2010.9(For the Six Months ended September 30, 2010)2010.9

Profile
The Mizuho Financial Group is one of the largest financial institutions in the world, offering a broad range of financial services
including banking, securities, trust and asset management, credit card, private banking, venture capital through its group companies.
The group has over 58,000 staff working in approximately 960 offices inside and outside Japan, and total assets of over $1.8 trillion(as of September 2010). The group was created in September 2000 through the establishment of a holding company of our threepredecessor banks, The Dai-Ichi Kangyo Bank (DKB), The Fuji Bank (Fuji) and The Industrial Bank of Japan (IBJ). Under the umbrella ofthe holding company Mizuho Financial Group, our principal group companies include Mizuho Corporate Bank, Mizuho Bank, Mizuho
Trust & Banking, Mizuho Securities and Mizuho Investors Securities.

Ratings
As of December 31, 2010

Mizuho Financial Group, Inc.
Mizuho Corporate Bank, Ltd.
Mizuho Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Mizuho Securities Co., Ltd.
Mizuho Investors Securities Co., Ltd.

R&I
Long Term Short Term

A
A+
A+
A+
A+
A+

a—1
a—1
a—1
a—1
a—1
—

JCR
Long Term Short Term

—
AA–
AA–
AA–
AA–
AA–

Moody'sLong Term Short Term

—
—
—
—
J–1+
J–1+

—
Aa3
Aa3
Aa3
A1*
—

Standard & Poor's
Long Term Short Term

P—1
P—1
P—1
P—1
P—1*
—

A
A+
A+
A+
—
—

—
A—1
A—1
A—1
—
—

Fitch
Long Term Short Term

A
A
A
A
—
—

F1
F1
F1
F1
—
—

* Credit ratings for MTN programme (Joint Medium-Term Note Programme with Mizuho International plc. and Mizuho Securities USA Inc., based on keep well agreement with Mizuho
Corporate Bank, Ltd.).

Brand Slogan

The slogan expresses the role Mizuho will play, not only to realize today's dreams,
but also to discover new possibilities that lie ahead and to create a better future.
“Discovery” stands for Mizuho's customers discovering their dreams and new possibilities, and“Channel” stands for the role Mizuho will play in providing the ways and means to its customers
so that they can realize their dreams and new possibilities.

2010 Mizuho Financial Group Interim Review

Contents
A Message from the President & CEO of Mizuho Financial Group, Inc.

2

Summary of Financial Results for the First Half of Fiscal 2010

4

Progress in Mizuho’s Transformation Program

6

A Message from the President & CEO of Mizuho Corporate Bank, Ltd.

9

A Message from the President & CEO of Mizuho Bank, Ltd.

11

Management Structure

13

Business Outline

14

Office Network

15

Business Approaches Adopted by Each Global Group

16

Initiatives to Strengthen Collaboration among Group Companies

29

CSR Activities

30

Location of Overseas Offices

32

Investor Information

35

Disclosure Policy

37

Privacy Policy Regarding Customer Information

38

Contact Information

39

All figures contained in this report are calculated using accounting principles generally accepted in Japan (“Japanese GAAP”).

Forward-Looking Statements
This Interim Review contains statements that constitute forward-looking statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee
by management of future performance.
In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,”“plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to
identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.
We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes ininterest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to ourpension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure
to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Management Policy and other strategic initiatives and measures effectively; the effectiveness of our operational, legal andother risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws
and regulations. Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D.
Key Information—Risk Factors,” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S.
Securities and Exchange Commission (“SEC”). In addition, information regarding market developments after September 30, 2010 and theireffects on our financial condition and results of operations is included in the report on Form 6-K furnished to the SEC on January 31, 2011 containing financial information for the third quarter of this fiscal year under accounting principles generally accepted in Japan. These reports areavailable in the Financial Information section of our web page at www.mizuho-fg.co.jp/english/ and also at the SEC's website at www.sec.gov.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter ourforward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of theTokyo Stock Exchange.

1

A Message from the President & CEO of Mizuho Financial Group, Inc.

“Mizuho's Transformation Program” in May 2010. In
brief, through a fundamental review of the management
issues that we face, we are implementing the program ona group-wide basis to enhance our strengths in threeareas, namely: profitability, financial base, and front-line
business capabilities, with the objective of achieving sustained growth. In the following paragraphs, I would like togive you a report on our activities under these programs.

Achievements during the First Half of Fiscal 2010
First, under our “Program for Improving Profitability,” weare strengthening our top-line profits through enhancing
focused business areas and, based on a vigorous review
of our operations, we are reducing costs and reallocating
management resources. During the first half of fiscal
2010, we recorded robust profits. This is due to anincrease in income from the Trading segment derived
from flexible and timely operations properly interpreting
market trends, in addition to a year-on-year increase inincome from Customer Groups, both domestically andMizuho Financial Group marked its 10th anniversary inoverseas, arising mainly from non-interest income. Also,

September 2010. I would like to start my message withas a result of overall cost reduction efforts and other fac-

my sincere gratitude for your strong and continuous sup-tors, consolidated net business profits amounted toport over these 10 years.

¥464.9 billion, a year-on-year increase of ¥105.4 billion.

Looking back over the economic conditions in 2010,

Second, in our “Program for Enhancing the Financial

the global economy has maintained a moderate recovery

Base,” our objectives are the strengthening of the capitalthroughout the year. This is mainly due to various policy

base and improvement of the asset portfolio. As a result of

measures, including stabilization of the financial system

the common stock issuance (the number of shares issued:

and fiscal stimulus packages, which were taken by major

6 billion shares, total amount paid: ¥751.6 billion) in Julycountries in cooperation with each other in response to2010 and the recording of consolidated net income of

the financial crisis. Nevertheless, concern about the¥341.7 billion for the first half of the fiscal year, we madeaggravation of the fiscal condition of some industrialized

major progress in strengthening the quality and quantity ofcountries has led to austere fiscal policies in some coun-capital. It has become increasingly important for financial

tries, which has added downside risk and uncertainties

institutions to strengthen capital base amid the ongoingfor the economy going forward.

global discussions on the revision of capital regulations.

As for the Japanese economy, although it is maintain-

Therefore, as our medium-term target, Mizuho Financial

ing positive growth, as a result of improvement in corpo-

Group aims to increase its consolidated Tier 1 capital ratio

rate profitability and other factors, the recovery appears

to 12% level and prime capital ratio to 8% or above, andto be pausing due to the continuous mild deflationary

as of September 30, 2010, its consolidated Tier 1 capitalconditions and the sharp appreciation of the yen.

ratio and prime capital ratio were 11.78% and 8.10%,

In addition to these changes in economic conditions,

respectively. Accordingly, we believe that we will be able

the environment for financial institutions is changing dras-

to sufficiently meet new capital regulations by further

tically along with the revision of financial regulations andstrengthening our financial base through the implementa-

other developments. To respond promptly and appropri-tion of our Transformation Program. Non-performing loan

ately to the new business environment, we launched(NPL) ratio also remained at a low level of 1.90%.
2

A Message from the President & CEO of Mizuho Financial Group, Inc.

Third, under our “Program for Strengthening Front-linefrom them.

Business Capabilities,” we are redeploying personnel to the

In order to rebuild “Mizuho” which could respond tomarketing front-line through downsizing and rationaliza-

a new era on the historical base that we have built overtion of corporate management functions, and also improv-

the past decade, we launched “Mizuho's Transformation

ing the efficiency of the business infrastructure. During theProgram.” The future vision of our group is to become

first half of the current fiscal year, we deployed 260 staff,“the most trusted financial institution by our customers

mainly to our strategic areas centered on the Tokyo metro-by focusing on the core function of a financial institution,

politan area and Asia region. In addition, we establishedwhich is to contribute to social and economic develop-

footholds for further developing the base for group-wide

ment.” To pursue this objective, we will steadily imple-

optimization, mainly through three committees, namely:

ment Mizuho's Transformation Program, and, by main-

the Committee for Strengthening Front-line Businesstaining our basic stance of being “customer-oriented,”

Capabilities, the Committee for Cost Structure Reform“frontline-oriented,” and “future-minded,” endeavor to

Promotion, and the Committee for IT Strategic Investments.

provide the highest-quality financial services to respond

We believe that we made solid progress as we pro-to the full range of customer needs.

ceeded with the steady implementation of Mizuho's
Transformation Program, even though only a half year

To fulfill Mizuho's mission as “A financial partner thathas passed. Nevertheless, we fully understand that a lot

helps customers shape their future and achieve theirmore work needs to be done continuously. All the

dreams” under the group's brand slogan “Channel togroup's management and staff will continue to work

Discovery,” we are working to steadily and surely imple-

together in carrying out the program.

ment our business strategies based on solid internal con-

In addition, in the facilitation of financing, we sincerely

trol systems. We also pursue corporate social responsibili-

believe that providing a smooth supply of funds to cus-ties (CSR) through such activities as providing support for

tomers is an important social responsibility of financial

financial education and implementing our environmental

institutions. Accordingly, our group will devote its fullest

initiatives. Through these initiatives, we are working toefforts, as it has thus far, to attaining this objective.

further increase our group's corporate value while fulfill-

In view of the group's strong progress in the first half

ing our social responsibilities and accomplishing our pub-of fiscal 2010 in comparison with the original plan, we

lic mission. We look forward to your continuing support

have revised our plans for the full fiscal year as follows:

for these endeavors.

consolidated net business profits: ¥820.0 billion (anincrease of ¥70.0 billion compared with the original plan

January 2011

announced in May 2010), and consolidated net income:¥500.0 billion (an increase of ¥70.0 billion).
As we pursue an optimal balance between “strengthening of stable capital base” and “steady returns toshareholders”, we plan to make cash dividend payments

Takashi Tsukamotoof ¥6 per share of common stock for fiscal 2010,

President & CEO

unchanged from our existing estimate. We also plan to

Mizuho Financial Group, Inc.

make dividend payments on preferred stock as prescribed.
Note: The above, which was prepared prior to the announcement of
our financial results for the third quarter of fiscal 2010, contains
statements that constitute forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995.
See the disclaimer at the bottom of page 1 of this Interim
Review for information regarding factors that could cause actual
results to differ from those in the forward-looking statements.

Marking Mizuho's 10th YearIn September 2010, Mizuho marked the 10th anniversaryof its establishment. The past decade has been a time ofchallenges which we have overcome. We have continuously identified the changes in our business environment,
responded to them, and overcome the challenges arising3

Summary of Financial Results for the First Half of Fiscal 2010

Summary of Income Analysis

Credit-related costs of the Three Banks amounted to a

Consolidated gross profits for the first half of fiscal 2010

reversal of ¥25.2 billion, an improvement of ¥142.2 bil-increased by ¥95.6 billion on a year-on-year basis tolion on a year-on-year basis, primarily due to improved¥1,100.8 billion.

obligor classifications through our business revitalization

Gross profits of Mizuho Corporate Bank, Mizuho Bank

support to corporate customers and other factors.

and Mizuho Trust & Banking (the Three Banks) increased

Consolidated credit-related costs also amounted to aby ¥94.8 billion on a year-on-year basis to ¥885.4 billion.

reversal of ¥8.5 billion, an improvement of ¥170.3 billion

This is due to an increase in income from the Trading

on a year-on-year basis.

segment derived from flexible and timely operations

Net losses related to stocks of the Three Banks

properly interpreting market trends, in addition to a year-

amounted to ¥15.0 billion. This is mainly as a conse-

on-year increase in income from Customer Groups (¥22.0

quence of recording devaluation losses for certain stocks

billion), both domestically and overseas, arising mainly

after a decline in stock prices, despite recording gains on

from non-interest income.

sales through our efforts to reduce our stock portfolio.

General & administrative (G&A) expenses of the Three

As a result, consolidated net income for the first half

Banks decreased by ¥11.9 billion on a year-on-year basisof fiscal 2010 increased by ¥253.9 billion on a year-on-

to ¥440.3 billion mainly due to our overall cost reduction

year basis to ¥341.7 billion, which far exceeds ourefforts.

planned net income of ¥180.0 billion for the first half ofAggregated consolidated gross profits (net operating

fiscal 2010.

• Net Interest Income

revenues) of our two securities subsidiaries (Mizuho
Securities and Mizuho Investors Securities) decreased by

The average loan balance of the Three Banks for the first¥19.3 billion on a year-on-year basis to ¥149.3 billion.

half of fiscal 2010 decreased by ¥1.9 trillion from the sec-

As a result, consolidated net business profits* 1

ond half of fiscal 2009 to ¥61.0 trillion. This is due to aamounted to ¥464.9 billion, a year-on-year increase of

decrease in domestic loans mainly to large corporate cus-¥105.4 billion.

tomers and overseas loans (including foreign exchange*1. Consolidated net business profits = consolidated gross profits –G&A expenses (excluding non-recurring losses) + equity in income
from investments in affiliates and certain other consolidation
adjustments

translation impact).
The aggregate loan-and-deposit rate margin ofLoan Balance
Average loan balance (*2)

Loan-and-deposit rate margin (*3)

Loan balance as of the period end (*2)(Loan balance: trillions of ¥)100(Loan-and-deposit rate margin: %)
1.50

80

1.40

60

1.30

40

1.20

0

Averageloan balance
Loan-anddeposit rate
margin (*4)

Fiscal 2006
(first half)

Fiscal 2006(second half)

Fiscal 2007
(first half)

Fiscal 2007(second half)

Fiscal 2008
(first half)

Fiscal 2008
(second half)

Fiscal 2009
(first half)

Fiscal 2009(second half)

Fiscal 2010
(first half)¥63.5 tn.

¥65.0 tn.

¥65.1 tn.

¥64.3 tn.

¥65.8 tn.

¥68.0 tn.

¥66.7 tn.

¥63.0 tn.

¥61.0 tn.

1.31%

1.37%

1.44%

1.47%

1.44%

1.46%

1.41%

1.39%

1.36%

1Q 1.29%
2Q 1.32%

3Q 1.35%
4Q 1.39%

1Q 1.44%
2Q 1.44%

3Q 1.47%
4Q 1.48%

1Q 1.46%
2Q 1.43%

3Q 1.45%
4Q 1.46%

1Q 1.44%
2Q 1.39%

3Q 1.40%
4Q 1.39%

1Q 1.38%
2Q 1.35%

0*2. Aggregate of the Three Banks, excluding Trust Account and loans to Mizuho Financial Group. Balance for overseas branches includes foreignexchange translation impact.
*3. Aggregate figures of domestic operations of Mizuho Corporate Bank and Mizuho Bank after excluding loans to Mizuho Financial Group, theDeposit Insurance Corporation of Japan, and the Japanese government.
*4. 1Q: the first quarter, 2Q: the second quarter, 3Q: the third quarter, 4Q: the fourth quarter4

Summary of Financial Results for the First Half of Fiscal 2010

domestic operations of Mizuho Corporate Bank andestablishing capital base as a cornerstone for our sustain-

Mizuho Bank for the same period was 1.36% and slightly

able growth for the future, in anticipation of the revision

decreased by 0.03% from the second half of fiscal 2009,of capital regulations. Meanwhile, Mizuho Financial

mainly due to a decline in the return on loans that fol-Group recorded consolidated net income of ¥341.7 bil-

lowed the decline of market rates.

lion for the first half of fiscal 2010.

• Non-interest Income

It has become increasingly important for financial insti-

Non-interest income from Customer Groups of the Threetutions to strengthen capital base amid the ongoing

Banks (managerial accounting basis) for the first half ofglobal discussions on the revision of capital regulations.

fiscal 2010 increased by ¥30.8 billion on a year-on-year

Therefore, as the group's medium-term target, Mizuho

basis to ¥194.1 billion.

Financial Group aims to increase its consolidated Tier 1

As well as income associated with investment trusts

capital ratio to 12% level and its prime capital*5 ratio toand individual annuities from individual customers sub-8% or above, and as of September 30, 2010, its consoli-

stantially increasing on a year-on-year basis, income asso-

dated Tier 1 capital ratio and its prime capital ratio wereciated with foreign exchange business, overseas business,

11.78% and 8.10%, respectively, as a result of the com-trust and asset management business of Mizuho Trust &mon stock issuance and the enhanced consolidated net

Banking and other factors also increased.

income in the first half of fiscal 2010.

Non-interest Income (Customer Groups of the Three Banks)*5. Prime capital = Tier 1 capital – preferred debt securities – preferredstock (excluding mandatory convertible preferred stock)(billions of ¥)300

We announced Mizuho's Transformation Program in
May 2010, and are addressing the issues for improving

200

profitability and enhancing financial base. We will strive
to further strengthen our financial base mainly by accumulating retained earnings and improving asset efficiency

100

through the steady implementation of the Program.
0

Non-interest
IncomeFiscal 2008
(first half)

Fiscal 2009
(first half)

Fiscal 2010
(first half)¥196.9 bn.

¥163.2 bn.

¥194.1 bn.

Accordingly, we believe we will be able to sufficiently
meet new capital regulations.
We continue to pursue “disciplined capital management” policy, optimally balancing “strengthening of stable capital base” and “steady returns to shareholders” inFinancial Soundness

accordance with changes in the business environment,

The balance of disclosed claims under the Financial

our financial condition or other factors.

Reconstruction Law of the Three Banks decreased by¥17.8 billion from that as of March 31, 2010 to ¥1,302.0(Reference)billion. NPL ratio also remained at a low level of 1.90%.

The outstanding balance of Eleventh Series Class XI

The balance of consolidated net deferred tax assets

Preferred Stock as of September 30, 2010 (excluding

decreased by ¥73.7 billion from that as of March 31,

treasury stock) was ¥486.0 billion (48.5% out of ¥943.7

2010, and the ratio to Tier 1 capital was 7.1%, a decline

billion of the initial amount issued had been already con-of 2.9% from March 31, 2010. Our consolidated capitalverted into common stock).

adequacy ratio was 15.40%, an improvement of 1.94%
Note: The above, which was prepared prior to the announcement of
our financial results for the third quarter of fiscal 2010, contains
statements that constitute forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995.
See the disclaimer at the bottom of page 1 of this Interim
Review for information regarding factors that could cause actual
results to differ from those in the forward-looking statements.

from that as of March 31, 2010.

Disciplined Capital Management
In July 2010, Mizuho Financial Group issued common
stock (the number of shares issued: 6 billion shares,
total amount paid: ¥751.6 billion). This was aimed at5

Progress in Mizuho’s Transformation Program

Mizuho's Transformation Program
Fiscal 2012
(Targets)(1)
Improving
Profitability

Mizuho's
Transformation
Program(2)
Enhancing
Financial Base

(3)
Strengthening Front-line
Business Capabilities

First Half of Fiscal 2010
(Actual)Consolidated net business profits*1¥900 billion¥464.9 billion

Consolidated net income¥500 billion¥341.7 billion

Lower 50% level

49.7%

10% level

17.2%

Tier 1 capital ratio

12% level

11.78%

Prime capital ratio

8% or above

8.10%

Reduce by ¥1 trillion

Reduced by ¥19.3 billion(From Mar. 2010)(Sold: Approx. ¥90.0 billion)

Expense ratio*2
ROE*3

Stock portfolio*1. Consolidated gross profits – G&A expenses (excluding non-recurring losses) + equity in income frominvestments in affiliates and certain other consolidation adjustments*2. G&A expenses (excluding non-recurring losses) / gross profits (3 Banks)
net income (adjusted to annual basis)*3. ROE=
x 100((total shareholders' equity + total valuation and translation adjustments)<at the beginning of the calculated period> +(total shareholders' equity + total valuation and translation adjustments)<at the end of the calculated period>) / 2
Notes 1: Figures above are on a consolidated basis except for expense ratio and stock portfolio which areon the Three Banks basis
2: Assumed the economic environment towards March 2013 as follows;
Interest rates: Uncollateralized overnight call rate; approx. 0.1%, 10-year JGB yield; approx. 1.3%,
Nikkei 225; approx. ¥11,000, and US$/¥ exchange rate; approx. ¥90

Program for Improving Profitability

Mizuho Bank.
For large corporate customers, we provide a diverse

Results exceeded targets in most profit items.
Specifically, made significant improvement in
net business profits due to recovery in Customer
Groups and cost reduction in line with our plan.

range of financial solutions, from commercial banking
services to investment banking services. In the domestic
syndicated loan market, Mizuho was ranked first andaccounted for a more-than-40% share of this market
according to the domestic bookrunner league table pre-Business Strategy
Tokyo Metropolitan Area and Large Corporate
Customers
In the Tokyo metropolitan area, by promoting our“hybrid approach” through coordinated organic linkage
between remote channels and branches as well as“enhancement of retail marketing management”, wesubstantially increased sales of investment products,
including investment trusts, and the amount of newly
executed housing loans. In addition, we launched theBusiness Growth Assistance Fund and initiated a reorganization to accelerate our industry-based marketing
approach to strengthen initiatives for corporate customers based on industry and business area-specificapproaches. Also, to respond to the needs of theemployees of our corporate customers, we strengthened
collaboration between Mizuho Corporate Bank andpared by Thomson Reuters. At Mizuho Corporate Bank,•

its Industry Research Division extended the coverage to
the Asian region, including India and China, in addition
to Europe and the Americas.

• Asia Region

In Asia, we promoted various support not only for local
companies but also for the companies entering the Asianmarkets, and got involved in the environmental andinfrastructure-related projects. In addition, we strengthened our support for fund raising, asset management,
and settlement services in Chinese renminbi to meet thecustomer needs, which include the support outside mainland China. We also enhanced our overseas network. We
obtained approval for a commercial banking license in
Malaysia in June 2010 and opened Mizuho Corporate
Bank (China)'s Suzhou Branch in November 2010.

6

Progress in Mizuho’s Transformation Program• Asset Management Business

Program for Enhancing the Financial BaseIn November 2010, we made a capital investment in

Our capital base has been strengthened substantially in both quality and quantity, as aresult of the common stock issuance and theenhanced consolidated net income for the firsthalf of the fiscal year.
We believe we will be able to sufficiently
meet new capital regulations.

BlackRock and reached agreement to start preparations
for signing a Business Cooperation Agreement.
Objectives of this alliance will include developing a rangeof business areas related to asset management with theaim of expanding relevant business activities in Japan andthe rest of Asia. In the pension related businesses, wehave a leading position in Japan for asset and liability
management of defined contribution pensions, and, inStrengthening of the Capital BaseIn July 2010, Mizuho Financial Group issued common
stock (the number of shares issued: 6 billion shares with a
total paid-in amount of ¥751.6 billion). In addition, we
strove to proceed with the accumulation of retained
earnings through the implementation of our Program for
Improving Profitability, and, for the first half of fiscal
2010, we reported consolidated net income of ¥341.7
billion. As a consequence, our Tier 1 capital ratio reached11.78%, and our prime capital ratio stood at 8.10% as
of September 30, 2010. We believe we will be able tosufficiently meet new capital regulations.

April 2010, Mizuho Corporate Bank formed a specialized
unit to take initiatives in providing “comprehensive pension proposals.” In addition, in October 2010, Mizuho
Global Alternative Investments started operations inTokyo with a view to offering its customers top-ranking
hedge funds, selected from around the world.

• Drawing on the Full-line Services of Banking,Trust, and Securities Functions
Mizuho is working for further collaboration among groupcompanies to offer comprehensive financial services. As apart of these collaborations, Mizuho Bank, Mizuho Trust& Banking and Mizuho Investors Securities are establishing joint branches. Mizuho Trust & Banking offers its specialized trust services related to inheritance, real estate,
and other matters at its Trust Lounges, and Mizuho
Investors Securities offers securities-related services toindividual customers through its Planet Booths.

Improvement of the Asset Portfolio
We strategically reallocated risk-weighted assets as we
worked toward the “improvement of asset efficiency”
and “further strengthening of risk management.” In parallel with these activities, as of September 30, 2010, we
had reduced our stock portfolio by ¥19.3 billion in comparison with March 31, 2010.

Cost Reduction through Vigorous Review ofBusinesses and Reallocation of Management
Resources to Focused Strategic Business Areas
The Committee for Cost Structure Reform Promotion wasestablished to implement cost reductions across thegroup. Moreover, we are working to reduce costs
through the unification and optimization of the group's
management infrastructure and, based on the Programfor Strengthening Front-line Business Capabilities, wehave started the redeployment process of management
resources to strategic areas.

Program for Strengthening Front-line
Business Capabilities
We have made steady progress toward
strengthening front-line marketing personnel.
We finished establishing footholds for further rationalization and improvement in efficiency in the corporate management functions. In the next stage, we are proceeding to
implementation.
As part of our Program for Strengthening Front-line
Business Capabilities, we established Committee forStrengthening Front-line Business Capabilities and are
implementing a range of related initiatives. These include
7

Progress in Mizuho’s Transformation Program

consolidating and reorganizing corporate planning andmanagement functions, unifying financial product functions, consolidating operations at centers and withinbranches, and unifying IT systems.

Redeployment of Personnel to the Marketing
Front-line
We began to unify corporate planning and management
functions across the group, beginning with four units,
namely: human resources, administration, IT systems, andoperations. To unify financial product functions, we areplanning to consolidate M&A finance and certain otherbusinesses in fiscal 2011. Regarding the redeployment ofapproximately 1,000 personnel to strategic fields, wehave already completed the shift of 260 staff members
during the first half of fiscal 2010.
Improvement of Business Infrastructure Efficiency
To enhance the efficiency of our business infrastructure,
Committee for IT Strategic Investments was establishedto optimize the group's IT systems investment portfolio.
Moreover, we consolidated a part of the operations ofMizuho Corporate Bank and Mizuho Trust & Banking into
those of Mizuho Bank and are proceeding with the consolidation of operations among the Three Bank's operational centers.
Note: The above, which was prepared prior to the announcement of
our financial results for the third quarter of fiscal 2010, contains
statements that constitute forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995.
See the disclaimer at the bottom of page 1 of this Interim
Review for information regarding factors that could cause actual
results to differ from those in the forward-looking statements.

8

A Message from the President & CEO of Mizuho Corporate Bank, Ltd.

Aiming to Be a Top Corporate Finance Provider

changes in the industrial structure, identifying customer
needs, and bringing together the specialized capabilitiesof the group in banking, securities, trust business, andother functions to offer globally based solutions. In addition, we have formed a Cross-Functional Project Team toprovide cross-divisional responses in the medium-to-longterm in such areas as infrastructure development, water,and energy.
Our overseas strategy is to fully utilize our overseas
network, which comprises 70 offices located in 30 countries and regions, to meet the needs not only of Japanese
corporations but also non-Japanese companies in a timely
manner. As a result of the establishment of Mizuho
Corporate Bank (China)'s Suzhou Branch in November
2010, we now have 33 offices in Asia outside Japan,
Under Mizuho's Transformation Program, we are collabo-

located primarily in China and India. We are working in

rating with Mizuho group companies to strengthen andcollaboration with Mizuho Securities to further develop

combine commercial banking and traditional investment

our business activities in this region.

banking, including M&A, advisory services, and theAlso, with the opening of Mizuho Global Alternative

underwriting of bonds and equities, as well as sales andInvestments in October 2010, we are working totrading activities. This is enabling us to globally andstrengthen our asset management business operations.

seamlessly offer optimal financial solutions that meet the

We are also strengthening our sales and trading activities,

needs of our customers in Japan and overseas. In particu-

and transaction business.

lar, we have introduced a “double-hat” structure in

In addition to these activities, we are aggressively uti-

Japan and the United States that allows personnel tolizing our financial intermediary functions and havehold concurrent posts in banking and securities, thus fur-positioned the development of stronger and more

ther enhancing collaboration.

sophisticated risk management and compliance systems
as key management issues. Going forward, we will con-

• Aiming to “Build a Leading Presence as atinue to substantially increase the sophistication of

Financial Institution in Asia”
The world economy is at a turning point. The growthstrategies of our customers are also moving toward initiatives to strengthen their presence in emerging countries
and cross-border collaboration with other corporations.
Corporate customers are also moving to identify growth
opportunities in such industries as infrastructure development as well as the natural environment and energy, themedical and healthcare, and other sectors.
In particular, in Asia, which is expected to become theworld's largest consumer market, the need for businessdevelopment support is expanding. At Mizuho Corporate
Bank, we have structured our business promotion divisions and Industry Research Division along industry lines.
Industry experts from those divisions are analyzingthese systems.
Even after the financial crisis, the functions expectedof financial institutions in providing industrial financeremain unchanged. Led by changes in the world economy and in corporations, our business domains are
expanding on many fronts, including global industrial
realignment and financing needs.
We aim to be a financial institution that wins the trustand strong support of our customers and the market bysucceeding in our social mission—as a driver of global
industrial finance—to support the development of corporations and industry. We will accomplish this by serving
as a bridge between Japan and the rest of Asia, as well asa bridge linking Asia to the Americas and Europe.

9

A Message from the President & CEO of Mizuho Corporate Bank, Ltd.

Aiming to Be a Top Corporate Finance Provider

We look forward to your continuing understanding
and support.
January 2011

Yasuhiro Sato
President & CEO
Mizuho Corporate Bank, Ltd.

10

A Message from the President & CEO of Mizuho Bank, Ltd.

Returning to the Basics of Commercial Banking and Achieving Further Development

corporate customers, we have continued to strengthen
our capabilities for meeting their fund-raising needs. For
corporate customers who are proactively addressing environmental issues, we offer Mizuho Eco-special and otherproducts. We are also offering Mizuho Heartful Loans toprovide support to customers who are actively engaged inpromoting employment of seniors and physically challenged persons. In addition, in July 2010, in keeping with
the intent of the Bank of Japan's Loan Disbursement
under the Fund-Provisioning Measure to Support
Strengthening the Foundations for Economic Growth, weestablished our Business Growth Assistance Fund.
To offer solutions to the wide range of management
issues, such as business and financial strategies, confronting our customers, we offer structured finance, synBased on the spirit of “putting the customer first,” wedicated loans, and other forms of financing. At the same

have adopted a basic policy of “returning to the basics oftime, we provide our customers solutions for implement-commercial banking and achieving further development”

ing their business strategies, including support for busi-and, to provide genuinely useful services to our cus-

ness inheritance, M&A, business matching services, as

tomers, we are moving forward with “innovation in mar-well as support for overseas business expansion.

keting” activities.

Moreover in October 2010, we began to offer theMizuho Electronic Claims Settlement Service. We have•

Services for Individual Customers
Many customers make use of our services for individuals.
As of September 30, 2010, the number of members of
the Mizuho Mileage Club exceeded 7.8 million. In addition, the number of customers contracting for Mizuho
Direct, which enables customers to take advantage of awide range of services through Internet and mobile banking, had exceeded 8.5 million.
Our financial consultants, as the closest advisers to our
individual customers, respond accurately to a broad spectrum of customer needs, ranging from advising on various types of housing and other loan products to designing money management plans and providing retirement
allowance management proposals.
In addition to these activities, to provide “one-stop”
access to services desired by our customers, we are offering trust products at our branches and promoting thedevelopment of joint branches with Mizuho Trust &Banking and Mizuho Investors Securities.

also reorganized our Business Solutions Department andother headquarters along industry lines and are aggressively working to provide management consulting andsupport for customers' business reforms as well as business revitalization.
We are also endeavoring to enhance customer satisfaction with our diversified financial services through theprovision of our comprehensive consulting services andworking in collaboration with Mizuho Trust & Banking,Mizuho Investors Securities, Orient Corporation, andother group companies.
In view of the intent of Japan's Financing Facilitation
Act for SMEs, we have created the necessary frameworkand systems to provide a smooth supply of financing toindividual and corporate customers. We are also implementing various other related measures, includingchanges in loan terms and conditions.
Through the implementation of the Mizuho's
Transformation Program, we are aiming to place a high•Services for Corporate Customers
To give smooth responses to the funding demands ofvalue on our relationships of trust we have with our customers in the medium-to-long term. Our objectives are to

11

A Message from the President & CEO of Mizuho Bank, Ltd.

Returning to the Basics of Commercial Banking and Achieving Further Development

enhance the satisfaction of our customers, to become
their most-trusted financial institution, and to motivatethem to say “We are glad we selected Mizuho.” Toreach these objectives, our management and staff members are sparing no efforts to implement reforms speedily. We, therefore, look forward to receiving your continuing support.
January 2011

Satoru Nishibori
President & CEO
Mizuho Bank, Ltd.

12

Management Structure

The three global groups organized based on customer needs are working to leverage theirrespective strengths as they work together to provide the highest-quality financial services.

Mizuho Financial Group, Inc. (MHFG)

Global Corporate Group

Mizuho Corporate Bank, Ltd. (MHCB)

Mizuho Securities Co., Ltd. (MHSC)

Global Retail Group

Mizuho Investors Securities Co., Ltd.
(MHIS)

Mizuho Bank, Ltd. (MHBK)Global Asset & Wealth Management Group
Trust & Custody Services Bank, Ltd.
(TCSB)

Mizuho Trust & Banking Co., Ltd.
(MHTB)

Mizuho Asset Management Co., Ltd.
(MHAM)
Mizuho Private Wealth Management
Co., Ltd. (MHPW)Group Strategy Affiliates
Mizuho Financial Strategy Co., Ltd.
(MHFS)
Mizuho Research Institute Ltd. (MHRI)
Mizuho Information & ResearchInstitute, Inc. (MHIR)

13

DIAM Co., Ltd. (DIAM)

Business Outline

We provide products, services and business solutions to meet the diversified financial needs of ourcustomers by actively pursuing group synergies.

Banking
Business

Mizuho Corporate Bank(MHCB)MHCB focuses its business on corporate finance, primarily serving large corporations(such as those listed on the first sections ofdomestic stock exchanges), financial institutions and their group companies, public sector entities, and overseas corporations including subsidiaries of Japanese companies.

Mizuho Bank(MHBK)

Mizuho Trust & Banking(MHTB)MHBK serves primarily
individuals, SMEs, andmiddle-market corporations,and local governments in Japan.

A trust bank that possesses
strengths in both the corporate
and individual markets.

Mizuho Securities(MHSC)

MizuhoInvestors Securities(MHIS)A securities company witha global wholesale businessplatform and a nationwide
customer base.

A securities company thatis building a powerful cooperative network with MHBK.

Mizuho Trust & Banking(MHTB)

Trust & Custody
Services Bank(TCSB)

Defined Contribution
Plan Services(DCPS)

A trust bank that makes
the most of its trust functions
in offering solutions to
Mizuho's customers.

A highly specialized trustbank focusing on
the custody business.

An entity that specializes inmanaging defined contribution
pension plans.

MizuhoAsset Management(MHAM)DIAM

An asset managementcompany with a long history(established in 1964).

An asset management company
in which The Dai-ichi Life
Insurance and Mizuho bothhave equity holdings.

MizuhoResearch Institute(MHRI)

Mizuho Information& Research Institute(MHIR)

Mizuho Private
Wealth Management(MHPW)

A think tank.

A company in charge ofIT strategy.

A wealth management
services company.

Mizuho Factors

Mizuho CapitalMizuhoTrust Realty Company

Engages in guaranteeing
overseas and domestic tradereceivables, and collection
agency business within Japan.

A principal venture capitalcompany.

A real estate agency.

MizuhoFinancial Strategy(MHFS)

Mizuho-DL
Financial Technology

Orient Corporation

UC CardAn advisory company
for financial institutions.

A research and development
company of financial technology.

Company that provides
purchase financing, credit card,and bank guarantee services.

A credit card company
specializing in operational
management of the UC brandand acquiring business.

Securities
Business

Trust and AssetManagement
Business

Other
Businesses

MizuhoCredit Guarantee
Guarantees housing
and other loans.

14Office Network

We utilize our office network, which covers every prefecture in Japan as well as major overseas cities, to respond to our customers’
diversified and globalizing financial needs while supporting the smooth progress of economic activities.
International Network (As of December 31, 2010)
MHCB

MHSC

Overseas branch or relevant office
Overseas representative office
Major overseas subsidiary or relevant officeLondonMHTBOverseas subsidiary
Overseas representative office

DIAM

Overseas subsidiary

Overseas subsidiaryBeijing

Amsterdam

TianjinDüsseldorf
Frankfurt
DalianLuxembourg

TorontoMoscow

Brussels

Qingdao

Vienna

Paris

Seoul
VancouverNanjing

Chicago

Wuxi

MadridZurichTehranMilan

New Delhi

XiamenLos Angeles

Shenzhen

NassauShanghaiHong Kong
MumbaiTaipeiTaichung
Kaohsiung

Hanoi

Dubai

New York

SuzhouGuangzhou

BahrainRiyadhWuhan

San Jose

HoustonCaymanMexico City

Atlanta

ManilaBangkok

Network in Japan (As of December 31, 2010)
MHCB

Ho Chi Minh City

Head Office and Branches: 18

MHBK
Head Office and Branches: 420
Sub-branches: 38
Agencies: 44

Kuala Lumpur

MHSC

Singapore

Head Office and Departments: 3
Business Promotion Offices: 99

SydneyMHTBJakarta

Head Office and Branches: 36
Sub-branches: 4

LabuanMHISHead Office and Branches: 56
Planet Booths*: 155*MHSC opened its subsidiary Mizuho Securities India in Mumbai on August 3, 2010.
*Mizuho Corporate Bank (China) established Suzhou Branch on November 1, 2010.
*Mizuho Corporate Bank received approval for a new commercial banking license in Malaysia and established a wholly-ownedbanking subsidiary, scheduled to open in spring 2011.

*Planet Booths are the consulting boothsof MHIS located in MHBK's Branches

15São PauloBusiness Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Through the Global Corporate Group, MHCB and MHSC provide highly-specialized, cutting-edge
products and services globally to satisfy the needs of large corporations, multinationals and othercustomers, leveraging Mizuho’s comprehensive financial capabilities through close cooperation
between its corporate banking business and its wholesale securities business.

Business Strategies of Mizuho Corporate Bank
The global economy continues to follow a pattern whereby the emerging economies centered on Asia support the advanced
economies, which have yet to return to the growth trajectory they followed prior to the financial crisis. Against this background, customers maintain their structural reform and business realignment efforts while implementing business strategies
that look ahead to the next generation.
Drawing on its robust, long-term relationships with customers, MHCB responds to its customers' increasingly diversified,sophisticated, and globalized needs by offering financial solutions on a global basis as “a top corporate finance provider,”combining and strengthening its commercial banking operations with its M&A advisory services and other aspects of its traditional investment banking business.
MHCB is not only responding rapidly to credit risk, market risk, and other changes in the market environment, but has alsocommenced active, flexible portfolio management operations, including forecast management, and is strengthening its capabilities to manage its credit and stock portfolios.

Contributing to Strengthening the Foundations for Economic Growth
To contribute to strengthening the global competitiveness of Japanese industry as a financial institution, MHCB is proactively
providing customers with funds and adopting other initiatives, such as offering advice concerning long-term growth strategies.
In July 2010, it established a ¥500 billion loan fund in line with the intentions behind the Bank of Japan's Loan Disbursement
under the Fund-Provisioning Measure to Support Strengthening the Foundations for Economic Growth and is working evenharder to meet the wide-ranging growth funding needs of its customers.

Providing Solutions to Customers' Needs
Specialty of RMs for Large Corporations
Acting as relationship managers (RMs) for the entire group, MHCB's RMs are providing proactive support as financial advisors
to customers seeking funds. MHCB is also focusing on its solutions business by making use of the specialist functions and fullline functions embodied within the group to accurately identify management issues of customers, and aiming to realize theirbusiness, financial, global, and other growth strategies.

Deep Understanding of Industry
Changes in global industrial structures and diversification of corporate strategies appear to be gaining momentum. Against
this background, the Industry Research Division shares business issues with customers on the basis of its deep understandingof industry, and offers sophisticated financial solutions designed to match their needs.
Not merely in Japan, the environment facing customers is changing rapidly as a result of growing activity in the area ofstrategic cross-border corporate alliances and increasingly fierce competition for market share in emerging markets overseas.

16

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Having built its capabilities in the field of domestic industrial research, the Industry Research Division has extended its operations to Asia including India and China, allowing MHCB to strengthen its functions as a global partner while working with customers in tackling management issues.

Approach to Banking and Securities Collaboration
MHCB collaborates with MHSC in providing specialized, sophisticated solutions such as capital raising, M&A, and securitizationin line with customers' capital management and business and financial strategies.
MHCB is utilizing its financial holding company (FHC) status in the United States to realize genuine collaboration in its banking and securities business, such as unified sales of banking and securities products. Since July 2009, when the revision of firewall regulations in Japan made it possible for employees of financial institutions to hold concurrent posts in banks and securities companies, approximately 50 staff members have been working concurrently in various business promotion divisions at
MHCB and MHSC, fostering further collaboration in banking and securities business.

Strengthening Global Business
The Global Corporate Group offers domestic and overseas customers engaged in global business activities optimal solutions by
combining its rich experience in overseas markets with its powerful overseas network and cutting-edge financial products.
In Asia—which is one of Mizuho's key areas of focus—MHCB is further strengthening its support for local companies andcompanies that are advancing into the region, and is actively participating in environment and infrastructure projects. In thefirst half of fiscal 2010, MHCB participated in project finance in India, signed a memorandum of understanding with the Korea
Trade Insurance Corporation on trade finance business, and concluded various business cooperation agreements with Chinese
Government agencies. Also, MHCB is expanding its financial services aimed at meeting customers' increasingly diverse needs
for funding; for example, MHCB became the first foreign bank in China to be appointed managing underwriter for a bankdebenture issue.
Additionally, MHCB further strengthened its network of overseas offices: in June 2010, MHCB's application for a commercial banking license in Malaysia was approved, and in November, Mizuho Corporate Bank (China) opened its Suzhou Branch.

Sophisticated Financial Services to Match Customers' Needs
In addition to domestic real estate- and M&A-related finance, MHCB is active among the world's top players in arranging andadvising on project finance in connection with power generation, natural resource development and infrastructural improvement in Japan and overseas.
In fiscal 2010, it has arranged major project loans for Jubail Refinery Project in Saudi Arabia, and for the acquisition of aportfolio of companies holding five gasfired combined cycle power stations in Mexico. It is also a participant in rapidly growing
India's Powerlinks transmission line project. Amidst expectations that private funds will be used for improving public sector
infrastructure, it has been involved in PFI/PPP at home and abroad, including transportation infrastructure projects like theHaneda Airport International Flight Passenger Terminal, the Narita Rapid Railway, and the Karolinska Hospital PPP in Sweden.
In the environmental sector, it is heavily involved in financing renewable energy projects, including the Goshen II wind
power generating facility and the Avenal Solar power project in the United States, and the Solacor concentrated solar power
project in Spain. It also proactively offers consulting services in areas such as measures to deal with global warming and theemissions credit trading business.

17

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Acting as a Top Runner in the Syndication Business
MHCB has been engaged in developing the syndicated loan

domestic syndicated loan market amounted to ¥25.5 trillion.

Trends in Japan'sSyndicated Loan Market
and Mizuho's Share

Against the background of rapid changes in the financial envi-(Trillions of ¥)market since its inception. In fiscal 2009, deals in Japan'sronment, syndicated loans thus play important roles as fund-30

ing vehicles in the capital market.

25

In the first half of fiscal 2010, the group maintained its

Mizuho's Share(first half offiscal 2010)

43.3%

20

overwhelming presence by achieving a share in excess of 40%

15of the domestic bookrunner league table as a result of its
10

efforts to facilitate financing and increase the value-added of5

its products through offering substitutes for corporate bond0

issues and some of the largest perpetual subordinated syndicated loans ever provided in Japan. MHCB has strengthened

Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
(first half)[Trends in Japan's Syndicated Loan Market]
Sources: Fiscal 2001 – Fiscal 2002: Thomson Reuters
Fiscal 2003 – First half of fiscal 2010
: “Loans Syndicated and Loans Transferred”
from Japanese Bankers Association[Share of Japan's Syndicated Loans (first half of fiscal 2010, bookrunner basis)]
Source: Thomson Reuters

its global syndication system through tie-ups the world overby deploying syndication specialists at its offices in the UnitedStates, Europe, and Asia.
From January to September 2010, the bank ranked fourthin the world behind three major US banks in the Thomson
Reuters' syndicated loan book runners league table.

Against the background of the group's organization and performance, Mizuho Corporate Bank (China) became the firstforeign bank to be nominated the chairman of the Foreign Banks Committee in April 2010. MHCB is also engaged in crossborder deals centered on Asia, steadily establishing a foothold in the global syndicated loan market by among other things,
completing its first deal with an Indian company for a Ninja loan (a syndicated loan extended by a Japanese financial institution
to a foreign company).

