losses on Loans, etc. + Credit Costs for Trust
Accounts

Credit-Related Costs (the Three Banks)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Billions of yen

September 30, 2005 (a)Credit-related Costs
Credit Costs for Trust Accounts
Reversal of General Reserve
for Possible Losses on Loans
Losses on Write-offs of Loans
Provision for Specific Reserve for
Possible Losses on Loans
Reversal of Reserve for Possible Losses on
Loans to Restructuring Countries
Provision for (Reversal of) Reserve for Contingencies
Other Losses on Sales of Loans

¥

14.6
0.6

March 31, 2005

¥

61.2
2.7

September 30, 2004 (b)¥(33.5)
1.4

Change (a)-(b)

¥

48.2
(0.8)

(74.8)
26.4(332.6)163.6(248.9)
138.3

174.1
(111.9)

29.0

160.3

62.1

(33.1)

(1.1)
30.0
4.5

(3.0)
8.5
61.7

(2.3)
(1.4)
17.1

1.1
31.4
(12.5)

39

Financial Analysis of Mizuho

Status of Asset Quality

 Status of Disclosed Claims under the Financial Reconstruction Law (FRL)
Disclosed Claims under the FRL (Consolidated)
At September 30, 2005 and 2004, and at March 31, 2005

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

Billions of yen

September 30, 2005 (a)March 31, 2005 (b)

¥

199.8
728.9
432.6
¥ 1,361.4

September 30, 2004

¥

251.6
859.0
476.5
¥ 1,587.1

¥

434.0
908.7
962.0
¥ 2,304.7

Change (a)-(b)¥¥(51.7))(130.0)(43.8)(225.7)

Notes: 1. Above figures don't include disclosed claims in Trust Accounts.
2. Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Billions of yen

September 30, 2005 (a)Amount of Partial Direct Write-offs¥

March 31, 2005 (b)September 30, 2004

¥ 1,042.5¥ 1,448.7

952.4

Change (a)-(b)¥Disclosed Claims under the FRL (the Three Banks) (Banking Accounts and Trust Accounts)
At September 30, 2005 and 2004, and at March 31, 2005

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

September 30, 2005 (a)March 31, 2005 (b)

¥

161.4
702.7
433.2
1,297.5
68,788.9¥ 70,086.4(90.0)

Billions of yen

September 30, 2004¥¥

Change (a)-(b)

209.5
805.8
480.2
1,495.6
67,600.3¥ 69,095.9

400.2
862.5
961.9
2,224.7
68,570.8¥ 70,795.5¥(48.0)(103.0)(47.0)(198.1)
1,188.6¥ 990.5

March 31, 2005 (b)September 30, 2004

Change (a)-(b)Note: Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Billions of yen

September 30, 2005 (a)Amount of Partial Direct Write-offs

¥

784.1

¥

865.4

¥ 1,237.6¥

Ratio of Disclosed Claims under the FRL (the Three Banks) (Banking Accounts and Trust Accounts)
At September 30, 2005 and 2004, and at March 31, 2005

(81.2)%

September 30, 2005 (a)March 31, 2005 (b)September 30, 2004

Change (a)-(b)

0.23%
1.00
0.61
1.85
98.14
100.00%

0.30%
1.16
0.69
2.16
97.83
100.00%

0.56%
1.21
1.35
3.14
96.85
100.00%(0.07)%(0.16)(0.07)(0.31)
0.31./

September 30, 2004

Change (a)-(b)Claims against Bankrupt and Substantially
Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Subtotal
Normal Claims
Total
Note: Above figures are presented net of partial direct write-offs.

Disclosed Claims under the FRL and Coverage Amount (the Three Banks) (Banking Accounts)
At September 30, 2005 and 2004, and at March 31, 2005

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

September 30, 2005 (a)

¥

161.4
147.0
14.4
702.7
247.1
371.3
429.4
182.7
80.1
¥ 1,293.6
576.9
466.0

Note: Above figures are presented net of partial direct write-offs.

40

March 31, 2005 (b)

¥

206.7
185.4
21.2
804.2
313.0
370.4
474.9
152.6
95.9
¥ 1,485.9
651.0
487.6

Billions of yen

¥

396.9
356.4
40.4
860.1
355.6
353.8
959.0
372.4
237.6
¥ 2,216.1
1,084.6
631.9

¥

¥

(45.2)(38.3)(6.8)(101.5)(65.8)
0.9(45.5)
30.1(15.7)(192.2)(74.0)(21.6)

Financial Analysis of Mizuho

Status of Asset Quality

Coverage on Disclosed Claims under the FRL (the Three Banks) (Banking Accounts)
At September 30, 2005 and 2004, and at March 31, 2005

Coverage AmountReserves for Possible Losses
Collateral, Guarantees, and equivalent
Coverage Ratio
Claims against Bankrupt and Substantially
Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention(Claims against Special Attention Obligors)
Reserve Ratio against Non-collateralized Claims
Claims against Bankrupt and Substantially
Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention(Claims against Special Attention Obligors)(Reference) Reserve Ratio
Claims against Special Attention Obligors
Claims against Watch Obligors excluding
Claims against Special Attention Obligors
Claims against Normal Obligors

September 30, 2005 (a)March 31, 2005 (b)Billions of yen, %September 30, 2004

Change (a)-(b)¥ 1,043.0
466.0
576.9
80.6%

¥ 1,138.7
487.6
651.0
76.6%

¥ 1,716.5
631.9
1,084.6
77.4%

100.0
88.0
61.2
64.5

100.0
84.9
52.3
54.0

100.0
82.4
63.6
64.3

—
3.0
8.9
10.4

100.0%
81.5
32.5
35.1

100.0%
75.4
29.7
31.9

100.0%
70.1
40.5
42.2

—%
6.1
2.7
3.2

19.24%

21.56%

26.02%(2.32)%

9.77
0.12

8.28
0.11

9.66
0.12

1.49)
0.00)

Note: Above figures are presented net of partial direct write-offs.

