2005
1 23 2 24 6 26 8 9 10 M&A / 14 16 & 18 & 20 22 32 33 34 51 52 53
2000 10 3 2005 1
2010 1,000 2000 10 2001 8 M 2005 34 2010 1,000 45,000 37,005 40,091 30,000 22,654 15,000 14,346 0 1,351 2000 2001 2002 2003 2004 2 2005
2004 1999 10 5 M&A 7 4 2005 3 1,044 24.7%4018.3% 24216.3% 2,66818.5% 50224.7%281 43.0% M500 210 M&A 2005 3
5 02 03 04 05 227 370 401 466 205 32 100 105 1,000 800 200 1,000 4 2005
JGB M&A 2005 5 2006 3 2010 1,000 2005 6 M&A 2005 5
2000 10 3 2001 8 M 2003 2004 3 9 750 1999 10 1993 2000 1993 2000 2001 2002 7 10 4 3 100% 250 1994 10 100% 100% 1,502 IBJ Asia Securities 5 8 M 9 4 100% 6 40% 11 NTT 12 6 2005
2004 215 ABS 2004/4/1 2005/3/31 17.6% 27.3% 17.5% 1 1 Thomson DealWatch 2 IPO/PO/CB/REIT 6.8% 18.1% 3 4 2003 2005 2003 1 3 100% 2004 3 M&A 5 UBSM&A 8 9 1,951 11 2005 1 2 3 2005 7
8 2005
2005 9 2000 10 / 2003 10 / 3 2005 4
10 3 1 2004IFR Yen Bond House of the Year 1 House of the Year 2004 3 1999 CB IPO CBAGT KDDI 30 CB: IPO: AGT: 10 2005
2004 4 3 2005 11
80,184 10,558 1 15,110 18.84 2 14,807 18.47 3 14,497 18.08 4 10,278 12.82 5 6,510 8.12 1 2,877 27.25 2 2,074 19.64 3 1,775 16.81 4 1,648 15.61 5 866 8.20 : 04/4/1~05/3/31 : 04/4/1~05/3/1 23,832 IPO 11,976 1 5,249 22.03 2 5,090 21.36 3 4,253 17.85 4 1,836 7.70 5 1,564 6.56 1 2,840 23.71 2 2,094 17.49 3 1,905 15.90 4 662 5.53 5 583 4.87 : 04/4/1~05/3/31 : 04/4/1~05/3/31 2004 HOUSE OF THE YEAR... ABS House of the Year 2004, 2003, 2002, 2001, 2000 Thomson Deal Watch... Samurai Bond House of the Year 2004 Thomson Deal Watch... Yen Bond House of the Year 2004 IFR... DCM Ranking/Samurai Bonds Bookrunner No.1 2004 Dealogic... Best Samurai Bond House 2004 Euromoney DEAL OF THE YEAR... 48 Straight Bond Deal of the Year, 1st Runner-up... 27-30 Straight Bond Deal of the Year, 2nd Runner-up... 1-2 Straight Bond Debut Deal of the Year... 2 Samurai Bond Deal of the Year... Equity Deal of the Year, 2nd Runner-up... Commercial Mortgage-backed Securities Deal of the Year... GMAC International Yen Bond 2004... Thomson DealWatch... Local Currency Bond Deal of the Year 2004/Japan Asiamoney... 3 Best Deal/Samurai Bonds... 2 Best Deal/Structured Finance Products 12 2005
RMBS CDO discipline REIT IR 2005 13
M&A / M&A M&A M&A 80 M&A M&A 2004 M&A 2004M&A 2004 1 M&A 1 2 M&A 14 2005
7 IT 82005 4 3 M&A 8 10 M&A 2003 7 7 1 M&A 131998 6 2004 9 M&A OTC AlcoaJV M&A 1 109 7.2 2 108 7.2 3 88 5.8 4 65 4.3 5 55 3.7 Thomson Financial 04/1/1~04/12/31 2005 15
ABS 4 No.1 J-REIT CO2 2005 2004 2004ABS4 ABS House of the Year 5 J-REIT IPO IPO M&A SHINOBI 16 2005
2005 17 2003 7 14 12
& 2004 2004 1 4 House of the Year 1 4 D&G 18 2005
