Determination of Initial Conversion Price of Eighth Series Class VIII Preferred Shares

Mizuho Financial Group, Inc. ("MHFG") hereby announces that the initial conversion ratio for Second Series Class II Preferred Shares issued by MHFG has been determined as follows, according to the terms and conditions of the Preferred Shares.

1. Initial Conversion Ratio : 3.060
2. Effective date : August 1, 2004

(Reference) Second Series Class II Preferred Shares

This document entitled "Determination of Initial Conversion Ratio of Second Series Class II Preferred Shares" is prepared in order to announce facts relating to MHFG's Second Series Class II Preferred Shares and does not constitute