41¥(95.7)(21.6)(74.0)
3.9%

Financial Analysis of Mizuho

Status of Asset Quality

 Status of Loans by Industry
Outstanding Balances, Disclosed Claims under the FRL by Industry, and Coverage Ratio (the Three Banks)(Banking Accounts and Trust Acounts)

At September 30, 2005 and at March 31, 2005

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

September 30, 2005 (a)Outstanding
Disclosed
Coverage
Balance
ClaimsRatio
under the FRL¥ 59,506.5
7,271.7
41.9
1.2
11.4
122.8
1,561.2
998.2
848.8
2,991.0
6,656.2
6,819.3
7,355.4
9,989.5
358.1
14,479.3¥ 1,236.4
96.3
0.5
0.0
0.0
0.0
87.2
0.7
8.0
134.3
237.4
6.6
256.3
238.5
—
170.1

4,979.0
233.5
812.5
3,932.8¥ 64,485.5

61.0
8.3
0.6
52.0
¥ 1,297.5

Outstanding
Balance

September 30, 2004
Disclosed
Claimsunder the FRL¥ 61,375.5
8,058.4
47.8
1.4
8.2
124.4
1,743.3
1,149.9929.3
3,049.6
7,195.3
7,382.2
6,778.6
10,218.5
450.1
14,237.7
3,986.9
170.7
412.6
3,403.5¥ 65,362.4

Billions of yen, %Outstanding
Balance

March 31, 2005 (b)Disclosed
Claimsunder the FRL

Coverage
Ratio

81.5%
86.0
94.6
100.0
100.0
100.0
83.2
100.0
74.2
72.0
74.1
64.3
90.4
78.1
—
88.3

¥ 59,700.4
7,550.7
44.2
1.3
6.0
138.1
1,646.9
1,057.2
892.2
3,027.1
6,929.1
6,982.9
6,598.2
9,945.3
478.5
14,401.9¥ 1,425.8
116.2
0.7
—
0.0
—
97.5
1.0
11.8
76.8
335.1
8.3
294.7
275.9
—
207.5

77.3%
78.7
93.0
—
100.0
—
82.2
100.0
68.4
68.5
69.1
76.1
85.7
68.9
—
90.5

59.5
17.8
100.0
65.7
80.6%

4,192.9
154.8
632.2
3,405.8¥ 63,893.4

69.7
10.5
0.6
58.5
¥ 1,495.6

61.8
24.4
100.0
68.0
76.6%

Coverage
Ratio

Outstanding
Balance

Change (a)-(b)Disclosed
Claimsunder the FRL

Coverage
Ratio¥ 2,116.3
188.5
1.5
—
1.7
0.7
167.0
0.7
13.9
28.7
551.8
43.6
531.1
283.8
—
302.7

77.5%
80.6
92.6
—
100.0
99.9
64.6
100.4
54.3
74.3
74.2
96.0
82.5
69.3
—
85.9

¥

(193.8)(279.0)
(2.3)
(0.0)
5.4)
(15.3)(85.6)(59.0)(43.4)(36.0)(272.9)(163.6)757.2)
44.1)(120.4)77.4)¥ (189.4)(19.8)
(0.1)
0.0)
0.0)
0.0)
(10.3)
(0.2)
(3.7)
57.5)
(97.7)(1.6)(38.4)(37.4)—(37.3)

4.2)%
7.3)
1.5)
100.0)—
100.0)
1.0)
—
5.7)
3.5)
5.0)
(11.8)
4.7)
9.1)
—
(2.2)

108.4
10.7
0.9
96.7
¥ 2,224.7

76.4
26.0
90.5
81.9
77.4%

786.0)
78.7)
180.3)
526.9)
592.1)

(8.6)
(2.1)
0.0)
(6.5)
¥ (198.1)

(2.2)
(6.5)
—
(2.3)
3.9)%

Billions of yen, %At September 30, 2004

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

42

¥

Financial Analysis of Mizuho

Status of Asset Quality

 Results of Removal of Non-Performing Loans (NPLs) from the Balance Sheet
Outstanding Balances of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk
(under the FRL) (the Three Banks) (Banking Accounts and Trust Accounts)
Billions of yen

Before September 30,
2002

At March 31,
2003

Amount Categorized as below
before September 30, 2002

¥ 6,630.3¥ 1,070.7

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

751.8

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

1,994.3
4,636.0

Amount Newly Categorized as below
during the Second Half of Fiscal 2002

At September 30,
2003¥

At March 31,
2004

At September 30,
2004

¥

302.6

At March 31,
2005 (a)¥122.2

At September 30,
2005 (b)¥Change(b)-(a)773.6¥ 429.7

83.5 ¥ (38.6)

399.8

323.8

194.2

137.2

65.7

44.1

(21.6)

526.0
544.7

420.6
353.0

236.9
192.7

172.8
129.7

71.3
50.8

45.6
37.9

(25.7)(12.9)

809.5

603.5

321.0

187.8

49.0

38.8

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

57.0

74.0

45.2

32.6

15.9

14.2

(1.7)

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

89.1
720.3

82.1
521.4

83.4
237.6

62.9
124.9

30.8
18.1

25.1
13.7

(5.7)
(4.4)

Amount Newly Categorized as below
during the First Half of Fiscal 2003

390.3

192.0

95.3

37.0

18.1

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

40.9

23.4

20.8

11.3

5.8

(5.5)

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

45.7
344.5

28.1
163.9

23.5
71.8

9.5
27.4

6.3
11.7

(3.1)
(15.7)

