Interim Review
the Six Months ended( For)
September 30, 2007

Financial Highlights of Mizuho Financial Group, Inc. (Consolidated)
For the Six Months ended September 30, 2007 and 2006,
and for the Fiscal Year ended March 31, 2007

Millions of yen
March 31, 2007

September 30, 2007

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

2,256,140
399,184
422,770
327,061—¥

4,099,654
748,170
974,898
620,965
103,056

September 30, 2006¥

Thousands of U.S. dollars
September 30, 2007

1,863,970
530,155
632,821392,338—$

19,545,534
3,458,235
3,662,570
2,833,416—*Non-consolidated basis.

As of September 30, 2007 and 2006, and March 31, 2007

Total Assets
Securities
Loans and Bills Discounted
Deposits
Total Net Assets

For the Six Months ended September 30, 2007 and 2006,
and for the Fiscal Year ended March 31, 2007

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

September 30, 2007

Millions of yen
March 31, 2007

September 30, 2006

Thousands of U.S. dollars
September 30, 2007

¥ 151,711,905
36,153,905
66,056,468
74,167,419¥ 6,226,971¥ 149,880,031
36,049,983
65,964,301
74,803,064¥ 6,724,408¥ 148,962,319
37,093,870
65,062,729
71,912,235¥ 5,689,314$ 1,314,319,545
313,210,655
572,264,306
642,531,571$
53,945,864

September 30, 2007

Yen
March 31, 2007

September 30, 2006

U.S. dollars
September 30, 2007¥

28,272.51¥

51,474.49¥

33,498.33$

244.93

—

7,000

—

—

—
—

20,00030,000————

September 30, 2007

March 31, 2007

September 30, 2006

11.80%

12.48%

10.97%*Non-consolidated basis.
As of September 30, 2007 and 2006, and March 31, 2007

Consolidated Capital Adequacy Ratio (BIS Standard)*Consolidated Capital Adequacy Ratio (BIS Standard) as of September 30, 2006 is calculated according to regulations promulgated pursuant to “Basel I.”
Note: The rate of ¥ 115.43=US$ 1.00, the foreign exchange rate on September 30, 2007, has been used for translation.

Ratings
As of December 31, 2007

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

R&I
Long Term Short Term

A
A+
A+
A+
A+

a—1
a—1
a—1
a—1
a—1

JCR
Long Term Short Term

—
AA–
AA–
AA–
AA–

Moody'sLong Term Short Term

—
—
—
—
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.

1

A+
A+
A+
A+
—

F1
F1
F1
F1
—

2007 Mizuho Financial Group Interim Review

ProfileContents

The Mizuho Financial Group is one of the

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.

7

Business Outline

8

offices inside and outside Japan, and total

Office Network

9

assets of over $1.3 trillion (as of September

Business Approaches Adopted by
Each Global Group10CSR Activities

22

Dai-Ichi Kangyo Bank (DKB), The Fuji Bank

Location of Overseas Offices

24(Fuji) and The Industrial Bank of Japan (IBJ).

Investor Information

27

Disclosure Policy

29

Mizuho Bank, Mizuho Securities and Mizuho

Privacy Policy Regarding
Customer Information

30

Trust & Banking.

Contact Information

31

largest financial institutions in the world,
offering a broad range of financial services
including banking, securities, trust and asset
management, credit card, private banking
services, venture capital through its groupcompanies. The group has approximately
50,000 staff working in approximately 8002007). The group was created in September
2000 through the establishment of a holding
company of our three predecessor banks, The

Under the umbrella of the holding company
Mizuho Financial Group, our principal groupcompanies include Mizuho Corporate Bank,All figures contained in this report are calculated using accounting principles generally accepted in Japan (“Japanese GAAP”).

Forward-Looking Statements
This immediate release 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 bymanagement 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, including as a result of
the impact of the dislocation in the global financial markets stemming from U.S. subprime mortgage loan issues; 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;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 andExchange Commission (“SEC”). In addition, information regarding market developments after September 30, 2007 and their effects on our financial
condition and results of operations is included in the report on Form 6-K furnished to the SEC on January 31, 2008 containing financial information for
the third quarter of this fiscal year under accounting principles generally accepted in Japan. These reports are available in the Financial Information sectionof our web page at www.mizuho-fg.co.jp/english/ and also at the SEC's web site at www.sec.gov.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forwardlooking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock
Exchange.

1

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

Management Structure of Mizuho

Mizuho Financial Group, Inc. (MHFG)

Mizuho Information & Research Institute, Inc. (MHIR)

our business strategy, the “Channel to Discovery” Plan,

Mizuho Research Institute Ltd. (MHRI)

Mizuho Bank, Ltd. (MHBK)This fiscal year, we will conclude the implementation ofGroup
Strategy
Affiliates

Mizuho Financial Strategy Co., Ltd. (MHFS)

Mizuho Corporate Bank, Ltd. (MHCB)

GlobalAsset & WealthManagement
Group

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

GlobalRetailGroup

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

GlobalCorporateGroup

which was launched in fiscal 2005 and aims to makethe group “a financial partner that helps customers

nal control systems, promoting corporate social responsibility (CSR) activities, and strengthening our brandstrategy through the implementation of our Corporate
Management Strategy.