Promoting the Global Market BusinessIn the sales and trading business, MHCB offers optimal financial solutions that use cutting-edge financial technologies to satisfy customers' increasingly diverse and sophisticated global financial and business risk control needs. It has expanded its rangeof products from basic areas such as interest rates and foreign exchange to oil, metals, weather and other commodity derivatives and local currency transactions.
Particularly, in the field of exchange deals with countries in Asia, it offers optimal exchange products, such as non-deliverable
forwards (NDFs), which involve no deliveries in local currencies through cooperation between its team of experts, who arethoroughly familiar with the market's characteristics, and its network of overseas offices.
Through its tie-up with Mizuho-DL Financial Technology, which is a group company specializing in the development offinancial technology, MHCB offers “dynamic foreign exchange hedging”—a statistical/probabilistic exchange risk hedging
method that eliminates market views and arbitrariness. Over 100 customers have made use of “dynamic foreign exchange
hedging” since it was introduced in 2004.

18

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Promoting the Global Transaction Business
MHCB is expanding its foreign exchange, trade finance and settlement businesses on a global basis in cooperation with specialist divisions and branches in Japan and overseas. It provides cross-border settlement and exchange risk hedges in various
currencies, including those of emerging economies; securitization of account receivables; trade finance using letters of credit;and ECA finance (finance provided in cooperation with Export Credit Agencies around the world). It also provides sophisticated cash management services to customers with overseas offices through Mizuho Global CMS and MBCC (fund collection anddistribution services between accounts at MHCB and other banks), and global cash pooling services.
Among other things, in connection with the Chinese renminbi, it has started handling various services to support firmsthat have advanced into China, including establishment of renminbi-denominated cross-border settlement and forward
exchange contract schemes. In addition, it helps customers open non-resident savings accounts and offers multi-bank fundmanagement services.

Approach to the Asset Management Business
MHCB makes the most of the synergies between planning, development, and sales in the asset management-related businessthrough seamless management, thus providing customers such as pension funds, financial institutions, and other institutional
investors with products and services that match their needs.
In the pensions business, it has the top performance record in the field of defined contribution pension plan management
and administration entrustments in Japan, and established a specialist organization as part of its efforts to strengthen its ability
to offer comprehensive pension services in April 2010.
In order to respond to its customers' diversifying needs, MHCB offers hedge funds developed and managed by US asset
management company Mizuho Alternative Investments, and blue-chip hedge funds selected from around the world by Tokyo
asset management company Mizuho Global Alternative Investments.

Aiming to Become the Most Reliable Investment Bank with Global Reach
In addition to maximizing the synergies from the merger, MHSC is endeavoring to strengthen cooperation with group companies while “focusing on a customer-oriented business model” and “establishing a strong business management base resilient
to changes in the business environment.” Based on the realization of these two key concepts, it is tackling each business aiming to secure a solid presence as one of Japan's leading investment banks/securities companies.

Investment Banking Business
MHSC has sustained its sector-leading performance in the area of bond underwriting operations as a result of its powerfulbond sales capabilities, as well as its ability to set prices to reflect customer demand with precision and to respond rapidly tochanges in the market. In the equities underwriting business, synergies arising from the merger have strengthened its sales
power, enabling it to deliver sector-leading performance by serving as lead underwriter in a steadily increasing number of large
finance deals.
MHSC has compiled a top-class performance record and earned a first-class reputation both in the area of M&A advisory
services, where it draws on its advanced sectoral knowledge and know-how to provide advice that suits customers' management strategies, and in securitizing real estate and monetary claims, and other segments of the finance arrangement business.

19

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Products Provision and Sales Business
Having carved out a position as a market leader in the bond business, MHSC provides products that suit its customers' investment strategies, engaging proactively in market making and offering high-quality information. In the equities business, it isalso responding appropriately to its customers' increasingly sophisticated needs by making the most of the expanded resources
resulting from the merger.
MHSC is expanding market presence both at home and overseas by further reinforcing its execution capabilities, offering avariety of high-value-added products, and strengthening its research functions as a means of better responding to the sophisticated needs of global institutional investors.
In retail operations, it is working to provide products that better match customers' needs with a view to increasing its assets
under management while simultaneously expanding its call centers and strengthening its ability to provide investment information via the Internet. It is also putting considerable effort into giving advice to company owners, and proactively engaging
in financial instruments intermediary service through regional financial institutions.

Further Strengthening Global Operations
MHSC has deployed subsidiaries in the important overseas

Total SB League Table

financial markets in Europe, the United States, Asia, and the*Underwriting amount basis, including samurai bonds and municipal bonds.
(April to September 2010, pricing date basis)

Middle East, strengthening its global management framework

Amount(billions of ¥)Mizuho Securities
1,718.4
Mitsubishi UFJ Morgan Stanley Securities 1,675.3
Nomura Securities
1,456.2

Rank Company namefor underwriting and selling equities, government bonds, andcorporate bonds, and engaging in the M&A advisory business.
In Europe, Mizuho International is expanding its business

1
2
3

Share
(%)
20.5
20.0
17.4

Source: Calculated by MHSC, based on data from I-N Information Systems

lineup by restructuring its business base centered on its investment banking business and customer services. Mizuho

Aggregated Domestic Equity League Table

Securities USA has been offering a full range of securities services in the United States since MHCB obtained FHC status*Underwriting amount basis, including REIT.
(April to September 2010, pricing date basis)

there, and is steadily compiling a track record especially in

Rank Company nameunderwriting US corporate bonds and equities. Mizuho

123

Securities Asia is a hub of Asian business and is striving to
expand through full-scale efforts to strengthen the foundations

Nomura Securities
Mizuho Securities
Daiwa Securities Capital Markets

Amount(billions of ¥)
402.3
272.1
99.7

Share
(%)
36.4
24.6
9.0

Source: Calculated by MHSC, based on data from I-N Information Systemsof its equities operations.
M&A Advisory Ranking*Announced deals which Japanese companies were involved in (excl.
real estate deals), based on no. of transactions.
(January to September 2010)

Rank Advisor
1
2
3

Nomura Securities
Sumitomo Mitsui Financial Group
Mizuho Financial GroupNo. of Share
Amountdeals(%) (billions of ¥)85
4.3 4,356.2
69
3.5
842.6
68
3.4
385.2

Source: Calculated by MHSC, based on data from Thomson Reuters

20

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs, and Middle-Market Corporations —Through the Global Retail Group, MHBK works together with MHIS, MHTB, and other group companies to satisfy individual customers’ needs by providing services for each stage of his or her life,or according to his or her lifestyle scenario.
In addition to responding proactively and swiftly to the funding needs of SMEs, and middlemarket corporations, MHBK cooperates with other group companies to actively support customer
growth by responding to their various business needs.

Approaches to Individual Customers
Mizuho Mileage Club
MHBK's Mizuho Mileage Club has won the support of a great many customers, and at the end of September 2010, over 7.8
million people signed up for the service. In addition to offering attractive benefits such as discounts on commissions, MHBK
launched the Mizuho Mileage Club Card/ANA Family Card in November 2010. The family member's card also incurs noannual fees.

Mizuho Direct
As of the end of September 2010, over 8.5 million people had signed up for Mizuho Direct, which makes it possible to takeadvantage of MHBK's wide variety of services and execute transactions through Internet banking, mobile banking, and telephone banking.
MHBK made its Mizuho Direct services more convenient by upgrading the yen time deposit service available via Internet
banking in July 2010, and by extending services to smartphones in November, along with other changes.

Loan Services Aimed at Individuals
MHBK has established a variety of loan consultation services, such as consultations by telephone or via the Internet in addition
to consultations at branches.
MHBK is working to improve its loan services. For customers who are too busy to visit the bank on weekdays to use suchservices, MHBK holds consultations at its head office and branches on weekends and holidays and allows customers to borrowand repay Mizuho Bank Card Loan through Internet and mobile banking.
It also supports customers' efforts to preserve the environment by offering lower interest rates on Mizuho Bank Remodeling
Loan for transforming homes into eco-friendly dwellings, and Mizuho Bank New Car Loan for purchases of eco-cars. Its proactive approach to environmental initiatives extends to purchasing CO2 emission credits and donating them to the government
according to the number of contracts concluded.

21

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs, and Middle-Market Corporations —Mizuho's Consulting Services
As closest advisers to individual customers, financial consultants (FC) at MHBK help their customers with consultations on
financial needs, from various kinds of loans and designing future money plans to managing retirement allowances, life insurances and other services.
It devotes a great deal of effort to training FC through its own FC training scheme, which includes various well-developed
training courses and programs. It is also working to respond to customers asset management needs by improving its tools for
proposals, holding its seminars and consultations on weekends and holidays, and other measures.
MHBK is expanding its product lineup, strengthening its product range in response to customers who prefer stability andseek stable returns. In November 2010, it introduced new investment products only available via the Internet to enable customers to invest in diversified asset classes more conveniently.

Joint Branches Offering Banking, Trust, and Securities Services
MHBK is working with group companies to offer comprehensive financial services.
As an agent for MHTB, the head office and branches of MHBK offer trust products including testamentary trust and introduce MHBK's customers to MHTB. MHBK is working with MHTB and MHIS to deploy joint branches.
MHTB's Trust Lounge provides unique trust services relating to inheritance and real estate, while MHIS's Planet Booth offersa full range of securities services.

Improvements of Branches with a Greater Focus on Individual Customers and ATM
Installations
MHBK continues its proactive efforts to establish Mizuho Personal Square nationwide—branches designed to reflect the character of the customers in each area—as part of its efforts to create a network of more attractive branches that customers canvisit for consultations with greater ease.
In 2010 it opened the Mizuho Personal Square Meieki Sky Lounge as a joint branch with MHIS in front of Nagoya Station in
October and the Miyamaedaira Branch (the Mizuho Personal Square Miyamaedaira) in Kawasaki in December. Future plans callfor the opening of the Tokaichiba Branch (the Mizuho Personal Square Tokaichiba) in Yokohama. It will continue to establish
more of these branches in areas that offer growth potential.
Further efforts to increase convenience for customers include a steady increase in the number of ATMs.

Making Orient Corporation an Affiliate
Mizuho made Orient Corporation (Orico) its affiliate in September 2010.
MHBK and Orico have cooperated primarily in the area of unsecured loans since they concluded a comprehensive
business alliance in July 2004, and outstanding MHBK card loans and unsecured loans guaranteed by Orico amounted
to over ¥950.0 billion as of September 30, 2010.
Orico's transformation into a Mizuho's group company should further strengthen the alliance between it and
MHBK, and both will endeavor to offer timely and appropriate products to their customers of around 40 million people
in total, as well as develop new products and services.

22

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs, and Middle-Market Corporations —Targeting SMEs, and Middle-Market Corporations
Efforts to Facilitate Financing for Corporations
Being more conscious than ever of the role that financial institutions must play in responding smoothly to customers' funding
demands, MHBK is strengthening its ability to meet their fund-raising needs.
It also takes advantage of the group's information functions and network to provide business consultation for customers andto support their management by proactively fulfilling consulting functions according to the customer's life cycle (business establishment, new business, management issues, business revitalization, and business inheritance).
Initiatives to Facilitate Corporate Finance

Responding to Funding Needs

Responding to Management Issues• Business matching(environmental business support)• Reinforcing loan products responding todiversified customers' needs• Initiatives in the agricultural sector• Approach to small-scale corporate
customers• Business inheritance• Support for overseas business expansion• Support for business revitalization• Using electronically recorded monetaryclaims in the finance business, etc.

Approach to Funding Needs
Bearing in mind the objective of ensuring facilitation of corporate finance, MHBK is actively promoting loans with guarantees
from the Credit Guarantee Corporation under the Emergency Credit Guarantee Scheme in relation to Economic Measures andother measures.
In addition to Mizuho Eco-special, Mizuho Eco-assist, and Mizuho Eco Private Placement, which support funding for customers who adopt a positive approach to environmental issues, it launched Mizuho Heartful Loans to support customers whoare proactively involved in promoting employment among the elderly and the disabled and helping them live a life of comfort
and security in May 2010.
In line with the Bank of Japan's Loan Disbursement under the Fund-Provisioning Measure to Support Strengthening theFoundations for Economic Growth, MHBK announced its policy initiatives for strengthening the foundations for Japan's economic growth in July 2010, and set up its Business Growth Assistance Fund.

Approach to Small-Scale Corporate Customers
MHBK is proactively engaged in the lending business, and has concentrated its overall lending operations for small-scale companies in Mizuho Business Financial Center, a subsidiary specializing in lending.
The Center is staffed by veterans who are well-versed in the lending business and works carefully to satisfy the fundingneeds of small-scale customers through financing centered on providing loans with guarantees from the Credit Guarantee
Corporation.

23

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs, and Middle-Market Corporations —Approach to Management Issues
Further Promoting the Solutions Business
MHBK has deployed solutions support experts at headquarters to work closely with its branches in assisting SMEs and middlemarket corporations with a wide range of management issues, including business and financial strategies.
More specifically, the solutions offered are very diverse, ranging from financing deals in areas such as structured financeand syndicated loans to solutions associated with business strategies such as business inheritance, M&As and business matching, and advisory services on overseas business expansion.
Furthermore, it is proactively engaged in supporting business improvements and revitalization among SMEs and middlemarket corporations, which is one of the important social roles that retail banks should fulfill.

• Business Matching
MHBK is proactively engaged in business matching services, introducing customers of Mizuho who best satisfy the businessneeds of other customers. These services include introducing new sales and purchasing partners, and partners who can help in
the area of cost reduction.
In particular, it is focusing on growth areas such as the environment and medical/nursing care. It held the Mizuho Heartful
Forum in September 2010 to introduce customers with environmentally-conscious managements to appropriate entities in theenvironmental business and to encourage customers considering entry into sectors aimed at the elderly to establish allianceswith companies in different lines of business.

• Support for Overseas Business Expansion
In order to satisfy Japanese companies' diversified needs relating to overseas business expansion, MHBK provides proactive
support for customers' overseas projects through the group's Asian network, which is one of the most extensive among any
Japanese bank.
Specialist staff in Japan and overseas who are well versed in overseas business provide the best possible information accurately and quickly according to the needs of the business in question and its development stage—local feasibility study, overseas business strategy formulation, establishment of overseas subsidiary, post-establishment business management, and so on.
In addition to operational support for import and export transactions, they proactively provide solutions such as the Mizuho
Global CMS and transactions in Asian currencies in response to customers' wide-ranging overseas business needs, from managing funds at overseas subsidiaries to foreign exchange risk mitigation.

• Initiatives in the Agricultural Sector
Since December 2008, MHBK has been proactively supporting corporate farming entities, agriculture-related businesses andother firms engaged in the agricultural sector, and promoting initiatives to encourage regional revitalization.
It has set up an Agriculture Support Desk specializing in consultation within the bank, thus helping underpin the businessesof corporate customers involved in agriculture.

• IPO Support
MHBK responds to the needs of customers planning IPOs through organized collaboration with other group companies: MHIS
provides broadly based support as a securities company; Mizuho Capital serves as a venture capital investor and gives advice
on going public; and MHTB offers advisory and stock transfer agency services.

24

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs, and Middle-Market Corporations —• Using Electronically Recorded Monetary Claims in the Finance Business
MHBK launched Mizuho Electronically Recorded Claims Settlement Service—the new product using electronically recordedmonetary claims which have been created as a new type of monetary claim.
This move was enabled by the fact that Japan's regulatory authorities designated the wholly-owned specialist subsidiaryMizuho Electronic Monetary Claim Recording established in January 2010 as an electronic monetary claim recording institution
in September 2010.
Mizuho's aim is to offer a service that can be used in a mutually complementary manner to the bill-/note-like handling service to be offered by the electronic monetary claim recording institution that the Japanese Bankers Association is considering
establishing.
Looking ahead, it intends to make use of electronically recorded monetary claims to introduce a succession of products andservices that will increase customer convenience.

Providing Services that Transcend the Boundaries between Corporate and Individual Customers
Promoting the Comprehensive Proposal Approach
The needs of customers in the SME, middle-market corporation, and individual segments are constantly diversifying, obliging
financial institutions to respond more flexibly to needs that transcend the boundaries between corporate and individual customers.
For example, one of the most important management issues is business inheritance because it simultaneously raises succession
issues pertaining to the company's ownership and the owner's own assets.
MHBK brought together the corporate consulting functions for companies and corporate owners as well as private banking
functions for high-net-worth customers, and trust business collaboration promotion functions into Consulting Division. This division offers comprehensive consulting services that respond to the needs of corporate and individual customers, and comprehensive
financial services in cooperation with MHTB, MHIS and other group companies aiming to increase customer satisfaction.

Promoting Business Aimed at Employees of Corporate Customers
MHBK provides products and services that satisfy the various needs of senior executives and employees of its own and MHCB's
corporate customers as they face various events in life. These include opening accounts for receiving salary when they start towork, consultations on housing loans for new house purchases, offering comprehensive proposals on postretirement life planning, and managing retirement allowances.

25

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Customers’ Demands for Asset Management and Administration —In order to respond to the diversified and advanced needs of customers, the Global Asset & WealthManagement Group provides products, services, and solutions on a global scale in cooperation
with group companies such as MHTB, TCSB, MHAM, DIAM and MHPW, and other companies.

Providing Group Customers with Trust Functions
MHTB is speeding up its initiatives to provide all Mizuho customers with trust products and services, while working to enhance
its expertise and productivity by channeling management resources into unique areas where it can give full rein to its strengths
in the trust business.
For individual customers, it offers wealth management services such as money trusts, asset management using securities
trusts, testamentary trusts and other asset inheritance-related services, and real estate services covering land use and brokerage. With regard to consulting on business inheritance for business owners, in particular, it offers high-quality solutions thatutilize the know-how it has accumulated over many years.
With its strengths in asset management and custody, pensions, real estate, asset securitization and transfer agency operations, it provides corporate customers with leading-edge solutions that make the most of its highly specialized consulting functions. It is also proactively involved in developing new products using its trust functions.

• Consultation-type Branches “Trust Lounges” Established
MHTB has now established four Trust Lounges in the Tokyo Metropolitan Area (Seijo, Aoyama, Edogawabashi, andAsakusabashi) and intends to increase the number going forward. The lounges specialize in consultations and offer uniquetrust services relating to asset management, inheritances, and real-estate business. MHTB has adopted a policy of establishing
Trust Lounges jointly with MHBK, MHIS, and Mizuho Trust Realty Company, and will work to provide customers with optimal
solutions in cooperation with group companies.

Sophisticated Trust Products and Solutions
Testamentary Trusts
Sooner or later, everyone faces the important question of how to ensure their invaluable assets are properly passed on to theirheirs. MHTB provides assistance with asset inheritance using the know-how it has built up over many years and the types ofservices that only trust banks can offer. Its testamentary trust business offers three services: “consent to undertake the execution of wills service,” a comprehensive service for handling everything to do with wills, from consultation for drafting to execution; “will safe-keeping service” to hold wills in safe custody; and “inheritance distribution service” to act as agent for heirs inexecuting the procedures necessary when an inheritance arises.

Securitization of Monetary and Other Claims
In its services for securitizing monetary and other claims, MHTB, using its trust banking know-how, transforms the creditworthiness and cash flows of monetary claims, such as sales and bills receivables held by companies and loans, into asset management products which it offers to individual and corporate customers.

26

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Customers’ Demands for Asset Management and Administration —Stock Transfer Agency Services
The stock transfer agency business involves handling various operations associated with stocks on behalf of the stock issuer. As a shareholder registry manager, MHTB manages shareholder registers, calcu-

Number of Shareholders Managed under the
Stock Transfer Agency Business (except forOverseas Stocks)(Millions of person)

lates dividends, mails notices convening general meetings of share-

9.0

holders, counts voting rights, purchases shares from holders of less8.0

than one unit, and sells shares to holders of less than one unit. It also

7.0

offers various services and consulting in line with progress in comput-

6.0

erization, the increase in M&A, the enforcement of the Companies
Act and the Law Concerning Book-Entry Transfer of Corporate

0March 2009

March 2010

September 2010

Bonds, etc., and other changes in the external environment. Since theintroduction of the Electronic Share Certificate System in 2009, it has
also acted as a special account management institution, handling various procedures concerning stocks recorded in special accounts.

Real Estate Business
MHTB's real estate business utilizes the extensive finance and asset
transfer/inheritance consultation functions that only trust banks canoffer to help customers resolve their needs and problems effectively
and quickly through real estate brokerage and securitization,
appraisals, subdivision sales and land trusts—all areas in which it hascompiled an impressive record over the years.

Pensions Business
MHTB offers the services and product packages needed for corporate
pension schemes, which range from corporate pension plan design
and the management of pension policyholders and recipients to asset
management and custody. In response to customers' increasingly
diverse and sophisticated needs, it also provides comprehensive consulting services in connection with pension schemes in cooperation

Balance of Defined Contribution Pensions
under Administration as Trustee(Trillions of ¥)
1.3
1.2
1.1
1.0

with the Mizuho Pension Research Institute—the research institute tospecialize in pensions.
0Global Custody Business
To better satisfy the diversified needs of customers, MHTB has created a global custody business network through tie-ups with TCSB, andits own overseas subsidiaries, Mizuho Trust & Banking (USA) andMizuho Trust & Banking (Luxembourg).

27

March 2009

March 2010

September 2010

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Customers’ Demands for Asset Management and Administration —Asset Management Company Initiatives
The asset management companies MHAM and DIAM constantly pursue optimal investment results in both the investment
trust and the asset management businesses as they strive to respond accurately to customers' increasingly diverse and sophisticated asset management needs.

Acquired BlackRock Common Stock
In November 2010, Mizuho acquired a portion of the shares of common stock of BlackRock, one of the largest asset
management companies in the world.
Mizuho and BlackRock will promote further business cooperation and utilize BlackRock's global strengths in asset
management and risk analysis to provide advanced, global investment products to satisfy the investment needs ofgroup customers.

Full-Fledged Wealth Management Services
As a provider of full-fledged wealth management services, MHPW offers ultra-high net worth customers* optimal, high quality
products and services tailored to their financial and non-financial needs on a comprehensive, integrative and continuous basis.
*Customers who have entrusted Mizuho with extremely large amounts of investment assets.

28

Initiatives to Strengthen Collaboration among Group Companies

In order to provide the best possible financial services, three global groups organized according to customers' needs are leveraging their respective strengths while working together.

among SMEs and middle-market corporations expand
Promoting Cooperation among Group Companies

into Asia.

• In order to support customers' smooth fund procureMHBK

ment in the area of public stock offerings, MHIS sup-

MHCB

ports IPOs as a securities company; Mizuho Capital provides advice on investments and IPOs; and MHTB offers

MHIS

MHTB

advisory and stock transfer agency services. Some staff

MHSC

started holding posts concurrently at both MHBK and
MHIS as part of a move to strengthen the consulting
system for IPOs.

•

Approach to Individual Customers

By establishing a Consulting Division and strengthening
cooperation between its branches and MHTB, MHBK—Responding to customers' asset management andresponds to the needs of corporate owner customers in

administration needs—

the area of business and asset inheritance that transcend• To encourage more customers to use its one-stop bank-the boundaries between corporations and individuals.

ing, trust banking and securities services, Mizuho is openMHBK has set up MHIS's Planet Booths at its head

Approach to Large and Global Corporations andOther Entities

office and over one-third of its branches to offer a full

—Providing advanced solutions by making the mostline-up of security services.

of comprehensive financial capabilities—

ing more joint branches and expanding its other services.

•• MHSC works together with MHCB to satisfy cus-

• MHBK and MHIS offer testamentary trusts and other

tomers' needs in such areas as equity and bondtrust banking services as an agent for MHTB.

issuance, and M&A.

MHTB's Trust Lounges specialize in consultations andIn the United States, Mizuho Corporate Bank (USA)offer unique trust services including asset management,
asset inheritance and real-estate-related business inand Mizuho Securities USA leverages MHCB's financial

cooperation with MHBK, MHIS and Mizuho Trust

holding company (FHC) status to offer integrated com-

Realty Company in the vicinity to respond to cus-

mercial banking and investment banking services. In
Japan, MHCB and MHSC introduce a “double-hat”

tomers' asset management and asset inheritance needs.

structure at certain business promotion departments,

Approach to SMEs and Middle-Market
Corporations

encouraging further cooperation between them.

• MHTB cooperates with MHCB in providing trust solutions—Responding to customers' funding needs and solu-

in the area of asset management including pensions,tion needs for management issues—

asset securitization and real-estate-related business.

• MHBK provides products and services that satisfy the• MHBK utilizes MHCB's overseas network to support
customers who are expanding overseas. It also provides

various needs of senior executives and employees of its

solutions in response to customers' wide-ranging over-own and MHCB's corporate customers as they face vari-seas business needs from managing funds at overseas

ous events in life.

subsidiaries to operational support for import and exporttransactions, and foreign exchange risk mitigation.
The entire group is also working to reinforce theMizuho Global Support Project, which helps customers

29CSR Activities

As business activities expand in scope and markets become increasingly globalized, Mizuho is required to give greater consideration to pro-social, pro-environmental initiatives.
Mizuho places CSR initiatives at the core of corporate activities for achieving coexistence and sustainable development
together with society, and promotes CSR activities while continuing an ongoing dialog with its stakeholders.
We shall therefore engage in independent, proactive corporate activities that not only offer quality, leading-edge financial
products and services, but also take fully into account both our public mission as part of the economic and social infrastructure, and our social responsibility to facilitate the flow of money and contribute to the healthy and sustainable development of
the economy and society in Japan and overseas.
For details, please refer to our CSR REPORT, which is available on MHFG's website.
http://www.mizuho-fg.co.jp/english/csr/report/

Mizuho's Materiality — A Key Area of CSR
Intrinsic Business Responsibilities

Support for Financial Education• Maintain trust and protect depositors.

• Support financial education for the next generation on• Contribute to the healthy and sustainable development

whom society's future depends to enable them not onlyof the global economy by working to facilitate financing

to acquire financial awareness but also to cope with theand making responsible loans and investments.

issues they will face in their daily lives.

• Earn the unwavering trust of customers and society as awhole by faithfully carrying out business activities

Enhance Corporate Governancethrough sound and appropriate management.

• Establish a corporate governance structure capable ofearning a reputation for excellence in global financial

Environmental Initiatives

and capital markets by maintaining fairness and integrity• Recognizing that restricting and reducing impact on thein our corporate activities.

global environment is a shared challenge, provide financial services in line with environmental policies to prevent

Highly Responsive Communications

global warming, etc. and reduce our own consumption• Realize responsive communications with stakeholders byfurther promoting information disclosure to ensureof resources.

greater transparency in corporate activities.

Lectures and Courses for Universities
Senior executive officers and employees of Mizuho who work at the cutting-edge of the finance business also act as
instructors at lectures for courses established by Mizuho at Kyoto University, Keio University, the University of Tokyo,
Hitotsubashi University and Waseda University.

Practical Financial Education at Elementary and Secondary Schools
Mizuho employees also participate in lessons that use textbooks, glossaries and guideline for teachers developed
through joint research with Tokyo Gakugei University. In addition to proactively accepting workplace visits at thebranch level, we are working on PR and promotion activities in connection with our open lectures for teachers.

30

CSR Activities

Environmental Initiatives through Financial Services
In addition to promoting greenhouse gas reductions throughout the group, Mizuho is working to strengthen its initiatives in these areas through its financial services.

• Finance for Environment-related Businesses
MHBK has strengthened its Mizuho Eco-special loan product, which provides interest rate support for SME
customers who have adopted environmental programs.
MHCB is involved in financing wind and solar power generation and other environment-related projects,
and its loan balance amounted to ¥85.4 billion as of the end of March 2010.

• Environmentally Friendly Products and Services
MHBK provides financial products and services to support customers' environment initiatives.
In addition to engaging in business matching in the area of management issues relating to the environment, it contributes domestic CO2 emissions credits to the government through its transactions with individual customers in accordance with their usage of J-Debit card services and unsecured loans for eco-cars andeco-dwellings.

• Reducing Greenhouse GasesFour group companies—MHCB, MHBK, MHTB and MHIR—are working on initiatives in the emissions tradingbusiness from various angles. MHBK is developing the Mizuho Eco-cycle for business aimed at large corporations, SMEs and middle-market corporations, and individuals. In conjunction with its efforts to promote
Japan's Clean Development Mechanism (CDM), MHBK is contributing to the reduction of domestic greenhouse gas emissions.

Multifaceted Barrier-free Initiatives
MHBK promotes multifaceted

Development of Barrier-free Facilities

barrier-free initiatives through the(Work completed at 430 manned branches as of September 30, 2010.)

Heartful Project, and received an

Automatic entrance doors

award by Nagano Prefecture during
the first half of fiscal 2010.
To move these initiatives forward
still further, it has launched theMizuho Heartful Business to support
corporate and individual customers
who are making proactive efforts to
respond to the problems of fallingbirthrates and an aging society.

Step-free design
Wider corridors
Guidance facilities for the visually impaired
Parking spaces for wheelchair users
Customer elevators*
Installation of wheelchair accessible elevators*
Customer toilets
Multifunction/wheelchair toilets
ATMs equipped for visually impaired users

418
385

428

404

369

423

363

417

178 178 (Installation Completed)
188 188 (Installation Completed)
129 129 (Installation Completed)
301 301 (Installation Completed)180 180 (Installation Completed)

0100
Number of branches with these facilities installed
Number of branches where these facilities are to be installed(Installation Completed)

428 428
200

300

400
500
(Number of Branches)* The total does not include branches where these facilities are not required, such as single-story branches.

Corporate CitizenshipMizuho has supported the All-Japan Elementary and Junior High School Students' Environmental Art Contest every
year since 1997.

31

Location of Overseas Offices(As of December 31, 2010)

Network of Mizuho Corporate Bank

Mizuho Corporate Bank (China), Ltd.
Wuxi Branch

Labuan Branch, Kuala Lumpur
Marketing Office

Asia and Oceania

8th Floor, Wuxi Software Park, No.16
Changjiang Road, WND, Wuxi, Jiangsu Province
214028, The People's Republic of China
TEL 86-510-8522-3939

Level 34, Menara Maxis, Kuala Lumpur City
Centre, 50088 Kuala Lumpur, Malaysia
TEL 60-3-2070-6880(Country/Region)
Mizuho Corporate Bank (China), Ltd.

Mizuho Corporate Bank (China), Ltd.
Dalian Economic & Technological
Development Area Sub-Branch

23rd Floor, Shanghai World Financial Center,
100 Century Avenue, Pudong New Area,
Shanghai 200120,
The People's Republic of China
TEL 86-21-3855-8888

22nd Floor, International Business Building ofGugeng, No.81 Hongmei Area, Dalian Economic &Technological Development Area, Dalian,
Liaoning Province 116600,
The People's Republic of China
TEL 86-411-8793-5670

Mizuho Corporate Bank (China), Ltd.
Beijing Branch

Nanjing Representative Office

China

8th Floor, West Wing, World Financial Center,No.1 Dong San Huan Zhong Road,
Chaoyang District, Beijing 100020,
The People's Republic of China
TEL 86-10-6525-1888

Mizuho Corporate Bank (China), Ltd.
Dalian Branch
6th Floor, Senmao Building, Zhongshan Road 147,
Xigang District, Dalian, Liaoning Province 116011,
The People's Republic of China
TEL 86-411-8360-2543

Mizuho Corporate Bank (China), Ltd.
Guangzhou Branch
25th Floor, International Finance Place, No.8
Huaxia Road, Zhujiang New Town,
Tianhe District, Guangzhou,
Guangdong Province 510623,
The People's Republic of China
TEL 86-20-3815-0888

Mizuho Corporate Bank (China), Ltd.
Qingdao Branch
44th Floor, Qingdao International Finance Center,
59 Hong Kong Middle Road, Shinan District,
Qingdao, Shandong Province 266071,
The People's Republic of China
TEL 86-532-8097-0001

Mizuho Corporate Bank (China), Ltd.
Shenzhen Branch
21st Floor, Shenzhen International Financial
Building, Jian She Lu, Luohu District, Shenzhen,
Guangdong Province 518001,
The People's Republic of China
TEL 86-755-8222-1918

Mizuho Corporate Bank (China), Ltd.
Suzhou Branch
17th Floor, Genway Building,
188 Wangdun Road, Suzhou Industrial Park,
Suzhou, Jiangsu Province 215123
The People's Republic of China
TEL 86-512-6733-6888

Mizuho Corporate Bank (China), Ltd.
Tianjin Branch
5th Floor, E2 ABC, East Wing Binhai Finance Zone,
No.20 Xinchengdong Road, TEDA, Tianjin 300457,
The People's Republic of China
TEL 86-22-6622-5588

Mizuho Corporate Bank (China), Ltd.
Wuhan Branch
5th Floor, Tower A, New World Center Tower,
634 Jiefang Avenue, Hankou, Wuhan,
Hubei Province 430032,
The People's Republic of China
TEL 86-27-8342-5000

Room 801, Nanjing Grand Hotel,
208 Guangzhou Road, Nanjing,
Jiangsu Province 210024,
The People's Republic of China
TEL 86-25-8332-9379

Xiamen Representative Office
Room 2102, The Bank Center, No.189 Xiahe Road,
Siming District, Xiamen, Fujian Province 361003,
The People's Republic of China
TEL 86-592-239-5571

Hong Kong

Hong Kong Branch
17th Floor, Two Pacific Place, 88 Queensway,
Hong Kong, S.A.R., The People's Republic of China
TEL 852-2103-3000

Kowloon Sub-Branch
16th Floor, Sun Life Tower, The Gateway,
Tsim Sha Tsui, Kowloon,
Hong Kong, S.A.R., The People's Republic of China
TEL 852-2102-5399

Mizuho Capital Markets (HK) Limited
16th Floor, Two Pacific Place, 88 Queensway,
Hong Kong, S.A.R., The People's Republic of China
TEL 852-2537-3815

India

Mumbai Branch
Maker Chamber III, 1st Floor, Jamnalal Bajaj Road,
Nariman Point, Mumbai, 400 021, India
TEL 91-22-2288-6638

New Delhi Branch
4th Floor, East Tower, Sood Tower, 25,
Barakhamba Road, New Delhi, 110 001, India
TEL 91-11-3041-0900

Indonesia

P.T. Bank Mizuho Indonesia
Plaza Bll-Menara 2, 24th Floor, Jl. M. H. Thamrin
No.51, Jakarta 10350, Republic of Indonesia
TEL 62-21-392-5222

Kuala Lumpur Representative Office
Level 34, Menara Maxis, Kuala Lumpur City
Centre, 50088 Kuala Lumpur, Malaysia
TEL 60-3-2070-6595

Philippines

Manila Branch
26th Floor, Citibank Tower, Valero Street corner
Villar Street, Salcedo Village, 1227 Makati City,
Metro Manila, Philippines
TEL 63-2-860-3550

Singapore

Singapore Branch
168 Robinson Road, #13-00 Capital Tower,
Singapore 068912, Republic of Singapore
TEL 65-6423-0330

TaiwanKaohsiung Branch
12th Floor, No.2, Chung Cheng 3rd Road,
Kaohsiung 800, Taiwan
TEL 886-7-236-8768

Taichung Branch
8th Floor, No.169, Fuhui Parkway,
Taichung 407, Taiwan
TEL 886-4-2374-6300

Taipei Branch
2nd Floor, Hung Kuo Building, 167 Tun Hua
North Road, Taipei 105, Taiwan
TEL 886-2-2715-3911

Thailand

Bangkok Branch
18th Floor, TISCO Tower, 48 North Sathorn Road,
Silom, Bangrak, Bangkok 10500, Thailand
TEL 66-2-638-0200

VietnamHanoi Branch
4th Floor, 63 LTT Building,
63 Ly Thai To Street, Hanoi,
Socialist Republic of Vietnam
TEL 84-4-3936-3123/3124

Ho Chi Minh City Branch
18th Floor, Sun Wah Tower,
115 Nguyen Hue Boulevard, District 1,
Ho Chi Minh City, Socialist Republic of Vietnam
TEL 84-8-3827-8260/8292

Australia

Sydney Branch

Korea

Level 33, 60 Margaret Street, Sydney, N.S.W. 2000,
Australia
TEL 61-2-8273-3888

Seoul Branch
19th Floor, Seoul Finance Center, 84, Taepyungro
1-ka, Chung-ku, Seoul, Korea
TEL 822-3782-8500

Malaysia

Labuan Branch
Level 9 (B) & (C), Main Office Tower,
Financial Park Labuan, Jalan Merdeka, 87000
Federal Territory of Labuan, Malaysia
TEL 60-87-417766

32

Mizuho Corporate Australia Ltd.
Level 33, 60 Margaret Street, Sydney, N.S.W. 2000,
Australia
TEL 61-2-8273-3888

Location of Overseas Offices

Europe and the Middle East(Country/Region)
AustriaMizuho Corporate Bank-BA
Investment Consulting GmbH
Landhausgasse 4/7, 1010 Vienna, Austria
TEL 43-1-5355868

BelgiumMizuho Corporate Bank Nederland N.V.
Brussels Branch
Avenue Louise 480, 1050 Brussels, Belgium
TEL 32-2-645-5280

FranceParis Branch
Washington Plaza 40, rue Washington,
75408 Paris Cedex 08, France
TEL 33-1-5383-4100

Germany

Duesseldorf Branch
Koenigsallee 60 D, 40212 Duesseldorf,
F.R. Germany
TEL 49-211-13020

Frankfurt Branch
An der Hauptwache 7,60313 Frankfurt am Main,
F.R. Germany
TEL 49-69-29-72-95-0

Bahrain

MexicoBahrain Representative Office

Mexico Representative Office

Suite 201-202, Entrance 4,
2nd Floor, Manama Center, Manama, Bahrain(P.O. BOX 5759, Manama, Bahrain)
TEL 973-17-224522

Torres E3, Blvd. Manuel Avila Camacho No.32,
Piso 7, Oficina 702 Col.
Lomas de Chapultepec,
Delegacion Miguel Hidalgo, 11000,
Mexico, D.F., Mexico
TEL 52-55-5281-5037

Iran

Tehran Representative Office
3rd Floor, No.1, 14th Street,
Khaled Eslamboli Avenue, Tehran 15117, IranTEL 98-21-8872-6593

U.A.E

6th Floor, Largo Augusto 7, 20122 Milan,
Republic of Italy
TEL 39-02-778-0001

Spain

New York Branch
1251 Avenue of the Americas,
New York, NY 10020, USA
TEL 1-212-282-3000

RussiaZAO Mizuho Corporate Bank
(Moscow)
37 Bolshaya Ordynka, Moscow, 119017,
Russian Federation
TEL 7-495-729-5858

Moscow Representative Office
Millennium House Business Center,
12, Trubnaya Street, Moscow 107045,
Russian Federation
TEL 7-495-787-2771

The Americas(Country/Region)

London Branch
Bracken House, One Friday Street,
London, EC4M 9JA, UK
TEL 44-20-7012-4000

River Plate House OfficeRiver Plate House, 7-11 Finsbury Circus,
London, EC2M 7DH, UK
TEL 44-20-7012-4000

Mizuho Capital Markets (UK) LimitedRiver Plate House, 7-11 Finsbury Circus,
London, EC2M 7DH, UK
TEL 44-20-7972-9900

Mizuho Investment Management(UK) Ltd.

Atlanta Representative Office3353 Peachtree Road NE, Atlanta Financial Center,
Suite 500, Atlanta, GA 30326, USA
TEL 1-404-364-1550

Houston Representative Office5051 Westheimer Road, Galleria Tower II ,Suite 710, Houston, TX 77056, USA
TEL 1-713-499-4800

Mizuho Corporate Bank of California
Silicon Valley Branch
1731 Technology Drive, Suite 100, San Jose,CA 95110, USA
TEL 1-408-487-1788

BahamasSG Hambros Building West Bay Street
P.O. Box N-7788 Nassau, Bahamas

United Kingdom

350 South Grand Avenue, Suite 1500,
Los Angeles, CA 90071, USA
TEL 1-213-243-4500

350 South Grand Avenue, Suite 1500,
Los Angeles, CA 90071, USA
TEL 1-213-612-2700

Calle Orense 34, Planta 6, Edificio Iberia Mart II ,28020 Madrid, SpainTEL 34-91-598-2905

Apollolaan 171, 1077 AS Amsterdam,
The Netherlands
TEL 31-20-5734343

Los Angeles Branch

Mizuho Corporate Bank of California

Mizuho Corporate Bank (USA)Nassau Branch

Mizuho Corporate Bank Nederland N.V.

311 South Wacker Drive, Suite 2020,
Chicago, IL 60606, USA
TEL 1-312-855-1111

The Gate Village, Building Number 5, Level 2,
Dubai International Financial Centre,
P.O.Box No:506607, Dubai, United Arab Emirates
TEL 971-4-425-9200

Mizuho Corporate Bank Nederland N.V.
Madrid Representative Office

The Netherlands

Chicago Branch

Dubai Branch

Italy

Milan Branch

U.S.A.

BrazilSão Paulo Representative Office
Avenida Paulista, 1274-11, andar, Bela Vista,São Paulo, SP, CEP. 01310-925, Brazil
TEL 55-11-3251-4199

Mizuho Corporate Bank (USA)1251 Avenue of the Americas,
New York, NY 10020, USA
TEL 1-212-282-3030

Mizuho Corporate Bank (USA)Atlanta Representative Office3353 Peachtree Road NE, Atlanta Financial Center,
Suite 500, Atlanta, GA 30326, USA
TEL 1-404-364-1550

Mizuho Corporate Bank (USA)
Chicago Representative Office

CanadaCanada Branch
100 Yonge Street, Suite 1102, Toronto, Ontario,
Canada M5C 2W1
TEL 1-416-874-0222

311 South Wacker Drive, Suite 2020, Chicago,
IL 60606, USA
TEL 1-312-855-1111

Vancouver OfficeMizuho Corporate Bank (USA)
Houston Representative Office

Suite 305, South Tower, 5811 Cooney Road,
Richmond, British Columbia, Canada, V6X 3M1
TEL 1-604-231-3725

5051 Westheimer Road, Galleria Tower II ,Suite 710, Houston, TX 77056, USA
TEL 1-713-499-4800

Mizuho Corporate Bank (USA)Los Angeles Representative Office

Cayman Islands

Cayman Branch
c/o Close Bank (Cayman) Limited
P.O. Box 1034, Harbour Place, 4th Floor,
103 South Church Street
Grand Cayman KY 1-1102, Cayman Islands

350 South Grand Avenue, Suite 1500, Los Angeles,
CA 90071, USA
TEL 1-213-243-4500

Mizuho Alternative Investments, LLC
1114 Avenue of the Americas, 31st Floor,
New York, NY 10036, USA
TEL 1-212-282-3871

Bracken House, One Friday Street,
London, EC4M 9JA, UK
TEL 44-20-7012-4300

Mizuho Capital Markets Corporation
1440 Broadway, 25th Floor, New York, NY 10018,
USA
TEL 1-212-547-1500

33

Location of Overseas Offices

Mizuho Desk(Country/Region)
Austria

Raiffeisen Bank International AG
Am Stadtpark 9, A-1030 Vienna, Austria
TEL 43-1-71707-1375

U.A.E

Mashreqbank psc
Japan Desk, Mashreqbank Building 3F,
Dubai Internet City, Mashreqbank,
P.O.Box 1250, Dubai,
United Arab Emirates
TEL 971-4-363-2324/2285”Mizuho Desk”
By forming tie-ups with major financial institutions in regions where Mizuho does not possess
offices, we offer our customers financial services
through various institutions. (Transactions are
conducted directly between the customer and the
local financial institution.)

Network of Mizuho Securities

Network of Mizuho Trust & Banking

Beijing Representative OfficeMizuho Trust & Banking(Luxembourg) S.A.