Amount Newly Categorized as below
during the Second Half of Fiscal 2003

525.9

161.1

60.4

28.6

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

83.7

62.7

25.8

10.5

(15.3)

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

87.3
438.5

75.1
86.0

31.2
29.1

13.1
15.4

(18.1)(13.7)

Amount Newly Categorized as below
during the First Half of Fiscal 2004

515.7

72.3

46.3

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

39.9

25.6

17.6

(7.9)

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

65.8
449.9

26.3
46.0

20.8
25.5

(5.4)
(20.4)

Amount Newly Categorized as below
during the Second Half of Fiscal 2004

674.1

499.7

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

24.1

22.6

(1.5)

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

40.1
634.0

22.8
476.8

(17.3)(157.1)

Amount Newly Categorized as below
during the First Half of Fiscal 2005

148.9

148.9)of which the amount in the processof being removed from the balance sheet

23.0

23.0)

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

27.5
121.4

27.5)
121.4)

Total/¥ 1,880.2¥ 1,767.6¥ 1,468.7¥ 1,262.8¥ 1,015.3

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

/

456.9

438.8

346.6

293.4

168.7

138.0

(30.6)

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

/
/

615.1
1,265.0

548.6
1,218.9435.9
1,032.8

400.2
862.5

209.5
805.8

161.4
702.7

(48.0)(103.0)43¥864.2 ¥ (151.1)

Financial Analysis of Mizuho

Status of Asset Quality

Progress in Removal from the Balance Sheet (Accumulated Removal Amount and Removal Ratio)(the Three Banks) (Banking Accounts and Trust Accounts)

Billions of yen

AmountNewly
Categorized

Before September 30, 2002
Second Half of Fiscal 2002
First Half of Fiscal 2003
Second Half of Fiscal 2003
First Half of Fiscal 2004
Second Half of Fiscal 2004
First Half of Fiscal 2005
Total

¥ 6,630.3
809.5
390.3
525.9
515.7
674.1
148.9
¥ 9,695.0

Balance at
September 30,
2005

¥

¥

83.5
38.8
18.1
28.6
46.3
499.7
148.9
864.2

%

Accumulated
RemovalAmountAccumulated
Removal
Ratio

ModifiedAccumulated
Removal Ratio¥ 6,546.8
770.6
372.1
497.3
469.4
174.4
/
¥ 8,830.8

98.7%
95.2
95.3
94.5
91.0
25.8
/
/

99.4%
96.9
96.8
96.5
94.4
29.2
/
/

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 from the Balance Sheet(the Three Banks) (Banking Accounts and Trust Accounts)

Billions of yen

Newly Categorized as Claims against Bankrupt and Substantially Bankrupt Obligors
or Claims with Collection Risk
Amount Removed
Accumulated as of Second Half ofFirst Half of Second Half ofFirst Half of Second Half of from BS in the First
September 30, 2002
Fiscal 2002
Fiscal 2003
Fiscal 2003
Fiscal 2004
Fiscal 2004 Half of Fiscal 2005

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

¥

¥

(22.0)(9.7)(0.5)(36.7)
64.5)(34.1)(28.5)(5.6)(38.6)

¥

¥

(0.6)
—)

¥

(1.9)
(0.5)

—)
(25.7)
20.1)
(3.9)
(2.1)
(1.7)
(10.1)(0.5)(14.4)
9.1)(10.5)(6.0)(4.4)¥ (18.8)

¥

¥

(0.7)
—)
(0.0)
(31.4)
14.4)(14.0)(11.2)(2.7)(31.8)

¥

¥

(2.4)
(1.5)

¥

(0.7)
(0.6)

(0.0)
(7.3)
4.1)
(18.8)(14.2)(4.5)(25.9)—)(37.5)(13.2)(122.2)(86.2)(35.9)¥ (174.4)(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet(the Three Banks) (Banking Accounts and Trust Accounts)

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

¥

(962.2)(994.5)(121.2)(2,637.6)
1,761.8)(2,605.8)/)/)¥ (5,559.7)¥(28.5)(12.5)(1.0)(153.2)99.2)(203.8)(148.5)(55.2)¥ (300.0)

Billions of yen

Breakdown of Amount Removed
First Half of Second Half ofFirst Half of
Fiscal 2003
Fiscal 2003
Fiscal 2004

Before March
31, 2003¥

Second Half of
Fiscal 2004

Accumulated AmountRemoved from BSFirst Half offrom Second Half
Fiscal 2005of Fiscal 2000

(20.6)(46.4)¥ (129.5)(320.8)¥(27.3)(139.5)¥ (160.3)(98.6)¥(28.5)(12.5)¥ (1,328.7)(1,612.6)(6.4)(116.0)19.3)(332.6)(224.2)(108.3)¥ (502.9)(43.9)(411.9)519.6)(438.1)(313.7)(124.4)¥ (824.7)(0.5)(254.1)
128.6)(428.7)(160.7)(267.9)¥ (721.7)(2.9)(502.5)363.0)(520.0)(291.4)(228.6)¥ (921.6)(1.0)(153.2)99.2)(203.8)(148.5)(55.2)¥ (300.0)(176.3)(4,075.7)
2,891.8)(4,529.2)/)/)¥ (8,830.8)*From the Second Half of Fiscal 2000 to the Second Half of Fiscal 2002.