DIAM Co., Ltd. (DIAM)

our Business Portfolio Strategy and improving our inter-

Mizuho Asset Management Co., Ltd. (MHAM)

value by enhancing profitability through carrying out

Trust & Custody Services Bank, Ltd. (TCSB)

currently working to increase the group's corporate

Mizuho Investors Securities Co., Ltd. (MHIS)

Mizuho Securities Co., Ltd. (MHSC)*

shape their future and achieve their dreams.” We areFirst, under our Business Portfolio Strategy, we reorganized our businesses into three global groups to
ShinkoSecurities
Co., Ltd.*

meet the needs of our customers. These three groups
have leveraged their respective strengths and capabilities to offer optimal products, services, and solutions to*Subject to the approval of the relevant authorities, etc., Mizuho Securities
and Shinko Securities are scheduled to merge in May 2008.

our customers.
Our Global Corporate Group has taken major steps
toward globalization, including the establishment ofbanking subsidiary Mizuho Corporate Bank (China) in
June 2007, the further expansion of our overseas
network, and the conclusion of strategic alliances withleading overseas financial institutions. In the syndicated loan business, Mizuho Corporate Bank has focused2

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

on promoting the healthy development of the syndica-Mizuho Bank are the agents of Mizuho Trust &tion market and expanding the loan trading market

Banking. Mizuho Private Wealth Management, anotherwhile taking measures to strengthen its global loan

member of this group, offers comprehensive and full-syndication structure and capabilities. In securities-

fledged wealth management services. In addition, in

related businesses, bond, equity, as well as investment

the asset management business, Mizuho Assetbanking businesses have further been sophisticated,

Management was created as a result of the merger

and Mizuho Securities and Shinko Securities are sched-between Dai-Ichi Kangyo Asset Management and Fuji

uled to merge in May 2008, subject to the approval of

Investment Management in July 2007.
Turning next to our Corporate Management

the relevant authorities, etc.
In our Global Retail Group, Mizuho Bank has further

Strategy, as our CSR activities, we have continued toenhanced the convenience of services, through suchtake active initiatives to provide “support for financial

initiatives as the improvement of the services of theeducation,” which is aimed at nurturing the next gen-Mizuho Mileage Club by introducing a joint card pro-erations on whom society's future depends. We havegram with All Nippon Airways and the development ofalso adopted measures to implement “environmental“Mizuho Personal Squares,” which are branches with ainitiatives,” with the objective of creating a sustainable

stronger focus on individual customers. As ofsociety and to create barrier-free environments in our

November 30, 2007, Mizuho Bank opened 115 of thesebranches. Regarding our brand strategy, we havesquares. Mizuho Bank has also further strengthened its

actively communicated our brand slogan “Channel toconsulting capabilities regarding asset management to

Discovery” both inside and outside the group to makerespond to a diverse range of customer needs. Mizuho

it more widely known among the general public.

Bank also increased the number of financial consul-

Also, as a company listing its American Depositarytants for retail customers to about 2,500 as ofReceipts (ADRs) on the New York Stock Exchange, we

September 30, 2007, and installed 291 “Premium

established a framework for disclosure in accordance

Salons,” exclusive space for consultation, as ofwith U.S. generally accepted accounting principles

November 30, 2007. In the personal loan business,(GAAP), which is deemed to be one of the global stan-Mizuho Bank has expanded its channels for loans todards. In addition, we have further strengthened inter-

individuals and introduced new loan products. For

nal controls and enhanced the transparency of corpo-

small and medium-sized enterprises (SMEs) and middle-

rate disclosure in line with the compliance require-market corporations, Mizuho Bank has taken initia-

ments of the U.S. Sarbanes-Oxley Act, which sets one

tives to increase lending through its activities to pro-of the strictest standards in the world today. Moreover,mote financial solutions services related to their busi-

we have further promoted and ensured customer pro-ness strategies. The solutions team of the Mizuho

tection and strengthened our compliance structure.

Bank, which promotes and provides these services,
had approximately 350 professionals as of September
30, 2007.
In the Global Asset & Wealth Management Group,
Mizuho Trust & Banking has worked to substantiallystrengthen our asset management functions for its
customers while working to improve ties of cooperation with other group companies. As a reflection ofthis, all branches of Mizuho Corporate Bank and3

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

Outline of Performance for the Interim
Periodoffset a decline in net dividend and interest income

Under the “Channel to Discovery” Plan, we haveincrease in consolidated net interest income by ¥2.7

implemented a range of measures to substantiallybillion year on year, to ¥537.9 billion.

related to equity and other investments, resulting in anstrengthen our comprehensive profitability, especially
Loan Balancefrom our Customer Groups.

