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Interim Report CONTENTS Interim Report CONTENTS Financial Highlights (Consolidated) 1 Basic Principles of the Consolidation 2 The Mizuho Financial Group's New Brand Identity A MESSAGE FROM THE MANAGEMENT 3 MANAGEMENT STRATEGY OF MIZUHO 5 Progress of Consolidation 5 Business Model from April 1, 2002 6 Building a Robust Business Structure 14 FINANCIAL ANALYSIS OF MIZUHO HOLDINGS 17 Mizuho Holdings’ Consolidated Financial Results for the First Half of Fiscal 2001 17 The Three Banks’ Aggregated Financial Results for the First Half of Fiscal 2001 21 Disclosure of Asset Quality 28 CONSOLIDATED FINANCIAL STATEMENTS 38 OF MIZUHO HOLDINGS MIZUHO HOLDINGS' BOARD OF DIRECTORS 42 OFFICE NETWORK OF MIZUHO 42 INVESTOR INFORMATION ON MIZUHO HOLDINGS 44 CONTACT INFORMATION 45 Financial Highlights (Consolidated) Mizuho Holdings, Inc. For the Six Months ended September 30, 2001 and 2000, and for the Fiscal Year ended March 31, 2001 Millions of yen Thousands of U.S. dollars Sept. 30, 2001 Sept. 30, 2000 Sept. 30, 2001 Total Income ¥ 2,791,104 ¥ 3,512,000 $ 23,376,083 Total Expenses 3,193,716 3,189,761 26,748,044 Income (Loss) before Income Taxes and Minority Interests (402,612) 322,238 (3,371,961) Net Income (Loss) (264,637) 154,826 (2,216,392) Cash Dividends — 43,407 — Note: Cash Dividends includes "Stock Transfer Payment"which was paid instead of Interim Cash Dividends for fiscal 2000. Millions of yen Thousands of U.S. dollars Sept. 30, 2001 Mar. 31, 2001 Sept. 30, 2001 Total Assets ¥ 163,736,959 ¥ 163,455,480 $ 1,371,331,322 Securities 25,801,785 28,062,563 216,095,357 Loans and Bills Discounted 90,587,678 92,286,772 758,690,778 Deposits 85,198,408 80,176,482 713,554,511 Total Shareholders’ Equity 5,301,350 6,254,270 44,399,918 Note: Deposits includes Negotiable Certificates of Deposit ("NCDs"). yen U.S. dollars Sept. 30, 2001 Sept. 30, 2000 Sept. 30, 2001 Per Share Net Income (Loss) (Common Stock) ¥ (28,753.60) ¥ 15,609.31 $ (240.82) Cash Dividends per Share : Common Stock — 3,500 — Preferred Stock: First Series Class I Preferred Stock — 11,250 — Second Series Class II Preferred Stock — 4,100 — Third Series Class III Preferred Stock — 7,000 — Fourth Series Class IV Preferred Stock — 23,800 — Fifth Series Class V Preferred Stock — 3,750 — Sixth Series Class VI Preferred Stock — 21,000 — Seventh Series Class VII Preferred Stock — 5,500 — Eighth Series Class VIII Preferred Stock — 4,000 — Ninth Series Class IX Preferred Stock — 8,750 — Tenth Series Class X Preferred Stock — 2,690 — Sept. 30, 2001 Mar. 31, 2001 Sept. 30, 2001 Capital Adequacy Risk-based Capital Ratio (BIS Capital Ratio) 10.53% 11.39% / Note:Cash Dividends per Share includes "Stock Transfer Payment" which was paid instead of Interim Cash Dividends for fiscal 2000. Long Term Ratings Moody's Standard & Poors FITCH Mizuho Holdings, Inc. — — A– The Dai-Ichi Kangyo Bank, Limited A3 BBB+ A– The Fuji Bank, Limited A3 BBB+ A– The Industrial Bank of Japan, Limited A3 BBB+ A– Mizuho Securities Co., Ltd. — — — Mizuho Trust & Banking Co., Ltd. A3 — A– 1 Basic Principles of the Consolidation We will create a new financial services group that will lead the 21st century based on the following five basic principles: Offer a wide range of the highest-quality financial services to our customers. Maximize shareholder value and, as the leader of Japan's financial services industry, earn the trust of society at large. Offer attractive and rewarding job opportunities for employees. Fully utilize the advantages and strengths of each bank and maximize the benefits of the consolidation through cost reductions. Create a new corporate climate and culture. The Mizuho Financial Group's New Brand Identity Since the establishment of the Mizuho Financial Group, we have strived to create the group's new brand. Brand Statement: "Value Communication" Our brand statement helps express our brand vision not only to our customers, but also within our group. Value refers to "the value that our customers seek," while Communication refers to how the Mizuho Financial Group intends to "communicate with customers to attain this desired value." "Value Communication" underlines our commitment to doing our utmost to understand our customers' aspirations and provide financial services of the highest quality in order to enhance our customers' satisfaction and ultimately share their joy. Put simply, we look forward to "Sharing the dreams and happiness of our customers." Brand Logo The new brand logo of the Mizuho Financial Group is a simple yet sophisticated logotype in blue underscored by a striking red arc. The arc represents the sun rising over the horizon. Brand Colors The two colors used in our new identity were created specially for the Mizuho Financial Group. Cosmic blue, as used in the logotype, symbolizes reliability, integrity, world scale and quality. Horizon red, used for the arc, represents the warm relationships between the Mizuho Financial Group and its customers, as well as humanity and passion. The new logo therefore represents our employees' commitment and Mizuho Cosmic Blue Mizuho Horizon Red passion in everything they do. 2 A MESSAGE