44

Financial Analysis of Mizuho

Status of Asset Quality

 Overview of Disclosure of NPLs at September 30, 2005 (the Three Banks) (Banking Accounts)
Billions of yen

1. Self-Assessment
ObligorCategorization

Non-Categorization Category II

Category III

Category IV(Non-Collateralized)

2. Disclosed Claims
under the FRL

3. Non-Accrual, Past
Due & Restructured
Loans

DirectWrite-offs

Claims against Bankrupt
and Substantially Bankrupt
Obligors
161.4

Loans to Bankrupt Obligors
66.8

161.4
Bankrupt and Substantially
Bankrupt Obligors
161.4

Watch Obligors

Intensive Control
Obligors
702.7

Claims for Special
Attention
429.4

Collateral, Guarantees, etc.:
147.0
Reserves for Possible Losses:
14.4

Reserve
Ratio
100%

618.5

84.1

Collateral, Guarantees, etc.:
247.1
Reserves for Possible Losses:
371.3

Reserve
Ratio
81.5%

Reserve Ratio against
Uncovered Portion
32.5%
Collateral, Guarantees, etc.:
182.7
Reserves for Possible Losses:
80.1

Coverage Ratio 100%
Claims with Collection Risk
702.7

Non-Accrual
Delinquent Loans
768.1

Coverage Ratio 88.0%
29.4 (Note 2)

Claims against Special Attention Obligors·Coverage Ratio: 64.5%·Reserve Ratio for Uncovered Portion: 35.1%·Reserve Ratio against Entire Claim: 19.2%

Claims for Special Attention(Note 1)
429.4
Coverage Ratio 61.2%

Loans Past Due for 3 Months
or More29.4
Restructured Loans
399.7(Special Attention Obligors)
Other Watch Obligors
Normal Obligors

Reserve Ratio against Total Claims·Other Watch Obligors 9.77%·Normal Obligors 0.12%

Total Coverage
Ratio 80.6%

Total
1,293.6

Total
69,978.6

Total
1,264.2

Notes: 1. Claims for Special Attention is denoted in individual loans basis.
Claims against Special Attention Obligors includes all claims, not limited to claims for Special Attention.
2. The difference between total Non-Accrual, Past Due and Restructured 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, 2005 and 2004, and at March 31, 2005

AssetsCash and Due from Banks
Call Loans and Bills Purchased
Receivables under Resale Agreements
Guarantee Deposits 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
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 Deposits Received under Securities
Lending Transactions
Commercial Paper
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Short-term Bonds
Bonds and Notes
Due to Trust Accounts
Other Liabilities
Reserve for Bonus Payments
Reserve for Employee Retirement Benefits
Reserve for Contingencies
Reserves under Special Laws
Deferred Tax Liabilities
Deferred Tax Liabilities for Revaluation Reserve for Land
Acceptances and Guarantees
Total Liabilities
Minority Interests

September 30, 2005¥

5,124,514
316,184
6,146,366

Millions of yen
March 31, 2005¥

6,808,965
397,5075,004,683

September 30, 2004¥

5,442,843
219,257
4,114,679

Thousands of U.S. dollars
September 30, 2005$

45,265,563
2,792,904
54,291,730

8,848,749
1,435,121
11,389,933
42,78338,447,107
63,811,414
844,340
5,443,942
983,510269
795,742
4,274,258(1,014,562)(1,676)¥ 146,887,998

8,680,334
1,007,826
11,047,601
28,67936,047,035
62,917,336
716,907
5,577,985
1,028,082
303
1,036,907
3,928,176(1,146,797)(5,300)¥ 143,076,236

8,882,518
806,854
11,027,377
23,61233,267,393
64,296,977
694,628
5,539,225
1,086,638
301
1,238,533
4,047,681(1,360,108)(1,245)¥ 139,327,169

78,162,257
12,676,630
100,608,895
377,914339,608,759
563,655,280
7,458,181
48,087,113
8,687,489
2,382
7,028,905
37,755,134(8,961,779)(14,812)$ 1,297,482,545

80,402,985
7,242,231
8,362,955
10,976,813

80,368,058
7,795,073
8,359,912
8,357,544

76,049,315
8,461,535
8,457,918
8,301,479

710,210,987
63,971,663
73,871,177
96,959,756

6,413,986
51,4008,809,022
2,697,826
361,5972,359,900
2,423,541
1,497,206
5,903,351
25,49837,62240,1362,043
36,854
127,6624,274,258
142,046,896¥ 1,157,819

7,635,035
1,397,200
7,942,784
2,634,433
292,905
260,300
2,356,972
1,367,569
5,092,621
34,475
37,137
10,1081,834
34,016135,984
3,928,176
138,042,144¥ 1,128,364

8,445,778
1,257,000
7,827,309
2,054,115
253,841
180,200
2,378,089
1,317,356
5,275,286
27,36734,909131,341
1,603
30,064
149,036
4,047,681
134,681,230¥ 1,108,342

56,655,653
454,023
77,811,347
23,830,281
3,194,046
20,845,332
21,407,487
13,225,037
52,145,142
225,228
332,323354,527
18,055
325,541
1,127,659
37,755,134
1,254,720,398$
10,227,184

46

Consolidated Financial Statements of Mizuho Financial Group, Inc.

(continued)
At September 30, 2005 and 2004, and at March 31, 2005

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

September 30, 2005¥

1,540,965
69,665
1,323,453
186,695

Millions of yen
March 31, 2005¥

1,540,965
1,022,571
1,048,530
198,945

September 30, 2004¥

1,540,965
1,022,559
636,031217,971

Thousands of U.S. dollars
September 30, 2005$

13,611,563
615,366
11,690,254
1,649,105

748,121(50,800)(134,817)
3,683,283

538,027(48,757)(394,555)
3,905,726

350,491(96,156)(134,265)
3,537,597

6,608,266(448,732)(1,190,859)
32,534,963¥ 146,887,998¥ 143,076,236¥ 139,327,169$ 1,297,482,545

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥113.21=US$1.00, the foreign exchange rate on September 30, 2005, has been used for translation.

47

Consolidated Financial Statements of Mizuho Financial Group, Inc.