(Loan balance:trillions of yen)
(Loan-and-deposit rate margin:%)
75.0
1.50
Loan balance (*3)
Loan-and-deposit rate margin (*4)

During the first half of fiscal 2007, ended September
30, 2007, consolidated net business profits(*1)
decreased by ¥33.6 billion on a year-on-year basis, to

70.0

1.40

65.0

1.30

60.0

1.20

¥414.0 billion. However, net business profits of theThree Banks (*2) increased by ¥21.0 billion on a yearon-year basis, to ¥414.2 billion, because of an increase
in income from Customer Groups, particularly that in
net interest income from deposit and loan business,0and strong market-related income.
Loan balance*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.

Loan-and-deposit
rate margin

Fiscal 2006
(first half)

Fiscal 2006(second half)

Fiscal 2007
(first half)¥ 63.5 tn.

¥ 65.0 tn.

¥ 65.1 tn.

1.31%

1.37%

1.44%

0

*3. Aggregate average balance of the Three Banks for the period,
excluding trust account and loans to MHFG

*2. The Three Banks: Aggregate figures for MHCB, MHBK, and MHTB
on a non-consolidated basis*4. Aggregate figures of domestic operations of MHCB and MHBK,
excluding loans to MHFG, Deposit Insurance Corporation of Japan,
and the Japanese government

Meanwhile, Mizuho Securities recorded a significant
decline in its profitability (a decrease of ¥53.0 billion in

Net fee and commission income of the Three Banksconsolidated ordinary profits on a year-on-year basis)

amounted to ¥179.2 billion and was approximately the

suffering from the dislocation in global financial mar-same compared with the same period of the previous

kets stemming from the U.S. subprime loan issues.

fiscal year. As for our business with individual cus-

Consolidated net income for the first half of fiscal

tomers, fee income related to investment trusts and2007 decreased by ¥65.2 billion, to ¥327.0 billion. This

individual annuities continued to increase. On the otherwas mainly because, together with the aforementioned

hand, as for our business with corporate customers,

factors, credit-related costs in this period reverted to a

fee and commission income from solutions-related

net provision from a net reversal. Credit-related costs
increased on a year-on-year basis as we revised obligor

Net Fee and Commission Income (The Three Banks)

ratings, especially for SMEs and other obligors with(billions of yen)200

The second quarterthe relatively lower ratings, in light of uncertainty over

The first quarterthe economy.

+7.7

0.1

+12.6

3.1

150

100

The factors accounting for the increase in net interest income included an increase in the average loan

50

balance of the Three Banks mainly driven by the expan0

sion of overseas lending and an improvement in thedomestic loan-and-deposit rate margin of 0.13 per-Fiscal 2005
(first half)

Fiscal 2006
(first half)

Fiscal 2007
(first half)

Net fee and commission income ¥ 171.6 bn.

¥ 179.4 bn.

¥ 179.2 bn.

¥ 79.3 bn.
¥ 100.1 bn.

¥ 76.1 bn.
¥ 103.0 bn.

The first quarter
The second quarter

centage point on a year-on-year basis. This increase4¥ 66.7 bn.
¥ 104.9 bn.

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

business and foreign exchange business decreased,

into consideration, we are planning to increase cash div-

despite an increase in that from overseas business.

idends per share of common stock to ¥10,000 (aFrom a balance sheet perspective, we maintained¥3,000 increase from those for the previous fiscal year).

financial soundness at a high level. The consolidated

Dividends on preferred stock will be paid as prescribed.

capital adequacy ratio (Basel II BIS standard) at the end

Going forward, we will continue to steadily accumulate net income, and utilize our capital effectively,of the interim period remained at 11.80%.

while maintaining and strengthening the capital base

From this interim period, in response to changes into support future growth.

the market conditions, we expanded the scope for fairvalue measurement for other securities and recorded a

We will work to increase our corporate value by

reserve for possible losses on sales of loans.

continuing to steadily implement the “Channel to

Maintaining and Expanding the CapitalBase to Support Future Growth

Discovery” Plan as well as strengthen our competitive-

In May 2007, we repurchased and cancelled all the trea-

responsibilities and our mission to serve the public

sury stock (261,040.83 shares of common stock,interest. Accordingly, we look forward to receiving¥221.1 billion in value) held by our subsidiary, Mizuho

your continuing support.

ness and profitability, while also fulfilling our social

Financial Strategy. In addition, in June 2007, weJanuary 2008

redeemed all of the ¥185.5 billion of non-dilutive preferred debt securities, which were issued in February
2002 and became redeemable at the issuer's option inJune 2007.
In September 2007, we repurchased and cancelled

Terunobu Maeda¥149.9 billion (214,900 shares) of our own shares

President & CEO(common shares). The repurchase and cancellation

Mizuho Financial Group, Inc.

were conducted for the purpose of, among otherthings, offsetting the potential dilutive effect of theNote: The above message, which was prepared prior to our announcement of our financial results for the third quarter of fiscal 2007,
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.

