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September 14, 2004

Mizuho Financial Group, Inc.
Mizuho Corporate Bank, Ltd.
Mizuho Securities Co., Ltd.

Investment in Mizuho Securities Co., Ltd. by The Norinchukin Bank

Mizuho Securities Co., Ltd. ("MHSC," President: Yoshio Osawa) announces that, at the meeting of its Board of Directors held today, it resolved to issue new shares by way of third-party allocation as described below.

MHSC plans to raise approximately &JPY 75 billion through the issuance of new shares to The Norinchukin Bank ("Norinchukin," President and Chief Executive Officer: Hirofumi Ueno).

The third-party allocation of shares to Norinchukin follows the transfer of operations of Norinchukin Securities Co., Ltd. to MHSC in March 2004 and is expected to further reinforce the developing and growing relationship between the MHSC and Norinchukin and enhance the business platform and earnings of MHSC.

This transaction will be executed immediately after all necessary procedures with relevant regulatory authorities are completed.

Particulars

  1. 1.Total issue amount Approximately JPY 75 billion (planned)
  2. 2.Allocation to capital Approximately JPY 45 billion (planned)

(Reference)

Profile of The Norinchukin Bank

Name The Norinchukin Bank
Representative Hirofumi Ueno, President and Chief Executive Officer
Head Office 13-2, Yurakucho 1-chome, Chiyoda-ku, Tokyo
Capital JPY 1,224.9 billion
Principal Shareholders Agricultural Cooperatives and Federations, Fishery Cooperatives and Federations, Forestry Cooperatives and Federations, Other Related Organizations
Employees 2,747 (As of March 31, 2004)
Total Shareholders' Equity JPY 2,523.8 billion
Operating Results (2004/3) Income before Income Taxes   JPY 187.7 billion
Net Income   JPY 144.6 billion

Profile of Mizuho Securities Co., Ltd.

Name Mizuho Securities Co., Ltd.
Representative Yoshio Osawa, President
Head Office 5-1, Otemachi 1-chome Chiyoda-ku, Tokyo
Capital JPY 150.2 billion
Shareholder Mizuho Corporate Bank, Ltd. (100%)
Employees 1,255 (As of March 31, 2004)
Total Shareholders' Equity JPY 286.9 billion
Operating Results (2004/3)
(Non-Consolidated)
Net Operating Revenues   JPY 79.0 billion
Ordinary Profit   JPY 37.0 billion
Net Profit   JPY 20.8 billion

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