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February 20, 2004

Mizuho Financial Group, Inc.

Re: Sale of Mizuho Bank's Head Office

We hereby announce that the Board of Directors of Mizuho Financial Group, Inc. ("MHFG") has resolved today to entrust the below-mentioned properties including the head office of Mizuho Bank, Ltd. ("MHBK"), a subsidiary of MHFG, and to transfer the Property Trust Beneficiary Interest related thereto.

1. Reason for transfer

These transactions, carried out as part of our restructuring efforts, will help to improve our financial strength through reducing the unrealized losses on land and overall risk from exposure to real estate prices.

2. Subject properties

(1) Head office of MHBK

Location 1-1-5, Uchisaiwaicho, Chiyoda-ku, Tokyo (Land: 13,269.46m2, Building: 135,194.75 m2)
Transfer price JPY 105.0 billion(book value: JPY 146.2 billion)
Current status Mainly used as the Head Office of MHBK

(2) Otemachi Head Office of MHBK*

Location 1-5-5, Otemachi, Chiyoda-ku, Tokyo (Land: 8,495.06m2, Building: 89,176.93 m2)
Transfer price JPY 112.0 billion(book value: JPY 132.4 billion)
Current status Mainly used as the Otemachi Head Office and Tokyo Chuo branch of MHBK
  • *Including comparted ownership of neighboring Otemachi Financial Center Building.

Even after these transfers, MHBK will continue to occupy the subject properties under sublease agreements.
Location of MHFG will remain unchanged.

3. Outline of transferee

(1) Head office of MHBK

Name First U, Ltd.
Head Office Location 1-6-1, Roppongi, Minato-ku, Tokyo
Representative Ryo Yano, Director
Paid-in Capital JPY 3 million (as of February 20, 2004)
Shareholder First U Holding, Ltd. (100% shareholder as of February 20, 2004)
Principal Business Purchase, holding and sale of trust beneficiary certificate
Relationship with MHFG None

(2) Otemachi Head Office of MHBK

Name Tokyo Prime Stage Y.K.
Head Office Location Mitsuiseimei-jimbocho Bldg. 11F. 1-11, Kandajimbo-cho, Chiyoda-ku, Tokyo
Representative Tomoyoshi Horikawa, Director
Paid-in Capital JPY 3 million (as of February 20, 2004)
Shareholder Tokyo SPC Holdings, Ltd. (100% shareholders as of February 20, 2004)
(In substance, Tokyo Tatemono Co., Ltd will make majority of financial contribution.)
Principal Business Purchase, holding and sale of trust beneficiary certificate
Relationship with MHFG None

4. Schedule

(1) Head Office of MHBK

Signing of contract February 24, 2004
Scheduled transfer date March 12, 2004

(2) Otemachi Head Office of MHBK

Signing of contract February 27, 2004
Scheduled transfer date February 27, 2004

5. Effect of this development on our Earnings Estimates

There is no change to our previously announced earnings estimates for the current fiscal year, despite the losses incurred by these transactions.

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