conversion of the Eleventh Series Class XI Preferred
Stock (¥943.7 billion in issued value) in considerationof the possibility that the number of shares of our common stock will increase after the commencement of
the conversion period from July 1, 2008. We continue
to consider setting up additional repurchase limits andconducting share repurchases, based on market conditions, our earning trends, and other factors.
Moreover, in January 2008, to increase the group's
Tier 1 capital to secure the agility and to improve theflexibility of our future capital strategy, we issued¥274.5 billion in non-dilutive preferred debt securities.
Regarding dividends for fiscal 2007, taking the earnings estimates and the condition of retained earnings
5

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

Building a Presence as a Global Investment Bank

banking activities by working together with Mizuho
Securities to combine our banking and securities capabilities. We are pleased to report that we have made astrong start in these activities.
Along with these initiatives, we are making reforms
in personnel management to facilitate the implementation of our business model. To train and recruit
diverse human resources in Japan and overseas, weare focusing sharply on promoting the activities andcontributions of national staff members and women,in particular. Also, in the field of compliance, we aremarkedly strengthening our activities to create effective compliance management frameworks appropriate
As the bank at the core of Mizuho's Global Corporate

for the development of our business activities on aGroup, we have issued an “Investment Banking

global scale.

Declaration” and a “Global Declaration.” Based on
business model that promotes and combines our com-

Achieving “Real Globalization” amid
Intensifying Competition

mercial banking and investment banking capabilities.

Competition among the world's financial institutions isthese strategic declarations, we are globally deploying a

growing more intense, and, coping effectively with the

Accelerating Implementation of Our“Global Strategy”

dislocation in the global financial markets stemming

As our “Global Declaration” states, we are significantly

for financial institutions. To establish our presence as aaccelerating the implementation of our global strategy.

global investment bank, we must structure a businessIn essence, this means we are mobilizing our financial

model of our own founded on strong risk management

capabilities and resources, including those of the secu-

capabilities and a strict compliance framework. The

rities and trust businesses, to offer global, cutting-edge

senior executive officers and staff members of Mizuho

financial solutions that meet the increasingly diverse

Corporate Bank share a common awareness and are

and sophisticated needs of our clients.

addressing the challenge of attaining our lofty goal of

from the U.S. subprime loan issue is an urgent matterIn our overseas network, Mizuho Corporate Bank

“real globalization.” We look forward to your continu-(China) began operations in June 2007, and weing support.

became the first Japanese bank to offer services
through a banking subsidiary in China. Following theJanuary 2008

establishment of this subsidiary, we are able to offer
quicker services in yuan and expand our network more
responsively. Going forward, we are looking to further
development of our business activities in China.

Hiroshi Saito

Moreover, since we acquired financial holding company

President & CEO(FHC) status in the United States, which has the world's

Mizuho Corporate Bank, Ltd.

largest financial market, in December 2006, we are
now positioned to develop a wide range of investment
6

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

Earning the Unshakeable Trust of Our Customers

with customers than at any time in the past, we haveeffected a major shift of personnel from the headquarters to our branches and are substantially improving
our training programs. At the same time, we are taking
steady steps to ensure compliance and customer protection in all our business activities, because these are
crucial preconditions for earning the unshakeable trustof our customers.
To create a rock-solid growth trend, we are making
investments and allocating expenditures strategicallyand selectively to strengthen earnings power in ourcore businesses.
To build the optimal business infrastructure, based
About 25 million individual customers have accounts

on the understanding that providing thoroughly pro-with Mizuho Bank, and we have loans outstanding tofessional services in a reliable and speedy manner isabout 100,000 SMEs and middle-market corporations.

one of the best kinds of services we can offer to cus-

The trend common to both the individual and the cor-

tomers, we will continue striving to attain even greater

porate banking markets is the increasing diversity andsophistication and efficiency in our internal processing

sophistication of customer needs. As in previous years,

and other operations. In addition, we will continue

during fiscal 2007, we are working to respond to theseproactive initiatives in our CSR activities, as represented

needs through cooperation among the group compa-

by our barrier-free program “Heartful Project.”nies, offering speedy services tailored to meet the

The senior executive officers and staff members ofrequirements of our customers. Also, while working toMizuho Bank are committed to working together andsubstantially improve our services, we are endeavoring

devoting their fullest energies to enable the Bank toto increase the awareness of compliance issues amongoffer convenient services for its customers, provide

all management and staff and are implementing athem with greater security, and inspire them to thinkproactive program of CSR activities.

“Mizuho is the bank I want to deal with.” As we moveahead with these activities, we look forward to your

Basic Policy in Fiscal 2007

continuing support.

Fiscal 2007 is the concluding year of the group's busiJanuary 2008

ness stratefgy “Channel to Discovery Plan.” As the corebank of Mizuho's Global Retail Group, we are managing our activities to achieve maximum results in implementing our business strategy and to attain solid andstable growth. Our basic policies are: (1) To earn the

Seiji Sugiyama

unshakeable trust of our customers, (2) create a rock-President & CEO

solid growth trend, and (3) work to build the optimal

Mizuho Bank, Ltd.

business infrastructure.
To earn the unshakeable trust of our customers, weare expanding and improving our lineup of products
and services. However, to build stronger relationships
7

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)*1

MizuhoInvestors
Securities(MHIS)

A wholesale securities
company whose clientsare institutional investors, corporations, financial institutions andpublic corporations.

