(For the Six Months ended September 30, 2008)

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 51,000 staff working in over 840 offices inside and outside Japan, and total assets of over $1.4 trillion (as of September2008). The group was created in September 2000 through the establishment of a holding company of our three predecessor banks,
The Dai-Ichi Kangyo Bank (DKB), The Fuji Bank (Fuji) and The Industrial Bank of Japan (IBJ). Under the umbrella of the holding company
Mizuho Financial Group, our principal group companies include Mizuho Corporate Bank, Mizuho Bank, Mizuho Securities and Mizuho
Trust & Banking.

Ratings
As of December 31, 2008

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+

—
Aa2
Aa2
Aa2
Aa2*
—

Standard & Poor's
Long Term Short Term

P—1
P—1
P—1
P—1
P—1*
—

A
A+
A+
A+
—
—

Fitch
Long Term Short Term

—
A—1
A—1
A—1
—
—

*Credit ratings for EMTN programme (Joint Medium–term Note Programme with Mizuho International, based on keepwell agreement with Mizuho Corporate Bank).

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.

A+
A+
A+
A+
—
—

F1
F1
F1
F1
—
—

2008 Mizuho Financial Group Interim Review

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

2

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

6

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

8

Business Outline

10

Office Network

11

Business Approaches Adopted by Each Global Group12CSR Activities

25

Location of Overseas Offices

27

Investor Information

30

Disclosure Policy

32

Privacy Policy Regarding Customer Information

33

Contact Information

34

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. 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: the incurrence of significant credit-related costs; declines in the value of our securities portfolio, including as a result of the impact of the dislocation in the global financial markets stemming from U.S. subprime mortgage loan issues; changes ininterest 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; ourability to avoid reputational harm; and effects 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 latest annual report on Form 20-F filed with the
U.S. Securities and Exchange Commission (“SEC”). In addition, information regarding market developments after September 30, 2008 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 30, 2009 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 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 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.

taking other measures. In parallel with these activities,
while maintaining sufficient financial soundness, ourthree global groups, which are organized to address
the needs of specific customer segments, have steadily implemented their business strategies by leveraging
their respective strengths and capabilities. Also, weoffer products, services, and solutions optimally suited
to our customers by strengthening cooperation
among our group companies, and work to increase
our profitability.

Mizuho's Business Strategies
In our Global Corporate Group, Mizuho Corporate
Bank is taking initiatives to strengthen its capabilities
Looking back over the economic climate during thefor providing sophisticated and diversified financial

first half of fiscal 2008 ended on September 30, 2008,

solutions that meet the needs of its customers in Japantension in financial markets noticeably rose including

and overseas. These include strengthening overseas

the spread of a credit crunch on a global scale, reflect-

network principally in Asia as well as concluding strate-

ing the turmoil in the securitization product markets

gic alliances with leading overseas financial institu-

stemming from the subprime loan issues.

tions. These also include promoting syndication busi-

In view of the severe operating environment

ness and substantially improving cooperation amongchanges, we have been establishing an even stronger

the group's banking and securities arms. In our securi-

risk management system by responding to dislocations

ties business, in light of the substantial securitizationin the global financial markets including areas such as

business related losses reported in the previous fiscal

market risks, strengthening credit management, andyear, reformation of business operations, including

Management Structure of Mizuho
GlobalCorporateGroup*
Mizuho Corporate Bank, Ltd. (MHCB)

Mizuho Securities Co., Ltd. (MHSC)

Shinko Securities Co., Ltd.

MizuhoFinancial
Group, Inc.
(MHFG)

GlobalRetailGroup

GlobalAsset & WealthManagement
Group

Group
Strategy
Affiliates

Mizuho Bank, Ltd. (MHBK)

Mizuho Investors Securities Co., Ltd. (MHIS)

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

Trust & Custody Services Bank, Ltd. (TCSB)
Mizuho Asset Management Co., Ltd. (MHAM)

Mizuho Private Wealth Management Co., Ltd. (MHPW)DIAM Co., Ltd. (DIAM)

Mizuho Financial Strategy Co., Ltd. (MHFS)
Mizuho Research Institute Ltd. (MHRI)
Mizuho Information & Research Institute, Inc. (MHIR)* Subject to the approval of the shareholders' meetings of both companies and the relevant authorities, MHSC andShinko Securities will merge as of a target date of May 7, 2009.

2

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

strengthening the risk management system, was imple-

heighten the awareness of our “Channel to Discovery”

mented through initiatives such as “Businessslogan as part of our brand strategy. In addition, by

Restructuring Program” at Mizuho Securities. Pleasepromoting the greater protection of customers as wellnote that we are moving forward with thoroughgoingas developing internal control systems such as solid

preparations for the merger of Mizuho Securities andcompliance structure, we work to earn increased trust

Shinko Securities with a target date of May 2009.

and confidence of our customers in Japan and overseas.

In our Global Retail Group, Mizuho Bank is taking
initiatives to offer highly convenient services for individ-

Performance During the First Half of Fiscal 2008

ual customers and to increase assets under manage-

Consolidated gross profits of the Mizuho Financial

ment by enhancing its consulting capabilities. Mizuho

Group for the first half of fiscal 2008 (April 1, 2008,

Bank further developed its branches focusing on serv-

through September 30, 2008) decreased to ¥917.3 bil-ing individual customers, held “Holiday Consulting

lion by ¥70.5 billion compared with the same period of

Events,” and trained financial consultants as well as

the previous fiscal year. Within the Customer Groups

took other steps to enhance its lineup of products andof the banking subsidiaries, although income fromservices such as introduction of “Mizuho Card Loan.”business with individual customers increased, declines

In addition, at the end of September 2008, the number

were reported in income related to the business withof Mizuho Mileage Club members exceeded six million.

domestic corporate customers (SMEs and middle-

As for our initiatives to deal with remittance solicitation

market corporations), fee and commission income infraud, we implemented prevention measures and relief

overseas businesses that were affected by the turmoil

measures for victims.

in the global financial markets, and income from trust

For small and medium-sized enterprises (SMEs) andand asset management business of Mizuho Trust &middle-market corporations, we are implementing ini-

Banking that was affected by the domestic real estatetiatives to respond to their funding requirements andmarket conditions.

to support them in addressing their business issues by

In addition to these factors, there was an increase instrengthening our capabilities of solution businessgeneral and administrative expenses, mainly thoseservices.

associated with employee retirement benefits. As a

The Global Asset & Wealth Management Group,

result, consolidated net business profits*1 decreased towith Mizuho Trust & Banking at its core, is further¥317.4 billion by ¥96.5 billion compared with the same

upgrading its asset and wealth management activities,

period of the previous fiscal year.

creating new trust business services, and working more

Consolidated net income for the first half of fiscal

closely with other group companies. In addition, it

2008 decreased to ¥94.5 billion by ¥232.4 billion com-offers sophisticated professional services such as com-pared with the same period of the previous fiscal year.

prehensive private banking services and top quality

This was mainly due to, together with the aforemen-

asset management services to Mizuho's customers.

tioned factors, increased credit-related costs primarily

We are also continuing to promote our corporate

associated with an increase in domestic corporatesocial responsibility (CSR) activities, which include pro-bankruptcies and the collapse of Lehman Brothers,

viding support for financial education, working to main-

devaluation of a portion of our stock portfolio trig-

tain and preserve the environment through our finan-

gered by the declines in the stock markets (devaluation

cial services, and remodeling our branches of Mizuho

of ¥95.5 billion for the Three Banks*2), and continuous-

Bank to make them more barrier-free. We are also

ly recorded losses on securitization products and others

using various media inside and outside the group to

resulting from the global financial market dislocation.
3

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

backdrop of intensified competition among banks andAs for the effect from securitization products andother factors.

other factors due to the global market dislocation, theconsolidated P&L impact in the first half of fiscal 2008

Total net interest income for the Three Banks for thewas a loss of approximately ¥72.0 billion (of which

first half of fiscal 2008 declined by ¥9.6 billion on aapproximately ¥45.0 billion arose in the July-September

year on year basis, but net interest income from inter-

quarter of 2008).

national operations increased by ¥13.3 billion.

*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.
*2. The Three Banks = Mizuho Corporate Bank, Mizuho Bank andMizuho Trust & Banking.

 Non-Interest Income
Net fee and commission income of the Three Banks forthe first half of fiscal 2008 decreased to ¥146.3 billionby ¥32.8 billion compared with the same period of the Net Interest Income

previous fiscal year.

The average loan balance for the first half of fiscal

In our business with individual customers, fee2008 increased, compared with the same period of theincome associated with the sales of investment trusts

previous fiscal year, mainly because of expansion in

and individual annuities decreased from the same peri-

overseas lending.

od of fiscal 2008, due to stagnant stock market conditions and other factors.

The domestic loan-and-deposit rate margin for thesame period decreased slightly in comparison with the

In our business with corporate customers, althoughsecond half of the previous fiscal year against the

fee and commission income associated with syndicatedloan arrangements in Japan increased over the same
period of the previous fiscal year, that primarily from

Loan Balance (MHFG Consolidated)
Loan balance (*3) (Domestic branches

Overseas branches)

solution-related business for SMEs and middle-market

Loan-and-deposit rate margin (*4)(Loan balance: trillions of ¥)80.0

corporations, foreign exchange business, and overseas(Loan-and-deposit rate margin: %)
1.50

70.0

1.40

60.0

1.30

50.0

1.20

business decreased. Profits from trust and asset management business of Mizuho Trust & Banking also
decreased.

0(billions of ¥)200
Fiscal 2007(second half)

Fiscal 2008
(first half)¥65.1 tn.

¥64.3 tn.

¥65.8 tn.

56.6 tn.
8.4 tn.

56.2 tn.
8.1 tn.

56.5 tn.
9.3 tn.

Loan-and-deposit
1.44%
rate margin
the first

1.47%

1.44%

the third
quarter 1.47%
the fourth
quarter 1.48%

the first
quarter 1.46%
the second
quarter 1.43%

Domestic branches
Overseas branches–0.1

0Fiscal 2007
(first half)

Loan balance

Net Fee and Commission Income (The Three Banks)

quarter 1.44%
the second
quarter 1.44%

–32.8

150

100

50

0

*3. Aggregate average balance of the Three Banks for the period,
excluding Trust Account and loans to Mizuho Financial Group.
Balance for overseas branches includes foreign exchange translation impact.
*4. Aggregate figures of domestic operations of MHCB and MHBK
after excluding loans to MHFG, Deposit Insurance Corporation ofJapan and the Japanese Government.

Net Fee andCommission
Income4

Fiscal 2006
(first half)

Fiscal 2007
(first half)

Fiscal 2008
(first half)¥179.4 bn.

¥179.2 bn.

¥146.3 bn.

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

Financial Soundness

they were made for the purpose of, among other

Although our unrealized gains on other securities

things, offsetting the potential dilutive effect of ourdecreased and net deferred tax assets increased due

common shares from the conversion of the Eleventh

primarily to the declines in the stock markets, we main-

Series Class XI Preferred Stock (¥943.7 billion in aggre-

tained our financial soundness at a sufficient level asgate issue amount).
In September 2008, we cancelled all the common

indicated by our capital adequacy ratio of 11.45%, asshares repurchased, except the shares to be assignedof September 30, 2008.
Please note that as of September 30, 2008, the bal-for the exercise of stock compensation-type stock

ance of securitization products for the group in total

options (stock acquisition rights) that we plan to issue

amounted to ¥3.8 trillion, of which the total balance ofin the future (7,000 shares).

foreign currency denominated exposures amounted to

While our basic policy to “address the potential dilu-¥0.7 trillion (on a managerial accounting and a fairtive effects, based on market conditions, our earnings

value basis).

trend and other factors” remains unchanged, consider-

Note: Regarding the detailed information on our securitization products held and others prepared basically in view of the “LeadingPractice Disclosures for Selected Exposures” included in the
Financial Stability Forum (FSF) report, please refer to pages 50-58
in the Financial Section.

ing the importance of capital under the recent circumstances, we will put more priority on strengthening ourcapital base in this second half of fiscal 2008.
We aim to be “A financial partner that helps customers shape their future and achieve their dreams,”

Disciplined Capital Management

and continue to work to increase our corporate value Issuance of Preferred Debt Securities

as we fulfill our responsibilities to society and our mis-

In July 2008, we issued ¥303.0 billion of preferred debt

sion to serve the public interest. Accordingly, we looksecurities through an overseas special purpose sub-forward to your continuing support.

sidiary so as to increase the group's Tier 1 capital tosecure the agility and to improve the flexibility of ourJanuary 2009

capital strategy. In December 2008, we issued ¥355.0
billion of preferred debt securities through an overseas
special purpose subsidiary to further strengthen ourgroup's capital base in light of the current financial

Terunobu Maeda

market turmoil.

President & CEO
Mizuho Financial Group, Inc.

 Redemption of Preferred Debt Securities
We redeemed in full preferred debt securities (¥118.5
Note: The above message, which was prepared prior to our announcement of our financial results for the third quarter of fiscal 2008,
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 bottomof page 1 of this Interim Review for information regarding factors that could cause actual results to differ from those in theforward-looking statements.

billion and US$2.6 billion) which became redeemableat the issuer's option in June 2008.
 Repurchase and Cancellation of Own Shares
In July 2008, we repurchased our own shares (commonshares of Mizuho Financial Group) of ¥150.0 billion(283,500 shares). As with the repurchases of our common shares which we have conducted since fiscal 2007
(the cumulative amount of repurchases: ¥299.9 billion),5

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

Aiming to Strengthen Our Capabilities to Offer Global Financial Solutions that Will Gain
the Trust and Strong Support of Our Clients and the Market

the whole of Asia outside of Japan. In the area ofstrategic alliances, we concluded a Memorandum ofUnderstanding with Tata Capital of India in July 2008,
covering a wide range of business areas including
financial products.
Also, in August 2008, in view of the accelerating
pace of globalization of our domestic clients, together
with Mizuho Securities we invested in and concluded analliance agreement with Evercore Partners, a U.S. investment banking boutique specializing in M&A advisoryand other businesses, with the objective of improving
our capabilities for responding to our clients' need forcross-border M&A services.

At present, the unprecedented financial crisis triggered by the subprime loan issues in the United States

Also, making use of our status as a financial holdingis also beginning to exert a major impact on the realcompany in the United States, we are working in coop-economies of countries around the world. Althougheration with Mizuho Securities to expand our invest-

the business model of the European and U.S. invest-

ment banking business, including the underwriting ofment banks has contracted, the needs of clients forequities and bonds. Mizuho Securities USA has become

conventional investment banking services, including

the first Japanese-affiliated investment bank to secure

M&A advisory and financing arrangements, havejoint lead manager positions for bond issues in the U.S.

increased substantially.

market of U.S.-based corporations and is steadily
expanding its record of accomplishments in underwrit-Founded on a global business base that includes

ing in the United States.

strong risk management and other capabilities, we areaiming to steadily increase our presence in world

Looking ahead, with an eye to the relaxation of fire-

financial markets by globally expanding our businesswall restrictions, we will be working to significantly

model, which promotes and combines our commercial

increase collaboration between our banking and securi-

banking and these conventional investment banking

ties businesses to create capabilities for quicker, morecapabilities.

in-depth responses to the needs of our clients.

Helping Our Clients Raise Corporate Value

characterized by uncertainty, and careful monitoring

To assist our clients in raising their corporate value, weof developments is essential. However, we haveare deploying our cutting-edge financial solutions capa-

returned to the basics in our thinking and renewedbilities globally to respond to the increasingly diversified

our awareness that now, more than ever, helping ourand sophisticated financial needs of our clients.

clients raise their corporate value is imperative. We are

The environment for financial institutions is still

To further develop our overseas business activities,

therefore working to strengthen our capabilities for

we are continuing to expand our international network

providing a diverse range of sophisticated financial

and strengthen our strategic alliances. During the cur-solutions that will gain the trust and strong support ofrent fiscal year we opened new branches, principally in

our clients and markets in Japan and overseas. The

the growth markets of Asia, including Taichung insenior executive officers and employees of the Mizuho

Taiwan, Qingdao in mainland China, and elsewhere.

Corporate Bank have joined together in sharing thisCurrently we have about 30 offices located throughoutawareness and are working to further the development
6

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

Aiming to Strengthen Our Capabilities to Offer Global Financial Solutions that Will Gain
the Trust and Strong Support of Our Clients and the Marketof our business model. We look forward to earning
your ongoing support.
January 2009

Hiroshi Saito
President & CEO
Mizuho Corporate Bank, Ltd.

7

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

Exerting our Maximum Efforts to Motivate our Customers to Think “Mizuho Bank Is Our
Best Partner”

earnings — are that we will continue to place strictemphasis on compliance and customer protection as
we continue to implement a proactive program of
CSR activities.

Services for Individual and Corporate
Customers
In our individual customer business, we are stepping up
our marketing activities, expanding our interface withcustomers, and working to enhance our core products,
such as the Mizuho Mileage Club. In the humanresources field, we are gradually expanding the numAt the beginning of fiscal 2008, we set the objective of

ber of financial consultants (FCs) to 4,000 and endeav-

becoming “Japan's Strongest Retail Bank.” Initiatives

oring to further upgrade FC service quality. In our

we are taking to attain this objective include enhancing

manned business locations, we are significantly increas-

our capabilities for providing in-depth, quick responses

ing the number of offices focusing on individual cus-

to meet the increasingly diversified and sophisticatedtomers, with a target of 500 at an early date.

needs of our customers. We are doing this by substan-In our corporate customer business, we aretially improving the services we can offer and strength-

strengthening the capabilities of our personnel andening teamwork among group companies.

improving skills in credit management as we draw on

To become “Japan's Strongest Retail Bank,” wethe comprehensive capabilities of the group companies

must bolster our management foundation by (a)of Mizuho. In particular, to provide for a smooth supply

strengthening our customer base, (b) enhancing theof funding to SMEs and middle-market corporations,capabilities of our human resources, and (c) creating a

we are taking proactive initiatives to offer a broad

more powerful earnings base. Our aim here is to moti-

range of financing options, including schemes to tap

vate our individual customers as well as our corporate

the value of products and accounting receivables. In

customers — including SMEs and middle-market cor-

addition, we are continuing to strengthen our ties

porations –– and the management of these companies

with Mizuho Investors Securities and Mizuho Trust &to think of us as their “Best Partner.”

Banking through the exchange of personnel and othermeans, with the aim of drawing on the full range of

In more specific terms:

group capabilities.

(a) Strengthening our customer base will require build-

To promote collaboration between corporate anding unshakeable bonds of trust with our customers

individual customer businesses, in April 2008, weand winning their satisfaction,(b)Enhancing the capabilities of our human resource

formed the Consulting Division to act as the focal pointbase will mean developing personnel who are recog-

for responding to the needs of business owners both

nized to be top-class in their respective fields, andas enterprise managers and as individuals. Through this(c) Creating a more powerful earnings base will requireand other initiatives, we are working steadily to build
our strengths in this area.

building a minimal but powerful cost structure and

The senior executive officers and employees of

implementing a highly efficient business model.
The major assumptions behind strengthening theseMizuho Bank are working as one and exerting ourthree bases — customers, human resources, andmaximum efforts to motivate our customers to think
8

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

Exerting our Maximum Efforts to Motivate our Customers to Think “Mizuho Bank Is Our
Best Partner”“Mizuho Bank Is Our Best Partner,” as they experience
the convenience and reliability of our services. As wecontinue working to attain our objectives, we look forward to your continuing support.
January 2009

Seiji Sugiyama
President & CEO
Mizuho Bank, Ltd.

9

Business Outline
We precisely and swiftly provide products, services and business solutions to meet the diversified financial needs of our customers by actively
pursuing group synergies.

Securities
Business

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

Trust and
Asset
Management
Business

Other
Businesses

Mizuho Bank(MHBK)MHBK serves primarily
individuals, SMEs andmiddle-market corporations,and local governments in Japan.

Overseas
Subsidiaries

MizuhoSecurities(MHSC)*

ShinkoSecurities*

A wholesale securities
company whose mainclients are institutional
investors, corporations,and financial and public
institutions.

Mizuho Investors
Securities(MHIS)A securities company
that focuses on satisfying
the needs of individuals,
SMEs and middle-market
corporations.

A full-service securities
company that focuseson the middle andretail markets.

MizuhoTrust & Banking(MHTB)

Trust & Custody
Services Bank(TCSB)

DefinedContribution
Plan Services(DCPS)

Mizuho AssetManagement(MHAM)

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

A highly specialized
trust bank focusing on
the custody business.

An entity that specializes in managing defined contribution pension plans.

An asset managementcompany with a long
history (established in1964).

UC CardMizuhoPrivate WealthManagement(MHPW)

MizuhoTrust Realty
Company

MizuhoCreditGuarantee

MizuhoCapitalMizuhoFactors

A leader among
credit cardcompanies in Japan.

A wealth management
services company.

A real estate agency.

A credit guarantee
and real estate
research company.

A principal
venture capitalcompany.

A factoring company.

MizuhoResearch
Institute(MHRI)

MizuhoInformation &Research Institute(MHIR)

Mizuho-DL
Financial
Technology

MizuhoFinancial
Strategy(MHFS)

A think tank.

A company in charge ofIT strategy.

A research anddevelopment companyof financial technology.

An advisory company
for financial institutions.

Banking Subsidiaries
Derivatives Subsidiaries
Securities Subsidiaries
Trust Banking
Subsidiaries
Asset Management
Subsidiaries, etc.

DIAM
An asset managementcompany in which The
Dai-ichi Mutual Life Insurance and Mizuho bothhave equity holdings.

* Subject to the approval of the shareholders' meetings of both companies and the relevant authorities, MHSC andShinko Securities will merge as of a target date of May 7, 2009.

10

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, 2008)
MHCB
 Overseas branch or relevant office Overseas representative office Major overseas subsidiary or relevant office

MHSC Overseas subsidiary Overseas representative office

MHTB Overseas subsidiary Overseas representative office

MHCB's Newly Established Offices (April 2008 — December 2008)
April

Taichung Branch opened
Mizuho Corporate Bank (China) Qingdao Branch opened
September Mizuho Corporate Bank (China) Guangzhou Branch opened
Mizuho Corporate Bank Nederland Madrid Representative
Office opened
October
Kowloon Sub-Branch opened

Beijing

LondonAmsterdam

TianjinDüsseldorf
Frankfurt
DalianLuxembourg
Moscow

Brussels

Seoul

Vienna

Paris

Wuxi

QingdaoNanjing

MadridVancouver
San Jose

XiamenZurichLos Angeles

TehranMilan
Bahrain
Dubai

Toronto

ChicagoWuhan

Shenzhen
New Delhi
Guangzhou
Hong Kong
MumbaiHanoi

New York

ShanghaiTaipeiTaichung
Kaohsiung

HoustonNassauCaymanMexico City

Atlanta

ManilaBangkok

Network in Japan (As of December 31, 2008)
MHCB

Ho Chi Minh City

Head Office and Branches: 18

MHBK
Head Office and Branches: 408
Sub-branches: 36
Agencies: 47

Kuala Lumpur

MHSC

Singapore

Head Office and Department: 2

SydneyMHTBHead Office and Branches: 35
Sub-branches: 2

MHIS

LabuanHead Office and Branches: 57
Planet Booths*: 148*Planet Booths are the consulting boothsof MHIS located in MHBK's Branches

Jakarta11

São 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 to satisfy the needs of large corporations, multinationals and other clients, leveraging
Mizuho's comprehensive financial capabilities through close cooperation between its global corporatebanking business and wholesale securities business.

Accelerated Global Strategy
New Global Expansion
As one of Japan's leading financial institutions, Mizuho offers domestic and foreign clients engaged in global business activities the best available solutions by dynamically combining its rich experience in overseas markets with its powerful overseas
network and its cutting-edge financial products.

Strategically Strengthening the Office Network
As its clients' business activities become increasingly global, MHCB continues to enhance its office network, enabling it to continue to meet clients' needs overseas promptly and efficiently.
During fiscal 2008, MHCB continued its strategy to strengthen its overseas network. It opened its Taichung Branch, its third
in Taiwan, in April. Its Chinese subsidiary, Mizuho Corporate Bank (China), opened branches in Qingdao in April andGuangzhou in September, while its subsidiary in the Netherlands, Mizuho Corporate Bank Nederland, established the Madrid
Representative Office in September. A branch of Mizuho Corporate Bank (China) is also scheduled to be opened in Wuhan,which will make Mizuho the first Japanese bank to have an office in inland China.
MHCB will continue to carefully analyze medium- to long-term economic forecasts and client trends in each region, with aview to upgrading and expanding its office network.

Strengthening Alliances
Aiming to meet the needs of its clients in regions and for products not covered by its network, MHCB is strengthening andenhancing relationships with leading local financial institutions through business tie-ups and equity investments. MHCB continued these efforts in fiscal 2008, concluding a Memorandum of Understanding on business collaboration with Tata Capital ofIndia in July, and also entering into an agreement for business alliance with and investment in Evercore Partners, an M&A
investment banking boutique in the U.S., in August. Additionally, in September, MHCB concluded a Memorandum ofUnderstanding with the Government of St. Petersburg, Russia, concerning investment-related activities.

Sharing Clients' Global Growth Strategies
MHCB is drawing on its robust, long-term relationships with clients to develop its “solutions business,” and thus help raise its
clients' corporate value over the medium- to long-term.
Acting as relationship managers (RMs) for the entire group and employing a “strategic advisory service-based solutions
business approach” as their code of behavior, MHCB's RMs identify the management issues clients face amidst intensifying
global competition. They offer M&A advisory services, various forms of securitization, syndicated loans, pensions and cash
management systems (CMS), and make maximum use of the banking, securities, trust and other specialist functions embodied
within the group to offer the best possible financial solutions on a global basis.
The environment facing clients is changing rapidly as a result of growing activity in the area of strategic cross-border corporate alliances and increasingly fierce competition for market share in emerging markets overseas. MHCB's Industry Research
12Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Division has led the field of domestic industrial research for many years, and has now established its offices in New York,
London and other areas to strengthen its industrial research capabilities on a global basis as a global partner of its clients.
Combining CB (Commercial Banking) and IB (Investment Banking) Functions
Strategic advisory functions from the perspective of enhancing clients' corporate value

Support for global operations(CB business)
Lending, settlement

Identify andshare clients'
global growthstrategies

Support for global growth strategies(IB business)
Cross-border M&A, Financial solutions

Use the IB business to create and supplement CB business

Promoting Investment Bank-Type Finance
Project Finance
MHCB is one of the top players in the world in the field of project finance (PF) and the financial advisory (FA) business, which
requires high skill and deep knowledge.
In the FA business, MHCB's high-quality PF services have an excellent reputation among both private and public institutions
around the world. It was selected as an FA by the Panama Canal Authority in fiscal 2006, Singapore's Energy Market Authority
in fiscal 2007, and Papua New Guinea's State-owned company, Petromin Holdings in fiscal 2008.
Taking into consideration its environmental responsibility, MHCB is also putting considerable effort into the renewableenergy business, arranging finance for a solar power generation project in Tenerife, Spain, and a wind power generation project in Higashidoori-mura, Aomori Prefecture, Japan.

The Diversifying Syndication Business
Deals in Japan's domestic syndicated loan market amounted to¥26.2 trillion in fiscal 2007, putting this market on a par withTrends in Japan's Syndicated Loan Market andMizuho's Sharecorporate bonds as a widely accepted means of raising mar-

(Trillions of ¥)ketable funds. MHCB has been engaged in the syndication

30

business since its establishment, and plays a major part in the25

development of a sound market.

20

In addition to fostering market growth, MHCB provides

Arrangement ofSyndicated Loans in Japan(first half of fiscal 2008)
Mizuho's
Share:
Approx.
34%

15

many products that offer high value added by making proac-

10

tive use of the syndication function to respond to clients'

5

diversifying needs. These include “Ninja Loans,” which are0cross-border syndicated loans for non-Japanese clients, andearthquake disaster response deals known as “Renaissance

Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
(first half)
Sources: Fiscal 1999 – Fiscal 2002: Thomson Reuters
From fiscal 2003 onward: Bank of Japan statistics(Market share calculated by MHCB)

Commitment Lines” to facilitate financing when disastrous
earthquakes occur. In the area of loan trading — an effective
tool for managing the credit portfolios of financial institutions— MHCB made a major contribution to the development of13

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —the loan trading market, handling deals amounting to almost ¥1 trillion in fiscal 2007.
MHCB has deployed syndication specialists at its offices in the Americas, Europe and Asia, and is strengthening its global
syndication framework through cooperations around the world. It will continue to foster market development and respond to
the financial needs of its clients through its involvement in the syndication business while paying careful attention to market
conditions.

Approaches to Credit Portfolio Management
MHCB has been proactively engaged in credit portfolio management as part of its efforts to promote its “originate to distribute” business model. It is working to maintain and enhance the soundness and profitability of its global credit portfolio
through rebalancing its assets and controlling credit risk with agility by utilizing the credit market to respond to changes in thestatus of the bank's entire credit portfolio and the macro economic situation.
Specifically, MHCB is expanding its efforts in loan sales and hedging through credit derivatives and securitization targetingthe credit of domestic and foreign companies. In addition, it endeavors to sophisticate and diversify its operation, for example,
responding to the credit price fluctuation risk that emerged as a result of the subprime loan issues.

Approaches to the Global Alternative Investment Business
MHCB is engaged in the “alternative” asset management business aimed at professional investors such as institutions andpension funds.
Although the market environment has been extremely unstable since fiscal 2007, diversification of investment assets
remains a hot topic among institutional investors and pension funds, and there is growing recognition of hedge funds andother alternative investments as an asset class.
In light of the recent market environment, MHCB has been strengthening its risk management structure and creating more
attractive investment products that reflect changes in clients' needs, and will work to expand its business further throughestablishment of an asset management company in Tokyo and other measures.

Boosting Global Sales and Trading Capabilities
In the sales and trading business, MHCB is working to consolidate its market reputation as a top-level “solutions provider” byoffering optimal solutions that use cutting-edge financial technologies to satisfy clients' diversified financial and business risk
control needs.
It has expanded its product lineup from basic areas such as interest rates and foreign exchange to commodity derivatives
and ultra-long-term, low-liquidity currency derivatives. It continues to offer high-quality solutions to increasingly globalizedclients by expanding its product range for local currency transactions in countries around the world and other trading capabilities, thus maintaining its efforts to become the most relied-on “bank of choice.”

14

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Promoting the Global Transaction BusinessSpecialist divisions, and domestic and overseas offices cooperate in business promotion by proposing global-based solutions. In
addition to proposing solutions for hedging the currency exchange risks, MHCB is providing new trade finance schemes,
including securitization of account receivables and commodity finance.
It also offers sophisticated cash management solutions at a global level to clients with overseas offices through the Mizuho
Global CMS and the Mizuho Global Pooling Service.

As the Core Securities Company of the Global Corporate GroupAs an investment bank operating at the global level, MHSC offers high-quality, specialized solutions in response to the wideranging needs of clients such as domestic and international institutional investors, corporations, financial institutions, and public sector entities. It aims to contribute to the realization of a better society that will continue to develop on an ongoing basis
by ensuring strict legal compliance while helping to nurture and develop the capital market through corporate activities.

Reinforcing Internal Control Systems and Business Operation Structures
In light of the large losses posted by its CDO-related business in fiscal 2007, MHSC already reviewed its risk management andother internal control systems, and has been working on implementing strengthening measures. MHSC also made effort toreform its business operation structures as part of implementation of the Business Restructuring Program announced in April 2008.
More specifically, it endeavored to recover and strengthen its earning power by further improving the balance of its management resources allocation. It also made steady progress in strengthening risk management corresponding to market-related
businesses and the management framework for its overseas offices. To ensure that the organization is managed with greater
efficiency and agility, MHSC streamlined its operations by reducing the number of departments by 50%, downsized its workforce by approximately 300 through voluntary resignations and other means, reduced consolidated expenses by 20% compared with fiscal 2007, and decreased compensation for board members.

Mizuho Securities' Main Businesses
The Global Investment Banking Groups has already secured a

Total SB League Table

position as a market leader in the bond underwriting business. It
is also strengthening its initiatives in the equities underwriting
business, which it sees as a strategic sector, and has become amajor player, winning mandates in some large finance deals. It
has also won a reputation as one of Japan's top players in thearea of advanced structured finance as well as M&A and otherfinancial advisory services. It will reinforce its ability to put forwardand execute proposals, and create new business opportunities.

(including samurai bonds and municipal bonds, and excluding
retail-targeted)*Lead managing amount basis. Total amount of issues: ¥6,790.9 billion.
(April to September 2008)

Rank Company name
1
2
3
4
5

Mitsubishi UFJ Securities
Daiwa Securities SMBC
Mizuho Securities
Nikko Citigroup
Nomura Securities

Amount(billions of ¥)1,468.8
1,393.7
1,387.2
906.3
666.3

Share
(%)
21.63
20.52
20.43
13.35
9.81

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

The Global Markets & Products Groups responds appropriately to clients' increasingly sophisticated needs in the bond andequities businesses. It will expand its market presence as it strives
to satisfy clients' requirements. It is also increasingly engaged infinancial instruments intermediary services, adapting to thechange in money flow as private clients shift away from savings
toward investments.
15

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Further Strengthening Global Operations
MHSC has deployed securities subsidiaries in the U.K., the U.S., Hong Kong, Switzerland and other overseas financial markets.
This has strengthened its operating structure globally to underwrite and sell equities and corporate bonds, and engage in the
M&A advisory business. When MHCB obtained financial holding company (FHC) status in the U.S. in December 2006, it
became possible for Mizuho Securities USA to engage in the full-licensed securities business in the U.S. MHSC is steadily
expanding its record of accomplishments in the underwriting of U.S. corporate bonds and equities.

