Partial Early Redemption of Subordinated Bonds (Public Funds)

September 24, 2004

Mizuho Financial Group, Inc. ("MHFG") hereby announces that Mizuho Holdings, Inc. ("MHHD") and Mizuho Trust & Banking Co., Ltd. ("MHTB"), subsidiaries of MHFG, agreed with related authorities to exercise their early redemption rights and to redeem the subordinated bonds of JPY 225 billion at the end of September, 2004, which is a part of the outstanding JPY 325 billion of subordinated bonds issued by these subsidiaries and held by the Resolution and Collection Corporation ("RCC").

  1. Total amount of subordinated bonds to be redeemed : JPY 225 billion
  2. Outline of subordinated bonds to be redeemed :
    1. Subordinated bonds issued by MHHD (Total amounts: JPY 200 billion)
      (1) Fourth series unsecured subordinated perpetual bonds : JPY 200 billion (Full Redemption)
    2. Subordinated bonds issued by MHTB (Total amounts: JPY 25 billion)
      (1) First series unsecured subordinated perpetual bonds : JPY 25 billion (Full Redemption)

MHHD holds its early redemption rights for the remaining subordinated bonds of JPY 100 billion (Second series unsecured subordinated dated bonds issued by MHHD) at the end of March 2005. Our group continues to make efforts towards the complete redemption of the remaining subordinated bonds held by the RCC in adherence with the objectives of related laws such as the Law of Emergency Measures for Early Strengthening of Financial Functions.

This document entitled "Partial Early Redemption of Subordinated Bonds" is prepared in order to announce specific facts relating to partial early redemption of subordinated bonds issued by MHFG's subsidiaries and does not constitute a solicitation of investments or any similar act, in or outside of Japan.

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