8th Floor, Chang-Fu-Gong Office Building, Jia 26,
Jianguomenwai Street, Chaoyang District,
Beijing 100022, The People's Republic of China
TEL 86-10-6523-4779

1B, rue Gabriel Lippmann, L-5365 Munsbach,Grand Duchy of Luxembourg
TEL 352-4216171

Shanghai Representative OfficeMizuho Trust & Banking Co. (USA)24th Floor, Shanghai World Financial Center,No.100, Century Ave., Pudong New Area,
Shanghai 200120, The People's Republic of China
TEL 86-21-6877-8000

135 W. 50th Street, 16th Floor, New York,NY 10020, USA
TEL 1-212-373-5900

Mizuho Investment Consulting(Shanghai) Co., Ltd.
24th Floor, Shanghai World Financial Center,No.100, Century Ave., Pudong New Area,
Shanghai 200120, The People's Republic of China
TEL 86-21-6877-5888

Mizuho Securities Asia Limited
12th Floor, Chater House, 8 Connaught Road,
Central, Hong Kong, S.A.R.,
The People's Republic of China
TEL 852-2685-2000

Mizuho Securities India Private Limited
Unit No.94, 9th Floor, Free Press House,
215 Free Press Journal Marg, Nariman Point,
Mumbai, 400021, India
TEL 91-22-6121-7600

Mizuho Securities (Singapore) Pte. Ltd.
One Raffles Quay, North Tower Unit 32-02,
048583, Republic of Singapore
TEL 65-6603-5688

Mizuho Bank (Switzerland) Ltd
Loewenstrasse 32, 8021 Zurich, Switzerland
TEL 41-44-216-9111

Mizuho International plc
Bracken House, One Friday Street,
London EC4M 9JA, UK
TEL 44-20-7236-1090

Mizuho Saudi Arabia Company
North Lobby 1st Floor, Al Faisaliah Tower,
King Fahd Road, Olaya District, Riyadh 11544,
Kingdom of Saudi Arabia
TEL 966-1-273-4111

Mizuho Securities USA Inc.
1251 Avenue of the Americas, 33rd Floor,
New York, NY 10020, USA
TEL 1-212-209-9300

34

Network of DIAM
DIAM Asset Management (HK) Limited
Suites 1221-22, Two Pacific Place,
88 Queensway, Hong Kong, S.A.R,
The People's Republic of China
TEL 852-2918-9030

DIAM SINGAPORE PTE. LTD.
2 Shenton Way #12-01 SGX Centre I ,Singapore 068804
TEL 65-6532-5470

DIAM International Ltd
Bracken House, One Friday Street,
London, EC4M 9JA, UK
TEL 44-207-329-3777

DIAM U.S.A., Inc.
1133 Avenue of the Americas, 28th Floor,
New York, NY 10036, USA
TEL 1-212-350-7650

Investor Information

Date of Establishment(Eleventh Series Class XI Preferred Stock)
Percentageof shares
outstanding
Shares held(%)

January 8, 2003

Paid-in Capital¥2,181,375 million

Issued Shares
22,491,015,760 shares
Common Stock: 21,539,573,760 shares
Preferred Stock:951,442,000 shares

Number of Shareholders
Common Stock:
Preferred Stock:

770,529
1,652

Major Shareholders(Common Stock)
Percentageof shares
outstanding
Shares held(%)

Japan Trustee Services Bank, Ltd.
(Trustee account)

1,212,140,200

5.62

The Master Trust Bank of Japan, Ltd.
(Trustee account)

851,976,400

3.95

SSBT OD05 OMNIBUS ACCOUNT –TREATY CLIENTS (Standing proxyagent: The Hong Kong and Shanghai
Banking Corporation Limited)332,499,031

1.54Japan Trustee Services Bank, Ltd.
(Trustee account 9)296,051,300

1.37Japan Trustee Services Bank, Ltd.
(Trustee account 4)

266,259,700

1.23

CHASE MANHATTAN BANK GTS
CLIENTS ACCOUNT ESCROW(Standing proxy agent: Mizuho
Corporate Bank, Ltd.)The Dai-ichi Life Insurance
Company, Limited

225,823,518
209,950,000

0.85Japan Trustee Services Bank, Ltd.
(Trustee account 1)

171,639,300

0.79

STATE STREET BANK AND TRUSTCOMPANY 505225 (Standing proxyagent: Mizuho Corporate Bank, Ltd.)

162,777,162

0.75

Sompo Japan Insurance Inc.

3.90

19,000,000

Marubeni Corporation

14,500,000

2.98

SHIMIZU CORPORATION

10,000,000

2.05Electric Power Development Co., Ltd.

10,000,000

2.05

The Tokyo Electric Power
Company, Incorporated

10,000,000

2.05

NIPPON EXPRESS CO., LTD.

10,000,000

2.05Japan Airlines International Co., Ltd.

8,000,000

1.64

Tokio Marine & Nichido Fire
Insurance Co., Ltd.

6,400,000

1.31

JFE Steel Corporation

6,000,000

1.23(Thirteenth Series Class XIII Preferred Stock)
Percentageof shares
outstanding
Shares held
(%)

0.97

185,042,436

4.24

Notes:1. Figures for the percentage of shares outstanding are rounded down to
the nearest second decimal place.
2. Percentages of shares outstanding of Preferred Stock are calculated by
excluding the treasury stock (428,746,000 shares). Furthermore, the428,746,000 shares of the treasury stock are not included in theabove list of major shareholders.

1.04

STATE STREET BANK – WESTPENSION FUND CLIENTS – EXEMPT(Standing proxy agent: Mizuho
Corporate Bank, Ltd.)UBS AG LONDON A/C IPB SEGREGATEDCLIENT ACCOUNT (Standing proxyagent: Citibank Japan Ltd.)
20,625,000

Notes:1. Figures for the percentage of shares outstanding are rounded down to
the nearest second decimal place.
2. The percentages of shares outstanding of Common Stock are calculated by excluding the treasury stock (5,644,103 shares).

NIPPON OIL FINANCE (Netherlands) B.V.
(Standing proxy agent: Mizuho
Corporate Bank, Ltd.)6,000,000

16.35

Shiseido Company, Limited

5,000,000

13.62

SHARP FINANCE CORPORATION

5,000,000

13.62

SHARP INTERNATIONAL FINANCE(U.K.) PLC (Standing proxy agent:Mizuho Corporate Bank, Ltd.)

5,000,000

13.62

NISSIN FOODS HOLDINGS CO., LTD.

3,000,000

8.17

OBAYASHI CORPORATION

2,000,000

5.45

YANMAR Co., Ltd.

2,000,000

5.45

KOSE Corporation

1,000,000

2.72

FUJI MEDIA HOLDINGS, INC.

1,000,000

2.72

KURABO INDUSTRIES LTD.

500,000

1.36

Notes:1. Figures for the percentage of shares outstanding are rounded down to
the nearest second decimal place.
2. There is no treasury stock pertaining to the Thirteenth Series Class XIII
Preferred Stock.
(As of September 30, 2010)35

Investor Information

Stock Listings(Common Stock)(ADR)
New York Stock ExchangeTokyo Stock Exchange
Osaka Securities Exchange

ADR* Information
Accounting Auditors

Outline of Mizuho Financial Group's ADR

Ernst & Young ShinNihon LLC
1. NYSE ticker symbol :2. CUSIP :3. Conversion ratio :4. Depositary bank :MFG
60687Y109
1 ADR = 2 common shares
The Bank of New York Mellon
101 Barclay Street
New York, NY 10286
Phone: 1-201-680-6825
U.S. Toll Free: 888-269-2377
http://www.adrbnymellon.com/
5. Local custodian bank : Mizuho Corporate Bank, Ltd.

Shareholder Register Manager
Mizuho Trust & Banking Co., Ltd.

Share Unit
100 sharesFiscal Year
April 1 to March 31

Convocation of General Meetings of Shareholders* ADRs are securities issued for the purpose of trading in the U.S. in place of
the underlying stock of foreign companies. As ADRs are registered with
the SEC as U.S. securities, they are traded, settled and held in custody insubstantively the same manner as the stocks of U.S. companies. ADR is anacronym for American Depositary Receipts.

An ordinary general meeting of shareholders of theCompany shall be convened no later than 3 months fromthe last day of each business year and an extraordinary
general meeting of shareholders shall be convened whenever necessary.

Record Date
1. The Company shall deem shareholders having voting
rights appearing in writing or electronically in the registerof shareholders as of the end of March 31 of each year as
the shareholders who are entitled to exercise their rights atthe ordinary general meeting of shareholders for the relevant business year.
2. In addition to the preceding paragraph, the Company may
temporarily set the record date whenever necessary, by aresolution of the Board of Directors and upon giving aprior public notice thereof.

Dividends from Surplus Approved by Resolution of
Ordinary General Meeting of Shareholders
Dividends from the surplus approved by a resolution of an
ordinary general meeting of shareholders shall be distributed
to the shareholders or registered stock pledgees appearing
in writing or electronically in the register of shareholders asof the end of March 31 of each year.

Interim Dividends
The Company may, by a resolution of the Board of Directors,
distribute interim dividends provided for in Article 454,
Paragraph 5 of the Company Law of Japan to the shareholders or registered stock pledgees appearing in writing or electronically in the register of shareholders as of the end of
September 30 of each year.

36

Disclosure Policy

accounting or auditing matters from both inside and outside Mizuho Financial Group.

Basic Principles
We aim to win the highest regard of our shareholders andthe market and to earn the trust of society as Japan's leading
comprehensive financial services group. For this reason, weplace one of the highest management priorities on continuing to disclose information to our customers, shareholders,and investors both in and outside Japan in a fair, timely andappropriate manner, in order that they may form proper
judgments and appraisals of the group. To achieve this aim,
we observe applicable domestic and international laws andregulations as well as stock exchange rules relating to corporate disclosure, and we establish and implement appropriate
Disclosure Controls and Procedures.

Disclosure Methods, Other(1) Disclosure Methods
With respect to the information which is required to bedisclosed pursuant to applicable domestic and international laws and regulations as well as stock exchange
rules, we follow the defined disclosure procedures such as
publishing such information in business reports (JigyoHokoku), annual securities reports (YukashokenHokokusho) and other disclosure publications, as well as
providing such information through the information distribution systems of domestic and international stock
exchanges and through press releases. We also endeavor
to disclose other information in a fair, timely and appropriate manner. When we disclose such information, webasically publish on our website the information we disclose. In addition, we endeavor to utilize the latest disclosure methods and tools to provide more fair andwidespread disclosure.
(2) Investor Relations Activities
In accordance with our Basic Principles described above,
and with due attention to two-way communication, we
endeavor sincerely to facilitate a proper understanding of
our management strategies, financial condition and othermatters. In this way, we aim to earn the trust of the market and obtain an appropriate market reputation.
Beginning with the disclosure required by applicable
domestic and international laws and regulations as well as
stock exchange rules, we endeavor to grasp properly thetypes of information desired by the market and to disclose useful and appropriate information voluntarily andproactively. Regarding disclosure of information we consider particularly important, we communicate such information on an ad hoc basis as and when necessary, even if
a press release has already been issued, through suchmeans as special briefing sessions.
In addition, we respect various disclosure principles
including fair disclosure. Accordingly, at individual calls,
private meetings or conferences hosted or attended byrepresentatives of Mizuho Financial Group we endeavor
to limit carefully our explanations to matters already disclosed and facts commonly known.
(3) Correction of Misconceptions in the Markets
If we identify significant misconceptions regarding
Mizuho Financial Group in the market due to the spreadof rumors or otherwise, we endeavor to investigate theircauses and correct such misconceptions promptly.

Disclosure Controls and Procedures(1) Establishment and Implementation of Disclosure
Controls and Procedures
Our Disclosure Controls and Procedures are established toobserve applicable domestic and international laws andregulations as well as stock exchange rules and to implement fair, timely and appropriate corporate disclosure.
The Disclosure Controls and Procedures are the processcarried out by directors, officers and employees ofMizuho Financial Group and include internal controls
designed to provide reasonable assurance regarding thereliability of Financial Reporting and the Preparation of
Financial Statements. We have established the basic principles underlying our Disclosure Controls and Procedures
as well as our internal rules related to Disclosure Controls
and Procedures that govern the management framework
for the entire Mizuho Financial Group including groupcompanies, and we endeavor to establish, implement andcontinuously improve our Disclosure Controls andProcedures. Our Disclosure Committee is the principal
management body that is responsible for discussing andexploring matters relating to Disclosure Controls andProcedures.
(2) Evaluation of Effectiveness of Disclosure Controls
and Procedures
Our Disclosure Controls and Procedures are documented,
and evaluation of the overall effectiveness of our
Disclosure Controls and Procedures is conducted regularly
by reviewing the contents of such documentation andtheir implementation. In addition, evaluation of the effectiveness and appropriateness of Disclosure Controls andProcedures is conducted through internal audits.
(3) Others
We established a “Code of Ethics for Financial
Professionals” to be observed by all directors and executive officers, as well as all managers and other employees
within Mizuho Financial Group who engage in financial
reporting, accounting or disclosure. We have also developed the “Internal Controls and Audit Hotline”, a systemdesigned for obtaining concerns regarding questionable37

Privacy Policy Regarding Customer Information

Management of Sensitive Information
Mizuho Financial Group will not acquire, use and provide to
any third party sensitive information (e.g. political affiliation,
religion, participation in labor union, race, ethnic group, family origin, legal address on family registry and medical information) unless authorized by law or it is necessary to conductbusiness on condition that Mizuho Financial Group has customer consent.

Mizuho Financial Group, Inc. (“MHFG”) hereby establishes
and announces the “Privacy Policy Regarding Customer
Information” applicable to Mizuho Financial Group which iscomposed of MHFG, its consolidated subsidiaries and affiliates (which are accounted for by the equity method) that arelisted in MHFG's Financial Reports.

Policy of Management
Mizuho Financial Group recognizes appropriate protection
and use of personal information to be important social
responsibilities, and makes every effort to appropriately protect and use personal information complying with the
Personal Data Protection Law in Japan, other related regulations and the internal rules of Mizuho Financial Group, including the “Privacy Policy Regarding Customer Information”
when Mizuho Financial Group conducts business.

Security Measures
Mizuho Financial Group will maintain and manage accurate
and up to date personal information, and prevent leakage of
information with rational security measures. Mizuho Financial
Group will properly supervise employees and parties
entrusted with handling personal information.

Continuous Improvement

Proper Acquisition
Mizuho Financial Group will acquire personal informationthat is necessary to conduct its business by proper and lawfulmeans.

Mizuho Financial Group will continuously review this policy
according to the development of information technologies
and the changes in social demand, and improve the management of personal information.

Purpose of Use

Procedures to Request Disclosure

Mizuho Financial Group will specify the purpose of use of
personal information and will not use it beyond the specified
purpose. Furthermore, Mizuho Financial Group will not use
personal information beyond the purpose limited by related
regulations.
The purpose of use of personal information is set forththrough the web site or other measures provided by eachcompany of Mizuho Financial Group.

Mizuho Financial Group will endeavor to properly andpromptly cope with following requests from customers:• notification of the purpose of use• disclosure of personal data
• correction, addition and deletion of personal data that do
not reflect the facts• suspension of use and elimination of personal data• suspension of providing personal data to a third party

Limitation on Providing Personal Information to a
Third Party

Customer Request
Mizuho Financial Group will endeavor to cope with customer
requests for the management of personal information sincerely and promptly.

Mizuho Financial Group will not provide personal information
to any third party in principle unless the individual concerned
has agreed to such use or it is authorized by law. However,Mizuho Financial Group may provide personal information to
relevant entities without customer consent in following
cases:• Mizuho Financial Group entrusts management of personal information that is necessary to achieve the purpose of use to a third party.
• Mizuho Financial Group is one of the parties in a consolidation transaction.
• Mizuho Financial Group uses personal information jointlywith designated entities that are publicly informed.

Strengthening Information Security Management Systems•MHFG
obtained certifications for the Information Security Management Systems of all divisions of the company under both the Conformity Assessment Scheme, “ISO/IEC27001:
2005,” the international standard, and “JIS Q 27001: 2006,” the domestic standard.
IS97580 / ISO IEC27001

38

Contact Information“News Release E-mail Distribution• MHFG's
Service”

Mizuho Financial Group, Inc.
Marunouchi 2-chome Building,
2-5-1, Marunouchi,
Chiyoda-ku, Tokyo, 100-8333
Japan
Tel. +81-(0)3-5224-1111
URL: http://www.mizuho-fg.co.jp/english/

MHFG offers an e-mail service for notifying registered users the title and the URL page of thegroup's news releases when releases are placed on
the group's website.
If you wish to register for this service, please
access MHFG's website (http://www.mizuhofg.co.jp/english/), and click “News Release E-mailDistribution Service.”Mizuho Corporate Bank, Ltd.
1-3-3, Marunouchi,
Chiyoda-ku, Tokyo 100-8210,
Japan
Tel. +81-(0)3-3214-1111
URL: http://www.mizuhocbk.com/

Mizuho Bank, Ltd.
1-1-5, Uchisaiwaicho,
Chiyoda-ku, Tokyo 100-0011,
Japan
Tel. +81-(0)3-3596-1111
URL: http://www.mizuhobank.co.jp/english/

Mizuho Trust & Banking Co., Ltd.
1-2-1, Yaesu,
Chuo-ku, Tokyo 103-8670,
Japan
Tel. +81-(0)3-3278-8111
URL: http://www.mizuho-tb.co.jp/english/

Mizuho Securities Co., Ltd.
Otemachi First Square,
1-5-1, Otemachi,
Chiyoda-ku, Tokyo 100-0004,
Japan
Tel. +81-(0)3-5208-3210
URL: http://www.mizuho-sc.com/english/

39

Interim Review (Financial Information)
For the Six Months ended September 30, 2010

<Under Japanese GAAP>

Mizuho Financial Group, Inc.

Financial Highlights of Mizuho Financial Group, Inc. (Consolidated)

For the Six Months ended September 30, 2010 and 2009,
and for the Fiscal Year ended March 31, 2010

Ordinary Income
Ordinary Profits
Income (Loss) before Income Taxes and Minority Interests
Net Income (Loss)
Cash Dividends*￥

September 30, 2010
1,449,871
423,829451,076
341,759-￥

Millions of yen
March 31, 2010
2,817,625
327,127
377,765
239,404
134,966￥

September 30, 2009
1,485,032
103,789
144,183
87,806-

Thousands of U.S. dollars
September 30, 2010$
17,297,439
5,056,419
5,381,494
4,077,298-

September 30, 2009
155,857,870
37,938,463
64,267,283
74,877,022
5,605,965

Thousands of U.S. dollars
September 30, 2010$
1,882,062,331
526,834,685
740,514,166
902,076,780$
79,805,013

September 30, 2009

U.S. dollars
September 30, 2010

*Non-consolidated basis

As of September 30, 2010 and 2009, and March 31, 2010

Total Assets
Securities
Loans and Bills Discounted
Deposits*
Total Net Assets￥￥

September 30, 2010
157,754,464
44,159,283
62,069,897
75,612,075
6,689,256￥￥

Millions of yen
March 31, 2010
156,253,572
43,096,460
62,164,579
76,339,779
5,837,053￥￥*Deposits does not include Negotiable Certificates of Deposit.

For the Six Months ended September 30, 2010 and 2009,
and for the Fiscal Year ended March 31, 2010

Per Share of Common StockNet Income
Cash Dividends per Share*
Common Stock
Preferred Stock
Eleventh Series Class XI Preferred StockThirteenth Series Class XIII Preferred Stock

Yen
March 31, 2010

September 30, 2010
￥

19.15

￥

16.29

￥

6.89

$

-

8

-

-

-

20
30

-

-

September 30, 201015.40%March 31, 201013.46%

September 30, 200912.89%*Non-consolidated basis

As of September 30, 2010 and 2009, and March 31, 2010

Consolidated Capital Adequacy Ratio (BIS Standard)

0.23

Note: The rate of ¥ 83.82=US$ 1.00, the foreign exchange rate on September 30, 2010, has been used for translation.

CONTENTS

Notes:"CON": Consolidated figures of Mizuho Financial Group, Inc. ("MHFG").
"NON(B)": Non-consolidated figures of Mizuho Bank, Ltd. ("MHBK"), Mizuho Corporate Bank, Ltd. ("MHCB") and Mizuho Trust & Banking Co., Ltd.
("MHTB").
"NON(B&R)": Aggregated figures of the relevant banks including past figures for their former financial subsidiaries for corporate revitalization.
*MHBK, MHCB and MHTB merged with their own financial subsidiaries for corporate revitalization respectively, as of October 1, 2005.
"HC": Non-consolidated figures of Mizuho Financial Group, Inc.

I. CONSOLIDATED FINANCIAL STATEMENTS

See above Notes

Page

1. Consolidated Balance SheetCON

1

2. Consolidated Statement of IncomeCON

2

3. Consolidated Statement of Changes in Net Assets

CON

3

4. Consolidated Statement of Cash FlowsCON

5

II. FINANCIAL DATA

See above Notes

Page

1. Differences between Consolidated Figures and Aggregated Figures of the 3 Banks

CON

6

2. Assets and Liabilities

NON(B)

3. Income Analysis

CON

NON(B)

7

NON(B)

12

NON(B)

6

4. Breakdown of Income

CON

5. Interest Margins (Domestic Operations)

NON(B)

6. Use and Source of Funds

CON

7. Net Gains/Losses on Securities

NON(B)

8. Unrealized Gains/Losses on Securities

CON

9. Projected Redemption Amounts for Securities

NON(B)

10. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON(B)

11. Employee Retirement Benefits

NON(B)

CON

25

12. Capital Adequacy RatioCON

NON(B)

27

III. REVIEW OF CREDITS

13
14

NON(B)

19
21

NON(B)

23
24

See above Notes

Page

1. Status of Non-Accrual, Past Due & Restructured LoansCON

NON(B)

29

2. Status of Reserves for Possible Losses on LoansCON

NON(B)

31

3. Reserve Ratios for Non-Accrual, Past Due & Restructured LoansCON

NON(B)

32

4. Status of Disclosed Claims under the Financial Reconstruction Law ("FRL")CON

NON(B)

33

5. Coverage on Disclosed Claims under the FRLNON(B)

35

6. Overview of Non-Performing Loans ("NPLs")

NON(B)

38

7. Results of Removal of NPLs from the Balance SheetNON(B&R)

39(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry

NON(B)

41(2) Disclosed Claims under the FRL and Coverage Ratio by Industry

NON(B)

43(1) Balance of Housing and Consumer Loans

NON(B)

44(2) Loans to SMEs and Individual Customers

NON(B)

44(1) Balance of Loans to Restructuring Countries

NON(B)

45(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Region

NON(B)

45

8. Status of Loans by Industry

9. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises("SMEs") and Individual Customers

10. Status of Loans by Region

IV. OTHERS

See above Notes

1. Breakdown of Deposits (Domestic Offices)

NON(B)

2．Number of Directors and Employees

HC

3．Number of Branches and Offices

NON(B)Page

46
NON(B)

V. Gross profits (excluding the amounts of credit costs of trust accounts) and Net business profits or losses(excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve
for losses on loans) by reportable segment

47
48

Page

49

VI. The Impact of the Dislocation in Global Financial Markets Stemmingfrom US Subprime Loan Issues

Page

50

This presentation contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation ReformAct of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future
performance.
In many cases, but not all, we use such words as “ aim, ” “ anticipate, ” “ believe, ” “ endeavor, ” “ estimate, ” “ expect, ” “ intend, ” “ may, ” “ plan, ”“probability, ” “project, ” “risk, ” “seek,” “should, ” “strive, ” “target ” and similar expressions in relation to us or our management to identify forwardlooking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current
views with respect to future events and are subject to risks, uncertainties and assumptions.
We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons,
including, without limitation, incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign
currency fluctuations; revised assumptions or other changes related to our pension plans; failure to maintain required capital adequacy ratio levels;
downgrades in our credit ratings; the effectiveness of our operational, legal and other risk management policies; our ability to avoid reputational harm; andthe effect of changes in general economic conditions in Japan.
Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information —Risk
Factors,” and “Item 5. Operating and Financial Review and Prospects” in our most recent registration statement on Form 20-F filed with the U.S. Securities
and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuho-fg.co.jp/english/ and also at the
SEC’s web site at www.sec.gov.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking
statements, whether as a result of new information, future events or otherwise.

Mizuho Financial Group, Inc.

I. CONSOLIDATED FINANCIAL STATEMENTS
1. CONSOLIDATED BALANCE SHEETAS OF SEPTEMBER 30, 2010
Millions of yen

AssetsCash and Due from Banks
Call Loans and Bills Purchased
Receivables under Resale Agreements
Guarantee Deposits Paid under Securities Borrowing Transactions
Other Debt Purchased
Trading Assets
Money Held in Trust
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Derivatives other than for Trading Assets
Other Assets
Tangible Fixed Assets
Intangible Fixed Assets
Deferred Tax Assets
Customers' Liabilities for Acceptances and Guarantees
Reserves for Possible Losses on Loans
Reserve for Possible Losses on Investments\

Total Assets
Liabilities

75,612,075
10,531,592
1,127,527
5,493,654
12,443,878
6,319,242
8,631,124
9,941,009
205,619524,597
5,001,381
1,032,497
6,231,233
4,282,603
34,14335,7332,049
2,815
14,12014,912
11,615
1,376
12,497
98,5833,459,319
151,065,208

Deposits
Negotiable Certificates of Deposit
Debentures
Call Money and Bills Sold
Payables under Repurchase Agreements
Guarantee Deposits Received under Securities Lending Transactions
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Short-term Bonds
Bonds and Notes
Due to Trust Accounts
Derivatives other than for Trading Liabilities
Other Liabilities
Reserve for Bonus Payments
Reserve for Employee Retirement Benefits
Reserve for Director and Corporate Auditor Retirement Benefits
Reserve for Possible Losses on Sales of Loans
Reserve for Contingencies
Reserve for Reimbursement of Deposits
Reserve for Reimbursement of Debentures
Reserves under Special Laws
Deferred Tax Liabilities
Deferred Tax Liabilities for Revaluation Reserve for Land
Acceptances and Guarantees

Total Liabilities
Net Assets
Common Stock and Preferred Stock
Capital Surplus
Retained Earnings
Treasury Stock
Total Shareholders' Equity
Net Unrealized Gains on Other Securities, net of Taxes
Net Deferred Hedge Gains, net of Taxes
Revaluation Reserve for Land, net of Taxes
Foreign Currency Translation Adjustments
Total Valuation and Translation Adjustments
Stock Acquisition Rights
Minority Interests

Total Net Assets
Total Liabilities and Net Assets

3,650,486
290,921
8,389,628
6,376,329
1,801,283
15,463,760
102,452
44,159,283
62,069,897
779,968
7,123,116
3,104,688
942,494
424,974
459,5413,459,319(843,664)(17)
157,754,464\

2,181,375
937,680
1,060,637(3,195)
4,176,496
32,505
142,572
137,952(100,371)
212,659
2,778
2,297,321
6,689,256
157,754,464*Amounts less than one million yen are rounded down.

1

Mizuho Financial Group, Inc.

2. CONSOLIDATED STATEMENT OF INCOME
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2010
Millions of yen

Ordinary Income\

Interest Income

1,449,871
733,453

Interest on Loans and Bills Discounted

454,147

Interest and Dividends on Securities

179,472

Fiduciary Income

24,058

Fee and Commission Income

271,146

Trading Income

177,612

Other Operating Income

185,542

Other Ordinary Income

58,058

Ordinary Expenses

1,026,042

Interest Expenses

179,908

Interest on Deposits*

58,381

Interest on Debentures

3,986

Fee and Commission Expenses

51,976

Other Operating Expenses

59,031

General and Administrative Expenses

639,393

Other Ordinary Expenses

95,731

Ordinary Profits

423,829

Extraordinary Gains

34,961
7,713

Extraordinary Losses

451,076

Income before Income Taxes and Minority Interests
Income Taxes:
Current

11,236

Deferred

47,250Total Income Taxes

58,486Net Income before Minority Interests

392,590

Minority Interests in Net Income

50,831Net Income\

341,759*Amounts less than one million yen are rounded down.
*Interest on Deposits does not include Interest on Negotiable Certificates of Deposit.

2

Mizuho Financial Group, Inc.

3. CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETSFOR THE SIX MONTHS ENDED SEPTEMBER 30, 2010
Millions of yen

Shareholders' Equity
Common Stock and Preferred Stock
Balance as of the end of the previous period\

1,805,565

Changes during the period
Issuance of New Shares

375,810

Total Changes during the period

375,810

Balance as of the end of the period

2,181,375

Capital Surplus
Balance as of the end of the previous period

552,135

Changes during the period
Issuance of New Shares

385,544

Total Changes during the period

385,544

Balance as of the end of the period

937,680

Retained Earnings
Balance as of the end of the previous period

854,703

Changes during the period
Cash Dividends(134,966)

Net Income

341,759

Disposition of Treasury Stock(1,314)

Transfer from Revaluation Reserve for Land, net of Taxes

455

Total Changes during the period

205,934

Balance as of the end of the period

1,060,637

Treasury Stock
Balance as of the end of the previous period(5,184)

Changes during the period
Repurchase of Treasury Stock(1)

Disposition of Treasury Stock

1,989

Total Changes during the period

1,988

Balance as of the end of the period(3,195)

Total Shareholders' Equity
Balance as of the end of the previous period

3,207,219

Changes during the period
Issuance of New Shares

761,354

Cash Dividends(134,966)

Net Income

341,759

Repurchase of Treasury Stock(1)

Disposition of Treasury Stock

675

Transfer from Revaluation Reserve for Land, net of Taxes

455

Total Changes during the period
Balance as of the end of the period

969,277\*Amounts less than one million yen are rounded down.

34,176,496

Mizuho Financial Group, Inc.
Millions of yen

Valuation and Translation Adjustments
Net Unrealized Gains on Other Securities, net of Taxes
Balance as of the end of the previous period¥

176,931

Changes during the period
Net Changes in Items other than Shareholders' Equity(144,425)

Total Changes during the period(144,425)

Balance as of the end of the period

32,505

Net Deferred Hedge Gains, net of Taxes
Balance as of the end of the previous period

83,093

Changes during the period
Net Changes in Items other than Shareholders' Equity

59,478

Total Changes during the period

59,478

Balance as of the end of the period

142,572

Revaluation Reserve for Land, net of Taxes
Balance as of the end of the previous period

138,430

Changes during the period
Net Changes in Items other than Shareholders' Equity(477)

Total Changes during the period(477)

Balance as of the end of the period

137,952

Foreign Currency Translation Adjustments
Balance as of the end of the previous period(92,623)

Changes during the period
Net Changes in Items other than Shareholders' Equity(7,748)

Total Changes during the period(7,748)

Balance as of the end of the period(100,371)

Total Valuation and Translation Adjustments
Balance as of the end of the previous period

305,831

Changes during the period
Net Changes in Items other than Shareholders' Equity(93,171)

Total Changes during the period(93,171)

Balance as of the end of the period

212,659

Stock Acquisition Rights
Balance as of the end of the previous period

2,301

Changes during the period
Net Changes in Items other than Shareholders' Equity

476

Total Changes during the period

476

Balance as of the end of the period

2,778

Minority Interests
Balance as of the end of the previous period

2,321,700

Changes during the period
Net Changes in Items other than Shareholders' Equity(24,379)

Total Changes during the period(24,379)

Balance as of the end of the period

2,297,321

Total Net Assets
Balance as of the end of the previous period

5,837,053

Changes during the period
Issuance of New Shares

761,354

Cash Dividends(134,966)

Net Income

341,759

Repurchase of Treasury Stock(1)

Disposition of Treasury Stock

675

Transfer from Revaluation Reserve for Land, net of Taxes

455

Net Changes in Items other than Shareholders' Equity(117,074)

Total Changes during the period
Balance as of the end of the period

852,203¥*Amounts less than one million yen are rounded down.

46,689,256

Mizuho Financial Group, Inc.

4. CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE SIX MONTHS ENDED SEPTEMBER 30, 2010
Millions of yen
I. Cash Flow from Operating Activities
Income (Loss) before Income Taxes and Minority Interests\

Depreciation
Losses on Impairment of Fixed Assets
Equity in Loss (Gain) from Investments in Affiliates
Increase (Decrease) in Reserves for Possible Losses on Loans
Increase (Decrease) in Reserve for Possible Losses on Investments
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans
Increase (Decrease) in Reserve for Contingencies
Increase (Decrease) in Reserve for Bonus Payments
Increase (Decrease) in Reserve for Employee Retirement Benefits
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits

Increase (Decrease) in Reserve for Reimbursement of Deposits
Increase (Decrease) in Reserve for Reimbursement of Debentures
Interest Income - accrual basis
Interest Expenses - accrual basis
Losses (Gains) on Securities
Losses (Gains) on Money Held in Trust
Foreign Exchange Losses (Gains) - net
Losses (Gains) on Disposition of Fixed Assets
Decrease (Increase) in Trading Assets
Increase (Decrease) in Trading Liabilities
Decrease (Increase) in Derivatives other than for Trading Assets
Increase (Decrease) in Derivatives other than for Trading Liabilities
Decrease (Increase) in Loans and Bills Discounted
Increase (Decrease) in Deposits
Increase (Decrease) in Negotiable Certificates of Deposit
Increase (Decrease) in Debentures
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)
Decrease (Increase) in Call Loans, etc.
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions
Increase (Decrease) in Call Money, etc.
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions
Decrease (Increase) in Foreign Exchange Assets
Increase (Decrease) in Foreign Exchange Liabilities
Increase (Decrease) in Short-term Bonds (Liabilities)
Increase (Decrease) in Bonds and Notes
Increase (Decrease) in Due to Trust Accounts
Interest and Dividend Income - cash basis
Interest Expenses - cash basis
Other - net
Subtotal
Cash Refunded (Paid) in Income Taxes
Net Cash Provided by (Used in) Operating Activities

451,076
80,5592,545(2,503)(34,592)(11)(11,648)(688)(13,640)
1,552
(62)
163
790
(733,453)
179,908(121,664)
8
401,471
2,093(1,745,636)
1,237,934(152,191)(289,340)(441,726)(213,566)
397,936(390,269)
308,477(139,940)(1,298,433)(631,428)
898,201(296,270)(91,596)
32,981
32,200304,734
7,066
778,365(206,172)
156,267(1,540,502)(16,731)(1,557,234)

II. Cash Flow from Investing Activities(53,207,930)
47,606,416
5,454,543(25,685)
42,620(40,065)(52,137)56
9(222,172)

Payments for Purchase of Securities
Proceeds from Sale of Securities
Proceeds from Redemption of Securities
Payments for Increase in Money Held in Trust
Proceeds from Decrease in Money Held in Trust
Payments for Purchase of Tangible Fixed Assets
Payments for Purchase of Intangible Fixed Assets
Proceeds from Sale of Tangible Fixed Assets
Proceeds from Sale of Intangible Fixed Assets
Net Cash Provided by (Used in) Investing Activities
III. Cash Flow from Financing Activities
Repayments of Subordinated Borrowed Money
Payments for Redemption of Subordinated Bonds
Proceeds from Issuance of Common Stock
Proceeds from Investments by Minority Shareholders
Cash Dividends Paid
Cash Dividends Paid to Minority Shareholders
Payments for Repurchase of Treasury Stock
Proceeds from Sale of Treasury Stock
Net Cash Provided by (Used in) Financing Activities
IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents
V.Net Increase (Decrease) in Cash and Cash Equivalents
VI. Cash and Cash Equivalents at the beginning of the period
VII. Cash and Cash Equivalents at the end of the period\(10,000)(319,093)
761,354735(133,659)(51,432)(1)
3
247,907(16,527)(1,548,026)
4,678,783
3,130,756*Amounts less than one million yen are rounded down.

5

Mizuho Financial Group, Inc.

II. FINANCIAL DATA
1. Differences between Consolidated Figures and Aggregated Figures of the 3 Banks
Consolidated and Non-Consolidated(Billions of yen, %)First Half of Fiscal 2010
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)First Half of Fiscal 2009
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)6

1,100.8
553.5
24.0
219.1
177.6
126.5

885.4
511.0
23.8
143.7
90.2
116.6

215.4
42.5
0.2
75.4
87.3
9.9

80.4
92.3
98.9
65.5
50.8
92.1

1,005.1
581.0
24.1
222.0
197.9
(19.9)

790.6
560.6
23.7
136.0
94.2
(24.0)

214.5
20.4
0.3
85.9
103.6
4.1

78.6
96.4
98.5
61.2
47.6
120.6

7

8.5

25.2

(16.7)

295.3(161.7)(116.9)(44.8)

72.2

Ordinary Profits

8

Net Income

9

Net Business Profits

10

423.8
341.7
464.9

355.2
355.0
445.1

68.5
(13.2)
19.8

83.8
103.8
95.7

103.7
87.8
359.5

94.5
128.1
338.3

9.2
(40.3)
21.1

91.0
145.9
94.1

Gross Profits

1

Net Interest Income

2

Fiduciary Income

3

Net Fee and Commission Income

4

Net Trading Income

5

Net Other Operating Income
Credit-related Costs(including Credit Costs for Trust Accounts)* Credit-related Costs = Expenses related to Portfolio Problems + Reversal of (Provision for) General Reserve for Possible Losses on Loans + Reversal of Reserves for Possible Losses on Loans, etc.
+ Credit Costs for Trust Accounts* Consolidated Net Business Profits = Consolidated Gross Profits - General and Administrative Expenses (excluding Non-Recurring Losses)+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments

As of September 30, 2010
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)
Total Assets

11

Securities

12

Loans and Bills Discounted

13

157,754.4
44,159.2
62,069.8

150,726.1
44,741.3
62,043.9(b) / (a)7,028.3(582.0)
25.9

95.5
101.3
99.9

2. Assets and Liabilities
Non-Consolidated

Aggregated Figures of the 3 Banks(Billions of yen)
As of September 30, 2010

Shareholders' Equity

13

150,726.1
4,761.7
8,870.3
44,741.3
62,043.9
145,723.8
76,207.0
11,598.5
1,127.5
13,615.8
5,002.2
4,628.8

Valuation and Translation
Adjustments

14

372.9

Total Assets

1

Cash & Due from Banks

2

Call Loans

3

Securities

4

Loans and Bills Discounted

5

Total Liabilities

6

Deposits

7

Negotiable Certificates of Deposit

8

Debentures

9

Call Money and Bills Sold

10

Bills Sold

11

Total Net Assets

12

Change fromMarch 31,2010

As of March
31, 2010

As of
September 30,
2009(252.0)(1,576.2)(334.9)1,165.1(237.3)(538.9)(874.0)1,005.3(390.2)(363.9)
286.8
342.1

150,978.2
6,338.0
9,205.3
43,576.2
62,281.2
146,262.8
77,081.1
10,593.2
1,517.7
13,979.8
4,715.3
4,286.7

149,538.9
6,248.2
8,777.3
38,171.4
64,275.6
145,071.3
75,722.9
9,376.1
1,917.4
14,407.5
4,467.6
4,094.7(55.3)

428.2

372.5

Stock Acquisition Rights
15
0.3
0.0
0.2
*“Loans and Bills Discounted” includes loans to MHFG as follows:
As of September 30, 2010 : \700.0 billion (from MHBK)As of March 31, 2010 : \700.0 billion (from MHBK)As of September 30, 2009 : \700.0 billion (from MHBK)

6

0.2(Billions of yen, %)As of March 31, 2010
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)(b) / (a)Three Banks(a)(b)

156,253.5
43,096.4
62,164.5

150,978.2
43,576.2
62,281.2

5,275.3(479.7)(116.6)

96.6
101.1
100.1

Mizuho Financial Group, Inc.

3. Income Analysis
Consolidated(Millions of yen)First Half of Fiscal
2010

First Half of Fiscal
2009

Change11

1,100,896
553,544
24,058219,169
177,612
126,511(639,393)(312,781)(299,928)(26,683)

95,698(27,534)(92)(2,855)(20,298)
146,478
18,357
19,511(72)(1,081)

1,005,198
581,078
24,150222,025
197,911(19,967)(657,751)(332,293)(299,856)(25,601)

12(29,982)

160,806(190,788)

13(29,429)

40,139(69,568)

14-

111,922(111,922)

Net Gains (Losses) related to Stocks

15

Equity in Income from Investments in Affiliates

16(30,793)
1,057
74,912320,039(13,145)9,544
7
306,893408(58,023)
249,278
4,674
253,952

20,225
1,446(74,540)
103,789
40,39328,998144,183(11,644)
10,773
143,312(55,505)
87,806

170,350(161,789)

105,475

359,516

Consolidated Gross Profits

1

Net Interest Income

2

Fiduciary Income

3

Credit Costs for Trust Accounts

4

Net Fee and Commission Income

5

Net Trading Income

6

Net Other Operating Income

7

General and Administrative Expenses

8

Personnel Expenses

9

Non-Personnel Expenses

10

Miscellaneous Taxes
Expenses related to Portfolio Problems (including Reversal of(Provision for) General Reserve for Possible Losses on Loans)
Losses on Write-offs of Loans
Reversal of (Provision for) Reserves for Possible Losses on
Loans

Minority Interests in Net Income

26

Net Income

27(10,567)2,503
372
423,829
27,24738,5437451,076(11,236)(47,250)
392,590(50,831)
341,759

28

8,561

Other

17

Ordinary Profits

18

Net Extraordinary Gains (Losses)

19

Reversal of Reserves for Possible Losses on Loans, etc.

20

Reversal of Reserve for Possible Losses on Investments

21

Income before Income Taxes and Minority Interests

22

Income Taxes - Current *23- Deferred

24

Net Income before Minority Interests

25* Income Taxes - Current [23] includes Refund of Income Taxes.

Credit-related Costs(including Credit Costs for Trust Accounts)* Credit-related Costs [28] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans ) [12]+ Reversal of Reserves for Possible Losses on Loans, etc. [20] + Credit Costs for Trust Accounts [4](Reference)

Consolidated Net Business Profits

29

464,991* Consolidated Net Business Profits [29] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Number of consolidated subsidiaries

30

Number of affiliates under the equity method

31

7

163
21

(1)
(2)

164
23

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks
Non-Consolidated(Millions of yen)First Half of Fiscal 2010
AggregatedFigures

First Half of
Fiscal 2009

MHCB

1

421,693397,22166,538885,453

Domestic Gross Profits

2360,060

177,61762,323Net Interest Income

3273,537

108,651

18,240

Fiduciary Income

423,806

Credit Costs for Trust Accounts

5

-

-

-

-

Net Fee and Commission Income

668,361

29,064

13,387

110,813

6,848

103,965

Net Trading Income

7

1,865

9,413

2,659

13,937(5,004)

18,942Net Other Operating Income

8

16,29530,4884,230

51,01447,011

4,003

International Gross Profits

961,633

219,6034,214

285,451

72,369213,082

Net Interest Income

10

12,347

96,185

2,043

110,577(23,191)

133,769

Net Fee and Commission Income

11

Net Trading Income

12
13

5,526
40,7982,960

27,42636,77959,211(23)(1,221)
3,416

32,92976,356
65,588819
1,064
93,67632,10975,291(28,088)14(279,368)(116,517)(44,465)(440,350)

11,950(452,301)

Expense Ratio

15

Personnel Expenses

16
18

66.2%
(93,812)(169,783)(23,231)29.3%(40,794)(69,691)(3,579)66.8%(16,978)(26,206)(1,350)49.7%(151,585)(265,681)(28,161)(7.4%)
7,661
5,401
(921)

57.2%
(159,247)(271,082)(27,239)19(15,771)(6,031)(1,280)(23,083)(1,111)(21,971)20

142,325

280,703

22,073445,102106,755

338,347
321,992

Gross Profits

Net Other Operating Income
General and Administrative Expenses (excluding Non-Recurring Losses)

Non-Personnel Expenses
Premium for Deposit Insurance
Miscellaneous Taxes
Net Business Profits (before Reversal of (Provision for) General
Reserve for Possible Losses on Loans) *1

17

MHTB

ChangeMHBK

94,804

790,648

600,001

22,435577,566

400,429(26,429)

426,858

23,806

8

23,797

21

113,452

190,876

14,492

318,821(3,170)

Reversal of (Provision for) General Reserve for Possible Losses on Loans

22

-

-

504

504

(24,997)

25,502

Net Business Profits23

142,325

280,703

22,578445,60781,757363,849

Excluding Net Gains (Losses) related to Bonds

24

28,872

89,826

7,581

126,281

109,926

16,35425(53,041)(30,224)(7,051)(90,317)

179,015(269,333)

26(6,258)(7,865)(904)(15,029)(39,133)

24,104

Expenses related to Portfolio Problems

27(25,306)(3,656)(1,916)(30,879)

138,903(169,783)

Other

28

(21,476)(18,701)(4,230)(44,408)

79,246(123,654)29

89,283

250,479

15,526355,289

260,773

94,516Net Gains (Losses) related to Bonds
Net Non-Recurring Gains (Losses)
Net Gains (Losses) related to Stocks

Ordinary Profits30

25,312

19,029449

44,79020,97023,820Net Gains (Losses) on Disposition of Fixed Assets

31

(732)

(785)

(43)

(1,560)786(2,347)

Losses on Impairment of Fixed Assets

32(1,633)

(814)

(2)

(2,451)268(2,719)

Reversal of Reserves for Possible Losses on Loans, etc.