Merger with Shinko Securities
In light of the continuing dislocation in the financial and capital markets triggered by subprime loan issues in the U.S., and theimplementation of the electric share certificate system in January 2009, the planned merger has now been rescheduled tocome into force on May 7, 2009. The merger is subject to the approval of the shareholders' meetings of both companies andthe relevant authorities.

16

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 and top brand companies at homeand overseas to satisfy individual customers' wide-ranging banking and securities transaction needs.
MHBK also offers testamentary trust and other trust banking services as an agent for MHTB.

Approaches to Individual Customers
Mizuho Personal Squares
MHBK continues to establish what are popularly called “Mizuho Personal Squares” — branches with a greater focus on individual customers — as part of its efforts to create a network of branches that customers can visit for consultations withgreater ease.
Since April 2008, MHBK has established two new-style branches to specialize in consultations on asset management andhousing loans for individual customers, and refurbished its nine existing branches as “Mizuho Personal Squares,” bringing the
cumulative total to 144 as of October 31, 2008.
To satisfy the needs of customers who prefer consultations on asset management and housing loans on non-working days,
it is planning to substantially increase the number of branches providing regular weekend consultations on a continuous basis
to approximately 170 by the end of fiscal 2008.

“Mizuho Mileage Club” Membership Services Enhanced
In September 2008, the number of people signed up for MHBK's “Mizuho Mileage Club” exceeded six million.
In October 2008, MHBK added to its lineup of Mizuho Mileage Club Cards, which combine an IC ATM card with an IC
credit card. It launched the “Saison Suica,” which features the functions of the “Suica” rechargeable contactless smart cardoffered by The East Japan Railway (JR East), and the “Saison American Express Card Basic,” which incurs no annual fees andoffers overseas travel insurance.
From spring 2009, MHBK is scheduled to reduce the balance required for commission-free use of ATMs after hours from¥500,000 to ¥100,000, and to waive the charges for transfers to other banks up to three times a month for customers with
¥500,000 or more in their accounts. It will also enhance the value of the products and services it offers. In addition to runninga members-only campaign whereby the mileage point scheme is replaced by draws for presents, cardholders will also beawarded Permanent Points (“Eikyufumetsu Point”) by Credit Saison according to their usage of the Mizuho Mileage Club Card
(credit card).

Responding to Consulting Needs
Strengthening Consulting Capabilities
MHBK deploys financial consultants (FCs) who specialize in responding to the diverse financial needs of individual customers at
each of its branches, and continues to build up its FC training program.
Through its original in-house program known as the “FC Training Scheme,” it carries out specialist training to enhance consulting and communication abilities according to the skill levels of the consultants in question.
MHBK is also working to enhance the capabilities of its human resources to enable its staff members to devise optimal solutions with the customers' benefit in mind. To this end, it is introducing programs such as “FC Knowledge Meetings,” where17

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —FCs can share and acquire practical know-how, and “Sending FC as a Trainee” — work-study programs designed to allow FCs
to acquire specialist knowledge of other sectors and learn more about service and hospitality.

“Special Consulting Program for Retirees” Launched
MHBK offers services under the “Special Consulting Program for Retirees,” which provides comprehensive retirement
allowance management proposals to members of the generation who are starting to plan for a new life following retirement.
It responds to customers' needs for consultations in connection with post-retirement lifestyle planning or managing retirement allowances by offering information through “Money Life Simulations” and the informational magazine The Second Act.
Customers who are thinking seriously about retirement allowance management can avail themselves of the proposals put
forward in the “Mizuho Money Plan Set — Retirement Allowance Investment Plan” and the “Special Interest Rate Plan for
Retirement Allowance Time Deposits.”

Expanding Comprehensive Financial Services through Cooperation with Group Companies
MHBK is working to enhance its comprehensive financial services by strengthening its ties with group companies. The numberof “Planet Booths” set up by MHIS in the lobbies of MHBK branches had reached 147 as of the end of September 2008.
MHBK also handles various MHTB trust products at head office and all branches using the agent system for trust banking
business. In particular, there is steady annual growth in the number of consultations in connection with testamentary trust
services and estate distribution services.

Asset Management Products
MHBK is expanding its lineup of asset management products.
In the area of investment trusts, it has started selling the “Global Resources Fund,” the “HSBC Brazilian Equity Fund
Quarterly Type,” the “Australian Equities Fund,” the “DIAM Russia Fund” and the “Paulson Advantage Open.” In the area ofvariable annuities, it started handing the “MY Palette” annuity underwritten by Meiji Yasuda Life Insurance, the “NenkinTayori Step-up Type” annuity underwritten by Dai-ichi Frontier Life Insurance, and the “Hohoemi Kaeshi” annuity underwritten by AXA Financial Insurance.
It also revised its existing asset management-related pamphlets completely so that even customers who make asset investments for the first time can understand and select products more easily.

Expanding Loan Product Lineup and Enhancing Services for Individual Customers
Housing LoansMHBK is working to enhance service and convenience levels in order to further satisfy individual customers who use its housing loans. It has established the “Childrearing Support Service” exclusively to support customers who are making use of its
housing loans. The service supports customers in bringing up their children by making them eligible to use financial products
and non-financial services at key stages of the childrearing process.
It is also working to enhance customer convenience by adding further functions for customers who want to switch
between housing loan interest methods or make partial accelerated housing loan repayments using the Mizuho Direct Internet
Banking service. In addition, it offers the “Specified Repayment Increase Services,” whereby customers can increase repayments of the principal at set intervals.

18

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —Unsecured Loans
In August 2008, MHBK started offering a new card loan product known as the “Mizuho Bank Card Loan.” The new productnot only offers attractive interest rates to customers who use it, but also gives a 0.5% lower preferential interest rate to customers who have taken out MHBK housing loans.
MHBK has also launched a dual-purpose version of this product that incorporates the loan card's functions into a MHBK
ordinary account cash card. This makes it unnecessary to obtain a new loan card separately, and allows customers to use theservice as soon as the contract is signed.

19

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —In order to facilitate financing for SMEs, MHBK quickly identifies and shares the issues customers facethrough ample dialog with them, then responds to their funding needs proactively and swiftly.
It also works with other group companies of Mizuho to proactively support customers' growth bycorrectly grasping their various business needs.

Targeting SMEs and Middle-Market Corporations
Approach to Funding Needs
MHBK is strengthening its lineup of products that can meet its customers' needs with precision. These include “Super Wide”
strategic loan fund, which responds promptly and proactively to funding demand among SMEs and middle-market corporations, “Mizuho Eco-special” and “Mizuho Eco-assist,” which support customers who adopt a positive approach to environmental issues.
It is also developing and offering new loan products that do not rely excessively on real estate collateral or personal guarantees. To this end, it proposes loan asset securitization schemes from the perspective of balance sheet controls. It also extends“Machinery Collateral Loans,” which use movables such as machinery and equipment as collateral, and asset-based loans,which use accounts receivable or inventories and other operating revenue assets as collateral. Additionally, it is improving its
responses to new business funding needs by developing a variety of funding schemes, including schemes to exploit intellectual
property rights.

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.
Mizuho Business Financial Center has its staff of 600, most of them veterans who are well versed in the lending business,
and works proactively to satisfy the funding needs of small-scale customers mainly through loans with guarantees from theCredit Guarantee Corporation.
It endeavors to support the management of small-scale companies. These efforts include “Mizuho Business Channel,” a
service for providing useful management information to customers of the Mizuho Business Financial Center, jointly provided
with MHRI.

Approach to Solutions Businesses
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 like structured finance andsyndicated loans to solutions associated with business strategies such as business inheritance, M&As and business matching,
and advisory services on overseas business expansion.
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, MHBK has started handling the “Mizuho Save the Earth Project — Business Matching
Program” in response to demand from customers who adopt environmental improvement initiatives.
20

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —Mobilizing Group Comprehensive Strengths
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 provides
advice on going public; and MHTB provides advisory and stock transfer agency services.
In the new business market, specialist staff with expert knowledge concerning advanced technologies, intellectual property
rights and other areas of the new business market conduct analyses from various perspectives, including the future potentialof the customer's business itself. Based on a true understanding of the situation, they then provide proactive support for business growth and funding for those customers who will head the next generation of businesses.
To satisfy customers with various needs related to overseas business expansion, specialist staff in Japan and overseas who
are well versed in overseas business provide the best possible information and services accurately and quickly using the group's
Asian network, which is one of the most extensive of any Japanese bank. MHBK also offers solutions pertaining to customers'
wide-ranging overseas business needs, including the global CMS, operational support for import and export transactions, andforeign exchange risk mitigation needs.
Environmental changes arising from the scheduled abolition of Tax-Qualified Pension Plans and the consolidation of pension schemes through M&A have presented customers with the need to restructure their corporate pension schemes. In
response, the Defined Contribution Pension Office offers integrated services extending from feasibility studies to actual introduction, management and administration. These services cover pension consulting centered on defined contribution pension
schemes, support for introducing these schemes, investment products and aftercare for policyholders.

Promoting Offering Services by Transcending the Boundaries between “Corporate” and “Individual” Customers“Consulting Division” EstablishedAs the needs of customers in the SME, middle-market corporation and individual segments become more diverse, financial
institutions are increasingly required to respond flexibly to needs that transcend the boundaries between “corporate” and“individual” customers.
For example, one of the most important management issues facing customers in the SME and middle-market corporate
sector is business inheritance because it simultaneously raises succession issues pertaining to the company's ownership and theowner's own assets. Since it is not just a question of handing on the business, MHBK responds swiftly to the owner's needs
both as a business manager and as an individual.
To deal swiftly with such needs, MHBK established a new “Consulting Division” to bring together the corporate consulting
functions that were once dispersed among various divisions, private banking functions for high net worth customers and trust
business cooperation promotion functions.
MHBK responds to customers' needs by offering comprehensive services that transcend the boundaries between “corporate” and “individual” customers and involve the Consulting Division and group companies. In this way, it aims to build up
permanent relationships with customers and establish a firm position as Japan's strongest retail bank.

“Business Promotion Division for Employees of Corporate Customers” EstablishedMHBK has established the “Business Promotion Division for Employees of Corporate Customers” to provide products and services that satisfy the various needs of senior executives and employees of its own corporate customers and those of MHCB as
they face various life events.
21

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —It is working to satisfy the needs of each individual senior executive and employee by offering products and services tailoredto their requirements, whether they be comprehensive proposals on post-retirement lifestyle planning or managing retirement
allowances, or consultations on housing loans for new house purchases.
Six offices have been established around the country to enhance services and provide speedy and courteous responses tothe diverse needs of these senior executives and employees.

22Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Clients' Demands for Asset Management and Administration —In order to respond to the diversified and advanced needs of clients in the business areas of trust andcustody, and private banking, the Global Asset & Wealth Management Group provides top-level products and services on a global scale in cooperation with group companies such as MHTB, TCSB, MHAM,
DIAM and Mizuho Private Wealth Management.

Asset Management Trusts
In the case of its “Asset Management Trust” products, MHTB separately establishes and manages trusts for each client, primarily
by accepting their stocks, bonds and other securities. Making the most of the know-how it has accumulated through its asset
management business as a trust bank, MHTB stands ready to meet clients' varied needs, ranging from support for asset management and investment to methods for dealing with acquisitions or disposals of treasury stocks, which require special care.

Testamentary Trusts
At some stage, everyone faces the important question of how toensure their invaluable assets are passed on to their heirs properly.

MHTB's Testamentary Trusts Entrusted(No. of deals)
13,000MHTB provides assistance with asset inheritance using the knowhow it has built up over many years and the services that only trust

12,000banks can offer. MHTB's testamentary trust business offers three

11,000services: “consent to undertake the execution of wills service” toprovide comprehensive service by handling everything to do withwills, from drafting to execution; “will safe keeping service” to0March 2007

March 2008

September 2008

hold wills in safe custody; and “inheritance arrangement service”
to act as their agent in executing the procedures necessary when
an inheritance arises.

Securitization of Monetary and Other Claims
In its services for securitizing monetary and other claims, MHTB
uses its trust banking know-how to transform the sales and bills
receivable held by companies, the creditworthiness of monetary

MHTB's Securitized Monetary and Other Claims(Trillions of ¥)8claims such as loans, as well as cash flow into asset management

7

products which it offers to individual and corporate clients.

6

0

23

March 2007

March 2008

September 2008

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Clients' Demands for Asset Management and Administration —Stock Transfer Agent
Through its stock transfer agency business, MHTB handles various
operations associated with stocks on behalf of the stock issuer.
Acting as a shareholder register manager, it manages shareholders'Number of Shareholders Managed under the
Stock Transfer Agency Business(Millions of person)
7.0

registers, handles stock transfers, calculates dividends, issues
notices convening general meetings of shareholders, tabulates vot-

6.5

ing rights, buys up fractional voting unit stocks, and issues new

6.0

stocks following the exercise of stock acquisition rights. It alsooffers various services and consulting in line with progress in com0

puterization, the increase in M&A, the enforcement of the

March 2007

March 2008

September 2008

Note: Includes foreign shareholders

Companies Act and changes in the external environment.

Real Estate Securitization
Real estate securitization has come into increasingly active use as ameans of making more efficient use of assets and dealing with

MHTB's Securitized Assets (Real Estate) under
Administration as Trustee

more diversified fund investment and procurement needs. MHTB is(Trillions of ¥)6

engaged in a wide range of securitization deals involving officebuildings and commercial facilities. It is also proactively involved inarranging privately placed real estate investment funds, providing

5

4

advice on real estate investments, and handling asset management
operations and the outsourcing of clerical operations in connection
0

with J-REITs.

March 2007

March 2008

September 2008

Pensions Business
MHTB offers the services and product packages needed for corporate pension schemes, which range from pension plan design
and the management of pension policyholders and recipients to asset investment and management. In the area of comprehensive consulting services, it works to satisfy clients' needs in cooperation with Mizuho Pension Research Institute.

Full-Fledged Wealth Management Services
Mizuho offers the best solutions to individual clients' diversified needs.
Mizuho Private Wealth Management is providing ultra-high-networth clients* with comprehensive, integrative and continued services similar to those available in the U.S. and Europe to the extent permitted under Japanese laws and regulations.
Based on the open-architecture concept of “providing clients with the best from around the globe,” it will continue to offer
products and services of the highest level.
With regard to non-financial services, it will provide premium services to meet clients' diverse needs in relation to art, automobiles and similar areas, in collaboration with prestigious companies, as well as high-quality solutions in connection withareas such as philanthropy and concierge services.
*Clients who have entrusted Mizuho with extremely large amounts of investment assets.

24

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. We believe our CSR initiatives are essential if we are to coexist
with society and ensure mutually sustainable development.
Mizuho sees CSR as an indispensable element for achieving coexistence and sustainable development together withsociety, and promotes CSR activities while continuing an ongoing dialog with its stakeholders.
We therefore believe it is our intrinsic business responsibility not only to offer quality, leading-edge financial products
and services, but also to remain fully aware of our public mission as part of the economic and social infrastructure, facilitating the flow of money and contributing to the healthy and sustainable development of the economy and society inJapan and abroad.
In addition to fulfilling the responsibilities inherent in our core business activities, we will pursue corporate activities
that will fulfill our social responsibilities through initiatives associated with our core business.
For details, please refer to our CSR REPORT, which is available on MHFG's website.
http://www.mizuho-fg.co.jp/english/csr/report/index.html

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 and glossaries developed through joint research with
Tokyo Gakugei University.

25

CSR Activities

Environmental Initiatives through Core Activities
MHFG recognizes that maintaining and preserving the natural environment are the cornerstones of sustainable social andeconomic development, and is working to strengthen its initiatives in these areas through its financial services.

 Finance for Environment-Related Businesses
MHCB is proactively involved in renewable energy businesses such as wind power generation, and its outstanding
investments as of the end of March 2008 amounted to approximately ¥70.4 billion. It is also promoting financefor waste disposal facilities as part of its contribution to the creation of a recycling-based society.

 Environmentally Friendly Products and Services
MHBK supports customers' initiatives for dealing with environmental issues by offering certain products and services. These include the Mizuho Eco-Special, a loan product that provides interest rate support for SME customers
who have adopted environmental programs; business matching services for customers tackling environmentrelated management issues; and making donations to natural environment protection organizations according tocustomers' usage of J-Debit card services.

 Emissions Trading Business
Four group companies — MHBK, MHCB, MHTB and MHIR — are working on initiatives in the emissions tradingbusiness from various angles. In September 2008, Mizuho became the only megabanking group in Japan to be
entrusted by the Ministry of Economy, Trade and Industry (METI) with the business of promoting the Clean
Development Mechanism (CDM) for reducing domestic emissions of CO2 and other greenhouse gases using emission reduction credits as an incentive.

Barrier-Free Initiatives
MHBK is promoting multifaceted barrier-free initiatives in the form of the Heartful Project to enable anyone to use its facilities and services easily, regardless of age, gender or disability.
It has brought in experts in universal design to spearhead initiatives in creating barrier-free branches, facilities andequipment, design product pamphlets and websites that are easy to understand, and promote education aimed at
improving interaction with customers.
Development of Barrier-Free Facilities (Work completed at 422 manned branches as of September 30, 2008.)
384

Automatic entrance doors

360

Step-free design

416
384

Wider corridors

343

415

Guidance facilities for the visually impaired

337

411

161 164

Parking spaces for wheelchair users

183 185

Customer elevators*
123

Installation of wheelchair accessible elevators*

127
293

Customer toilets

302

165 173

Multifunction/wheelchair toilets

412

ATMs equipped for visually impaired users0

Number of branches with these facilities installed
Number of branches where these facilities are to be installed

100

200

300

* The total does not include branches where these facilities are not required, such as single-story branches.

26

400
500
(Number of Branches)Location of Overseas Offices(As of December 31, 2008)

Network of Mizuho Corporate Bank

Asia and Oceania(Country/Region)
China

Mizuho Corporate Bank (China), Ltd.
Head Office
21-23F, Shanghai World Financial Center, 100
Century Avenue, Pudong New Area, Shanghai
200120, The People's Republic of China
TEL 86-21-3855-8888

Mizuho Corporate Bank (China), Ltd.
Beijing Branch
8th Floor, Chang-Fu-Gong Office Building, Jia 26,
Jianguomenwai Street, Chaoyang District,
Beijing 100022, 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 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,
Guangzhou City, Guangdong Province,
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, Qingdao City,
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, Shenzhen, Guangdong
Province 518001, The People's Republic of China
TEL 86-755-8222-1918

Mizuho Corporate Bank (China), Ltd.
Tianjin Branch
E2ABC-5F, 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.
Wuxi Branch
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

Mizuho Corporate Bank (China), Ltd.
Dalian Economic & Technological
Development Area Sub-Branch
22nd Floor, Gugeng International Business
Building No.138 Jin Ma Road, Economic andTechnological Development Area Dalian,
Liaoning Province, The People's Republic of China
TEL 86-411-8793-5670

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

Wuhan Representative Office
Room 411, Shangri-la Hotel, 700 Jian She Dadao,
Wuhan 430015, The People's Republic of China
TEL 86-27-8578-1155

Xiamen Representative Office
Room 2102, The Bank Center, No.189 Xiahe Road,
Xiamen, Fujian 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
16/F., 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, 400021 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

PT. 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

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 111-66 Sec.2, Wenshin Road,
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
Suite 403~407, 63 LTT Building,
63 Ly Thai To Street, Hanoi,
Socialist Republic of Vietnam
TEL 84-4-3936-3123

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

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 Taepyung-ro
1-ka, Chung-ku, Seoul, Republic of Korea
TEL 822-3782-8500

Malaysia

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

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

Labuan Branch, Kuala Lumpur
Marketing Office
Level 34, Menara Maxis, Kuala Lumpur City
Centre, 50088 Kuala Lumpur, Malaysia
TEL 60-3-2070-6880

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

Philippines

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

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

27

Avenue Louise 480, 1050 Brussels, Belgium
TEL 32-2-645-5280

Location of Overseas Offices

FranceU.A.E

U.S.A.

Paris Branch

Dubai Branch

Chicago Branch

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

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

311 South Wacker Drive, Suite 2020,
Chicago, IL 60606, U.S.A.
TEL 1-312-855-1111

Germany

Düsseldorf Branch
Königsallee 60 D, 40212 Düsseldorf,
F.R. Germany
TEL 49-211-13020

Mizuho Corporate Bank (Germany)
Aktiengesellschaft
Taunustor 2, 60311 Frankfurt am Main,
F.R. Germany
TEL 49-69-27282-0

New York Branch

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

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

Italy

1251 Avenue of the Americas,
New York, NY 10020, U.S.A.
TEL 1-212-282-3000

Los Angeles Agency
350 South Grand Avenue, Suite 1500,
Los Angeles, CA 90071, U.S.A.
TEL 1-213-243-4500

Atlanta Representative Office3353 Peachtree Road NE, Atlanta Financial Center,
Suite 500, Atlanta, Georgia 30326, U.S.A.
TEL 1-404-364-1550

Milan Branch

Houston Representative Office

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

5051 Westheimer Road, Galleria Tower II ,Suite 710, Houston, Texas 77056, U.S.A.
TEL 1-713-499-4800

Spain

Mizuho Corporate Bank Nederland N.V.
Madrid Representative Office
Calle Orense 34, Planta 6, Edificio Iberia Mart II ,28020 Madrid, SpainTEL 34-91-598-2905

The Netherlands

Mizuho Corporate Bank Nederland N.V.
Apollolaan 171, 1077 AS, Amsterdam,
The Netherlands
TEL 31-20-5734343

United Kingdom

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

The Americas(Country/Region)

Mizuho Corporate Bank of California
350 South Grand Avenue, Suite 1500,
Los Angeles, CA 90071, U.S.A.
TEL 1-213-612-2700

BahamasMizuho Corporate Bank (U.S.A.)
Nassau Branch
SG Hambros Building West Bay Street
P.O. Box N-7788 Nassau, Bahamas

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 of California
Silicon Valley Branch
1731 Technology Drive, Suite 100, San Jose,
California 95110, U.S.A.
TEL 1-408-487-1788

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

Mizuho Corporate Bank (USA)Atlanta Representative Office

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

3353 Peachtree Road NE, Atlanta Financial
Center, Suite 500, Atlanta, Georgia 30326, U.S.A.
TEL 1-404-364-1550

Vancouver OfficeMizuho Corporate Bank (USA)
Chicago Representative OfficeRiver Plate House, 7-11 Finsbury Circus,
London EC2M 7DH, UK
TEL 44-20-7012-4000

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

311 South Wacker Drive, Suite 2020, Chicago,
IL 60606, U.S.A.
TEL 1-312-855-1111

Mizuho Capital Markets (UK) Limited

Mizuho Corporate Bank (Canada)

River Plate House, 7-11 Finsbury Circus,
London EC2M 7DH, UK
TEL 44-20-7972-9900

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

Mizuho Corporate Bank (USA)
Houston Representative OfficeMizuho Investment Management(UK) Ltd.

Mizuho Corporate Bank (Canada)
Vancouver Office

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

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

River Plate House Representative
OfficeBahrain

Cayman Islands

Cayman Branch

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

Coutts House, 1446 West Bay Road,
P.O. Box 707GT, Grand Cayman, Cayman Islands,
British West Indies

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

Mizuho Corporate Bank (USA)Los Angeles Representative Office
350 South Grand Avenue, Suite 1500,
Los Angeles, CA 90071, U.S.A.
TEL 1-213-243-4500

Mizuho Alternative Investments, LLC

Bahrain Representative OfficeIran5051 Westheimer Road, Galleria Tower II ,Suite 710, Houston, Texas 77056, U.S.A.
TEL 1-713-499-4800

MexicoMexico Representative Office
Torres E3, Blvd. Manuel Avila Camacho No.32, Piso7, Oficina 702 Col. Lomas de Chapultepec 11000,
Mexico, D.F., Mexico
TEL 52-55-5281-5037

281251 Avenue of the Americas, New York, NY
10020 U.S.A.
TEL 1-212-282-3871

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

Location of Overseas Offices

Mizuho Desk(Country/Region)
Asia and Oceania

Maybank
Menara Maybank, 100 Jalan Tun Perak,
50050 Kuala Lumpur, Malaysia
TEL 60-3-2031-2346

Europe and the Middle East

Raiffeisen Zentralbank Osterreich AG

Network of Mizuho Securities

Network of Mizuho Trust & Banking

Beijing Representative OfficeLondon Representative Office

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

River Plate House, 7-11 Finsbury Circus, London
EC2M 7HB, United Kingdom
TEL 44-20-7588-7400

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

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

1B, Parc d'Activité Syrdall, L-5365 Munsbach,Grand Duchy of Luxembourg
TEL 352-4216171

A-1030 Wein, Am Stadpark 9, Austria
TEL 43-1-71707-1375

Mizuho Investment Consulting(Shanghai) Co., Ltd.

Mashreqbank psc

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

P.O.Box 1250, Omar Bin Al Khatab Rd,
Next to Al Ghurair Centre, Deira, Dubai,
United Arab Emirates
TEL 971-4-207-7945
971-4-207-7267”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.)

Mizuho Securities Asia Limited
11th Floor, CITIC Tower,
1 Tim Mei Avenue, Central, Hong Kong, S.A.R.,
The People's Republic of China
TEL 852-2685-2000

Mizuho Futures (Singapore) Pte.,
Limited
5 Shenton Way, #15-01, UIC Building
068808, Republic of Singapore
TEL 65-6221-3633

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

The Bridgeford Group, Inc.
445 Park Avenue, 20th Floor,
New York, NY 10022, U.S.A.
TEL 1-212-705-0880

29Mizuho Trust & Banking Co. (USA)135 W. 50th Street, 16th Floor, New York,NY 10020, U.S.A.
TEL 1-212-373-5900

Network of DIAM
DIAM International Ltd.
Bracken House, One Friday Street,
London, EC4M 9JA, UK
TEL 44-20-7329-3777

DIAM Singapore Pte. Ltd.
2 Shenton Way #12-01 SGX Centre1,
Singapore 068804
TEL 65-6532-5470

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

Investor Information

Date of Establishment(Preferred Stock)
Percentageof shares
outstanding
Shares held(%)

January 8, 2003

Paid-in Capital
DEUTSCHE BANK AG, LONDON 610(Standing proxy agent: Deutsche
Securities Inc.)¥1,540,965 million

52,770

5.54

CREDIT SWISSE FIRST BOSTON EUROPEPB SEC INT NON-TREATY CLIENT (Standing
proxy agent: Citibank Japan Ltd.)52,220

5.48

Number of Shareholders

UBS AG LONDON A/C IPB SEGREGATEDCLIENT ACCOUNT (Standing proxy agent:
Citibank Japan Ltd.)49,510

5.20

Common Stock:
Preferred Stock:

Goldman Sachs International(Standing proxy agent: Goldman
Sachs Japan Co., Ltd.)41,115

4.32

MORGAN STANLEY & CO. INTERNATIONAL
PLC (Standing proxy agent: Morgan
Stanley Japan Securities Co., Ltd.)34,445

3.62

The Dai-ichi Mutual Life Insurance
Company

27,0002.83

Meiji Yasuda Life Insurance Company

25,0002.62

MORGAN STANLEY & CO. INC (Standing
proxy agent: Morgan Stanley Japan
Securities Co., Ltd.)

19,2902.02

Sompo Japan Insurance Inc.

19,0001.99

16,3501.71

Outstanding Shares
12,130,288.66 shares
Common Stock: 11,178,846.66 shares
Preferred Stock:951,442 shares

354,041
1,822

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

Japan Trustee Services Bank, Ltd.
(Trustee account)

695,228.00

6.21

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

485,356.00

4.34

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

407,641.00

3.64

The Dai-ichi Mutual Life Insurance
Company

279,158.00

2.49

BNP PARIBAS LONDON BRANCH FOR
BNPPPB EVOTOK (Standing proxy agent:
HSBC, Limited)Japan Trustee Services Bank, Ltd.
(Trustee account 4)

173,834.00

1.55

Note: The numbers of Preferred Stock above are the total shares of the Eleventh
Series Class XI and Thirteenth Series Class XIII Preferred Stock.

HERO & CO (Standing proxy agent:Mizuho Corporate Bank, Ltd.)*

157,364.00

1.40

Trust & Custody Services Bank, Ltd.
(Meiji Yasuda Life Insurance Company
Retirement Benefit Trust Accountre-entrusted by Mizuho Trust &Banking Co., Ltd.)
137,000.00

1.22

Nippon Life Insurance Company

132,630.76

1.18

SSBT OD05 OMNIBUS CHINA TREATY
808150 (Standing proxy agent:
Sumitomo Mitsui Banking Corporation) 130,307.00

1.16

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

0.79

89,349.00(As of September 30, 2008)* HERO & CO is a nominee of the shares deposited for the purpose of issuanceof American Depository Receipts (ADR).

30

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

Abolishment of the Fractional Share System Dueto the Implementation of the Electronic Share
Certificate System

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.

Due to the implementation of the electronic share certificate system on Monday, January 5, 2009, we have abolished our fractional share system.
Specifically, as of Sunday, January 4, 2009, we conducted an “allotment of shares or fractions of a sharewithout consideration” in accordance with the provisionsof Article 88 of the “Law Concerning Adjustment andCoordination of Relevant Laws in Association with the
Enforcement of the Company Law” by which the number of shares substantially increased 1,000 times.
Concurrently, we adopted the unit share system bywhich one unit of shares became 100 shares, and lowered the minimum investment amount to one-tenth ofthe current minimum investment amount.
As a result, for example, if you owned 0.25 fractional
shares, this became 250 shares, of which the breakdown
is 200 unit shares and 50 less-than-one-unit shares.
Fractional shares have been automatically recorded asshares in the special account opened by issuer and aremanaged separately from the general transfer accounts.
You will not be able to sell less-than-one unit shares on
the market.
To counter the effect of the allotment of shares or
fractions of a share without consideration, the conversion
ratio of our ADRs to the common shares was changed
from one (1) ADR representing 0.002 of a share of common stock to one (1) ADR representing two (2) shares ofcommon stock with the effective date of January 4, 2009.

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.

31

Disclosure Policy

Basic Principles

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

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 questionable32

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 divisionsof the company under both the Conformity Assessment Scheme, “ISO/IEC27001: 2005,” theinternational standard, and “JIS Q 27001: 2006,” the domestic standard.
IS97580 / ISO IEC27001

33

Contact Information

 MHFG's “News Release E-mail Distribution
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.co.jp/english/

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/en/

34

Interim Review (Financial Information)
For the Six Months ended September 30, 2008

<Under Japanese GAAP>

Mizuho Financial Group, Inc.

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

For the Six Months ended September 30, 2008 and 2007,
and for the Fiscal Year ended March 31, 2008

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

September 30, 2008
1,903,592
56,78857,32894,577-￥

Millions of yen
March 31, 2008
4,523,510
397,120
486,062311,224
133,898

Thousands of U.S. dollars￥

September 30, 2007
2,256,140
399,184
422,770
327,061-$

September 30, 2008
18,369,128
547,993553,207912,644-*Non-consolidated basis

As of September 30, 2008 and 2007, and March 31, 2008

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

September 30, 2008
153,222,014
32,537,063
67,590,699
75,480,661
4,968,143￥￥

Millions of yen
March 31, 2008
154,412,105
33,958,537
65,608,705
76,175,319
5,694,159

Thousands of U.S. dollars￥￥

September 30, 2007
151,711,905
36,153,905
66,056,468
74,167,419
6,226,971$$

September 30, 2008
1,478,548,821
313,973,397
652,231,012
728,366,899
47,941,171*Deposits does not include Negotiable Certificates of Deposit.

For the Six Months ended September 30, 2008 and 2007,
and for the Fiscal Year ended March 31, 2008

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, 2008

September 30, 2008￥

8,373.41￥

25,370.25￥

28,272.51

Consolidated Capital Adequacy Ratio (BIS Standard)

$

80.80

-

10,000---20,00030,000--

September 30, 2008
11.45%March 31, 2008
11.70%

September 30, 2007
11.80%*Non-consolidated basis

As of September 30, 2008 and 2007, and March 31, 2008

U.S. dollars
September 30, 2008

September 30, 2007

Note: The rate of ¥ 103.63=US$ 1.00, the foreign exchange rate on September 30, 2008, 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 FOR THE FIRST HALF OF FISCAL 2008

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)

13

6. Use and Source of Funds

NON(B)

14

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)

12. Capital Adequacy Ratio

CON

III. REVIEW OF CREDITS

19
21

NON(B)

23
24
25

CON

27

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. SEGMENT INFORMATION BY GLOBAL GROUP

47
48
Page

49

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

Page

50

This presentation 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 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/ andalso 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, 2008

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
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

75,480,661
10,350,995
2,719,624
7,047,585
13,348,752
6,435,649
7,427,337
5,310,414
264,737
694,587
4,385,279
1,012,753
8,796,570
31,16036,493
1,853
54,231
15,839
9,837
9,699
1,750
9,136
104,549
4,704,366
148,253,870

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
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 Frequent Users Services
Reserve for Reimbursement of Deposits
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 Losses, net of Taxes
Revaluation Reserve for Land, net of Taxes
Foreign Currency Translation Adjustments
Total Valuation and Translation Adjustments
Minority Interests

Total Net Assets
Total Liabilities and Net Assets*Amounts less than one million yen are rounded down.

