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April 27, 2006

Mizuho Investors Securities Co., Ltd.
Parent Company: Mizuho Financial Group, Inc.

Differences in Earnings Results for the Fiscal Year ended March 31,2006 (Fiscal 2005) from the Previous Fiscal Year

Mizuho Investors Securities Co., Ltd. hereby announces the differences in its earnings results for Fiscal 2005 (April 1.2005-March 31.2006) from Fiscal 2004 (April 1.2004-March 31.2005).

1. Differences in Earnings Results

Non-consolidated

(Units: Millions of yen)

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Operating Revenues Ordinary Profits Net Income
Fiscal 2005 (A) 84,449 32,651 24,975
Fiscal 2004 (B) 46,124 8,317 5,703
Differences (C) = (A) - (B) 38,325 24,333 19,271
Percentage Differences (C) / (B) 83.1% 292.6% 337.9%

(Note : fractions are rounded down)

Consolidated

(Units: Millions of yen)

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Operating Revenues Ordinary Profits Net Income
Fiscal 2005 (A) 84,483 32,700 24,972
Fiscal 2004 (B) 46,157 8,331 5,712
Differences (C) = (A) - (B) 38,326 24,368 19,260
Percentage Differences (C) / (B) 83.0% 292.5% 337.1%

(Note : fractions are rounded down)

2. Reasons for the Differences

The differences between the results of Fiscal 2005 and Fiscal 2004 were caused by the increase of Operating Revenues due to the increase of Commission Income and Trading Profits which resulted in the increases in Ordinary Profits and Net Income.

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