33

28,11327,51335

55,662

28,34027,322

Reversal of Reserve for Possible Losses on Investments

34

9

83

-

93

93

-

35

114,595

269,508

15,976400,080

281,744

118,336Net Extraordinary Gains (Losses)

Income before Income Taxes
Income Taxes - Current *2

36

(247)

(4,670)(4)(4,922)(4,142)(780)- Deferred37

12,669(49,142)(3,675)(40,148)(50,728)

10,57938

127,017215,695

12,297355,009226,873

128,135Net Income*1. Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) of MHTB excludes the amounts of Credit Costs for Trust Accounts [5].
*2. Income Taxes - Current [36] includes Refund of Income Taxes.

Credit-related Costs

2,807

39

23,856(1,376)25,288142,246(116,958)

35,029(5,602)(3,946)
161
641
(995)
25,2889,527
37,60287,038
34
(633)
8,677
142,246

25,502(43,205)(90,984)
126
1,274(9,672)(116,958)* Credit-related Costs [39] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [22]+ Reversal of Reserves for Possible Losses on Loans, etc. [33] + Credit Costs for Trust Accounts [5](Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts

40
41
Losses on Write-offs of Loans
42
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans 43
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries 44
Reversal of (Provision for) Reserve for Contingencies
45
Other (including Losses on Sales of Loans)
46
47
Total

16,341(8,439)(4,229)
(865)
2,807

Reversal of (Provision for) General Reserve for Possible Losses on Loans

818,183
4,244
791
161
606
(129)
23,856504(1,408)(508)
035(1,376)

Mizuho Financial Group, Inc.

Mizuho Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2010

First Half of Fiscal 2009

Change1421,693

13,469408,224

Domestic Gross Profits

2

Net Interest Income

3360,060
273,537(8,137)(22,997)368,198
296,535

Net Fee and Commission Income

468,361

4,788

63,572

Net Trading Income

5

1,865

(853)

2,718

Net Other Operating Income

6

16,295

10,924

5,371International Gross Profits

7

Net Interest Income

8

61,633
12,347

21,607(2,877)40,026
15,224Gross Profits

Net Fee and Commission Income

9

5,526

544

4,982

Net Trading Income

10

40,798(1,347)42,145

11

2,960(279,368)
66.2%(93,812)(169,783)(23,231)(15,771)

25,2875,637(3.5%)
4,247
2,329
(635)
(939)

(22,326)(285,005)
69.8%(98,060)(172,112)(22,595)(14,831)Net Other Operating Income
General and Administrative Expenses (excluding Non-Recurring Losses)

12

Expense Ratio

13

Personnel Expenses

14

Non-Personnel Expenses

15

Premium for Deposit Insurance
Miscellaneous Taxes
Net Business Profits (before Reversal of (Provision for) General Reserve for
Possible Losses on Loans)Excluding Net Gains (Losses) related to Bonds

16
17
18

142,325

19,106123,218

19

113,452
142,325
28,872(53,041)(6,258)(25,306)(21,476)
89,28325,312(732)(1,633)
28,113
9
114,595(247)
12,669127,017(7,231)(2,368)16,73826,33853,471
304
43,424
9,742
70,20910,174836(1,332)
11,612
980,38423(7,223)73,184

120,684
2,368
125,5872,534(106,512)(6,562)(68,730)(31,219)
19,074
15,137(1,569)(301)
16,501
34,211(271)
19,892
53,833

Reversal of (Provision for) General Reserve for Possible Losses on Loans

20

Net Business Profits

21

Net Gains (Losses) related to Bonds
Net Non-Recurring Gains (Losses)
Net Gains (Losses) related to Stocks

22
23
24

Expenses related to Portfolio Problems

25

Other

26

Ordinary Profits
Net Extraordinary Gains (Losses)

27
28

Net Gains (Losses) on Disposition of Fixed Assets

29

Losses on Impairment of Fixed Assets

30

Reversal of Reserves for Possible Losses on Loans, etc.

31

Reversal of Reserve for Possible Losses on Investments

32

Income before Income Taxes
Income Taxes - Current- Deferred
Net Income

33
34
35
36

Credit-related Costs
37
2,807
52,668* Credit-related Costs [37] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20]+ Reversal of Reserves for Possible Losses on Loans, etc. [31](Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans
Losses on Write-offs of Loans
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

Reversal of (Provision for) Reserve for Contingencies
Other (including Losses on Sales of Loans)
Total

38
39
40
41
42
43
44

9

16,341(8,439)(4,229)
(865)
2,807

13,973
15,282
22,3481,064
52,668(49,860)

2,368(23,721)(26,577)(1,929)(49,860)

Mizuho Financial Group, Inc.

Mizuho Corporate Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2010

First Half of Fiscal 2009

Change1397,22178,574

318,646

Domestic Gross Profits2

177,617

27,381150,236Net Interest Income

3

108,651(766)

109,417

Net Fee and Commission Income

429,064679

28,384

Net Trading Income

5

9,413

(5,154)

14,568Gross Profits

630,48832,622(2,133)

International Gross Profits7219,60351,193

168,409

Net Interest Income

896,185(20,059)

116,245

Net Fee and Commission Income

927,426266

27,160Net Trading Income

10

36,7793,908

32,871Net Other Operating Income

1159,211

67,077(7,866)

12(116,517)

4,898(121,415)

Net Other Operating Income

General and Administrative Expenses (excluding Non-Recurring Losses)

Expense Ratio

13

29.3%

(8.7%)

38.1%

Personnel Expenses

14(40,794)

2,775(43,569)

Non-Personnel Expenses

15(69,691)

2,393(72,084)

16(3,579)(338)(3,240)17(6,031)(270)(5,761)

18

280,70383,472

197,230

19

190,876

4,700

186,176

Premium for Deposit Insurance
Miscellaneous Taxes
Net Business Profits (before Reversal of (Provision for) General Reserve for
Possible Losses on Loans)Excluding Net Gains (Losses) related to Bonds
Reversal of (Provision for) General Reserve for Possible Losses on Loans

20-(24,347)

24,347

Net Business Profits21

280,70359,125

221,577

22

89,82678,772

11,054(154,029)

Net Gains (Losses) related to Bonds

23(30,224)

123,805

Net Gains (Losses) related to Stocks

24(7,865)(38,411)30,545

Expenses related to Portfolio Problems

25(3,656)90,896(94,553)

Other

Net Non-Recurring Gains (Losses)

26(18,701)

71,320(90,022)

Ordinary Profits27

250,479

182,931

67,547Net Extraordinary Gains (Losses)

28

19,02910,406

8,622

Net Gains (Losses) on Disposition of Fixed Assets

29

(785)

(120)

(665)

Losses on Impairment of Fixed Assets

30

(814)

1,047

(1,861)

Reversal of Reserves for Possible Losses on Loans, etc.

31

27,513

16,718

10,794

Reversal of Reserve for Possible Losses on Investments

32

83

83

-

Income before Income Taxes

33

269,508

193,338

76,170

Income Taxes - Current *34(4,670)(4,168)(502)- Deferred

35(49,142)(41,476)(7,666)36

215,695

147,693

68,001

37

23,856

83,267(59,411)(6,163)
21,48860,939
34
(643)
7,612
83,267

24,347(17,244)(60,148)
126
1,249(7,742)(59,411)Net Income* Income Taxes - Current [34] includes Refund of Income Taxes.

Credit-related Costs* Credit-related Costs [37] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20]+ Reversal of Reserves for Possible Losses on Loans, etc. [31](Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans

Losses on Write-offs of Loans
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

Reversal of (Provision for) Reserve for Contingencies
Other (including Losses on Sales of Loans)
Total

38
39
40
41
42
43
44

18,183
4,244
791
161
606
(129)
23,85610

Mizuho Financial Group, Inc.

Mizuho Trust & Banking
Non-Consolidated(Millions of yen)First Half of Fiscal 2010
1

66,538Domestic Gross Profits

2

Net Interest Income

3

Fiduciary Income

First Half of Fiscal 2009

Change2,760

63,77862,323

3,192

59,131

18,240(2,664)20,905

4

23,806

8

23,797

Credit Costs for Trust Accounts

5

-

-

-

Net Fee and Commission Income

613,3871,379

12,007

Net Trading Income

7

2,659

1,003

1,655

Net Other Operating Income

8

4,230

3,464

765

International Gross Profits

9

4,214

(431)

4,646

Net Interest Income

10

2,043

(255)

2,299

Net Fee and Commission Income

11

(23)

8

(32)

Net Trading Income

12(1,221)(1,496)274

Gross Profits

13

3,416

1,311

2,105

14

(44,465)

1,415(45,880)

15

66.8%

(5.1%)

71.9%

Personnel Expenses

16(16,978)638(17,616)

Non-Personnel Expenses

17(26,206)

678(26,885)18(1,350)52(1,402)19(1,280)98(1,378)20

22,073

4,175

17,89721

14,492(639)

15,131

Reversal of (Provision for) General Reserve for Possible Losses on Loans

22

504

1,718

(1,213)

Net Business Profits

23

22,578

5,893

16,684

24

7,581

4,815

2,765

25

(7,051)

1,738(8,790)Net Gains (Losses) related to Stocks

26

(904)

(1,026)

122

Expenses related to Portfolio Problems

27(1,916)

4,582(6,499)Other

28(4,230)(1,816)(2,413)

Ordinary Profits29

15,526

7,632

7,894

Net Extraordinary Gains (Losses)

30

449

389

60

Net Gains (Losses) on Disposition of Fixed Assets

31

(43)

69

(112)

Losses on Impairment of Fixed Assets

32

(2)

553

(556)

Reversal of Reserves for Possible Losses on Loans, etc.

33

35

9

25

Income before Income Taxes

34

15,976

8,021

7,954

Income Taxes - Current

35

(4)

2

(6)

- Deferred

36(3,675)(2,028)(1,647)37

12,297

5,996

6,300

Net Other Operating Income
General and Administrative Expenses (excluding Non-Recurring Losses)

Expense Ratio

Premium for Deposit Insurance
Miscellaneous Taxes
Net Business Profits (before Reversal of (Provision for) General Reserve
for Possible Losses on Loans) *Excluding Net Gains (Losses) related to Bonds

Net Gains (Losses) related to Bonds
Net Non-Recurring Gains (Losses)

Net Income* Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) [20]= Gross Profits [1] + General and Administrative Expenses (excluding Non-Recurring Losses) [14] - Credit Costs for Trust Accounts [5]Credit-related Costs

38(1,376)

6,310(7,686)* Credit-related Costs [38] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [22]+ Reversal of Reserves for Possible Losses on Loans, etc. [33] + Credit Costs for Trust Accounts [5](Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts
Reversal of (Provision for) General Reserve for Possible Losses on Loans

Losses on Write-offs of Loans
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

Reversal of (Provision for) Reserve for Contingencies
Other (including Losses on Sales of Loans)
Total

39
40
41
42
43
44
45
46

504
(1,408)(508)
035(1,376)

11

1,718
831
3,750
(0)
9
6,310

(1,213)(2,240)(4,258)0
25(7,686)

Mizuho Financial Group, Inc.

4. Breakdown of Income(1) Breakdown of Net Fee and Commission Income
Consolidated(Billions of yen)First Half of
Fiscal 2010

219.1
271.1
55.6
54.0
60.5
14.3
2.8
12.8
19.0
51.9
19.7

Net Fee and Commission Income
Fee and Commission Income
Deposits, Debentures and Lending Business
Remittance Business
Securities-related BusinessAgency Business
Safe Custody and Safety Deposit Box Business
Guarantee Business
Fiduciary-related BusinessFee and Commission Expenses
Remittance BusinessChange

(2.8)
1.5
0.7
1.2
6.7
(0.5)
(0.0)
(1.6)
0.6
4.4
1.4

Non-Consolidated

First Half of
Fiscal 2009

222.0
269.5
54.9
52.7
53.7
14.8
2.9
14.4
18.3
47.5
18.3
(Billions of yen)First Half of
Fiscal 2010

Aggregated Figures of the 3 Banks

143.7
193.6
55.7
53.8
17.9
10.0
2.8
13.9
49.8
19.4

Net Fee and Commission Income
Fee and Commission Income
Deposits, Debentures and Lending Business
Remittance Business
Securities-related BusinessAgency Business
Safe Custody and Safety Deposit Box Business
Guarantee BusinessFee and Commission Expenses
Remittance BusinessChange

7.6
8.7
0.9
1.3
6.2
(0.8)
(0.0)
(1.7)
1.0
1.3

First Half of
Fiscal 2009

136.0
184.9
54.8
52.5
11.7
10.9
2.9
15.6
48.8
18.0

(2) Breakdown of Net Other Operating Income
Non-Consolidated
Aggregated Figures of the 3 Banks(Billions of yen)First Half of
Fiscal 2010

116.6
51.0
53.3
65.5
(6.0)
72.9

Net Other Operating Income
Domestic Operations
Net Gains (Losses) related to Bonds
International Operations
Profits on Foreign Exchange Transactions
Net Gains (Losses) related to Bonds

12

Change

140.6
47.0
43.5
93.6
13.3
66.4

First Half of
Fiscal 2009(24.0)
4.0
9.8(28.0)(19.3)
6.5

Mizuho Financial Group, Inc.

5. Interest Margins (Domestic Operations)
Non-Consolidated(%)
First Half of Fiscal
2010

Aggregated Figures of MHBK and MHCB
Return on Interest-Earning Assets
Return on Loans and Bills Discounted
Return on Securities
Cost of Funding (including Expenses)
Cost of Deposits and Debentures (including Expenses)
Cost of Deposits and Debentures
Cost of Other External Liabilities
Net Interest Margin
Loan and Deposit Rate Margin (including Expenses)
Loan and Deposit Rate Margin

Change

0.99
1.34
0.61
0.88
1.01
0.12
0.32
0.11
0.32
1.22

(0.12)(0.11)(0.06)(0.08)(0.11)(0.07)(0.06)(0.03)
0.00(0.03)

1.12
1.45
0.68
0.97
1.13
0.19
0.39
0.14
0.32
1.25

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
11
1.49
Loan and Deposit Rate Margin (including Expenses)(11)-(5)12
0.47
Loan and Deposit Rate Margin(11)-(6)13
1.36(0.12)(0.00)(0.04)

1.61
0.48
1.41

1.04
1.49
0.48
0.99
1.04
0.11
0.25
0.05
0.45
1.38

(0.14)(0.08)(0.08)(0.07)(0.08)(0.06)
0.00(0.06)(0.00)(0.02)

1.19
1.58
0.56
1.06
1.12
0.17
0.25
0.12
0.45
1.40

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
24
1.70
Loan and Deposit Rate Margin (including Expenses)(24)-(18) 25
0.66
Loan and Deposit Rate Margin(24)-(19) 26
1.59(0.12)(0.04)(0.05)

1.83
0.70
1.65

0.90
1.05
0.76
0.69
0.92
0.15
0.34
0.21
0.13
0.90

(0.09)(0.15)(0.05)(0.11)(0.22)(0.10)(0.08)
0.01
0.06(0.05)

1.00
1.21
0.82
0.81
1.15
0.25
0.42
0.19
0.06
0.96

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
37
1.12
Loan and Deposit Rate Margin (including Expenses)(37)-(31) 38
0.19
Loan and Deposit Rate Margin(37)-(32) 39
0.96(0.14)
0.08(0.04)

1.26
0.10
1.00

(0.12)(0.15)(0.13)(0.11)(0.15)(0.00)(0.00)

1.21
1.57
0.67
0.46
0.42
0.74
1.14

(1)-(4)(2)-(5)(2)-(6)

1
2
3
4
5
6
7
8
9
10

First Half of Fiscal
2009* Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
* Deposits and Debentures include Negotiable Certificates of Deposit ("NCDs").

Mizuho Bank
Return on Interest-Earning Assets
Return on Loans and Bills Discounted
Return on Securities
Cost of Funding (including Expenses)
Cost of Deposits and Debentures (including Expenses)
Cost of Deposits and Debentures
Cost of Other External Liabilities
Net Interest Margin
Loan and Deposit Rate Margin (including Expenses)
Loan and Deposit Rate Margin(14)-(17)(15)-(18)(15)-(19)

14
15
16
17
18
19
20
21
22
23

* Deposits and Debentures include NCDs.

Mizuho Corporate Bank
Return on Interest-Earning Assets
Return on Loans and Bills Discounted
Return on Securities
Cost of Funding (including Expenses)
Cost of Deposits and Debentures (including Expenses)
Cost of Deposits and Debentures
Cost of Other External Liabilities
Net Interest Margin
Loan and Deposit Rate Margin (including Expenses)
Loan and Deposit Rate Margin(27)-(30)(28)-(31)(28)-(32)

27
28
29
30
31
32
33
34
35
36

* Deposits and Debentures include NCDs.

Mizuho Trust & Banking (3 domestic accounts)
Return on Interest-Earning Assets
Return on Loans and Bills Discounted
Return on Securities
Cost of Funding
Cost of Deposits
Net Interest Margin
Loan and Deposit Rate Margin(40)-(43)(41)-(44)

40
41
42
43
44
45
46

1.09
1.41
0.54
0.34
0.26
0.74
1.14

* 3 domestic accounts = banking accounts (domestic operations) + trust accounts with contracts indemnifying the principal amounts (loan trusts + jointly-managed money trusts).
* Deposits include NCDs.

13

Mizuho Financial Group, Inc.

6. Use and Source of Funds
Consolidated(Billions of yen)First Half of Fiscal 2010(a)Use of Funds

Change (a)-(b)Interest
Interest
733.4(82.9)First Half of
Fiscal 2009(b)Interest
Interest
1,571.9
816.3

Fiscal 2009

Loans and Bills Discounted

454.1(99.3)

1,047.7

553.5

Securities

179.4

7.6

350.5

171.8

Call Loans and Bills Purchased

2.4

0.8

3.6

1.6

Receivables under Resale Agreements

17.4

(2.2)

34.2

19.7

Guarantee Deposits Paid under
Securities Borrowing Transactions

4.4

(0.5)

9.1

4.9

4.5

(0.3)

10.2

4.9

Source of Funds

Due from Banks

179.9(55.4)

420.2

235.3

Deposits

58.3(35.1)

164.3

93.5

Negotiable Certificates of Deposit

11.8

(5.3)

29.7

17.2

Debentures

3.9

(2.7)

11.9

6.7

Call Money and Bills Sold

4.5

(3.2)

11.0

7.7

Payables under Repurchase Agreements

24.5

5.2

33.7

19.3

Guarantee Deposits Received under
Securities Lending Transactions

7.1

1.0

11.6

6.1

Borrowed Money

15.0

(4.8)

36.0

19.9

14

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of MHBK and MHCB(Millions of yen, %)First Half of Fiscal 2010

First Half of Fiscal 2009

Average Balance
117,494,547

Rate
1.16

ChangeAverage Balance
681,000

Loans and Bills Discounted

58,323,103

1.40(5,555,919)(0.14)

63,879,022

1.54

Securities

41,809,508

0.84

7,912,189(0.37)

33,897,319

1.21

Source of Funds

118,684,609

0.32(1,088,004)(0.11)

119,772,613

0.44

Deposits

72,910,406

0.14

264,871(0.08)

72,645,535

0.23

NCDs

10,597,283

0.21

1,012,777(0.12)

9,584,506

0.33

Debentures

1,343,842

0.59(792,005)(0.03)

2,135,847

0.62

Call Money

13,517,483

0.31(936,405)(0.13)

14,453,888

0.45

Payables under Repurchase Agreements

4,665,651

0.23(845,633)(0.07)

5,511,285

0.30

-

-

-

-

-

-

(Total)Use of Funds

Bills Sold

Rate
(0.20)

Average Balance
116,813,547

Rate
1.37

Commercial Paper

-

-

-

-

-

-

Borrowed Money

7,137,393

1.59(1,410,926)(0.09)

8,548,320

1.69

97,847,154

0.99

394,208(0.12)

97,452,945

1.12

Loans and Bills Discounted

49,849,405

1.33(4,240,808)(0.11)

54,090,214

1.44

Securities

34,372,275

0.61

6,503,014(0.06)

27,869,261

0.68(Domestic Operations)
Use of Funds

Source of Funds

99,317,025

0.21(574,852)(0.06)

99,891,877

0.28

Deposits

63,601,470

0.10

899,705(0.05)

62,701,764

0.16

NCDs

9,276,747

0.13

718,338(0.14)

8,558,409

0.27

Debentures

1,343,842

0.59(792,005)(0.03)

2,135,847

0.62

Call Money

13,306,231

0.30(809,771)(0.12)

14,116,003

0.42

766,4290.12(1,325,085)(0.01)

2,091,515

0.13

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

4,522,327

0.40(615,163)

0.00

5,137,490

0.39

21,266,839

1.86(384,279)(0.52)

21,651,118

2.39

Loans and Bills Discounted

8,473,697

1.76(1,315,111)(0.33)

9,788,808

2.10

Securities

7,437,232

1.88

1,409,174(1.78)

6,028,057

3.67

Source of Funds

20,987,030

0.86(1,184,222)(0.29)

22,171,253

1.15

Deposits

9,308,936

0.42(634,834)(0.26)

9,943,770

0.68

NCDs

1,320,535

0.79

294,438(0.07)

1,026,096

0.86

Payables under Repurchase Agreements(International Operations)
Use of Funds

Debentures

-

-

-

Call Money

211,251

0.98-(126,633)(0.63)

337,885

1.62

0.41

3,899,222

0.25

479,452(0.16)

3,419,769

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money2,615,065

3.64(795,763)

0.00

3,410,829

Payables under Repurchase Agreements

15

3.64

Mizuho Financial Group, Inc.

Mizuho Bank(Millions of yen, %)First Half of Fiscal 2010

First Half of Fiscal 2009

Average Balance
63,260,129

Rate
1.08

ChangeAverage Balance
389,088

Loans and Bills Discounted

32,785,402

1.46(2,218,489)(0.09)

35,003,892

1.56

Securities

19,419,565

0.58

3,314,828(0.22)

16,104,737

0.81(Total)Use of Funds

Rate(0.16)

Average Balance
62,871,040

Rate
1.25

Source of Funds

65,324,781

0.18

347,073(0.07)

64,977,708

0.25

Deposits

55,100,590

0.10(77,836)(0.06)

55,178,427

0.17

NCDs

2,117,741

0.14

113,322(0.16)

2,004,419

0.30

Debentures

802,700

0.39(71,455)

0.01

874,155

0.38

Call Money

1,427,750

0.09(539,976)(0.00)

1,967,726

0.09

171,9970.11(968,714)(0.01)

1,140,712

-

-

-

-

Payables under Repurchase Agreements

Bills Sold

0.12
-

-

Commercial Paper

-

-

-

-

Borrowed Money

3,129,179

0.96

954,810(0.68)

2,174,368

1.64-

60,343,457

1.04

190,055(0.14)

60,153,401

1.19

Loans and Bills Discounted

32,178,173

1.47(2,357,917)(0.08)

34,536,090

1.56

Securities

17,852,326

0.48

2,838,152(0.08)

15,014,173

0.56(Domestic Operations)
Use of Funds

Source of Funds

62,446,254

0.14(31,940)(0.05)

62,478,194

0.19

Deposits

54,067,869

0.10(111,883)(0.06)

54,179,752

0.16

NCDs

2,115,493

0.14

113,427(0.16)

2,002,066

0.30

Debentures

802,700

0.39(71,455)

0.01

874,155

0.38

Call Money

1,427,750

0.09(539,976)(0.00)

1,967,726

0.09

1,140,712

171,9970.11(968,714)(0.01)

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

2,571,115

0.35

1,061,923(0.18)

1,509,192

0.54

3,225,861

1.74

497,011(0.86)

2,728,850

2.61

Payables under Repurchase Agreements

0.12(International Operations)
Use of Funds

607,229

1.26

139,427(0.31)

467,802

1.58

Securities

Loans and Bills Discounted

1,567,239

1.77

476,675(2.38)

1,090,564

4.16

Source of Funds

3,187,717

0.99

676,992(0.63)

2,510,725

1.62

Deposits

1,032,721

0.32

34,046(0.24)

998,675

0.56

2,248

0.36

(104)

(0.27)

2,353

0.64

Debentures

-

-

-

-

-

-

Call Money

-

-

-

-

-

-

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money558,064

3.73(107,112)(0.39)

665,176

4.12

NCDs

16

Mizuho Financial Group, Inc.

Mizuho Corporate Bank(Millions of yen, %)First Half of Fiscal 2010
(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2009

ChangeRate

Average Balance

Rate

Average BalanceRate54,234,418

1.25

291,911(0.25)

53,942,507

1.50

Loans and Bills Discounted

25,537,700

1.31(3,337,430)(0.22)

28,875,130

1.53
1.58

Securities

22,389,942

1.06

4,597,360(0.51)

17,792,581

Source of Funds

53,359,828

0.50(1,435,077)(0.15)

54,794,905

0.66

Deposits

17,809,815

0.27

342,708(0.16)

17,467,107

0.44

NCDs

8,479,542

0.23

899,454(0.11)

7,580,087

0.34

Debentures

541,1420.87(720,549)

0.08

1,261,692

0.79

Call Money

12,089,733

0.34(396,428)(0.16)

12,486,162

0.51

Payables under Repurchase Agreements

4,493,653

0.23

123,080(0.11)

4,370,573

0.35

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

4,008,213

2.08(2,365,737)

0.37

6,373,951

1.71(Domestic Operations)
Use of Funds

37,503,696

0.90

204,152(0.09)

37,299,543

1.00

Loans and Bills Discounted

17,671,232

1.09(1,882,891)(0.15)

19,554,123

1.25

Securities

16,519,949

0.76

3,664,861(0.05)

12,855,088

0.82

Source of Funds

36,870,771

0.33(542,911)(0.08)

37,413,682

0.42

Deposits

9,533,600

0.13

1,011,588(0.03)

8,522,012

0.16

NCDs

0.26

7,161,254

0.12

604,910(0.13)

6,556,343

Debentures

541,1420.87(720,549)

0.08

1,261,692

0.79

Call Money

11,878,481

0.33(269,795)(0.14)

12,148,276

0.47

594,4310.12(356,371)(0.02)

950,803

-

-

-

-

Payables under Repurchase Agreements

Bills Sold

0.14-

Commercial Paper

-

-

-

-

Borrowed Money

1,951,212

0.46(1,677,086)

0.13

3,628,298

-

-

0.33

(International Operations)
Use of Funds

18,040,977

1.89(881,291)(0.47)

18,922,268

2.36

Loans and Bills Discounted

7,866,467

1.80(1,454,538)(0.32)

9,321,006

2.12

Securities

5,869,992

1.91

932,499(1.64)

4,937,493

3.56

Source of Funds

17,799,312

0.83(1,861,215)(0.25)

19,660,528

1.09

Deposits

8,276,215

0.43(668,880)(0.26)

8,945,095

0.70

NCDs

1,023,743

1,318,287

0.79

294,543(0.07)

Debentures

-

-

-

-

Call Money

211,251

0.98(126,633)(0.63)

337,885

1.62

3,899,222

0.25

479,452(0.16)

3,419,769

0.41

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold

0.86-

Commercial Paper

-

-

-

-

-

Borrowed Money

2,057,001

3.62(688,651)

0.09

2,745,652

17

-

3.53

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)(Millions of yen, %)First Half of Fiscal 2010
(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2009

ChangeRate

Average Balance

Rate

Average BalanceRate

5,534,812

1.11(537,492)(0.14)

6,072,305

1.26

Loans and Bills Discounted

3,413,849

1.41(148,348)(0.15)

3,562,198

1.57
0.81

Securities

1,635,374

0.65(384,788)(0.16)

2,020,163

Source of Funds

5,452,416

0.39(570,849)(0.11)

6,023,265

0.50

Deposits

2,367,426

0.33(390,759)(0.14)

2,758,185

0.48

NCDs

798,680

0.17

48,903(0.20)

749,776

0.37

Debentures

-

-

-

-

-

-

Call Money

557,4940.14(175,763)(0.09)

733,257

0.24

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money352,772

0.21(164,770)(0.01)

517,543

0.22(Domestic Operations)
Use of Funds

5,192,741

1.09(614,424)(0.12)

5,807,165

1.22

Loans and Bills Discounted

3,361,656

1.41(148,131)(0.15)

3,509,787

1.56

Securities

1,174,349

0.47(439,215)(0.17)

1,613,565

0.65

Source of Funds

5,107,092

0.40(647,107)(0.10)

5,754,200

0.51

Deposits

2,356,747

0.33(386,555)(0.14)

2,743,303

0.48

NCDs

0.37

798,680

0.17

48,903(0.20)

749,776

Debentures

-

-

-

-

-

-

Call Money541,877

0.13(171,160)(0.08)

713,037

0.21

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money352,732

0.21(161,721)(0.00)

514,454

0.21(International Operations)
Use of Funds

783,026

0.81

131,433(0.36)

651,593

1.18

Loans and Bills Discounted

52,193

1.60

(216)

(0.43)

52,410

2.03

Securities

461,025

1.08

54,427(0.38)

406,598

1.46

Source of Funds

786,2790.29

130,759(0.18)

655,519

0.47

Deposits

10,6780.21(4,203)(0.32)

14,881

0.54

NCDs

-

-

-

-

-

-

Debentures

-

-

-

-

-

-

Call Money

15,6170.50(4,603)(0.71)

20,220

1.22

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

40

1.17

(3,049)(0.03)

3,089

1.21

18

Mizuho Financial Group, Inc.

7. Net Gains/Losses on Securities

Non-Consolidated(Millions of yen)First Half of Fiscal 2010

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2009

ChangeNet Gains (Losses) related to Bonds

126,281

109,926

16,354

Gains on Sales and Others

163,383

109,855

53,527

Losses on Sales and Others(29,022)

2,786(31,809)

Impairment (Devaluation)(3,464)

3,093(6,558)---(4,615)(5,809)1,194

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2010
Net Gains (Losses) related to Stocks

First Half of Fiscal 2009

Change(14,935)(39,040)

24,104

Gains on Sales

26,932(40,745)

67,678Losses on Sales(18,683)(16,226)(2,457)

Impairment (Devaluation)(24,317)(17,834)(6,483)

93

5,683(5,590)1,038

30,081(29,043)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading*Figures include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

First Half of Fiscal 2010

Mizuho BankFirst Half of Fiscal 2009

ChangeNet Gains (Losses) related to Bonds

28,872

26,3382,534

Gains on Sales and Others

40,18919,16621,023Losses on Sales and Others(7,194)

10,720(17,915)

Impairment (Devaluation)(2,875)(2,875)

-

-

-

-

(1,246)

(672)

(573)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2010
Net Gains (Losses) related to Stocks

First Half of Fiscal 2009

Change(6,248)314(6,562)

Gains on Sales

2,209(16,940)

19,150Losses on Sales(2,397)(1,088)(1,308)

Impairment (Devaluation)(7,248)(2,720)(4,528)

9

26

(16)

1,177

21,037(19,860)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading*Figures include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

19

Mizuho Financial Group, Inc.

(Millions of yen)Mizuho Corporate BankFirst Half of Fiscal 2010

First Half of Fiscal 2009

ChangeNet Gains (Losses) related to Bonds

89,82678,772

11,054

Gains on Sales and Others

115,028

85,88929,139Losses on Sales and Others(21,154)(8,404)(12,750)

Impairment (Devaluation)

(582)

5,965

(6,548)---(3,464)(4,678)

1,213

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2010
Net Gains (Losses) related to Stocks

First Half of Fiscal 2009

Change(7,782)(38,327)

30,545

Gains on Sales

21,351(26,327)

47,678Losses on Sales(15,847)(14,754)(1,093)

Impairment (Devaluation)(13,230)(11,902)(1,328)83

5,657(5,573)

(138)

8,999

(9,138)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading*Figures include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho Trust & Banking

First Half of Fiscal 2010

Net Gains (Losses) related to Bonds

7,581

4,815

2,765

Gains on Sales and Others

8,165

4,800

3,364

Losses on Sales and Others

(673)

470

(1,144)

Impairment (Devaluation)

(6)

3

(9)

Reversal of (Provision for) Reserve for Possible Losses on Investments

-

-

-

95

(458)

554

Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2010
Net Gains (Losses) related to Stocks

First Half of Fiscal 2009

ChangeFirst Half of Fiscal 2009

Change(904)(1,026)

122

Gains on Sales

3,371

2,522

849

Losses on Sales

(438)

(382)

(55)

(3,837)(3,211)(626)

Reversal of (Provision for) Reserve for Possible Losses on Investments

-

-

-

Gains (Losses) on Derivatives other than for Trading

-

44

(44)

Impairment (Devaluation)

20

Mizuho Financial Group, Inc.

8. Unrealized Gains/Losses on Securities■ Securities for which it is deemed to be extremely difficult to determine the fair value are excluded

Consolidated(1) Other Securities(Millions of yen)

As of September 30, 2010
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
Losses43,941,335
96,879668,632
571,753
Other Securities
2,615,887
86,813377,325
290,512
Japanese Stocks
Japanese Bonds
31,306,382
118,012
146,096
28,084
Japanese Government Bonds 27,428,839
79,337
81,135
1,798
Other
10,019,066(107,946)
145,210
253,156
7,656,056
33,11592,27059,154Foreign Bonds

As of March 31, 2010
Unrealized Gains/Losses
Gains
Losses275,594
772,825497,230
340,890549,344
208,453
74,214
120,978
46,76460,531
69,8629,331(139,509)
102,502242,012(28,314)50,281
78,596

As of September 30, 2009
Unrealized Gains/Losses
Gains
Losses206,556
728,668
522,112322,408
540,826
218,418
84,434
95,90011,46585,36088,0892,729(200,285)
91,942292,228(34,040)
54,114
88,155* In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Other Debt Purchased" and certain items in "Other Assets" are also included.
* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.
Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.
* The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the consolidatedbalance sheets and the acquisition costs.
* Unrealized Gains/Losses include \(5,562) million, \7,910 million and \46,346 million, which were recognized in the statement of income for Septemter 30, 2010, March 31, 2010 and September 30,
2009, respectively, by applying the fair-value hedge method and others.
As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of September 30, 2010, March 31, 2010 and September 30, 2009 are \102,441 million,\267,684 million and \160,210 million, respectively.
* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by
applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2010, March 31,
2010 and September 30, 2009 are \32,505 million, \176,931 million and \116,406 million, respectively.

(2) Bonds Held to Maturity(Millions of yen)Book Value

Bonds Held to Maturity

903,613

As of September 30, 2010
Unrealized Gains/Losses
Gains
Losses12,402
12,402-As of March 31, 2010
Unrealized Gains/Losses
Gains
Losses
4,033
4,427
394

As of September 30, 2009
Unrealized Gains/Losses
Gains
Losses
2,928
2,928
0

As of March 31, 2010
Unrealized Gains/Losses
Gains
Losses259,980
744,976484,996
299,474
519,332
219,857
73,396
120,153
46,75759,744
69,072
9,328(112,891)
105,490
218,381(4,219)51,78256,002As of September 30, 2009
Unrealized Gains/Losses
Gains
Losses
199,763
703,166
503,402
288,606
515,376
226,770
83,69995,136
11,436
84,63687,342
2,705(172,542)
92,653
265,195(8,751)54,041
62,793

Non-Consolidated(1) Other Securities
Aggregated Figures of the 3 Banks(Millions of yen)

As of September 30, 2010
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
LossesOther Securities
43,469,758
89,673656,279
566,605
Japanese Stocks
2,581,284
59,239363,542304,302
Japanese Bonds
30,979,408
117,248
145,298
28,050Japanese Government Bonds 27,195,800
78,55980,354
1,795
Other
9,909,065(86,813)
147,438
234,252
7,596,151
52,894
94,486
41,592Foreign Bonds

Mizuho Bank
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other
Foreign Bonds

19,453,324
687,030
15,683,681
12,942,842
3,082,612
1,887,554(636)(38,483)
48,88048,080(11,033)
6,395

178,274
67,62073,407
48,847
37,246
17,242

178,910
106,103
24,526
767
48,28010,846

4,703
13,13919,13137,377(27,568)(12,454)

162,72196,64951,68640,07814,385
1,585

158,018
83,50932,5542,700
41,953
14,04043,572
19,197
48,861
51,244(24,486)(3,163)

180,542102,232
56,04651,36722,263
12,798

136,969
83,035
7,184
123
46,74915,962

22,053,422
1,708,673
14,118,319
13,116,714
6,226,430
5,314,852

55,53368,71356,775
19,207(69,955)
41,077416,219
253,923
60,054
20,225102,241
71,260360,686
185,2103,279
1,017
172,197
30,183

216,408239,283
48,744
16,229(71,619)
11,695

512,947
364,862
60,46921,471
87,61548,469296,538
125,578
11,724
5,241
159,235
36,773

117,897
220,183
26,93325,824(129,220)(2,057)452,626
353,697
30,324
27,586
68,60439,900334,729
133,513
3,390
1,762
197,824
41,958

1,963,011
185,580
1,177,408
1,136,243
600,022393,743

34,77729,00911,592
11,270(5,824)
5,420

61,78541,997
11,836
11,281
7,950
5,983

27,007
12,988244
1013,774562

38,86847,0515,520
6,137(13,703)(3,461)

69,30857,820
7,998
7,523
3,489
1,726

30,44010,7692,478
1,385
17,193
5,187

38,292
49,225
7,903
7,567(18,836)(3,530)69,99759,446
8,765
8,387
1,785
1,342

31,704
10,221861
820
20,621
4,873

Mizuho Corporate Bank
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other
Foreign Bonds

Mizuho Trust & Banking
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other
Foreign Bonds* In addition to "Securities" indicated on the balance sheets, NCDs in "Cash and Due from Banks" and certain items in "Other Debt Purchased" are also included.
* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the balance sheet date.
Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the balance sheet date.
* The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the balance sheets andthe acquisition costs.
* Unrealized Gains/Losses include \10,591 million, \29,345 million and \70,781 million, which were recognized in the statement of income for Septemer 30, 2010, March 31, 2010 and September 30,
2009, respectively, by applying the fair-value hedge method and others.
As a result, the base amounts to be recorded directly to Net Assets after tax adjustment as of September 30, 2010, March 31, 2010 and September 30, 2009 are ￥79,082 million, \230,635 million and\128,981 million, respectively.
* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value
hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2010, March 31, 2010 and September 30,
2009 are as follows:(Millions of yen)
As of September 30, 2010
22,076(16,891)
12,483
26,484Aggregated Figures
Mizuho Bank
Mizuho Corporate Bank
Mizuho Trust & Banking

21

As of March 31, 2010
As of September 30, 2009
161,736
104,721(7,084)(402)
137,595
74,851
31,22530,273

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity(Millions of yen)

Aggregated Figures of the 3 Banks
As of September 30, 2010
Book Value

As of March 31, 2010

Unrealized Gains/Losses
Gains

As of September 30, 2009

Unrealized Gains/Losses
LossesGains

Unrealized Gains/Losses
Losses

Gains

LossesAggregated Figures

900,697

12,391

12,391

-

4,019

4,413

394

2,914

2,914

-

Mizuho Bank

900,697

12,391

12,391

-

4,019

4,413

394

2,914

2,914

-

Mizuho Corporate Bank

-

-

-

-

-

-

-

-

-

-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

(3) Investment in Subsidiaries and Affiliates(Millions of yen)

Aggregated Figures of the 3 Banks
As of September 30, 2010
Book Value

As of March 31, 2010

Unrealized Gains/Losses
Gains

As of September 30, 2009

Unrealized Gains/Losses
LossesGains

Unrealized Gains/Losses
Losses

Gains

LossesAggregated Figures426,314(189,704)-

189,704(106,406)-

106,406(32,651)-

32,651

Mizuho Bank

88,274(34,339)-

34,339(26,371)-

26,371(23,238)-

23,238Mizuho Corporate Bank

338,039(155,364)-

155,364(80,034)-

80,034(9,412)-

9,412

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

Mizuho Financial Group, Inc. (Non-Consolidated)
Investments in Subsidiaries andAffiliates

137,171

108,730(Millions of yen)

108,730-

178,808

178,808-

224,278

224,278(Reference)
Unrealized Gains/Losses on Other Securities(the base amount to be recorded directly to Net Assets after tax and other necessary adjustments)
For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge method andothers. They were excluded from Unrealized Gains (Losses) on Other Securities. These adjusted Unrealized Gains/Losses were the base amount,which was to be recorded directly to Net Assets after tax and other necessary adjustments.
The base amount was as follows:

Consolidated(Millions of yen)
As of
September 30,
2010

As of
March 31,
2010

As of
September 30,
2009

Unrealized Gains/Losses
Change fromMarch 31,2010

Change from
September 30,
2009

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities

102,441(165,242)(57,768)

267,684

160,210

Japanese Stocks

86,813(254,077)(235,594)

340,890

322,408

Japanese Bonds

118,048

62,09477,88655,95340,161

79,372

32,612

33,08546,75946,287(102,419)

26,73999,940(129,159)(202,359)

Japanese Government Bonds
Other

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of
September 30,
2010

As of
March 31,
2010

As of
September 30,
2009

Unrealized Gains/Losses
Change fromMarch 31,2010

Change from
September 30,
2009

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities

79,082(151,552)(49,898)

230,635

128,981

Japanese Stocks

59,239(240,234)(229,366)

299,474

288,606

Japanese Bonds

117,283

62,147

77,85755,13539,42678,59432,62133,03145,97345,563(97,441)

26,534

101,610(123,975)(199,051)

Japanese Government Bonds
Other

22

-

Mizuho Financial Group, Inc.

9. Projected Redemption Amounts for Securities■ The redemption schedule by term for Bonds Held to Maturity and Other Securities with maturities is as follows:
Non-Consolidated(Billions of yen)

Aggregated Figures of the 3 Banks
Maturity as of September 30, 2010

Japanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

Japanese Corporate Bonds
Other

ChangeMaturity as of March 31, 2010

Within1 year

1-5years

5 - 10years

Over
10 yearsWithin1 year

1-5years

5 - 10years

Over
10 yearsWithin1 year

1-5years

5 - 10years

Over
10 years

14,391.1

13,073.7

3,297.3

1,126.0(1,455.9)

522.6

1,178.4(381.0)15,847.1

12,551.0

2,118.9

1,507.0

13,774.3

11,003.2

2,950.5

368.4(1,566.5)

272.3

1,161.4(419.3)

15,340.8

10,730.8

1,789.0

787.7

5.4

139.3

50.5

1.0

(10.3)

45.8

3.9

0.0

15.8

93.4

46.5

0.9

611.3

1,931.1

296.2

756.5

120.9

204.4

12.9

38.2

490.4

1,726.7

283.2

718.3

1,066.9

4,375.0

1,287.8

2,307.5(124.0)

248.3

617.5

613.7

1,191.0

4,126.6

670.2

1,693.7

6,506.6

8,096.7

1,328.7

660.4(2,478.7)

1,194.5750.9(299.2)

8,985.4

6,902.2

577.7

959.7

5,919.0

6,519.0

1,137.2

268.2(2,626.8)

970.4

722.9

(313.8)8,545.9

5,548.5

414.2

582.0

Mizuho BankJapanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

Japanese Corporate Bonds
Other

3.6

128.5

37.8

-

(9.8)

42.3

4.9

-

13.4

86.2

32.9

-

584.0

1,449.1

153.5

392.2

157.9

181.7

23.0

14.5

426.0

1,267.3

130.5

377.6

94.0

1,335.2

301.5

1,242.4

5.1

322.1

154.9

163.0

88.9

1,013.1

146.6

1,079.3

7,666.5

4,627.8

1,382.3

441.5

942.1

(813.6)321.0(14.8)

6,724.3

5,441.5

1,061.3

456.3
129.8

Mizuho Corporate BankJapanese Bonds

7,642.8

4,143.9

1,240.1

89.6

973.0

(844.9)332.4(40.1)

6,669.7

4,988.9

907.7

Japanese Local Government Bonds

0.4

10.3

10.9

1.0

(0.0)

4.4

0.9

0.0

0.4

5.9

9.9

0.9

Japanese Corporate Bonds

23.2

473.4

131.2

350.7

(30.8)

26.8(12.3)

25.2

54.0

446.6

143.6

325.4

943.9

2,684.4

886.7

1,038.2(114.7)(143.0)

443.7

452.5

1,058.7

2,827.4

442.9

585.6

217.9

349.0

586.2

24.0

80.6

141.7

106.4

(66.9)

137.3

207.3

479.7

90.9

Japanese Government Bonds

212.4

340.1

573.1

10.5

87.2

146.8

106.0

(65.2)

125.1

193.3

467.0

75.8

Japanese Local Government Bonds

1.3

0.3

1.7

-

(0.4)

(0.9)

(1.8)

-

1.8

1.2

3.6

-

Japanese Corporate Bonds

4.1

8.5

11.4

13.5

(6.1)

(4.1)

2.2

(1.6)

10.2

12.7

9.1

15.1

28.9

355.2

99.5

26.8

(14.3)

69.1

18.8

(1.8)

43.3

286.0

80.6

28.6

Japanese Government Bonds

Other

Mizuho Trust & Banking
Japanese Bonds

Other

23

Mizuho Financial Group, Inc.