A securities company
that focuses on serving
the group's customers.

MizuhoTrust & Banking(MHTB)

Trust & Custody
Services Bank(TCSB)

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

A highly specialized
trust bank focusing on
the custody business.

ShinkoSecurities*1
A comprehensive securities company that
focuses on the middle
and retail markets.

DefinedContribution
Plan Services(DCPS)

Mizuho AssetManagement(MHAM)*2

DIAM*3

An entity that specializes in managing defined contribution pension plans.

An assetmanagement company.

An assetmanagement company.

UC CardMizuhoPrivate WealthManagement(MHPW)

MizuhoTrust Realty
Company

MizuhoCreditGuarantee

MizuhoCapitalMizuhoFactors

A leader among
credit cardcompanies in Japan.

A private banking
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.

An IT-relatedcompany.

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.

*1. Subject to the approval of the relevant authorities etc., MHSC and Shinko Securities will merge as of a target date of
May 7, 2008.
*2. Dai-Ichi Kangyo Asset Management and Fuji Investment Management merged as of July 1, 2007 and became Mizuho
Asset Management (MHAM).
*3. DLIBJ Asset Management changed the company name to DIAM as of January 1, 2008.

8

Office Network

MHCB's Newly Established Offices (April to December 2007)

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, 2007)
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

Beijing

LondonAmsterdam

April
May
June

Milan Branch opened
Mexico Representative Office commenced business promotion activities
Mizuho Corporate Bank (China) established.
Mizuho Corporate Bank (USA) established four representative offices in
the U.S. (Atlanta, Chicago, Houston, Los Angeles)
Dubai Branch opened
July
Mizuho Corporate Bank (China)
Tianjin Branch opened
OctoberMizuho Corporate Bank (China)
Dalian Economic & Technological Development Area Sub-Branch opened
November Canada Branch and Vancouver Office opened.

TianjinDüsseldorf
Frankfurt
Nanjing

Luxembourg

Wuxi

Moscow

Brussels

DalianSeoul

ViennaParis

Vancouver

Wuhan

Toronto

ChicagoZurichTehran
Milan

XiamenSan Jose

Shenzhen

Los Angeles

New Delhi
Bahrain
Dubai

Shanghai

Guangzhou
Hong Kong
MumbaiHanoi

New York

Taipei
HoustonKaohsiung

CaymanMexico City

Atlanta

ManilaBangkok

Network in Japan (As of December 31, 2007)

Ho Chi Minh City

MHCB
Head Office and Branches: 18

MHBK
Kuala Lumpur

Head Office and Branches: 397
Sub-branches: 43
Agencies: 48

Singapore

MHSC

SydneyHead Office and Department: 2

MHTB
Head Office and Branches: 35
Sub-branches: 2

LabuanJakarta9São PauloBusiness Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —The Global Corporate Group provides highly-specialized, cutting-edge products and services to satisfy
the needs of large corporations, multinationals and other entities, leveraging Mizuho's comprehensive
financial capabilities through close cooperation between the global corporate banking sector and thewholesale securities sector.

Accelerated Global Strategy
New Global Expansion
As a leading financial institution in Japan, Mizuho offers domestic and foreign clients engaged in global business activities thebest available solutions by dynamically combining its rich experience in overseas markets with its powerful overseas network
and its cutting-edge financial products.

Strategic Reinforcement of Office Network
In light of the increasing global expansion of its clients' business, MHCB continues to reinforce its network of branches andsubsidiaries with a view to realizing more timely responses to clients' local needs overseas.
As part of its activities during fiscal 2007, it opened new branches in Milan in April and Dubai in June, and commenced
business promotion activities at its Mexico Representative Office in May. In June, MHCB established Mizuho Corporate Bank
(China) and placed its five existing China branches under the new subsidiary. Mizuho Corporate Bank (China) then opened its
Tianjin Branch in July and its seventh office, the Dalian Economic & Technological Development Area Sub-Branch, in October.
In Canada, MHCB completed the transfer of business operations from its wholly-owned subsidiary, Mizuho Corporate Bank
(Canada), in November, and commenced operations at the newly established Canada Branch and Vancouver Office. Looking
ahead, MHCB plans to open an office in Qingdao, China, and a branch in Taichung, Taiwan.
MHCB will continue to carefully analyze medium- to long-term economic conditions and client trends in these regions witha view to maintaining its flexible, proactive branch network development strategy.

Strengthening Alliances
The group complements those regions and products that its network cannot cover by strengthening relationships with leading
local financial institutions through tie-ups and equity investments.
In October 2007, it concluded a memorandum concerning a business alliance with China CITIC Bank Corporation as part ofits commitment to building cooperative relationships aimed at improving its responses to clients' needs.

