Earnings Estimate

RNS Number:4029H
Mizuho Holdings Inc
12 February 2003



Earnings Estimate of Mizuho Financial Group, Inc. for the Fiscal Year 2002

Mizuho Financial Group, Inc. ("MHFG") will become a parent company (100%
ownership) of Mizuho Holdings, Inc. (MHHD") by the stock-for-stock exchange
("kabushiki-kokan") on March 12, 2003, subject to approval of the appropriate
regulatory authorities.  As the result of this transaction, MHFG will become a
newly listed company.  MHHD hereby has announced earnings estimate of MHFG for
the fiscal year ending March 31, 2003 (consolidated and non-consolidated) as
follows:

Non-Consolidated Earnings Estimate of MHFG for the Fiscal Year 2002
                         (January 8, 2003 - March 31, 2003)

              
                                                     (Units: Millions of Yen, %)

                         Fiscal Year 2002            Ratio

     Operating Income          900                  100.00

     Ordinary Profits           50                    5.5

     Net Income                 30                    3.3

     Annual Cash Dividends per
     Share of Common Stock       -   

Consolidated Earnings Estimate of MHFG for the Fiscal Year 2002
                                  (April 1, 2002 - March 31, 2003)

The consolidated earnings estimate is substitute for the previously announced
consolidated earnings estimate of MHHD on January 21, 2003.
The figures of the estimate of MHFG are the same as those of the estimate of
MHHD.

                                                   (Units: Billions of Yen, %)

                        Fiscal Year 2002              Ratio

     Ordinary Income         3,500                    100.0

     Ordinary Profits       -1,750(loss)                -

     Net Income             -1,950(loss)                -

Mizuho's statements contained in this release of its current expectations are
forward-looking statements subject to significant risks and uncertainties, and
actual results may differ materially.  Factors that could cause actual results
to differ materially include, but are not limited to, changes in overall
economic conditions, changes in market rates of interest, further declines in
the value of equity securities or real estate, further deterioration of the
quality of loans to certain industry sectors and the effect of new legislation
or government directives.

This release also does not constitute an offering of securities in any
jurisdiction.  Any securities that may be offered will not be registered under
the U.S.Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements.

Inquiries regarding this matter should be directed to:

Mizuho Holdings, Inc.,  Public Relations     Tel. [phone]
                        Financial Planning   Tel. [phone]
                        Accounting           Tel. [phone]



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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