2003 7 1 16 1017 3 302015 1 2 3 1010 1 2 3 5 2 1 2 3 :17 4 1 (%) 13 12 11 10 9 8 7 6 10 1 2 3 2001 2002 2003 2004 1 1 3 885 643 484 4 4 : No.1478 05/3/7No.1480 05/3/2104/1/1~04/12/31 2005 19
& 430 2004 2004 0.8 3.3%3.1 8.5% 1999 IR 5 5% 3 20 2005
Managing Director Mercury Asset Management 1 15,000 5% 3,000 8.5% 10% 12,000 3.3% 4% 2,500 8% 9,000 3% 2,000 6% 6,000 2% 1,500 4% 3,000 1% 1,000 2% 0 0% 0 0% 00 01 02 03 04 00 01 02 03 04 : No.1478 05/3/7No.1480 05/3/2104/1/1~04/12/31 2005 21
2004 3 5 1.5 Basel 22 2005 J-REIT 2004 3 2 2004 3 2
2004 4 9 2004 7 2004 12 2002 1999 IPO M&A / 2005 23
1 1999 10 5 5 2 24 2005
25 responsibility accountability JAMES REED Head of Equity Division Deputy President Mizuho Securities U.S.A. ABN Amro Discipline Believe in myself and believe in my people 2005 25
3 2000 12 400 30 90 2000 3 Mr Jonathan Charkham 2004 1 9JGB IFR Yen Bond House of the Year 2004 CDS CB 2004 5 26 2005
CB CB 2004 1 CB 2 2000 10 2005 4 30 2005 4 30 Sabah Zubaida Managing Director Ian Abrams Non-Executive Director Jonathan Charkham Non-Executive Director Chief Executive Managing Director Geoffrey Mitchell Non-Executive Director Non-Executive Director 2005 27
4 2002 3 36 230 22 1 400 2004 59 Federal Home Loan Bank FHLBFHLB TAP 5 IR 5 CME CBOT LIFFE EUREX SGX TFX CFTC 2004 70% NYMEX 200423.5The 28 2005
Bond Market Association 5 9 100% William Jarosak Executive Managing Director Deputy President President & CEO James Reed Deputy President Frank Mullins Executive Managing Director M&A M&A M&A 2005 29
2001 4 60 2003 SARS 40 1 IR M&A 30 2005
M&A 2005 9 Associate Director, Managing Director s Office Director, Head of Equity Department Karel Vacek Director, Managing Director s Office Veanne Wong Director & Chief Operating Officer Managing Director & Chief Executive Dennis Lam Senior Advisor 2005 31
32 2005 1. 34 2. 1 3. 1 2003 7 CRO Chief Risk Officer Basel CRO
17 7 1 Managing Director President & CEO 2005 33
35 35 38 40 41 45 45 46 48 49 34 2005
1. 12 11 10 17 3 16 3 15 3 104,417 83,704 58,747 (49,108) (34,162) (32,747) 40,091 37,005 22,654 24,191 20,807 4,043 1 7,231 6,926 1,345 195,146 150,200 150,200 3,685 3,004 3,004 11,634,782 6,331,295 5,955,961 368,809 286,990 242,859 395.3% 277.7% 385.5% 1 17 3 16 3 15 3 5,953 5,063 3,045 (5,709) (4,803) (2,701) (233) (251) (341) 16,551 8,473 7,264 (10,285) (3,098) (1,824) (5,701) (5,181) (5,439) 2,818 1,605 640 ( ) ( ) ( ) (1,004) (1,170) (626) (301) (99) (13) (1,451) (335) ( ) 23,784 19,019 21,797 49,108 34,162 32,747 17 3 16 3 15 3 17,272 8,455 4,947 12,644 12,434 13,158 2,378 773 552 16,812 12,499 14,089 49,108 34,162 32,747 17 3 16 3 15 3 23,320 19,488 6,220 20,824 18,505 9,952 3,746 2,270 232 (3,522) (2,148) (63) 47,891 40,265 16,406 2005 35
