Revision of Consolidated Earnings Estimates for Fiscal 2004

December 27, 2004

Mizuho Financial Group, Inc. ("MHFG") hereby revises its consolidated Earnings Estimates for Fiscal 2004. The revision is due to the reversal of Reserve for Contingencies, the receipt of interest accrued on the refund of provisional tax payment, and the decrease in Valuation Allowance for Deferred Tax Assets in accordance with the Supreme Court's judgment on the petition of Mizuho Corporate Bank, Ltd. ("MHCB"), a wholly-owned subsidiary of MHFG, for rescission of a corporate tax correction regarding MHCB's write-off of credits against Japan Housing Loan, Inc. Please be advised that no other material event than this judgment has occurred necessary to make a revision of the estimates.

Consolidated Earnings Estimates for Fiscal 2004

(Billions of JPY, %)

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  Ordinary Income Ordinary Profits Net Income
Previous Estimates
(Nov. 2004)
2,900.0 610.0 440.0
Revised Estimates 2,900.0 610.0 720.0
  Change - - 280.0
Rate of Change - - 63.6%
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