4,171,640
265,068
9,348,124
7,876,720
3,015,030
12,282,278
44,32232,537,063
67,590,699
787,036
9,339,495
803,714
293,992
850,185
4,704,366(687,701)(23)
153,222,014\

1,540,965
411,227
1,291,244(6,270)3,237,166
48,718(39,498)
146,715(83,501)
72,433
1,658,543
4,968,143
153,222,014

1Mizuho Financial Group, Inc.

2.CONSOLIDATED STATEMENT OF INCOME

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2008
Millions of yen

Ordinary Income\

Interest Income

1,903,592
1,217,613

Interest on Loans and Bills Discounted

723,683

Interest and Dividends on Securities

262,586

Fiduciary Income

29,749Fee and Commission Income

254,606

Trading Income

114,998

Other Operating Income

173,392

Other Ordinary Income

113,231
1,846,804

Ordinary Expenses
Interest Expenses

694,209

Interest on Deposits*

236,118

Interest on Debentures

9,420

Fee and Commission Expenses

54,473

Trading Expenses

62,078Other Operating Expenses

62,276

General and Administrative Expenses

604,469

Other Ordinary Expenses

369,296

Ordinary Profits

56,788Extraordinary Gains

17,008Extraordinary Losses

16,468

Income before Income Taxes and Minority Interests

57,328

Income Taxes:
Current

12,295

Deferred(63,141)

Total Income Taxes(50,845)
13,597

Minority Interests in Net Income
Net Income\

94,577*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, 2008
Millions of yen

Shareholder's Equity
Common Stock and Preferred Stock\

Balance as of the end of the previous period

1,540,965

Changes during the period
Total Changes during the period-

Balance as of the end of the period

1,540,965

Capital Surplus
Balance as of the end of the previous period

411,093

Changes during the period
Disposition of Treasury Stock133

Total Changes during the period

133

Balance as of the end of the period

411,227

Retained Earnings
Balance as of the end of the previous period

1,476,129

Changes during the period
Cash Dividends(133,898)

Net Income

94,577

Disposition of Treasury Stock(26)

Cancellation of Treasury Stock(146,308)

Transfer from Revaluation Reserve for Land, net of Taxes

771

Total Changes during the period(184,884)

Balance as of the end of the period

1,291,244

Treasury Stock
Balance as of the end of the previous period(2,507)

Changes during the period
Repurchase of Treasury Stock(150,272)

Disposition of Treasury Stock140

Cancellation of Treasury Stock

146,308

Decrease in Stock issued by MHFG held by Equity-Method Affiliates

60

Total Changes during the period(3,762)

Balance as of the end of the period(6,270)Total Shareholders' Equity
Balance as of the end of the previous period

3,425,680

Changes during the period
Cash Dividends(133,898)

Net Income

94,577

Repurchase of Treasury Stock(150,272)

Disposition of Treasury Stock

248

Cancellation of Treasury Stock-

Transfer from Revaluation Reserve for Land, net of Taxes

771

Decrease in Stock issued by MHFG held by Equity-Method Affiliates

60

Total Changes during the period
Balance as of the end of the period(188,513)\*Amounts less than one million yen are rounded down.

3

3,237,166

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\

401,375

Changes during the period
Net Changes in Items other than Shareholders' Equity(352,656)

Total Changes during the period(352,656)

Balance as of the end of the period

48,718Net Deferred Hedge Losses, net of Taxes
Balance as of the end of the previous period

5,985

Changes during the period
Net Changes in Items other than Shareholders' Equity(45,484)

Total Changes during the period(45,484)

Balance as of the end of the period(39,498)

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

147,467

Changes during the period
Net Changes in Items other than Shareholders' Equity(752)

Total Changes during the period(752)

Balance as of the end of the period

146,715

Foreign Currency Translation Adjustments
Balance as of the end of the previous period(78,394)

Changes during the period
Net Changes in Items other than Shareholders' Equity(5,107)

Total Changes during the period(5,107)

Balance as of the end of the period(83,501)

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

476,434

Changes during the period
Net Changes in Items other than Shareholders' Equity(404,000)

Total Changes during the period(404,000)

Balance as of the end of the period

72,433

Minority Interests
Balance as of the end of the previous period

1,792,045

Changes during the period
Net Changes in Items other than Shareholders' Equity(133,502)

Total Changes during the period(133,502)

Balance as of the end of the period

1,658,543

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

5,694,159

Changes during the period
Cash Dividends(133,898)

Net Income

94,577

Repurchase of Treasury Stock(150,272)

Disposition of Treasury Stock

248

Cancellation of Treasury Stock-

Transfer from Revaluation Reserve for Land, net of Taxes

771

Decrease in Stock issued by MHFG held by Equity-Method Affiliates

60

Net Changes in Items other than Shareholders' Equity
Total Changes during the period
Balance as of the end of the period(537,502)(726,016)\*Amounts less than one million yen are rounded down.

44,968,143

Mizuho Financial Group, Inc.

4．CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE SIX MONTHS ENDED SEPTEMBER 30, 2008

Millions of yen

I. Cash Flow from Operating Activities
Income before Income Taxes and Minority Interests\

Depreciation
Losses on Impairment of Fixed Assets
Amortization of Goodwill
Equity in Income 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 Frequent Users Services
Increase (Decrease) in Reserve for Reimbursement of Deposits
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 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 Transaction
Increase (Decrease) in Call Money, etc.
Increase (Decrease) in Commercial Paper
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactio
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

57,32870,6641,015(1)(2,347)
3,475
(7)
3,335
1,744
(11,386)478(5,204)
1,488
84(1,217,613)
694,20956,376(61)
23,691
2,456
1,496,982(825,760)(2,222,493)(476,076)
265,361(439,818)
512,528(366,574)(1,755,289)
1,192,417
2,211,282(30,000)(492,090)
6,540
42,053(93,196)
330,643(107,193)
1,236,316(729,443)
464,138(99,943)
59,161(40,782)

II. Cash Flow from Investing Activities(39,217,450)
30,614,217
9,443,083(31,700)
20,193(27,548)(20,291)
5,525
643
786,674

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
Proceeds from Subordinated Borrowed Money
Proceeds from Issuance of Subordinated Bonds
Payments for Redemption of Subordinated Bonds
Proceeds from Investments by Minority Shareholders
Repayments to 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. Decrease in Cash and Cash Equivalents for Exclusion from Scope of Consolidation

VIII. Cash and Cash Equivalents at the end of the period*Amounts less than one million yen are rounded down.

\

230
26,500(12,100)
306,359(387,938)(133,203)(53,022)(150,272)
114(403,331)(423)
342,135
2,055,793(0)2,397,9285

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 2008
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)First Half of Fiscal 2007
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)

6

917.3
523.4
29.7
200.1
52.9
111.1

765.6
467.5
28.9
146.3
8.0
114.7

151.6
55.8
0.7
53.7
44.8
(3.6)

83.4
89.3
97.3
73.1
15.1
103.2

987.8
537.9
33.1
238.6
122.0
56.1

849.0
477.1
32.4
179.2
103.0
57.1

138.8
60.7
0.6
59.4
19.0
(0.9)

85.9
88.7
98.0
75.0
84.4
101.7

7

(142.8)(130.4)(12.3)

91.3(44.6)(53.8)

9.1

120.5

Ordinary Profits

8

Net Income

9

Net Business Profits

10

56.7
94.5
317.4

9.8
169.4
309.0

46.9
(74.8)
8.3

17.2
179.1
97.3

399.1
327.0
414.0

319.7
326.0
414.2

79.4
0.9
(0.2)

80.0
99.6
99.9

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, 2008
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)
Total Assets

11

Securities

12

Loans and Bills Discounted

13

153,222.0
32,537.0
67,590.6

143,345.8
33,001.7
67,377.6(b) / (a)9,876.2(464.6)
213.0

93.5
101.4
99.6

(Billions of yen, %)As of March 31, 2008
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)(b) / (a)Three Banks(a)(b)

154,412.1
33,958.5
65,608.7

145,912.9
34,320.9
65,666.7

2. Assets and Liabilities
Non-Consolidated

Aggregated Figures of the 3 Banks(Billions of yen)
As of September 30, 2008

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

10

Bills Sold

11

Total Net Assets
Shareholders' Equity

14
15

143,345.8
5,886.4
5,914.6
33,001.7
67,377.6
139,273.6
76,138.2
10,647.7
2,727.6
12,361.3
4,072.1
3,945.5

Change fromMarch 31,2008

As of March
31, 2008

As of
September 30,
2007(2,567.1)
913.2
964.0
(1,319.2)
1,710.9(1,830.3)(636.9)263.1(443.3)
1,378.9(736.8)(316.5)145,912.9
4,973.1
4,950.6
34,320.9
65,666.7
141,103.9
76,775.2
10,384.6
3,171.0
10,982.3
4,809.0
4,262.0

139,513.0
4,442.3
4,982.7
36,572.9
66,118.2
133,918.7
74,177.1
9,038.1
3,946.3
10,711.9
5,594.3
4,393.5

Valuation and Translation
16
126.6(420.2)546.9
1,200.7
Adjustments*“Loans and Bills Discounted” includes loans to MHFG as follows:
As of September 30, 2008 : \720.0 billion (from MHBK \360.0 billion; from MHCB \360.0 billion)
As of March 31, 2008 : \1,000 billion (from MHBK \500.0 billion; from MHCB \500.0 billion)
As of September 30, 2007 : \1,130.0 billion (from MHBK \565.0 billion; from MHCB \565.0 billion)

68,499.1(362.4)(58.0)

94.4
101.0
100.0

Mizuho Financial Group, Inc.

3. Income Analysis
Consolidated(Millions of yen)First Half of Fiscal
2008

Consolidated Gross Profits11(70,554)(14,497)(3,366)(38,547)(69,113)54,971(44,904)(35,165)(10,840)
1,101

987,876
537,901
33,115
238,680122,034
56,144(559,564)(240,694)(290,315)(28,554)12(156,211)(88,155)(68,055)

13(48,349)(124,700)(3,538)(10,541)(342,395)(23,046)(9,987)(30)(365,441)
6,825
101,124
25,007(232,483)(61,713)85,103
5,886(52,063)
399,184
23,58623,36831422,770(19,121)(37,983)(38,604)
327,061

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

78Personnel 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 )Change917,322523,403
29,749200,132
52,920111,115(604,469)(275,860)(301,156)(27,453)

1

General and Administrative Expenses

First Half of Fiscal
2007

Minority Interests in Net Income

24

Net Income

25(110,063)(39,596)
2,347(62,605)
56,788540
13,381057,328(12,295)
63,141(13,597)
94,577

26(142,829)(98,143)(44,686)27

317,459(96,580)

414,039

Losses on Write-offs of Loans
Net Gains (Losses) related to Stocks

14

Equity in Income from Investments in Affiliates

15

Other

16

Ordinary Profits

17

Net Extraordinary Gains (Losses)

18

Reversal of Reserves for Possible Losses on Loans, etc.

19

Reversal of Reserve for Possible Losses on Investments

20

Income before Income Taxes and Minority Interests

21

Income Taxes - Current

22- Deferred

23

Credit-related Costs(including Credit Costs for Trust Accounts)* Credit-related Costs [26]= 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. [19] + Credit Costs for Trust Accounts [4](Reference)

Consolidated Net Business Profits* Consolidated Net Business Profits [27] = 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

28

Number of affiliates under the equity method

29

7

147
22

10
-

137
22

Mizuho Financial Group, Inc.
Aggregated Figures of the 3 Banks
Non-Consolidated(Millions of yen)First Half of Fiscal 2008
MHBK

MHCB

AggregatedFigures

MHTB

First Half of
Fiscal 2007

ChangeDomestic Gross Profits2426,505
366,068

268,645
192,125

70,50964,465

765,659
622,660(83,343)
5,918

849,003616,741

Net Interest Income

3290,983

96,547

24,401

411,932(23,026)

434,959
32,468Gross Profits

1

Fiduciary Income

428,96228,962(3,505)Credit Costs for Trust Accounts

5

-

-

-

-

Net Fee and Commission Income

670,316

28,67011,448110,435(20,682)

131,118

Net Trading Income

7

3,700

64,089(493)

67,29653,863

13,4338

1,067
60,4365,512

2,818
76,51948,038

146
6,043
2,041

4,032
142,999
55,592(730)(89,261)
13,396

4,762
232,261
42,19619

7,170(9,204)56,958(286,737)
67.2%(81,693)(188,546)(22,155)(16,497)

28,812(51,279)
50,947(123,400)
45.9%(43,395)(74,272)(3,292)(5,732)

(40)
1,219
2,823
(46,424)65.8%(16,168)(28,719)(1,455)(1,536)35,942(59,264)
110,729(456,562)
59.6%(141,257)(291,538)(26,902)(23,766)(12,187)(148,857)
58,386(21,810)
8.4%(19,151)(3,889)(62)
1,230

48,13089,592
52,342(434,752)
51.2%(122,106)(287,649)(26,840)(24,996)20

139,767

145,244

24,084

309,097(105,153)

414,250

21

133,895

132,797

20,620287,313(88,718)

376,031Net Other Operating Income
International Gross Profits

9

Net Interest Income

10

Net Fee and Commission Income

11

Net Trading Income

12

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

13
14
15

Personnel Expenses

16

Non-Personnel Expenses

17

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

18

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

22(35,015)--(35,015)(45,059)

10,044

Net Business Profits23

104,752

145,244

24,084

274,081(150,213)

424,295

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

24

5,871

12,447

3,464

21,783(16,435)

38,21825(149,068)(95,197)(20,008)(264,274)(159,684)(104,590)

Net Gains (Losses) related to Stocks

26(37,807)

1,305(4,279)(40,781)(114,684)

73,902

Expenses related to Portfolio Problems

27(87,526)(37,421)(12,955)(137,903)(18,138)(119,765)

Other

28

(23,735)(59,081)(2,772)(85,589)(26,861)(58,727)

Ordinary Profits29(44,316)

50,047

4,076

9,806

(309,897)

319,704

Net Extraordinary Gains (Losses)

30

84,69824,644

3,440

112,783

56,53956,243

Net Gains (Losses) on Disposition of Fixed Assets

31

728

(2,477)(253)(2,002)(1,580)(422)

Losses on Impairment of Fixed Assets

32

(173)

(774)

(32)

(980)

25

(1,005)

Reversal of Reserves for Possible Losses on Loans, etc.

33

6,784

31,755

3,917

42,458(13,404)

55,862

Reversal of Reserve for Possible Losses on Investments

34

83,623--83,623

83,58933

35

40,381

74,692

7,517

122,590(253,357)

375,948

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

36

(277)

(19)

(11)

(308)

(36)

(271)

37

39,89011,069(3,819)47,141

96,742(49,600)

38

79,99485,743

3,686

169,423(156,651)

326,075* 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].

Credit-related Costs

39(115,757)(5,665)(9,038)(130,461)(76,602)(53,858)

19,548(98,880)(48,502)62(1,744)(945)(130,461)(26,847)(55,600)
5,086(2,860)1,751
1,867(76,602)46,396(43,279)(53,589)
2,923(3,495)(2,813)(53,858)* 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
Total
47
Reversal of (Provision for) General Reserve for Possible Losses on Loans(35,015)(54,721)(25,349)(671)(115,757)

8

49,185(31,203)(21,661)62(1,774)(273)(5,665)

5,378(12,955)(1,491)(0)
30(9,038)Mizuho Financial Group, Inc.
Mizuho Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2008

Gross Profits

17

426,505
366,068
290,983
70,3163,700
1,067
60,436
5,512
7,170(9,204)56,958(286,737)
67.2%(81,693)(188,546)(22,155)(16,497)(40,429)(26,809)(8,447)(17,962)71(471)(13,619)4,095
326(35,778)
17,736(19,501)
9.9%(17,450)(2,435)(463)
383

466,934
392,878
299,431
88,2793,628
1,538
74,0561,417
6,843
26,57339,222(267,235)
57.2%(64,243)(186,111)(21,692)(16,881)18

139,767(59,931)

199,69819

133,895(35,015)
104,752
5,871(149,068)(37,807)(87,526)(23,735)(44,316)
84,698
728
(173)
6,784
83,62340,381(277)
39,89079,994(66,484)(45,059)(104,991)
6,553(35,307)(50,270)
15,392(428)(140,298)
74,992
1,363
775(4,328)83,623(65,306)(34)
44,438(20,901)

200,380
10,044
209,743(681)(113,761)
12,463(102,918)(23,306)
95,981
9,705
(634)
(949)
11,112
105,687(243)(4,547)
100,8961

Domestic Gross Profits

2

Net Interest Income

3

Net Fee and Commission Income

4

Net Trading Income

5

Net Other Operating Income

6International Gross Profits

7

Net Interest Income

8

Net Fee and Commission Income

9

Net Trading Income

10

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

Expense Ratio

11
12
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
Reversal of (Provision for) General Reserve for Possible Losses on Loans

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

16

20
21
22
23
24

Expenses related to Portfolio Problems

25

Other

26

Ordinary Profits
Net Extraordinary Gains (Losses)
Net Gains (Losses) on Disposition of Fixed Assets

27
28
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

33

Income Taxes - Current

34- Deferred
Net Income

First Half of Fiscal 2007

Change35
36

Credit-related Costs
37(115,757)(33,996)* 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

(35,015)(54,721)(25,349)(671)(115,757)(45,059)(17,737)
26,715(51)
2,137(33,996)(81,761)

10,044(36,984)(52,064)51(2,808)(81,761)Mizuho Financial Group, Inc.
Mizuho Corporate Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2008

First Half of Fiscal 2007

ChangeDomestic Gross Profits2268,645
192,125

Net Interest Income

396,547(15,224)

111,771

Net Fee and Commission Income

428,6703,892

24,777

Net Trading Income

564,08954,1799,910

Net Other Operating Income

6

2,818

297

2,520

International Gross Profits

7

76,519(76,377)

152,896

Net Interest Income

848,038

9,743

38,295Gross Profits1(33,232)
43,144

301,877
148,980

Net Fee and Commission Income

928,812(12,506)

41,318

Net Trading Income

10(51,279)(113,623)

62,343

Net Other Operating Income

1150,94740,00910,938(123,606)

12(123,400)

205

Expense Ratio

13

45.9%

4.9%

40.9%

Personnel Expenses

14(43,395)

6(43,401)

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)

15(74,272)(644)(73,627)

16(3,292)427(3,720)17(5,732)844(6,576)18

145,244(33,026)

178,271
142,284

19

132,797(9,486)

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

20

-

-

-

Net Business Profits21

145,244(33,026)

178,271

Excluding Net Gains (Losses) related to Bonds

22

12,447(23,539)

35,987

23(95,197)(105,760)

10,56324

1,305(58,829)

60,135

Expenses related to Portfolio Problems

25(37,421)(21,086)(16,334)

Other

26

(59,081)(25,844)(33,237)

Ordinary Profits27

50,047(138,787)

188,835Net Extraordinary Gains (Losses)

28

24,644

1,464

23,180Net Gains (Losses) on Disposition of Fixed Assets

29(2,477)(2,995)517

Losses on Impairment of Fixed Assets

30

(774)

(735)

(38)

Reversal of Reserves for Possible Losses on Loans, etc.

31

31,7559,225

22,530

Reversal of Reserve for Possible Losses on Investments

32

-

(33)

33

Income before Income Taxes

33

74,692(137,323)

212,015

Income Taxes - Current

34

(19)

(0)

(19)

- Deferred35

11,06949,286(38,216)Net Income

36

85,743(88,036)

173,779

Credit-related Costs

37(5,665)(11,860)

6,195

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

49,185(31,203)(21,661)62(1,774)(273)(5,665)

10

13,784(25,414)925(2,632)
1,749(273)(11,860)

35,400(5,788)(22,587)
2,694(3,524)
6,195

Mizuho Financial Group, Inc.
Mizuho Trust & Banking
Non-Consolidated(Millions of yen)First Half of Fiscal 2008

First Half of Fiscal 2007

Change170,509(9,681)80,190

Domestic Gross Profits264,465(10,416)

74,882Net Interest Income

3

Fiduciary Income

4

Credit Costs for Trust Accounts

5

24,401
28,962-645(3,505)-23,75632,468-Net Fee and Commission Income

611,448(6,612)

18,060Net Trading Income

7

(493)

(387)

(105)

Net Other Operating Income

8

146

(556)

702

International Gross Profits

9

6,043

735

5,308

Net Interest Income

10

2,041

(441)

2,483

Net Fee and Commission Income

11

(40)

(8)

(32)

Net Trading Income

12

1,219

544

675

Net Other Operating Income

13

2,823

640

2,182

Gross Profits14(46,424)(2,513)(43,910)

15

65.8%

11.0%

54.7%

Personnel Expenses

16(16,168)(1,707)(14,461)

Non-Personnel Expenses

17(28,719)(809)(27,910)18(1,455)(26)(1,428)19(1,536)2(1,538)20

24,084(12,195)

36,28021

20,620(12,746)

33,367

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

22

-

-

-

Net Business Profits

23

24,084(12,195)

36,280General 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)

24

3,464

551

2,912

25

(20,008)(18,616)(1,392)
1,303

Net Gains (Losses) related to Stocks

26(4,279)(5,583)

Expenses related to Portfolio Problems

27(12,955)(12,444)

(511)

Other

28

(2,772)(588)(2,184)

Ordinary Profits

29

4,076

(30,811)34,887Net Extraordinary Gains (Losses)

30

3,440

(19,917)

23,357

Net Gains (Losses) on Disposition of Fixed Assets

31

(253)

51

(305)

Losses on Impairment of Fixed Assets

32

(32)

(14)

(17)

Reversal of Reserves for Possible Losses on Loans, etc.

33

3,917

(18,301)

22,219

Reversal of Reserve for Possible Losses on Investments

34

-

-

-

Income before Income Taxes

35

7,517

(50,728)

58,245

Income Taxes - Current

36

(11)

(2)

(9)

- Deferred37(3,819)3,016(6,836)

38

3,686(47,713)51,400Net 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

39(9,038)(30,746)

21,708* 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
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

40
41
42
43
44
45
46
47

11

5,378
(12,955)(1,491)(0)
30(9,038)

4,427(12,448)(22,553)(177)
2
4(30,746)951(507)
21,062177
28(4)21,708Mizuho Financial Group, Inc.

4. Breakdown of Income(1) Breakdown of Net Fee and Commission Income
Consolidated(Billions of yen)First Half of
Fiscal 2008

200.1
254.6
53.6
58.0
29.0
17.1
2.8
17.9
18.8
54.4
18.5

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 Business

Non-Consolidated
Aggregated Figures of the 3 Banks

Change(38.5)(41.1)(13.1)(0.0)(20.1)
0.5
(0.0)
2.0
(6.7)
2.5
(0.7)

First Half of
Fiscal 2007

238.6
295.7
66.7
58.1
49.2
16.5
2.9
15.8
25.6
57.0
17.8
(Billions of yen)First Half of
Fiscal 2008

146.3
200.1
55.0
57.6
13.6
12.4
2.8
18.7
53.8
18.5

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(32.8)(35.9)(14.7)(0.6)(11.6)
(0.9)
(0.0)
2.4
3.1
(0.7)

First Half of
Fiscal 2007

179.2
236.1
69.8
58.2
25.2
13.4
2.9
16.3
56.9
17.7

(2) Breakdown of Net Other Operating Income
Non-Consolidated
Aggregated Figures of the 3 Banks(Billions of yen)First Half of
Fiscal 2008

114.7
4.0
10.5
110.7
89.9
11.1

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

57.6
(0.7)
2.9
58.3
75.5
(19.3)First Half of
Fiscal 2007

57.1
4.7
7.6
52.3
14.3
30.5

Mizuho Financial Group, Inc.

5. Interest Margins (Domestic Operations)
Non-Consolidated(%)

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 MarginFirst Half of Fiscal
2008

Change

1.31
1.65
0.88
1.19
1.27
0.34
0.75
0.11
0.37
1.30

(0.04)
0.01(0.15)
0.05
0.08
0.04
0.07
(0.09)(0.06)(0.03)

1.35
1.63
1.03
1.13
1.19
0.29
0.67
0.21
0.44
1.34

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
11
1.79
Loan and Deposit Rate Margin (including Expenses)(11)-(5)12
0.51
Loan and Deposit Rate Margin(11)-(6)
13
1.44

0.05
(0.03)
0.00

1.74
0.55
1.44

1.36
1.83
0.68
1.27
1.26
0.28
0.74
0.09
0.56
1.54

(0.00)(0.00)(0.03)
0.08
0.09
0.04
0.01
(0.08)(0.09)(0.04)

1.36
1.83
0.72
1.18
1.17
0.24
0.73
0.18
0.66
1.59

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
24
2.03
Loan and Deposit Rate Margin (including Expenses)(24)-(18) 25
0.77
Loan and Deposit Rate Margin(24)-(19) 26
1.75

0.06
(0.02)
0.02

1.97
0.79
1.73

1.22
1.33
1.12
1.06
1.31
0.53
0.75
0.15
0.01
0.79

(0.09)
0.05(0.44)
0.02
0.07
0.05
0.09
(0.12)(0.02)(0.00)

1.32
1.28
1.56
1.04
1.24
0.47
0.66
0.28
0.03
0.80

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
37
1.38
Loan and Deposit Rate Margin (including Expenses)(37)-(31) 38
0.06
Loan and Deposit Rate Margin(37)-(32) 39
0.84

0.04
(0.02)(0.01)

1.33
0.09
0.86

0.12
0.23
0.19
0.06
0.08
0.05
0.15

1.41
1.55
1.20
0.56
0.48
0.84
1.06

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

1
2
3
4
5
6
7
8
9
10

First Half of Fiscal
2007* Return on Loans and Bills Discounted excludes loans to 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

* Return on Loans and Bills Discounted excludes loans to MHFG.
* 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

* Return on Loans and Bills Discounted excludes loans to MHFG.
* 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

1.53
1.78
1.40
0.62
0.56
0.90
1.21

* 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 2008(a)First Half of
Fiscal 2007(b)Interest
Interest
2,864.7
1,520.7

Fiscal 2007

Interest
1,217.6

Change (a-b)
Interest(303.1)Loans and Bills Discounted

723.6(32.1)

1,507.4

755.8

Securities

262.5(99.3)

671.7

361.9

5.2

(2.6)

12.8

7.8

Receivables under Resale-Agreements

126.8(157.4)

460.3

284.3

Guarantee Deposits Paid under
Securities Borrowing Transactions

24.4

0.9

46.4

23.4

Use of Funds

Call Loans and Bills Purchased

31.0

(9.9)

73.7

41.0

Source of Funds

Due from Banks

694.2(288.6)

1,801.1

982.8

Deposits

236.1(77.5)

581.6

313.6

Negotiable Certificates of Deposit

51.7(22.7)

127.9

74.4

Debentures

9.4

(3.5)

23.7

13.0

Call Money and Bills Sold

30.5

1.5

58.0

28.9

Payables under Repurchase Agreements

169.8(210.2)

606.8

380.1

Guarantee Deposits Received under
Securities Lending Transactions

24.7(11.4)

70.5

36.2

Commercial Paper

0.0

(0.0)

0.0

0.0

Borrowed Money

34.2

3.1

70.2

31.1

14

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of MHBK and MHCB(Millions of yen, %)First Half of Fiscal 2008

First Half of Fiscal 2007

ChangeAverage Balance
1,024,144

Rate(0.29)

Average Balance
114,100,502

Rate
2.10

Average Balance
115,124,646

Rate
1.80

Loans and Bills Discounted

63,333,483

2.05

864,571(0.13)

62,468,912

2.19

Securities

32,977,789

1.49(2,463,408)(0.46)

35,441,198

1.96

Source of Funds

116,446,741

1.03

2,836,983(0.29)

113,609,758

1.32(Total)Use of Funds

Deposits

72,557,933

0.63

1,461,954(0.22)

71,095,978

0.85

NCDs

10,714,457

0.91

1,097,115(0.60)

9,617,341

1.52

Debentures

2,977,306

0.63(1,425,460)

0.03

4,402,766

0.59

Call Money

10,817,273

0.81

1,046,162

0.01

9,771,111

0.79

Payables under Repurchase Agreements

6,070,252

2.49(914,764)(1.73)

6,985,017

4.23

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money5,829,318

2.70

126,225(0.38)

5,703,093

3.09(Domestic Operations)
Use of Funds

91,644,652

1.31

4,065,769(0.04)

87,578,883

1.35

Loans and Bills Discounted

52,534,875

1.65

140,696

0.03

52,394,178

1.62

Securities

24,657,954

0.88(167,821)(0.15)

24,825,775

1.03

Source of Funds

92,789,466

0.46

5,157,721

0.04

87,631,745

0.41

Deposits

60,311,043

0.28

1,671,773

0.04

58,639,270

0.23

NCDs

9,765,537

0.65

2,023,242

0.08

7,742,295

0.57

Debentures

2,977,306

0.63(1,425,460)

0.03

4,402,766

0.59

Call Money

10,372,586

0.65

974,443

0.05

9,398,143

0.59

813,604

0.61

238,1560.03

575,447

0.58

-

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold
Commercial Paper

-

-

-

-

-

-

Borrowed Money2,634,923

1.00

125,004

0.00

2,509,918

1.00

26,380,946

3.42(578,923)(1.10)

26,959,870

4.52

Loans and Bills Discounted

10,798,608

4.01

723,874(1.16)

10,074,733

5.18

Securities

8,319,835

3.32(2,295,587)(0.83)

10,615,422

4.15

Source of Funds

26,558,226

2.99

141,962(1.32)

26,416,264

4.32

Deposits

12,246,889

2.35(209,818)(1.42)

12,456,707

3.78

NCDs

948,919

3.61(926,126)(1.82)

1,875,046

5.43(International Operations)
Use of Funds

Debentures

-

-

-

-

-

-

Call Money444,686

4.61

71,718(1.31)

372,967

5.93

5,256,648

2.79(1,152,921)(1.76)

6,409,569

4.55-

Payables under Repurchase Agreements

Bills Sold

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

3,194,395

4.10

1,220

(0.62)

3,193,175

4.73

15

Mizuho Financial Group, Inc.

Mizuho Bank(Millions of yen, %)First Half of Fiscal 2008

First Half of Fiscal 2007

ChangeAverage Balance
761,346

Rate(0.02)

Average Balance
59,689,573

Rate
1.46

Average Balance
60,450,919

Rate
1.43

Loans and Bills Discounted

33,839,032

1.82

325,881(0.00)

33,513,150

1.82

Securities

15,000,674

0.89(2,125,657)(0.07)

17,126,332

0.97

Source of Funds

61,762,906

0.45

1,097,130(0.00)

60,665,775

0.45

Deposits

53,697,123

0.31

1,741,222

0.02

51,955,900

0.28

NCDs

1,993,466

0.54

237,4870.06

1,755,9780.47

Debentures

953,6510.31(456,492)

0.09

1,410,143

0.22

Call Money

1,779,139

0.47

67,249(0.00)

1,711,890

0.48

33,564

0.63(66,383)

0.04

99,948

0.58(Total)Use of Funds

Payables under Repurchase Agreements

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

3.29

(128,799)

0.17

Borrowed Money

1,121,814

1,250,614

3.12(Domestic Operations)
Use of Funds

57,764,512

1.36

750,991(0.00)

57,013,521

1.36

Loans and Bills Discounted

33,448,572

1.81

273,245

0.00

33,175,326

1.81

Securities

13,701,102

0.68(2,014,381)(0.03)

15,715,484

0.72

Source of Funds

59,165,904

0.35

1,072,173

0.03

58,093,731

0.31

Deposits

52,632,906

0.27

1,540,888

0.04

51,092,017

0.23

NCDs

1,990,923

0.54

236,2510.06

1,754,672

0.47

Debentures

953,6510.31(456,492)

0.09

1,410,143

0.22

Call Money

1,779,139

0.47

67,249(0.00)

1,711,890

0.48

33,564

0.63(66,383)

0.04

99,948

0.58

-

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold
Commercial Paper

-

-

-

-

-

-

Borrowed Money398,200

1.96(66,260)

0.28

464,460

1.68

3,820,765

2.28

973,141(1.11)

2,847,623

3.39(International Operations)
Use of Funds
Loans and Bills Discounted

390,460

2.29

52,635(0.51)

337,824

2.81

Securities

1,299,571

3.10(111,276)(0.66)

1,410,847

3.77

Source of Funds

3,731,359

2.04

987,744(1.37)

2,743,615

3.42

Deposits

1,064,217

2.07

200,334(1.22)

863,883

3.30

2,543

0.81

1,236

0.16

1,306

0.65

Debentures

-

-

-

-

-

-

Call Money

-

-

-

-

-

-

Payables under Repurchase Agreements

-

-

-

-

-

-

NCDs

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money723,614

4.03(62,539)0.05

786,153

3.98

16

Mizuho Financial Group, Inc.

