MFG

Business Context and Reporting Period

This Form 6-K filing, dated April 23, 2009, reports on Mizuho Trust & Banking Co., Ltd. (MHTB), a subsidiary of Mizuho Financial Group, Inc. The document announces a significant downward revision of earnings and dividend estimates for the fiscal year ended March 31, 2009 (Fiscal 2008).

Key Financial Metrics and Revisions

The filing details a shift from projected profits to projected losses for both consolidated and non-consolidated bases.

Dividend Estimates (Per Share in Yen):

• Common Stock: Revised from 1.00 to 0.00 for the fiscal year-end.
• First Series Class 1 Preferred Stock: Revised from 6.50 to 0.00 for the fiscal year-end.
• Second Series Class 3 Preferred Stock: Revised from 1.50 to 0.00 for the fiscal year-end.

Material Changes and Drivers

The revision represents a material deterioration in financial performance, driven by the following factors:

• Net Business Profits: Expected to decrease by approximately JPY 21.0 billion (non-consolidated) due to lower gross profits from Trust & Asset Management businesses.
• Credit-Related Costs: Expected to worsen by JPY 12.0 billion (non-consolidated) against the backdrop of a sharp economic downturn in Japan.
• Stock Valuation: Net gains related to stocks are expected to worsen by JPY 12.0 billion (non-consolidated) due to large declines in stock prices.
• Deferred Tax Assets: A conservative estimate of future profits led to a JPY 17.0 billion decrease in deferred tax assets, recorded as income taxes (deferred).

Outlook, Risks, and Management Commentary

Management attributes the revised estimates to the severe economic conditions and market volatility experienced since the second half of Fiscal 2008. The filing includes a standard disclaimer regarding forward-looking statements, noting that actual results may differ materially due to:

• Changes in overall economic conditions and market interest rates.
• Declines in the value of equity securities or real estate.
• Deterioration of loan quality in specific borrower sectors.
• Fluctuations in foreign currency exchange rates.

The company explicitly states it has no obligation to update these forward-looking statements except as required by Tokyo Stock Exchange rules.

Investor Verification Checklist

• Verify the final audited results for Fiscal 2008 to confirm if the revised loss estimates materialized.
• Review the specific composition of the JPY 27.0 billion in credit-related costs to assess asset quality trends.
• Confirm the impact of the JPY 17.0 billion deferred tax asset write-down on future tax liabilities.
• Monitor subsequent dividend announcements for Fiscal 2009 to determine if the suspension of dividends is temporary or structural.
• Check for any additional capital raising activities or government support measures taken by Mizuho Financial Group following this announcement.