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' enterprise value from a medium- to long-term perspective.
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.

10

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —The environment facing clients is changing rapidly as a result of growing activity in the area of strategic cross-bordercorporate alliances and increasingly fierce competition for market share in emerging markets overseas. MHCB's Industry
Research Division has led the field of domestic industrial research for many years, and has now established its offices in New
York and London to strengthen its industrial research capabilities on a global basis, allowing it to strengthen its functions as a
global partner for its clients.
Combining CB (Commercial Banking) and IB (Investment Banking) Functions
Strategic advisory functions from the perspective of enhancing clients' corporate value

Build long-term relationships
through the CB business
Lending, settlement (domestic/foreignexchange, deposits), corporate retail,trusts, etc.

Use synergy to
expand scopeof business

Enhance clients' corporate value
through the IB business
M&A, financial solutions, etc.

Create and supplement the CB business using the IB business

Promoting Investment Bank-Type Finance
Project Finance
Project finance requires sophisticated skills and a rich store ofknowledge. MHCB is a global leader in the area of project finance,
ranking second in the world on an arrangement value basis in

Project Finance Global Mandated Lead Arranger
Table(January to September 2007)
Amount (millions
No. ofof U.S. dollars) transactions
Royal Bank of Scotland Group
11,711.055Mizuho Financial Group7,800.5
46
BNP Paribas
7,476.6
53
Calyon6,817.4
42
Societe Generale
5,757.532
State Bank of India
5,173.8
14
Dexia
5,134.036Bank of China
4,716.7
4
Sumitomo Mitsui Financial Group
4,593.0
39
Citi
4,561.1
21

Rank Company name

January-September 2007. This kind of performance has greatly
enhanced its reputation, to the extent that it was selected to act as
the financial advisor for the Panama Canal expansion project.
It also uses project finance as part of its deep involvement indeveloping new forms of finance tailored to specific projects, fromnew businesses and business reorganization to PFI/PPP and

1
2
3
4
5
6
7
8
9
10

Source: Thomson Financial

privatization.

Leveraged Finance
MHCB has promoted the leveraged finance business in order to help clients raise their enterprise value through businessrestructuring using MBOs, LBOs and similar approaches. It has also adopted a proactive approach to cross-border deals, andhas compiled an excellent track record in the sector for leveraged finance transactions at the global level.
Group companies, Mizuho Corporate Advisory and Mizuho Capital Partners, provide advisory services in connection with
MBOs and financial strategies, as well as responding to clients' increasing sophisticated financial needs through its MBO funds
and mezzanine funds investment.

11

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Global Syndication Business
MHCB has been engaged in the syndication business since its

Trends in Japan's Syndicated Loan Market andMizuho's Share

inception, and has played a major part in the development of(Trillions of yen)a sound market. It has contributed a great deal to market
growth by originating a large number of deals, including cross-30

Arrangement ofSyndicated Loans in Japan(first half of fiscal 2007)

border syndicated loans (“Ninja Loans”) for foreign companies

25

Mizuho'sshare:
37.4%

and sovereign entities raising funds in the Japanese market,
20

and financial solutions for total debt restructuring aimed atincreasing clients' enterprise value.

15

Having deployed expert staff at its offices in New York,

10

London and Asia, it will continue to provide appropriate
solutions for clients expanding their global businesses in a

5wide range of areas.

0

Banks today must be able to use syndication functions as ameans of responding to clients' total financial needs. Based on
its “Investment Bank Declaration” and its “Global

Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
1999 2000 2001 2002 2003 2004 2005 2006 2007
(first half)

Sources: Fiscal 1999 to fiscal 2002: Thomson Financial
From fiscal 2003 onward: Bank of Japan statistics(Market share calculated by MHCB)

Declaration,” MHCB's proactive involvement in the syndication
business goes beyond traditional methodologies.

Approaches to the Global Alternative Investment Business
Aimed at professional investors such as institutions and pension funds, the “alternative” asset management business is an areaof the global wholesale market that is growing as the investment needs of institutional investors diversify. MHCB is the firstJapanese bank to engage proactively in the global alternative investment business.
Centered on Mizuho Alternative Investments in the Americas and Mizuho Investment Management UK in Europe, thegroup is reinforcing its network across the Americas, Europe and Asia, including the planned establishment of an investmentcompany in Tokyo, while responding to recent changes in the market environment. In this way, it is strengthening its access to
global money, and creating superior investment opportunities.
It is also offering services that draw on the all-round strengths of group companies through appropriate cooperations with
their various functions as represented by MHSC, which is strengthening its global network, MHTB, which has beencommissioned to handle pension fund management, and Mizuho's asset management companies.

Credit Portfolio Management
MHCB has been proactively engaged in credit portfolio management (CPM) 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 credit portfolio bystrategically rebalancing its assets and controlling credit risk by utilizing the credit market to respond to changes in the statusof the bank's entire credit portfolio and the macro economic situation.
In order to respond more flexibly and timely to its clients' increasingly global and diversified finance needs, it intends tostrengthen its efforts in the area of CPM by expanding its efforts in loan sales and hedging through CDS and securitization
targeting domestic and foreign companies.