Mizuho Corporate Bank(Millions of yen, %)First Half of Fiscal 2008

First Half of Fiscal 2007

ChangeAverage Balance
262,798

Rate(0.58)

Average Balance
54,410,929

Rate
2.80

Average Balance
54,673,727

Rate
2.21

Loans and Bills Discounted

29,494,451

2.32

538,689(0.30)

28,955,762

2.62

Securities

17,977,115

2.00(337,750)(0.89)

18,314,866

2.89(Total)Use of Funds

Source of Funds

54,683,834

1.69

1,739,852(0.62)

52,943,982

2.31

Deposits

18,860,810

1.54(279,267)(0.87)

19,140,078

2.41

NCDs

8,720,990

1.00

859,627(0.75)

7,861,362

1.75

Debentures

2,023,654

0.78(968,967)

0.01

2,992,622

0.77

Call Money

9,038,133

0.88

978,9130.01

8,059,220

0.86

Payables under Repurchase Agreements

6,885,069

4.28

6,036,688

2.50(848,381)(1.77)

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

4,707,503

2.56

255,025(0.51)

4,452,478

3.08(Domestic Operations)
Use of Funds

33,880,140

1.22

3,314,778(0.09)

30,565,361

1.32

Loans and Bills Discounted

19,086,303

1.36(132,549)

0.07

19,218,852

1.28
1.56

Securities

10,956,851

1.12

1,846,560(0.44)

9,110,291

Source of Funds

33,623,561

0.66

4,085,548

0.04

29,538,013

0.61

Deposits

7,678,137

0.32

130,884

0.06

7,547,253

0.25

NCDs

7,774,614

0.68

1,786,991

0.08

5,987,623

0.60

Debentures

2,023,654

0.78(968,967)

0.01

2,992,622

0.77

Call Money

8,593,446

0.68

907,1940.06

7,686,252

0.61

780,0400.61

304,5400.03

475,499

0.58

-

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold
Commercial Paper

-

-

-

-

-

-

Borrowed Money

2,236,722

0.83

191,265(0.01)

2,045,457

0.84

22,560,181

3.61(1,552,065)(1.04)

24,112,246

4.66

Loans and Bills Discounted

10,408,148

4.07

671,238(1.18)

9,736,909

5.26

Securities

7,020,263

3.36(2,184,311)(0.84)

9,204,575

4.21(International Operations)
Use of Funds

Source of Funds

22,826,867

3.15(845,781)(1.27)

23,672,648

4.42

Deposits

11,182,672

2.38(410,152)(1.43)

11,592,824

3.82

NCDs

946,376

3.61(927,363)(1.81)

1,873,739

5.43

Debentures

-

-

-

-

-

-

Call Money444,686

4.61

71,718(1.31)

372,967

5.93
4.55

5,256,648

2.79(1,152,921)(1.76)

6,409,569

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

2,470,781

4.13

63,760(0.85)

2,407,021

4.98

Payables under Repurchase Agreements

17

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)(Millions of yen, %)First Half of Fiscal 2008
Average Balance
5,681,721

Rate
1.62

ChangeAverage Balance(477,097)

Loans and Bills Discounted

3,433,904

1.79

Securities

1,476,147

1.53(Total)Use of Funds

First Half of Fiscal 2007
Rate
0.00

Average Balance
6,158,818

Rate
1.62

(506,733)

0.23

3,940,637

1.56(180,052)(0.33)

1,656,200

1.87

Source of Funds

5,573,492

0.71(452,006)(0.07)

6,025,498

0.79

Deposits

2,738,042

0.57(233,348)

0.05

2,971,390

0.52

NCDs

768,1630.73

165,5800.06

602,582

0.66

Debentures

-

-

-

-

-

-

Call Money603,452

0.69

70,566(0.05)

532,886

0.74

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

173,483

0.74(14,023)(0.12)

187,507

0.87(Domestic Operations)
Use of Funds

5,552,385

1.54(355,115)

0.13

5,907,500

1.40

Loans and Bills Discounted

3,377,698

1.77(528,655)

0.23

3,906,353

1.54
1.15

Securities

1,191,105

1.40(127,020)

0.25

1,318,126

Source of Funds

5,440,593

0.67(329,978)0.05

5,770,572

0.62

Deposits

2,729,747

0.56(219,275)

0.07

2,949,022

0.49

NCDs

768,1630.73

165,5800.06

602,582

0.66

Debentures

-

-

-

-

-

-

Call Money577,840

0.58

64,366

0.00

513,474

0.57

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

173,483

0.74(8,121)(0.04)

181,605

0.78

726,4881.50

168,209(1.83)

558,278

3.33

Loans and Bills Discounted

56,206

3.07

21,922(0.40)

34,284

3.47

Securities

285,0422.07(53,031)(2.60)

338,073

4.68

Source of Funds

730,051

0.93

168,165(1.49)

561,886

2.43

Deposits

8,294

1.46

(14,072)(2.72)

22,367

4.19

-

-

-

-

-

-

(International Operations)
Use of Funds

NCDs
Debentures

-

-

-

-

-

-

Call Money25,611

3.34

6,200

(1.97)

19,411

5.32

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money--(5,901)(3.49)

5,901

3.49

18

Mizuho Financial Group, Inc.

7. Net Gains/Losses on Securities

Non-Consolidated(Millions of yen)

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2008

First Half of Fiscal 2007

ChangeNet Gains (Losses) related to Bonds

21,783(16,435)

38,218

Gains on Sales and Others

61,413(4,370)65,783Losses on Sales and Others(28,751)(1,152)(27,598)

Devaluation(8,563)(8,539)

(23)

-

-

-

(2,314)(2,372)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2008
Net Gains (Losses) related to Stocks

57

First Half of Fiscal 2007

Change42,841(31,094)

73,935

Gains on Sales

67,307(39,278)

106,586

Losses on Sales(1,044)739(1,784)

Devaluation(95,579)(58,948)(36,630)

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

83,62384,222(599)

Gains (Losses) on Derivatives other than for Trading(11,464)(17,829)

6,364* Figures include Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho BankFirst Half of Fiscal 2008

First Half of Fiscal 2007

ChangeNet Gains (Losses) related to Bonds

5,871

6,553

(681)

Gains on Sales and Others

15,266

4,181

11,084Losses on Sales and Others(10,215)(365)(9,849)Devaluation

-

-

-

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

-

-

-

Gains (Losses) on Derivatives other than for Trading

820

First Half of Fiscal 2008
Net Gains (Losses) related to Stocks

2,736(1,915)First Half of Fiscal 2007

Change45,81633,352

12,463

Gains on Sales

30,0073

30,003Losses on Sales

(841)

(121)

(719)

Devaluation(67,262)(51,242)(16,020)

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

83,62384,255

(632)

289

457

(167)

Gains (Losses) on Derivatives other than for Trading* Figures for the First Half of Fiscal 2008 include gains on Reversal of Reserve for Possible Losses on Investments in subsidiaries (eliminated as anintercompany gain on a consolidated basis)(included in Extraordinary Gains).

19

Mizuho Financial Group, Inc.
(Millions of yen)Mizuho Corporate BankFirst Half of Fiscal 2008

First Half of Fiscal 2007

ChangeNet Gains (Losses) related to Bonds

12,447(23,539)

35,987

Gains on Sales and Others

41,183(9,988)51,172Losses on Sales and Others(17,144)(103)(17,041)

Devaluation(8,494)(8,494)

(0)

-

-

-

(3,096)(4,953)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2008
Net Gains (Losses) related to Stocks

1,857First Half of Fiscal 2007

Change1,305(58,863)

60,168

Gains on Sales

36,411(37,855)

74,267

Losses on Sales

(121)

935

(1,057)(23,230)(3,623)(19,607)

-

(33)

33

(11,754)(18,286)

6,532

Devaluation
Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading* Figures for the First Half of Fiscal 2007 include Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho Trust & Banking

First Half of Fiscal 2008

Net Gains (Losses) related to Bonds

3,464

551

2,912

Gains on Sales and Others

4,963

1,436

3,527

Losses on Sales and Others(1,390)

(683)

(707)

(69)

(45)

(23)

-

-

-

(39)

(155)

115

Devaluation
Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2008
Net Gains (Losses) related to Stocks

First Half of Fiscal 2007

ChangeFirst Half of Fiscal 2007

Change(4,279)(5,583)

1,303

Gains on Sales

888(1,427)2,315

Losses on Sales

(82)

(74)

(8)

(5,085)(4,082)(1,003)

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

-

0

(0)

Gains (Losses) on Derivatives other than for Trading

-

-

-

Devaluation20

Mizuho Financial Group, Inc.

8. Unrealized Gains/Losses on Securities
Consolidated(1) Other Securities (which have readily determinable fair value)
As of September 30, 2008
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
LossesOther Securities
31,375,555
175,723
1,006,677
830,953
Japanese Stocks
3,862,888
768,496
977,618
209,122
Japanese Bonds
18,611,616(182,493)
3,290
185,783
Japanese Government Bonds 17,369,182(175,107)
1,506
176,614
Other
8,901,050(410,279)
25,768436,048(Millions of yen)
As of March 31, 2008
Unrealized Gains/Losses
Gains
Losses677,880
1,286,586
608,706
976,727
1,188,056
211,328(98,111)
21,603
119,715(99,339)
15,813
115,152(200,735)
76,926277,661

As of September 30, 2007
Unrealized Gains/Losses
Gains
Losses1,878,303
2,359,231
480,927
2,183,903
2,292,237
108,334(141,318)
5,047
146,365(134,888)
3,808
138,696(164,281)
61,946226,227* 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 \50,163 million, \37,202 million and \14,090 million, which were recognized in the statement of income for Septemter 30, 2008, March 31, 2008 and September
30, 2007, 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, 2008, March 31, 2008 and September 30, 2007 are \125,560 million,\640,678 million and \1,864,212 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 which do not have readily determinable fair value) as of September 30, 2008, March 31, 2008
and September 30, 2007 are \48,718 million, \401,375 million and \1,180,567 million, respectively.

(2) Bonds Held to Maturity (which have readily determinable fair value)

Bonds Held to Maturity

As of September 30, 2008
Unrealized Gains/Losses
Book Value
Gains
Losses419,734
1,893
2,133
239

(Millions of yen)

As of March 31, 2008
Unrealized Gains/Losses
Gains
Losses
4,958
5,018
60

As of September 30, 2007
Unrealized Gains/Losses
Gains
Losses(3,285)
3,285-

As of March 31, 2008
Unrealized Gains/Losses
Gains
Losses
601,920
1,226,378
624,457
895,629
1,126,335
230,706(98,675)
21,069119,744(99,862)
15,279115,141(195,033)
78,973274,006

As of September 30, 2007
Unrealized Gains/Losses
Gains
Losses1,794,302
2,276,237
481,934
2,099,554
2,209,763
110,208(141,196)
5,033
146,230(134,659)
3,796
138,455(164,054)
61,440225,495

Non-Consolidated(1) Other Securities (which have readily determinable fair value)
Aggregated Figures of the 3 Banks(Millions of yen)

As of September 30, 2008
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
LossesOther Securities
30,878,752
122,866
954,676
831,810
Japanese Stocks
3,829,492
694,065
924,470
230,404
Japanese Bonds
18,334,371(182,614)
3,147
185,762
Japanese Government Bonds 17,135,676(175,217)
1,364
176,582
Other
8,714,888(388,584)
27,058415,642

Mizuho Bank
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other

13,579,410
932,6079,630,207
8,998,150
3,016,595(96,459)
48,396(83,166)(78,917)(61,689)

148,076
142,293
1,361
802
4,421

244,535
93,89784,52779,71966,11050
63,343(46,655)(45,818)(16,638)

204,174
177,514
10,301
8,115
16,358204,124
114,170
56,95653,93332,997246,064
327,740(64,367)(61,976)(17,307)399,558
384,6362,870
2,628
12,050

153,493
56,896
67,23864,60529,35815,620,752
2,626,241
7,667,493
7,178,560
5,327,017

182,137
561,422(66,900)(63,799)(312,384)

712,805
689,1111,380
357
22,314

530,668
127,688
68,28064,157
334,698

522,856
730,199(29,162)(30,781)(178,180)

903,246
839,055
7,113
4,093
57,077

380,390108,855
36,27634,874
235,258

1,400,789
1,595,142(51,001)(47,257)(143,351)

1,696,438
1,646,287
2,009
1,117
48,141

295,648
51,14453,01048,374
191,493

1,678,588
270,643
1,036,669
958,965
371,275

37,187
84,246(32,547)(32,500)(14,510)

93,79393,065406
205
322

56,606
8,818
32,95432,705
14,83379,013102,085(22,857)(23,262)(214)

118,957
109,764
3,654
3,070
5,537

39,943
7,679
26,512
26,333
5,751

147,448
176,670(25,827)(25,425)(3,395)

180,240
178,839
153
50
1,247

32,792
2,168
25,981
25,476
4,642

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

Other

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

Other* 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 and the acquisition costs.
* Unrealized Gains /Losses include \68,604 million, \37,202 million and \14,090 million, which were recognized in the statement of income for Septemer 30, 2008, March 31, 2008 and September
30, 2007, 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, 2008, March 31, 2008 and September 30, 2007 are ￥54,261 million, \ 564,717 million
and \1,780,212 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 fairvalue hedge method and others, including translation differences regarding securities which do not have readily determinable fair value) as of September 30, 2008, March 31, 2008 and September 30,
2007 are as follows:(Millions of yen)
As of September 30, 2008
1,757
(148,053)
118,875
30,934Aggregated Figures
Mizuho Bank
Mizuho Corporate Bank
Mizuho Trust & Banking

21

As of March 31, 2008
As of September 30, 2007
366,562
1,151,865(46,300)
143,689
346,058
894,497
66,803
113,678

Mizuho Financial Group, Inc.
(2) Bonds Held to Maturity (which have readily determinable fair value)
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2008

As of March 31, 2008

Unrealized Gains/Losses

Book Value

Gains

As of September 30, 2007

Unrealized Gains/Losses
LossesGains

Unrealized Gains/Losses
Losses

Gains

LossesAggregated Figures419,734

1,893

2,133

239

4,958

5,018

60

(3,285)-

3,285

Mizuho Bank

419,734

1,893

2,133

239

4,958

5,018

60

(3,285)-

3,285

Mizuho Corporate Bank

-

-

-

-

-

-

-

-

-

-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

(3) Investment in Subsidiaries and Affiliates (which have readily determinable fair value)
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2008

As of March 31, 2008

Unrealized Gains/Losses

Book Value

Gains

As of September 30, 2007

Unrealized Gains/Losses
LossesGains

Unrealized Gains/Losses
Losses

Gains

LossesAggregated Figures

143,921(13,215)

9,185

22,401

2,553

9,090

6,537

62,82262,822-

Mizuho Bank

88,274(22,401)-

22,401(6,537)-

6,537

32,42632,426-

Mizuho Corporate Bank

55,646

9,185

9,185

-

9,090

9,090

-

30,39630,396-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

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

137,171387,362(Millions of yen)

387,362-

397,338

397,338-

521,287

521,287(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 (which have readily determinable fair value), Unrealized Gains/Losses were recognized in the statement of income by
applying the fair-value hedge method and others. 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,
2008

As of
March 31,
2008

As of
September 30,
2007

Unrealized Gains/Losses
Change fromMarch 31,2008

Change from
September 30,
2007

Unrealized
Unrealized
Gains/Losses Gains/Losses

Other Securities

125,560(515,117) (1,738,652)

640,678

1,864,212

Japanese Stocks

768,496(208,231) (1,415,406)

976,727

2,183,903

Japanese Bonds(228,027)(103,300)(58,048)(124,727)(169,979)(217,452)(93,714)(53,289)(123,737)(164,162)(414,908)(203,585)(265,197)(211,322)(149,711)

Japanese Government Bonds
Other

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of
September 30,
2008

As of
March 31,
2008

As of
September 30,
2007

Unrealized Gains/Losses
Change fromMarch 31,2008

Change from
September 30,
2007

Unrealized
Unrealized
Gains/Losses Gains/Losses

Other Securities

54,261(510,455) (1,725,950)

564,717

1,780,212

Japanese Stocks

694,065(201,563) (1,405,488)

895,629

2,099,554

Japanese Bonds(228,149)(102,858)(58,292)(125,291)(169,857)(217,562)(93,301)(53,628)(124,260)(163,933)(411,654)(206,034)(262,169)(205,620)(149,484)

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
Aggregated Figures of the 3 Banks(Billions of yen)

Maturity as of September 30, 2008

Japanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

ChangeWithin1 year

1-5years

5 - 10years

Over
10 yearsWithin1 year

1-5
years

8,819.3

7,504.6

2,268.9

1,751.0

84.2

376.1

8,366.1

5,862.4

1,706.0

1,331.1

132.2

353.4

50.2

27.7

27.0

1.0

3.1

(9.6)

Maturity as of March 31, 2008

5 - 10years

Over
10 yearsWithin1 year

1-5years

5 - 10years

Over
10 years

383.6(156.9)8,735.0

7,128.5

1,885.3

1,907.9

491.5(143.0)8,233.8

5,508.9

1,214.4

1,474.1

(0.7)

(6.7)

47.0

37.3

27.8

7.8

402.9

1,614.4

535.8

418.8

(51.1)

32.3(107.2)

(7.0)

454.1

1,582.1

643.0

425.9

1,034.5

3,604.4

1,455.0

2,295.5(63.0)(966.1)(392.7)(546.3)

1,097.5

4,570.6

1,847.7

2,841.8

5,436.3

4,369.1

535.5

844.6

(820.3)(412.4)62.7(71.9)

6,256.6

4,781.5

472.7

916.5

5,095.8

3,126.2

204.1

701.9

(796.9)(292.0)95.1(69.6)

5,892.8

3,418.3

108.9

771.5

Japanese Local Government Bonds

47.4

15.0

7.7

3.5

(11.4)(13.1)

-

43.8

26.4

20.8

-

Japanese Corporate Bonds

293.0

1,227.8

323.6

142.7

(26.9)(108.9)(19.1)

(2.2)

319.9

1,336.8

342.8

145.0

298.7

799.7

635.3

1,425.7

78.9(170.6)(87.9)(148.8)

219.8

970.4

723.3

1,574.6

3,103.1

2,926.4

1,385.9

683.3

672.9

849.6

354.8

(68.4)

2,430.1

2,076.7

1,031.1

751.7

3,010.4

2,568.6

1,173.2

426.2

699.4

697.4

430.7

(55.5)

2,310.9

1,871.1

742.4

481.8

0.7

9.3

16.2

1.0

(0.0)

1.7

13.0

(6.7)

0.7

7.5

3.2

7.8

Japanese Corporate Bonds
Other

Mizuho BankJapanese Bonds
Japanese Government Bonds

Other

-

Mizuho Corporate BankJapanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

Japanese Corporate Bonds
Other

91.9

348.4

196.4

256.0

(26.4)

150.4(88.9)

(6.1)

118.4

197.9

285.4

262.1

656.9

2,558.9

772.2

826.6

(194.3)(595.1)(297.5)(393.6)851.3

3,154.1

1,069.7

1,220.3

Mizuho Trust & Banking
279.8

209.0

347.4

223.0

231.6

(61.0)(33.9)(16.5)

48.2

270.1

381.4

239.5

Japanese Government Bonds

259.8

167.4

328.6

202.9

229.7

(51.9)(34.2)(17.8)

30.1

219.4

362.9

220.8

Japanese Local Government Bonds

2.0

3.3

3.0

(0.3)

0.0

(0.6)

-

2.4

3.3

3.6

-

Japanese Corporate Bonds

18.0

38.2

15.7

20.0

2.3

(9.1)

0.9

1.3

15.6

47.3

14.8

18.7

78.8

245.7

47.4

43.0

52.4

(200.2)

(7.2)

(3.8)

26.4

446.0

54.7

46.8

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
Aggregated Figures of the 3 Banks(Billions of yen)

As of September 30, 2008
Within1-5Over
1 yearyears
5 years

Total

Within1 yearChange
1-5
Over
years
5 years

Total

Within1 yearAs of March 31, 2008
1-5
Over
years
5 years

Total

Receive Fixed / Pay Float

9,778.3

12,437.5

3,960.3

26,176.2

5,734.7

2,087.3

514.8

8,336.9

4,043.5

10,350.2

3,445.5

17,839.2

Receive Float / Pay Fixed

2,863.2

4,004.4

2,933.6

9,801.4

1,137.7

561.4

1,293.1

2,992.3

1,725.5

3,443.0

1,640.5

6,809.1

Receive Float / Pay Float

159.8

142.3

10.0

312.2

(221.7)(52.0)-(273.8)

381.6

194.4

10.0

586.0

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

12,801.4

16,584.4

6,904.0

36,289.8

6,650.7

2,596.7

1,808.0

11,055.4

6,150.7

13,987.6

5,096.0

25,234.3

Receive Fixed / Pay Float

8,000.0

4,787.0

641.1

13,428.1

6,420.5

1,807.3

141.0

8,368.8

1,579.5

2,979.7

500.0

5,059.2

Receive Float / Pay Fixed

-

540.0

885.9

1,425.9(150.0)

520.0

666.0

1,036.0

150.0

20.0

219.9

389.9

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Total
Mizuho Bank

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

Total

8,000.0

5,327.0

1,527.0

14,854.0

6,270.5

2,327.3807.0

9,404.8

1,729.5

2,999.7719.9

5,449.1

Mizuho Corporate Bank
Receive Fixed / Pay Float

1,778.3

7,650.5

3,319.2

12,748.0(685.7)

280.0

543.7

138.0

2,464.0

7,370.5

2,775.4

12,610.0

Receive Float / Pay Fixed

2,593.2

3,094.4

1,962.7

7,650.5

1,307.7(208.5)542.1

1,641.3

1,285.5

3,303.0

1,420.6

6,009.2

Receive Float / Pay Float

159.8

142.3

10.0

312.2

(221.7)(52.0)-(273.8)

381.6

194.4

10.0

586.0

Receive Fixed / Pay Fixed
Total

4,531.4

10,887.4

5,292.0

20,710.8

400.2

19.4

1,085.9

1,505.6

4,131.2

10,867.9

4,206.0

19,205.2

Mizuho Trust & Banking
Receive Fixed / Pay Float

-

-

-

-

-

-

(170.0)(170.0)

-

-

170.0

170.0

Receive Float / Pay Fixed

270.0

370.0

85.0

725.0

(20.0)

250.0

85.0

315.0

290.0

120.0

-

410.0

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed
Total

-

-

-

-

-

-

-

-

-

-

-

-

270.0

370.0

85.0

725.0

(20.0)

250.0(85.0)

145.0

290.0

120.0

170.0

580.0

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

Aggregated Figures

As of September 30, 2008
Deferred Hedge Gains/Losses

ChangeDeferred Hedge Gains/Losses

As of March 31, 2008
Deferred Hedge Gains/Losses

Gains

Gains

Gains

Losses

636.8

673.5

(36.6)(115.2)

Mizuho Bank

82.2

131.6

(49.3)

Mizuho Corporate Bank

507.5

492.9

14.6

Mizuho Trust & Banking

47.1

48.9

(1.8)

Losses(23.0)(92.1)(11.4)

1.8(96.5)(26.8)

(7.3)

1.9

752.1

696.6

55.4

(13.2)

93.6

129.8

(36.1)(69.6)

604.0

519.7

84.2

(9.2)

54.4

47.0

7.4

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

24

LossesMizuho Financial Group, Inc.

11. Employee Retirement Benefits
Non-Consolidated
Projected Benefit Obligation(Millions of yen)First Half of Fiscal 2008

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2007
ChangeProjected Benefit Obligation (at the beginning of the fiscal year)(A)

1,099,061(7,153)

1,106,214

2.5

-

2.5

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

1,293,444(300,196)

1,593,641

Unrecognized Net Obligation(C)

388,104

366,851

21,253

388,104

366,851

21,253

Discount Rate (%)

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(30,165)(19,417)(10,748)(D)

593,340

74,336

519,004(A)-(B)-(C)+(D)10,852528

10,323641,229(6,480)647,710Amount 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 Bank
Projected Benefit Obligation (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)758,575(179,851)

938,426

Unrecognized Net Obligation(C)

263,047

216,248

46,799263,047

216,248

46,799(20,065)(11,653)(8,411)(D)

380,393

42,877

337,515(A)-(B)-(C)+(D)

-

-

-

335,684(1,083)

336,767

Discount Rate (%)

Unrecognized Actuarial Differences (at the beginning of the fiscal year)
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 Obligation (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)404,228(94,835)

499,063

Unrecognized Net Obligation(C)

88,586120,230(31,644)

88,586120,230(31,644)

Discount Rate (%)

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(6,719)(6,075)

(643)

(D)

157,129

26,477

130,652(A)-(B)-(C)+(D)

-

-

-

122,148411

121,736

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 Trust & Banking
Projected Benefit Obligation (at the beginning of the fiscal year)(A)

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

130,641(25,509)

156,150

Unrecognized Net Obligation(C)

36,47130,372

6,098

36,47130,372

6,098(3,380)(1,687)(1,692)(D)

55,817

4,980

50,836(A)-(B)-(C)+(D)10,852528

10,323

Unrecognized Actuarial Differences (at the beginning of the fiscal year)
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.
Income (Expenses) related to Employee Retirement Benefits(Millions of yen)First Half of Fiscal 2008

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 2007

Change(8,008)(13,738)
24,847(30,165)(2,038)(29,102)(43)
89(21,434)(19,417)651(40,154)(7,964)(13,827)
46,282(10,748)(2,690)(5,139)(8,015)
11,523(20,065)(1,552)(23,248)(29)
81(16,031)(11,653)395(27,238)(5,109)(8,096)27,555(8,411)(1,948)3,989(1,797)(4,196)
10,157(6,719)(390)(2,945)4
13(4,313)(6,075)
235(10,136)(1,801)(4,209)14,470
(643)
(625)
7,190

(1,072)(1,526)
3,166(3,380)(94)(2,908)(18)(5)(1,090)(1,687)21(2,780)(1,054)(1,521)
4,256(1,692)
(116)
(128)

11,052

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 2008

Consolidated

First Half of Fiscal 2007
ChangeProjected Benefit Obligation (at the beginning of the fiscal year)
Unrecognized Net Obligation
Unrecognized Actuarial Differences (at the beginning of the fiscal year)
Amount accumulated (amortized) during the period
Income (Expenses) related to Employee Retirement Benefits

26

1,171,273
405,558
405,558(31,124)(5,056)
368,736
368,736(19,272)

1,176,329
36,82236,822(11,852)(34,497)(41,108)

6,610

Mizuho Financial Group, Inc.

12. Capital Adequacy Ratio
Consolidated(%, Billions of yen)Mizuho Financial GroupAs of September 30, 2008

Change fromMarch 31, 2008

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

27

11.45
7.36
4,747.0
1,540.9411.2
1,290.1
6.2(83.5)
1,636.4
1,461.2(41.9)
2,971.4
2,971.4
56.9
113.0
7.0
2,794.4681.8
2,112.5
337.3
7,381.2
64,464.8
59,136.6
48,689.8
10,446.7
1,753.0
3,575.1-(0.25)(0.04)(133.1)
0.1(185.6)
3.7(133.8)(5.1)(96.9)(78.5)
24.3(250.3)(250.3)(232.8)(0.5)(0.8)(16.0)
19.7(35.7)(56.3)(327.0)(1,407.9)(1,047.2)(298.2)(749.0)(299.9)(60.8)-

As ofMarch 31, 2008
11.70
7.40
4,880.1
1,540.9411.0
1,475.7
2.5
133.8(78.3)
1,733.4
1,539.7(66.2)
3,221.8
3,221.8
289.7
113.6
7.9
2,810.4
662.0
2,148.3
393.6
7,708.3
65,872.8
60,183.8
48,988.0
11,195.8
2,052.9
3,636.0-

MIzuho Financial Group, Inc.

(%, Billions of yen)Mizuho Bank

As of September 30, 2008

Change fromMarch 31, 2008

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, 2008

11.58
6.79
1,865.8
1,379.6
61.5
3,183.8
27,478.9(0.39)(0.49)(166.5)1.0(9.8)(155.7)(409.9)11.97
7.28
2,032.4
1,378.6
71.3
3,339.6
27,888.8

11.68
8.43
3,011.4
1,437.0
280.2
4,168.1
35,685.7(0.49)(0.05)
28.9(183.4)(43.8)(110.6)
538.4

12.17
8.48
2,982.4
1,620.5
324.1
4,278.8
35,147.3

12.92
7.89
301.9
198.4
6.2
494.2
3,823.9(2.95)(2.27)(72.8)(20.1)(2.0)(91.0)
136.5

15.87
10.16
374.8
218.6
8.2
585.2
3,687.3

11.51
6.74
1,865.8
1,379.6
61.5
3,183.8
27,650.6(0.36)(0.48)(166.5)1.0(9.8)(155.7)(462.8)11.87
7.22
2,032.4
1,378.6
71.4
3,339.6
28,113.4

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, 2008

As of March 31, 2008%

Change from
September
30, 2007

44,302 0.06
85,588 0.10
(209) (0.00)(169,160) (0.28)(39,479) (0.11)

40,345(116,628)
1,505
11,825(62,951)

1,981,994

1,534,230

Change fromMarch 31,2008%

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

72,072519,918
8,282
525,983
1,126,256

0.10

Total Loans

67,590,699

100.00

0.76
0.01
0.77
1.66

%
0.05
(0.19)
0.00(0.00)(0.13)

As of September 30, 2007%%

27,769434,330
8,492
695,144
1,165,736

0.04

0.04

1.77

31,726
636,547
6,776
514,158
1,189,208

65,608,705

100.0066,056,468

100.00

0.66
0.01
1.05

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
418,875(59,441)(79,958)
478,317

0.96
0.01
0.77
1.80

498,834

Trust Account
As of September 30, 2008%

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, 2008

Change fromMarch 31,
2008

%

3,147

8.70

(7)
(7)

36,148100.00(3,756)(9,913)

Change fromMarch 31,2008%

Change from
September
30, 2007

44,302 0.06
85,581 0.10
(209) (0.00)(169,160) (0.28)(39,486) (0.11)

40,345(120,795)
1,505
11,825(67,119)

3,147-

Change from
September
30, 2007

8.70

-

-

0.80

0.80

%

(4,167) (7.17)(4,167) (7.17)

As of September 30, 2007

%

3,154

%

7.90

-

7,314

-

15.87

-

-

3,154

7.90

7,314

15.87

39,904100.0046,061100.00Consolidated + Trust Account
As of September 30, 2008%

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

72,072523,0658,282
525,983
1,129,404

0.10
0.77
0.01
0.77
1.67

As of March 31, 2008

Total Loans
67,626,848 100.00 1,978,238
1,524,317* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

29

%
0.05
(0.20)
0.00(0.00)(0.14)

As of September 30, 2007%

27,769437,484
8,492
695,144
1,168,891

0.04

65,648,609

%
0.04

1.78

31,726
643,861
6,776
514,158
1,196,523

100.0066,102,530

100.00

0.66
0.01
1.05

0.97
0.01
0.77
1.81

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen, %)(Banking Account + Trust Account)
As of September 30, 2008

As of March 31, 2008

Change fromMarch 31,2008%

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

68,107506,0118,112
497,613
1,079,844

0.10

1.60

43,12083,465(379)(184,225)(58,019)

Total Loans

67,413,831

100.001,707,163

0.75
0.01
0.73

Change from
September 30,
2007

%
0.06
0.10
(0.00)(0.29)(0.12)

39,581(155,144)
1,335(4,231)(118,458)%

As of September 30, 2007%

0.05
(0.24)
0.00(0.02)(0.20)

1,249,493

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
384,172(67,931)(80,013)%

24,987422,546
8,492
681,839
1,137,864

0.03

0.04

1.73

28,526
661,155
6,776
501,844
1,198,302

65,706,668

100.0066,164,338

100.00

0.64
0.01
1.03

452,104

0.99
0.01
0.75
1.81

464,186

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

46,977425,181
7,748
287,506
767,413

0.13

2.25

24,70560,365(324)
56,128140,875

34,004,534

100.00258,733

1.25
0.02
0.84

0.07
0.16
(0.00)
0.15
0.40

22,971(1,052)
1,899
60,891
84,7100.06(0.02)
0.00
0.16
0.22

484,958

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
220,662
37,48350,841

22,271
364,815
8,072
231,377
626,537

0.07

1.85

24,005426,234
5,848
226,614682,70233,745,801 100.00

33,519,576

100.00183,179

169,821

0.06
1.08
0.02
0.68

1.27
0.01
0.67
2.03

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

15,58860,938201,378
277,905

0.05

0.92

12,982
14,517(209,142)(181,643)

29,928,662

100.001,489,059

0.20

0.67

0.04
0.04

(0.77)(0.68)

12,468(157,838)(33,346)(178,716)

0.04(0.54)(0.13)(0.64)

832,799

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
145,796(118,090)(115,434)

2,606
46,421
410,521459,548

0.01

1.61

3,120
218,776
234,725
456,622

28,439,602 100.00

29,095,862

100.00263,887

261,231

0.00
0.16

1.44

0.75

0.80
1.56

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

5,541
16,744364
8,727
31,378

0.91

5,432
8,590
(54)
(31,212)(17,244)3,444,486 100.00(36,872)

0.16
0.48
0.01
0.25

0.15
0.25
(0.00)(0.89)(0.48)

4,141
7,913
(564)
(31,775)(20,285)0.12
0.23(0.01)(0.90)(0.56)(58,351)

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
17,713
12,675(15,420)

109
8,154
419
39,94048,622

0.03

1.39

1,400
8,830
928
40,503
51,6633,481,359 100.00

3,502,837

100.005,037

33,133

0.00
0.23
0.01
1.14

0.25
0.02
1.15
1.47

(Trust Account)

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

3,147
3,147

8.70

(7)
(7)

Total Loans

36,148 100.00(3,756)

8.70-* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

30

0.80

0.80

(4,167)(4,167)(9,913)(7.17)(7.17)

3,154
3,154

-

7.90

7,314
7,314

39,904 100.00

46,061

7.90

-

15.87

15.87

100.00Mizuho Financial Group, Inc.

