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March 19, 2004

Mizuho Financial Group, Inc.

Possible Irrecoverability of Claims Owing to Filing for Commencement of Special Liquidation Procedures by Japan Development , Ltd.

Japan Development, Ltd. (the "Company"), company having transactions with Mizuho Corporate, Ltd., subsidiary of Mizuho Financial Group, Inc., filed for commencement of special liquidation procedures with the Chiba District Court on March 19, 2004. Notice is hereby given that, as a result of this development, the possibility has arisen that certain claims against the Company may be delayed or become irrecoverable.

1. Outline of the Company

(1) Address 3-1-12, Higashichuo, Kisarazu, Chiba
(2) Representative Mr. Masakatsu Honma
(3) Capital JPY 642 million

2. Details of Relevant Developments

The Company filed for commencement of special liquidation procedures with the Chiba District Court on March 19, 2004.

3. Amount of Claims

Mizuho Corporate, Ltd.  :  JPY 49,303 million

4. Effect of this Development on Profit / Loss of Mizuho Financial Group, Inc.

As the claims against the Company have been covered by collaterals and reserves, this development will have no effect on Mizuho's previously announced earnings estimates for this fiscal year.

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