2. 1. 13,244,204 8,154,457 3,680,172 12,132,446 7,987,951 3,925,433 25,376,650 16,142,408 7,605,606 2. 320,922 169,002 157,008 680 3,097,115 743,165 60,100 2,024,754 239,900 485,683 874,541 719,324 302,000 427 52,118 516,914 76,458 34,119 45,471 2,074,780 652,666 29,300 987,250 24,600 323,400 4,500 1,097,721 848,041 284,100 37,237 64,173 46,200 36,076 11,918 1,339,183 358,472 8,300 1,001,045 6,400 489,200 1,040,057 794,430 164,100 7,247 17,856 36 2005
3. 1. 2. 17 3 16 3 15 3 6,090,476 2,889,826 3,373,694 6,029,569 2,848,038 3,366,922 291,137 251,986 71,274 5,569,123 2,591,527 3,292,610 28,968 2,070 806 140,340 2,454 2,230 60,906 41,788 6,772 39,198 29,057 4,295 221 130 353 2,375 3,255 1,639 19,110 9,344 484 4,360,335 2,644,249 1,894,275 4,302,353 2,594,253 1,888,344 21,194 19,226 9,357 4,281,159 2,574,993 1,878,986 33 57,981 49,995 5,930 38,241 24,514 2,020 298 136 354 381 16,409 318 18,075 8,241 3,238 MTM 984 694 3. 17 3 1,521,441 39,198 1,424,900 38,241 35,360 77 81,741 125 560,746 1,868 1,664,985 1,035 2005 37
17.3.31 16.3.31 11,429,667 6,117,029 5,312,637 43,205 35,211 7,993 8,137 6,086 2,051 6,090,476 2,889,826 3,200,649 6,029,569 2,848,038 3,181,531 60,906 41,788 19,118 5,891 4,572 1,318 121,534 121,534 8,590 4,775 3,815 5,217,800 3,006,454 2,211,345 10,193 10,193 24,807 15,040 9,766 145 4,948 4,803 13,902 13,902 13,170 8,876 4,293 6,392 3,815 2,577 863 1,999 1,135 6 13 6 205,115 214,265 9,150 5,140 5,405 265 2,675 2,690 15 2,464 2,714 250 6,447 6,243 204 181 277 96 6,209 5,905 303 57 60 2 193,526 202,616 9,089 57,563 56,928 634 131,190 141,946 10,756 403 403 2,839 2,770 68 13 8 5 1,919 557 1,362 11,634,782 6,331,295 5,303,487 38 2005
17.3.31 16.3.31 10,969,311 5,928,863 5,040,448 4,360,335 2,644,249 1,716,085 4,302,353 2,594,253 1,708,100 57,981 49,995 7,985 210,844 210,844 457 400 57 4,364,950 2,230,988 2,133,962 7,455 3,834 3,621 224 291 67 1,981 2,410 428 5,229 5,229 1,680,152 767,056 913,096 297,200 237,800 59,400 9,500 12,500 3,000 12,716 8,000 4,716 11,003 15,862 4,859 5,811 4,526 1,284 1,448 941 506 295,392 114,637 180,755 138,900 62,900 76,000 144,634 35,500 109,134 7,046 12,700 5,653 4,811 2,496 2,314 1,039 1,039 1,268 804 464 1,185 726 458 83 78 5 11,265,973 6,044,304 5,221,668 195,146 150,200 44,946 125,288 95,324 29,964 125,288 95,324 29,964 34,064 20,387 13,677 870 870 1,586 1,611 24 31,607 17,905 13,701 14,310 21,078 6,768 368,809 286,990 81,819 11,634,782 6,331,295 5,303,487 2005 39
16.4.1 17.3.31 15.4.1 16.3.31 104,417 83,704 124.7% 49,108 34,162 143.7% 47,891 40,265 118.9% 813 815 99.6% 6,604 8,460 78.1% 10,983 4,618 237.8% 93,433 79,086 118.1% 52,884 42,117 125.6% 12,844 10,281 124.9% 24,123 20,129 119.8% 5,657 4,806 117.7% 3,385 2,364 143.1% 3,373 3,316 101.7% 2,342 479 489.0% 1,157 738 156.8% 40,549 36,969 109.7% 1,790 87 2,248 51 40,091 37,005 108.3% 257 660 771 85.7% 39,688 36,234 109.5% 19,084 18,877 101.1% 3,587 3,449 104.0% 24,191 20,807 116.3% 7,416 2,901 31,607 17,905 176.5% 40 2005