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

As of September 30, 2008
Change fromMarch 31,2008

Change from
September 30,
2007

As of
March 31,2008

Reserves for Possible Losses on Loans

687,701
3,235(94,952)
684,465
483,913(27,043)
36,716510,956
203,763
30,339(131,541)
173,423
Reserve for Possible Losses on Loans to Restructuring Countries
24
(60)
(128)
84
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
(47,290)(64,446)
Amount of Partial Direct Write-offs
468,518
515,809
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2007

782,653
447,196335,304152
532,965

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2008
Change fromMarch 31,2008

Change from
September 30,
2007

As of
March 31,2008

Reserves for Possible Losses on Loans

590,306
1,251(86,639)
589,054452,629(19,548)
57,620472,177
137,652
20,859(144,131)
116,792
Reserve for Possible Losses on Loans to Restructuring Countries
24
(60)
(128)
84
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
432,384(55,980)(64,656)
488,365
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2007

676,945
395,009281,783152
497,041

Mizuho Bank
Reserves for Possible Losses on Loans

21,076347,614
57,156260,220(36,079)
87,393
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
251,942
47,41362,914
204,529
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

389,332
295,236
94,096

41,71835,015
6,702

368,256
238,080130,176
189,028

Mizuho Corporate Bank
Reserves for Possible Losses on Loans

180,848(35,960)(103,359)
216,809140,797(49,185)
5,403
189,982
40,026
13,284(108,634)
26,742
Reserve for Possible Losses on Loans to Restructuring Countries
24
(60)
(128)
84
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
158,795(116,679)(115,764)
275,474
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

284,208
135,393
148,661152
274,560Mizuho Trust & Banking
Reserves for Possible Losses on Loans

20,124(4,505)(4,356)
24,63016,595(5,378)(4,939)21,974
3,528
872
582
2,655
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
21,647
13,285(11,805)
8,361
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

31

24,481
21,5352,946
033,452

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans
Consolidated(%)
As of September 30, 2008

Mizuho Financial Group

Change fromMarch 31, 2008

Change from
September 30, 2007

2.34

(4.75)

61.06

As of
March 31,
2008
58.71

As of
September 30,
2007
65.81

* Above figures are presented net of partial direct write-offs.

Non-Consolidated(%)
As of September 30, 2008

As ofMarch 31,
2008

As of
September 30,
2007

Change fromMarch 31, 2008

Change from
September 30, 2007

2.91

(2.01)

51.91

56.83

Total

54.82

Mizuho Bank

50.73

(4.74)(3.20)

55.48

53.94

Mizuho Corporate Bank

65.07

17.89

2.83

47.17

62.24

Mizuho Trust & Banking (Banking Account)

64.13

13.47

16.74

50.65

47.38

* 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, 2008
Change fromMarch 31, 2008

Change from
September 30, 2007

As ofMarch 31,
2008

As of
September 30,
2007

Claims against Bankrupt and Substantially Bankrupt Obligors

225,646

71,352

79,123

154,294

146,523

Claims with Collection Risk

437,639

58,261(163,255)

379,378

600,894

Claims for Special Attention

534,376(169,389)

13,311

703,765

521,065

1,197,662(39,775)(70,820)

1,237,437

1,268,482

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

464,790(37,238)(56,020)502,028

520,810

Trust Account
As of September 30, 2008
Change fromMarch 31, 2008

As of
September 30,
2007

6

(0)

6

6

(7)

(4,173)

3,148

-

-

(7)

(4,167)

Claims for Special Attention
Total

As of
March 31,
2008

3,141

Claims against Bankrupt and Substantially Bankrupt Obligors

Claims with Collection Risk

Change from
September 30, 2007

3,147

7,314
-

-

3,154

7,314

As of
March 31,
2008

As of
September 30,
2007

Consolidated + Trust Account
As of September 30, 2008
Change fromMarch 31, 2008

Change from
September 30, 2007

Claims against Bankrupt and Substantially Bankrupt Obligors

225,652

71,352

79,129154,300

146,523

Claims with Collection Risk

440,780

58,254(167,428)

382,526

608,209534,376(169,389)

13,311

703,765

521,065

1,200,809(39,783)(74,987)

1,240,592

1,275,797

Claims for Special Attention
Total* 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, 2008 As of September 30, 2007

As of September 30, 2008

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 31,2008%

205,304

0.26

68,000434,729505,835
1,145,869
74,959,457
76,105,326

0.57

59,224(184,624)(57,399)
1,802,305
1,744,906

0.66
1.50
98.49
100.00Change from
September 30,
2007

%

%

%

%

0.08

44,245

0.05

137,3030.18

161,058

0.21

0.06

(164,248)(2,915)(122,918)
1,268,820
1,145,902(0.22)

375,504
690,460
1,203,268
73,157,151
74,360,420

0.50

598,978508,751
1,268,787
73,690,636
74,959,424

0.79(0.26)(0.11)
0.11(0.01)(0.18)
0.18

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
429,216(45,890)(56,206)

0.92
1.61
98.38
100.00475,106

0.67
1.69
98.30
100.00485,422

Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt
Obligors

Claims with Collection Risk
Claims for Special Attention
Sub-total
Normal Claims
Total

148,766

0.40

49,1690.13

34,9270.09

99,597

0.27

113,8380.31

348,779
295,254792,800

0.94

37,00255,803141,9760.09(14,610)
62,791
83,108(0.04)

0.85

363,389
232,462
709,691

0.99

35,949,165
36,741,965

97.84(56,736)
85,239(0.38)

103,707
186,815(0.21)

311,776
239,450
650,823
36,005,902
36,656,726

35,845,458
36,555,150

98.05

0.80
2.15

100.00

0.15
0.38

0.16
0.21

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
251,938
47,416
62,915

0.65
1.77
98.22
100.00204,5210.63
1.94

100.00

189,022

Mizuho Corporate Bank
Claims against Bankrupt and Substantially Bankrupt
Obligors

Claims with Collection Risk
Claims for Special Attention
Sub-total
Normal Claims
Total

21,7960.06

13,446

0.03

4,527

0.01

8,350

0.02

17,2690.04

67,581
201,378
290,757
35,477,409
35,768,166

0.18

14,163(209,142)(181,532)

0.03(151,814)(33,346)(180,633)(0.44)

219,395
234,725
471,390

0.63

1,208,702
1,028,069

0.54

53,417
410,521472,289
33,595,028
34,067,317

0.15(0.64)

34,268,706
34,740,096

98.64

0.56
0.81
99.18
100.001,882,380
1,700,848(0.57)
0.57(0.11)(0.54)

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
158,782(106,583)(104,302)

1.20
1.38
98.61
100.00265,3660.67
1.35

100.00263,084

Mizuho Trust & Banking(Banking Account)
Claims against Bankrupt and Substantially Bankrupt
Obligors

34,734

5,384

0.14

29,3490.81

29,950

0.82

0.42
0.22
0.18
15,227
8,065
6,349
0.25
9,202
(31,286) (0.86)(32,360) (0.89)
1.66
59,164(17,835) (0.47)(21,226) (0.55)
98.33
0.47
Normal Claims
3,499,881(19,589)(37,842) 0.55
Total
3,559,046 100.00(37,425)(59,069)
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
18,494
13,276(14,819)

7,162
40,48877,0003,519,471
3,596,472

0.19

8,878
41,56280,391
3,537,724
3,618,115

0.24

0.97

0.15

4,784

Claims with Collection Risk
Claims for Special Attention
Sub-total

1.12
2.14
97.85
100.00

5,218

1.14
2.22
97.77
100.0033,314(Trust Account)
Claims against Bankrupt and Substantially Bankrupt
Obligors

Claims with Collection Risk
Claims for Special Attention
Sub-total
Normal Claims
Total

6
3,141
3,147
33,00136,148

0.01

(0)

0.00

6

0.01

6

8.68

(7)
(7)
(3,748)(3,756)0.79(4,173)(4,167)(5,746)(9,913)(7.19)

3,148

8.70
91.29
100.000.80(0.80)(7.17)
7.17

7.88

3,154
36,74939,904

-

0.01

7,314

7.90
92.09
100.00* Trust account denotes trust accounts with contracts indemnifying the principal amounts.
* Reserve for Indemnification of Impairment and Reserve for Possible Losses on Entrusted Loans (\527 million, \691million and \959 million for
September 30, 2008, March 31, 2008 and September 30, 2007, respectively) are not included in the above figures for Trust Account.

34

15.87

7,314
38,74746,061

-

15.87
84.12
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, 2008

Aggregated Figures of the 3 Banks (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent

Change fromMarch 31, 2008

As ofMarch 31, 2008

Change from
September 30, 2007

As of
September 30, 2007

205.2

68.0

44.2

137.2

161.0

183.1

65.1

41.7

118.0

141.3

Reserve for Possible Losses

22.1

2.8

2.4

19.2

19.6

Claims with Collection Risk

431.5

59.2

(160.0)

372.3

591.6

Collateral, Guarantees, and equivalent

240.9

22.3

5.6

218.5

235.3

Reserve for Possible Losses

123.9

16.4

(148.1)

107.5

272.1

Claims for Special Attention

505.8(184.6)

(2.9)

690.4

508.7

141.0

13.0

32.2

127.9

108.7

Collateral, Guarantees, and equivalent

99.1(79.0)(32.4)

178.2

131.6

1,142.7(57.3)(118.7)1,200.1

1,261.4

Collateral, Guarantees, and equivalent

565.0

100.4

79.6

464.5

485.4

Reserve for Possible Losses

245.3(59.7)(178.1)

305.0

423.4

Reserve for Possible Losses

Total

Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent

148.7

49.1

34.9

99.5

113.8

141.8

47.7

32.0

94.1

109.8

Reserve for Possible Losses

6.9

1.4

2.9

5.4

3.9

Claims with Collection Risk

348.7

37.0

(14.6)

311.7

363.3

Collateral, Guarantees, and equivalent

212.4

21.6

18.8

190.8

193.6

Reserve for Possible Losses

87.1

5.3

(38.8)

81.8

126.0

Claims for Special Attention

295.2

55.8

62.7

239.4

232.4

Collateral, Guarantees, and equivalent

93.1

20.8

21.2

72.2

71.8

Reserve for Possible Losses

49.9

10.1

9.6

39.7

40.2

792.8

141.9

83.1

650.8

709.6

Collateral, Guarantees, and equivalent

447.4

90.1

72.1

357.2

375.3

Reserve for Possible Losses

144.0

17.0

(26.3)

127.0

170.3

Total

Mizuho Corporate Bank
21.7

13.4

4.5

8.3

17.2

18.7

12.0

5.6

6.6

13.0

Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent
Reserve for Possible Losses

3.0

1.3

(1.0)

1.7

4.1

Claims with Collection Risk

67.5

14.1

(151.8)

53.4

219.3

Collateral, Guarantees, and equivalent

17.6

(5.8)

(19.0)

23.4

36.6

Reserve for Possible Losses

33.9

10.2

(109.5)

23.7

143.4

Claims for Special Attention

201.3(209.1)(33.3)

410.5

234.7

Collateral, Guarantees, and equivalent

44.1

(3.6)

15.9

47.8

28.2

Reserve for Possible Losses

47.8(79.0)(30.8)

126.9

78.6

290.7

(181.5)(180.6)

472.2

471.3

Total
Collateral, Guarantees, and equivalent

80.5

2.5

2.4

77.9

78.0

Reserve for Possible Losses

84.9(67.4)(141.4)

152.3

226.3

Mizuho Trust & Banking(Banking Account)
34.7

5.3

4.7

29.3

29.9

Collateral, Guarantees, and equivalent

22.5

5.3

4.1

17.2

18.4

Reserve for Possible Losses

12.1

0.0

0.6

12.1

11.5

Claims with Collection Risk

15.2

8.0

6.3

7.1

8.8

Collateral, Guarantees, and equivalent

10.8

6.5

5.8

4.2

5.0

Reserve for Possible Losses

2.7

0.8

0.2

1.9

2.5

Claims for Special Attention

9.2(31.2)(32.3)

40.4

41.5

Claims against Bankrupt and Substantially Bankrupt Obligors

Collateral, Guarantees, and equivalent

3.6

(4.1)

(4.9)

7.8

8.6

Reserve for Possible Losses

1.4(10.1)(11.2)

11.6

12.6

59.1

(17.8)(21.2)

77.0

80.3

Collateral, Guarantees, and equivalent

37.1

7.7

4.9

29.3

32.1

Reserve for Possible Losses

16.3

(9.3)

(10.3)

25.6

26.7

Total

(Reference) Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent

Claims with Collection Risk
Collateral, Guarantees, and equivalent

0.0

(0.0)

0.0

0.0

-

0.0

(0.0)

0.0

0.0

-

3.1

(0.0)

(4.1)

3.1

7.3

3.1

(0.0)

(4.1)

3.1

7.3

-

-

-

-

-

-

-

-

3.1

(0.0)

(4.1)

3.1

7.3

3.1

(0.0)

(4.1)

3.1

7.3

Claims for Special Attention
Collateral, Guarantees, and equivalent

Total
Collateral, Guarantees, and equivalent* 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, 2008
Change fromMarch 31, 2008

Aggregated Figures of the 3 Banks (Banking Account)

Change from
September 30, 2007

As ofMarch 31,
2008

As of
September 30,
2007

Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

810.3
245.3
565.0

40.7
(59.7)
100.4(98.5)(178.1)
79.6

769.6
305.0
464.5

908.9
423.4
485.4

Coverage Ratio
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

70.9
100.0
84.5
47.4
48.2

6.7
(3.0)
3.1
1.0

(1.1)
(1.2)
0.2
(0.9)

64.1
100.0
87.5
44.3
47.2

72.0
100.0
85.7
47.2
49.2

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
65.0
27.1
27.0

(4.9)
(4.5)
(4.5)

(11.3)
(5.7)
(4.9)

100.0
69.9
31.6
31.5

100.0
76.3
32.9
32.0

(Reference) Reserve Ratio
Claims against Special Attention Obligors
Claims against Watch Obligors excluding Special Attention Obligors
Claims against Normal Obligors

19.20
6.11
0.13

(5.17)
0.76
0.01(4.74)
0.85
0.02

24.38
5.35
0.11

23.94
5.26
0.10

Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

591.4
144.0
447.4

107.2
17.0
90.1

45.8
(26.3)
72.1

484.2
127.0
357.2

(Billions of yen)
545.6
170.3
375.3

Coverage Ratio
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

74.6
100.0
85.9
48.4
47.8

0.1
(1.5)
1.6
(2.1)

(2.2)
(2.0)
0.2
(1.5)

74.4
100.0
87.4
46.7
49.9

76.8
100.0
87.9
48.2
49.4

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
63.9
24.7
24.7

(3.7)
0.9
(1.0)

(10.2)
(0.3)
(0.7)

100.0
67.6
23.7
25.8

100.0
74.2
25.0
25.5

(Reference) Reserve Ratio
Claims against Special Attention Obligors
Claims against Watch Obligors excluding Special Attention Obligors
Claims against Normal Obligors

17.16
6.36
0.19

(0.27)
0.49
0.02(0.18)
0.72
0.03

17.44
5.87
0.17

17.34
5.63
0.15

Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

165.4
84.9
80.5

(64.9)(67.4)
2.5(138.9)(141.4)
2.4

230.3
152.3
77.9

(Billions of yen)
304.3
226.3
78.0

Coverage Ratio
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

56.8
100.0
76.3
45.6
48.6

8.1
(12.0)
3.1
4.0

(7.6)
(5.7)
0.1
0.1

48.7
100.0
88.4
42.5
44.5

64.5
100.0
82.1
45.5
48.4

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
68.0
30.4
31.1

(11.2)(4.5)(4.1)(10.5)
(7.6)
(6.9)

100.0
79.3
34.9
35.3

100.0
78.5
38.1
38.0

(Reference) Reserve Ratio
Claims against Special Attention Obligors
Claims against Watch Obligors excluding Special Attention Obligors
Claims against Normal Obligors

23.24
5.66
0.06

(7.01)
1.41
0.01(8.45)
1.26
0.01

30.25
4.24
0.05

31.69
4.39
0.05

(%)

(%)

(%)

Mizuho Bank

(%)

(%)

(%)

Mizuho Corporate Bank

(%)

(%)

(%)

36

Mizuho Financial Group, Inc.

(Billions of yen)
As of September 30, 2008
Change from
September 30,
2007

Change fromMarch 31, 2008

Mizuho Trust & Banking (Banking Account)

As ofMarch 31,
2008

As of
September 30,
2007

Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

53.4
16.3
37.1

(1.5)
(9.3)
7.7

(5.3)
(10.3)
4.9

55.0
25.6
29.3

Coverage Ratio
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

90.4
100.0
89.4
55.8
57.6

18.9

17.1

-

-

2.8
7.6
8.7

3.9
4.4
5.4

71.5
100.0
86.6
48.1
48.9

58.8
26.7
32.1
(%)
73.2
100.0
85.4
51.3
52.2

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
63.3
26.1
26.9

-

-

(3.6)
(9.4)
(8.7)

(3.1)
(12.4)(11.7)

100.0
67.0
35.6
35.7

(%)
100.0
66.4
38.5
38.7

(Reference) Reserve Ratio
Claims against Special Attention Obligors
Claims against Watch Obligors excluding Special Attention Obligors
Claims against Normal Obligors

15.63
5.67
0.11

(12.81)1.39
0.01(14.56)
1.50
0.03

28.45
4.27
0.10

(%)
30.20
4.16
0.08

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

ObligorCategoryⅡ

Bankrupt and Substantially Bankrupt
Obligors
205.2
205.2

Collateral, Guarantees, etc.

Category III

Category IV(NonCollateralized)

Reserve
Ratio
100%

DirectWrite-offs

Claims against Bankrupt
and Substantially
Bankrupt Obligors
205.2

68.1

: 183.1

Reserves for Possible Losses :Coverage Ratio
100%

22.1

Intensive Control Obligors
431.5

Loans to Bankrupt
Obligors

Non-Accrual
Delinquent Loans

364.8

66.7

Collateral, Guarantees, etc. : 240.9
Reserves for Possible Losses : 123.9

Reserve
Ratio
65.0%

Amounts forreserves arerecorded under
NonCategorization

Claims with Collection
Risk
431.5
Coverage Ratio

502.8

84.5%
66.0 （Note 2)

Watch Obligors
Claims for Special
Attention

Reserve Ratio against
Uncovered Portion
27.1%

Claims for Special
Attention (Note 1)

Loans Past Due for 3
Months or More
8.1

505.8
Collateral, Guarantees, etc. : 141.0
Reserves for Possible Losses: 99.1

505.8

Restructured Loans

Coverage Ratio
47.4%

497.6

（Note 2）

Special Attention Obligors
Total Coverage Ratio
70.9%

Other Watch Obligors

Claims against Special Attention Obligors-Coverage Ratio: 48.2%-Reserve Ratio for Uncovered Portion: 27.0%-Reserve Ratio against Entire Claim: 19.2%

Normal Obligors

Reserve Ratio against Total Claims
・Other Watch Obligors 6.11%
・Normal Obligors
0.13%

Total

Total
1,142.7

76,069.1

Total
1,076.6

Note 1Claims 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.

Note 2The 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

Mizuho Financial Group, Inc.

7. Results of Removal of NPLs from the Balance Sheet
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 2005

Fiscal 2006

Fiscal 2007

Fiscal 2008
As of September 30, 2008

As of
As of
As of
As of
As of
As of
September 30, March 31, September 30, March 31, September 30, March 31,
2007
2005
2006
2006
2007
2008

MizuhoBank

MizuhoCorporate
Bank

MizuhoAggregated
Change fromTrust & Figures of the
March 31,
Banking
3 Banks
2008

Claims against Bankrupt and Substantially Bankrupt Obligors

2,350.1

114.6

88.4

56.4

51.7

34.5

22.9

6.0

0.2

29.2

Claims with Collection Risk

7,344.8

220.6

166.8

114.4

90.2

65.4

39.0

16.5

0.6

56.2

(9.1)

Amount Categorized as above up to First Half of Fiscal 2005

9,695.0

335.3

255.2

170.9

142.0

99.9

61.9

22.6

0.9

85.4

(14.4)of which the amount which was in the process of
being removed from the balance sheet

1,020.7

70.0

74.1

44.0

36.6

24.1

17.5

1.9

0.2

19.6

(4.4)

1.0

Claims against Bankrupt and Substantially Bankrupt Obligors

16.2

9.7

8.3

4.9

3.6

2.0

Claims with Collection Risk

134.5

72.7

48.1

38.0

21.2

18.1

150.8

82.4

56.4

43.0

24.9

20.2

14.4

8.5

5.4

3.7

2.6

2.0

Amount Newly Categorized as above during theSecond Half of Fiscal 2005of which the amount which was in the process of
being removed from the balance sheet

(5.3)

-

3.1

(0.5)

0.5

18.6

(2.5)

1.0

0.5

21.8

(3.1)

-

-

2.0

(0.6)

-

-

Claims against Bankrupt and Substantially Bankrupt Obligors

16.6

38.3

34.0

33.1

3.4

27.7

31.1

(1.9)

Claims with Collection Risk

106.1

49.6

30.9

17.0

8.8

1.7

3.0

13.7

(3.3)

122.8

88.0

64.9

50.2

12.2

1.7

30.8

44.8

(5.3)

12.2

10.2

6.0

5.2

3.1

-

0.1

3.2

(2.0)

Amount Newly Categorized as above during theFirst Half of Fiscal 2006of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

19.1

12.4

8.8

7.0

-

0.2

7.3

(1.5)

Claims with Collection Risk

386.1

65.3

39.9

28.4

-

0.5

29.0

(10.9)

405.3

77.8

48.8

35.5

-

0.7

36.3

(12.4)

17.9

12.4

8.8

7.0

-

0.2

7.2

(1.5)

Amount Newly Categorized as above during theSecond Half of Fiscal 2006of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

57.9

22.2

17.6

0.0

17.7

(4.5)

Claims with Collection Risk

374.3

69.6

44.7

0.0

0.3

45.1

(24.4)

432.2

91.9

62.3

0.0

0.4

62.9

(28.9)

26.4

Amount Newly Categorized as above during theFirst Half of Fiscal 2007of which the amount which was in the process of
being removed from the balance sheet

17.7

15.1

Claims against Bankrupt and Substantially Bankrupt Obligors

34.7

29.2

Claims with Collection Risk

162.1
196.9
31.2

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

-

0.0

15.2

(2.5)

6.8

0.1

36.2

1.4

71.6

7.6

2.8

82.1

(80.0)

100.9

14.4

3.0

118.3

(78.5)

-

24.1

6.8

0.1

31.1

(0.0)

Claims against Bankrupt and Substantially Bankrupt Obligors

66.3

7.8

6.2

80.4

80.4

Claims with Collection Risk

137.8

41.5

10.3

189.7

189.7

204.1

49.4

16.5

270.1

270.1

62.5

7.4

5.7

75.7

75.7

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
Claims against Bankrupt and Substantially Bankrupt Obligors

130.8

114.8

122.2

161.0

137.3

148.7

21.7

34.7

205.3

68.0

Claims with Collection Risk

355.2

345.7

598.4

598.9

375.5

348.7

67.5

18.3

434.7

59.2

Total
of which the amount which was in the process of
being removed from the balance sheet

486.1

460.5

720.7

760.0

512.8

497.5

89.3

53.1

640.0

127.2

84.4

94.9

77.7

85.4

89.9

131.5

16.2

6.5

154.3

64.3

*
*

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
2008

ModifiedAccumulated
RemovalRatio*Up to First Half of Fiscal 2005

9,695.0

85.4

9,609.5

99.1

Second Half of Fiscal 2005

150.8

21.8

129.0

85.5

86.9

First Half of Fiscal 2006

122.8

44.8

77.9

63.4

66.0

Second Half of Fiscal 2006

405.3

36.3

368.9

91.0

92.8

First Half of Fiscal 2007

432.2

62.9

369.2

85.4

88.9

Second Half of Fiscal 2007

196.9

118.3

78.5

39.8

55.7

First Half of Fiscal 2008

270.1

270.1

11,273.3

640.0

Total

10,633.3

39

99.3* 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 2008
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)
Fiscal 2005
Up toFirst Half

(Billions of yen)
Newly Categorized
Fiscal 2006

Second HalfFirst Half

Amount Removed
from B/S in theFirst Half of
Fiscal 2008

Fiscal 2007

Second HalfFirst Half

Second Half

Liquidation(137.9)

(0.2)

(0.1)

(1.9)

(1.7)

(0.0)

(142.1)

Restructuring

(0.7)

(0.4)

-

(0.6)

(0.0)

-

(1.8)

-

-

-

-

-

-

-

(3.7)

(0.3)

(1.3)

(5.9)

(7.7)

(0.2)

(19.4)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

143.8

0.9

0.5

3.4

1.5

(15.0)

135.4

Other

(15.9)

(3.0)

(4.4)

(7.4)

(20.8)(63.1)(114.9)Debt recovery(13.0)

(1.6)

(2.4)

(4.0)

(13.9)(42.3)(77.5)

Improvement in Business Performance

(2.8)

(1.4)

(1.9)

(3.3)

(6.8)

(20.8)(37.3)(14.4)

(3.1)

(5.3)

(12.4)(28.9)(78.5)(142.9)Liquidation

(0.1)

(0.2)

(0.1)

(1.9)

(1.7)

(0.0)

(4.3)

Restructuring

(0.1)

(0.4)

-

(0.6)

(0.0)

(0.0)

(1.2)

-

-

-

-

-

-

-

(3.7)

(0.3)

(1.3)

(5.9)

(7.7)

(0.2)

(19.4)

Total

Mizuho Bank

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

3.0

0.9

0.5

3.9

1.5

(16.2)

(6.0)

Other

(8.4)

(3.0)

(4.2)

(6.8)

(20.5)(43.8)(87.0)

Debt recovery

(5.6)

(1.6)

(2.2)

(3.8)

(13.6)(33.3)(60.4)

Improvement in Business Performance

(2.8)

(1.3)

(1.9)

(2.9)

(6.8)

(10.5)(26.6)

(9.4)

(3.0)

(5.0)

(11.4)(28.5)(60.4)(118.0)Liquidation(137.8)

-

-

-

-

-

(137.8)

Restructuring

(0.5)

-

-

-

-

-

(0.5)

Improvement in Business Performance due to Restructuring

-

-

-

-

-

-

-

Loan Sales

-

-

-

-

-

-

140.7

(0.0)

-

0.1

(0.1)

1.1

141.9

Total

Mizuho Corporate Bank

Direct Write-off
Other
Debt recovery

(7.4)

0.0

(0.1)

(0.4)

(0.2)

(17.1)(25.3)

(7.4)

0.0

(0.1)

(0.1)

(0.2)

(6.8)

(14.7)

-

-

-

(0.3)

-

(10.2)(10.6)

(5.0)

0.0

(0.1)

(0.3)

(0.3)

(15.9)(21.8)

Improvement in Business Performance

Total

-

Mizuho Trust & Banking (Banking Account + Trust Account)
Liquidation

-

-

-

-

-

-

-

(0.0)

-

-

-

(0.0)

-

(0.1)

Improvement in Business Performance due to Restructuring

-

-

-

-

-

-

-

Loan Sales

-

-

-

-

-

-

-

Restructuring

Direct Write-off

0.0

-

-

(0.6)

0.0

(0.0)

(0.4)

Other

(0.0)

(0.0)

(0.0)

(0.0)

(0.1)

(2.1)

(2.4)

(0.0)

(0.0)

(0.0)

(0.0)

(0.1)

(2.1)

(2.3)

-

(0.0)

-

(0.0)

(0.0)

(0.0)

(0.1)

(0.0)

(0.0)

(0.0)

(0.6)

(0.1)

(2.1)

(3.1)

Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account + Trust Account)(Billions of yen)

Debt recovery
Improvement in Business Performance

Total(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet
Accumulated
Removed Amountfrom B/S
since Second Half of
Fiscal 2000

Amount Removed
Up to Second
Half of Fiscal
2005*

In First Half of
Fiscal 2006

In Second Half of
Fiscal 2006

In First Half of
Fiscal 2007

In Second Half of
Fiscal 2007

In First Half of
Fiscal 2008

Liquidation(1,369.4)

(6.3)

(6.9)

(30.0)(35.8)(142.1)(1,590.7)

Restructuring(1,668.4)(104.7)(55.5)(11.0)

(2.6)

(1.8)

(1,844.4)(179.4)

(0.0)

(1.0)

(1.0)

(0.0)

-

(181.7)(4,123.3)(34.4)(38.0)(26.2)(60.9)(19.4)(4,302.3)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

2,937.6

155.4

81.0

46.5

27.8

135.4

3,383.9

Other(4,956.6)(158.2)(124.5)(371.0)(372.5)(114.9)(6,097.8)

Total

Debt recovery(113.8)(67.7)(67.9)(138.8)(77.5)

Improvement in Business Performance(44.3)(56.8)(303.0)(233.6)(37.3)(148.4)(145.1)(392.9)(444.1)(142.9)(9,359.7)* From the Second Half of Fiscal 2000 to the Second Half of Fiscal 2005.