Consolidated Statements of Operations
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

IncomeInterest Income
Fiduciary Income
Fee and Commission Income
Trading Income
Other Operating Income
Other Income
Total Income
Expenses
Interest Expenses
Fee and Commission Expenses
Trading Expenses
Other Operating Expenses
General and Administrative Expenses
Other Expenses
Total Expenses
Income before Income Taxes and Minority Interests
Income Taxes:
Current
RefundDeferred
Minority Interests in Net Income
Net Income

September 30, 2005¥¥

Millions of yen
March 31, 2005

September 30, 2004

904,469
34,103301,91582,921
201,097
241,800
1,766,309¥ 1,584,415
63,253566,120
165,059
341,506
735,297
3,455,653

371,301
46,496
1,401
59,487548,388244,953
1,272,029
494,279

477,983
93,492—
155,781
1,091,348
693,989
2,512,594
943,059

212,383
52,858—86,205563,053
332,048
1,246,550
429,080

3,279,756
410,712
12,380525,465
4,843,990
2,163,712
11,236,015
4,366,044

24,897—89,48541,305338,590

41,045
21,228235,227
60,630627,383

18,961—
148,438
27,739233,941

219,926—
790,438
364,8622,990,818¥¥¥

776,962
26,776
268,036
70,009170,938
362,906
1,675,631

Thousands of U.S. dollars
September 30, 2005$$

7,989,309
301,2422,666,865
732,460
1,776,323
2,135,860
15,602,059

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥113.21=US$1.00, the foreign exchange rate on September 30, 2005, has been used for translation.

Consolidated Statements of Capital Surplus and Retained Earnings
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

Capital Surplus
Balance at the beginning of the fiscal year
Increase
Decrease
Balance at the end of the period/fiscal year
Retained Earnings
Balance at the beginning of the fiscal year
Increase
Decrease
Net Income
Balance at the end of the period/fiscal year

September 30, 2005

Millions of yen
March 31, 2005

September 30, 2004

Thousands of U.S. dollars
September 30, 2005

¥ 1,022,571
7
952,91369,665¥1,262,526
28
239,982
1,022,571¥ 1,262,526
16
239,982
1,022,559$ 9,032,519
69
8,417,222
615,366

1,048,530
12,21675,883
338,590¥ 1,323,453

462,594
32,83374,280627,383¥ 1,048,530

462,594
13,77674,280233,941
636,031

9,261,821
107,908670,2932,990,818$ 11,690,254

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥113.21=US$1.00, the foreign exchange rate on September 30, 2005, has been used for translation.

48¥

Consolidated Financial Statements of Mizuho Financial Group, Inc.

Consolidated Statements of Cash Flows
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

I. Cash Flow from Operating Activities
Income before Income Taxes and Minority Interests
Depreciation
Losses on Impairment of Fixed Assets
Amortization of Consolidation Differences
Equity in Income from Investments in Affiliates
Decrease in Reserves for Possible Losses on Loans
Increase (Decrease) in Reserve for Possible
Losses on Investments
Increase (Decrease) in Reserve for Contingencies
Decrease in Reserve for Bonus Payments
Increase in Reserve for Employee Retirement Benefits
Interest Income—accrual basis
Interest Expenses—accrual basis
Gains on Securities
Gains on Money Held in Trust
Foreign Exchange Losses (Gains) —net
Gains on Disposal of Premises and Equipment
Net Increase in Trading Assets
Net Increase in Trading Liabilities
Net Decrease (Increase) in Loans and Bills Discounted
Net Increase (Decrease) in Deposits
Net Decrease in Debentures
Net Increase in Borrowed Money(excluding Subordinated Borrowed Money)
Net Decrease (Increase) in Due from Banks(excluding Due from Central Banks)
Net Decrease (Increase) in Call Loans etc.
Net Increase in Guarantee Deposits Paid under
Securities Borrowing Transactions
Net Increase (Decrease) in Call Money etc.
Net Increase (Decrease) in Commercial Paper
Net Increase (Decrease) in Guarantee Deposits Received
under Securities Lending Transactions
Net Increase in Foreign Exchange Assets
Net Increase (Decrease) in Foreign Exchange Liabilities
Net Increase in Short-term Bonds (Liabilities)
Net Increase in Bonds and Note
Net Increase (Decrease) in Due to Trust Accounts
Interest and Dividend Income—cash basis
Interest Expenses—cash basis
Other—net
Subtotal
Cash Paid in Income Taxes
Net Cash Provided by (Used in)Operating Activities

September 30, 2005¥¥

494,279
59,267
16,585
1(4,795)(132,446)

Millions of yen
March 31, 2005¥

943,059
129,567
67,143426(1,429)(703,361)

September 30, 2004¥

429,080
66,541
43,510(0)(2,017)(490,260)

Thousands of U.S. dollars
September 30, 2005$

4,366,044
523,518
146,5039(42,363)(1,169,922)(4,575)30,028(8,901)
485(904,469)
371,301(77,973)(142)(133,150)(1,591)(315,948)
850,965(777,902)
31,726(552,841)

4,324(122,631)(4,157)
5,143(1,584,415)
477,983(243,429)
(306)
6,646
(5,334)(2,982,338)
1,848,161
3,334,370
2,873,864(1,664,440)

269(1,397)(11,122)2,929(776,962)
212,383(87,337)(317)
144(8,612)(2,940,354)
1,720,131
2,006,529(1,438,766)(997,979)(40,412)265,242(78,626)
4,285(7,989,309)
3,279,756(688,754)(1,257)(1,176,135)(14,062)(2,790,817)
7,516,698(6,871,319)
280,248(4,883,326)

118,398

877,030

421,383

1,045,834(182,592)(1,401,131)

81,198(16,245)(379,452)
1,287,354(1,612,865)(12,376,392)(168,411)
2,519,634(1,345,800)(709,725)(164,974)
559,400(911,909)(159,085)
419,200(1,487,599)
22,256,291(11,887,642)(1,221,049)(127,696)
68,7812,099,600
42,057
129,636905,355(380,295)(224,063)(227,673)(66,701)(526,766)(107,737)(59,235)
80,30086,3207,037
1,622,787(458,667)
905,750
4,555,314(137,303)

283,975(85,700)(98,302)200
33,387(43,175)
800,485(215,942)
105,503(815,684)(64,526)(10,785,702)(1,127,965)
607,557
18,546,065
371,502
1,145,099
7,997,135(3,359,205)(1,979,185)(2,011,071)(589,182)(294,374)¥ 4,418,011

49¥(880,211)$(2,600,253)

Consolidated Financial Statements of Mizuho Financial Group, Inc.