10. Overview of Derivative Transactions Qualifying for Hedge Accounting
Non-Consolidated■Notional Amounts of Interest Rate Swaps (qualifying for hedge accounting (deferred method)) by Remaining Contractual Term
(Billions of yen)

Aggregated Figures of the 3 Banks
As of September 30, 2010
Within1-5Over
1 yearyears
5 years

Total

Within1 yearChange
1-5
Over
years
5 years

Total

Within1 yearAs of March 31, 2010
1-5
Over
years
5 years

Total

Receive Fixed / Pay Float

9,486.4

14,225.9

3,633.0

27,345.4

2,797.8

1,673.8772.2

5,243.9

6,688.6

12,552.0

2,860.8

22,101.4

Receive Float / Pay Fixed

1,167.4

1,938.8

1,634.7

4,741.1

150.8

68.6

130.8

350.4

1,016.6

1,870.1

1,503.9

4,390.7

Receive Float / Pay Float

1.0

154.8

30.0

185.8

0.0

-

-

0.0

0.9

154.8

30.0

185.7

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

10,654.9

16,319.5

5,297.8

32,272.3

2,948.6

1,742.5

903.1

5,594.4

7,706.2

14,576.9

4,394.7

26,677.9

Receive Fixed / Pay Float

7,249.1

5,264.2

327.6

12,841.0

3,202.3(17.7)(28.3)

3,156.2

4,046.8

5,282.0355.9

9,684.7

Receive Float / Pay Fixed

-

-

265.9

265.9

-

-

(121.0)(121.0)

-

-

386.9

386.9

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

7,249.1

5,264.2

593.5

13,106.9

3,202.3(17.7)(149.3)

3,035.2

4,046.8

5,282.0742.8

10,071.6

Receive Fixed / Pay Float

2,237.3

8,941.6

3,150.4

14,329.3(404.4)

1,811.6

685.5

2,092.7

2,641.8

7,129.9

2,464.8

12,236.6

Receive Float / Pay Fixed

1,107.4

1,753.8

1,328.8

4,190.2

190.8

53.6

276.8

521.4

916.6

1,700.1

1,052.0

3,668.8

Receive Float / Pay Float

1.0

154.8

30.0

185.8

0.0

-

-

0.0

0.9

154.8

30.0

185.7

Total
Mizuho Bank

Total
Mizuho Corporate Bank

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

3,345.8

10,850.2

4,509.3

18,705.4(213.6)

1,865.3

962.4

2,614.1

3,559.4

8,984.9

3,546.8

16,091.2

Receive Fixed / Pay Float

-

20.0

155.0

175.0

-

(120.0)

115.0

(5.0)

-

140.0

40.0

180.0

Receive Float / Pay Fixed

60.0

185.0

40.0

285.0

(40.0)

15.0(25.0)(50.0)

100.0

170.0

65.0

335.0

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Total
Mizuho Trust & Banking

Receive Fixed / Pay Fixed
Total

-

-

-

-

-

-

-

-

-

-

-

-

60.0

205.0

195.0

460.0

(40.0)(105.0)90.0(55.0)

100.0

310.0

105.0

515.0

(Reference)
Deferred Hedge Gains/Losses of Derivative Transactions Qualifying for Hedge Accounting(Billions of yen)

Aggregated Figures

As of September 30, 2010
Deferred Hedge Gains/Losses

ChangeDeferred Hedge Gains/Losses

As of March 31, 2010
Deferred Hedge Gains/Losses

Gains

Gains

Gains

927.0

Losses
579.9

347.1

Losses75.7(55.5)

131.2

851.3

Losses
635.4

215.8

Mizuho Bank

72.9

54.6

18.2

(44.4)(33.3)(11.0)

117.3

88.0

29.2

Mizuho Corporate Bank

785.2

449.5

335.7

113.0

(26.3)

139.3

672.1

475.8

196.3

Mizuho Trust & Banking

68.9

75.7

(6.8)

7.0

4.1

2.9

61.8

71.6

(9.7)

Note: Above figures reflect all derivative transactions qualifying for hedge accounting, and are before net of applicable income taxes.

24

Mizuho Financial Group, Inc.

11. Employee Retirement Benefits
Non-Consolidated(Millions of yen)

Projected Benefit ObligationsFirst Half of Fiscal 2010

Aggregated Figures of the 3 Banks
Projected Benefit Obligations (at the beginning of the fiscal year)(A)

1,079,671

First Half of Fiscal 2009

Change(5,394)

1,085,066

2.5

-

2.5

Fair Value of Plan Assets (at the beginning of the fiscal year)(B)

1,215,125

216,614998,511

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(C)371,720(287,166)

658,887(37,034)

9,686(46,721)

Discount Rate (%)

Amount accumulated (amortized) during the period(D)

507,174(76,684)

583,858(A)-(B)-(C)+(D)-(11,526)

11,526636,141(252)

636,393

2.5

-

2.5

Prepaid Pension Cost (at the beginning of the fiscal year)
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)

Mizuho Bank
Projected Benefit Obligations (at the beginning of the fiscal year)(A)

Discount Rate (%)
Fair Value of Plan Assets (at the beginning of the fiscal year)(B)712,361

127,975

584,386

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(C)

238,312(180,081)

418,393(23,818)

6,020(29,839)(D)

314,532(51,853)

366,386(A)-(B)-(C)+(D)

-

-

-

323,100(4,630)327,730

2.5

-

2.5

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)

Mizuho Corporate Bank
Projected Benefit Obligations (at the beginning of the fiscal year)(A)

Discount Rate (%)
Fair Value of Plan Assets (at the beginning of the fiscal year)(B)367,882

56,641

311,240

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(C)

98,847(79,765)

178,613(9,093)

2,798(11,892)(D)

143,629(18,493)

162,123(A)-(B)-(C)+(D)

-

-

-

120,430(511)

120,941

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)

Mizuho Trust & Banking
Projected Benefit Obligations (at the beginning of the fiscal year)

(A)

2.5

-

2.5

Fair Value of Plan Assets (at the beginning of the fiscal year)(B)

134,881

31,997

102,884

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(C)

34,560(27,320)61,880(4,122)867(4,989)(D)

49,011(6,337)55,349(A)-(B)-(C)+(D)-(11,526)

11,526

Discount Rate (%)

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)25

Mizuho Financial Group, Inc.

(Millions of yen)

Income (Expenses) related to Employee Retirement Benefits
First Half of Fiscal 2010

Aggregated Figures of the 3 Banks
Service Cost
Interest Cost
Expected Return on Plan Assets
Accumulation (Amortization) of Unrecognized Actuarial Differences
Other
Total

First Half of Fiscal 2009

Change(8,399)(13,495)
18,690(37,034)(2,051)(42,291)(161)
67
12,3909,686
285
22,268(8,238)(13,563)6,300(46,721)(2,337)(64,560)(5,413)(7,951)
9,153(23,818)(1,473)(29,503)

(131)
3
7,493
6,020
189
13,574(5,281)(7,954)
1,660(29,839)(1,662)(43,077)(1,845)(4,038)7,225(9,093)(430)(8,183)

(3)
57
3,813
2,798
106
6,773

(1,841)(4,096)
3,411(11,892)(537)(14,956)(1,141)(1,505)
2,311(4,122)(147)(4,604)

(25)
6
1,083
867
(10)
1,921

(1,115)(1,511)
1,228(4,989)(137)(6,525)

Mizuho Bank
Service Cost
Interest Cost
Expected Return on Plan Assets
Accumulation (Amortization) of Unrecognized Actuarial Differences
Other
Total

Mizuho Corporate Bank
Service Cost
Interest Cost
Expected Return on Plan Assets
Accumulation (Amortization) of Unrecognized Actuarial Differences
Other
Total

Mizuho Trust & Banking
Service Cost
Interest Cost
Expected Return on Plan Assets
Accumulation (Amortization) of Unrecognized Actuarial Differences
Other
Total

(Millions of yen)First Half of Fiscal 2010

Consolidated
Projected Benefit Obligations (at the beginning of the fiscal year)(A)
Fair Value of Plan Assets (at the beginning of the fiscal year)(B)
Unrecognized Actuarial Differences (at the beginning of the fiscal year) (C)Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)(D)
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)(A)-(B)-(C)+(D)Income (Expenses) related to Employee Retirement Benefits

26

ChangeFirst Half of Fiscal 2009

1,200,969
1,267,199
384,665(38,132)
485,159
34,26344,301
268,421(295,785)
9,967(73,732)(2,066)

1,156,667
998,778
680,451(48,100)
558,891
36,329(49,524)

21,786(71,310)Mizuho Financial Group, Inc.

12. Capital Adequacy Ratio
Consolidated(%, Billions of yen)
As of September 30, 2010

Mizuho Financial GroupAs of
March 31, 2010

Change fromMarch 31, 2010

BIS Standard(1) Capital Adequacy Ratio
Tier 1 Capital Ratio(2) Tier 1 Capital
Common Stock and Preferred Stock
Capital Surplus
Retained Earnings
Less: Treasury Stock
Less: Dividends (estimate), etc.
Less: Unrealized Losses on Other Securities
Foreign Currency Translation Adjustments
Minority Interests in Consolidated Subsidiaries
Preferred Securities Issued by Overseas SPCs
Other
(3) Tier 2 Capital
Tier 2 Capital Included as Qualifying Capital
45% of Unrealized Gains on Other Securities
45% of Revaluation Reserve for Land
General Reserve for Possible Losses on Loans, etc.
Debt Capital, etc.
Perpetual Subordinated Debt and Other Debt Capital
Dated Subordinated Debt and Redeemable Preferred Stock(4) Deductions for Total Risk-based Capital(5) Total Risk-based Capital (2)+(3)-(4)(6) Risk-weighted Assets
Credit Risk Assets
On-balance-sheet Items
Off-balance-sheet Items
Market Risk Equivalent Assets
Operational Risk Equivalent Assets
Adjusted Floor Amount

15.40

1.94

13.46

11.78

2.69

9.09

6,260.1

1,086.6

5,173.4

2,181.3375.8

1,805.5

937.6

385.5

552.1

1,060.6

205.9

854.6

3.1

(1.9)

5.1

-

(134.9)

134.9

-

-

-

(100.3)(7.7)(92.6)

2,279.7(9.3)

2,289.0

1,919.1(18.7)

1,937.8(95.6)(0.4)(95.1)

2,262.9(462.4)

2,725.4

2,262.9(462.4)

2,725.4

48.4(74.1)

122.6

106.4

(0.3)

106.7

4.5

(0.8)

5.4

2,103.4(387.0)2,490.5366.0(220.3)586.3

1,737.4(166.7)

1,904.2

342.4

101.5

240.8

8,180.7

522.6

7,658.0

53,121.1(3,742.0)

56,863.2

48,297.1(3,611.6)

51,908.7

39,658.3(3,137.9)

42,796.2

8,638.7(473.6)

9,112.4

1,335.3

37.3

1,297.9

3,488.7(167.7)3,656.5

-

-

-

8.10

2.48

5.62

(Reference)Prime Capital Ratio ** Prime Capital (Tier1 Capital (2) - preferred securities - preferred stock (excluding mandatory convertible preferred stock))
divided by Risk-weighted Assets (6)27Mizuho Financial Group, Inc.

(%, Billions of yen)Mizuho Bank

As of September 30, 2010

Change fromMarch 31, 2010

Domestic Standard(1) Capital Adequacy Ratio
Tier 1 Capital Ratio(2) Tier 1 Capital(3) Tier 2 Capital(4) Deductions for Total Risk-based Capital(5) Total Risk-based Capital (2)+(3)-(4)(6) Risk-weighted Assets

As ofMarch 31, 2010

13.01

0.13

12.88

8.40
1,972.8

0.66
106.5

7.74
1,866.2

1,174.0
90.5(132.4)22.2

1,306.5
68.2

3,056.4(48.1)

3,104.6

23,482.6(616.6)24,099.2

17.15
14.38

1.15
1.81

16.00
12.57

4,128.3

214.0

3,914.2

926.9
134.1

(312.3)(36.1)

1,239.3
170.3

4,921.1
28,694.0(62.1)(2,434.7)

4,983.2
31,128.7

16.88
11.21
291.0
155.2
8.0
438.2
2,594.9

1.15
1.14
10.0
(8.5)
2.2
(0.7)
(194.9)

15.73
10.07
280.9
163.7
5.7
438.9
2,789.9

12.91

0.08

12.83

8.32
1,962.1

0.63
95.8

7.69
1,866.2

1,174.0
90.8(139.9)22.2

1,314.0
68.5

3,045.4
23,583.4(66.3)(656.1)

3,111.7
24,239.6

Mizuho Corporate BankBIS Standard(1) Capital Adequacy Ratio
Tier 1 Capital Ratio(2) Tier 1 Capital(3) Tier 2 Capital(4) Deductions for Total Risk-based Capital(5) Total Risk-based Capital (2)+(3)-(4)(6) Risk-weighted Assets

Mizuho Trust & Banking
BIS Standard(1) Capital Adequacy Ratio
Tier 1 Capital Ratio(2) Tier 1 Capital(3) Tier 2 Capital(4) Deductions for Total Risk-based Capital(5) Total Risk-based Capital (2)+(3)-(4)(6) Risk-weighted Assets(Reference)

Mizuho BankBIS Standard(1) Capital Adequacy Ratio
Tier 1 Capital Ratio(2) Tier 1 Capital(3) Tier 2 Capital(4) Deductions for Total Risk-based Capital(5) Total Risk-based Capital (2)+(3)-(4)(6) Risk-weighted Assets

28

Mizuho Financial Group, Inc.

III. REVIEW OF CREDITS
1. Status of Non-Accrual, Past Due & Restructured Loans■The figures below are presented net of partial direct write-offs■Treatment of accrued interest is based on the results of the self-assessment of assets(All loans to obligors classified in the self-assessment of assets as Bankrupt Obligors, Substantially Bankrupt Obligors,
and Intensive Control Obligors are categorized as non-accrual loans.)

Consolidated(Millions of yen, %)As of September 30, 2010

As of March 31, 2010

Change fromMarch 31,2010%

Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total

68,232
722,387
27,940510,031
1,328,591

0.10

2.14

(8,645)(18,368)
17,74534,97225,703

Total Loans

62,069,897

100.00(94,682)

1.16
0.04
0.82

Change from
September
30, 2009%(0.01)(0.02)
0.02
0.05
0.04

(33,801)(112,538)
9,566
81,366(55,406)%

As of September 30, 2009%(0.04)(0.13)
0.01
0.15(0.01)(2,197,386)

76,877740,756
10,195475,058
1,302,887%

102,033
834,926
18,373428,664
1,383,997

0.12
1.19
0.01
0.76
2.09

62,164,579 100.00

0.15
1.29
0.02
0.66
2.15

64,267,283 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
422,437(65,643)(76,472)
488,081

498,910

Trust Account
As of September 30, 2010%

Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total
Total Loans-

As of March 31, 2010

Change fromMarch 31,2010

Change from
September
30, 2009

%

11.20

(8)
(8)

27,701 100.00(1,437)(3,350)Change fromMarch 31,2010

Change from
September
30, 2009

3,104

11.20

3,104

-

0.52
0.52

(17)
(17)

%

As of September 30, 2009

%

-

-

3,113

1.15

1.15

3,113

-

-

3,122

10.68

-

-

%

-

10.68

10.05

3,122

10.05

29,138 100.00

31,051 100.00

As of March 31, 2010

As of September 30, 2009

Consolidated + Trust Account
As of September 30, 2010%

Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total

68,232
725,492
27,940510,031
1,331,696(8,645)(18,377)
17,74534,972
25,694

0.10
1.16
0.04
0.82
2.14

%
(0.01)(0.02)
0.02
0.05
0.04

(33,801)(112,556)
9,566
81,366(55,423)

Total Loans
62,097,598 100.00(96,119)(2,200,737)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

29%(0.04)(0.13)
0.01
0.15(0.01)%

76,877
743,869
10,195475,058
1,306,001

0.12
1.19
0.01
0.76
2.09

62,193,718 100.00%

102,033
838,048
18,373428,664
1,387,120

0.15
1.30
0.02
0.66
2.15

64,298,335 100.00

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen, %)(Banking Account + Trust Account)
As of September 30, 2010

Change fromMarch 31,2010%

Loans to Bankrupt Obligors
65,581
Non-Accrual Delinquent Loans
711,365
Loans Past Due for 3 Months or More
27,940Restructured Loans
417,131
Total
1,222,019
Total Loans

Change from
September
30, 2009%(8,964) (0.01)(17,881) (0.02)
17,745 0.02
(2,358) (0.00)(11,458) (0.01)

0.10
1.14
0.04
0.67
1.96

62,071,613

As of March 31, 2010

(238,743)

100.00%

As of September 30, 2009%

(33,468) (0.04)(106,647) (0.12)
9,566 0.01
17,050 0.04
(113,498) (0.10)(2,235,095)

74,546729,247
10,195
419,490
1,233,478

%

0.11
1.17
0.01
0.67
1.97

99,050818,012
18,373400,081
1,335,518

0.15
1.27
0.02
0.62
2.07

62,310,356 100.00 64,306,708 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
388,609(64,836)(70,520)
453,446

459,130Mizuho Bank
Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total
Total Loans

40,067504,432
27,266250,696
822,464

0.12

33,279,008

100.00

1.51
0.08
0.75
2.47

(10,019) (0.03)(2,573) (0.04)
18,132 0.05
3,100 (0.00)
8,639 (0.03)(28,073) (0.08)(6,863) (0.01)
9,531 0.02
18,142 0.05
(7,263) (0.01)

811,361(26,970)

50,087507,005
9,134
247,596
813,824

0.15
1.56
0.02
0.76
2.50

68,141
511,295
17,735232,554829,727

0.20
1.53
0.05
0.69
2.49

32,467,647 100.00 33,305,979 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
236,979(38,579)(48,027)
275,559

285,007

Mizuho Corporate Bank
Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total
Total Loans

21,874
169,587

0.08
0.66

-

-

150,798342,261

0.59

25,426,700

100.001.34

1,091 0.00
(21,627) (0.05)(8,158) (0.01)(28,694) (0.06)(928,949)

1,045 0.00
(100,077) (0.31)
2,287 0.05
(96,744) (0.25)(1,926,220)

20,782
191,215
158,957
370,955

0.07
0.72
0.60
1.40

20,828269,665
148,511
439,005

0.07
0.98
0.54
1.60

26,355,649 100.00 27,352,921 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
134,776(24,065)(17,574)
158,841

152,351

Mizuho Trust & Banking(Banking Account)

Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total
Total Loans

3,639
34,240673
15,63654,1900.10

3,338,203

100.00(36) 0.00
6,328 0.21(386) (0.01)
2,699 0.09
8,604 0.30

1.02
0.02
0.46
1.62

(119,718)(6,440) (0.16)
311 0.08
35 0.00(3,379) (0.05)(9,473) (0.13)(278,552)

3,675
27,912
1,060
12,93645,585

0.10
0.80
0.03
0.37
1.31

3,457,921 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
16,853(2,192)(4,918)19,045

10,07933,929638
19,01563,663

0.27
0.93
0.01
0.52
1.76

3,616,756 100.00

21,771(Trust Account)

Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More
Restructured Loans
Total

3,104
3,104

Total Loans

27,701

11.20

(8)
(8)

100.00(1,437)

11.20
-

0.52
0.52

(17)
(17)
(3,350)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.
30

1.15
1.15

3,113
3,113

10.68

3,122 10.05
3,122 10.05

29,138 100.00

31,051 100.00

10.68
-

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans
Consolidated(Millions of yen)

As of September 30, 2010
Change fromMarch 31,2010

Change from
September 30,
2009

As of
March 31,2010

Reserves for Possible Losses on Loans

843,664(43,408)(98,398)
887,073
533,299(30,543)(51,265)
563,843
310,355(12,685)(46,726)
323,040
Reserve for Possible Losses on Loans to Restructuring Countries
9
(179)
(406)
188
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
(71,162)(80,703)
Amount of Partial Direct Write-offs
497,241
568,404
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2009

942,063584,565
357,082415
577,944

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2010
Change fromMarch 31,2010

Change from
September 30,
2009

As of
March 31,2010

Reserves for Possible Losses on Loans

721,634(53,894)(116,020)
775,529496,588(35,029)(57,137)
531,617225,037(18,685)(58,477)
243,723
Reserve for Possible Losses on Loans to Restructuring Countries
9
(179)
(406)
188
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
462,454(70,011)(73,949)
532,465
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2009837,655
553,725
283,514415
536,404

Mizuho Bank
Reserves for Possible Losses on Loans(25,386)(49,439)440,887(16,341)(29,332)
319,394(9,044)(20,106)
121,493
Reserve for Possible Losses on Loans to Restructuring Countries
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
294,016(42,263)(51,360)
336,280
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

415,501
303,052
112,448464,940
332,385
132,555
345,376

Mizuho Corporate Bank
Reserves for Possible Losses on Loans

284,231(27,519)(61,335)
311,750
175,670(18,183)(26,676)
193,853
108,551(9,156)(34,253)
117,708
Reserve for Possible Losses on Loans to Restructuring Countries
9
(178)
(406)
188
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
146,706(25,432)(19,006)
172,139
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

345,566
202,347
142,804
415
165,713

Mizuho Trust & Banking
Reserves for Possible Losses on Loans

21,902(989)(5,245)22,891
17,865(504)(1,128)18,3704,037(484)(4,117)
4,521
Reserve for Possible Losses on Loans to Restructuring Countries
0
(0)
0
0
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
21,731(2,315)(3,582)
24,046
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

27,14818,9938,154
025,313* Reserve for Indemnification of Impairment and Reserve for Possible Losses on Entrusted Loans (\211 million, \269 million and \336 million for
September 30, 2010, March 31, 2010 and September 30, 2009, respectively) are not included in the above figures for Trust Account.

31

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans
Consolidated(%)
As of September 30, 2010
Change fromMarch 31, 2010

Mizuho Financial Group

63.50(4.58)

Change from
September 30, 2009

(4.56)

As ofMarch 31,
2010
68.08

As of
September 30,
2009
68.06

* Above figures are presented net of partial direct write-offs.

Non-Consolidated(%)
As of September 30, 2010
Change fromMarch 31, 2010

Change from
September 30, 2009

As ofMarch 31,
2010

As of
September 30,
2009

Total

59.20

(3.82)(3.66)

63.03

62.86

Mizuho Bank

50.51

(3.65)(5.51)

54.17

56.03

Mizuho Corporate Bank

83.04

(0.99)

4.32

84.03

78.71

Mizuho Trust & Banking (Banking Account)

40.41(9.79)(2.22)

50.21

42.64

* Above figures are presented net of partial direct write-offs.

32

Mizuho Financial Group, Inc.

4. Status of Disclosed Claims under the Financial Reconstruction Law ("FRL")
Consolidated(Millions of yen)

As of September 30, 2010
Change fromMarch 31, 2010

Change from
September 30, 2009

As ofMarch 31,
2010

As of
September 30,
2009

Claims against Bankrupt and Substantially Bankrupt Obligors

259,285(13,826)(38,688)273,112297,974

Claims with Collection Risk

616,730(17,065)(122,722)

633,795

739,453

Claims for Special Attention

538,070

52,69890,804

485,371447,265

1,414,086

21,806(70,607)

1,392,279

1,484,693

Total

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs

491,988(70,893)(81,613)562,881573,602

As ofMarch 31,
2010

As of
September 30,
2009

Trust Account
As of September 30, 2010
Change fromMarch 31, 2010

Change from
September 30, 2009

-

-

-

-

Claims with Collection Risk

3,104

-

(8)

(17)

3,113

3,122

Claims for Special Attention

-

-

-

-

-

3,104

(8)

(17)

3,113

3,122

Claims against Bankrupt and Substantially Bankrupt Obligors

Total

Consolidated + Trust Account
As of September 30, 2010
Change fromMarch 31, 2010

Change from
September 30, 2009

As ofMarch 31,
2010

As of
September 30,
2009

Claims against Bankrupt and Substantially Bankrupt Obligors

259,285(13,826)(38,688)273,112297,974

Claims with Collection Risk

619,835(17,074)(122,740)

636,909742,575

Claims for Special Attention
Total

538,070

52,69890,804

485,371447,265

1,417,190

21,797(70,624)

1,395,393

1,487,815* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

33

Mizuho Financial Group, Inc.

Non-Consolidated(Millions of yen, %)As of March 31, 2010 As of September 30, 2009

As of September 30, 2010

Aggregated Figures of the 3 Banks(Banking Account + Trust Account)
Claims against Bankrupt and Substantially Bankrupt
Obligors

Claims with Collection Risk
Claims for Special Attention
Sub-total
Normal Claims
Total

Change fromMarch 31,2010%

Change from
September 30,
2009

%

%

%

245,8130.35(12,285)(0.01)(32,945)(0.03)

611,095
445,170
1,302,079
66,983,611
68,285,691

0.89(20,937)
15,367(17,855)(629,798)(647,653)(0.02)(122,672)
26,488(129,129)(2,577,633)(2,706,762)(0.13)

0.65
1.90
98.09
100.000.02(0.00)
0.00

0.06(0.10)
0.10

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
457,754(69,879)(75,166)

258,098%

278,758

0.37

632,032 0.91
429,802 0.62
1,319,934 1.91
67,613,410 98.08
68,933,345 100.00

0.39

733,767 1.03
418,682 0.58
1,431,208 2.01
69,561,244 97.98
70,992,453 100.00

527,633

532,921Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt
Obligors

Claims with Collection Risk
Claims for Special Attention
Sub-total
Normal Claims
Total

180,577

0.50(9,209)(0.03)(19,538)(0.05)

398,359
277,963
856,900

1.12(4,872)
21,2327,150(0.03)(21,946)
27,673(13,810)(0.05)

34,637,445
35,494,345

97.58

719,545726,6960.02(161,930)(175,741)

0.02

0.78
2.41

100.000.04(0.02)

0.08(0.02)

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
294,016(42,263)(51,250)

189,7870.54

200,1150.56

403,232 1.15
256,730 0.73
849,750 2.44
33,917,899 97.55
34,767,649 100.00

420,305
250,289
870,711

1.17
0.70
2.44

34,799,375 97.55
35,670,087 100.00

336,280

345,267

Mizuho Corporate Bank
Claims against Bankrupt and Substantially Bankrupt
Obligors

Claims with Collection Risk
Claims for Special Attention
Sub-total
Normal Claims
Total

30,886

0.10

1,450

0.00

(3,000)(0.00)

29,4360.09

33,8870.10

178,530
150,798
360,215
28,953,926
29,314,141

0.60(26,636)(8,158)(33,344)(0.06)(104,609)
2,287(105,322)(0.28)

283,139
148,511465,538

0.89(1,218,363)(1,251,707)

0.05(2,143,950)(2,249,273)

0.24

205,166 0.67
158,957 0.52
393,560 1.28
30,172,289 98.71
30,565,849 100.00

0.51
1.22
98.77
100.00(0.00)(0.05)

0.04(0.24)

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
146,706(25,422)(18,996)

0.47
1.47

31,097,877 98.52
31,563,415 100.00

172,129

165,703

Mizuho Trust & Banking(Banking Account)
Claims against Bankrupt and Substantially Bankrupt
Obligors

34,349(4,525)0.99(0.09)(10,406)(0.20)

Claims with Collection Risk
Claims for Special Attention
Sub-total

0.90
0.32
0.17
31,100
10,580
3,900
0.47
0.08
16,4082,292(3,472) (0.05)
2.37
0.31
81,858
8,347(9,978) (0.09)
97.62(0.31)
Normal Claims
3,367,643(129,552)(268,418) 0.09
Total
3,449,502 100.00(121,205)(278,396)
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
17,031(2,192)(4,919)38,87544,755

1.08

20,520 0.57
14,115 0.39
73,511 2.05
3,497,196 97.94
3,570,707 100.00

1.20

27,199 0.72
19,880 0.53
91,836 2.46
3,636,062 97.53
3,727,899 100.00

19,224

21,950(Trust Account)
Claims against Bankrupt and Substantially Bankrupt
Obligors--(8) 0.52
3,104 11.20(8) 0.52
Normal Claims
24,596 88.79(1,428) (0.52)
Total
27,701 100.00(1,437)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

(17)
(17)
(3,333)(3,350)Claims with Collection Risk
Claims for Special Attention
Sub-total

3,104

-

11.20

-

-

34

1.15

1.15
(1.15)

3,113 10.68
3,113 10.68
26,025 89.31
29,138 100.00-

3,122 10.05
3,122 10.05
27,929 89.94
31,051 100.00-

Mizuho Financial Group, Inc.

5. Coverage on Disclosed Claims under the FRL

Non-Consolidated(1) Disclosed Claims under the FRL and Coverage Amount(Billions of yen)
As of September 30, 2010
Change fromMarch 31, 2010

Aggregated Figures of the 3 Banks (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent

As ofMarch 31, 2010

Change from
September 30, 2009

As of
September 30, 2009245.8

(12.2)(32.9)

258.0

278.7

222.5

(12.8)(28.8)

235.3

251.3

Reserve for Possible Losses

23.2

0.5

(4.1)

22.7

27.4

Claims with Collection Risk

607.9

(20.9)(122.6)

628.9

730.6

Collateral, Guarantees, and equivalent

315.1

2.0

(14.4)

313.1

329.6

Reserve for Possible Losses

209.1(18.4)(52.2)

227.6

261.4

445.1

15.3

26.4

429.8

418.6

106.8

(7.3)

2.3

114.1

104.4

Claims for Special Attention
Collateral, Guarantees, and equivalent

103.6

1.0

4.7

102.6

98.8

1,298.9(17.8)(129.1)

1,316.8

1,428.0

Collateral, Guarantees, and equivalent

644.4(18.1)(40.8)

662.6

685.3

Reserve for Possible Losses

336.1(16.8)(51.6)

353.0

387.7

Reserve for Possible Losses

Total

Mizuho Bank
180.5

(9.2)

(19.5)

189.7

200.1

174.2

(9.0)

(17.7)

183.2

191.9

Reserve for Possible Losses

6.3

(0.1)

(1.8)

6.5

8.1

Claims with Collection Risk

398.3

(4.8)

(21.9)

403.2

420.3

Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalentCollateral, Guarantees, and equivalent

235.5

2.7

8.9

232.7

226.6

Reserve for Possible Losses

106.0

(8.9)

(18.2)

114.9

124.3

Claims for Special Attention

277.9

21.2

27.6

256.7

250.2

Collateral, Guarantees, and equivalent

76.9

2.2

4.9

74.6

72.0

Reserve for Possible Losses

62.4

1.1

1.5

61.2

60.8

856.9

7.1

(13.8)

849.7

870.7

Collateral, Guarantees, and equivalent

486.6

(4.0)

(3.9)

490.7

490.5

Reserve for Possible Losses

174.8

(7.9)

(18.5)

182.7

193.3

Total

Mizuho Corporate Bank
30.8

1.4

(3.0)

29.4

33.8

26.1

0.6

(2.1)

25.4

28.2

Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent
Reserve for Possible Losses

4.7

0.8

(0.8)

3.9

5.6

Claims with Collection Risk

178.5

(26.6)(104.6)

205.1

283.1

Collateral, Guarantees, and equivalent

54.6(11.9)(30.5)

66.5

85.2

Reserve for Possible Losses

99.4

(9.1)

(31.6)

108.5

131.0

Claims for Special Attention

150.7

(8.1)

2.2

158.9

148.5

Collateral, Guarantees, and equivalent

24.8

(9.5)

0.7

34.4

24.1

Reserve for Possible Losses

38.6

(0.5)

4.0

39.1

34.6

360.2

(33.3)(105.3)

393.5

465.5

Collateral, Guarantees, and equivalent

105.6(20.9)(31.8)

126.5

137.5

Reserve for Possible Losses

142.8

(8.8)

(28.4)

151.6

171.3

Total

Mizuho Trust & Banking(Banking Account)
34.3

(4.5)

(10.4)

38.8

44.7

Collateral, Guarantees, and equivalent

22.2

(4.4)

(8.9)

26.6

31.1

Reserve for Possible Losses

12.1

(0.1)

(1.4)

12.2

13.5

Claims with Collection Risk

31.1

10.5

3.9

20.5

27.1

24.9

11.2

7.1

13.7

17.7

Reserve for Possible Losses

3.6

(0.4)

(2.3)

4.0

6.0

Claims for Special Attention

16.4

2.2

(3.4)

14.1

19.8

Collateral, Guarantees, and equivalent

4.9

0.0

(3.3)

4.9

8.2

Reserve for Possible Losses

2.6

0.3

(0.7)

2.2

3.4

81.8

8.3

(9.9)

73.5

91.8

Claims against Bankrupt and Substantially Bankrupt Obligors

Collateral, Guarantees, and equivalent

Total
Collateral, Guarantees, and equivalent

52.1

6.8

(5.0)

45.3

57.2

Reserve for Possible Losses

18.4

(0.1)

(4.5)

18.5

23.0

-

(Reference) Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent

Claims with Collection Risk
Collateral, Guarantees, and equivalent

Claims for Special Attention
Collateral, Guarantees, and equivalent

Total
Collateral, Guarantees, and equivalent

-

-

-

-

-

-

-

-

-

3.1

(0.0)

(0.0)

3.1

3.1

3.1

(0.0)

(0.0)

3.1

3.1

-

-

-

-

-

-

-

-

-

-

3.1

(0.0)

(0.0)

3.1

3.1

3.1

(0.0)

(0.0)

3.1

3.1

* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

35

Mizuho Financial Group, Inc.

(2) Coverage Ratio(Billions of yen)
As of September 30, 2010
Change fromMarch 31, 2010

Aggregated Figures of the 3 Banks (Banking Account)

Change from
September 30, 2009

As ofMarch 31,
2010

As of
September 30,
2009

Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

980.6
336.1
644.4

(35.0)(16.8)(18.1)(92.5)(51.6)(40.8)

1,015.6
353.0
662.6

1,073.1
387.7
685.3

Coverage Ratio
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

75.5
100.0
86.2
47.2
49.5

(1.6)
0.2
(3.1)
(3.4)

0.3
5.3
(1.2)
(0.5)

77.1
100.0
85.9
50.4
52.9

75.1
100.0
80.8
48.5
50.0

Reserve Ratio against Non-collateralized Claims
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

100.0
71.4
30.6
32.0

(0.6)
(1.8)
(2.1)

6.2
(0.8)
(1.0)

100.0
72.0
32.5
34.1

100.0
65.1
31.4
33.0

(Reference) Reserve Ratio
Claims against Special Attention Obligors
Claims against Watch Obligors excluding Special Attention Obligors
Claims against Normal Obligors

23.76
4.18
0.22

(0.65)(0.41)
0.00(0.88)(0.55)(0.00)

24.41
4.60
0.21

24.64
4.74
0.23

Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

661.4
174.8
486.6

(11.9)(7.9)(4.0)(22.4)(18.5)
(3.9)

673.4
182.7
490.7

683.9
193.3
490.5

Coverage Ratio
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

77.1
100.0
85.7
50.1
52.2

(2.0)
(0.4)
(2.8)
(3.2)

(1.3)
2.2
(2.9)
(1.5)

79.2
100.0
86.2
52.9
55.5

78.5
100.0
83.4
53.0
53.8

Reserve Ratio against Non-collateralized Claims
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

100.0
65.1
31.0
31.7

(2.3)
(2.5)
(2.9)

0.9
(3.0)
(2.6)

100.0
67.4
33.6
34.6

100.0
64.1
34.1
34.3

(Reference) Reserve Ratio
Claims against Special Attention Obligors
Claims against Watch Obligors excluding Special Attention Obligors
Claims against Normal Obligors

22.15
4.13
0.26

(1.45)(0.51)
0.00(2.02)(0.80)(0.01)

23.60
4.65
0.25

24.17
4.94
0.27

Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

248.5
142.8
105.6

(29.7)(8.8)(20.9)(60.3)(28.4)(31.8)

278.2
151.6
126.5

308.8
171.3
137.5

Coverage Ratio
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

68.9
100.0
86.3
42.1
45.9

(1.7)
0.9
(4.2)
(3.7)

2.6
9.9
2.5
2.2

70.6
100.0
85.3
46.3
49.6

66.3
100.0
76.3
39.5
43.7

Reserve Ratio against Non-collateralized Claims
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

100.0
80.2
30.6
33.6

1.9
(0.7)
(0.9)

14.0
2.8
1.8

100.0
78.3
31.4
34.5

100.0
66.2
27.8
31.8

(Reference) Reserve Ratio
Claims against Special Attention Obligors
Claims against Watch Obligors excluding Special Attention Obligors
Claims against Normal Obligors

27.43
4.25
0.18

0.84
(0.25)
0.00

1.17(0.19)(0.00)

26.59
4.51
0.17

26.26
4.45
0.18

(%)

(%)

(%)

(Billions of yen)Mizuho Bank

(%)

(%)

(%)

(Billions of yen)Mizuho Corporate Bank

(%)

(%)

(%)

36

Mizuho Financial Group, Inc.

(Billions of yen)
As of September 30, 2010
Change from
September 30,
2009

Change fromMarch 31, 2010

Mizuho Trust & Banking (Banking Account)

As ofMarch 31,
2010

As of
September 30,
2009

Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

70.6
18.4
52.1

6.6
(0.1)
6.8

(9.6)
(4.5)
(5.0)

63.9
18.5
45.3

Coverage Ratio
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

86.3
100.0
92.1
46.5
42.3

(0.7)

(1.1)

-

-

5.2
(4.7)
(2.5)

4.5
(12.4)(10.7)

87.0
100.0
86.9
51.3
44.8

80.3
23.0
57.2
(%)
87.4
100.0
87.6
59.0
53.0

Reserve Ratio against Non-collateralized Claims
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

100.0
60.1
23.2
22.1

-

-

(0.2)
(1.6)
(0.8)

(4.0)
(6.4)
(4.8)

100.0
60.4
24.8
22.9

(%)
100.0
64.1
29.6
27.0

(Reference) Reserve Ratio
Claims against Special Attention Obligors
Claims against Watch Obligors excluding Special Attention Obligors
Claims against Normal Obligors

16.36
4.33
0.23

(0.01)(0.37)
0.02(1.00)(0.25)
0.01

16.38
4.71
0.21

(%)
17.37
4.58
0.21

37

Mizuho Financial Group, Inc.

6. Overview of Non-Performing Loans ("NPLs")
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account)(Billions of yen)

2.

3.

Disclosed Claims under
the Financial
Reconstruction Law

Non-Accrual, Past Due& Restructured Loans

1.
SELF-ASSESSMENT
Categorization
Non-Categorization

ObligorCategory II

Bankrupt and Substantially Bankrupt
Obligors
245.8
245.8

Category III

Reserve
Ratio
100%

Category IV

DirectWrite-offs

Collateral, Guarantees, etc.: 222.5
Reserves for Possible Losses: 23.2

Claims against Bankrupt
and Substantially
Bankrupt Obligors
245.8

524.3

Collateral, Guarantees, etc.: 315.1
Reserves for Possible Losses: 209.1

65.5

Coverage Ratio
100%

Intensive Control Obligors
607.9

Loans to Bankrupt
Obligors

Non-Accrual
Delinquent Loans

83.6

Reserve
Ratio
71.4%

Amounts forreserves arerecorded under
NonCategorization

Claims with Collection
Risk
607.9
Coverage Ratio

708.2

86.2%
80.0 (Note 2)

Watch Obligors
Claims for Special
Attention

Reserve Ratio against
Uncovered Portion
30.6%

Claims for Special
Attention (Note 1)

Loans Past Due for 3
Months or More
27.9

445.1
Collateral, Guarantees, etc.: 106.8
Reserves for Possible Losses: 103.6

445.1

Restructured Loans

Coverage Ratio
47.2%

417.1

（Note 2）

Special Attention Obligors
Total Coverage Ratio
75.5%

Other Watch Obligors

Claims against Special Attention Obligors-Coverage Ratio: 49.5%-Reserve Ratio for Uncovered Portion: 32.0%-Reserve Ratio against Total Claim: 23.7%

Normal Obligors

Reserve Ratio against Total Claims
・Other Watch Obligors 4.18%
・Normal Obligors
0.22%

Total

Total
1,298.9

68,257.9

Notes: 1.

2.

Total
1,218.9

Claims for Special Attention is denoted on an individual loans basis.
Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.
The difference between total Non-Accrual, Past Due & Restructured Loans and total Disclosed Claims under the FRL represents the amount ofclaims other than loans included in Disclosed Claims under the FRL.

38

7. Results of Removal of NPLs from the Balance Sheet

Mizuho Financial Group, Inc.

Non-Consolidated(1) Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk
(under the FRL)
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account + Trust Account)(Billions of yen)

Fiscal 2007

Fiscal 2008

As of
Up to
First Half of March 31,
2008
Fiscal 2007

As of
September
30, 2008

Fiscal 2010
As of September 30, 2010

Fiscal 2009

As ofMarch 31,
2009

As of
September
30, 2009

As ofMarch 31,2010

MizuhoBank

MizuhoCorporate
Bank

MizuhoAggregatedTrust & Figures of the Change fromMarch 31,
Banking
3 Banks
2010

Claims against Bankrupt and Substantially Bankrupt Obligors

2,460.1

102.5

88.5

80.0

71.4

68.3

32.8

6.0

27.8

66.6

(1.7)

Claims with Collection Risk

8,346.0

213.3

162.8

132.8

110.6

94.0

67.7

7.2

4.5

79.6

(14.4)

10,806.2

315.8

251.4

212.9

182.1

162.4

100.6

13.2

32.3

146.2

(16.1)

1,091.7(0.3)

Amount Categorized as above up to First Half of Fiscal 2007of which the amount which was in the process of
being removed from the balance sheet

58.7

47.4

38.8

34.4

29.9

24.9

4.4

0.1

29.6

Claims against Bankrupt and Substantially Bankrupt Obligors

34.7

36.2

34.3

30.5

18.4

11.9

3.0

0.0

15.0

(3.4)

Claims with Collection Risk

162.1

82.1

42.8

27.8

19.4

15.9

0.6

0.4

17.0

(2.4)

196.9

118.3

77.1

58.3

37.8

27.8

3.6

0.5

32.0

(5.8)

31.2

31.1

31.5

26.9

16.4

9.9

3.0

0.0

13.1

(3.3)

Claims against Bankrupt and Substantially Bankrupt Obligors

80.4

67.5

50.7

36.8

28.2

0.6

28.8

(7.9)

Claims with Collection Risk

189.7

85.3

65.0

34.3

20.3

0.0

0.6

21.0

(13.2)

270.1

152.9

115.8

71.2

48.6

0.0

1.2

49.9

(21.2)

Amount Newly Categorized as above during theSecond Half of Fiscal 2007of which the amount which was in the process of
being removed from the balance sheet

Amount Newly Categorized as above during theFirst Half of Fiscal 2008of which the amount which was in the process of
being removed from the balance sheet

75.7

-

61.3

44.8

30.1

25.6

-

0.6

26.2

(3.8)

Claims against Bankrupt and Substantially Bankrupt Obligors

126.8

82.2

61.9

32.1

12.9

1.0

46.2

(15.7)

Claims with Collection Risk

336.9

184.7

100.0

47.1

13.1

1.7

62.1

(37.8)

463.8

267.0

161.9

79.3

26.1

2.8

108.3

(53.6)

96.5

72.6

55.7

29.3

10.3

1.0

40.7

(14.9)

Amount Newly Categorized as above during theSecond Half of Fiscal 2008of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

43.6

36.6

22.8

7.2

2.1

32.2

(4.4)

Claims with Collection Risk

345.3

210.7

51.4

111.7

2.8

166.0

(44.6)

389.0

247.4

74.2

119.0

5.0

198.3

(49.0)

39.2

Amount Newly Categorized as above during theFirst Half of Fiscal 2009of which the amount which was in the process of
being removed from the balance sheet

31.5

21.6

5.1

2.1

28.9

(2.5)

Claims against Bankrupt and Substantially Bankrupt Obligors

35.7

22.2

1.2

1.3

24.8

(10.8)

Claims with Collection Risk

173.4

87.3

28.1

9.0

124.4

(48.9)

209.1

109.5

29.3

10.4

149.3

(59.8)

32.0

20.5

0.1

1.3

21.9

(10.0)

Amount Newly Categorized as above during theSecond Half of Fiscal 2009of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

30.3

0.3

1.2

31.9

31.9

Claims with Collection Risk

108.3

17.5

14.8

140.6

140.6

138.6

17.8

16.0

172.5

172.5

Amount Newly Categorized as above during theFirst Half of Fiscal 2010of which the amount which was in the process of
being removed from the balance sheet

-

1.2

28.8

28.8

278.7

258.0

180.5

27.5
30.8

34.3

245.8

(12.2)

598.0

733.7

632.0

398.3

178.5

34.2

611.0

(20.9)

906.8

1,012.5

890.1

578.9

209.4

68.5

856.9

(33.2)

228.3

218.1

195.8

159.7

23.0

6.7

189.4

(6.4)

Claims against Bankrupt and Substantially Bankrupt Obligors

137.3

205.3

308.7

Claims with Collection Risk

375.5

434.7

Total
of which the amount which was in the process of
being removed from the balance sheet

512.8

640.0

89.9

154.3

*
*

Trust account denotes trust accounts with contracts indemnifying the principal amounts.
denotes newly categorized amounts.