12

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Boosting Sales and Trading Capabilities
MHCB is making determined efforts to strengthen its product development capabilities in the sales and trading sector. As it
works to secure a position as a top global player, it has expanded its product lineup to include credit and commodities as wellas conventional items like interest rates and foreign exchange in order to provide clients with the optimal financial solutions
for controlling financial and business risk. It also offers asset management products to its institutional investor and fund clients.

Promoting the Transaction Business at the Global Level
MHCB offers solutions at the global level through cooperation between its specialist divisions, and its domestic and overseas
offices. In addition to various forms of foreign exchange risk hedges, MHCB offers new forms of trade finance including tradereceivable finance and commodity finance. For clients with overseas offices, it also provides sophisticated asset management
services on a global basis through Mizuho Global CMS and the cross-border pooling service.

Global Investment BankMHSC offers high-quality, specialized solutions in response to the wide-ranging needs of clients such as domestic andinternational institutional investors, corporations, financial institutions, businesses and public sector entities. As an investmentbank operating in the global arena, it aims to contribute to the realization of a better society that will continue to develop on
an ongoing basis by ensuring thoroughgoing compliance while helping to nurture and develop the capital market throughcorporate activities.

Global Investment Banking Groups
In the area of bond underwriting operations, one of its long-standing
strengths, MHSC has sustained its sector-leading performance. It isalso building long-term relationships of trust with its clients as aresult of its powerful bond selling capabilities, its ability to set prices
to reflect clients' demand with precision, and respond rapidly tochanges in the market. MHSC is strengthening its initiatives in theequities underwriting business, which it sees as a strategic sector,
and has grown to occupy a place as a major player by winning

Total SB League Table(including samurai bonds and municipal bonds, and excluding
subsidiary debt issue, self-led issue, and retail-targeted)*Lead managing amount basis. Total amount of issues: ¥6,034.1 billion.
(April to September 2007)
Rank Company name
1
2
3
4
5

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

Amount(billions of yen)
1,189.1
1,143.7
1,005.6
907.7
637.6

Share
(%)
19.7
19.0
16.7
15.0
10.6

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

mandates as the lead manager in some major finance deals.
M&A Advisory Ranking

MHSC puts it among the market leaders in Japan in the
structured finance sector, notably in securitizing real estate andmonetary claims by using its personnel resources and know-how.
In the area of M&A advisory services, it draws on its advanced
sectoral knowledge and know-how to provide advice that suitsclients' management strategies, winning a top-class reputation for
its capabilities that consistently places it on the top rungs of theadvisory rankings.
It will reinforce its ability to put forward and execute proposals inline with clients' business strategy needs and create new business
opportunities, while striving to further expand its M&A business.

13(Japanese target, any acquirer nation, deals announced)(January to September 2007)
Amount (millions
Rank Advisorof U.S. dollars)
1
Nomura26,9372
Citi
15,2803Mizuho Financial Group
15,0874GCA Co Ltd
15,042
5
Mitsubishi UFJ Financial Group
14,044

Share
(%)
30.7
17.4
17.2
17.1
16.0

Source: Thomson Financial

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Global Markets & Products Groups
Having carved for itself a position as a market leader in the bond business from the beginning, MHSC provides products thatsuit its clients' investment strategies, engaging proactively in market-making and offering high-quality information. It is alsochanneling its management resources into the equities business, rapidly enhancing its market presence and responding
appropriately to clients' increasingly sophisticated needs. It will further respond to its clients' needs and expand its market
presence at home and overseas by strengthening its ability such as selling to overseas investors, engaging in trading inoverseas stocks, and arranging and offering a variety of high value-added products.
It will also channel its management resources into the middle retail business to respond to the change in money flow as theshift away from savings and towards investments spreads to individuals as well as institutional investors and industrial
corporations, proactively engaging in the financial products sales (securities sales) agency business through regional financial
institutions.

Merger with Shinko Securities
Subject to the approval of the relevant authorities, etc., MHSC and Shinko Securities are due to merge in May 2008. As thegroup's core securities company, the newly-merged MHSC will aspire to become the top investment bank operating in the
global arena, fusing the global platform that MHSC built up through its original investment banking business with Shinko
Securities' nationwide client base and comprehensive securities network.

14

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —With the close cooperation of leading domestic and international companies, the Global Retail Group
provides top-level products and services on a global scale in response to the needs of individuals, SMEs
and middle-market companies.