38 59 2 10 32 13 9 28 1. 2. 1 2 3. 1 10 4 1 2 4. 5. 1 2 3 6. 2005 41
7. 8. 14 8 9 15 10 31 6 3,129 1. 5,724 4,762 2. 1,340,837 509,860 157 25,221 55,981 8,331 70,210 7,762 7,493 42,942 121,064 5,986 3. 459 3,946,944 2,023,433 426,572 206,756 4. 8,517 5,464,243 3,386,918 128,364 13,386 14,921 5. 13 232 40,000 40,000 52,000 32,000 42 2005
6. 124 3 12,753 24,609 1. 1 7,231 6,926 2. 257 63 52 0 19 66 30 23 332 470 348 5 15 0 12 11 17 3 16 3 31,607 17,905 24 24 31,632 17,930 11,708 10,514 11,708 10,514 19,923 7,416 17 3 13500 16 9 3011,754 17 3 16 3 1,319,300 469,000 10,107 11,056 10,000 10,000 10,000 10,000 5,000 10,000 5,000 5,000 5,000 14,296 3,000 1,378,703 518,056 10,000 294,400 239,000 1 7,048 1,680,152 767,056 17 39 2005 43
17 3 16 3 32,000 32,000 (7,000) ( ) 20,000 3,500 10,000 ( ) 5,000 5,000 5,000 5,000 5,000 4,000 60,683 151,683 35,500 (48) (7,048) ( ) 1 217 337 317 332,000 20,00013 232 17 3 16 3 1. 3,187 3,599 411 1,970 2,663 692 24 24 0 98 98 0 2,402 2,267 134 1,875 1,811 63 2. 185,906 185,564 341 187,894 198,817 10,922 3,064 3,189 125 100 58 41 492221115 4 116 3 311216 4 117 3 31 44 2005
16.4.1 17.3.31 15.4.1 16.3.31 266,759 225,023 118.5% 57,919 42,975 134.8% 64,011 49,609 129.0% 813 815 99.6% 144,016 131,623 109.4% 127,803 101,076 126.4% 138,956 123,947 112.1% 90,303 86,300 104.6% 18,534 20,351 91.1% 47,540 46,974 101.2% 7,945 6,868 115.7% 4,319 3,245 133.1% 6,579 6,073 108.3% 2,409 581 414.6% 525 2,974 1,680 177.0% 48,653 37,646 129.2% 4,012 2,844 141.1% 11 42 27.0% 4,001 2,801 142.8% 2,509 255 981.1% 50,155 40,234 124.7% 799 577 138.3% 3,424 1,250 273.8% 47,530 39,561 120.1% 22,101 19,657 112.4% 2,632 2,064 127.5% 0 2,346 0.0% 28,060 19,622 143.0% 16.4.1 17.3.31 15.4.1 16.3.31 95,324 95,324 29,964 29,964 125,288 95,324 25,427 5,804 28,060 19,622 28,060 19,622 10,514 10,514 42,973 25,427 2005 45
17.3.31 16.3.31 17,305,968 12,067,577 5,238,391 118,925 78,624 40,300 8,475 7,276 1,198 18,656 19,497 840 7,271,445 4,489,771 2,781,673 7,123,312 4,387,170 2,736,142 148,132 102,600 45,531 5,891 4,572 1,318 10,527 7,002 3,525 9,661,601 7,363,844 2,297,757 10,193 10,193 33,635 23,382 10,253 94,928 8,504 86,424 9,666 14,455 4,789 2,175 5,918 3,742 36,622 33,923 2,698 6,816 5,074 1,741 16,423 5,752 10,670 15 22 7 137,479 150,259 12,779 12,146 10,107 2,038 5,540 6,045 505 3,537 4,062 525 3,069 3,069 8,826 8,912 86 181 277 96 8,585 8,572 12 59 62 2 116,507 131,238 14,731 110,574 126,119 15,544 440 1,090 650 2,888 2,837 50 14 8 6 1,516 620 895 1,072 562 510 17,443,448 12,217,836 5,225,611 46 2005