(continued)
For the Six Months ended September 30, 2005 and 2004,
and for the Fiscal Year ended March 31, 2005

September 30, 2005

II. Cash Flow from Investing Activities
Payments for Purchase of Securities¥ (41,414,297)
Proceeds from Sale of Securities
20,348,175
Proceeds from Redemption of Securities
20,353,611
Payments for Increase in Money Held in Trust(14,211)
Proceeds from Decrease in Money Held in Trust
240
Payments for Purchase of Premises and Equipment(31,413)
Proceeds from Sale of Premises and Equipment
39,074
Payments for Purchase of Stocks of Subsidiaries(affecting the scope of consolidation)—
Net Cash Used in Investing Activities(718,821)
III. Cash Flow from Financing Activities
Proceeds from Issuance of Subordinated Borrowed Money
88,000
Repayments of Subordinated Borrowed Money(144,932)
Proceeds from Issuance of Subordinated Bonds
226,574
Payments for Redemption of Subordinated Bonds(222,309)
Proceeds from Investments in Minority Shareholders—
Dividends Paid
(75,883)
Dividends Paid to Minority Shareholders(36,778)
Payments for Repurchase of Treasury Stock(693,197)
Proceeds from Sale of Treasury Stock32
Net Cash Used in Financing Activities(858,493)
IV. Effect of Foreign Exchange Rate Changes
on Cash and Cash Equivalents(120)
V. Net Increase (Decrease) in Cash and Cash Equivalents(1,871,810)
VI. Cash and Cash Equivalents
at the beginning of the fiscal year
5,602,062
VII. Cash and Cash Equivalents
at the end of the period/fiscal year¥
3,730,252

Millions of yen
March 31, 2005

¥ (69,640,865)
34,321,694
31,505,073(19,605)
19,104(71,486)
98,715¥

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥113.21=US$1.00, the foreign exchange rate on September 30, 2005, has been used for translation.

50

September 30, 2004

(32,976,401)
16,209,146
16,210,627(12,571)
16,691(28,045)
40,959$ (365,818,372)
179,738,319
179,786,340(125,533)
2,124(277,482)
345,153(734)(3,788,105)—(539,594)—(6,349,451)

140,000(41,914)462,674(570,886)
75,010(74,280)(47,915)(500,476)
60(557,729)

30,000(41,450)
305,610(353,700)
75,010(74,280)(35,161)(240,157)
44(334,085)

777,317(1,280,206)
2,001,368(1,963,689)—(670,293)(324,867)(6,123,111)
284(7,583,197)

220
72,397(153)(1,754,044)(1,067)(16,533,968)

5,529,664

5,529,664

49,483,815

5,602,062¥

Thousands of U.S. dollars
September 30, 2005¥

3,775,619$

32,949,847

Office Network of Mizuho

Domestic Network of Mizuho(As of September 30, 2005)

Mizuho Financial Group

Mizuho Corporate Bank

Mizuho Securities

Head Office

Head Office and Branches: 18

Head OfficeMizuho Bank

Mizuho Trust & Banking

Head Office and Branches: 416
Sub-branches: 90
Agencies: 40

Head Office and Branches: 37
Sub-branch: 1

International Network of Mizuho
Asia and Oceania(Country/Region)
China

Beijing Branch
8th Floor, Chang-Fu-Gong Office Building, Jia 26,
Jianguomenwai Street, Chaoyang District,
Beijing 100022, The People's Republic of China
TEL 86-10-6525-1888

Dalian Branch(As of December 31, 2005)

Wuhan Representative Office
Room 411, Shangri-la Hotel, 700 Jian She Dadao,
Wuhan 430015, The People's Republic of China
TEL 86-27-8578-1155

Xiamen Representative Office
Room 2102, The Bank Center,
No.189 Xiahe Road, Xiamen, Fujian 361003,
The People's Republic of China
TEL 86-592-239-5571

Hong Kong

Hong Kong Branch

6th Floor, Senmao Building, Zhongshan
Road 147, Xigang District, Dalian 116011,
The People's Republic of China
TEL 86-411-8360-2543

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

Shanghai Branch

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

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

Shenzhen Branch
21st Floor, Shenzhen International Financial
Building, Jian She Lu, Shenzhen, Guangdong
Province 518001, The People's Republic of China
TEL 86-755-8222-1918

Mizuho Capital Markets (HK) Limited

Mizuho Securities Asia Limited*
10th Floor, CITIC Tower,
1 Tim Mei Avenue, Central, Hong Kong, S.A.R.,
The People's Republic of China
TEL 852-2685-2000

India

Mumbai Branch

8th Floor, Chang-Fu-Gong Office Building, Jia 26,
Jianguomenwai Street, Chaoyang District,
Beijing 100022, The People's Republic of China
TEL 86-10-6523-4779

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

Guangzhou Representative Office

4th Floor, East Tower, Sood Tower, 25, Barakhamba
Road, New Delhi 110 001, India
TEL 91-11-3041-0900