(2) Progress in Removal of NPLs from the Balance Sheet (Accumulated Removal Amount and Removal Ratio)
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account + Trust Account)(Billions of yen)AmountNewly
Categorized

(%)

(%)

Balance as ofAccumulated
Accumulated
September 30,
Removal Amount Removal Ratio
2010

ModifiedAccumulated
RemovalRatio*Up to First Half of Fiscal 2007

10,806.2

146.2

10,659.9

98.6

98.9

Second Half of Fiscal 2007

196.9

32.0

164.9

83.7

90.3

First Half of Fiscal 2008

270.1

49.9

220.2

81.5

91.2

Second Half of Fiscal 2008

463.8

108.3

355.4

76.6

85.4

49.0

56.4

28.6

39.1

First Half of Fiscal 2009

389.0

198.3

190.7

Second Half of Fiscal 2009

209.1

149.3

59.8

First Half of Fiscal 2010

172.5

172.5

12,507.9

856.9

Total

11,651.0

39* Modified accumulated removal ratios are based on
the accumulated removal amount including theamount which was in the process of being removed
from the balance sheet.

Mizuho Financial Group, Inc.

(3) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2010
(Billions of yen)

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)
Newly Categorized
Fiscal 2008

Fiscal 2007
Up toFirst Half
Liquidation

Second HalfFirst Half

Amount Removed
from B/S in theFirst Half of
Fiscal 2010

Fiscal 2009

Second HalfFirst Half

Second Half

(4.2)

(1.9)

(1.7)

(8.4)

(2.8)

(0.0)

(19.2)

Restructuring

-

-

(1.3)

(11.1)-(0.2)(12.8)

Improvement in Business Performance due to Restructuring

-

-

(0.0)

-

(0.0)

(0.0)

(0.1)

(8.0)

(5.2)

(12.6)(15.0)(17.9)(13.3)(72.3)

Loan Sales
Direct Write-off

16.4

5.3

14.0

25.5

10.9

(4.0)

68.2

Other

(20.2)(3.9)(19.4)(44.5)(39.1)(41.9)(169.3)

Debt recovery(12.0)(1.8)(13.9)(25.6)(29.7)(26.4)(109.7)

Improvement in Business Performance

(8.1)

(2.1)

(5.4)

(18.9)(9.4)(15.5)(59.6)(16.1)(5.8)(21.2)(53.6)(49.0)(59.8)(205.8)Total

Mizuho Bank
Liquidation

(3.9)

(1.9)

(1.7)

(7.4)

(1.3)

(0.0)

(16.5)

Restructuring

-

-

(1.2)

(8.5)

-

(0.2)

(10.0)

Improvement in Business Performance due to Restructuring

-

-

-

-

-

-

-

(8.0)

(5.2)

(11.7)(13.7)

(2.1)

(0.1)

(41.1)

Loan Sales
Direct Write-off

10.6

5.2

12.2

19.3

(4.9)

(4.1)

38.3

Other

(15.2)(3.0)(15.0)(30.0)(26.2)(33.7)(123.3)

Debt recovery

(7.0)

(1.3)

(9.6)

(20.3)(17.0)(18.5)(74.0)

Improvement in Business Performance

(8.1)

(1.6)

(5.3)

(9.7)

(9.1)

(15.1)(49.3)(16.5)(4.9)(17.5)(40.4)(34.7)(38.4)(152.7)

(1.4)

Total

Mizuho Corporate Bank
Liquidation

(0.3)

-

-

(0.9)

(0.1)

-

Restructuring

-

-

-

-

-

-

-

Improvement in Business Performance due to Restructuring

-

-

(0.0)

-

-

-

(0.0)

-

(31.2)

Loan Sales

(0.9)

(1.3)

(15.8)(13.1)

Direct Write-off

5.8

0.0

2.6

3.5

15.9

0.0

28.0

Other

(4.9)

(0.9)

(1.9)

(13.5)

(9.6)

(7.4)

(38.3)

(4.9)

(0.4)

(1.9)

(4.4)

(9.4)

(7.3)

(28.5)

-

(0.4)

(0.0)

(9.0)

(0.1)

(0.0)

(9.8)

(0.8)

(0.3)

(12.2)(9.5)(20.5)(43.0)

Debt recovery
Improvement in Business Performance

Total

0.5

Mizuho Trust & Banking (Banking Account + Trust Account)
Liquidation

-

-

-

-

(1.3)

-

(1.3)

Restructuring

-

-

(0.1)

(2.6)

-

-

(2.7)

Improvement in Business Performance due to Restructuring

-

-

-

-

(0.0)

(0.0)

(0.1)

Loan Sales

-

-

-

-

(0.0)

-

(0.0)

-

-

(0.7)

2.6

(0.0)

(0.0)

1.7

(0.1)

(0.0)

(2.4)

(0.9)

(3.3)

(0.7)

(7.6)

Direct Write-off
Other
Debt recovery

(0.0)

(0.0)

(2.3)

(0.8)

(3.2)

(0.5)

(7.1)

Improvement in Business Performance

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.2)

(0.4)

(0.1)

(0.0)

(3.3)

(0.9)

(4.7)

(0.8)

(10.0)

Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account + Trust Account)(Billions of yen)

Total

(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet
Amount Removed
Up to Second
Half of Fiscal
2007*

In First Half of
Fiscal 2008

In Second Half of
Fiscal 2008

In First Half of
Fiscal 2009

In Second Half of
Fiscal 2009In First Half of
Fiscal 2010

Accumulated
Removed Amountfrom B/S
since Second Half of
Fiscal 2000

Liquidation(1,448.5)(142.1)(49.2)(15.0)(16.0)(19.2)(1,690.4)

Restructuring(1,842.5)

(1.8)

(0.0)

(4.0)

(16.6)(12.8)(1,877.9)

Improvement in Business Performance due to Restructuring

Loan Sales(181.7)

-

(0.0)

(0.0)

(2.9)

(0.1)

(184.9)(4,282.9)(19.4)(39.5)(40.2)(61.6)(72.3)(4,516.2)

Direct Write-off

3,248.4

135.4

22.9

(7.4)

(2.1)

68.2

3,465.4

Other(5,982.9)(114.9)(130.9)(216.5)(232.0)(169.3)(6,846.7)

Debt recovery(77.5)(92.5)(133.3)(156.7)(109.7)

Improvement in Business Performance(37.3)(38.3)(83.2)(75.2)(59.6)(142.9)(197.0)(283.3)(331.5)(205.8)

Total(10,490.4)* From the Second Half of Fiscal 2000 to the Second Half of Fiscal 2007.

40(11,651.0)

Mizuho Financial Group, Inc.

8. Status of Loans by Industry(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry

Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)
As of September 30, 2010

As of March 31, 2010

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

57,535.4

Change from March 31, 2010

Change from September 30, 2009

As of September 30, 2009

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

1,136.8(148.7)8.5(1,722.0)(45.6)

57,684.1

1,128.2

59,257.5

1,182.4

7,411.3

223.7(246.9)23.0(560.7)59.1

7,658.3

200.7

7,972.1

164.5

Agriculture & Forestry

23.1

0.4

(0.8)

0.1

(0.8)

0.0

24.0

0.3

24.0

0.3

Fishery

0.9

0.0

(0.1)

-

(0.4)

0.0

1.0

0.0

1.4

-

Mining, Quarrying Industry &Gravel Extraction Industry

153.1

-

1.6

(0.0)

8.3

(0.0)

151.5

0.0

144.8

0.0

Construction

964.5

60.2

(69.4)

1.6(119.5)(11.7)

1,034.0

58.6

1,084.1

72.0

Utilities

894.6

0.9

5.7

0.1

(24.5)

(1.4)

888.9

0.8

919.1

2.3

Communication

1,671.9

30.8

12.2

(9.0)

(135.3)(33.0)

1,659.6

39.8

1,807.2

63.9

Transportation & Postal Industry

2,896.2

103.4(29.9)

0.1(52.9)(0.3)

2,926.1

103.2

2,949.2

103.7

Wholesale & Retail

4,782.8

145.6(114.4)9.1(377.5)

11.6

4,897.2

136.4

5,160.3

134.0

Finance & Insurance

7,074.0

15.4(427.9)(4.1)(553.4)(19.4)

7,501.9

19.6

7,627.5

34.9

Real Estate

6,601.1

221.0(143.7)(12.0)(528.2)(67.7)

6,744.9233.0

7,129.3

288.7

Commodity Lease

1,622.7

16.7(99.9)(2.2)(262.3)(7.0)

1,722.7

18.9

1,885.1

23.7

Service Industries

2,958.5

136.2(487.1)(17.5)(335.1)(24.9)

3,445.7

153.7

3,293.7

161.1

Local Governments

1,099.4

2.9

82.4

(0.0)

227.2

(0.0)

1,016.9

3.0

872.2

3.0

Governments

5,619.7-

1,234.9

-

699.7

-

4,384.7-

4,919.9-

Other

13,760.7

179.0

134.8

19.4

293.7

49.3

13,625.9

159.5

13,467.0

129.7

6,402.1

85.1(281.4)(20.0)(840.6)(67.8)

6,683.6

105.2

7,242.8

153.0

297.0

-

51.2

-

85.2

-

245.7

-

211.7

-

Financial Institutions

1,847.3

8.7

160.0

7.8

54.3

(2.9)

1,687.3

0.9

1,793.0

11.7

Other

4,257.7

76.4(492.8)(27.8)(980.2)(64.8)

4,750.5

104.3

5,238.0

141.3

63,937.6

1,222.0(430.1)(11.4)(2,562.7)(113.4)64,367.8

1,233.4

66,500.3

1,335.5

Domestic Total (excluding Loans
Booked Offshore)
Manufacturing

Overseas Total (including Loans
Booked Offshore)
Governments

Total* Loans to Finance & Insurance sector includes loans to MHFG as follows:
As of September 30, 2010: \700.0 billion (from MHBK)As of March 31, 2010:\700.0 billion (from MHBK)As of September 30, 2009: \700.0 billion (from MHBK)* Amounts of Outstanding Balances are aggregated figures of banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are aggregated figures ofbanking and trust accounts with contracts indemnifying the principal amounts.

41

Mizuho Financial Group, Inc.
(Billions of yen)
As of September 30, 2010
Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

33,279.0
2,870.3
22.6
0.9

Mizuho Bank
Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture & Forestry
Fishery
Mining, Quarrying Industry &Gravel Extraction Industry
Construction
Utilities
Communication
Transportation & Postal Industry
Wholesale & Retail
Finance & Insurance
Real Estate
Commodity Lease
Service Industries
Local Governments
Governments
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

As of March 31, 2010
Change from March 31, 2010

Change from September 30, 2009

As of September 30, 2009

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

822.4

811.3

8.6

(26.9)(7.2)

32,467.6

813.8

33,305.9

829.7

149.9
0.4
0.0

(105.8)
(0.8)
(0.1)

23.5
0.1
-

(254.3)
(0.8)
0.0

39.7
0.0
0.0

2,976.2
23.5
1.0

126.3
0.3
0.0

3,124.7
23.5
0.9

110.1
0.3
-

5.7

-

(0.7)

(0.0)

(1.1)

(0.0)

6.4

0.0

6.8

0.0

509.9
61.4
331.6
1,049.5
3,482.5
2,305.3
3,348.7196.8
2,196.4
949.7
4,296.7
11,650.1

45.5
0.3
24.2
26.4
136.0
7.1
134.5
1.3
130.8
165.4

(53.1)(8.6)(10.1)
16.0(81.5)(17.9)(92.2)
8.0(209.2)82.0
1,185.9
99.8

0.8
(0.1)
(6.2)
0.0
7.4
(0.7)
(19.7)
0.1(17.4)
20.7(60.6)(13.3)(19.3)
33.2(154.0)(265.3)(242.9)6.9(20.3)
208.6
597.4
159.2

(5.7)
(1.7)
(10.1)
2.0
12.1
(4.8)
(57.0)(0.1)(22.8)
41.1

563.1
70.1
341.8
1,033.5
3,564.0
2,323.2
3,441.0
188.7
2,405.6867.6
3,110.8
11,550.3

44.6
0.5
30.5
26.3
128.5
7.8
154.3
1.1
148.2
144.7

570.6
74.8
351.0
1,016.2
3,636.5
2,570.6
3,591.7189.9
2,216.8
741.1
3,699.3
11,490.9

51.3
2.0
34.4
24.3
123.8
12.0
191.5
1.5
153.6
124.3

-

-

-

-

-

-

-

-

-

-

33,279.0

822.4

811.3

8.6

(26.9)(7.2)

32,467.6

813.8

33,305.9

829.7

19,031.3

257.0(650.3)(8.6)(1,090.6)(28.8)

19,681.6

265.7

20,121.9285.9

4,006.0
0.4
-

66.2
-

(125.9)-(2.9)-(279.4)
(0.5)

16.8
-

4,131.9
0.4
-

69.1
-

4,285.4
0.4
0.5

49.4
-

142.3

-

2.4

-

9.9

-

139.8

-

132.4

-

359.3
734.1
369.2
1,623.7
1,092.9
4,211.8
2,266.4
1,201.3
674.4
112.3
1,073.1
1,163.3

14.1
0.6
5.8
76.9
7.9
8.3
50.3
15.4
3.4
7.7

4.1
5.7
99.3
(32.6)(22.6)(295.0)(11.5)(109.9)(272.5)
0.7
38.3
69.2

1.9
0.3
(2.1)
1.6
(3.4)
(1.1)
(2.3)
0.8
(1.4)

(36.6)(18.3)
90.4(73.5)(207.2)(152.2)(199.2)(253.8)(311.5)
17.8
152.6
171.1

(4.2)
0.5
(20.5)
(2.5)
(0.8)
(5.4)
(11.7)
(6.8)
(1.0)
6.9

355.1
728.4
269.9
1,656.4
1,115.6
4,506.8
2,278.0
1,311.2
947.0
111.5
1,034.8
1,094.1

12.2
0.2
7.9
76.9
6.3
11.7
51.4
17.7
2.6
9.1

395.9
752.5
278.8
1,697.2
1,300.2
4,364.0
2,465.6
1,455.2
986.0
94.5
920.5
992.2

18.4
0.0
26.3
79.4
8.8
13.7
62.0
22.2
4.4
0.7

6,395.3

85.1(278.6)(20.0)(835.5)(67.8)

6,674.0

105.2

7,230.9

153.0

296.1
1,847.3
4,251.8
25,426.7

8.7
76.4
342.2

51.3
160.0
(490.1)(928.9)7.8(27.8)(28.6)

85.4
54.3(975.3)(1,926.2)(2.9)(64.8)(96.7)

244.7
1,687.3
4,741.9
26,355.6

0.9
104.3
370.9

210.7
1,793.0
5,227.2
27,352.9

11.7
141.3
439.0

Mizuho Corporate Bank
Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture & Forestry
Fishery
Mining, Quarrying Industry &Gravel Extraction Industry
Construction
Utilities
Communication
Transportation & Postal Industry
Wholesale & Retail
Finance & Insurance
Real Estate
Commodity Lease
Service Industries
Local Governments
Governments
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total
5,225.1
57.2(309.7)8.5(604.4)(9.4)
5,534.8
48.6
5,829.6
66.7(excluding Loans Booked Offshore)
Manufacturing
535.0
7.5
(15.1)
2.4(26.9)
2.6
550.2
5.1
561.9
4.9
Agriculture & Forestry
0.0
(0.0)
(0.0)
0.0
0.0
Fishery
Mining, Quarrying Industry &
5.1
(0.0)
(0.4)
5.2
5.5
Gravel Extraction Industry
Construction
95.3
0.4(20.3)(1.1)(22.2)
(1.8)
115.6
1.6
117.5
2.2
Utilities
99.0
0.0
8.6
(0.0)
7.1
(0.2)
90.3
0.0
91.8
0.3
Communication
970.9
0.7
(76.8)(0.6)(206.3)(2.3)
1,047.8
1.3
1,177.3
3.1
Transportation & Postal Industry
223.0
0.0
(13.2)
0.0(12.6)
0.0
236.2
235.6
Wholesale & Retail
207.2
1.5
(10.2)(0.0)(16.2)
0.2
217.5
1.5
223.5
1.3
Finance & Insurance
556.9(114.9)(135.8)
(9.1)
671.8
692.7
9.1
Real Estate
985.8
36.0
(39.8)
8.8(86.0)
0.9
1,025.7
27.2
1,071.9
35.0
Commodity Lease
224.6
0.0
1.9
(0.0)
(15.4)
(0.0)
222.6
0.0
240.0
0.0
Service Industries
87.5
1.8
(5.4)
(1.0)
(3.2)
(1.1)
93.0
2.9
90.8
3.0
Local Governments
37.3
2.9
(0.4)
(0.0)
0.7
(0.0)
37.7
3.0
36.5
3.0
Governments
249.7
10.6
(50.2)
239.1
300.0
Other
947.2
5.8
(34.2)
0.1(36.6)
1.2
981.4
5.7
983.8
4.5
Overseas Total
6.7
(2.8)
(5.0)
9.6
11.8
(including Loans Booked Offshore)
Governments
0.9
(0.1)
(0.1)
1.0
1.0
Financial Institutions
Other
5.8
(2.7)
(4.9)
8.5
10.8
Total
5,231.9
57.2(312.5)8.5(609.5)(9.4)
5,544.5
48.6
5,841.4
66.7* Amounts of outstanding loans are aggregated figures of banking and trust accounts, and amounts of non-accrual, past due & restructured loans are aggregated figures of banking
and trust accounts with contracts indemnifying the principal amounts

42Mizuho Financial Group, Inc.

(2) Disclosed Claims under the FRL and Coverage Ratio by Industry
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen, %)As of March 31, 2010 As of September 30, 2009

As of September 30, 2010
Change from March 31, 2010 Change from September 30, 2009
Disclosed Claims
under the FRL

Coverage
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

1,212.2

76.9

5.2

(1.8)

(49.9)

0.2

1,207.0

78.7

1,262.2

76.6

235.0

60.1

20.9

(2.4)

60.4

(2.2)

214.0

62.5

174.6

62.4

Agriculture & Forestry

0.4

77.1

0.1

(14.6)

0.0(16.4)

0.3

91.7

0.3

93.5

Fishery

0.0

100.0

(0.0)

-

0.0

-

0.0

100.0

0.0

100.0

Mining, Quarrying Industry &Gravel Extraction Industry

0.0

100.0

(0.0)

-

0.0

-

0.0

100.0

0.0

100.0

Construction

61.5

77.8

1.9

1.1

(12.1)

6.0

59.6

76.7

73.6

71.7

Utilities

1.4

61.1

0.6

(5.3)

(0.9)

(9.6)

0.8

66.5

2.3

70.8

Communication

31.4

63.9

(9.0)

(5.8)

(33.5)

7.1

40.5

69.8

65.0

56.8

Transportation & Postal Industry

111.2

92.7

(0.7)

0.2

4.3

22.9

111.9

92.4

106.8

69.7

Wholesale & Retail

153.9

67.5

8.3

(4.0)

7.3

(3.8)

145.5

71.5

146.5

71.3

Finance & Insurance

16.9

59.4

(3.7)

(0.3)

(18.5)

(7.5)

20.7

59.8

35.5

67.0

Real Estate

222.7

85.4

(12.4)(2.4)(70.5)

(4.8)

235.1

87.9

293.3

90.3

Commodity Lease

17.0

77.8

(2.2)

(3.3)

(8.2)

2.6

19.2

81.2

25.3

75.2

Service Industries

140.5

62.7

(16.1)(4.1)(24.4)

(6.1)

156.6

66.8

164.9

68.9

Local Governments

30.6

100.0

(0.0)

-

(0.0)

-

30.6

100.0

30.6

100.0

Other

189.1

96.2

17.7

0.7

46.2

1.6

171.4

95.5

142.8

94.6

89.7

56.9

(23.1)(3.2)(79.1)

(7.4)

112.9

60.1

168.9

64.4

-

-

-

-

-

-

-

-

-

-

Financial Institutions

8.7

63.8

7.5

(8.5)

(3.7)

(33.4)

1.2

72.4

12.5

97.3

Other

81.0

56.2

(30.6)(3.8)(75.3)

(5.6)

111.6

60.0

156.4

61.8

1,302.0

75.5(17.8)(1.6)(129.1)0.3

1,319.9

77.1

1,431.2

75.1

Domestic Total(excluding Loans Booked Offshore)
Manufacturing

Overseas Total(including Loans Booked Offshore)
Governments

Total* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

43

Mizuho Financial Group, Inc.

9. Housing and Consumer Loans & Loans to Small and Medium-Sized
Enterprises ("SMEs") and Individual Customers(1) Balance of Housing and Consumer Loans
Non-Consolidated(Billions of yen)

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)
As of September 30, 2010

Housing and Consumer Loans
Housing Loans for owner's residential housing

As of
September 30,
2009

As of
March 31,2010

Change fromMarch 31,2010

Change from
September 30,
2009

12,367.9
10,393.6

70.3
135.1

94.2
250.5

12,297.5
10,258.4

12,273.6
10,143.0

12,100.0
11,126.7
10,161.2
973.3

83.0
96.3
145.0
(13.2)

116.1
178.8
267.1
(62.7)

12,016.9
11,030.4
10,016.1
986.5

11,983.8
10,947.8
9,894.0
1,036.0

-

-

-

-

-

267.8
232.4

(12.7)(9.9)(21.8)(16.5)

280.6
242.3

289.7
248.9

Mizuho Bank
Housing and Consumer Loans
Housing Loansfor owner's residential housing
Consumer loans

Mizuho Corporate Bank
Housing and Consumer Loans
Housing Loansfor owner's residential housing
Consumer loans
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans
Housing Loans for owner's residential housing* Above figures are aggregated banking and trust account amounts.

(2) Loans to SMEs and Individual Customers
Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(%, Billions of yen)

As of September 30, 2010
Change fromMarch 31,2010
Percentage of Loans to SMEs and Individual Customers, of Total
Domestic Loans
Loans to SMEs and Individual Customers

Change from
September 30,
2009

As of
March 31,
2010

As of
September 30,
2009

57.2

(0.4)

1.7

57.6

55.5

32,923.6(337.9)32.1

33,261.5

32,891.4

70.9

(2.2)

(0.5)

73.1

71.4

23,611.3(149.1)(190.8)23,760.5

23,802.2

37.8

0.4

3.5

37.4

34.3

7,207.9(158.6)301.3

7,366.5

6,906.5

40.2

1.7

2.8

38.5

37.4

2,104.3(30.1)(78.2)

2,134.4

2,182.5* Loans to MHFG are included as follows:
As of September 30, 2010: \700.0 billion (from MHBK)As of March 31, 2010:\700.0 billion (from MHBK)As of September 30, 2009: \700.0 billion (from MHBK)

Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total
Domestic Loans
Loans to SMEs and Individual Customers

Mizuho Corporate Bank
Percentage of Loans to SMEs and Individual Customers, of Total
Domestic Loans
Loans to SMEs and Individual Customers

Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total
Domestic Loans
Loans to SMEs and Individual Customers* Above figures are aggregated banking and trust account amounts.
* Above figures do not include loans booked at overseas offices and offshore loans.
* The definition of "Small and Medium-sized Enterprises" is as follows:Enterprises of which the capital is \300 million or below (\100 million or below for the wholesale industry, and\50 million or below for the retail andservice industries), or enterprises with full-time employees of 300 or below (100 or below for the wholesale industry, 50 or below for the retail industry, and100 or below for the service industry.)44

Mizuho Financial Group, Inc.

10. Status of Loans by Region(1) Balance of Loans to Restructuring Countries
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen, Number of countries)

As of September 30, 2010

Loan amount

As ofMarch 31,
2010

As of
September 30,
2009

(2.4)

1.5

2.5

(2)

4

4

Change fromMarch 31,2010

Change from
September 30,
2009

0.0

(1.5)

2

(2)

Number of Restructuring Countries** Number of Restructuring Countries refers to the countries of obligors' residence.

(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Region
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)

As of September 30, 2010

As of March 31, 2010
Change from March 31, 2010

Change from September 30, 2009

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

2,052.5

15.8

273.0

(4.3)

388.8

Hong Kong

480.4

2.7

94.8

(0.7)

Korea

312.9

1.2

43.9

Singapore

281.7

4.5

Thailand

310.3

Central and South America

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

(2.2)

1,779.5

20.1

1,663.7

18.1

123.0

0.4

385.6

3.5

357.4

2.3

(0.0)

83.1

0.8

269.0

1.3

229.8

0.3

15.0

(0.3)

15.5

(1.8)

266.7

4.8

266.2

6.4

1.8

34.4

(0.7)

70.0

(0.5)

275.8

2.6

240.2

2.4

2,420.9

9.4(84.3)

1.0

68.3

6.7

2,505.3

8.3

2,352.6

2.6

North America

1,837.2

2.9(185.6)(4.6)(414.4)(50.8)

2,022.9

7.6

2,251.6

53.8

Eastern Europe

55.6

10.9

(19.4)(4.1)(14.7)

4.5

75.1

15.1

70.3

6.4

Western Europe

1,946.6

41.4(241.6)(7.0)(658.7)(23.7)

2,188.2

48.5

2,605.3

65.2

790.1

19.1

(41.7)(0.5)(44.7)

11.3

831.9

19.7

834.8

7.8

9,103.2

99.8(299.8)(19.7)(675.4)(54.2)

9,403.1

119.6

9,778.6

154.1

Asia

Other
Total

Non-Accrual,
Past Due andRestructured
Loans

As of September 30, 2009

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans* The above figures do not include the outstanding balance of loans by Mizuho Corporate Bank (China), Ltd. established in June 2007.

45

Mizuho Financial Group, Inc.

IV. OTHERS
1. Breakdown of Deposits (Domestic Offices)
Non-Consolidated(Billions of yen)
As of September 30, 2010
Change fromMarch 31, 2010

Aggregated Figures of the 3 Banks
Deposits
Individual Deposits
Corporate Deposits
Financial/Government Institutions
Mizuho Bank
Deposits
Individual Deposits
Corporate Deposits
Financial/Government Institutions
Mizuho Corporate Bank
Deposits
Individual Deposits
Corporate Deposits
Financial/Government Institutions
Mizuho Trust & Banking
Deposits
Individual Deposits
Corporate Deposits
Financial/Government Institutions

Change from
September 30, 2009

As ofMarch 31,
2010

As of
September 30,
2009

68,351.3
35,160.2
27,888.2
5,302.8(1,116.7)
61.4(562.1)(615.9)

272.7
257.7
(309.9)324.969,468.0
35,098.8
28,450.4
5,918.7

68,078.6
34,902.5
28,198.2
4,977.8

54,648.7
33,504.2
18,513.7
2,630.7(1,076.6)
134.7(475.3)(736.0)

313.1
398.7
(237.2)151.6

55,725.3
33,369.5
18,989.0
3,366.8

54,335.5
33,105.5
18,750.9
2,479.0

11,385.3
3.6
8,817.3
2,564.3

147.8
0.0(71.1)
218.9

210.3
0.6
(81.9)
291.6

11,237.5
3.6
8,888.5
2,345.4

11,175.0
3.0
8,899.2
2,272.7

2,317.2
1,652.3
557.2
107.7

(187.9)(73.3)(15.7)(98.7)(250.7)(141.6)9.2(118.3)2,505.1
1,725.7
572.9
206.4

2,567.9
1,793.9
547.9
226.0

* Above figures are before adjustment of transit accounts for inter-office transactions, and do not include deposits booked at overseas offices and offshore deposits.

46

Mizuho Financial Group, Inc.

2. Number of Directors and Employees* Figures are based on the information to be provided in Yuka Shoken Hokokusho.

Mizuho Financial Group, Inc. (Non-Consolidated)
As of September 30, 2010
Change fromMarch 31,2010

Change from
September 30,
2009

12

7

14
4
306

Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

As ofMarch 31,
2010

14
4
294

As of
September 30,
2009

14
4
299

* Three members of the Board of Directors and Auditors double as directors of the banking subsidiaries.

Non-Consolidated
As of September 30, 2010
Aggregated Figures of the 3 Banks
Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

31
91
31,196

Change fromMarch 31,2010

Change from
September 30,
2009

1
779

1
101

As of
March 31,
2010

As of
September 30,
2009

31
90
30,41731
90
31,095* The numbers have been adjusted for Members of the Board of Directors and Auditors doubling other positions.

Mizuho Bank
Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

1031
19,518

(1)
(1)
575

(1)
(1)
29

11
32
18,94311
32
19,489

10
41
8,290

(1)
1
143

(1)
1
62

11
40
8,147

11
40
8,228

13
19
3,388

2
1
61

2
1
10

11
18
3,327

11
18
3,378

Mizuho Corporate Bank
Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

Mizuho Trust & Banking
Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

47

Mizuho Financial Group, Inc.

3. Number of Branches and Offices
Non-Consolidated
Aggregated Figures of the 3 Banks

As of September 30, 2010
Change fromMarch 31,2010

Head Offices and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

446
22
41
11
6

As of
March 31,2010

Change from
September 30,
2009

2
-

5
2
1
-

As of
September 30,
2009

444
22
41
11
6

441
22
39
10
6

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (37),
branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1)and pension plan advisory offices (1).

Mizuho Bank
Head Office and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

392
37
-

1
(1)
-

4
-

391
38
-

388
37
-

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (16),branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1)and pension plan advisory offices (1).

Mizuho Corporate Bank
Head Office and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

18
22
11
6

-

1
-

18
22
11
6

18
22
10
6

35
3
-

35
2
-

* Head Office and Domestic Branches do not include branches and offices for remittance purposes only (21).

Mizuho Trust & Banking
Head Office and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

36
4
-

48

1
1
-

1
2
-

V. Gross profits (excluding the amounts of credit costs of trust accounts) and Net business profits or losses (excluding the amountsof credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) by reportable segment(Millions of yen)First Half of Fiscal 2010
Global Corporate Group
MHCB

MHSC

MHBK

Others

①

②

③

MHIS

OthersMHTB

Others⑪⑫⑬⑭

Others

④

⑤

⑥

⑦

⑧

⑨

⑩

⑮

230,378 204,836 88,500 41,700 74,636 (4,494)
321,081 192,384 55,800 22,900 113,684 95,623
551,460 397,221 144,300 64,600 188,321 91,128

30,036 307,261 285,885 123,100
33,074 163,495 135,807 16,200
63,110 470,756 421,693 139,300

133,500 29,285
287 21,088 20,789 20,284
505 (4,886)
62,800 56,807 24,385
3,302 68,234 46,254 21,979 (5,458)
196,300 86,093 24,672 24,390 89,023 66,538 22,485 (10,344)

235,348 116,517

38,138 303,860 279,368 120,800

112,700(28,257)-

287,854 280,703

44,900 32,800

38,817 80,692

-

-

-

Total

Retail Corporate Tradingbanking banking
andothersDomestic Inter- Trading
national
andothersGross profits:(excluding the amounts of credit costsof trust accounts)
Net interest income (expense)
Net noninterest income
Total
General and administrative expenses(excluding Non-Recurring Losses)
OthersNet business profits(excluding the amounts of credit costsof trust accounts, before reversal of(provision for) general reserve forlosses on loans)

Global Asset &WealthManagement Group

Global Retail Group

99,400 31,800 149,503- (28,257)

10,436(8,031)--(3,284) 158,864 142,325

18,500-45,868 20,301-

83,600 40,225

4,191 64,185 44,465 19,720- (8,031)

49

596,938(930)(1,746)(38,966)

4,371 12,167 23,908 22,073

1,834(5,635)464,991

2. “Others ⑥”, “Others ⑫”, and “Others ⑭” include elimination of transactions between companies within the Global Corporate Group, the Global Retail Group andthe Global Asset & Wealth Management Group, respectively. “Others ⑮” includes elimination of transactions between the Global Groups.

(6,455)-

Notes: 1. Gross profits (excluding the amounts of credit costs of trust accounts) are reported instead of sales reported by general corporations.

(930)

553,544547,352
1,100,896

VI. The Impact of the Dislocation in Global Financial Markets Stemmingfrom US Subprime Loan Issues
The following is an excerpt from information (managerial accounting basis) that we disclosed in presentation materials used in our IR
presentation regarding our financial results for the first half of fiscal 2010 ended September 30, 2010 that we held on November 24, 2010
regarding the detailed status of our holdings of securitization products, etc. The presentation materials can be found under “IR
Presentations” on our website.

• Summary
Income Statement Impact of the Dislocation in Global Financial Markets
Managerial accounting basis, billions of yen, round figures

First Half of Fiscal 2010(A)+(B)

Total Realized Gains/Losses
Banking Subsidiaries: 3 Banks (including Overseas Subsidiaries)(1) Gains/Losses on Sales of Securitization Products, etc. (including Devaluation)

¥

2
(1)

(2) Net Gains from Reversal of (Losses on Provision of) Reserve for Possible Losses on Sales of Loans(1)(3) Gains/Losses associated with ABCP Programs—(4) Gains/Losses from Hedging by CDS related to Securitization Products

(0)
(A)

Subtotal
Securities Subsidiaries: Mizuho Securities (including Overseas Subsidiaries)(5) Trading Gains/Losses on Securitization Products, Net of Hedges

4(B)

Subtotal

50

(2)

4

• Foreign Currency Denominated Securitization Products
Banking Subsidiaries, Securities Subsidiaries
Banking Subsidiaries = 3 Banks (incl. Overseas Subsidiaries)
Securities Subsidiaries = Mizuho Securities (incl. Overseas Subsidiaries)
Managerial accounting basis, billions of yen, round figures

Balances
as ofSep. 2010*1,2(Fair Value)

1 Foreign Currency
Denominated
Securitization Products
2

ABSCDOs, CDOs

¥ 415
24

Banking Subsidiaries: Banking AccountMarks (%)
Unrealized
Realized
as ofGains/Losses
Gains/Losses
Sep. 2010
as offor 1H(=Fair Value
Sep. 2010*2
FY2010*1,2/Face Value)(Reference)
HedgedProportions*3

Securities Subsidiaries: Trading AccountBalances
Marks (%)
Realized
as of
as of
Gains/Losses
Sep. 2010
Sep. 2010
for 1H(Fair Value)(=Fair ValueFY2010/Face Value)63%¥ (16)¥ (1)approx.
60%

¥ 25

27%

¥2

15

3

(1)

approx.
50%

0

0

0

3

CDOs backed by RMBS or CMBS

6

4

4

0

—

0

0

0

4

CDOs backed byClaims against Corporations*4

18

65

(1)

(1)

approx.
70%

—

—

—

147

65

(10)

(1)

approx.
70%

0

1

0

5

RMBS*5

6

RMBS with underlying assets
outside US, mainly in Europe

147

65

(10)

(1)

approx.
70%

—

—

—

7

RMBS with underlying assets
in US

—

—

—

—

—

0

1

0

245

88

(8)

1

approx.
50%

24

92

2

8

ABS, CLOs and Others

9

CLOs

166

97

(4)

0

approx.
50%

15

90

2

10

ABS

41

75

1

0

approx.
50%

9

101

0

11

CMBS

39

71

(5)

(0)

approx.
70%

0

0

(0)

*1. Except for the securitization products which were the reference assets of our securitization schemes for transferring credit risk to third parties (hedged portion), a Reserve for
Possible Losses on Investments has been provided against unrealized losses on securitization products related to the discontinuation of business regarding credit investments primarily in Europe, which had been made as an alternative to loans. The balance of reserve was approx. ¥11 billion as of Sep. 30, 2010. Since securities were recognized at fairvalue on the consolidated balance sheet, the relevant balances as of Sep. 30, 2010 were those after being offset by the amount of Reserve for Possible Losses on Investments*2. With respect to the vast majority of credit investments in securitization products made as an alternative to loans by the European, North American, and other offices, we changed
the calculation method for fair value and applied reasonably calculated prices based on the reasonable estimates of our management as fair value*3. The proportions of balances (fair value) of the securitization products, as of Sep. 30, 2010, which were the reference assets of our securitization schemes (with CDS and othermeans) for transferring credit risk to third parties until maturity. In some of the securitization schemes, a portion of credit risk of the reference assets remained with Mizuho
Financial Group through our retaining a small first loss position and a portion of senior tranches<Reference> CDS counterparties (Notional amount basis. Ratings were based on the lowest external ratings as of Sep. 30, 2010)• Financial services subsidiary (A- rating) of a multi-line insurance company: approx. ¥126 billion• Government-affiliated financial institution (AA- rating): approx. ¥81 billion*4. Securitization products backed by original assets (non-securitized assets)*5. Excluded US government-owned corporation bonds and government-sponsored enterprises bonds. Our holdings of US government-owned corporation bonds and governmentsponsored enterprises bonds as of Sep. 30, 2010 were as follows:
Banking Subsidiaries: Total balance of US government-owned corporation (Ginnie Mae) bonds and government-sponsored enterprises (GSE) (Fannie Mae, Freddie Mac)bonds (fair value): approx. ¥1,318 billion, with approx. ¥28 billion of unrealized gains
Almost all of the total balance was RMBS guaranteed by Ginnie Mae
Securities Subsidiaries: Total balance of RMBS issued or guaranteed by Ginnie Mae or GSE (Fannie Mae, Freddie Mac) (fair value): approx. ¥93 billion, total balance ofcorporate bonds issued by Fannie Mae or Freddie Mac (fair value): approx. ¥201 billion
Held for the purpose of, among other things, market-making activities in the US51

• Yen Denominated Securitization Products
Banking Subsidiaries, Securities Subsidiaries
Banking Subsidiaries = 3 Banks (incl. Overseas Subsidiaries)
Securities Subsidiaries = Mizuho Securities (incl. Overseas Subsidiaries)
Managerial accounting basis, billions of yen, round figures

Banking Subsidiaries: Banking AccountBalances as of Sep. 2010 Unrealized Gains/Losses(Fair Value)
as of Sep. 2010

1 Yen Denominated Securitization Products
2
3
4

¥

ABSCDOs, CDOs
CDOs backed by RMBS or CMBS
CDOs backed by Claims against Corporations

1,702

¥

*1

Securities Subsidiaries: Trading AccountBalances as of Sep. 2010
Realized Gains/Losses(Fair Value)for 1H FY2010

(12)

¥

94

¥

2

62

7

17

3

0

(0)

1

(0)

62

7

16

3

5

RMBS*2

899

8

3

0

6

ABS, CLOs and Others

(1)

741

(27)

74

7

CLOs

25

(0)

1

0

8

ABS

169

1

64

(0)

9

CMBS

548

(28)

10

(1)

*1. Realized losses for Banking Subsidiaries for 1H FY2010: approx. -¥0 billion*2. Represents RMBS originated by Japanese financial institutions and others (Japan Housing Finance Agency Bonds were excluded)<Reference> Balances of the Japan Housing Finance Agency Bonds as of Sep. 2010
Banking Subsidiaries
Balance (fair value): approx. ¥511 billion, Unrealized gains: approx. ¥12 billion
Securities Subsidiaries Balance (fair value): approx. ¥2 billion, Realized gains/losses: negligible(Reference)Managerial accounting basis, billions of yen, round figures

Banking Subsidiaries: Banking AccountBalances as of Sep. 2010 Unrealized Gains/Losses(Fair Value)
as of Sep. 2010

Total Securitization Products(Yen and Foreign Currency Denominated)

¥

2,117

52

¥

(28)

Securities Subsidiaries: Trading AccountBalances as of Sep. 2010
Realized Gains/Losses(Fair Value)for 1H FY2010

¥

119

¥

4

• Loans Held for Sale / Overseas ABCP Program / US Monoline / CDS / Others(Managerial accounting basis)

Banking Subsidiaries = 3 Banks (incl. Overseas Subsidiaries)
Loans Held for Sale related (Sep. 10)<Balances of Loans Held for Sale including Overseas LBO Transactions>(for which Reserve for Possible Losses on Sales of Loans was recorded)• Balance: approx. ¥32 billion• Reserve for Possible Losses on Sales of Loans: approx. ¥3 billion• Reserve ratio: approx. 9%• The figures shown above exclude those related to Intensive Control Obligors classification or below
The reserve ratio would be approx. 15%, if including the balances of Loans Held for Sale to such obligors and the amounts of bothReserves for Possible Losses on Loans and Reserve for Contingencies in relation to the relevant balances(Reference) <Leveraged Loans (Held for Sale + Own Loan Portfolio)>• Balance: approx. ¥0.9 trillion (of which held for sale: approx. ¥0.01 trillion)• Balance primarily include LBO financing and MBO financing
Includes commitments that had not been drawn but the documentations had been concluded
Overseas ABCP Program related (Sep. 10)<Assets Acquired by Overseas ABCP Conduits>• Balance: approx. ¥44 billion(of which securitization products backed by credit card receivables and account receivables: approx. ¥28 billion)• Breakdown of acquired assets:
23%
33%

6%

Credit card receivables
Account receivables
Loans against auto dealers
Others38%

US Monolines related (Sep. 10)<Loans Guaranteed by US Monolines>• Loan commitments to overseas infrastructure projects: approx. ¥15 billion
Mortgage Lenders in US related (Sep. 10)• Loan Balance: approx. ¥3 billion

53

Securities Subsidiaries = Mizuho Securities (incl. Overseas Subsidiaries)
CDS related to Foreign Currency Denominated Securitization Products (Sep. 10)
By Credit Ratings of Counterparties*1 and Reference Assets
Managerial accounting basis, billions of yen, round figures

Notional
Amount1 Total(A)

Fair Valueof Reference
Asset
(B)

¥ 115

¥ 102

Amount to be
Reserves
Claimed at thefor NPV
Settlement (NPV) (Counterparty Risks)
(C)
(D)

¥

13

¥

0

2

of which Counterparties are US Monolines

18

17

1

0

3

AAA

—

—

—

—

4

CDOs backed by RMBS

—

—

—

—

5

CDOs backed by Claims against Corporations

—

—

—

—

6

97

95

2

0

7

AA
CDOs backed by RMBS

—

—

—

—

8

CDOs backed by Claims against Corporations

97

95

2

0

9

of which Counterparties are US Monolines

18

17

1

0
0

10 A-BBB

19

7

12

11

CDOs backed by RMBS

19

7

12

0

12

CDOs backed by Claims against Corporations

—

—

—

—

13 Non-Investment Grade or No Ratings
14
CDOs backed by RMBS

—
—

—
—

—
—

—
—

15

—

—

—

—

CDOs backed by Claims against Corporations*1. Categorized by the lowest external credit ratings as of Sep. 2010
When the counterparty was guaranteed by third parties, categorized by the higher credit ratings of either of them54Interim Review (Status of Capital Adequacy)
For the Six Months ended September 30, 2010

<under Japanese GAAP>

Mizuho Financial Group, Inc.

The following is an English translation of excerpt regarding Basel II capital adequacy disclosure and relevant information
released in our Japanese language disclosure material published in January 2011. The capital adequacy disclosure and otherfinancial information included herein are based on Japanese GAAP pursuant to Japanese regulatory requirements.
In this report, “we,” “us,” and “our” refer to Mizuho Financial Group, Inc. and, unless the context indicates otherwise, itsconsolidated subsidiaries. “Mizuho Financial Group” refers to Mizuho Financial Group, Inc.