40(10,633.3)

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, 2008

As of March 31, 2008

As of September 30, 2007

Change from March 31, 2008

Change from September 30, 2007

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
Loans1,004.0

1,219.9(96.3)

1,060.9(153.0)59,111.4

1,100.4

59,270.4

1,157.1

7,318.9

143.5

220.4

27.9

45.2

40.9

7,098.4

115.5

7,273.6

102.5

Agriculture

33.1

0.9

0.0

0.6

(2.2)

0.8

33.0

0.3

35.3

0.0

Forestry

0.8

-

(0.0)

-

(0.1)

-

0.8

-

0.9

-

Fishery

2.9

0.1

1.1

0.0

0.6

0.0

1.8

0.1

2.3

0.1

Mining

94.1

0.0

(7.0)

-

(37.3)

(0.1)

101.2

0.0

131.4

0.1

1,294.8

68.3(36.4)

15.1(53.8)

22.6

1,331.2

53.2

1,348.6

45.7

824.9

2.6

150.7

2.6

162.1

2.2

674.1

0.0

662.8

0.3

Communication

1,905.9

20.8(32.8)

11.7(66.3)

6.6

1,938.7

9.1

1,972.3

14.2

Transportation

2,757.2

115.3

79.0

1.5

159.0

(21.1)

2,678.2

113.7

2,598.1

136.4

Wholesale & Retail5,554.6

154.4(37.6)(57.3)(139.9)(57.1)

5,592.3

211.8

5,694.5

211.6

Finance & Insurance

6,423.6

16.4(196.3)(161.1)25.6(200.1)

6,619.9

177.5

6,397.9

216.5

Real Estate

6,632.4

162.4

124.3

62.4

76.3

70.5

6,508.0

100.0

6,556.0

91.8

Service Industries

7,175.3

177.9

73.4

(8.3)

(265.3)(25.6)

7,101.8

186.2

7,440.7

203.6

Local Governments

465.1

3.0

31.2

(0.0)

78.5

(0.8)

433.9

3.0

386.5

3.8

Governments

6,128.1

-

787.9

-

1,085.3-

5,340.1-

5,042.7-

Other

13,719.0

137.8

61.8

8.4

(6.9)

8.0

13,657.1

129.4

13,725.9129.8

9,392.4

75.8

446.2

38.3

170.9

34.6

8,946.1

37.4

9,221.4

41.1

323.1

-

(19.6)

(0.0)

76.0

(0.0)

342.7

0.0

247.1

0.0

Financial Institutions

2,408.1

2.8

154.3

2.8

(287.6)(12.4)

2,253.8-

2,695.8

15.3

Other

6,661.0

72.9

311.6

35.5

382.5

47.2

6,349.4

37.3

6,278.4

25.7

69,723.7

1,079.8

1,666.2(58.0)

1,231.8(118.4)68,057.5

1,137.8

68,491.9

1,198.3

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

60,331.3

Manufacturing

Domestic Total (excluding Loans
Booked Offshore)

Construction
Utilities

Overseas Total (including Loans
Booked Offshore)
Governments

Total*Loans to Finance & Insurance sector includes loans to MHFG as follows:
As of September 30, 2008: \720.0 billion (from MHBK \360.0 billion; from MHCB \360.0 billion)
As of March 31, 2008: \1,000.0 billion (from MHBK \500.0 billion; from MHCB \500.0 billion)
As of September 30, 2007: \1,130.0 billion (from MHBK \565.0 billion; from MHCB \565.0 billion)* 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.
As of September 30, 2008
Change from March 31, 2008

Change from September 30, 2007

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

767.4

258.7

140.8

484.9

84.7

33,745.8

626.5

33,519.5

682.7

3,097.9
32.2
0.8
1.7
7.3
640.9
90.8
335.5
1,001.2
3,908.8
1,851.8
3,078.7
2,945.3
356.7
4,997.1
11,657.0

106.6
0.9
0.1
0.0
55.9
0.6
19.8
27.8
141.2
8.7
145.9
128.4
131.0

(29.2)
0.1
(0.0)
(0.0)
(0.1)
(80.6)
20.6(32.1)
34.1
2.1(262.4)(175.4)(151.5)
29.3
832.9
71.0

20.6
0.6
0.0
22.0
0.6
11.3
8.8
16.5
(1.2)
56.3
(2.7)
7.7

(34.6)
(2.0)
(0.1)
(0.1)
(1.1)
(73.6)
9.1(40.1)
30.4(127.3)(258.0)(378.6)(334.0)70.7
1,502.6
121.9

25.2
0.8
0.0
(0.1)
24.1
0.6
12.2
(6.5)
15.6
(49.8)
66.6(14.7)
10.6

3,127.2
32.0
0.8
1.7
7.5
721.6
70.1
367.7
967.0
3,906.7
2,114.2
3,254.2
3,096.9327.3
4,164.1
11,585.9

85.9
0.3
0.1
0.0
33.8
0.0
8.5
19.0
124.6
9.9
89.5
131.1
123.2

3,132.5
34.3
0.9
1.9
8.5
714.5
81.7
375.6
970.7
4,036.1
2,109.8
3,457.4
3,279.4285.9
3,494.4
11,535.1

81.4
0.0
0.1
0.1
31.7
0.0
7.6
34.3
125.5
58.5
79.2
143.1
120.4

-

-

-

-

-

-

-

-

-

-

34,004.5

767.4

258.7

140.8

484.9

84.7

33,745.8

626.5

33,519.5

682.7

20,550.4

202.0

1,042.6(220.0)661.4(213.3)

19,507.7

422.1

19,888.9415.4

3,707.1
0.7
0.2
81.5
505.8
640.0
298.3
1,569.4
1,423.0
3,857.4
2,680.6
3,892.9
72.3
1,131.0
689.6

36.0
11.9
1.9
0.5
86.1
6.9
6.0
3.9
47.1
1.4

208.4
(0.2)
0.2
(6.8)
34.0
134.4
35.7
41.6
(35.5)
95.1
326.4
222.4
2.4
(44.9)
29.3

6.6
(6.0)
1.9
(0.0)
(7.2)
(77.9)(130.8)
(1.6)
(5.2)
0.3

33.6
(0.2)
(0.1)
(35.1)
16.4
153.6
40.4
126.6
(13.6)
192.6
450.2
64.2
10.1
(317.2)(60.0)

16.7
(1.8)
1.6
(6.0)
(13.5)(77.6)(120.3)(2.6)(10.4)
0.9

3,498.7
0.9
0.0
88.4
471.8
505.5
262.6
1,527.7
1,458.6
3,762.2
2,354.2
3,670.5
69.9
1,176.0
660.2

29.3
17.9
0.5
93.4
84.8
136.9
5.5
52.4
1.0

3,673.5
0.9
0.4
116.6
489.4
486.3
257.8
1,442.7
1,436.7
3,664.8
2,230.4
3,828.7
62.1
1,448.3
749.6

19.2
13.8
0.3
6.5
99.7
84.5
126.4
6.5
57.5
0.5

9,378.1

75.8

446.3

38.3

171.3

34.6

8,931.837.4

9,206.8

41.1

321.8
2,408.1
6,648.1
29,928.6

2.8
72.9
277.9

(19.6)
154.3
311.6
1,489.0

(0.0)
2.8
35.5
(181.6)76.2(287.6)
382.6
832.8

(0.0)
(12.4)
47.2(178.7)341.4
2,253.8
6,336.4
28,439.6

0.0
37.3
459.5

245.5
2,695.8
6,265.5
29,095.8

0.0
15.3
25.7
456.6

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

34,004.5

Mizuho Bank
Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture
Forestry
Fishery
MiningConstruction
Utilities
Communication
Transportation
Wholesale & Retail
Finance & Insurance
Real Estate
Service Industries
Local Governments
Governments
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

(Billions of yen)
As of September 30, 2007

As of March 31, 2008

Mizuho Corporate Bank
Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture
Forestry
Fishery
MiningConstruction
Utilities
Communication
Transportation
Wholesale & Retail
Finance & Insurance
Real Estate
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
5,776.3
34.5(81.4)(17.2)(85.5)(24.4)
5,857.8
51.7
5,861.8
58.9(excluding Loans Booked Offshore)
Manufacturing
513.8
0.8
41.3
0.6
46.1
(0.9)
472.4
0.2
467.6
1.8
Agriculture
0.0
0.0
0.0
Forestry
Fishery
1.0
1.0
1.0
Mining
5.2
(0.0)
(1.0)
5.3
6.2
Construction
148.0
0.5
10.2
(0.9)
3.3
0.3
137.7
1.4
144.6
0.1
Utilities
94.0
(4.3)
(0.7)
98.4
94.7
Communication
1,271.9
0.5(36.4)
0.4(66.7)
0.5
1,308.3
0.0
1,338.7
Transportation
186.6
1.2
3.1
(0.0)
2.0
(1.0)
183.4
1.3
184.5
2.3
Wholesale & Retail
222.6
6.2
(4.2)
3.9
1.0
4.7
226.9
2.3
221.6
1.4
Finance & Insurance
714.3
1.6
(29.0)(28.9)
91.0(29.8)
743.3
30.6
623.2
31.5
Real Estate
872.9
12.5
(26.6)
7.7
4.8
6.6
899.6
4.8
868.1
5.9
Service Industries
337.0
2.4
2.6
(0.3)
4.5
(0.4)
334.4
2.7
332.5
2.8
Local Governments
36.1
3.0
(0.5)
(0.0)
(2.3)
(0.8)
36.6
3.0
38.4
3.8
Governments(100.0)100.0
Other1,372.3
5.3(38.5)
0.2(68.7)(3.5)
1,410.9
5.0
1,441.1
8.8
Overseas Total
14.2
(0.0)
(0.3)
14.3
14.5
(including Loans Booked Offshore)
Governments
1.3
(0.0)
(0.2)
1.3
1.5
Financial Institutions
Other
12.9
(0.0)
(0.0)
12.9
12.9
Total
5,790.5
34.5(81.5)(17.2)(85.8)(24.4)
5,872.1
51.7
5,876.4
58.9* 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, 2008 As of September 30, 2007

As of September 30, 2008
Change from March 31, 2008 Change from September 30, 2007
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

1,067.9

71.1(95.9)

7.6(156.2)(0.6)

1,163.9

63.5

1,224.2

71.7

Manufacturing

147.5

66.9

26.9

1.1

38.1

0.5

120.6

65.7

109.4

66.3

Agriculture

0.9

56.2

0.6

(5.4)

0.8

(7.3)

0.3

61.7

0.0

63.5

Forestry

-

-

-

-

-

-

-

-

-

-

Fishery

0.1

92.3

0.0

(12.1)

0.0

72.9

0.1

104.4

0.1

19.4

Mining

0.0

15.6

(0.0)

(45.2)(0.7)(51.8)

0.1

60.8

0.8

67.4

Construction

70.1

78.8

15.8

12.6

23.4

14.8

54.2

66.1

46.6

63.9

Utilities

2.6

93.8

2.6

(6.1)

2.2

69.4

0.0

100.0

0.3

24.4

Communication

22.3

54.7

11.4

(9.2)

6.4

(12.0)

10.8

64.0

15.8

66.7

Transportation

118.2

47.2

1.1

(0.0)

(21.9)(32.1)

117.1

47.2

140.1

79.3

Wholesale & Retail

161.4

61.0

(57.4)

5.8(56.6)

4.7

218.8

55.2

218.0

56.2

Finance & Insurance

16.4

53.6

(161.0)15.0(200.3)

(4.1)

177.5

38.6

216.8

57.7

Real Estate

164.2

86.0

63.6

(0.3)

72.0

(1.1)

100.6

86.3

92.2

87.1

Service Industries

181.9

64.1

(7.6)

0.1

(26.8)(13.5)

189.5

64.0

208.8

77.7

Local Governments

30.6

100.0

(0.0)

-

(0.8)

-

30.6

100.0

31.5

100.0

Other

151.1

91.8

8.0

(1.2)

7.8

(0.0)

143.1

93.0

143.3

91.8

77.8

68.5

38.5

(15.9)

33.3(15.3)

39.2

84.5

44.4

83.8

-

-

(0.0)

(67.6)(0.0)(67.4)

0.0

67.6

0.0

67.4

Financial Institutions

2.9

54.8

2.8

(45.1)(13.3)(43.2)

0.0

99.9

16.2

98.0

Other

74.9

69.0

35.8

(15.4)

46.7

(6.7)

39.1

84.5

28.1

75.7

1,145.8

70.9(57.3)

6.7(122.9)(1.1)

1,203.2

64.1

1,268.7

72.0

Domestic Total(excluding Loans Booked Offshore)

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, 2008

Housing and Consumer Loans
Housing Loans for owner's residential housing

As ofMarch 31,
2008

As of
September 30,
2007

Change fromMarch 31,2008

Change from
September 30,
2007

12,170.3
9,877.5

48.5
98.8

89.7
163.8

12,121.7
9,778.7

12,080.5
9,713.6

11,863.9
10,768.9
9,617.6
1,095.0

56.6
45.0
103.2
11.5

107.3
48.3
174.0
58.9

11,807.3
10,723.8
9,514.4
1,083.4

11,756.6
10,720.5
9,443.6
1,036.1

-

-

-

-

-

306.3
259.9

(8.0)
(4.4)

(17.5)(10.1)

314.4
264.3

323.9
270.0

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, 2008
Change fromMarch 31,
2008
Percentage of Loans to SMEs and Individual Customers, of Total
Domestic Loans
Loans to SMEs and Individual Customers

Change from
September 30,
2007

As of
March 31,
2008

As of
September 30,
2007

57.2

(2.9)

(4.8)

60.1

62.1

34,519.0(1,041.7)(2,294.7)

35,560.7

36,813.7*Loans to MHFG are included as follows:
As of September 30, 2008: \720.0 billion (from MHBK \360.0 billion; from MHCB \360.0 billion)
As of March 31, 2008: \1,000.0 billion (from MHBK \500.0 billion; from MHCB \500.0 billion)
As of September 30, 2007: \1,130.0 billion (from MHBK \565.0 billion; from MHCB \565.0 billion)

Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total
Domestic Loans
Loans to SMEs and Individual Customers

70.5

(2.5)

(4.7)

73.1

75.2

23,989.9(691.7)(1,249.4)

24,681.6

25,239.3

39.5

(3.5)

(5.3)

43.1

44.9

8,128.5(283.1)(801.7)

8,411.7

8,930.3

41.5

(0.5)

(3.5)

42.1

45.1

2,400.5(66.7)(243.4)2,467.3

2,644.0

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, 2008

Loan amount
Number of Restructuring Countries*

As ofMarch 31,
2008

As of
September 30,
2007

(1.0)

0.8

1.1

(1)

4

4

Change fromMarch 31,2008

Change from
September 30,
2007

0.1

(0.7)

3

(1)

* 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, 2008

As of March 31, 2008
Change from March 31, 2008

As of September 30, 2007

Change from September 30, 2007

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans2,085.1

10.6

18.2

4.6

Hong Kong

470.4

3.9

36.5

Korea

317.0

-

Singapore

303.3

Thailand

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans(30.2)

2.4

2,066.9

5.9

2,115.3

8.2

3.6

16.2

3.2

433.9

0.2

454.2

0.6

(24.1)-(53.3)

-

341.1

-

370.3

-

0.1

(32.1)

0.1(26.4)

0.1

335.5

-

329.7

-

268.6

0.9

(0.9)

0.2

(22.5)

0.2

269.6

0.6

291.2

0.7

Central and South America

2,662.8

0.1

370.3

0.0

424.1

(0.5)

2,292.5

0.1

2,238.6

0.6

North America

2,686.1

13.2

332.4

9.1

186.2

7.7

2,353.6

4.1

2,499.8

5.5

Eastern Europe

94.5

-

5.9

-

32.9

-

88.6

-

61.6

-

Western Europe

3,347.8

40.1

84.8

16.5

(18.4)

23.5

3,262.9

23.6

3,366.3

16.5

Other

1,000.4

12.8(44.5)

8.8(93.4)

8.4

1,045.0

3.9

1,093.8

4.4

11,876.9

76.9

767.1

39.1

501.2

41.5

11,109.7

37.8

11,375.7

35.4

Asia

Total

Outstanding
Balance*The above figures do not include the oustanding 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, 2008
Change fromMarch 31, 2008

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, 2007

As ofMarch 31,
2008

As of
September 30,
2007

66,761.7
34,400.6
26,574.1
5,786.9(700.2)519.7(844.0)(375.9)2,316.6
1,282.6
236.3
797.6

67,461.9
33,880.8
27,418.2
6,162.8

64,445.0
33,118.0
26,337.7
4,989.3

53,877.4
32,540.1
18,179.3
3,157.9(511.3)506.1(546.2)(471.1)

1,916.3
1,260.4
180.1
475.8

54,388.7
32,034.0
18,725.5
3,629.1

51,961.0
31,279.7
17,999.1
2,682.1

10,091.0
6.4
7,745.3
2,339.3(289.7)0.7(339.2)
48.8

582.8
1.0
118.0
463.7

10,380.8
5.7
8,084.5
2,290.5

9,508.2
5.3
7,627.2
1,875.5

2,793.1
1,854.0
649.4
289.6

100.8
12.9
41.4
46.4

(182.6)21.2(61.8)(141.9)2,692.3
1,841.0
608.0
243.1

2,975.7
1,832.8
711.3
431.5

* Above figures are before adjustment of transit accounts for inter-office transactions, and do not include deposits booked at overseas offices and offshore deposits.
*Deposits does not include Negotiable Certificates of Deposit.

46

Mizuho Financial Group, Inc.

2. Number of Directors and Employees* Figures are based on the information in Yuka Shoken Hokokusho.

Mizuho Financial Group, Inc. (Non-Consolidated)
As of September 30, 2008
Change fromMarch 31,2008

Change from
September 30,
2007

3

10

14
4
268

Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

As ofMarch 31,
2008

14
4
265

As of
September 30,
2007

14
4
258

* 3 members of the Board of Directors and Auditors double as directors of the banking subsidiaries.

Non-Consolidated
As of September 30, 2008
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
92
29,794

Change fromMarch 31,2008

Change from
September 30,
2007

4
1,940

1
1,344

As of
March 31,
2008

As of
September 30,
2007

31
88
27,85431
91
28,450* 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)

11
33
18,651

1
1,380

776

11
32
17,27111
33
17,875

11
39
7,945

1
326

377

11
38
7,619

11
39
7,568

11
20
3,198

2
234

1
191

11
18
2,964

11
19
3,007

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
As of September 30, 2008
Aggregated Figures of the 3 Banks
Head Offices and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

Change from
September 30,
2007

Change fromMarch 31,
2008

438
22
38
9
9

4
1
(3)
-

As of
March 31,
2008

14
2
(11)
1
-

As of
September 30,
2007

434
21
41
9
9

424
20
49
8
9

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (33),a branch and an office to maintain shared ATMs only (1), an internet branche (1) and a pension plan advisory office (1).

Mizuho Bank
Head Office and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

385
36
-

4
(3)
-

14
(11)
-

381
39
-

371
47
-

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (16),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
9
8

1
-

2
1
-

18
21
9
8

18
20
8
8

35
2
1

35
2
1

* Head Office and Domestic Branches do not include branches and offices for remittance purposes only (17).

Mizuho Trust & Banking
Head Office and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

35
2
1

48

-

-

V. Segment Information by Global Group
Billions of yen

Consolidated
Total of the Global Corporate Group
MHCB
Domestic International
First Half of Fiscal 2008

Gross Profits
Net Interest Income
Net Non-interest Income
General and Administrative Expenses
OthersNet Business Profits¥¥

357.2 ¥
184.0
173.2
192.8
(21.9)
142.5 ¥

268.6
144.6
124.0
123.4
0.0
145.2

¥

¥

143.9
88.8
55.1
47.6
0.0
96.3

¥

¥

61.8
44.6
17.2
33.7
0.0
28.1

MHSC

OthersTotal of the Global Retail Group
MHBK

Tradingand others

¥

¥

62.9
11.2
51.7
42.1
0.0
20.8

¥

¥

35.1 ¥
(5.0)
40.1
30.8
0.0
4.3 ¥

53.5
44.4
9.1
38.6
(21.9)(7.0)¥¥

462.7 ¥
318.4
144.3
309.1
(8.3)
145.3 ¥

426.5
296.5
130.0
286.7
0.0
139.8

¥

¥

Retailbanking

Corporatebanking

Tradingand others

175.4
162.1
13.3
119.5
0.0
55.9

¥

¥

¥

224.6
151.7
72.9
117.6
0.0
107.0

¥

26.5 ¥(17.3)
43.8
49.6
0.0
(23.1) ¥MHIS

Others

17.0 ¥
0.1
16.9
22.9
0.0
(5.9) ¥

19.2
21.8
(2.6)
(0.5)
(8.3)
11.4

Total of the Global Asset & Wealth Management GroupMHTB
Others¥¥95.5 ¥
27.2
68.3
67.9
(0.5)
27.1 ¥

70.5
26.4
44.1
46.4
0.0
24.1

¥

25.0 ¥
0.8
24.2
21.5
(0.5)
¥
3.0 ¥

Others

1.9
(6.2)
8.1
2.4
3.1
2.6

Figures of
MHFG

¥

¥

917.3
523.4
393.9
572.2
(27.6)
317.5

Note: Credit-related costs for Trust Accounts are excluded from Gross Profits.
Billions of yen

Consolidated
Total of the Global Corporate Group
MHCB
Domestic International
First Half of Fiscal 2007

Gross Profits
Net Interest Income
Net Non-interest Income
General and Administrative Expenses
OthersNet Business Profits¥¥

360.8 ¥ 301.9
194.1
150.1
166.7
151.8
200.0
123.6
(25.7)
0.0
135.1 ¥ 178.3

¥

¥

140.1
91.9
48.2
42.2
0.0
97.9

¥

¥

79.7
32.4
47.3
35.9
0.0
43.8

MHSC

OthersTotal of the Global Retail Group
MHBK

Tradingand others

¥

¥

82.1
25.8
56.3
45.5
0.0
36.6

¥

¥

33.5
5.1
28.4
32.3
0.0
1.2

¥

¥

25.4
38.9
(13.5)
44.1(25.7)(44.4)¥¥

519.1 ¥ 466.9
324.1
300.8
195.0
166.1
289.7
267.2
(8.0)
0.0
221.4 ¥ 199.7

Note: Credit-related costs for Trust Accounts are excluded from Gross Profits.

Notes: 1. Data on this page are calculated in accordance with the standards for disclosures described in FAS131 (Disclosuresabout Segments of an Enterprise and Related Information), same as the business segment information contained in theregistration statement on Form 20-F, which was filed with the U.S. Securities and Exchange Commission.
2. “Others” in each of the Global Groups includes elimination of transactions between companies within the respective
Global Groups. “Others” in MHFG includes elimination of transactions between the Global Groups.
3. Data on this page are based on the internal management figures and are the aggregates of the described segments inaccordance with the management accounting rules applied each year. As fractions on this page have been rounded to
the nearest whole, some of the figures on this page are different from those on the other charts and so on.

49

¥

¥

MHIS
Retailbanking

Corporatebanking

Tradingand others

171.5
150.5
21.0
107.3
0.0
64.2

¥

¥

¥

255.4
165.3
90.1
114.2
0.0
141.2

¥

40.0 ¥(15.0)
55.0
45.7
0.0
(5.7) ¥

31.4
0.5
30.9
22.3
0.0
9.1

Others

¥

¥

20.8
22.8
(2.0)
0.2
(8.0)
12.6

Total of the Global Asset & Wealth Management GroupMHTB
Others¥¥109.1 ¥
26.9
82.2
63.7
(0.9)
44.5 ¥

80.2
26.2
54.0
43.9
0.0
36.3

¥

¥

28.9 ¥
0.7
28.2
19.8
(0.9)
8.2 ¥

Others

(1.1)
(7.2)
6.1
(9.5)
4.6
13.0

Figures of
MHFG

¥

¥

987.9
537.9
450.0
543.9
(30.0)
414.0

VI. The Impact of the Dislocation in Global Financial Markets Stemmingfrom U.S. 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 2008 ended September 30, 2008 that we held on November 26, 2008
regarding the detailed status of our holdings of securitization products, etc., following the recommendations in “Report of the Financial
Stability Forum (“FSF”) on Enhancing Market and Institutional Resilience” announced on April 11, 2008. The presentation materials canbe found under “IR Presentations” on our website.

 Summary
Income Statement Impact of the Dislocation in Global Financial Markets
Billions of yen, round figures

First Half of Fiscal 2008(A)+(B)

Total Realized Gains/Losses in 1H FY2008¥

3 Banks (incl. Overseas Subsidiaries)(1) Losses on Sales of Securitization Products, etc. (incl. Devaluation and Provision of Reserves for Possible Losses on Investments)

(72)
(59)

(2) Net Losses on Provision of Reserve for Possible Losses on Sales of Loans*1(7)(3) Profits from Hedging by CDS (related to Securitization Products)

7(A)

Subtotal(59)

Mizuho Securities (incl. Overseas Subsidiaries)*2(4) Trading Losses on Securitization Products, Net of Hedgesof which Foreign Currency Denominated

(13)
(9)
(B)

Subtotal¥(13)

Supplemental Information (Sep. 30, 2008)<3 Banks (incl. overseas subsidiaries)>(1) Total balance of foreign currency denominated securitization products: ¥693 billion (–¥196 billion from Mar. 2008) ·················P51— Devaluation and losses on sales (except for hedged portion) relating to credit investments in Europe*: –¥35 billion— Net losses on provision of Reserve for Possible Losses on Investments related to credit investments in Europe*: –¥4 billion(Reserve as of Sep. 2008: ¥49.7 billion)*: Credit investments mainly related to the discontinuation of business primary in Europe (Reserve for Possible Losses on
Investments has been provided against unrealized losses on securitization products related to the investments except for thehedged portion)— Devaluation on RMBS CDOs which were acquired from our overseas ABCP conduit as a substitution payment of loans in
FY2007: –¥20 billion• The total balance of assets acquired by our overseas ABCP conduits was ¥206 billion ···················································· P52(2) Balance of loans held for sale (overseas LBO transactions and others) *3: ¥618 billion (–¥188 billion from Mar. 2008) ·············· P53— Reserve for Possible Losses on Sales of Loans: ¥54.2 billion (Reserve ratio: 8.7%)(3) Hedging activities related to foreign currency denominated securitization products ······································································ P51<Mizuho Securities (incl. overseas subsidiaries)>*2(4) Total balance of foreign currency denominated securitization products: ¥40 billion (–¥65 billion from Mar. 2008) ···················· P54— CDS related to securitization products (including those with US financial guarantors (monolines))·········································· P55<Other relevant information> (3 Banks + securities companies incl. overseas subsidiaries)(i) Investments and loans associated with SIVs
• Written-off in FY2007• There was no “SIVs” established and provided liquidity support and other assistance by Mizuho(ii) Warehousing loan business*4 related to US subprime mortgage loans• Nil(iii) Loans to mortgage lenders in the US (working capital, etc.)• ¥48 billion (All of the lenders concerned had investment grade ratings, of which approx. 40% had ratings of “A” or higher)(iv) Securitization products and loans guaranteed by US monolines ····························································································· P52*1. Separately recorded approx. –¥16 billion of Credit Costs in the 1H FY2008 due to downgrading of some obligors to the Intensive Control Obligors classification or below*2. The balance of securitization products and the related gains/losses of Mizuho Investors Securities were negligible*3. Included commitments which had not yet been drawn but the documentations had been concluded*4. Loans provided to other financial institutions, which structure securitization products, until such products are sold50

 Banking Subsidiaries
Foreign Currency Denominated Securitization Products
3 Banks (incl. Overseas Subsidiaries) = Banking AccountBillions of yen, round figures

Balances Marks (%)
Changes in 1H
as of
as of Gains/Losses
Forex
Mar.08(Realized
rates
Mar.08*1(Fair Value) (=Fair Value+Changes/Face Value) in Unrealized)

Foreign Currency
Denominated
Securitization Products

¥ 889

78%

126

51

(26)

(1)

(22)

36

28

(20)

1

(1)

*4

90

77

(6)

(2)

*5

90

ABSCDOs, CDOs
CDOs backed by RMBS
CDOs except above
CDOs backed by Claims
against Corporations
CDOs backed by CMBS
RMBS
RMBS with Underlying
Assets in US*6

RMBS except above(RMBS with Underlying
Assets mainly in Europe)
ABS, CLOs and others
CLOs

Balances Marks (%) Unrealized
Realized (Reference)
as of
as of
Gains
Gains
HedgedSales,
etc.
Sep.08*1
Sep.08/Losses/Losses
propor(Fair Value) (=Fair Valueas offor 1H FY08
tions*2*1/Face Value)
Sep.08 (Apr.-Sep.08)

*5

*5

77

¥ (77) ¥ (22) ¥ (98)

*5

(6)

*5

(2)

*5

¥ 693

68%

¥ (87)¥ (59)

approx.
50%

79

34

(9)

(24)

approx.
20%

*3

17

12

0

(20)

—

(20)

*4

62

65

(9)

(4)

approx.
30%

(20)

*5

62

(4)

approx.
30%

*5

65

*5

(9)

*5

—

—

—

—

—

—

—

—

—

—

319

86

(37)

(18)

(24)

240

72

(30)

(29)

approx.
60%

—

—

—

*6

—

*6

—

*6

—

*6

—

*6

—

*6

—

*6

—

*6

319

86

(37)

(18)

(24)

240

72

(30)

(29)

approx.
60%

444

85

(14)

(3)

(52)

374

81

(49)

(6)

approx.
40%(2)

approx.
50%

195

*5

86

*5

(5)

*5

5

*5

(9)

*5

186

*5

84

*5

(35)

*5

ABS

169

93

(6)

(3)

(42)

119

87

(8)

(3)

approx.
30%

CMBS

79

89

(3)

(5)

(2)

70

84

(6)

(1)

approx.
50%

SIV-Related

—

—

—

—

—

—

—

—

(0)

—

*1. Except for the securitization products which were the reference assets of our securitization schemes for transferring credit risks to third parties (hedged portion), a Reserve for
Possible Losses on Investments has been provided since the end of fiscal 2007 against unrealized losses on securitization products related to the discontinuation of businessregarding credit investments primarily in Europe, which had been made as an alternative to loans. The balance of reserve was approx. ¥50 billion as of Sep. 30, 2008 (the difference from the March-end balance of approx. ¥46 billion was included in the above Realized Gains/Losses for the first half of fiscal 2008). Since securities were recognized at fairvalue on the consolidated balance sheet, the relevant balances as of Mar. 31, 2008 and Sep. 30, 2008 were those after being offset by the amount of Reserve for Possible Losses
on Investments.
*2. The proportions of balances (fair value) of the securitization products, as of Sep. 30, 2008, which were the reference assets of our securitization schemes (with CDS and othermeans) for transferring credit risks 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†1 counterparties:
Financial services subsidiary (A- rating†2) of a multi-line insurance company: approx. ¥194 billion
Government-affiliated financial institution (AA- rating): approx. ¥104 billion†1: Notional amount basis. Ratings were based on the lowest external ratings as of Sep. 30, 2008. †2: The rating was under review for possible downgrade as of Nov. 21, 2008.
*3. The proportion of US subprime mortgage loan-related assets to the total underlying assets of this CDO was up to approx. 30%. The entire balance (fair value) consisted of Super
Senior tranche.
*4. The entire balance consisted of securitization products backed by original assets (non-securitized assets).
*5. Re-classified a part of the securitization products, which had been categorized in “CDOs backed by Claims against Corporations” in the above table as of Mar. 31, 2008, to“CLOs” after a review of the definition of each category since our first quarter disclosure.
*6. Excluded US government-owned corporation bonds and government-sponsored enterprise bonds.
—The total balance of US government-owned corporation (Ginnie Mae) bonds and government-sponsored enterprise (Fannie Mae and Freddie Mac) bonds held was approx.
¥871 billion (of which approx. ¥868 billion was RMBS guaranteed by the Government National Mortgage Association (Ginnie Mae), a corporation wholly-owned by the US
government), with approx. ¥4 billion of unrealized losses. There was no holding of stocks of these entities.

Note: See P56 for details of breakdown by credit rating and geographic distribution and P57 for details of Yen denominated securitization
products.

51

Overseas ABCP Program/US Monoline/Loans Held for Sale (rounded figures)
Overseas ABCP program related (Sep. 2008)<Assets Acquired by Overseas ABCP Conduits (all in US)>• Balance as of Sep. 2008: approx. ¥206 billion• Breakdown of Acquired Assets
22%

20%

16%
25%

Credit card receivables*1
Account receivables
Auto lease (rent-a-car) receivables*1
Loans against auto dealers
Others*1 (Note)18%*1. Included approx. ¥97 billion of securitization products backed by marked
assets (of which approx. ¥22 billion was guaranteed by US monolines as
described below). The change in balance of the above-mentioned securitization products from Mar. 31, 2008 (approx. –¥73 billion) was primarily due tothe redemption at maturity of those backed by credit card receivables (ofwhich approx. –¥8 billion was attributable to the redemption of those guaranteed by US monolines as described below).
(Note) No US subprime mortgage loan-related assets were included

Securitization Products and Loans Guaranteed by US Monolines (Sep. 2008)<Securitization Products Guaranteed by US Monolines>• Approx. ¥22 billion of securitization products backed by auto lease receivables included in the acquired assets of the above-mentioned
overseas ABCP conduits sponsored by Mizuho Corporate Bank.
• The change in balance from Mar. 31, 2008 (approx. –¥8 billion) was due to the redemption at maturity of those backed by credit card
receivables.
<Loans Guaranteed by US Monolines>• Approx. ¥16 billion of Mizuho Corporate Bank's loan commitments to overseas infrastructure projects (of which approx. ¥7 billion was
drawn down). No US subprime mortgage loan-related exposures were included.
Although some of the monolines which provided the above guarantees were rated non-investment grade (based on external ratings), there
were no particular concerns about the credit conditions of the above-mentioned underlying assets or the projects as of Sep.30, 2008.
Note: For the purpose of reference to the Mizuho Financial Group's exposures related to US monolines, P55 describes our securities subsidiaries' exposures to such counterparties of credit default swaps (CDS) referring to securitization products, in addition to theabove-mentioned transactions of the banking subsidiaries.

52

Loans Held for Sale
Balance of Loans Held for Sale such as Overseas LBO Transactions(for which Reserve for Possible Losses on Sales of Loans was recorded)
Billions of yen

Loans held for sale

Sep. 2007¥

Mar. 2008
Forex Rate Impact
New Underwrite
Sales, etc.

Reserve for Possible
Losses on Sales of Loans

862¥

Reserve ratio

23

2.7%

806
approx. (40)

50
—

6.3%
—
—

approx. 20—

approx. (170)

—

—

*

54

8.7%

Sep. 2008618*of which approx. ¥31 billion was unused commitments(Additional explanation)• The figures shown above exclude those related to Intensive Control Obligors or
below. The reserve ratio would be 10.9%, if including the balances of loans held forsale to such obligors and the amounts of both Reserves for Possible Losses on Loans
and Reserve for Contingencies in relation to the relevant balances.
• Out of the above-mentioned ¥618 billion, the LBO/MBO related loans held for saleamounted to approx. ¥566 billion, and the relevant reserve ratio was 9.1% (The figures exclude those related to Intensive Control Obligors or below. The reserve ratio
would be 11.4%, if including the balances of loans held for sale to such obligors andthe amounts of both Reserves for Possible Losses on Loans and Reserve forContingencies in relation to the relevant balances).
• Reserve for Possible Losses on Sales of Loans was provided based on the priority of
the following valuation methods: (1) market prices, (2) market prices of similar transactions, (3) prices calculated by proprietary model reflecting factors relative to each
local market conditions.
• Top 5 transactions accounted for approx. 90%<(Reference) Leveraged Loans> (Held for Sale + own loan portfolio)
Balance as of Sep. 2008: approx. ¥1.6 trillion(of which held for sale: approx. ¥0.6 trillion)

By Geographic Distribution (Sep. 2008)
1%

1%

3%

94%

Americas

Europe

Asia

Japan

By Geographic Distribution (Sep. 2008)
7%
20%

10%

(Additional explanation)• Includes commitments which had not been drawn but the documentations had beenconcluded.
63%

53

Americas

Europe

Asia

Japan

 Securities Subsidiaries
Foreign Currency Denominated Securitization Products
Mizuho Securities (incl. Overseas Subsidiaries) = Trading AccountBillions of yen, round figures

Balances
Marks (%)
as of
as of
Mar.08Mar.08(Fair Value) (=Fair Value/Face Value)

Foreign Currency Denominated
Securitization Products¥ 105

ABSCDOs, CDOs
CDOs backed by RMBS
Hedged by CDS
with a Non-Investment
Grade Financial Guarantor
CDOs except above

¥ (9)

¥ 4

¥ (60)

12%

¥ (9)

50

18

(7)

1

(33)

11

4

(7)

24

10

(7)

1

(7)

*1

11

4

(7)

17

*2

—

*2

—

*2

—

*2

—

*2

—

*2

*3, 4

26

*4

83

*4

0

*4

0

*4

(26)

*4

—

*4

—

*4

16

*2

RMBS backed by US
Subprime Mortgage Loans
*5

—

92

*2

—

—

*2

—

—

*2

—

(16)

*2

—

—

*2

—

—

—

*2

—

*2

—

0

8

0

0

0

—

—

0

53

27

0

2

(52)

3

6

0

15

31

0

1

(15)

0

8

0

38

*5

19

ABS, CLOs and others

*5

26

0

26

2
*4

0
—

*5

1

*5

(37)

*5

3

*5

5
*5

RMBS backed by
Mid-Prime Loans (Alt-A)

CMBS

22%

*2

RMBS

CLOs

¥ 40

Realized
Gains/Losses
for 1H FY08

11

CDOs backed by CMBS

RMBS except above(RMBS backed by Mid-Prime
Loans, Prime Loans and others)

Sales,
etc.