17.3.31 16.3.31 16,635,217 11,715,593 4,919,623 5,365,107 3,462,620 1,902,486 5,227,932 3,341,236 1,886,696 137,174 121,383 15,790 214,560 21,187 193,373 8,593,468 6,929,820 1,663,648 20,946 16,870 4,076 49,931 28,802 21,129 102,186 1,457 100,728 1,878,591 901,643 976,948 297,200 237,800 59,400 26,121 43,266 17,145 37,040 25,791 11,248 12,541 16,366 3,825 16,942 20,154 3,211 7 10 3 20,571 9,803 10,768 427,031 211,756 215,274 252,291 122,619 129,672 159,973 71,648 88,325 9,954 14,430 4,476 4,811 2,496 2,314 561 561 1,268 804 464 1,185 726 458 83 78 5 17,063,517 11,928,155 5,135,362 5 4 0 195,146 150,200 44,946 125,288 95,324 29,964 42,973 25,427 17,546 14,427 21,262 6,835 2,090 2,537 4,627 379,926 289,677 90,248 17,443,448 12,217,836 5,225,611 2005 47
48 2005 16.4.1 17.3.31 15.4.1 16.3.31 I 47,530 39,561 6,579 6,073 525 7 6 2,314 1,541 3,924 3,069 146,793 133,679 128,646 101,095 11 42 23 57 82 143 66 516 506 125 0 19 1,164 4,498 853,860 1,058,642 190,891 571,567 1,447 3,096 3,491 182 647,912 1,079,350 9,938 12,812 14,380 4,146 4,816 18,506 44 402 3,241 7,260 20,645 1,326 479 998 16,018 1,676 1,266,350 578,079 149,203 135,971 118,580 104,405 25,999 11,285 1,261,725 557,798 II 7,218 11,290 7,220 11,267 4,711 1,895 29 150 3,932 3,787 15,452 30,830 25,624 27,277 4,249 395 89,798 5 2,134 0 3,673 99,297 III 951,806 399,361 59,400 146,400 116,202 57,732 9,429 17,349 164,359 136,084 52,711 59,018 74,910 10,514 1,294,023 663,211 IV 2,194 3,162 V 38,166 2,953 VI 78,624 75,671 VII 116,791 78,624
2005 49 51 28 4668 10 32 13 9 28 9 7 1 1 2 3 q 10 4 1 w 4 1. 2. 3. 4.
50 2005 5. 6. 7. 8. 5 q w e 6 7 8 14 8 9 15 10 31 6 2,743 3,129
2005 51 17 7 1
Mizuho International plc Mizuho Bank (Switzerland) Ltd. Mizuho Securities USA Inc. The Bridgeford Group, Inc. Mizuho Securities Asia Limited Mizuho International plc Bracken House, One Friday Street, London EC4M 9JA, UK Tel: +44 20 7236 1090 Mizuho Bank (Switzerland) Ltd. Loewenstrasse 32, 8023 Zurich, Switzerland Tel: +41 1 216 9111 Mizuho Securities USA, Inc. 1251 Avenue of the Americas, New York, NY 10020, U.S.A. Tel: +1 212 209 9300 The Bridgeford Group, Inc. 445 Park Avenue, 20th Floor, New York, NY 10022, U.S.A. Tel: +1 212 705 0880 Mizuho Securities Asia Limited Suites 901-907, CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong, S.A.R.,The People's Republic of China Tel: +852 2685 2000 100-0005 8F Tel: 03-5208-5460 52 2005
17 7 1 1 5-1 Tel 03-5208-3210 2000 10 2 1,951 1,58717 4 1 81.52% 18.48% 100-0005 1 5-1 Tel 03-5208-3210 http://www.mizuho-sc.com/ 2005 53
Channel to Discovery FSC