New Delhi Representative Office

Indonesia

PT. Bank Mizuho Indonesia

Room 801, Nanjing Grand Hotel, 208 Guangzhou
Road, Nanjing, Jiangsu Province 210024,
The People's Republic of China
TEL 86-25-8332-9379

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

24th Floor, HSBC TOWER, 101 Yin Cheng
East Road, Pudong New Area, Shanghai
200120, The People's Republic of China
TEL 86-21-6841-1000

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

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

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

Philippines

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

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

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

Taipei Branch

Nanjing Representative Office

Shanghai Representative Office*Labuan Branch

Singapore Branch

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

Malaysia

Korea

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

Thailand

Bangkok Branch

Seoul Branch
8th Floor, Seoul City Tower, 581, Namdaemunro,
5-ka, Chung-ku, Seoul, Republic of Korea
TEL 822-3782-8500

Tianjin Representative Office

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

Mizuho Corporate Leasing (Thailand)Co., Ltd.
19th Floor, TISCO Tower 48/44 North Sathorn
Road, Silom, Bangrak, Bangkok 10500, Thailand
TEL 66-2-638-0900

Room 2202, Tianjin International Building 75,
Nanjing Road, Tianjin 300050,
The People's Republic of China
TEL 86-22-2330-5448
Note: All overseas offices are those of Mizuho Corporate Bank except for offices indicated as follows:* Subsidiary or representative office of Mizuho Securities** Subsidiary of Mizuho Trust & Banking*** Subsidiary of DLIBJ Asset Management51

Office Network of Mizuho

VietnamHanoi Branch
Suite 403~407, 63 LTT Building,
63 Ly Thai To Street, Hanoi,
Socialist Republic of Vietnam
TEL 84-4-9363-123

Ho Chi Minh City Representative
Office7th Floor, The Landmark, 5B Ton Duc Thang
Street, District 1, Ho Chi Minh City,
Socialist Republic of Vietnam
TEL 84-8-8228-638

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

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

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

Europe and the Middle East(Country/Region)
AustriaMizuho Corporate Bank-BA
Investment Consulting GmbH
Landhausgasse 4/7, 1010 Vienna, Austria
TEL 43-1-5355868

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

Germany

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

Mizuho Corporate Bank (Germany)
Aktiengesellschaft
Taunustor 2, 60311 Frankfurt am Main,
F.R. Germany
TEL 49-69-27282-0

Luxembourg

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

Switzerland

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

The Netherlands

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

United Kingdom

London Branch

Houston Representative Office5051 Westheimer Road, Galleria Tower II,
Suite 710, Houston, Texas 77056, U.S.A.
TEL 1-713-499-4800

DLIBJ Asset Management U.S.A.
Inc.***

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

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

Mizuho Capital Markets Corporation

Bahrain

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

Iran

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

Mizuho Corporate Bank of California
350 South Grand Avenue, Suite 1500,
Los Angeles, CA 90071, U.S.A.
TEL 1-213-612-2700

Tehran Representative OfficeMizuho Corporate Bank (USA)

3rd Floor, No.1, 14th Street,
Khaled Eslamboli Avenue, Tehran 15117, IranTEL 98-21-8872-6593

1251 Avenue of the Americas,
New York, NY 10020, U.S.A.
TEL 1-212-282-3030

Mizuho Securities USA Inc.*

The Americas(Country/Region)

FranceParis Branch

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

Mizuho International plc*

Australia

Sydney Branch

Los Angeles Agency

1251 Avenue of the Americas, 33rd Floor,
New York, NY 10020, U.S.A.
TEL 1-212-209-9300

Mizuho Trust & Banking Co. (USA) **BrazilSão Paulo Representative Office
Avenida Paulista, 1274-11° andar,
Bela Vista, São Paulo, SP,
CEP. 01310-925, Brazil
TEL 55-11-3251-4199

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

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

CanadaMizuho Corporate Bank (Canada)
100 Yonge Street, Suite1102, Toronto, Ontario,
Canada M5C 2W1
TEL 1-416-874-0222

Cayman Islands

Mizuho Desk

Asia and Oceania

Cayman Branch
Coutts House, 1446 West Bay Road,
P.O. Box 707GT, Grand Cayman, Cayman Islands,
British West Indies

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

Maybank

Europe and the Middle East
Raiffeisen Zentralbank Osterreich AG
Mashreqbank psc

The Americas
Unibanco

U.S.A.

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

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

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

52”Mizuho Desk”
By forming tie-ups with major financial institutions
in regions where Mizuho does not possess offices,
we offer our customers financial services throughvarious institutions. (Transactions are conducted
directly between the customer and the local
financial institution.)

Investor Information on Mizuho Financial Group, Inc.

2. A copy of the Notification of Change in Shareholdings concerning theReport on Large Shareholdings, in which The Resona Trust & Banking
Co., Ltd. Deposit Insurance Corporation of Japan, The Resolution andCollection Corporation, and Kanebo, Ltd. are named as joint shareholders, was received by Mizuho Financial Group, Inc. and as of August
31, 2005 the number of shares held by these entities was reported to
be as shown in the table below. However, Mizuho Financial Group, Inc.
could not confirm the number of shares effectively held by The Resona
Trust & Banking Co., Ltd. and Deposit Insurance Corporation of Japanas of the end of the interim fiscal period in question, and as such, theirholdings are not included in the above table. It should be noted that,while The Resolution and Collection Corporation and Kanebo, Ltd. arenamed as joint shareholders in the aforementioned copy of the
Notification of Change in Shareholdings, the details of the shares listed
as being held by The Resolution and Collection Corporation in theReport on Large Shareholdings match the information in the Mizuho
Financial Group's shareholder registry for preferred shares as at the endof the subject fiscal period, and the details of the shares listed as being
held by Kanebo, Ltd. match the information in Mizuho Finanncial Group's
shareholder registry for common shares as at the end of the subject fiscal period. Accordingly, they are not included in the table below.