Balances
Marks (%)
as of
as of
Sep.08
Sep.08(Fair Value) (=Fair Value/Face Value)*2

CDOs backed byClaims against Corporations
Hedged by CDS
with a Non-Investment
Grade Financial Guarantor

Changes in 1H
RealizedForexlosses
rates

2
0

(18)

67
*4

(2)
*4

73
43

(2)
(0)

1

1
*4

1
0

26
*4

26
(0)

6

26
*4

26
0

0

86
*4

87
42

(2)
*4

(2)
(0)

*1. The proportion of US subprime mortgage loan-related assets to the total underlying assets was approx. 10%. Approx. 50% of the balance (fair value) consisted of Super Seniortranche.
*2. CDO exposures hedged by CDS with a non-investment grade† US financial guarantor (monoline), net of allowances. (The hedging transaction was terminated in Aug. 2008.
—>The figures related to the exposures are included in “CDOs backed by RMBS”).
† based on external ratings as of Mar. 31, 2008
*3. The entire balance consisted of securitization products backed by original assets (non-securitized assets).
*4. Re-classified the securitization products, which had been categorized in “CDOs except above” in the above table as of Mar. 31, 2008, to “CLOs” after a review of the definitionof each category since our first quarter disclosure.
*5. Excluded US government-owned corporation bonds and government-sponsored enterprise bonds.
—The total balance of RMBS, which were issued or guaranteed by the US government-owned corporation (Ginnie Mae) or government-sponsored enterprises (Fannie Mae andFreddie Mac) was minimal (a few hundred million yen).
—Approx. ¥154 billion of the corporate bonds issued by Fannie Mae and Freddie Mac was held for the purpose of, among other things, market-making activities in the US, andall the bonds were subject to mark-to-market accounting so that there were no unrealized losses (the recorded losses in the first half of fiscal 2008 were negligible).
—There was no holding of stocks of these entities.

Note: See P56 for details of breakdown by credit rating and geographic distribution and P58 for details of Yen denominated securitization
products.

54

CDS related to Securitization Products
By Credit Ratings of Counterparties*1 and Reference Assets
Billions of yen, round figures

Notional
AmountAs of Sep. 2008

Totalof which Counterparties are US Monolines*2
AAA

(A)

Fair valueof reference
asset
(B)

¥ 370
85

¥ 298
76

Amount to be
Reserves forclaimed at the
NPVsettlement (NPV) (counterparty risks)
(C)
(D)

¥

52
10

¥

11
6

174

141

33

10

RMBS CDOs

—

—

—

—

Other CDOs (backed by Claims against Corporations)

174

141

33

10

85

76

10

6

176

156

19

1

of which Counterparties are US Monolines*2
AA
RMBS CDOs

39

33

6

0

Other CDOs (backed by Claims against Corporations)

137

123

13

1

A-BBB
RMBS CDOs
Other CDOs (backed by Claims against Corporations)
Non-Investment Grade or no Ratings
RMBS CDOs
Other CDOs (backed by Claims against Corporations)

21

0

0

0

*3 21

*3 0

*3 0

0

—

—

—

—

—
—

—
—

—
—

—
—

—

—

—

—

*1. Categorized by the lowest grade (external credit ratings as of Sep. 2008) in case of crossover credit. When the counterparty was guaranteed by third parties, categorized by thehigher grade of either of them. In case of SPVs which do not have issuer ratings, categorized by the parties to which final risk resided.
*2. One of the rating agencies downgraded after Sep. 2008. (AA- equivalent rating as of Nov. 21, 2008)*3. The balance of difference between the notional amount and the fair value of reference asset (approx. ¥21 billion) had already been received in cash from a CDS protection seller,
thus the NPV for that portion became nil (=no counterparty risk).

<CDS Transactions with Monolines, etc. (Concept Chart)>(A)

Decline in value of the reference assets

Notional
amount of
CDS

Amount to beclaimed at thesettlement
(NPV)
(C)
Cash
received(

Providereserves
if necessary(D))

Please refer tofootnote *3

Fair value ofthe reference
asset
(B)

55

 Other Supplemental Information
Foreign Currency Denominated Securitization Products by Credit Rating and Geographic Distribution
Foreign Currency Denominated Securitization Products by Credit Rating and Geographic Distribution(Banking Subsidiaries)
Billions of yen, round figures

RMBS CDOs Other CDOs

Balance as of Sep. 2008 (Fair Value)

¥

17

¥

Banking Subsidiaries (incl. overseas subsidiaries)
RMBS
CLOs
ABS
CMBS

62

¥

240

¥

186

¥

119

¥

Total

70

¥

693

By Credit Rating
AAA

0%

45%

11%

94%

19%

33%

AA

0%

18%

39%

0%

8%

40%

21%

A

0%

32%

37%

0%

40%

27%

25%
10%

BBB

40%

0%

6%

12%

0%

33%

0%

BB or Lower, no Ratings

100%

0%

0%

6%

0%

0%

4%

Total

100%

100%

100%

100%

100%

100%

100%

U.S.

100%

26%

0%

91%

29%

0%

34%

Europe

0%

74%

90%

9%

71%

100%

63%

By Geography

Asia

0%

0%

Total

100%

100%

*1

10%

0%

100%

100%

*1: By country
UK
46%
Netherlands
22%
Spain
16%
Others16%*1: Vintage
2004
6%
2005
41%
2006
33%
2007
18%

*2

0%

0%

3%

100%

100%

100%

*2: Major underlying assets
Credit card receivables
Lease / Auto loan receivables
Others

47%
38%
15%

Foreign Currency denominated Securitization Products by Credit Rating and Geographic Distribution(Securities Subsidiaries)
Billions of yen, round figures

Securities Subsidiaries (incl. overseas subsidiaries)
RMBS CDOs
US subOther
CLOs
prime RMBS
RMBS

Balance as of Sep. 2008 (Fair Value)

¥

11

¥

0

¥

3

¥

26

Total

¥

40

By Credit Rating
AAA

0%

0%

0%

31%

20%

AA

0%

34%

10%

21%

15%

A

1%

0%

4%

0%

1%

BBB

4%

0%

6%

41%

28%

BB or Lower, no Ratings

94%

66%

81%

6%

36%

Total

100%

100%

100%

100%

100%

U.S.

100%

100%

100%

64%

77%

Europe

0%

0%

0%

1%

0%

Asia

0%

0%

0%

35%

23%

Total

100%

100%

100%

100%

100%

By Geography

Vintage
2006
17%
2007
80%

56

Yen Denominated Securitization Products
Yen Denominated Securitization Products (Banking Subsidiaries)
Billions of yen, round figures

Banking Subsidiaries (incl. overseas subsidiaries)
Balances as of Sep. 08
Unrealized Gains/Losses(Fair Value)
as of Sep. 08

Yen Denominated Securitization Products

¥

2,850

ABSCDOs, CDOs

*1

¥

(21)

117

(5)

CDOs backed by RMBS——

CDOs except above

117

(5)

112

(5)

5

(0)

CDOs backed by Claims against Corporations
CDOs backed by CMBSRMBS*2

1,269(3)ABS, CLOs and others

1,465

(14)

CMBS

934

(13)

ABS

461

(0)

CLOs

71

(1)

*1. Realized losses for banking subsidiaries in 1H FY2008 was negligible*2. Represented RMBS originated by Japanese financial institutions and others (Japan Housing Finance Agency Bonds were excluded)<Reference> Balance of Japan Housing Finance Agency Bonds as of Sep. 2008
Balance: approx. ¥240 billion, Unrealized losses: approx. ¥2 billion(Reference)
Billions of yen, round figures

Banking Subsidiaries (incl. overseas subsidiaries)
Balances as of Sep. 08
Unrealized Gains/Losses(Fair Value)
as of Sep. 08

Foreign Currency Denominated Securitization Products¥

Total Securitization Products (Yen and Foreign Currency Denominated)

693
3,543

57

¥

(87)
(108)

Yen Denominated Securitization Products (Securities Subsidiaries)
Billions of yen, round figures

Securities Subsidiaries (incl. overseas subsidiaries)
Balances as of Sep. 08
Realized Gains/Losses(Fair Value)for 1H FY 08

Yen Denominated Securitization Products¥

216

ABSCDOs, CDOs

¥

(4)

47

(1)

CDOs backed by RMBS

1(0)

CDOs except above

46

(1)

CDOs backed by Claims against Corporations

46

(1)

CDOs backed by CMBS——RMBS*115(1)ABS, CLOs and others

154

(3)

CMBS

12

(0)

ABS

140

(3)

CLOs

2

—

*1. Represented RMBS originated by Japanese financial institutions and others (Japan Housing Finance Agency Bonds were excluded)<Reference> Balance of Japan Housing Finance Agency Bonds as of Sep. 2008
Balance: approx. ¥14 billion, Realized losses: negligible(Reference)
Billions of yen, round figures

Securities Subsidiaries (incl. overseas subsidiaries)
Balances as of Sep. 08
Realized Gains/Losses(Fair Value)for 1H FY 08

Foreign Currency Denominated Securitization Products¥

Total Securitization Products (Yen and Foreign Currency Denominated)

40
256

58

¥

(9)
(13)

Interim Review (Status ｏｆ Capital Adequacy)
For the Six Months ended September 30, 2008

<under Japanese GAAP>

Mizuho Financial Group, Inc.

The following is an English translation of an excerpt regarding Basel II capital adequacy disclosure and relevant information
released in our Japanese language disclosure material published in January 2009. 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■ Capital adequacy ratio highlights[2]

Status of Mizuho Financial Group’s Consolidated Capital Adequacy[3]■ Consolidated capital adequacy ratio(1) Summary table of consolidated capital adequacy ratios (BIS Standard)[3]■ Risk-based Capital(2) Required capital by portfolio classification[11]■ Credit risk
(3) Credit risk exposure, etc.

[13]

■ Methods for credit risk mitigation(4) Credit risk mitigation by portfolio classification[25]■ Counterparty risk in derivatives transactions and long-settlement transactions[26](5) Status of counterparty risk in derivatives transactions and long-settlement transactions■ Securitization exposure(6) Quantitative disclosure items for securitization exposure[27]■ Market risk

[34]

■ Equity exposure in banking book(7) Status of equity exposure in banking book

[34]

1

Capital adequacy ratio highlights
The Basel II Framework, based on the “International Convergence of Capital Measurement and Capital Standards: A
Revised Framework” issued by the Basel Committee on Banking Supervision, requires the disclosure of capital adequacy
information to ensure the enhanced effectiveness of market discipline. Our disclosure is made under the “Matters Separately
Prescribed by the Commissioner 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
Finance Ordinance No. 10 of 1982)” (FSA Notice No. 15 of 2007).
■ Capital adequacy ratio highlights
As of September 30, 2007
11.80%
6.97%
4,918.7
3,720.8316.7
8,322.8
70,525.1(Billions of yen)
As of September 30, 2008
11.45%
7.36%
4,747.0
2,971.4
337.3
7,381.2
64,464.8

As of September 30, 2007
13.05%
8.55%
3,284.0
2,002.3
276.3
5,009.9
38,389.4(Billions of yen)
As of September 30, 200811.68%
8.43%
3,011.4
1,437.0
280.2
4,168.1
35,685.7

As of September 30, 2007
14.42%
8.84%
3,153.8
2,140.1
151.7
5,142.3
35,644.0(Billions of yen)
As of September 30, 200812.62%
7.60%
2,641.1
1,812.0
67.2
4,385.8
34,750.5

As of September 30, 200712.25%
7.60%
2,122.1
1,346.8
48.2
3,420.7
27,913.5
11.99%(Billions of yen)
As of September 30, 2008
11.58%
6.79%
1,865.8
1,379.6
61.5
3,183.8
27,478.9
11.51%

As of September 30, 200712.10%
7.46%
1.984.7
1,321.8
89.1
3,217.3
26,577.8
11.81%(Billions of yen)
As of September 30, 2008
11.48%
6.75%
1,796.1
1,352.0
93.0
3,055.1
26,600.2
11.43%

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)

Tier 1 capital

Tier 2
capitalTier 3 capital
Deductions
for total riskbased capital
Total riskbased capital

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
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 bybanks 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)(Billions of yen)
As of
As of
September 30, September 30,
2007
2008
1,540.9
1,540.9411.0
411.2
1,490.6
1,290.1
2.4
6.2(36.7)(83.5)
1,527.7
1,636.4
1,314.0
1,461.2
12.5
10.6
-

31.2

4,918.7
4,918.7
416.0
8.45%
842.3
114.4
6.5

4,747.0
4,747.0
524.0
11.03%
56.9
113.0
7.0

63.2
2,694.2691.9
2,002.2
3,720.8
3,720.8-

2,794.4681.8
2,112.5
2,971.4
2,971.4-

Deductions for total risk-based capital

(E)

316.7

337.3

(A) + (C) + (D) – (E)(F)

8,322.8

7,381.2

Credit risk-weighted assets(G)
61,662.8
59,136.6On-balance-sheet items
49,915.3
48,689.8
Off-balance-sheet items
11,747.5
10,446.7
Market risk equivalent assets [(I)/8%](H)2,680.2
1,753.0
Risk-weighted(Reference) Market risk equivalent
(I)
214.4
140.2
assetsOperational risk equivalent assets [(K)/8%](J)
3,905.5
3,575.1(Reference) Operational risk equivalent
(K)
312.4
286.0
Adjusted floor amount(L)
2,276.5
Total [(G) + (H) + (J) + (L)](M)
70,525.1
64,464.8
Consolidated capital adequacy ratio (BIS standard) = (F) / (M) X 100
11.80%
11.45%
Tier 1 capital ratio = (A) / (M) X 100
6.97%
7.36%
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 the Banking Law Article 52-25” (FSA Notice No. 20 of 2006 (the “Notice”)).
2. As it is not possible to break down Mizuho Financial Group’s common stock and preferred stock according to classes ofstock, no value for non-cumulative perpetual preferred stock is stated separately from capital.
3. In calculating the consolidated capital adequacy ratio, we underwent an examination following the procedures agreed withthe certified public accountant, on the basis of “Treatment in implementing examination by agreed-upon procedures forcalculating capital adequacy ratio” (Industry Committee Report No. 30 of the Japanese Institute of Certified Public
Accountants). Note that this is not a part of the accounting audit performed on our consolidated financial statements.
4. The amounts of net deferred tax assets as of September 30, 2007 and 2008 were ¥311.3 billion and ¥841.0 billion,
respectively, and the maximum amounts of deferred tax assets that can be recorded without diminishing the amount of Tier 1
capital for the purpose of calculating capital adequacy ratio as of September 30, 2007 and 2008 were ¥1,475.6 billion and¥949.4 billion, respectively.

3

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 Basel I multiplied by the rate prescribed in the Notice over the required capital under Basel II.
6. Among our group companies that were subject to the calculation of consolidated capital adequacy ratio pursuant to Article 3of the Notice, the numbers of consolidated subsidiaries were 137 and 147 as of September 30, 2007 and 2008, respectively.
There was no company that was subject to the deductible items set forth in Article 8, Paragraph 1, Item 2, Subitem (a)through (c) of the Notice as of September 30, 2007 and 2008.

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 forthe purposes of our consolidated capital adequacy ratios.

Preferred securities issued by SPCs of Mizuho Financial Group
Mizuho Preferred Capital (Cayman) Limited
Issuer(“MPC,” and the preferred securities described
below are referred to as the “MPC Preferred
Securities.”)Non-cumulative perpetual preferred securities
Type ofsecurities
None
Mandatory
redemption
date
Optionally redeemable on each dividend payment
Optional
date falling in or after June 2009 (subject to priorredemption
approval from regulatory authorities)

Mizuho Preferred Capital (Cayman) 1 Limited(as “MPC1,” and the preferred securities
described below are referred to as the “MPC1
Preferred Securities.”)Non-cumulative perpetual preferred securities
None

Optionally redeemable on each dividend payment
date falling in or after June 2012 (subject to priorapproval from regulatory authorities)

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

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

¥176.0 billion¥171.0 billion

March 15, 1999
If any of the following events arise, dividend
payments are suspended on a non-cumulativebasis:(1) when Mizuho Financial Group issues to MPC
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
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), andMizuho Financial Group issues to MPC a
dividend instruction instructing it not to pay
any dividends on such 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 whichsuch fiscal year ends. However, it is subject tothe following conditions: (1) no Loss Absorption
Certificate(1) has been issued; (2) no preferredstock 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 tothe extent applicable).
When Mizuho Financial Group issues aDistributable Amounts Limitation Certificate(4) to
MPC, dividends are limited to the Available
Distributable Amounts(3).

February 14, 2002
If any of the following events arise, dividend
payments are suspended on a non-cumulativebasis:(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), andMizuho Financial Group issues to MPC 1 a
dividend instruction instructing it not to pay
any dividends on such 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 whichsuch fiscal year ends. However, it is subject tothe following conditions: (1) no Loss Absorption
Certificate(1) has been issued; (2) no preferredstock 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 tothe extent applicable).
When Mizuho Financial Group issues aDistributable Amounts Limitation Certificate(4) to
MPC1, dividends are limited to the Available
Distributable Amounts(3).

Dividend
limitations

When dividends on Mizuho Financial Group’s
Preferred Stock(2) are reduced, dividends on
Parity Preferred Securities(6) are also reduced byan equal percentage.

When dividends on Mizuho Financial Group’s
Preferred Stock(2) are reduced, dividends on
Parity Preferred Securities(6) are also reduced byan equal percentage.

Claims on
residual assets

Same priority as Mizuho Financial Group’s
Preferred Stock(2)Same priority as Mizuho Financial Group’s
Preferred Stock(2)Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsMandatory
dividend
event

Distributableamounts
limitation5

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 fallingin 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 noncumulative.)
June 30th and December 30th of each year
US$600 million

Starting from the dividend payment date fallingin 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 noncumulative.)
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 thesubsequent fiscal 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 by an equal percentage.

When dividends on Mizuho Financial Group’s
Preferred Stock(13) are reduced, dividends on
MCI (EUR) 1 Preferred Securities are also
reduced by an 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 as 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 are suspended 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 and astep up dividend is paid withrespect to dividend payment
dates after June 2018. Dividend
payments that are suspended are
non-cumulative.)

Series A
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied and astep up dividend is paid withrespect to dividend payment
dates after June 2019. Dividend
payments that are suspended are
non-cumulative.)

Dividends

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 are suspended are
non-cumulative.)
Dividend
payment dateJune 30th and December 30th ofeach year

June 30th and December 30th ofeach year

June 30th and December 30th ofeach year

Total amountissuedIssue date
Dividendsuspension
events¥400 billion¥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 toMizuho 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

January 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 toMizuho 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

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 toMizuho 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

7

Mandatory
dividend
event

Distributableamounts
limitation
Dividend
limitations

Claims forresidualassetsGroup fails to pay dividends
on its common stock andissues 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.

Group fails to pay dividends
on its common stock andissues 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.

Group fails to pay dividends
on its common stock andissues 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.

Same 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)Notes:(1) Loss Absorption Certificate
Refers to a certificate that Mizuho Financial Group delivers to the issuer (in case of the loss absorption event set forth inclause (iv) below, the issuance thereof 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 where a liquidation proceeding is commenced by oragainst Mizuho Financial Group or a competent court in Japan 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 businessof Mizuho Financial Group; (ii) reorganization event that shall be deemed to occur if a competent court in Japan shallhave adjudicated (a) the commencement of a corporate reorganization proceeding of Mizuho Financial Group under the
Corporate Reorganization Law or (b) the commencement of a civil rehabilitation proceeding of Mizuho Financial Group
under the Civil Rehabilitation Law; (iii) governmental action that shall be deemed to occur if the government authority inJapan (a) publicly declares Mizuho Financial Group is 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 publicmanagement or (d) issues an order that Mizuho Financial Group be transferred 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 a dividend payment on the relevant preferred securities; (v) default event that shall bedeemed to occur if 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 (vi) insolvency event shall be deemed to occur if
the liabilities of Mizuho Financial Group exceeds its assets or would exceed its assets as a result of a dividend payment on
the relevant preferred securities.
(2) Preferred Stock
Refers to preferred stock of Mizuho Financial Group qualifying as Tier 1 capital and ranking most senior compared toother 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 for dividends (“Distributable Amounts”) calculated based on the immediately
preceding fiscal year’s financial statements, less the aggregate amount of dividends paid previously during the current
fiscal year and scheduled 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 shall be 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 and the rights at the time of liquidation, etc., aredetermined by reference to the financial condition and results of operation of Mizuho Financial Group and which rank, inrelation to MPC (with respect to the columns for MPC1, “MPC” refers to MPC1), equal in point of subordination as theParity Preferred Securities (“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 in such fiscal year) / (Total of full dividend payment

8amount for Parity Preferred Securities in such fiscal year + Total amount of full dividend payment 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 of shareholders to
issuers if Available Distributable Amounts falls short of total dividends to be paid on the dividend payment date, whichshall set forth the Available Distributable Amounts of such fiscal year.
(5) Mandatory Dividend Payment Date
Refers to a dividend payment date in June of a calendar year when a fiscal year of Mizuho Financial Group ends withrespect to which it paid dividends on its common stock.
(6) Parity Preferred Securities
Refers to the collective designation for preferred securities and MPC Preferred Securities issued by MPC (with respect tothe columns for MPC1, “MPC” refers to MPC1) which are perpetual and the dividend payment dates and the use ofproceeds are the same as that of the relevant MPC Preferred Securities (or MPC1 Preferred Securities). (In the case of
MPC1, for example, Parity Preferred Securities are the collective designation that includes MPC1 Preferred Securities aswell as other preferred securities that satisfy the above 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 acompetent court in Japan shall have (i) adjudicated Mizuho Financial Group to be subject to bankruptcy proceedings or(ii) approved a preparation of a reorganization plan for abolishment of all business of Mizuho Financial Group.
(8) Reorganization Event
Shall be deemed to occur if a competent court in Japan shall have adjudicated (i) the commencement of a corporate
reorganization proceeding of Mizuho Financial Group under the Corporate Reorganization Law or (ii) the commencementof 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 beable 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 a dividend 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 Group is not able topay 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 be transferred 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 for theimmediately preceding fiscal year, less the amount of 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 subordinated in 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 for theimmediately preceding fiscal year, less (A) the amount of dividend payments on Preferred Stock(13) (excluding interim
dividend payments), (B) the amount of dividend payments on MCI (USD) 1 Preferred Securities made or declared to bemade on or prior to the dividend payment date falling in June and (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 for the dividend payment date falling in December and full dividends on Equivalent
Securities paid in whole or in part or declared to be paid from the day after the dividend 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 for theimmediately preceding fiscal year, less the amount of 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 thefull dividend payment amount on preferred securities for the then current fiscal year that are equivalently subordinated innature 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 for theimmediately preceding fiscal year, less the amount of 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 thefull dividend amount on 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 (EUR) 1 Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial Group calculated based on the financial statements for theimmediately preceding fiscal year, less (A) the amount of dividend payments on Preferred Sock(13) (excluding interim
dividend payments), (B) the amount of dividend payments on MCI (EUR) 1 Preferred Securities made or declared to bemade on or prior to the dividend payment date falling in June and (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 for the dividend payment date falling in December and full dividends on Equivalent
Securities paid in whole or in part or declared to be paid from the day after the dividend payment date of MCI (EUR) 1
Preferred Securities falling in June up to the dividend payment date falling in December.
(13) Preferred Stock9Refers to preferred stock of Mizuho Financial Group qualifying as Tier 1 capital and ranking most senior compared toother 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 Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial Group calculated based on the financial statements for theimmediately preceding fiscal year, less the amount of 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 subordinated in 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 for theimmediately preceding fiscal year, less (A) the amount of dividend payments on Preferred Stock(13) (excluding interim
dividend payments), (B) the amount of dividend payments on MCI (JPY) 1 Preferred Securities made or declared to bemade on or prior to the dividend payment date falling in June and (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 the dividend payment date falling in December and full dividends on Equivalent Securities paid inwhole or in part or declared to be paid from the day after the dividend 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 for theimmediately preceding fiscal year, less the amount of 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 subordinated in 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 for theimmediately preceding fiscal year, less (A) the amount of dividend payments on Preferred Stock(13) (excluding interim
dividend payments), (B) the amount of dividend payments on MCI (JPY) 2 Preferred Securities made or declared to bemade on or prior to the dividend payment date falling in June and (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 the dividend payment date falling in December and full dividends on Equivalent Securities paid inwhole or in part or declared to be paid from the day after the dividend 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 for theimmediately preceding fiscal year, less the amount 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 subordinated in 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 the amount available in December 2008)
Refers to Distributable Amounts of Mizuho Financial Group calculated based on the financial statements for theimmediately preceding fiscal year, less (A) the amount of dividend payments on Preferred Stock(13) (excluding interim
dividend payments), (B) the amount of dividend payments on MCI (JPY) 3 Preferred Securities made or declared to bemade on or prior to the dividend payment date falling in June and (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 the dividend payment date falling in December and full dividends on Equivalent Securities paid inwhole or in part or declared to be paid from the day after the dividend 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 for theimmediately preceding fiscal year, less (A) the amount of dividend payments on Preferred Stock(13) (excluding interim
dividend payments) and (B) the dividends on Equivalent Securities paid or declared to be paid from the beginning of thecurrent fiscal year to June 30, 2008, pro-rated between full dividends on MCI (JPY) 3 Preferred Securities for thedividend 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 the dividend payment date falling in December 2008.

10

■ Risk-based Capital(2) Required capital by portfolio classification
As of September 30, 2007
EAD
Requiredcapital149,832.0
6,318.3
140,917.0
5,993.2
55,261.3
3,374.9
2,666.1
256.3
42,376.1
79.2
8,310.1
208.3
12,934.4
542.9
10,267.3
373.9
337.0
22.2
2,330.1
146.7
6,293.1
722.1
1,023.7
220.2
295.3
80.0

(Billions of yen)
As of September 30, 2008
EAD
Requiredcapital149,367.7
5,979.7
140,764.7
5,652.0
54,967.3
3,312.7
2,969.4
281.0
44,925.5
67.5
8,118.1
157.3
12,996.7
564.5
10,388.6
394.9
327.6
23.1
2,280.4
146.3
4,797.7
539.2
1,097.1
175.0
264.6
72.8

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
4,974.0421.7
3,435.9
291.3
Regarded-method exposure
1,451.9365.0
1,302.0
336.3
Purchased receivables
2,704.0
138.7
2,595.4
104.9
Securitizations
6,927.6
145.9
5,635.4
91.5
Others1,992.0
159.5
2,456.8
196.7Standardized approach
8,914.9
325.0
8,603.0
327.6
Sovereign
3,082.0
2.9
2,433.1
2.2
Bank
2,545.4
44.0
2,934.3
52.5
Corporate
2,614.8203.9
2,503.0
187.4
Residential mortgage
0.0
0.0
0.0
0.0
Securitizations
25.7
23.7
47.0
31.4
Others
646.8
50.3
685.4
54.0
n.a.
n.a.
Market risk
214.4
140.2
n.a.
n.a.
Standardized approach
171.5
93.8
Interest rate risk
n.a.
125.0
n.a.
66.7
Equities risk
n.a.
29.9
n.a.
18.6
Foreign exchange risk
n.a.
9.7
n.a.
2.0
Commodities risk
n.a.
6.7
n.a.
6.4
Option transactions
n.a.
n.a.
n.a.
n.a.
Internal models approach
42.9
46.4
n.a.
n.a.
Operational risk (standardized approach)
312.4
286.0
n.a.
n.a.
Total required capital (consolidated)
5,642.0
5,157.1
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)Credit to corporations and sole proprietors (excluding credit to retail customers)

Corporate (specialized lending)Credit that limits interest and principal repayment sources to cash flow derived from specific realestate, chattel, businesses, etc.

SovereignCredit 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.

Purchase 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 specific11reserve for possible losses on loans, reserve for possible losses on loans to restructuring countries and partial direct writeoffs.

12

■ 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 positions and the average credit risk positions during thetwelve months ended September 30, 2007 and 2008.
○ Status of credit risk exposure(A) Breakdown by geographical area

(Billions of yen)
As of September 30, 2007

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
70,492.2
18,167.5
3,216.5
1,768.4
6,235.3
70.9
5,095.1
1,781.0
n.a.
88,659.7

Securities
25,411.2
7,236.1477.5
8.9
4,190.8
2,319.9
238.9
n.a.
32,647.4

OTC
derivatives
1,759.1
3,152.5
86.9
122.0
1,172.0
0.0
1,720.4
51.0
n.a.
4,911.7

Others
Total
Domestic
4,932.1
102,594.7
Overseas
1,386.4
29,942.6
Asia
363.6
4,144.7
Central and South America
7.7
1,907.2
North America
367.4
11,965.7
Eastern Europe
3.6
74.6
Western Europe
449.4
9,584.9
Others194.3
2,265.3
Exempt portion
8,889.2
8,889.2
Total
15,207.8
141,426.7
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 deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.
(Billions of yen)
As of September 30, 2008
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
72,759.2
18,283.5
3,332.7
2,032.5
6,321.2
89.7
5,016.4
1,490.7
n.a.
91,042.7

Securities
24,517.0
5,283.5452.9
107.5
2,870.4
1,673.8
178.8
n.a.
29,800.5

OTC
derivatives
2,228.6
3,389.8
146.8
161.0
1,055.6
0.1
1,938.3
87.7
n.a.
5,618.4

Others
Total
Domestic
6,082.7
105,587.6
Overseas
1,282.7
28,239.6
Asia
449.0
4,381.6
Central and South America
6.7
2,307.8
North America
156.3
10,403.6
Eastern Europe
2.7
92.6
Western Europe
495.6
9,124.2
Others
172.3
1,929.6
Exempt portion
8,556.0
8,556.0
Total
15,921.5
142,383.3
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 deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

13

(B) Breakdown by industry(Billions of yen)
As of September 30, 2007
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
14,596.1
1,919.0
7,643.7
8,029.0
8,257.3
10,684.2
12,840.3
11,839.3
12,850.3

Securities
3,834.6
245.7
499.9
473.3
961.8
3,229.9
6,634.4
16,767.2

OTC
derivatives
506.4
20.3
32.7
157.2
553.6
3,349.0
0.3
288.4
3.4

Others
Total
Manufacturing
200.8
19,138.1
Construction
6.8
2,192.1
Real estate
92.9
8,269.3
Service industries
60.8
8,720.5
Wholesale and retail455.5
10,228.3
Finance and insurance
1,846.5
19,109.7
Individuals
20.3
12,861.0
Others2,409.9
21,172.2
Japanese Government; Bank of
1,224.7
30,845.8
Japan
Exempt portion
n.a.
n.a.
n.a.
8,889.2
8,889.2
Total
88,659.7
32,647.4
4,911.7
15,207.8
141,426.7
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, 2008
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
14,964.4
1,884.4
7,316.7
7,751.0
8,374.9
9,674.8
12,709.9
12,495.0
15,871.2

Securities
2,817.1
189.7
604.5
537.7
720.1
1,834.2
5,566.0
17,530.9

OTC
derivatives
607.4
19.3
39.6
216.0
737.3
3,514.6
0.2
479.8
3.8

Others
Total
Manufacturing
254.7
18,643.7
Construction
7.7
2,101.3
Real estate
69.3
8,030.2
Service industries
73.7
8,578.6
Wholesale and retail
440.9
10,273.3
Finance and insurance
2,050.9
17,074.7
Individuals
17.4
12,727.6
Others3,167.5
21,708.5
Japanese Government; Bank of
1,282.9
34,688.9
Japan
Exempt portion
n.a.
n.a.
n.a.
8,556.0
8,556.0
Total
91,042.7
29,800.5
5,618.4
15,921.5
142,383.3
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.

14(C) Breakdown by residual contractual maturity(Billions of yen)
As of September 30, 2007

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
30,593.4
12,793.6

Securities
9,362.4
6,198.1

OTC
derivatives
328.5
2,728.0

Others
Total
Less than one year
2,115.0
42,399.4
From one year to less than85.9
21,805.7
three years
From three years to less than
13,565.3
3,430.9
978.3
47.2
18,021.8
five years
Five years or more
21,805.5
7,926.0
772.4
28.8
30,532.8
Others9,901.8
5,729.8
104.4
4,041.5
19,777.6
Exempt portion
n.a.
n.a.
n.a.
8,889.2
8,889.2
Total
88,659.7
32,647.4
4,911.7
15,207.8
141,426.7
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 assetsfs.
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, 2008
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
31,872.3
13,277.4

Securities
9,599.8
5,804.1

OTC
derivatives
526.6
2,479.1

Others
Total
Less than one year
2,645.6
44,644.4
From one year to less than
47.0
21,607.7
three years
From three years to less than
12,641.9
4,188.6
1,552.3
12.7
18,395.7
five years
Five years or more
22,009.4
5,395.4
960.2
25.3
28,390.5
Others
11,241.4
4,812.5
100.1
4,634.7
20,788.7
Exempt portion
n.a.
n.a.
n.a.
8,556.0
8,556.0
Total
91,042.7
29,800.5
5,618.4
15,921.5
142,383.3
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.