FROM THE MANAGEMENT We would like to start by thanking our shareholders and customers for your continued support. This interim report is designed to deepen your understanding of the Mizuho Financial Group ("MHFG") by explaining about our performance and policies. Interim Results for Fiscal 2001 Our results for the first half of fiscal 2001 reflect the extremely harsh economic and market environment. While the effects of economic deceleration in the United States spread to Europe and Asia, business conditions in Japan deteriorated further and the deflationary trend intensified. Since the foundation of MHFG in September of 2000, we From left: Masao Nishimura, Chairman & Co-CEO, have followed a policy of managing and administering the Katsuyuki Sugita, President & Co-CEO, Yoshiro Yamamoto, Chairman & Co-CEO entire group centering on our five core subsidiaries: The Dai- Ichi Kangyo Bank, Limited ("DKB"), The Fuji Bank, Limited ("Fuji Bank"), The Industrial Bank of Japan, Limited ("IBJ") –– collectively referred to hereinafter as the “three banks”––, Mizuho Securities Co., Ltd. ("Mizuho Securities") and Mizuho Trust & Banking Co., Ltd. ("Mizuho Trust & Banking"). Through this structure, we have worked actively to respond to our customers' ever diversifying sophisticated needs, while seeking to improve our business performance through further management rationalization measures. Another priority has been to improve the soundness of our assets as quickly as possible. To this end, we have implemented stricter self-assessments and worked to promote the final disposal of non-performing loans ("NPLs"). As a result, our interim consolidated total income came to ¥2,791.1 billion, total expenses to ¥3,193.7 billion and net loss to ¥264.6 billion. Business Reinforcement Program Toward the reorganization of DKB, Fuji Bank and IBJ, which is scheduled for April 2002, we compiled the “Business Reinforcement Program” in order to rapidly strengthen our financial soundness and quickly realize the benefits of the consolidation. 3 Specifically, we will work toward a substantial strengthening April 1, 2002. Through this process, the three banks will be of the group’s financial structure by making additional realigned into two new banks — Mizuho Bank and Mizuho reserves to promptly resolve the NPL issue, establishing Corporate Bank — while Mizuho Securities and Mizuho Trust financial strength that will be less vulnerable to stock price & Banking, which are currently subsidiaries of the three fluctuations and raising capital. Furthermore, to reform our banks, will become direct subsidiaries of Mizuho Holdings, earnings base, we will also improve efficiency in risk asset Inc. These changes will further enhance the specialist utilization and reform our cost structure through an in-depth capabilities of group companies and create a new structure restructuring. capable of responding more quickly and precisely to By executing the measures of the Program within a short customer needs by providing comprehensive, high value- time frame, we aim to achieve a drastic reinforcement of our added financial services. financial strength, reform our earnings base and therefore MHFG plans to become an innovative financial services enhance the group's reputation in the markets. We will also group that will lead the new era through cutting-edge work to reinforce our structural foundations so that Mizuho comprehensive financial services based on exploiting to the Bank, Ltd. ("Mizuho Bank") and Mizuho Corporate Bank, Ltd. fullest its enormous strength in financial products and ("Mizuho Corporate Bank") can make a strong start services, which are backed by a powerful customer base and following their creation through the corporate split and state-of-the-art financial technology and information merger process of the three banks in April 2002. technology. We look forward to the continuing support of our Outlook for Fiscal 2001 shareholders and customers. In the second half of fiscal 2001 we plan a robust response to the issues facing the group, such as making significant January 2002 additional reserves, in accordance with measures set down in the Program. We expect this to result in a substantial loss for fiscal 2001. From the perspective of sound management, we have decided to suspend interim dividends on common and Masao Nishimura Chairman & Co-CEO preferred stocks because of the exceptionally difficult economic and market situation, and extreme uncertainty about the future. Furthermore, as for the year-end dividend, we regret that we currently plan to reduce the annual dividend for fiscal 2001 to ¥3,500 per common stock in view of enhancing financial strength. We intend to pay the Yoshiro Yamamoto prescribed dividend on preferred stock. Chairman & Co-CEO Realization of the Business Model Subject to approval from the appropriate regulatory authorities and other procedures, we will reorganize the Katsuyuki Sugita group through the corporate split and merger process on President & Co-CEO 4 MANAGEMENT STRATEGY OF MIZUHO Progress of Consolidation New Products and Services Mizuho Venture Fund established.
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