Partial Early Redemption of Subordinated Bonds (Public Funds)

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 575 billion at the end of March, 2004, which is a part of JPY 900 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 575 billion
2. Outline of subordinated bonds to be redeemed:
   1. Subordinated bonds issued by MHHD (Total amounts: JPY 550 billion)
      1. First series unsecured subordinated dated bonds:JPY 100 billion (Full Redemption)
      2. Third series unsecured subordinated perpetual bonds:JPY 100 billion (Full Redemption)
      3. Fifth series unsecured subordinated dated bonds:JPY 100 billion (Full Redemption)
      4. Sixth series unsecured subordinated perpetual bonds:JPY 250 billion (Full Redemption)
   2. Subordinated bonds issued by MHTB (Total amounts: JPY 25 billion)
      1. A.First series unsecured subordinated perpetual bonds: JPY 25 billion (Partial Redemption)

MHFG will make efforts towards redemption of the remaining subordinated bonds held by the RCC in adherence with the spirit of related laws such as the Law of Emergency Measures for Early Strengthening of Financial Functions.