15

○ Status of exposure past due three months or more or in default(D) Breakdown by geographical area

(Billions of yen)
As of September 30, 2007

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
1,747.6
95.8
23.8
0.6
31.9
0.5
33.0
5.8
n.a.
1,843.5

Securities
190.8
0.1
0.0
0.0
0.1
n.a.
190.9

OTC
derivatives
14.9
0.0
0.0
0.0
n.a.
14.9

Others
Total
Domestic
36.6
1,990.1
Overseas
9.0
105.0
Asia
5.2
29.0
Central and South America
0.0
0.6North America
0.0
31.9
Eastern Europe
0.5Western Europe
3.8
36.8
Others
5.9
Exempt portion
3.2
3.2
Total
48.9
2,098.4
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, 2008
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
1,529.3
176.3
37.2
0.4
50.0
0.5
73.7
14.3
n.a.
1,705.6

Securities
66.5
0.0
0.0
0.0
0.0
n.a.
66.5

OTC
derivatives
25.3
1.6
0.0
0.0
1.3
0.2
n.a.
26.9

Others
Total
Domestic
42.7
1,664.0
Overseas
23.5
201.5
Asia
4.2
41.5
Central and South America
0.0
0.4North America
18.4
68.4
Eastern Europe
0.5Western Europe
0.7
75.8
Others
0.0
14.6
Exempt portion
4.5
4.5
Total
70.8
1,870.1
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.

16(E) Breakdown by industry(Billions of yen)
As of September 30, 2007
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
199.6
70.6
315.1
293.0
312.7
223.2
193.1
235.8
n.a.
1,843.5

Securities
11.2
12.0
0.3
5.0
29.5
117.9
14.8
n.a.
190.9

OTC
derivatives
1.8
0.9
0.2
0.9
4.4
2.5
0.0
4.0
n.a.
14.9

Others
Total
Manufacturing
11.9
224.6
Construction
0.7
84.3
Real estate
0.4
316.1
Service industries
6.4
305.5
Wholesale and retail
14.1
360.9
Finance and insurance
5.8
349.5
Individuals
1.3
194.5
Others
4.6
259.3
Exempt portion
3.2
3.2
Total
48.9
2,098.4
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, 2008
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
284.0
105.7
283.9
283.8
265.4
55.9
218.0
208.5
n.a.
1,705.6

OTC
derivatives
4.3
0.5
1.5
0.7
12.9
0.3
6.4
n.a.
26.9

Others
Total
Manufacturing
12.2
306.9
Construction
1.6
121.1
Real estate
3.4
290.5
Service industries
6.7
295.8
Wholesale and retail
16.0
303.7
Finance and insurance
19.4
75.8
Individuals
1.4
219.5
Others5.1
252.0
Exempt portion
4.5
4.5
Total
70.8
1,870.1
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.
Securities
6.2
13.2
1.5
4.4
9.2
0.0
31.8
n.a.
66.5

17

○ Status of reserves for possible losses on loans(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 the six m As of, or for the six months ended, Septem
onths ended, Septem
ber 30, 2007
ber 30, 2008
General reserve for possible
Beginning balance
500.8
510.9
losses on loans
Increase during the six-month
447.1
483.9
periodDecrease during the six-month
500.8
510.9
periodEnding balance
447.1
483.9
Specific reserve for possible
Beginning balance
352.3
173.4
losses on loans
Increase during the six-month
335.3
203.7
periodDecrease during the six-month
352.3
173.4
periodEnding balance
335.3
203.7
Beginning balance
3.1
0.0
Reserve for possible losses onloans to restructuring countries
Increase during the six-month0.1
0.0
periodDecrease during the six-month
3.1
0.0
periodEnding balance
0.1
0.0
Total
Beginning balance
856.3
684.4
Increase during the six-month
782.6
687.7
periodDecrease during the six-month
856.3
684.4
periodEnding balance
782.6
687.7
(G) Specific reserve for possible losses on loans by geographical area and industry(Billions of yen)
As of March 31, 2007 As of September 30, 2007
ChangeDomestic
332.8
305.5
(27.2)
Manufacturing
15.4
15.1
(0.3)
Construction
3.2
3.8
0.5
Real estate
11.3
11.6
0.2
Service industries
16.8
79.2
62.3
Wholesale and retail
21.6
27.2
5.6
Finance and insurance
178.5
20.5
(158.0)Individuals
64.6
54.9
(9.6)
Others
20.9
92.9
72.0
Overseas
15.9
25.7
9.8
Exempt portion
3.5
3.9
0.3
Total
352.3
335.3
(17.0)
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.
As of March 31, 2008
144.6
12.0
5.3
10.3
24.7
24.9
4.3
56.8
5.9
24.7
3.9
173.4

As of September 30, 2008
154.9
16.1
4.2
17.3
22.7
25.0
3.2
59.4
6.5
42.6
6.1
203.7

(Billions of yen)
Change
10.2
4.0
(1.0)
6.9
(1.9)
0.1
(1.0)
2.6
0.5
17.8
2.1
30.3

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.

18

(H) Write-offs of loans by industry
For the six months ended
September 30, 2007
12.4
4.2
0.5
6.4
22.3
0.2
0.8
14.1
0.2
61.7

(Billions of yen)
For the six months ended
September 30, 2008
6.6
12.9
19.9
5.8
12.2
16.9
1.2
33.9
0.2
110.0

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 in our consolidated statement of income.
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.

○ 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, 2007

0%
10%
20%
35%
50%
100%
150%
350%

Risk weightOn-balance sheet
624.9
0.1
569.3
0.0
109.3
2,551.5
0.1
3,855.5

Off-balance sheet
2,353.9
0.0
1,947.4
0.0
2.1
730.0
5,033.6

Total
2,978.9
0.1
2,516.8
0.0
111.4
3,281.5
0.1
8,889.2(Billions of yen)With externalrating
166.6
0.0
0.4
18.6
185.8

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, 2008

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%
625%
937.5%
1,250%

On-balance sheet
456.3
39.3
621.6
0.0
55.7
2,487.6
0.3
3,661.2

Off-balance sheet
1,865.9
2,242.8
4.7
781.2
4,894.7

Total
2,322.3
39.3
2,864.5
0.0
60.5
3,268.8
0.3
8,556.0

With externalrating
70.0
3.2
0.0
16.6
90.0

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, 2007
23.7

Deduction from capital

19(Billions of yen)
As of September 30, 200830.6

○ 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, 2007 As of September 30, 2008
50%
155.0
283.8
70%
637.5
843.8
90%
267.0
121.5
95%
86.9
112.7
Risk weight
115%
89.2
352.5
120%
5.0
7.1
140%
3.6
12.2
250%
352.2
256.4
Default
11.4
Total
1,596.7
2,002.0(L) Equity exposure under simple risk weight method by risk weight category(Billions of yen)
As of September 30, 2007
As of September 30, 2008
Risk weight
300%
237.3
199.6
400%
57.9
65.0
Total
295.3
264.6
Note: Of the equity exposure under the simple risk weight method, 300% risk weight is applied for listed equities and 400%
for unlisted equities.

20(M) Portfolio by asset class and ratings segment (Corporate)
PD(EAD weighted
average)
(%)
3.86
0.13
1.82

(Billions of yen, except percentages)

LGD(EAD weighted
average)
(%)
42.91
42.67
42.98

As of September 30, 2007
Risk weight(EAD weighted
average)
EAD
(%)
53.31
58,666.5
32.66
31,142.0
81.89
25,770.0

LGD(EAD weighted
average)
(%)
43.02
43.00
43.02

As of September 30, 2008
Risk weight(EAD weighted
average)
EAD
(%)
53.52
58,293.0
26.25
33,001.0
94.83
23,767.7

On-balance
sheet
43,944.0
20,303.8
21,957.9

Off-balance
sheet
14,722.5
10,838.2
3,812.1

Corporate
Investment grade zone
Non-investment grade
zone
Default
100.0046.22
1,754.4
1,682.2
72.1
0.01
44.99
2.34
42,485.2
33,742.1
8,743.0
Sovereign
Investment grade zone
0.01
44.99
2.09
42,347.7
33,618.5
8,729.2
Non-investment grade
1.14
44.98
78.95
137.3
123.5
13.7
zone
Default
100.00
45.00
0.1
0.1
0.23
42.53
30.45
8,569.2
3,503.0
5,066.2
Bank
Investment grade zone
0.13
42.51
28.26
8,183.8
3,289.3
4,894.4
Non-investment grade
1.25
42.91
77.93
381.1
209.3
171.7
zone
Default
100.00
45.00
4.2
4.2
13.29
90.00
119.46
1,023.7
1,023.7
Equity exposure under
PD/LGD approach
Investment grade zone
0.12
90.00
132.86866.7
866.7
Non-investment grade
5.55
90.00
306.26
23.3
23.3
zone
Default
100.00
90.00
133.7
133.7
2.19
44.12
32.60
110,744.8
82,213.0
28,531.8
Total
Investment grade zone
0.07
44.34
17.59
82,540.4
58,078.4
24,461.9
Non-investment grade
1.81
43.03
82.02
26,311.8
22,314.1
3,997.7
zone
Default
100.0049.31
1,892.5
1,820.3
72.1
Notes:
1. Investment grade zone includes obligor ratings A1 to B2, non-investment grade zone includes C1 to E2 (excluding E2R),
and default includes E2R to H1.
2. “Corporate” does not include specialized lending exposure under supervisory slotting criteria.
3. Each asset class includes purchased receivables.

(Billions of yen, except percentages)
PD(EAD weighted
average)
(%)
3.83
0.11
2.83

On-balance
sheet
43,424.0
22,074.7
19,886.8

Off-balance
sheet
14,868.9
10,926.2
3,880.9

Corporate
Investment grade zone
Non-investment grade
zone
Default
100.0043.31
1,524.2
1,462.4
61.7
0.01
44.77
1.86
44,984.3
34,031.4
10,952.9
Sovereign
Investment grade zone
0.00
44.77
1.58
44,854.0
33,903.7
10,950.3
Non-investment grade
1.46
44.93
98.56
130.0
127.4
2.6
zone
Default
100.00
45.00
0.2
0.2
0.52
42.61
21.76
8,296.4
3,333.6
4,962.8
Bank
Investment grade zone
0.07
42.63
18.64
7,848.5
3,187.2
4,661.3
Non-investment grade
1.72
42.03
82.07
417.3
122.4
294.9
zone
Default
100.00
45.00
30.5
23.9
6.6
3.08
90.00
164.79
1,097.1
1,097.1
Equity exposure under
PD/LGD approach
Investment grade zone
0.05
90.00
114.67769.4
769.4
Non-investment grade
4.34
90.00
300.84
307.6
307.6
zone
Default
100.00
90.00
20.0
20.0
2.05
44.14
31.64
112,670.9
81,886.2
30,784.6
Total
Investment grade zone
0.05
44.30
13.55
86,473.0
59,935.1
26,537.8
Non-investment grade
2.82
43.60
97.21
24,622.9
20,444.4
4,178.4
zone
Default
100.0043.94
1,575.0
1,506.6
68.3
Notes:
1. Investment grade zone includes obligor ratings A1 to B2, non-investment grade zone includes C1 to E2 (excluding E2R),
and default includes E2R to H1.
2. “Corporate” does not include specialized lending exposure under supervisory slotting criteria.
3. Each asset class includes purchased receivables.

21

(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 of more

22

(N) Portfolio by asset class and ratings segment (Retail)(Billions of yen, except percentages)
As of September 30, 2007

PD (EADweighted
average)
(%)

LGD
(EAD
weighted
average )(%)

ELdefault(EAD
weighted
average)(%)

Residential
1.63
47.89
0.44
mortgage
Non-default
0.84
47.81
Default
100.0058.10
54.94
Qualifying
revolving loans
3.00
73.36
0.30
(retail)
Non-default
2.62
73.33
Default
100.00
81.54
78.00
3.81
49.96
1.30
Other retailNon-default
1.57
49.72
Default
100.00
60.43
57.02
2.06
48.93
0.59
Total
Non-default
1.02
48.82
Default
100.0059.23
55.97
Note: Each asset class includes purchased receivables.

Riskweight(EAD
weighted
average)(%)

EAD(Billionsof yen)Onbalance
sheet

Weighted
Amount of average ofundrawn
creditOffcommit- conversion
balancements factor (%)
sheet

35.07
35.02
41.88

10,267.3
10,185.4
81.8

9,744.6
9,668.4
76.1

522.6
516.9
5.7

7.0
7.0

100.00100.00

-

-

54.86
54.89
46.91
51.83
51.99
45.15
38.61
38.56
43.20

337.0
335.7
1.3
2,330.1
2,277.1
53.0
12,934.5
12,798.2
136.2

240.0
238.9
1.1
2,273.6
2,220.9
52.7
12,258.3
12,128.4
129.9

96.9
96.7
0.1
56.5
56.1
0.3
676.1
669.8
6.3

1,379.8
1,378.1
1.6
62.2
61.7
0.4
1,449.1
1,446.9
2.1

7.00
7.00
11.65
75.80
75.83
71.26
10.41
10.39
25.28

(Billions of yen, except percentages)
As of September 30, 2008

PD (EADweighted
average)
(%)

LGD
(EAD
weighted
average )(%)

ELdefault(EAD
weighted
average)(%)

Residential
1.89
46.38
0.55
mortgage
Non-default
0.83
46.29
Default
100.0054.75
51.22
Qualifying
revolving loans
3.49
69.87
0.37
(retail)
Non-default
3.00
69.83
Default
100.00
77.94
73.65
4.37
49.77
1.37
Other retailNon-default
1.78
49.62
Default
100.00
55.42
51.67
2.37
47.57
0.69
Total
Non-default
1.05
47.47
Default
100.0055.20
51.59
Note: Each asset class includes purchased receivables.

Riskweight(EAD
weighted
average)(%)

EAD(Billionsof yen)Onbalance
sheet

Weighted
Amount of average ofundrawn
creditOffcommit- conversion
balancements factor (%)
sheet

35.92
35.96
32.34

10,388.6
10,277.9
110.7

9,920.2
9,814.7
105.5

468.4
463.2
5.1

9.4
9.4

100.00100.00

-

-

57.70
57.70
56.80
51.04
51.31
41.18
39.12
39.17
35.65

327.6
326.0
1.6
2,280.4
2,220.2
60.2
12,996.8
12,824.2
172.5

231.1
229.7
1.3
2,233.5
2,177.9
55.6
12,384.8
12,222.3
162.5

96.5
96.2
0.2
46.9
42.3
4.6
611.9
601.8
10.0

1,411.5
1,409.2
2.3
55.3
50.4
4.9
1,476.3
1,469.0
7.2

6.82
6.81
11.10
77.27
75.63
94.19
10.05
9.77
67.41

(O) Actual losses by asset class
For the period from October 1, 2006
through September 30, 2007
Actual losses
1,094.0
0.0
3.7
95.3
5.1
52.5
1,251.2(Billions of yen)
For the period from October 1, 2007
through September 30, 2008
Actual losses
934.9
0.0
28.9
83.2
4.9
42.2
1,094.3

Corporate
SovereignBank
Residential mortgage
Qualifying revolving loans (retail)
Other retail
Total
Notes:
1. Actual losses are the sum of tax-qualified direct write-offs, losses from sales of non-performing loans, losses fromdebt forgiveness, losses from debt-equity swaps, partial direct write-offs during the period, as well as specificreserves for possible losses on loans and general reserves for possible losses on loans (for claims for special
attention and lower) as of the end of each period.
2. The data of actual losses by asset class has been accumulated since the fiscal year ended March 31, 2007.
3. Equity exposure under the PD/LGD approach is not included within the amount of actual losses because losses
related thereto are not recorded as a credit-related cost and it is difficult to determine whether the losses are due tocredit risk.
<Analysis>
Actual losses decreased by ¥156.9billion from the period from October 1, 2006 through September 30, 2007, to¥1,094.3 billion in the period from October 1, 2007 through September 30, 2008. The decrease was due mainly to theimprovement of credit ratings of customers and reversals of provisions related to problem loans at Mizuho Corporate
Bank, Ltd.

23

(P) Comparison of estimated and actual losses by asset class(Billions of yen)
For the period from October 1, 2006 For the period from October 1, 2007
through September 30, 2007
through September 30, 2008
Estimated losses
Actual losses Estimated losses
Actual losses
Corporaten.a.
1,094.0
1,060.5
934.9
Sovereign
n.a.
0.0
2.2
0.0
Bank
n.a.
3.7
8.0
28.9
Residential mortgage
n.a.
95.3
85.8
83.2
Qualifying revolving loans (retail)
n.a.
5.1
7.4
4.9
Other retail
n.a.
52.5
50.1
42.2
Total
n.a.
1,251.2
1,214.3
1,094.3
Notes:
1. Estimated losses are expected losses as of September 30, 2007.
2. We began estimating expected losses by asset class from March 31, 2007.
3. Actual losses are the sum of tax-qualified direct write-offs, losses from sales of non-performing loans, losses fromdebt forgiveness, losses from debt-equity swaps, partial direct write-offs during the period, as well as specificreserves for possible losses on loans and general reserves for possible losses on loans (for claims for special
attention and lower) as of the end of the each period.
4. The data of actual losses by asset class has been accumulated since the fiscal year ended March 31, 2007.
5. Equity exposure under the PD/LGD approach is not included within the amount of actual losses because losses
related thereto are not recorded as a credit-related cost and it is difficult to determine whether the losses are due tocredit risk.

24

■ 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, 2007
Eligible
Creditfinancial Other eligible
Total
Guarantees
collateral IRB collateralderivatives
Internal ratings-based
2,766.8
4,431.8
3,118.1
613.8
10,930.7
approachCorporate
2,239.0
4,317.0
1,499.2
613.8
8,669.1
Sovereign
0.2
28.9
562.8
591.9
Bank
493.8
4.6
206.2
704.7
Retail
33.7
81.2
849.9
964.8
Residential mortgage
343.6
343.6
Qualifying revolving
loans
1.1
1.1
Other retail
33.7
81.2
505.1
620.1
Othersn.a.
Standardized approach
1,861.0
68.0
8.0
1,937.1
Sovereign
1,845.8
n.a.
1,845.8
Bank
n.a.
3.1
5.7
8.8
Corporate
15.0
n.a.
64.9
0.3
80.3
Residential mortgagen.a.
Securitizations
n.a.
1.9
1.9
Others
0.0
n.a.
0.0
Total
4,627.8
4,431.8
3,186.2
621.8
12,867.8(Billions of yen)
As of September 30, 2008

Internal ratings-based
approachCorporate
SovereignBank
RetailResidential mortgage
Qualifying revolving
loans
Other retail
OthersStandardized approach
Sovereign
Bank
Corporate
Residential mortgage
Securitizations
OthersTotal

Eligiblefinancialcollateral
2,634.0

Other eligible
IRB collateral
4,405.3

Guarantees
3,792.0

Creditderivatives
509.0

Total
11,340.5

2,073.1
0.3
535.8
24.7
-

4,309.2
26.3
5.4
64.2
-

1,950.0
812.9
241.7
787.2
314.0

482.7
26.3
-

8,815.2
839.7
809.3
876.2
314.0

24.7
1,420.9
1,354.0
5.2
60.9
0.6
0.0
4,055.0

64.2
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
4,405.3

0.9
472.2
149.6
39.1
2.6
107.7
3,941.6

14.2
14.2
523.3

0.9
561.2
1,584.8
1,393.2
7.8
183.0
0.6
0.0
12,925.425

■ 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
As of September 30, 2007
Gross
Gross
Creditreplacement add-on equivalentcostamount
1,772.7 2,313.6
4,086.4(Billions of yen)
As of September 30, 2008
Gross
Gross
Creditadd-on equivalent
replacement
cost
amount2,570.0 2,372.0
4,942.0

Foreign exchange-relatedtransactions
Interest rate-related transactions
7,151.0 5,231.0
12,382.1
6,986.0
old-related transactions
0.1
0.0
0.2
0.1
Equity-related transactions
101.3
97.2
198.6
147.5
Transactions related to precious
0.0
0.2
0.2
0.5
metals (other than gold)
Other commodity-related
182.6
125.1
307.8
221.0
transactions
Credit derivatives transactions
169.2 1,568.7
1,737.9296.6(A)
9,377.2 9,336.2
18,713.4
10,221.9
Subtotal(B)
Effect of credit equivalent amounts
n.a.
n.a.
12,150.4
n.a.
mitigation by close-out netting
settlement contracts(C)=(A)+(B)
n.a.
n.a.
6,562.9
n.a.
Subtotal
(D)
n.a.
n.a.
331.4
n.a.
Effect of credit risk mitigation bycollateral(C)+(D)n.a.
n.a.
6,231.5
n.a.
Total
Note: The current exposure method is used as the method of calculating credit equivalent amounts.
Long-settlement transactions

4,955.0
0.0
94.7
0.2

11,941.0
0.1
242.2
0.7

132.6

353.7

1,502.9
9,057.7
n.a.

1,799.6
19,279.6
11,610.0

n.a.
n.a.

7,669.6
515.3

n.a.

7,154.3(Billions of yen)
As of September 30, 2008
Gross
Gross add-on
Creditreplacement
equivalentcostamount
13.2
0.2
13.5

Long-settlement transactions
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, 2007
44.9
46.1
0.3
91.4

Eligible financial collateralbe
Other eligible IRB collateral
Guarantees, others
Total(C) Notional amount of credit derivatives subject to credit equivalent amount calculations
As of September 30, 2007
Notional amountCredit derivatives type:
Credit default swap
Bought10,136.4
Sold9,328.7
Total return swap
BoughtSold
Total
Bought10,136.4
Sold9,328.7
Note: Credit derivatives used for credit risk mitigation are as follows:
As of September 30, 2007
1,034.2

Credit derivatives used for credit risk mitigation

26(Billions of yen)
As of September 30, 2008
44.5
59.2
5.5
109.3
(Billions of yen)
As of September 30, 2008
Notional amount
10,322.9
9,166.0
10,322.9
9,166.0(Billions of yen)
As of September 30, 2008648.2

■ Securitization exposure
See pages 50 to 58 in the Financial Section for the status of our group’s securitization products including those held in our
trading accounts (based on a definition thereof pursuant to our managerial accounting which differs from the definition set
forth in the Consolidated Capital Adequacy Ratio Notice, etc.) and the status of our overseas ABCP programs, etc.
(6) Quantitative disclosure items for securitization exposure
We reclassified the disclosed figures for the six months ended September 30, 2007, such as “classification based on type ofunderlying assets,” etc., to conform to the classification used for the six months ended September 30, 2008.
○ Securitization exposure as originator(A) Information by type of underlying assets
Creditcards(Billions of yen)
As of, or for the six months ended, September 30, 2007

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateSecuritization
products

Total

Traditional securitizations
Amount of underlying assets
336.1
42.3
22.1
400.6
Default exposure
2.8
1.4
4.2
Losses during the six-month
0.3
0.2
0.5
periodAmount of exposures
securitized during the sixmonth period
Gains and losses recognizedon sales during the six-month
periodSecuritization subject to early
amortization treatment
Exposure related to synthetic
securitizations
Amount of underlying assets
716.0
312.5 1,028.5
Default exposure
Losses during the six-month
periodAmount of exposures
244.7
5.8
250.6
securitized during the sixmonth period
Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended
September 30, 2007.
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 thesame 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 foreach transaction.
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.”27

(Billions of yen)
As of, or for the six months ended, September 30, 2008
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateSecuritization
products

Total

Traditional securitizations
Amount of underlying assets
291.7
22.0
12.4
326.2
Default exposure
2.7
0.9
3.6
Losses during the six-month
0.1
0.1
0.2
periodAmount of exposures
securitized during the sixmonth period
Gains and losses recognizedon sales during the six-month
periodSecuritization subject to early
amortization treatment
Exposure related to synthetic
securitizations
749.1
Amount of underlying assets
524.5
224.6
Default exposure
Losses during the six-month
periodAmount of exposures
255.0
19.6
274.6
securitized during the sixmonth period
Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended
September 30, 2008.
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 thesame 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 foreach transaction.
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 ¥224.6 billion in synthetic securitization transactions with underlying assets classified as “Securitization
products,” the underlying assets of such securitization products that are subject to transfers (hedges) of risk consist
mainly of “residential mortgage loans” and also include “real estate” and “corporate loans,” etc.
Of the securitization schemes (with CDS and other means), described in Note 2 of “Foreign Currency denominated
Securitization Products (Banking Subsidiaries)” on page 51 in the Financial Section, certain securitization schemesthat do not fall within the definition of securitization exposure set forth in the Consolidated Capital Adequacy Ratio
Notice are not included in “Securitization exposure as originator.”(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, 2007

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from
capitalTotal

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

44.0
0.0

-

-

44.0

-

28

(Billions of yen)

CorporateRealestateSecuritization
products

Total

Requiredcapital

-

594.4
102.5
9.6
12.7

3.1
-

299.6
12.2
0.6

897.2
146.5
21.8
13.4

5.7
12.5
0.3
10.3

-

719.2

3.1

312.5

1,079.0

29.0

(Billions of yen)
As of September 30, 2008
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

42.1
0.0

-

-

42.1

-

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from
capital
Total

CorporateRealestateSecuritization
products

Total

Requiredcapital

-

487.2
13.4
18.0
5.9
2.9

3.0
-

212.8
11.1
0.6

703.1
13.4
42.1
29.1
5.9
3.6

4.5
0.3
4.8
0.1
1.4

-

527.4

3.0

224.6

797.3

11.4

─Capital increase due to securitization transactions─(Billions of yen)
As of September 30, 2007

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

10.1

-

-

Capital increase due tosecuritization transactions

CorporateRealestateSecuritization
products

Total

-

-

-

10.1

(Billions of yen)
As of September 30, 2008
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

8.8

-

-

Capital increase due tosecuritization transactions

CorporateRealestateSecuritization
products

Total

-

-

-

8.8

─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 , 2007
As of September 30, 2008
Credit risk-weighted assets calculated pursuant to
Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice○ Securitization exposure as sponsor of securitization programs (ABCP/ABL)(C) Information by type of underlying assets
Creditcards(Billions of yen)
As of, or for the six months ended, September 30, 2007

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

RealestateOthers

Total

226.5
97.8
290.0
669.2
47.3
1,331.1
Amount of underlying assets
Default exposure
6.3
23.3
29.7
9.2
0.1
2.1
7.3
0.3
19.1
Estimated loss amountrelated to underlying assets
210.1- 275.7
1,254.2
1,646.5
137.1
3,523.9
Amount of exposures
securitized during the sixmonth period
Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2007.
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.

29

(Billions of yen)
As of, or for the six months ended, September 30, 2008
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

RealestateOthers

Total

148.9
- 131.5
242.2
676.3
49.5
1,248.6
Amount of underlying assets
Default exposure
2.6
9.4
12.1
1.3
1.1
1.2
5.7
0.1
9.6
Estimated loss amountrelated to underlying assets
417.1- 454.5
1,005.7
1,946.3
250.5
4,074.4
Amount of exposures
securitized during the sixmonth period
Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2008.
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.
(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, 2007
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

RealestateOthers(Billions of yen)

Total

Requiredcapital

Up to 20%
32.1
152.3
3.1
194.5
421.9
1.4
805.7
5.6
Up to 50%
17.3
60.0
31.6
47.0
156.0
4.2
Risk
Up to 100%
101.8
86.0
48.2
236.1
14.4
weight Up to 250%
150.0
5.7
77.7
233.5
25.6
Up to 650%
3.7
3.7
1.7
Over 650%
1.2
1.2
0.8
Deduction from
capital
Total
288.9
152.3
106.5
260.3
579.5
48.4 1,436.3
52.6
Exposure whose
282.9
152.3
48.5
75.7
48.4
608.0
n.a.
underlying assets areforeign assets
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.

30

(Billions of yen)
As of September 30, 2008
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

RealestateOthers

Total

Requiredcapital

Up to 20%
112.8
21.4
108.3
435.0
47.4
725.1
5.0
Up to 50%
60.0
36.7
96.1
22.8
4.1
219.9
5.0
Risk
Up to 100%
12.1
63.3
24.1
128.5
1.6
229.8
12.3
weight Up to 250%
1.6
21.3
22.9
2.7
Up to 650%
22.8
22.8
7.8
Over 650%
Deduction from
capital
Total
186.6
121.5
228.7
630.6
53.2 1,220.6
33.0
Exposure whose
83.1
51.6
97.4
51.5
283.7
n.a.
underlying assets areforeign assets
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, 2007
As of September 30, 2008
Credit risk-weighted assets calculated pursuant to
Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice-31

○ 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, 2007
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers(Billions of yen)

Total

Requiredcapital

Up to 20%159.6
1,672.5 376.2
523.7
566.5 519.0
182.7
4,000638.1
Up to 50%
2.2
19.9
3.8
50.2 151.7
11.5
239.6
6.5
Risk
Up to 100%
75.5
25.4
0.6
5.0
5.5
27.1
2.3
141.6
9.1
weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
4.2
11.4
18.2
18.2
3.8
56.0
34.1
Total
241.7
1,729.4 376.8
532.6
640.5 716.2
200.4
4,437.9
88.0
Exposure whose
139.8
213.8 111.2
33.0
478.9
64.1
25.6
1,066.7
n.a.
underlying assets
are foreign assets
Exposure on
15.5
9.4
4.8
4.5
34.2
n.a.
resecuritizations
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 ¥7.4 billion (treated as deduction from capital for
purpose of capital adequacy ratio calculation), and our sale of assets to such managed CLOs, etc., during the six-month
period was ¥11.7 billion.
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. We classify securitization products whose underlying assets are securitization products such as ABS, etc. (e.g., ABS
CDO) as “resecuritizations.”(Billions of yen)
As of September 30, 2008
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers

Total

Requiredcapital

Up to 20%94.8
1,492.2 316.7
321.8
334.0 597.6
150.4
3,307.8
31.3
Up to 50%
14.3
2.0
36.4 157.0
11.2
221.1
5.8
Risk
Up to 100%
29.6
14.0
0.2
1.3
8.0
19.2
1.6
74.2
4.8
weight Up to 250%
0.2
0.2
0.0
Up to 650%
1.4
1.4
0.3
Over 650%
Deduction from
capital
4.3
26.0
21.2
7.8
59.4
36.0
Total
124.5
1,526.3 316.9
325.2
404.8 795.2
171.1
3,664.4
78.5
Exposure whose
53.5
122.5
82.1
16.2
261.4
38.3
17.1
591.3
n.a.
underlying assets
are foreign assets
Exposure on
2.3
8.6
0.0
3.4
14.5
n.a.
resecuritizations
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 ¥7.4 billion (treated as deduction from capital for
purpose of capital adequacy ratio calculation), and our sale of assets to such managed CLOs, etc., during the six-month
period was ¥1.1 billion.
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 ¥70.7 billion liquidity facilities that we provide to ABCP programs
sponsored by third parties. Note that such transactions are not included in the amounts disclosed in pages 50 to 58 in
the Financial Section.

32

7. We classify securitization products whose 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, 2007
As of September 30, 2008
Credit risk-weighted assets calculated pursuant to Article 15of Supplementary Provisions of the FSA Capital Adequacy
Ratio Notice-Note 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, 2007 and 2008 were ¥81.4 billion and ¥77.3 billion, respectively.

33

■ Market Risk
○ Trading Activities
The following table shows VaR (Value at Risk) figures of our trading activities.
For the six months
ended September 30,
2007
4.2
5.5
3.0
4.2
no caseFor the fiscal year
ended March 31,
2008
6.7
7.9
3.0
4.4
no case(Billions of yen)
For the six months
ended September 30,
2008
4.2
7.7
3.5
5.1
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 new capital adequacy requirements under Basel II, the losses arising from a banking book in hypotheticalinterest 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
capital8,322.8
7,708.3
7,381.2(Billions of yen)
Loss ratio
to capital
6.8%
8.8%
6.2%

As of September 30, 2007
566.4
As of March 31, 2008
679.3
As of September 30, 2008
461.5
Effect of yen interest rate
283.8
Effect of dollar interest rate
131.2
Effect of euro interest rate
34.9
Notes:
1. For the interest rate shock scenario used in connection with the calculations under the outlier framework, we generateannual rate fluctuation data for five years derived from daily raw historical interest rate data of the past six years andthen apply the actual fluctuation data at a 99.0% confidence level to the shock scenario.
(7) Status of equity exposure in banking book(A) Amounts stated in consolidated balance sheet
As of September 30, 2007
Consolidatedbalance sheet
amountFair value
Exposure of listed stock, etc.
5,494.9
5,494.9
Other equity exposure
416.3
416.3
Total
5,911.3
5,911.3
Note: The above figures include only Japanese and foreign stocks.

34(Billions of yen)
As of September 30, 2008
Consolidatedbalance sheet
amountFair value
3,901.7
3,901.7
556.6
556.6
4,458.4
4,458.4

(B) Gains and losses on sales related to equity exposure(Billions of yen)
For the six months ended March 31, 2007
For the six months ended March 31, 2008
Gains and
Gains andlosses on
losses on
Gains onLosses on
Gains onLosses on
sales
sales
sales
sales
sales
sales
118.8
122.0
3.1
68.6
72.3
3.6
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, 2007
September 30, 2008
Gains and losses from
Gains and losses fromwrite-offs
write-offs
Write-offs of equity exposure(40.0)(96.8)
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, 2007
As of September 30, 2008
Net
Net
unrealized
unrealized
Unrealized
Unrealized
Unrealized
Unrealized
gains
gains
gains
lossesgains
lossesEquity exposure
2,203.5
2,312.3
108.7
770.5
987.8
217.3
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, 2007 and 2008.
(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, 2007
1,023.7
295.3
4,974.0
6,293.1

35(Billions of yen)
As of September 30, 2008
1,097.1
264.6
3,435.9
4,797.7