Date of Establishment
January 8, 2003

Paid-in Capital¥1,540,965 million

Outstanding Shares
13,409,425.49 shares
Common Shares: 12,003,995.49 shares
Preferred Shares:
1,405,430 shares

Number of Shareholders
Common Shares:
Preferred Shares:

244,099
3,407

Principal Shareholders(Common Shares)

Mizuho Holdings, Inc.
Japan Trustee Services Bank, Ltd.
(Trustee account)
The Master Trust Bank of Japan, Ltd.
(Trustee account)
ROYAL TRUST CORPORATIONOF CANADA, LONDON-CLIENTSACCOUNT(Standing proxy agent:Standard Chartered Bank)The Dai-ichi Mutual Life Insurance
Company
STATE STREET BANK AND TRUSTCOMPANY(Standing proxy agent:Mizuho Corporate Bank, Ltd.)

Shares held

Percentageof shares
outstanding(%)

1,155,840.83

9.62

638,567.00

5.31

536,108.00

Content of the Notification of Change in Shareholdings:
Number of Shares Held
Name
Addressor Effectively Held%
The Resona Trust & Banking 1-1-2, Otemachi,Co., Ltd.
Chiyoda-ku, Tokyo
115,158 0.85
Deposit Insurance
1-12-1,Yurakucho,
Corporation of Japan
Chiyoda-ku, Tokyo
120,319 0.89
Note: The figures for “Number of Shares Held” and “%” in the table
above were copied from the Notification of Change inShareholdings.

4.46(Preferred Shares)
389,300.00
279,158.00

149,262.00

3.24
The Resolution and Collection
Corporation

2.32

1.24

Shares held

Percentageof shares
outstanding(%)

425,000

30.23

The Dai-ichi Mutual Life Insurance
Company

27,000

1.92

Meiji Yasuda Life Insurance Company

25,0001.77

Sompo Japan Insurance Inc.

19,0001.35

FUKOKU MUTUAL LIFE INSURANCECOMPANY

15,000

1.06

Trust & Custody Services Bank, Ltd.
(Meiji Yasuda Life Insurance Company
Retirement Benefit Trust Accountre-entrusted by Mizuho Trust &Banking Co., Ltd.)
137,000.00

1.14

ITOCHU Corporation

10,0000.71

Nippon Life Insurance Company

1.10

THE KANSAI ELECTRIC POWER CO., INC. 10,000

0.71

Shiseido Company, Limited

10,0000.71

SHIMIZU CORPORATION

10,0000.71

Seiko Epson Corporation

10,0000.71

TAISEI CORPORATION

10,0000.71

Electric Power Development Co., Ltd.

10,000

0.71

The Tokyo Electric Power Company,
Incorporated

10,0000.71

Nippon Express Co., Ltd.

10,0000.71

Marubeni Corporation

10,0000.71

STATE STREET BANK AND TRUSTCOMPANY 505103(Standing proxy agent:Mizuho Corporate Bank, Ltd.)THE CHASE MANHATTAN BANK,
N. A. LONDON(Standing proxy agent:Mizuho Corporate Bank, Ltd.)132,630.76

132,451.00

129,879.00

1.10

1.08

Notes: 1.The voting rights of the shares held by Mizuho Holdings, Inc. are
restricted, pursuant to Article 241 Paragraph 3 of the JapaneseCommercial Code. On October 1, 2005, Mizuho Holdings, Inc.
changed its trade name to “Mizuho Financial Strategy Co., Ltd.” anda portion of the common shares in Mizuho Financial Group held byMizuho Financial Strategy Co., Ltd. was been decreased, as follows: inNovember 2005, 700,000 shares were decreased in the offering ofoverseas and domestic markets, and in December 2005, an additional
63,000 shares were decreased pursuant to over-allotment offering. As
a result of these offerings, the total number of Mizuho Financial
Group shares held by Mizuho Financial Strategy Co., Ltd. is 392,840.83.

Notes:1. In the table above, the figure for the number of shares held by The
Resolution and Collection Corporation is the total for the Fourth
Series, Sixth Series and Seventh Series of Preferred Shares. For othercompanies, the figures represent the totals for the Eleventh Series andthe Thirteenth Series of Preferred Shares.

53

Investor Information on Mizuho Financial Group, Inc.

2. All 125,000 shares of the Seventh Series Class VII Preferred Shares,
held by The Resolution and Collection Corporation, have been retired
through the repurchase and cancellation of treasury shares pursuant
to the exercise on October 12, 2005 of Mizuho Financial Group's rightto redeem the shares. As a result, the total number of Mizuho
Financial Group shares held by The Resolution and Collection
Corporation is 300,000.

Interim Dividends
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 digitallyon the last register of shareholders as of September 30 ofeach year or to the holders of fractional shares appearing inwriting or digitally on the last register of holders of fractional
shares as of September 30 of each year.

Stock Listings
Tokyo Stock Exchange
Osaka Securities Exchange

Accounting Auditors(as of September 30, 2005)

Ernst & Young ShinNihon

Transfer Agent
Mizuho Trust & Banking Co., Ltd.

Fiscal Year
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 dayof each business year and an extraordinary general meetingof shareholders shall be convened whenever necessary.

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

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

54

Contact Information

MHFG's “News Release E-mail Distribution
Service” Launched

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/

MHFG offers an e-mail service for notifying registered users the title and the URL page of thegroup's news releases when releases are placed on
the group's website.
If you wish to register for this service, please
access MHFG's website (http://www.mizuhofg.co.jp/english/), and click “News Release E-mailDistribution Service.”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 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/

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/
IS97580/BS7799 IJ01675/ISMS

This 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 such factors as changes in the business environment.

55