Status of Capital Adequacy
Capital adequacy ratio highlights.........................................................................................................................2■ Capital adequacy ratio highlights
Status of Mizuho Financial Group’s consolidated capital adequacy....................................................................3■ Consolidated capital adequacy ratio .................................................................................................3(1) Summary table of consolidated capital adequacy ratio (BIS standard)■ Risk-based capital.............................................................................................................................14(2) Required capital by portfolio classification■ Credit risk .........................................................................................................................................16(3) Credit risk exposure, etc.
■ Methods for credit risk mitigation ....................................................................................................31(4) Credit risk mitigation by portfolio classification■ Counterparty risk in derivatives transactions and long-settlement transactions................................32(5) Status of counterparty risk in derivatives transactions and long-settlement transactions■ Securitization exposure.....................................................................................................................34(6) Quantitative disclosure items for securitization exposure■ Market risk .......................................................................................................................................41■ Equity exposure in banking book .....................................................................................................42(7) Status of equity exposure in banking book1

Capital adequacy ratio highlights
The Basel II Framework, based on the “International
Convergence of Capital Measurement and CapitalStandards: A Revised Framework” issued by the BaselCommittee on Banking Supervision, requires the disclosureof capital adequacy information to ensure the enhanced
effectiveness of market discipline. Our disclosure is madeunder the “Matters Separately Prescribed by theCommissioner of the Financial Services Agency Regarding
Capital Adequacy Conditions, etc. pursuant to Article 19-2,
Paragraph 1, Item 5, Subitem (d), etc. of the Ordinance for

Enforcement of the Banking Law (Ministry of FinanceOrdinance No. 10 of 1982)” (FSA Notice No. 15 of2007).
As a method to calculate the amount of credit riskweighted assets under the Basel II Framework, we haveadopted the advanced internal ratings-based approach. In
addition, as a method to calculate the amount equivalent
to the operational risk, we have adopted the advanced
measurement approach.

■ Capital adequacy ratio highlights
As of September 30, 200912.89%
8.69%
5,147.4
2,733.4
250.8
7,630.0
59,170.0(Billions of yen)
As of September 30, 201015.40%
11.78%
6,260.1
2,262.9342.4
8,180.7
53,121.1

As of September 30, 200914.53%
11.44%
3,784.5
1,205.3
184.3
4,805.6
33,072.0(Billions of yen)
As of September 30, 201017.15%
14.38%
4,128.3
926.9
134.1
4,921.1
28,694.0

As of September 30, 200915.60%
10.39%
3,136.8
1,659.5
89.4
4,707.030,165.4(Billions of yen)
As of September 30, 201018.87%
14.15%
3,624.0
1,259.2
49.6
4,833.7
25,608.9

As of September 30, 200912.77%
7.49%
1,836.2
1,355.963.0
3,129.2
24,493.7
12.75%(Billions of yen)
As of September 30, 201013.01%
8.40%
1,972.8
1,174.0
90.5
3,056.4
23,482.6
12.91%

As of September 30, 200912.99%
7.64%
1,797.3
1,355.0
99.2
3,053.1
23,502.3
12.93%(Billions of yen)
As of September 30, 2010
13.09%
8.52%
1,931.5
1,173.3
136.2
2,968.6
22,670.0
12.97%

Mizuho Financial Group (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference)
Mizuho Corporate Bank (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets
Mizuho Corporate Bank (Non-consolidated)
Non-consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets
Mizuho Bank (Consolidated)
Consolidated capital adequacy ratio (Domestic standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference) Consolidated capital adequacy ratio (BIS standard)
Mizuho Bank (Non-Consolidated)
Non-consolidated capital adequacy ratio (Domestic standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference) Non-consolidated capital adequacy ratio (BIS standard)2

Status of Mizuho Financial Group’s consolidated capital adequacy■ Consolidated capital adequacy ratio(1) Summary table of consolidated capital adequacy ratio (BIS standard)Common stock and preferred stock
Non-cumulative perpetual preferred stock
Advance payment for new shares
Capital surplus
Retained earnings
Less: Treasury stock
Advance payment for treasury stock
Less: Dividends (estimate), etc
Less: Unrealized losses on other securities
Foreign currency translation adjustments
Stock acquisition rights
Tier 1 capital

Tier 2
capitalTier 3 capital
Deductions
for total riskbased capital
Total riskbased capital

Minority interest in consolidated subsidiaries
Preferred securities issued by overseas SPCs
Less: Goodwill equivalent
Less: Intangible fixed assets recognized as a result of a merger
Less: Capital increase due to securitization transactions
Less: 50% of excess of expected losses relative to eligible reserves by banks
adopting internal ratings-based approach
Total of Tier 1 capital before deduction of deferred tax assets (total of theabove items)
Deduction for deferred tax assets
Total
(A)
Preferred securities with a step-up interest rate provision(B)
Ratio to Tier 1 = (B) / (A) X 100
45% of unrealized gains on other securities
45% of revaluation reserve for land
General reserve for possible losses on loans
Excess of eligible reserves relative to expected losses by banks adoptinginternal ratings-based approach
Debt capital, etc.
Perpetual subordinated debt and other debt capital
Dated subordinated debt and redeemable preferred stock
Total
Tier 2 capital included as qualifying capital(C)
Short-term subordinated debt
Tier 3 capital included as qualifying capital
(D)

As of
September
30, 2009
1,805.5
552.1
696.0
5.1
(93.2)
2.3(Billions of yen)
As of
September
30, 2010
2,181.3
937.6
1,060.6
3.1(100.3)2.7

2,296.4
1,937.1
42.9
7.1

2,279.7
1,919.1
40.4
5.9

56.5

52.0

5,147.4
5,147.4
524.0
10.17%
73.1
112.1
5.6

6,260.1
6,260.1
524.0
8.37%
48.4
106.4
4.5

2,542.5
629.6
1,912.8
2,733.4
2,733.4-

2,103.4366.0
1,737.4
2,262.9
2,262.9-

Deductions for total risk-based capital

(E)

250.8

342.4

(A) + (C) + (D) – (E)(F)

7,630.0

8,180.7(G)

53,869.9
44,084.7
9,785.2
1,384.1
110.7
3,915.8
313.2
n.a.
n.a.
59,170.0
12.89%
8.69%

48,297.1
39,658.3
8,638.7
1,335.3
106.8
3,488.7
279.1
n.a.
53,121.1
15.40%
11.78%

Credit risk-weighted assets
On-balance-sheet items
Off-balance-sheet items
Market risk equivalent assets [(I)/8%]
Risk-weighted (Reference) Market risk equivalent
Operational risk equivalent assets [(K)/8%]
assets(Reference) Operational risk equivalent
Adjusted floor amount
Adjusted amount for credit risk-weighted assets
Adjusted amount for operational risk equivalent
Total [(G) + (H) + (J) + (L) + (M) + (N)]Consolidated capital adequacy ratio (BIS standard) = (F) / (O) X 100
Tier 1 capital ratio = (A) / (O) X 100

(H)
(I)
(J)
(K)
(L)
(M)
(N)
(O)

Notes:
1. The above figures are calculated based on the BIS standard applied on a consolidated basis under the “Standards for
Determining the Status of Capital Adequacy in consideration of assets held by a bank holding company and by its
subsidiaries, in accordance with Banking Law Article 52-25” (FSA Notice No. 20 of 2006 (the “Notice”)). For the
figures as of September 30, 2009 and 2010, we did not apply the exception to the Notice (FSA Notice No. 79 of 2008).
2. As it is not possible to break down Mizuho Financial Group’s common stock and preferred stock according to classesof stock, non-cumulative perpetual preferred stock is not stated separately from capital.
3. In calculating the consolidated capital adequacy ratio, we underwent an examination following the procedures agreed
with Ernst & Young ShinNihon LLC, on the basis of “Treatment in implementing examination by agreed-uponprocedures for calculating capital adequacy ratio” (Industry Committee Report No. 30 of the Japanese Institute of3

Certified Public Accountants). Note that this is not a part of the accounting audit performed on our consolidated
financial statements. This consists of an examination under agreed-upon procedures performed by Ernst & Young
ShinNihon LLC on a portion of the internal control structure concerning the calculation of the capital adequacy ratio
and a report of the results to us. As such, they do not represent an opinion regarding the capital adequacy ratio itself
nor the internal controls related to the calculation of the capital adequacy ratio.
4. The amounts of net deferred tax assets as of September 30, 2009 and 2010 were ¥615.1 billion and ¥447.0 billion,
respectively, and the maximum amounts of deferred tax assets that can be recorded without diminishing the amount ofTier 1 capital for the purpose of calculating capital adequacy ratio as of September 30, 2009 and 2010 were ¥1,029.4
billion and ¥1,252.0 billion, respectively.
5. The “adjusted floor amount” is the amount obtained by multiplying (i) 12.5 by (ii) the excess, if any, of the required
capital under the advanced internal rating-based approach and the gross profit allocation approach multiplied by therate prescribed in the Notice over the required capital under the advanced internal ratings-based approach and theadvanced measurement approach. The “adjusted amount for credit risk-weighted assets” is the amount obtained bymultiplying (i) 12.5 by (ii) the excess, if any, of the required capital under the foundation internal ratings-based
approach multiplied by the rate prescribed in the Notice over the required capital under the advanced internal ratingsbased approach; and the “adjusted amount for operational risk equivalent” is the amount obtained by multiplying (i)12.5 by (ii) the excess, if any, of the required capital under the basic indicator approach multiplied by the rateprescribed in the Notice over the required capital under the advanced measurement approach.
6. Among our group companies that were subject to the calculation of consolidated capital adequacy ratio pursuant to
Article 3 of the Notice, the numbers of consolidated subsidiaries were 164 and 163 as of September 30, 2009 and 2010,
respectively. There was no company that was subject to the deductions for total risk-based capital forth in Article 8,
Paragraph 1, Item 2, Subitem (a) through (c) of the Notice as of September 30, 2009 and 2010.

4

Summary of preferred securities
We have included each of the following preferred securities issued by our overseas special purpose companies as Tier 1
capital for the purposes of our consolidated capital adequacy ratios.
Preferred securities issued by SPCs of Mizuho Financial Group
Mizuho Preferred Capital (Cayman) 1 Limited (as “MPC1,” and the preferred securities described
Issuerbelow are referred to as the “MPC1 Preferred Securities.”)Non-cumulative perpetual preferred securities
Type ofsecurities
None
Mandatory
redemption
date
Optionally redeemable on each dividend payment date falling in or after June 2012 (subject to prior
Optional
approval from regulatory authorities)
redemption
Dividends
Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsMandatory
dividend
event

Distributableamounts
limitation
Dividend
limitations
Claims on
residual assets

Floating dividend rate (No dividend rate step-up. As stated in “Dividend suspension events” below,
dividend payments that are suspended are non-cumulative.)
Last business day of June in each year
¥171.0 billion
February 14, 2002
If any of the following events arise, dividend payments are suspended on a non-cumulative basis:(1) when Mizuho Financial Group issues to MPC 1 a Loss Absorption Certificate(1);(2) when dividends on Mizuho Financial Group’s Preferred Stock(2) are suspended;(3) when Mizuho Financial Group issues to MPC 1 a Distributable Amounts Limitation Certificate(4)stating that there are no Available Distributable Amounts(3); and(4) when the dividend payment date is not a Mandatory Dividend Payment Date(5), and Mizuho
Financial Group issues to MPC 1 a dividend instruction instructing it not to pay any dividends onsuch dividend payment date.
If Mizuho Financial Group pays any dividends on its common stock with respect to a fiscal year, full
dividends must be paid on Parity Preferred securities(6) in June of the calendar year in which such
fiscal year ends. However, it is subject to the following conditions: (1) no Loss Absorption
Certificate(1) has been issued; (2) no preferred stock dividend limitation has arisen with respect thereto(partial dividend payments are made to the extent applicable); and (3) no Distributable Amounts
Limitation Certificate(4) has been issued with respect thereto (partial dividends are paid to the extent
applicable).
When Mizuho Financial Group issues a Distributable Amounts Limitation Certificate(4) to MPC1,
dividends are limited to the Available Distributable Amounts(3).
When dividends on Mizuho Financial Group’s Preferred Stock(2) are reduced, dividends on Parity
Preferred Securities(6) are also reduced by an equal percentage.
Same priority as Mizuho Financial Group’s Preferred Stock(2)5Mizuho Capital Investment (USD) 1 Limited(“MCI (USD) 1,” and the preferred securities
described below are referred to as “MCI (USD) 1
Preferred Securities.”)Non-cumulative perpetual preferred securities

Mizuho Capital Investment (EUR) 1 Limited(“MCI (EUR) 1,” and the preferred securities
described below are referred to as “MCI (EUR) 1
Preferred Securities.”)Non-cumulative perpetual preferred securities

None

None

Starting from the dividend payment date falling in
June 2016, optionally redeemable on eachdividend payment date in five-year intervals(subject to prior approval from regulatory
authorities)
Fixed dividend rate for the first ten years(although a floating dividend rate is applied withrespect to dividend payment dates after June
2016. No dividend rate step-up. Dividend
payments that are suspended are non-cumulative.)
June 30th and December 30th of each year
US$600 million

Starting from the dividend payment date falling in
June 2011, optionally redeemable on eachdividend payment date in five-year intervals(subject to prior approval from regulatory
authorities)
Fixed dividend rate for the first five years(although a floating dividend rate is applied withrespect to dividend payment dates after June
2011. No dividend rate step-up. Dividend
payments that are suspended are non-cumulative.)
June 30th of each year until June 2011, and June
30th and December 30th of each year thereafter€500 million

March 13, 2006
(Mandatory dividend suspension or reduction
event)(1) When a Liquidation Event(7), Reorganization
Event(8), Insolvency Event(9) or Governmental
Action(10) has occurred to Mizuho Financial
Group;(2) when Mizuho Financial Group’s Available
Distributable Amounts(11) is insufficient, or
dividends on its preferred stock(13) aresuspended or reduced;(Optional dividend suspension or reduction event)(3) when the capital adequacy ratio of Mizuho
Financial Group or its Tier 1 capital ratio fails
to meet the minimum requirement, or would
fall short as a result of the dividend paymentson the MCI (USD) 1 Preferred Securities, andMizuho Financial Group issues a dividend
suspension notice to MCI (USD) 1; and(4) when Mizuho Financial Group fails to pay
dividends on its common stock and issues adividend suspension notice to MCI (USD) 1.
If Mizuho Financial Group pays any dividends on
its common stock with respect to a fiscal year,
dividend payments for the full amount of MCI(USD) 1 Preferred Securities must be made on
the dividend payment dates during the subsequentfiscal year; provided thatno event for the mandatory suspension or
reduction of dividends has occurred and that nodividend suspension notice has been issued inconjunction with the occurrence of an optional
dividend suspension or reduction event.
Dividends for the MCI (USD) 1 preferred
securities are paid to the extent of Mizuho
Financial Group’s Available Distributable
Amounts(11).

March 13, 2006
(Mandatory dividend suspension or reduction
event)(1) When a Liquidation Event(7), Reorganization
Event(8), Insolvency Event(9) or Governmental
Action(10) has occurred to Mizuho Financial
Group;(2) when Mizuho Financial Group’s Available
Distributable Amounts(12) is insufficient, or
dividends on its preferred stock(13) aresuspended or reduced;(Optional dividend suspension or reduction event)(3) when the capital adequacy ratio of Mizuho
Financial Group or its Tier 1 capital ratio fails
to meet the minimum requirement, or would
fall short as a result of the dividend paymentson the MCI (EUR) 1 Preferred Securities, andMizuho Financial Group issues a dividend
suspension notice to MCI (EUR) 1; and(4) when Mizuho Financial Group fails to pay
dividends on its common stock and issues adividend suspension notice to MCI (EUR) 1
If Mizuho Financial Group pays any dividends on
its common stock with respect to a fiscal year,
dividend payments for the full amount of MCI(EUR) 1 Preferred Securities must be made on
dividend payment dates during the subsequentfiscal year; provided that no event for the
mandatory suspension or reduction of dividends
has occurred and that no dividend suspension
notice has been issued in conjunction with theoccurrence of an optional dividend suspension or
reduction event.
Dividends for the MCI (EUR) 1 preferred
securities are paid to the extent of Mizuho
Financial Group’s Available Distributable
Amounts(12).

Dividend
limitations

When dividends on Mizuho Financial Group’s
Preferred Stock(13) are reduced, dividends on MCI(USD) 1 Preferred Securities are also reduced byan equal percentage.

When dividends on Mizuho Financial Group’s
Preferred Stock(13) are reduced, dividends on MCI(EUR) 1 Preferred Securities are also reduced byan equal percentage.

Claims forresidual assets

Same priority as Mizuho Financial Group’s
Preferred Stock(13)Same priority as Mizuho Financial Group’s
Preferred Stock(13)IssuerType ofsecurities
Mandatory
redemption
date
Optional
redemption

Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsMandatory
dividend event

Distributableamounts
limitation

6

IssuerMizuho Capital Investment(JPY) 1 Limited (“MCI (JPY)
1,” and the preferred securities
described below are referred toas “MCI (JPY) 1 Preferred
Securities.”)Mizuho Capital Investment(JPY) 2 Limited (“MCI (JPY)2,” and the preferred securities
described below are referred toas “MCI (JPY) 2 Preferred
Securities.”)

Type ofsecurities
Mandatory
redemption
date
Optional
redemption

Non-cumulative perpetual
preferred securities
None

Non-cumulative perpetual
preferred securities
None

Mizuho Capital Investment(JPY) 3 Limited (“MCI (JPY)3,” and the preferred securities
described below (Series A and
Series B) are collectively
referred to as “MCI (JPY) 3
Preferred Securities.”)Non-cumulative perpetual
preferred securities
None

Starting from the dividend
payment date falling in June
2016, optionally redeemable oneach dividend payment date infive -year intervals (subject toprior approval from regulatory
authorities)
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2016. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)

Starting from the dividend
payment date falling in June
2018, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Starting from the dividend
payment date falling in June
2019, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2018. Dividendrate step-up is applied.
Dividend payments that aresuspended are non-cumulative.)

Series A
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2019. Dividendrate step-up is applied.
Dividend payments that aresuspended are non-cumulative.)

Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsJune 30th and December 30th ofeach year¥400 billion

June 30th and December 30th ofeach year¥274.5 billion

January 12, 2007
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(14) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 1 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 1; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andJanuary 11, 2008
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(15) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 2 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 2; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock and7

Series B
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2019. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)
June 30th and December 30th ofeach year
Series A ¥249.5 billion
Series B ¥53.5 billion
July 11, 2008
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(16) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 3 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 3; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 1
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 1
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 1
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(14).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 1 Preferred
securities are also reduced by anequal percentage.

issues a dividend suspension
notice to MCI (JPY) 2
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 2
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 2
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(15).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 2 Preferred
securities are also reduced by anequal percentage.

issues a dividend suspension
notice to MCI (JPY) 3
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 3
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 3
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(16).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 3 Preferred
securities are also reduced by anequal percentage.

Claims forresidualassetsSame priority as Mizuho
Financial Group’s Preferred
Stock(13)Same priority as Mizuho
Financial Group’s Preferred
Stock(13)Same priority as Mizuho
Financial Group’s Preferred
Stock(13)IssuerMizuho Capital Investment(JPY) 4 Limited (“MCI (JPY)4,” and the preferred securities
described below are referred toas “MCI (JPY) 4 Preferred
Securities.”)Mizuho Capital Investment(USD) 2 Limited (“MCI (USD)
2,” and the preferred securities
described below are referred toas “MCI (USD) 2 Preferred
Securities.”)

Type ofsecurities

Non-cumulative perpetual
preferred securities

Non-cumulative perpetual
preferred securities

Mizuho Capital Investment(JPY) 5 Limited (“MCI (JPY)5,” and the preferred securities
described below (Series A,
Series B and Series C) arecollectively referred to as “MCI(JPY) 5 Preferred Securities.”)Non-cumulative perpetual
preferred securities

Mandatory
redemption
date

None

None

None

Optional
redemption

Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Starting from the dividend
payment date falling in June
2014, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Series A
Starting from the dividend
payment date falling in June
2014, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Mandatory
dividend
event

Distributableamounts
limitation
Dividend
limitations

Series B
Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)
Series C
Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

8Dividends

Fixed dividend rate for the firstseven years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)

Fixed dividend rate for the first
five years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2014. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Series A
Fixed dividend rate for the first
five years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2014. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)
Series B
Fixed dividend rate for the firstsix years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)
Series C
Fixed dividend rate for the firstsix years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)

Dividend
payment date

March 31, 2009 and June 30thand December 30th of each year

June 30th and December 30th ofeach year

June 30th and December 30th ofeach year

Total amountissued¥355 billion$850 million

Series A ¥139.5 billion
Series B ¥72.5 billion
Series C ¥25.0 billion

Issue date

December 29, 2008

February 27, 2009

Series A June 30, 2009
Series B August 31, 2009
Series C September 29, 2009

Dividendsuspension
events(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(17) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 4 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 4; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 4(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(18) is
insufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (USD) 2 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (USD) 2; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (USD) 2(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(19) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 5 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 5; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 5

9

Mandatory
dividend
event

Distributableamounts
limitation
Dividend
limitations

Claims forresidualassetsIf Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 4
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 4
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(17).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 4 Preferred
securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(13)

If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (USD) 2
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (USD) 2
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(18).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (USD) 2 Preferred
securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(13)Notes:(1) Loss Absorption Certificate
Refers to a certificate that Mizuho Financial Groupdelivers to the issuer (in case of the loss absorption
event set forth in clause (iv) below, the issuancethereof is at our discretion) upon any of the following
events with respect to Mizuho Financial Group: (i)liquidation event that shall be deemed to occur wherea liquidation proceeding is commenced by or against
Mizuho Financial Group or a competent court inJapan shall have (a) adjudicated Mizuho Financial
Group to be subject to bankruptcy proceedings or (b)approved a preparation of a reorganization plan for
abolishment of all business of Mizuho Financial
Group; (ii) reorganization event that shall be deemed
to occur if a competent court in Japan shall haveadjudicated (a) the commencement of a corporate
reorganization proceeding of Mizuho Financial Group
under the Corporate Reorganization Law or (b) thecommencement of a civil rehabilitation proceeding ofMizuho Financial Group under the Civil
Rehabilitation Law; (iii) governmental action thatshall be deemed to occur if the government authority
in Japan (a) publicly declares Mizuho Financial Groupis not able to pay its debts as they become due, (b)publicly declares Mizuho Financial Group’s liabilities
exceed its assets, (c) publicly declares Mizuho
Financial Group to be under public management or (d)issues an order that Mizuho Financial Group betransferred to a third party; (iv) inadequate ratio eventthat shall be deemed to occur if capital adequacy ratio
or Tier 1 capital ratio fails to meet the minimum
requirement or would fall short as a result of adividend payment on the relevant preferred securities;(v) default event that shall be deemed to occur if
Mizuho Financial Group is not able to pay its debts asthey become due or would not be able to do so as aresult of a dividend payment on the relevant preferred
securities; or (vi) insolvency event shall be deemed tooccur if the liabilities of Mizuho Financial GroupIf Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 5Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 5
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(19).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 5 Preferred
securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(13)exceeds its assets or would exceed its assets as a resultof a dividend payment on the relevant preferred
securities.
(2) Preferred Stock
Refers to preferred stock of Mizuho Financial Groupqualifying as Tier 1 capital and ranking most seniorcompared to other preferred stock of Mizuho
Financial Group as to dividend payments. It includes
such preferred stocks that are issued in the future.
(3) Available Distributable Amounts
Refers to the maximum amount available fordividends (“Distributable Amounts”) calculated basedon the immediately preceding fiscal year’s financial
statements, less the aggregate amount of dividends
paid previously during the current fiscal year andscheduled to be paid thereafter in respect of such
fiscal year in respect of any Preferred Stock (provided
that each interim dividend payment on Preferred
Stock to be paid during such current Fiscal Year shallbe excluded in calculating Available Distributable
Amounts). Notwithstanding the foregoing, if there are
securities issued by a company other than Mizuho
Financial Group of which the rights to dividends andthe rights at the time of liquidation, etc., aredetermined by reference to the financial condition andresults of operation of Mizuho Financial Group andwhich rank, in relation to MPC1, equal in point ofsubordination as the Parity Preferred Securities(6)(“Parallel Preferred Securities”), the Available
Distributable Amounts are adjusted as follows:
Available Distributable Amounts after the
adjustment = Available Distributable
Amounts x (Total of full dividend
payment amount for Parity Preferred
Securities(6) in such fiscal year) / (Total offull dividend payment amount for Parity
Preferred Securities(6) in such fiscal year
+ Total amount of full dividend payment

10

amount for Parallel Securities in such
fiscal year)(4) Distributable Amounts Limitation Certificate
Refers to a certificate issued by Mizuho Financial
Group on or before the annual general meeting ofshareholders to issuers if Available Distributable
Amounts falls short of total dividends to be paid on
the dividend payment date, which shall set forth the
Available Distributable Amounts of such fiscal year.
(5) Mandatory Dividend Payment Date
Refers to a dividend payment date in June of acalendar year when a fiscal year of Mizuho Financial
Group ends with respect to which it paid dividends on
its common stock.
(6) Parity Preferred Securities
Refers to the collective designation for preferred
securities and MPC1 Preferred Securities issued by
MPC1 which are perpetual and the dividend payment
dates and the use of proceeds are the same as that of
the relevant MPC1 Preferred Securities. (As to MPC1,
for example, Parity Preferred Securities are thecollective designation of MPC1 Preferred Securities
as well as other preferred securities that satisfy theabove conditions if newly issued in the future.)(7) Liquidation Event
Shall be deemed to occur where a liquidation
proceeding is commenced by or against Mizuho
Financial Group or a competent court in Japan shallhave (i) adjudicated Mizuho Financial Group to be
subject to bankruptcy proceedings or (ii) approved a
preparation of a reorganization plan for abolishmentof all business of Mizuho Financial Group.
(8) Reorganization Event
Shall be deemed to occur if a competent court inJapan shall have adjudicated (i) the commencement ofa corporate reorganization proceeding of Mizuho
Financial Group under the Corporate Reorganization
Law or (ii) the commencement of a civil rehabilitation
proceeding of Mizuho Financial Group under the
Civil Rehabilitation Law.
(9) Insolvency Event
Shall be deemed to occur if (i) Mizuho Financial
Group is not able to pay its debts as they become due
or would not be able to do so as a result of a dividend
payment on the relevant preferred securities, or (ii) if
the liabilities of Mizuho Financial Group exceeds its
assets or would exceed its assets as a result of adividend payment on the relevant preferred securities.
(10) Governmental Action
Shall be deemed to occur if the government authority
in Japan (i) publicly declares Mizuho Financial Groupis not able to pay its debts as they become due, (ii)publicly declares Mizuho Financial Group’s liabilities
exceed its assets, (iii) publicly declares Mizuho
Financial Group to be under public management or(iv) issues an order that Mizuho Financial Group betransferred to a third party.
(11) Available Distributable Amounts for MCI (USD) 1
Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (USD) 1
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (USD) 1 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (USD) 1
Preferred Securities.
(ii) Amount available in December

Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (USD) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date falling in June, pro-rated between full
dividends on MCI (USD) 1 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (USD) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(12) Available Distributable Amounts for MCI (EUR) 1
Preferred Securities(Up to the dividend payment date falling in June
2011)
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend payment amount on MCI(EUR) 1 Preferred Securities and the full dividend
payment amount on preferred securities for the thencurrent fiscal year that are equivalently subordinatedin nature with MCI (EUR) 1 Preferred Securities(“Equivalent Securities”).
(From the dividend payment date falling in December
2011)(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend payment amount on MCI(EUR) 1 Preferred Securities and the full dividend
amount on Equivalent Securities to which dividends
are paid in whole or in part or declared to be paid onor prior to the relevant dividend payment date of MCI(EUR) 1 Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Sock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (EUR) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date falling in June, pro-rated between full
dividends on MCI (EUR) 1 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (EUR) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(13) Preferred Stocks
Refers to preferred stock of Mizuho Financial Groupqualifying as Tier 1 capital and ranking most seniorcompared to other preferred stock of Mizuho
Financial Group as to dividend payments and claims
to residual assets.
(14) Available Distributable Amounts for the MCI (JPY)
1 Preferred Securities11

of dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 3
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (JPY) 3 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 3
Preferred Securities.
(ii) Amount available in December (except for theamount available in December 2008)
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 3
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 3 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 3 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(iii) Amount available in December 2008
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments) and (B) the
dividends on Equivalent Securities paid or declared tobe paid from April 1, 2008 to June 30, 2008, pro-rated
between full dividends on MCI (JPY) 3 Preferred
Securities for the dividend payment date falling in
December 2008 and full dividends on Equivalent
Securities paid in whole or in part or declared to be
paid from the day after June 30, 2008 up to thedividend payment date falling in December 2008.
(17) Available Distributable Amounts for the MCI (JPY)
4 Preferred Securities(i) Amount available in March 2009
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe fiscal year ended March 31, 2008, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments) and (B) the
dividends on Equivalent Securities paid or declared tobe paid from April 1, 2008 to December 30, 2008,
pro-rated between the full dividend amount on MCI(JPY) 4 Preferred Securities and the full dividend
amount on preferred securities that are equivalently
subordinated in nature with MCI (JPY) 4 Preferred
Securities (“Equivalent Securities”) to which
dividends are paid in whole or in part or declared tobe paid from the day after December 30, 2008 up to
the dividend payment date falling in March 2009.
(ii) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 4
Preferred Securities and the full dividend amount on
Equivalent Securities to which dividends are paid inwhole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 4
Preferred Securities.

(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 1
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (JPY) 1 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 1
Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 1 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(15) Available Distributable Amounts for the MCI (JPY)
2 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 2
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (JPY) 2 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 2
Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 2
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 2 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 2 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(16) Available Distributable Amounts for the MCI (JPY)
3 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amount12

(iii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 4
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 4 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 4 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(18) Available Distributable Amounts for the MCI(USD) 2 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (USD) 2
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (USD) 2 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (USD) 2
Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (USD) 2
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (USD) 2 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (USD) 2 Preferred

Securities falling in June up to the dividend payment
date falling in December.
(19) Available Distributable Amounts for the MCI (JPY)5 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 5Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (JPY) 5 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 5Preferred Securities.
(ii) Amount available in December (except for theamount available in December 2009)
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 5Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 5 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 5 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(iii) Amount available in December 2009
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe fiscal year ended March 31, 2009, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments) and (B) the
dividends on Equivalent Securities paid or declared tobe paid from April 1, 2009 to June 30, 2009, pro-rated
between full dividends on MCI (JPY) 5 Preferred
Securities for the dividend payment date falling in
December 2009 and full dividends on Equivalent
Securities paid in whole or in part or declared to be
paid from the day after June 30, 2009 up to thedividend payment date falling in December 2009.

.

13

■ Risk-based capital(2) Required capital by portfolio classification
As of September 30, 2009
EAD
Requiredcapital153,459.9
5,981.0
145,097.7
5,714.1
52,284.2
3,444.0
2,880.1
324.8
55,956.0
65.7
5,441.8
190.5
13,147.3
568.2
10,590.0
381.1
336.1
30.0
2,221.0
157.0
3,830.5
455.1
899.8
155.6
265.1
73.4

(Billions of yen)
As of September 30, 2010
EAD
Requiredcapital154,714.2
5,347.8
146,497.4
5,080.6
48,548.0
2,940.0
2,707.1
316.9
62,418.9
57.5
4,934.9
144.7
13,835.1
649.8
10,743.4
425.4
345.5
30.7
2,746.1
193.6
3,461.6
365.6
941.5
99.4
274.6
75.8

Credit risk
Internal ratings-based approach
Corporate (except specialized lending)Corporate (specialized lending)
SovereignBank
RetailResidential mortgage
Qualifying revolving loans
Other retail
Equities, etc.
PD/LGD approach
Market-based approach (simple risk
weight method)
Market-based approach (internal
models approach)Transitional measure applied
2,665.5226.0
2,245.4
190.4
Regarded-method exposure
988.1
306.9
1,114.9
287.8
Purchased receivables
2,081.6
99.7
1,959.9
65.4
Securitizations
5,200.0
74.2
4,503.0
79.5
Others3,287.5
184.7
3,013.4
172.9
8,216.8
267.1
Standardized approach
8,362.2
266.9
Sovereign
3,787.5
5.7
3,817.9
3.7
Bank
1,614.6
28.8
1,587.1
27.7
Corporate
2,341.4
162.8
2,208.8
167.3
Residential mortgage
0.0
0.0
0.0
0.0
Securitizations
35.5
34.5
40.9
35.4
Others
583.0
34.9
562.0
32.9
Market risk
n.a.
110.7
n.a.
106.8
n.a.
n.a.
79.1
Standardized approach
77.4
Interest rate risk
n.a.
54.9
n.a.
55.9
Equities risk
n.a.
13.4
n.a.
14.2
Foreign exchange risk
n.a.
2.5
n.a.
2.9
Commodities risk
n.a.
6.4
n.a.
6.0
Option transactions
n.a.
n.a.
n.a.
n.a.
27.6
Internal models approach
33.3
Operational risk
n.a.
313.2
n.a.
279.1
Advanced measurement approach
n.a.
248.5
n.a.
230.0
Gross profit allocation approach
n.a.
n.a.
n.a.
n.a.
Basic indicator approach
n.a.
64.6
n.a.
49.0
Total required capital (consolidated)
n.a.
4,733.6
n.a.
4,249.6
Notes:
1. EAD: Exposure at default.
2. PD: Probability of default.
3. LGD: Loss given default.
4. Required capital: For credit risk, the sum of (i) 8% of credit risk-weighted assets, (ii) expected losses and (iii) deduction
from capital. For market risk, the market risk equivalent amount. For operational risk, the operational risk equivalentamount.
5. Total required capital (consolidated): 8% of the denominator of the capital adequacy ratio.
6. The major exposures included in each portfolio classification of internal ratings-based approach are as follows:
Corporate (excluding
specialized lending)Credits to corporations and sole proprietors (excluding credits to retail customers)

Corporate (specialized
lending)

Credits which limit interest and principal repayment sources to cash flow derived from specific realestate, chattel, businesses, etc.

SovereignCredits to central governments, central banks and local governmental entities

Bank

Credits to banks and securities companies, etc.

RetailHousing loans (residential mortgage), credit card loans (qualifying revolving retail loans) and otherindividual consumer loans and loans to business enterprises with total credit amount of less than ¥100
million (other retail), etc.

Equities, etc.

Capital stock, preferred securities, perpetual subordinated debt, etc. (excluding trading assets)* The transitional measure applies to those held from September 30, 2004 or earlier, and others areapplied either the PD/LGD approach or the market-based approach.

Regarded-method
exposure

Investment trusts and funds, etc.

14

Purchased receivables

Receivables purchased from third parties excluding securities (excluding securitizations)

Securitizations

Transactions in the form of “non-recourse” or having a “senior/subordinated structure” (excluding
specialized lending)

7. EAD calculated using the standardized approach for credit risk represents the amount before the deduction of specificreserve for possible losses on loans, reserve for possible losses on loans to restructuring countries and partial direct
write-offs.

15

■ Credit risk
(3) Credit risk exposure, etc.
We exclude regarded-method exposure and securitization exposure from the amount of credit risk exposure.
The outstanding balance is based on exposure at default.
No significant difference exists between period-end credit risk position and the average credit risk position during thetwelve months ended September 30, 2009 and 2010.
○ Status of credit risk exposure(A) Breakdown by geographical area

(Billions of yen)
As of September 30, 2009

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
75,327.1
14,661.8
2,609.4
1,895.8

OTC
derivatives
2,504.2
2,696.7
119.7
224.0

Others
Total
Domestic
5,893.4
114,153.2
Overseas2,508.8
24,756.2
Asia
467.0
3,670.7
Central and
4.2
2,271.9South America
North America
5,158.2
2,316.6
814.7
1,684.3
9,974.0
Eastern
65.2
0.4
1.0
66.7
EuropeWestern
3,637.1
1,788.3
1,441.6
278.7
7,145.9
EuropeOther areas
1,295.7
161.6
96.0
73.3
1,626.7
Total
89,988.9
35,317.2
5,200.9
8,402.2
138,909.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,326.6
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using the standardized
approach for business units and asset classes that are immaterial for the purpose of calculating credit risk-weighted
assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.
Securities
30,428.3
4,888.8
474.4
147.7

(Billions of yen)
As of September 30, 2010
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
73,774.3
13,594.2
3,024.6
1,870.9

Securities
34,547.9
7,171.9
554.2
165.5

OTC
derivatives
2,385.9
2,157.4
125.7
248.5

Others
Total
Domestic
5,176.1
115,884.3
Overseas
2,071.0
24,994.7
Asia
577.8
4,282.5
Central and
2.8
2,287.9South
America
North4,343.7
4,331.5
648.3
1,067.7
10,391.3
America
Eastern
60.5
0.1
1.6
62.2
EuropeWestern
3,199.9
1,977.6
1,022.7
326.1
6,526.5
EuropeOther areas
1,094.4
142.9
111.9
94.8
1,444.1
Total
87,368.6
41,719.8
4,543.4
7,247.2
140,879.1
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,175.9
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using the standardized
approach for business units and asset classes that are immaterial for the purpose of calculating credit risk-weighted
assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

16

(B) Breakdown by industry(Billions of yen)
As of September 30, 2009
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures

Securities

OTC
derivatives

OthersTotal
14,374.2
2,350.0
704.4
157.2
17,586.0
Manufacturing
1,647.5
235.2
22.1
9.7
1,914.6
Construction
7,581.9
561.7
56.4
52.4
8,252.5
Real estate
4,661.2
1,263.1
219.5
93.0
6,237.0
Service industries
7,491.3
605.6
827.7
350.5
9,275.4
Wholesale and retail
10,053.7
1,312.3
2,637.9
829.0
14,833.1
Finance and insurance
11,970.2
0.3
15.5
11,986.0
Individuals
14,071.3
4,581.2
725.7
5,419.2
24,797.6
Other industries
18,137.3
24,407.7
6.5
1,475.3
44,026.8
Japanese Government;
Bank of Japan
89,988.9
35,317.2
5,200.9
8,402.2
138.909.4
Total
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,326.6
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.
(Billions of yen)
As of September 30, 2010
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures

Securities

OTC
derivatives

OthersTotal
13,248.3
2,146.0
683.9
215.2
16,293.5
Manufacturing
1,475.5
186.1
24.7
3.5
1,689.9
Construction
6,943.9
521.3
64.2
45.0
7,574.6
Real estate
4,004.9
1,872.4
188.0
88.2
6,153.7
Service industries
7,056.3
586.3
736.6
426.9
8,806.3
Wholesale and retail
9,634.0
1,808.1
2,075.0
889.9
14,407.1
Finance and insurance
12,092.8
0.3
14.4
12,107.5
Individuals
13,400.7
5,809.2
761.0
4,629.0
24,600.0
Other industries
Japanese Government;
19,511.7
28,790.2
9.2
934.7
49,246.0
Bank of Japan
87,368.6
41,719.8
4,543.4
7,247.2
140,879.1
Total
8,175.9
Exempt portion
n.a.
n.a.
n.a.
n.a.
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.

17

(C) Breakdown by residual contractual maturity(Billions of yen)
As of September 30, 2009

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
29,765.1
15,389.9

Securities
11,954.0
9,961.6

OTC
derivatives
536.7
2,237.5

Others
Total
Less than one year
1,192.8
43,448.8
From one year to less
26.8
27,616.0
than three years
From three years to less
9,779.3
4,998.3
1,297.2
6.5
16,081.4
than five years
Five years or more
21,450.44,550.6
1,041.6
25.9
27,068.7
Other than above
13,604.1
3,852.4
87.7
7,150.1
24,694.4
Total
89,988.9
35,317.2
5,200.9
8,402.2
138,909.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,326.6
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.
(Billions of yen)
As of September 30, 2010

Less than one year
From one year to lessthan three years
From three years to lessthan five years
Five years or more
Other than above
Total
Exempt portion

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
29,157.4

Securities
15,044.1

OTC
derivatives
498.0

Others1,358.5

Total
46,058.1

14,570.6

9,091.1

1,787.2

15.6

25,464.7

8,668.2
23,625.0
11,347.2
87,368.6
n.a.

7,720.8
6,495.6
3,368.1
41,719.8
n.a.

1,147.3
1,026.8
83.8
4,543.4
n.a.

24.9
0.1
5,847.8
7,247.2
n.a.

17,561.4
31,147.6
20,647.0
140,879.1
8,175.9

Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.

18

○ Status of exposure past due three months or more or in default(D) Breakdown by geographical area

(Billions of yen)
As of September 30, 2009

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
1,756.1
295.9
47.8
20.9

Securities
67.4
0.6
0.0
0.0

OTC
derivatives
38.0
0.1
0.0
-

Others
Total
Domestic
81.1
1,942.7
Overseas
25.9
322.7
Asia
4.4
52.4
Central and South
0.0
20.9
America
North America
86.5
0.6
0.0
16.1
103.4
Eastern Europe
6.3
0.0
6.3
Western Europe
103.1
0.0
4.5
107.8
Other areas
31.0
0.0
0.6
31.6
Total
2,052.0
68.1
38.2
107.0
2,265.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
5.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.
(Billions of yen)
As of September 30, 2010
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
1,719.5
191.2
34.0

Securities
38.4
2.0
0.0

OTC
derivatives
52.5
1.2
0.1

OthersTotal
80.6
1,891.1
Domestic
21.2
215.7
Overseas
Asia
3.9
38.2
Central and SouthAmerica
12.3
1.5
0.7
0.0
14.5
North America
25.3
0.5
0.0
15.1
41.0
Eastern Europe
10.8
0.0
10.8
Western Europe
63.3
0.2
1.7
65.3
Other areas
45.2
0.0
0.3
45.6
Total
1,910.8
40.4
53.7
101.8
2,106.9
Exempt portion
n.a.
n.a.
n.a.
n.a.
3.1
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

19

(E) Breakdown by industry(Billions of yen)
As of September 30, 2009
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
397.8
118.3
423.7
274.9
262.5
98.4
149.7
326.4
2,052.0
n.a.

Securities
6.1
10.9
2.4
4.7
10.4
0.9
32.3
68.1
n.a.

OTC
derivatives
5.5
0.7
0.7
3.6
12.8
0.5
14.1
38.2
n.a.

Others
Total
Manufacturing
21.4
430.9
Construction
2.9
132.9
Real estate
11.1
438.0
Service industries
7.7
291.1
Wholesale and retail
34.9
320.8
Finance and insurance
17.8
117.8
Individuals
1.4
151.2
Other industries
9.4
382.4
Total
107.0
2,265.4
Exempt portion
n.a.
5.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.
(Billions of yen)
As of September 30, 2010
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
414.9
96.5
323.2
239.9
264.5
46.8
241.8
282.9
1,910.8
n.a.

Securities
9.2
10.3
7.9
3.3
3.0
1.8
4.6
40.4
n.a.

OTC
derivatives
14.1
0.4
0.4
5.2
26.8
0.5
6.1
53.7
n.a.

Others
Total
Manufacturing
17.0
455.4
Construction
1.4
108.7
Real estate
5.2
336.8
Service industries
7.0
255.5
Wholesale and retail
37.7
332.1
Finance and insurance
17.5
66.6
Individuals
1.6
243.4
Other industries
14.1
307.9
Total
101.8
2,106.9
Exempt portion
n.a.
3.1
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

20

○ Status of reserves for possible losses on loans
The amounts associated with regarded-method exposure and securitization exposure are excluded.
(F) Period-end balances of reserves for possible losses on loans and changes during the six-month period(after partial direct write-offs)(Billions of yen)
As of, or for
As of, or forthe six months ended, the six months ended,
September 30, 2009
September 30, 2010
General reserve for possible
Beginning balance
583.2
563.8
losses on loans
Increase during the six-month
period584.5
533.2
Decrease during the six-month
period583.2
563.8
Ending balance
584.5
533.2
Beginning balance
299.5
317.7
Specific reserve for possible
losses on loans
Increase during the six-month
period350.9
306.0
Decrease during the six-month
period299.5
317.7
Ending balance
350.9
306.0
Reserve for possible losses on
Beginning balance
0.5
0.1
loans to restructuring countries
Increase during the six-month
period0.4
0.0
Decrease during the six-month
period0.5
0.1
Ending balance
0.4
0.0
Total
Beginning balance
883.4
881.8
Increase during the six-month
935.8
839.3
periodDecrease during the six-month
883.4
881.8
periodEnding balance
935.8
839.3
Note:
General reserve for possible losses on loans in the above table represents the amount recorded in our consolidatedbalance sheet, and the amounts associated with regarded-method exposure and securitization exposure are notexcluded.

