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December 24, 2004

Mizuho Financial Group, Inc.
Mizuho Corporate Bank, Ltd.
Mizuho Securities Co., Ltd.

Business Alliance between Mizuho Corporate Bank, Mizuho Securities, Nikko Cordial Corporation and Nikko Cordial Securities

Mizuho Corporate Bank, Ltd. (MHCB: President and CEO, Hiroshi Saito), Mizuho Securities Co., Ltd. (MHSC: President, Yoshio Osawa), Nikko Cordial Corporation (President and CEO, Junichi Arimura) and Nikko Cordial Securities Inc. (Nikko Cordial Securities: President and CEO, Junichi Arimura) hereby announce that they have reached an agreement as outlined below for the purpose of cooperating to complement each other's business by utilizing each other's business know-how and customer base.

  1. 1.MHCB agrees to acquire up to 94 million shares (4.92%) of Nikko Cordial Corporation's treasury stock. MHCB plans to acquire the shares on January 31, 2005 on condition that the related parties officially enter into the contract for forming a business alliance as stated in No. 2 below.
  1. 2.MHSC and Nikko Cordial Securities will commence discussions on details of a business alliance in the areas that promise to benefit both parties, in addition to their business activities, through the mutual utilization of their corporate customer base.

There is no change in the current cooperative business relationship between MHSC, Shinko Securities Co., Ltd. and Mizuho Investors Securities Co., Ltd.

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