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

April 27, 2006

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)


 Operating RevenuesOrdinary ProfitsNet Income
Fiscal 2005 (A)84,44932,65124,975
Fiscal 2004 (B)46,1248,3175,703
Differences (C) = (A) - (B)38,32524,33319,271
Percentage Differences (C) / (B)83.1%292.6%337.9%


(Note : fractions are rounded down)


Consolidated


(Units: Millions of yen)


 Operating RevenuesOrdinary ProfitsNet Income
Fiscal 2005 (A)84,48332,70024,972
Fiscal 2004 (B)46,1578,3315,712
Differences (C) = (A) - (B)38,32624,36819,260
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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