21

(G) Specific reserve for possible losses on loans by geographical area and industry
As of March 31, 2009
218.6
16.1
5.4
51.8
34.2
35.0
2.8
58.7
14.3
74.5
6.4
299.5

As of September 30, 2009
286.0
14.4
6.2
50.7
26.0
36.9
11.3
61.3
78.7
54.8
9.9
350.9

(Billions of yen)
Change
67.4
(1.6)
0.7
(1.0)
(8.2)
1.9
8.5
2.6
64.4
(19.6)
3.5
51.3

As of March 31, 2010
274.8
24.7
6.4
30.2
22.5
29.0
9.4
71.1
81.2
36.2
6.7
317.7

As of September 30, 2010
272.8
25.5
6.8
27.1
16.4
31.8
6.5
78.7
79.6
27.7
5.4
306.0

(Billions of yen)
Change
(2.0)
0.8
0.4
(3.0)
(6.1)
2.8
(2.8)
7.5
(1.6)
(8.5)
(1.2)
(11.7)

Domestic
Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
OthersOverseas
Exempt portion
Total
Notes:
1. Exempt portion represents the amount calculated using the standardized approach for business units and asset
classes that are immaterial for purposes of calculating credit risk-weighted assets.
2. Following the revision of the Japan Standardized Industrial Classification in November 2007, partial amendment
has been made to the industry classification of the six-month period ended September 30, 2009. Such amendment
is also reflected in the figures as of March 31, 2009.

Domestic
Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
OthersOverseas
Exempt portion
Total
Note:
Exempt portion represents the amount calculated using the standardized approach for business units and asset
classes that are immaterial for purposes of calculating credit risk-weighted assets.
(H) Write-offs of loans by industry
For the six months ended
September 30, 2009
6.3
1.3
11.9
3.5
15.8
0.2
1.0
28.9
0.3
69.5

(Billions of yen)
For the six months ended
September 30, 2010
5.7
1.2
2.3
4.6
9.5
0.3
0.5
4.7
0.0
29.4

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
OthersExempt portion
Total
Notes:
1. The above table shows the breakdown of losses on write-offs of loans recorded in our consolidated statement ofincome after excluding the amounts associated with regarded-method exposure and securitization exposure.
2. Exempt portion represents the amount calculated using the standardized approach for business units and asset
classes that are immaterial for purposes of calculating credit risk-weighted assets.
3. “Others” include overseas and non-Japanese resident portions.

22

○ Status of exposure to which the standardized approach is applied(I) Exposure by risk weight category after applying credit risk mitigation
As of September 30, 2009
On-balance sheet

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%
625%
937.5%
1,250%

791.7
2.7
347.4
0.0
32.7
2,069.7
0.0
3,244.6

Off-balance
sheet
2,872.4
1,260.5
20.3
928.7
0.0
0.0
0.0
5,082.0(Billions of yen)

Total

With externalrating3,664.1
2.7
1,608.0
0.0
53.0
2,998.4
0.0
0.0
0.0
8,326.6

75.1
33.9
16.2
50.0
0.0
175.3

Total
Notes:
1. The amounts in the above table are before the deduction of specific reserve for possible losses on loans, reserve forpossible losses on loans to restructuring countries and partial direct write-offs.
2. Off-balance-sheet exposure shows credit equivalent amount.

(Billions of yen)
As of September 30, 2010
On-balance sheet

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%
625%
937.5%
1,250%

459.9
0.7
351.5
0.0
17.2
1,970.3
0.4
2,800.2

Off-balance
sheet
3,285.4
1,217.9
5.4
866.8
0.0
0.0
5,375.6

Total

With externalrating3,745.3
0.7
1,569.4
0.0
22.7
2,837.2
0.4
0.0
0.0
8,175.9

73.3
2.8
8.5
35.3
120.0

Total
Notes:
1. The amounts in the above table are before the deduction of specific reserve for possible losses on loans, reserve forpossible losses on loans to restructuring countries and partial direct write-offs.
2. Off-balance-sheet exposure shows credit equivalent amount.
(J) Deduction from capital
As of September 30, 200934.3

Deduction from capital

23(Billions of yen)
As of September 30, 201034.9

○ Status of exposure to which the internal ratings-based approach is applied(K) Specialized lending exposure under supervisory slotting criteria by risk weight category(Billions of yen)
As of September 30, 2009 As of September 30, 2010
50%
253.5
191.7
70%
695.9
704.0
90%
159.3
266.8
95%
70.6
0.2
Risk weight
115%
388.8
156.6
120%
15.0
15.6
140%
13.0
15.0
250%
397.5
425.0
Default
32.6
48.2
Total
2,026.5
1,823.6(L) Equity exposure under simple risk weight method by risk weight category(Billions of yen)
As of September 30, 2009 As of September 30, 2010
Risk weight
300%
194.4
204.4
400%
70.7
70.1
Total
265.1
274.6
Note:
Of the equity exposure under the simple risk weight method, 300% risk weight is applied for listed equities and 400%
for unlisted equities.

24(M) Portfolio by asset class and ratings segment (Corporate, etc.)(Billions of yen, except percentages)
PD(EAD
weighted
average)
(%)
5.14
0.14

LGD
(EAD
weighted
average)
(%)
35.87
36.67

EL
default(EAD
weighted
average
(%)
n.a.
n.a.

As of September 30, 2009
Risk
weight(EAD
EAD
weighted
On(Billions
average)balanceof yen)
(%)
sheet
51.80
54,862.3
40,452.0
26.37
29,242.2
19,082.1

Offbalance
sheet
14,410.2
10,160.1

Amountofundrawn
commitments
10,008.7
7,846.9

Weighted
average ofcreditconversion
factor
(%)
75.20
75.21

Corporate
Investment
grade zone
Non3.94
33.19
n.a.
83.73
23,778.3
19,608.3
4,170.0
2,143.5
75.10
investment
grade zone
Default
100.00
57.78
54.52
43.24
1,841.7
1,761.5
80.1
18.1
81.06
0.01
39.15
n.a.
1.39
56,174.0
42,076.9 14,097.1
86.0
75.00
Sovereign
Investment
0.00
39.14
n.a.
1.18
56,029.8
41,937.3 14,092.5
85.6
75.00
grade zone
Non1.28
39.13
n.a.
83.38
141.3
139.5
1.8
0.4
75.00
investment
grade zone
Default
100.00
99.04
96.85
29.09
2.8
0.1
2.7
1.01
37.30
n.a.
33.91
5,581.0
1,758.9
3,822.0
356.9
77.23
Bank
Investment
0.14
36.46
n.a.
26.86
4,767.9
1,345.4
3,422.5
270.9
78.18
grade zone
Non1.61
39.53
n.a.
77.41
775.5
376.5
398.9
86.0
74.24
investment
grade zone
Default
100.00
98.07
95.79
30.27
37.5
36.9
0.5
4.07
90.00
n.a.
176.70899.8
899.8
Equityexposure
under
PD/LGDapproach
Investment
0.08
90.00
n.a.
116.67644.9
644.9
grade zone
Non5.4590.00
n.a.
361.97231.3
231.3
investment
grade zone
Default
100.00
90.00
90.00
23.5
23.5
2.48
37.92
n.a.
27.81
117,517.3
85,187.8 32,329.4
10,451.7
75.27
Total
Investment
0.06
38.57
n.a.
11.48
90,684.9
63,009.8 27,675.1
8,203.6
75.31
grade zone
Non3.86
33.95
n.a.
86.12
24,926.7
20,355.8
4,570.9
2,229.9
75.07
investment
grade zone
Default
100.00
59.03
55.83
42.43
1,905.5
1,822.1
83.4
18.1
81.06
Notes:
1. Investment grade zone includes obligor ratings A1 to B2, non-investment grade zone includes C1 to E2 (excluding E2R), anddefault includes E2R to H1.
2. “Corporate” does not include specialized lending exposure under supervisory slotting criteria.
3. Each asset class includes purchased receivables.
4. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

25

(Billions of yen, except percentages)
PD(EAD
weighted
average)
(%)
4.68

LGD
(EAD
weighted
average)
(%)
35.64

EL
default(EAD
weighted
average)(%)
n.a.

As of September 30, 2010
Risk
weight(EAD
EAD
weighted
On(Billions
average)balanceof yen)
(%)
sheet
48.33
50,979.5
37,185.9

Offbalance
sheet
13,793.5

Amountofundrawn
commitments
10,023.8

Weighted
average ofcreditconversion
factor
(%)
75.11

Corporate
Investment
grade
0.12
36.77
n.a.
24.41
28,839.6
18,689.7
10,149.8
8,176.6
75.13
zone
Noninvestment
3.61
32.52
n.a.
82.58
20,528.9
16,992.8
3,536.1
1,805.5
75.02
grade
zone
Default
100.00
55.31
52.28
40.26
1,610.9
1,503.3
107.5
41.6
75.53
0.01
38.78
n.a.
1.14
62,716.8
48,197.1
14,519.6
113.4
79.82
Sovereign
Investment
grade
0.00
38.78
n.a.
1.02
62,637.9
48,120.1
14,517.7
113.1
79.83
zone
Noninvestment
2.24
38.77
n.a.
93.43
78.7
76.9
1.8
0.3
75.00
grade
zone
Default
100.00
68.75
64.06
62.13
0.0
0.0
0.80
37.67
n.a.
28.40
5,049.1
1,946.2
3,102.9
248.6
78.22
Bank
Investment
grade
0.11
37.17
n.a.
24.66
4,643.6
1,806.8
2,836.7
187.1
79.28
zone
Noninvestment
1.59
39.19
n.a.
74.64
376.4
110.7
265.7
61.4
75.00
grade
zone
Default
100.00
98.89
96.78
27.92
29.0
28.5
0.4
Equityexposure
0.60
90.00
n.a.
125.33
941.5
941.5
under
PD/LGDapproach
Investment
grade
0.08
90.00
n.a.
108.55
831.0
831.0
zone
Noninvestment
1.79
90.00
n.a.
258.61
107.5
107.5
grade
zone
Default
100.00
90.00
90.00
3.0
3.0
2.04
37.80
n.a.
23.37
119,687.0
88,270.9
31,416.1
10,385.9
75.24
Total
Investment
grade
0.04
38.54
n.a.
10.03
96,952.3
69,447.8
27,504.4
8,476.9
75.29
zone
Noninvestment
3.56
32.95
n.a.
83.38
21,091.7
17,288.0
3,803.6
1,867.3
75.02
grade
zone
Default
100.00
56.15
53.13
39.97
1,643.0
1,534.9
108.0
41.6
75.53
Notes:
1. Investment grade zone includes obligor ratings A1 to B2, non-investment grade zone includes C1 to E2 (excluding E2R), anddefault includes E2R to H1.
2. “Corporate” does not include specialized lending exposure under supervisory slotting criteria.
3. Each asset class includes purchased receivables.
4. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

26

(Reference) Obligor ratings
Obligor ratings(major category)Definition of ratings

A1–A3

Obligors whose certainty of debt fulfillment is very high, hence theirlevel of credit risk is excellent.

B1–B2

Obligors whose certainty of debt fulfillment poses no problems for theforeseeable future, hence their level of credit risk is sufficient.

C1–C3

Obligors whose certainty of debt fulfillment and their level of credit
risk pose no problems for the foreseeable future.

D1–D3
E1
E2

F1

Classification

Investment grade zone

Obligors whose current certainty of debt fulfillment poses no problems,
however, their resistance to future changes in business environment is
Non-investment grade zone
low.
Obligors who require close watching going forward because there areproblems with their borrowings, such as reduced or suspended interest
payments, problems with fulfillment such as de facto postponements ofprincipal or interest payments, or problems with their financial
R* positions as a result of their poor or unstable business conditions.
Obligors who are not yet bankrupt but are in financial difficulties andare deemed to be very likely to go bankrupt in the future because they
are finding it difficult to make progress in implementing their
management improvement plans (including obligors who are receiving
ongoing support from financial institutions).
Default

G1

Obligors who have not yet gone legally or formally bankrupt but whoare substantially bankrupt because they are in serious financial
difficulties and are not deemed to be capable of restructuring.

H1

Obligors who have already gone bankrupt, from both a legal and/or
formal perspective.

* Including restructured loans and loans past due for three months or more

27

(N) Portfolio by asset class and ratings segment (Retail)(Billions of yen, except percentages)
As of September 30, 2009PD
(EAD
weighted
average)
(%)

LGD
(EAD
weighted
average)(%)

EL
default(EAD
weighted
average)(%)

Riskweight(EAD
weighted
average)(%)

EAD(Billionsof yen)Onbalance
sheet

Weighted
Amount of average ofundrawn
creditOffcommit- conversion
balancements factor (%)
sheet

Residential
2.18
41.79
n.a.
32.26
10,590.0
10,178.4
411.5
9.6
75.00
mortgage
Non-default
0.87
41.65
n.a.
32.26
10,449.4
10,044.2
405.1
9.6
75.00
Default
100.00
52.30
49.85
32.45
140.6
134.1
6.4
Qualifying
revolving loans
3.64
85.55
n.a.
73.13
336.1
233.9
102.2
1,413.4
7.23(retail)
Non-default
3.22
85.55
n.a.
73.24
334.7
232.7
101.9
1,411.1
7.23
Default
100.00
85.32
81.73
47.66
1.4
1.2
0.2
2.2
11.64
4.50
57.01
n.a.
57.58
2,221.0
2,196.8
24.2
28.9
71.36
Other retailNon-default
1.84
57.09
n.a.
58.22
2,161.0
2,139.6
21.3
25.7
69.02
Default
100.00
54.37
51.76
34.59
60.0
57.1
2.8
3.1
90.33
2.61
45.48
n.a.
37.58
13,147.3
12,609.2
538.0
1,451.9
8.96
Total
Non-default
1.09
45.36
n.a.
37.65
12,945.1
12,416.6
528.4
1,446.5
8.78
Default
100.00
53.15
50.65
33.20
202.1
192.5
9.5
5.4
57.73
Notes:
1. Each asset class includes purchased receivables.
2. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

(Billions of yen, except percentages)
As of September 30, 2010
PD
(EAD
weighted
average)
(%)

LGD
(EAD
weighted
average)(%)

EL
default(EAD
weighted
average)(%)

Riskweight(EAD
weighted
average)(%)

EAD(Billionsof yen)Onbalance
sheet

Weighted
Amount of average ofundrawn
creditOffcommit- conversion
balancements factor (%)
sheet

Residential
2.95
41.93
n.a.
32.83
10,743.4
10,387.8
355.5
8.7
75.00
mortgage
Non-default
0.82
41.78
n.a.
32.83
10,512.4
10,164.4
348.0
8.7
75.00
Default
100.00
48.96
46.44
33.17
230.9
223.4
7.5
Qualifying
3.72
83.85
n.a.
72.38
345.5
239.6
105.8
1,426.8
7.42
revolving loans(retail)
Non-default
3.26
83.85
n.a.
72.48
343.8
238.3
105.5
1,424.5
7.41
Default
100.00
83.37
79.53
50.43
1.6
1.3
0.2
2.2
12.86
5.81
52.64
n.a.
52.34
2,746.1
2,716.3
29.8
25.6
72.13
Other retailNon-default
2.28
52.61
n.a.
52.92
2,647.1
2,620.5
26.5
22.6
69.12
Default
100.00
53.59
50.80
36.92
99.0
95.7
3.2
3.0
94.39
3.54
45.11
n.a.
37.69
13,835.1
13,343.8
491.2
1,461.3
8.96
Total
Non-default
1.17
44.97
n.a.
37.78
13,503.5
13,023.3
480.2
1,455.9
8.78
Default
100.00
50.51
47.91
34.38
331.6
320.5
11.0
5.3
59.66
Notes:
1. Each asset class includes purchased receivables.
2. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

28

(O) Actual losses by asset class
For the period from
October 1, 2008 throughSeptember 30, 2009
Actual losses
433.9
0.0
0.0
21.3
2.2
6.2
463.9

(Billions of yen)
For the period from
October 1, 2009 throughSeptember 30, 2010
Actual losses
45.2
0.3
(3.1)
36.6
0.2
22.4
101.8

Corporate
SovereignBank
Residential mortgage
Qualifying revolving loans (retail)
Other retail
Total
Notes:
1. We have changed the method of calculation of actual losses for the above table starting the period from October 1,
2009 through September 30, 2010. We also reflected such changes to the periods from October 1, 2008 throughSeptember 30, 2009 in the above table.
2. Actual losses are the sum of the net increase (decrease) in the amount of partial direct write-offs, specific reservefor possible losses on loans and general reserve for possible losses on loans (for claims against special attention
obligors or below), etc., as well as tax-qualified direct write-offs, losses from sales of non-performing loans, losses
from debt forgiveness and losses from debt-equity swaps during the relevant period. Equity exposure under the
PD/LGD approach is not included in the amount of actual losses.
<Analysis>
Actual losses for the period from October 1, 2009 through September 30, 2010 decreased by ¥362.0 billion from theperiod from October 1, 2008 through September 30, 2009 to ¥101.8billion. The decrease was due mainly to asignificant decrease in losses from corporate exposure reflecting the improvement of obligor classifications throughour business revitalization support to corporate customers.

(P) Comparison of estimated and actual losses by asset class(Billions of yen)
For the period from October 1, 2007
For the period from October 1, 2008
through September 30, 2008
through September 30, 2009
Estimated losses
Estimated losses(expected losses as of(expected losses as of
September 30, 2007)
September 30, 2008)
After
After
deduction
deduction
ActualActualof reservesoflosseslossesreserves
Corporate
1,060.5
202.0
28.2
998.6
390.4
433.9
Sovereign
2.2
(9.3)
0.7
1.6
(10.7)
0.0
Bank
8.0
4.2
34.4
18.9
(18.4)
0.0
Residential mortgage
85.8
18.6
16.9
96.4
22.9
21.3
Qualifying revolving loans (retail)
7.4
2.5
0.0
8.0
3.1
2.2
Other retail
50.1
12.6
4.3
53.2
16.0
6.2
Total
1,214.3
230.7
84.8
1,176.9
403.3
463.9
Notes:
1. We have changed the method of disclosure and calculation of actual losses for the above table starting the period
from October 1, 2009 through September 30, 2010. Thus, we reflected such changes to the periods from October 1,
2007 through September 30, 2008 and from October 1, 2008 through September 30, 2009 in the above table.
2. Estimated losses after deduction of reserve are the amount after deductions of partial direct write-offs, specificreserves for possible losses on loans and general reserves for possible losses on loans (for claims against special
attention obligors or below), etc., as of the beginning of each period. Equity exposure under the PD/LGD approachis not included in the amount of estimated losses.
3. Actual losses are the sum of the net increase (decrease) in the amount of partial direct write-offs, specific reserves
for possible losses on loans and general reserves for possible losses on loans (for claims against special attention
obligors or below), etc., as well as tax-qualified direct write-offs, losses from sales of non-performing loans, losses
from debt forgiveness and losses from debt-equity swaps during the relevant period. Equity exposure under the
PD/LGD approach is not included in the amount of actual losses.

29

(Billions of yen)
For the period from October 1, 2009
through September 30, 2010
Estimated losses(expected losses as of
September 30, 2009)
After
Actualdeduction
lossesof reserves
1,377.8
503.2
45.2
4.1
(8.3)
0.3
42.7
5.6
(3.1)
107.8
26.5
36.6
10.4
3.6
0.2
54.6
15.8
22.4
1,597.7
546.6
101.8

Corporate
SovereignBank
Residential mortgage
Qualifying revolving loans (retail)
Other retail
Total
Notes:
1. We have changed the method of disclosure and calculation of actual losses for the above table starting the period
from October 1, 2009 through September 30, 2010.
2. Estimated losses after deduction of reserve are the amount after deductions of partial direct write-offs, specificreserves for possible losses on loans and general reserves for possible losses on loans (for claims against special
attention obligors or below), etc., as of the beginning of each period. Equity exposure under the PD/LGD approachis not included in the amount of estimated losses.
3. Actual losses are the sum of the net increase (decrease) in the amount of partial direct write-offs, specific reserves
for possible losses on loans and general reserves for possible losses on loans (for claims against special attention
obligors or below), etc., as well as tax-qualified direct write-offs, losses from sales of non-performing loans, losses
from debt forgiveness and losses from debt-equity swaps during the relevant period. Equity exposure under the
PD/LGD approach is not included in the amount of actual losses.

30

■ Methods for credit risk mitigation(4) Credit risk mitigation by portfolio classification
The amounts of exposure to which the method of credit risk mitigation through collateral and guarantees is applied are as
follows:(Billions of yen)
As of September 30, 2009
Financial
Other
Creditcollateralcollateralderivatives
Guarantees
Total
Internal ratings-based
3,014.9
4,939.0
5,427.9
174.1
13,556.0
approachCorporate
2,484.1
4,864.0
2,890.6
154.4
10,393.1
Sovereign
0.5
25.7
1,482.5
1,508.8
Bank
517.0
1.8
238.2
19.7
776.8
Retail
13.2
47.4
816.5
877.2
Residential mortgage
286.7
286.7
Qualifying revolving
loans
0.9
0.9
Other retail
13.2
47.4
528.8
589.5
Othersn.a.
87.6
2,582.2
Standardized approach
2,494.5
n.a.
Sovereign
2,260.0
2.1
2,262.2
n.a.
1.7
Bank
1.7
n.a.
85.5
318.2
Corporate
232.7
n.a.
Residential mortgagen.a.
Securitizations
n.a.
OthersTotal
5,509.4
4,939.0
5,515.6
174.1
16,138.2(Billions of yen)
FinancialcollateralInternal ratings-based
approachCorporate
SovereignBank
RetailResidential mortgage
Qualifying revolving
loans
Other retail
OthersStandardized approach
Sovereign
Bank
Corporate
Residential mortgage
Securitizations
OthersTotal

As of September 30, 2010
Other
collateral
Guarantees

Creditderivatives

Total

2,355.6

4,728.7

5,247.2

44.1

12,375.7

1,981.9
0.2
343.0
30.5
-

4,508.6
23.1
21.8
175.1
-

3,281.5
669.3
295.6
1,000.7
262.6

34.4
9.6
-

9,806.5
692.6
670.2
1,206.3
262.6

-

-

0.6

-

0.6

30.5
2,864.7
2,747.7
4.1
112.9
5,220.4

175.1
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
4,728.7

737.4
5,247.2

44.1

943.0
2,864.7
2,747.7
4.1
112.9
15,240.531

■ Counterparty risk in derivatives transactions and long-settlement transactions(5) Status of counterparty risk in derivatives transactions and long-settlement transactions(A) Status of derivatives transactions and long-settlement transactions
Derivative transactions
Current exposure
methodForeign exchangerelated transactions
Interest rate-relatedtransactions
Gold-relatedtransactions
Equity-relatedtransactions
Transactions related toprecious metals(other than gold)
Other commodityrelated transactions
Credit derivatives
transactions
Subtotal
Effect of credit
equivalent amounts
mitigation by closeout netting settlement
contracts
Subtotal
Effect of credit risk
mitigation bycollateral
Total

As of September 30, 2009
Gross
Gross
Creditreplacement add-on equivalentcostamount3,237.1 2,064.6
5,301.8(Billions of yen)
As of September 30, 2010
Gross
Gross
Creditreplacement add-on equivalentcostamount2,887.5 1,760.1
4,647.7

13,060.6

3,752.8

16,813.5

8,231.7

2,363.4

10,595.1

0.0

0.0

0.0

0.0

-

0.0

92.8

67.7

160.6

100.7

101.2

201.9

0.0

0.0

0.0

0.0

0.0

0.0

149.5

107.1

256.6

92.1

75.8

168.0

213.4

683.2

896.6

104.7

607.7

712.5

16,753.6
n.a.

6,675.7
n.a.

23,429.4
16,464.7

11,417.0
n.a.

4,908.5
n.a.

16,325.5
10,923.9(C)=(A)+(B)
(D)

n.a.
n.a.

n.a.
n.a.

6,964.6
970.0

n.a.
n.a.

n.a.
n.a.

5,401.6463.5(C)+(D)

n.a.

n.a.

5,994.6

n.a.

n.a.

4,938.0(A)(B)

Creditequivalentamountn.a.

Creditequivalentamount260.4

Standardized method
Total
Note:
As for the method of calculating credit equivalent amounts, the current exposure method is used as of September 30,
2009 and the current exposure method and standardized method are used as of September 30, 2010.
Long-settlement transactions
As of September 30, 2009
Gross
Gross addCredit
replacementonequivalentcostamount5.4
0.7
6.2(Billions of yen)
As of September 30, 2010
Gross
Gross addCredit
replacementonequivalentcostamount6.9
0.3
7.3

Long-settlementtransactions
Notes:
1. The current exposure method is used as the method to calculate credit equivalent amounts.
2. Neither the “effect of credit equivalent amounts mitigation by close-out netting settlement contracts” nor the “effectof credit risk mitigation by collateral” applies to long-settlement transactions.
(B) Amounts of credit risk mitigation by type
As of September 30, 2009
65.6
72.4
19.8
157.9

Financial collateral
Other collateral
Guarantees, others
Total

32

(Billions of yen)
As of September 30, 2010
60.9
67.8
17.2
146.0

(C) Notional amount of credit derivatives subject to credit equivalent amount calculations(Billions of yen)
As of September 30, 2009
As of September 30, 2010
Notional amount
Notional amountCredit derivatives type:
Credit default swap
Bought5,327.1
4,529.4
Sold4,739.9
4,310.6
Total return swap
BoughtSold
Total
Bought5,327.1
4,529.4
Sold4,739.9
4,310.6
Note: Credit derivatives used for credit risk mitigation are as follows:
As of September 30, 2009
254.1

Credit derivatives used for credit risk mitigation

33(Billions of yen)
As of September 30, 201093.4

■ Securitization exposure(6) Quantitative disclosure items for securitization exposure○ Securitization exposure as originator(A) Information by type of underlying assets

Conventional securitizations
Amount of underlying assets (a)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodGains and losses recognized onsales during the six-month
periodSecuritization subject to early
amortization treatment
Synthetic securitizations
Amount of underlying assets (b)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodTotal amount of underlying assets(a)+(b)(Billions of yen)
As of, or for the six months ended, September 30, 2009

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateSecuritization
products

Total

-

252.1
2.7
0.2

-

-

8.1
1.2
0.0

1.7
-

-

261.9
3.9
0.3

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

741.4
-

20.2
-

-

761.6

-

-

-

-

158.7

-

-

158.7

-

252.1

-

-

749.6

21.9

-

1,023.6-

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2009.
2. “Amount of underlying assets” and “Losses during the six-month period” include those related to, in addition to
exposure originated by us, exposure to assets originated by other financial institutions if they are contained in the same
securitization program.
3. “Default exposure” and “Losses during the six-month period” with respect to synthetic securitization transactions are
based on the definition of default as set forth in the respective transactions.
4. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction.
5. “Credit cards” include shopping credit receivables, card loans, etc.
6. The risk mitigating effects, in the context of calculating capital adequacy ratio, of transfers (hedges) of risk throughsynthetic securitization transactions are reflected in “Required capital” of “(B) Information of securitization exposure
retained or purchased.”
7. Of the securitization exposure retained or purchased whose risk has been transferred (hedged) through securitization
schemes, we have categorized securitization exposure as investor if the risk transfer (hedge) effects are not reflected in
the calculation of capital adequacy ratio, following the definition for classification of securitization exposure set forthin the Consolidated Capital Adequacy Ratio Notice, etc. Classification based on type of underlying assets is conductedaccording to the principal underlying asset type for each transaction.

34

(Billions of yen)
As of, or for the six months ended, September 30, 2010
Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateSecuritization
products

Total

-

214.9
4.1

-

-

-

-

-

214.9
4.1

0.5

-

-

-

-

-

0.5

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

870.3

46.4

-

-

916.8

-

-

-

-

-

-

-

-

-

-

-

50.0

12.8

-

62.8

214.9

-

-

870.3

46.4

-

1,131.7

Creditcards

Conventional securitizations
Amount of underlying assets (a)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodGains and losses recognized onsales during the six-month
periodSecuritization subject to early
amortization treatment
Synthetic securitizations
Amount of underlying assets (b)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodTotal amount of underlying assets(a)+(b)---

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2010.
2. “Amount of underlying assets” and “Losses during the six-month period” include those related to, in addition to
exposure originated by us, exposure to assets originated by other financial institutions if they are contained in the same
securitization program.
3. “Default exposure” and “Losses during the six-month period” with respect to synthetic securitization transactions are
based on the definition of default as set forth in the respective transactions.
4. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction.
5. “Credit cards” include shopping credit receivables, card loans, etc.
6. The risk mitigating effects, in the context of calculating capital adequacy ratio, of transfers (hedges) of risk throughsynthetic securitization transactions are reflected in “Required capital” of “(B) Information of securitization exposure
retained or purchased.”
7. Of the securitization exposure retained or purchased whose risk has been transferred (hedged) through securitization
schemes, we have categorized securitization exposure as investor if the risk transfer (hedge) effects are not reflected in
the calculation of capital adequacy ratio, following the definition for classification of securitization exposure set forthin the Consolidated Capital Adequacy Ratio Notice, etc. Classification based on type of underlying assets is conductedaccording to the principal underlying asset type for each transaction.

35

(B) Information of securitization exposure retained or purchased
─Exposure by risk weight category and underlying asset type and amount of required capital─
As of September 30, 2009
CorporateRealestateSecuritization
products

Total

Requiredcapital

-

703.5
5.0
32.9
2.8

14.1
3.0
1.5
3.0

-

703.5
14.1
3.0
42.0
5.0
32.9
5.8

4.3
0.4
0.1
3.5
0.5
0.7

-

744.3

21.7

-

806.6

9.8

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

40.5
0.0

-

-

40.5

-

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from
capital
Total(Billions of yen)(Billions of yen)
As of September 30, 2010
Real
estateSecuritization
products

Total

Requiredcapital

824.0
24.7
21.6
0.6

36.3
3.0
1.5

-

824.0
36.3
3.0
38.1
24.7
23.1

5.0
0.9
0.1
3.0
0.2
0.6

5.5

-

6.1

0.6

871.0

46.4

-

955.6

10.9

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Corporate

-

38.1
-

-

-

-

38.1

-

-

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from
capitalTotal

─Capital increase due to securitization transactions─(Billions of yen)
As of September 30, 2009

Capital increase due tosecuritization transactions

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

5.7

-

-

CorporateRealestateSecuritization
products

Total

-

-

-

5.7

(Billions of yen)
As of September 30, 2010

Capital increase due tosecuritization transactions

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

4.7

-

-

CorporateRealestateSecuritization
products

Total

-

-

-

4.7

─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice─(Billions of yen)
As of September 30, 2009 As of September 30, 2010
Credit risk-weighted assets calculated pursuant to Article
15 of Supplementary Provisions of the FSA Capital
Adequacy Ratio Notice36

○ Securitization exposure as sponsor of securitization programs (ABCP/ABL)(C) Information by type of underlying assets

Amount of underlying assets
Default exposure
Estimated loss amountrelated to underlying assets
Amount of exposures
securitized during the sixmonth period(Billions of yen)
As of, or for the six months ended, September 30, 2009

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

RealestateOthers

Total

178.2
0.8

-

132.5
1.2

368.7
0.8
1.2

434.9
5.6
4.4

-

55.3
0.1
0.4

1,169.9
6.6
8.3

774.7

-

534.0

2,045.4

1,302.3-

186.9

4,843.5

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2009.
2. Securitization exposure that is acquired in securitization of customer’s claims other than as sponsor (in the form ofasset-backed securities, trust beneficiary rights and other transferable instruments) is categorized as securitization
exposure as investor.
3. The amount of default exposure is the amount of the underlying assets recognized as default in the calculation ofcapital adequacy ratio.
4. Estimated loss amount related to underlying assets is based on the amount of the underlying assets as of the relevant
date and the following parameters that are used in the calculation of capital adequacy ratio:
・ parameters used in the calculation of required capital for an underlying asset when applying the supervisory
formula (e.g., PD); and・ with respect to underlying assets classified as securitization exposure, the conservative application of risk weights
used in the ratings-based approach.
5. Classification based on type of underlying assets is conducted according to the principal underlying asset type foreach transaction. Transactions that are difficult to classify are included under “Others.”
6. “Credit cards” include shopping credit receivables, card loans, etc.
(Billions of yen)
As of, or for the six months ended, September 30, 2010

Amount of underlying assets
Defaultexposure
Estimated loss amountrelated to underlying assets
Amount of exposures
securitized during the sixmonth period

-

Auto
loans
92.0
-

Lease
payment
receivables
234.1
0.3

Account
and note
receivables
390.2
6.8

0.2

-

0.6

1.1

3.9

601.1

-

376.6

1,388.6

1,181.9

Credit
cards
93.1
-

Residential
mortgage
loans

-

Real
estate-Others
12.0
0.2

Total
821.7
7.4

-

0.1

6.0

-

106.8

3,655.1

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September 30,
2010.
2.Securitization exposure that is acquired in securitization of customer’s claims other than as sponsor (in the form of assetbacked securities, trust beneficiary rights and other transferable instruments) is categorized as securitization exposure as
investor.
3. The amount of default exposure is the amount of the underlying assets recognized as default in the calculation of capital
adequacy ratio.
4. Estimated loss amount related to underlying assets is based on the amount of the underlying assets as of the relevant date
and the following parameters that are used in the calculation of capital adequacy ratio:
・ parameters used in the calculation of required capital for an underlying asset when applying the supervisory formula(e.g., PD); and・ with respect to underlying assets classified as securitization exposure, the conservative application of risk weights
used in the ratings-based approach.
5. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
6. “Credit cards” include shopping credit receivables, card loans, etc.

37

(D) Information of securitization exposure retained or purchased
─Exposure by risk weight category and underlying asset type and amount of required capital─
As of September 30, 2009

(Billions of yen)

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

RealestateOthersTotal

Up to 20%

161.1

-

95.4

364.4

351.3

-

53.6

6.7

Up to 50%
Up to 100%
Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets areforeign assets

10.5
0.9
-

-

38.8
-

0.3
5.2
-

39.8
1.2
0.5
1.9
-

-

8.1
-

1,026.
0
39.8
59.1
6.6
1.9
-

172.5
26.3

-

134.2
-

370.0
9.0

394.9
36.8

-

61.7
40.1

1,133.6
112.3

12.3
n.a.

Risk
weightRequiredcapital

1.0
3.4
0.7
0.4
-

Notes:
1. Securitization exposure retained or purchased includes unused portions of securitization programs that are subject toallocation of required capital.
2. The classification of transactions of which the underlying assets are foreign assets is conducted according to theprincipal underlying assets of each transaction.
(Billions of yen)
As of September 30, 2010

Up to 20%
Up to 50%
Risk
Up to 100%weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets areforeign assets

Credit
cards
120.1

-

Residential
mortgage
loans

-

Auto
loans
100.3

-

Lease
payment
receivables
228.0
7.7

-

Account
and note
receivables
338.6
34.0
0.1
0.6
1.8

-

Real
estate Others
32.6
-

-

-

Total
819.7
41.8
0.1
0.6
1.8

Requiredcapital
5.2
0.9
0.0
0.0
0.4

-

-

-

-

-

-

-

-

100.3

235.7

375.2

-

-

120.1

32.6

864.1

6.6

14.6

-

-

8.3

32.0

-

23.0

78.1

n.a.

Notes:
1. Securitization exposure retained or purchased includes unused portions of securitization programs that are subject toallocation of required capital.
2. The classification of transactions of which the underlying assets are foreign assets is conducted according to theprincipal underlying assets of each transaction.

─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice─(Billions of yen)
As of September 30, 2009
As September 30, 2010
Credit risk-weighted assets calculated pursuant to Article 15of Supplementary Provisions of the FSA Capital Adequacy
Ratio Notice-38

○ Securitization exposure as investor(E) Information of securitization exposure retained or purchased
─Exposure by risk weight category and underlying asset type and amount of required capital─
As of September 30, 2009

Up to 20%
Up to 50%
Risk
Up to 100%weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets
are foreign assets
Exposure on
resecuritizations(Billions of yen)

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers

Total

Requiredcapital

31.6
0.9
4.3
2.8
-

1,455.5
16.6
25.7
1.4
3.7
-

304.4
1.0
0.2
-

241.7
5.0
1.3
-

259.3
39.0
13.7
1.2
4.2
-

445.9
215.6
21.4
1.7
2.8
-

123.0
12.2
1.0
-

2,861.7
290.6
67.9
4.4
13.8
-

26.9
7.7
4.6
0.9
5.4
-

39.8
17.0

4.5
1,507.6
210.5

305.7
50.1

248.2
16.7

12.6
330.1
234.3

30.9
718.6
52.6

8.6
145.0
17.8

56.7
3,295.3
599.3

40.8
86.6
n.a.

-

0.1

-

-

7.4

0.0

3.1

10.6

n.a.

Notes:
1. Subordinated contributions for managed collateralized loan obligations (“CLO”), etc., are included in the above table
as exposure as investor even when the assets underlying those CLOs, etc., include exposures that were originated by us.
Our subordinated contributions for those managed CLOs, etc., were ¥6.6 billion (treated as deduction from capital for
purpose of capital adequacy ratio calculation) as of September 30, 2009.
2. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
3. “Credit cards” include shopping credit receivables, card loans, etc.
4. The classification of transactions of which the underlying assets are foreign assets is conducted according to theprincipal underlying assets of each transaction.
5. Securitization exposure retained or purchased whose risk transfer (hedge) effects are reflected in the calculation ofcapital adequacy ratio is categorized as securitization exposure as originator.
6. Securitization exposure as investor includes ¥39.6 billion liquidity facilities that we provide to ABCP programs
sponsored by other companies.
7. We classify securitization products whose principal underlying assets are securitization products such as ABS, etc.
(e.g., ABS CDO) as “resecuritizations.”(Billions of yen)
As of September 30, 2010

Up to 20%
Up to 50%
Risk
Up to 100%weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets
are foreign assets
Exposure on
resecuritizations

Residential
mortgageloans
1,442.3
7.2
14.7
1.8
1.5

Auto
loans
187.9
0.2
0.6

Lease
payment
receivables
140.9
2.6
0.9
0.7

Corporate
215.1
40.7
8.5
1.1
1.2

Real
estate
137.3
234.2
32.9
3.2
13.7

Others
108.2
9.2
3.3
-

Total
2,268.9
294.1
65.0
6.2
17.8

Requiredcapital
19.0
7.5
4.4
1.3
7.4

-

-

-

-

-

-

-

-

-

7.6

-

0.3

14.1

41.2

8.3

71.8

57.5

41.1

1,475.5

188.7

145.6

280.9

462.8

129.2

2,724.1

97.4

28.5

154.0

7.4

21.6

202.7

40.6

10.6

465.7

n.a.

-

0.4

-

-

6.9

0.0

3.2

10.6

n.a.

Credit
cards
36.8
4.2

-

Notes:
1. Subordinated contributions for managed collateralized loan obligations (“CLO”), etc., are included in the above table
as exposure as investor even when the assets underlying those CLOs, etc., include exposures that were originated by us.
Our subordinated contributions for those managed CLOs, etc., were ¥5.7 billion (treated as deduction from capital for
purpose of capital adequacy ratio calculation) as of September 30, 2010.
2. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
3. “Credit cards” include shopping credit receivables, card loans, etc.
4. The classification of transactions of which the underlying assets are foreign assets is conducted according to theprincipal underlying assets of each transaction.
5. Securitization exposure retained or purchased whose risk transfer (hedge) effects are reflected in the calculation ofcapital adequacy ratio is categorized as securitization exposure as originator.
6. Securitization exposure as investor includes ¥2.1 billion liquidity facilities that we provide to ABCP programs
sponsored by other companies.

39

7. We classify securitization products whose principal underlying assets are securitization products such as ABS, etc.
(e.g., ABS CDO) as “resecuritizations.”─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice─(Billions of yen)
As of September 30, 2009
As of September 30, 2010
Credit risk-weighted assets calculated pursuant to Article
15 of Supplementary Provisions of the FSA Capital
Adequacy Ratio NoticeNote that, in addition to the above, within the provision of
credit in the form of eligible servicer cash advance, set
forth in Article 246 of the Notice, there was an undrawn
portion to which no required capital is allocated.

The balances of such portion as of September 30, 2009 and2010 were ¥30.4 billion and ¥40.9 billion, respectively.

40

■ Market risk
○ Trading activities
The following table shows VaR (Value at Risk) figures of our trading activities.
For the six months
ended September 30,
2009
3.7
4.3
2.6
3.4
no caseFor the fiscal year
ended March 31,
2010
2.8
4.8
2.1
3.1
no case(Billions of yen)
For the six months
ended September 30,
2010
2.6
3.4
2.2
2.9
no caseEnd of period
Maximum
Minimum
Average
The number of cases where assumptive losses
exceeded VaR during the period
Notes:
1. The multiplication factor for the calculation of market risk equivalent (internal models approach) is determined by
the number of cases where assumptive losses exceeded VaR during the period.
2. Our group companies which conduct trading activities are Mizuho Bank, Mizuho Corporate Bank, Mizuho Trust &Banking and Mizuho Securities, etc.

VaR (Value at Risk)
The VaR method measures the maximum possible loss that could be incurred due to market movements within a certain time
period (or holding period) and degree of probability (or confidence interval).
VaR related to our trading activities is based on the following:• variance co-variance model for linear risk and monte-carlo simulation for non-linear risk;• VaR: simple aggregation of linear risk and non-linear risk;• confidence interval: one-tailed 99.0%;• holding period of one day; and• historical observation period of one year.
○ Outlier criteria
As part of the capital adequacy requirements under Basel II, the losses arising from a banking book in hypothetical interest
rate shock scenarios under certain stress conditions are calculated and compared with the sum of Tier I and Tier II capital. If
the interest rate risk of the banking book leads to an economic value decline of more than 20% of the sum of Tier I and Tier
II capital, we will be deemed an “outlier” and may be required to reduce the banking book risk or adopt other responses.
The following table shows results of calculations under the outlier framework.
Amount of loss

Broadly-defined
capital7,630.0
7,658.0
8,180.7
n.a.
n.a.
n.a.

(Billions of yen)
Loss ratio
to capital
9.1%
8.8%
11.4%
n.a.
n.a.
n.a.

As of September 30, 2009695.3
As of March 31, 2010
681.4
As of September 30, 2010936.1
Effect of yen interest rate
613.4
Effect of dollar interest rate
231.7
Effect of euro interest rate
78.8
Note:
For the interest rate shock scenario used in connection with the calculations under the outlier framework, we generate annual
rate fluctuation data for five years derived from daily raw historical interest rate data of the past six years and then apply theactual fluctuation data at a 99.0% confidence level to the shock scenario.

41

■ Equity exposure in banking book(7) Status of equity exposure in banking book(A) Amounts stated in consolidated balance sheet
As of September 30, 2009
Consolidatedbalance sheet
amountFair value
Exposure of listed stock, etc.
3,012.8
3,012.8
Other equity exposure
466.7
n.a.
Total
3,479.6
n.a.
Note: The above figures include only Japanese and foreign stocks.

(Billions of yen)
As of September 30, 2010
Consolidatedbalance sheet
amountFair value
2,647.0
2,647.0317.5
n.a.
2,964.6n.a.

(B) Gains and losses on sales related to equity exposure(Billions of yen)
For the six months ended September 30 ,For the six months ended September 30,
2009
2010
Gains and
Gains andlosses on
losses on
Gains onLosses on
Gains onLosses on
sales
sales
sales
sales
sales
sales
68.2
72.7
4.5
17.3
36.2
18.8
Sale of equity exposure
Note: The above figures represent gains and losses on sales of stocks in our consolidated statement of income.
(C) Gains and losses from write-offs related to equity exposure(Billions of yen)
For the six months ended
For the six months ended
September 30, 2009
September 30, 2010
Gains and losses from
Gains and losses fromwrite-offs
write-offs
Write-offs of equity exposure(14.3)(28.6)
Note: The above figures represent gains and losses on devaluation of stocks in our consolidated statement of income.
(D) Unrealized gains and losses recognized in the consolidated balance sheet and not recognized in the consolidated
statement of income(Billions of yen)
As of September 30, 2009
As of September 30, 2010
Net
Net
unrealized
unrealized
Unrealized
Unrealized
Unrealized
Unrealized
gains
gains
gains
lossesgains
lossesEquity exposure
339.9
558.7
218.8
103.8
393.8
290.0
Note: The above figures include only Japanese and foreign stocks.
(E) Unrealized gains and losses not recognized in the consolidated balance sheet or in the consolidated statement ofincomeNone as of September 30, 2009 and 2010.
(F) Equity exposure by portfolio classification
PD/LGD approach
Market-based method (simple risk weight method)
Market-based method (internal models approach)Transitional measure applied
Total

As of September 30, 2009
899.8
265.1
2,665.5
3,830.5

42(Billions of yen)
As of September 30, 2010
941.5
274.6
2,245.4
3,461.6