Approaches to Individual Customers
Mizuho Personal Squares
MHBK is proactively deploying “Mizuho Personal Squares” with a view to providing more attractive branches that customers
can visit for consultations with greater ease. As of the end of November 2007, the aggregate total of such branches was 115.
As part of this program, it established the Ashiya Branch “Mizuho Personal Square Ashiya” in July 2007, and the Gakuenmae Branch “Mizuho Personal Square Gakuen-mae” in August. Both Ashiya in Hyogo Prefecture and Gakuen-mae in Nara
Prefecture are in residential areas of Kansai that are noted for their convenient transportation links and attractive
environments, and are expected to develop further in the future. MHBK plans to open further the Musashi-sakai Branch in theTokyo Metropolitan area, and the Senri Chuo Branch in Kansai.
The bank will gradually enhance its branch functions by establishing more “Premium Salons” within its “Mizuho Personal
Squares” to allow customers to consult its staff about asset management and housing loans in a relaxed and comfortable
atmosphere, and utilizing lobby space for dispensing financial information.

“Mizuho Mileage Club” Membership Services Enhanced
By November 2007, over 5 million people had signed up for MHBK's “Mizuho Mileage Club” membership service, a strategic
product for individual customers that allows members to accumulate points according to their usage of MHBK services.
In October 2007, MHBK started to offer the “Mizuho Mileage Club Card/ANA” in a tie-up with All Nippon Airways (ANA).
The new card embodies an IC ATM card with biometric identification and an IC credit card, together with its frequent flyers
program “ANA Mileage Club,” easy check-in service “Skip” and Electronic Money “Edy” functions in a single card, and incurs
no annual fees. To coincide with its current “Happy Bank Day to You” campaign, MHBK is planning to hold a “Mizuho Happy
Travel Photo Contest” from January to March 2008, inviting participants to submit photos on the theme “Happy Moments of
My Travels.”

Responses to Customers' Consulting Needs
Strengthening Consulting Services
MHBK is putting a great deal of effort into strengthening consulting services, designed to build long-term relationships withcustomers based on trust by responding more precisely to their diverse consulting needs mainly on asset management. It has
trained personnel specializing as financial consultants and can provide optimal specialist consultations. It increased the numberof financial consultants to 2,500 as of the end of September 2007. As of the end of November 2007, it had established“Premium Salons” to provide customers with exclusive space for consultations at 291 branches throughout the country as partof its efforts to create an atmosphere where customers can consult its staff in a relaxed and comfortable manner.
To make it easier for customers to attend, it also holds seminars and consultations on asset management at irregularintervals on weekends and holidays.

15

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —“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 start in life following
retirement.
It responds to customers' needs for consultations in connection with post-retirement lifestyle planning or managing theirretirement 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.”
In addition to MHBK, MHTB and MHIS also offer the “Special Consulting Program for Retirees” as a comprehensive
response to customers' various needs in the areas of banking, trusts and securities.

Expanding Asset Management Products
To support customers' asset management needs, MHBK is endeavoring to expand its product lineup in such areas asinvestment trusts, insurance and foreign currency deposits.
It has started handling four products in the area of investment trusts—the “HSBC China Equity Fund Quarterly Type,” the“Shinko Pure India Equity Fund,” the “Asia 3 Asset Balanced Fund,” the ”Fidelity 3 Basic Fund.” In the area of insurance, it
started handling the “Nenkindayori” pension resource guaranteed type variable personal pension insurance. It also handles
special interest rate plans for foreign currency time deposits.

Enhancing Comprehensive Financial Services through Cooperation with Group Companies
MHBK is working to enhance its comprehensive financial services by strengthening its ties with group companies.
MHIS has been setting up “Planet Booths” in the lobbies of MHBK branches, bringing the nationwide total as of the end of
November 2007 to 115. MHBK continues to roll out its one-stop service program with a view to eventually ensuring access to
MHIS at every branch.
MHBK also handles a variety of 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, which provide help in preparing, keeping and executing wills, and estate distribution services, which handle
tangled inheritance procedures on behalf of customers.

Personal Loans
Housing Loans
To satisfy customers' diversified needs in respect of housing loans more flexibly, MHBK offers various products that take into
consideration factors like life stage variations and changes in the interest rate environment.
To enable customers who are busy during the daytime to consult banks about loans in a more relaxed atmosphere, it
proactively increased the number of housing loan consultations held on weekday evenings, holidays and weekends during thefirst half of fiscal 2007. It also increased the number of “My Home Plazas,” which offer extended office hours and specialize incompleting contract procedures in order to better accommodate customers' schedules when they need to visit a branch to sign
contracts. Likewise, it has expanded its “Housing Loan Business Promotion Centers,” which serve as specialist channels where
customers consult or apply for housing loans through housing sales companies.
16

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —Unsecured LoansMHBK is working proactively to expand the number of customers using unsecured “Mizuho Orico Card Loans,” launching a“Summer Cash Back Campaign” in August and September 2007.
In July 2007, it also launched the “Mizuho Multipurpose Loans (Housing Loan Users Special Account),” an unsecured loan
product for which customers who have been using MHBK housing loans for a certain length of time may apply.

17

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —Targeting SMEs and Middle-Market Corporations
Strengthening Proposal Capabilities and Customer Contact Points
MHBK has established a solutions business promotion framework to enable it to respond to the varied and sophisticated needsof SMEs and middle-market corporations, and offer highly specialized services. By reviewing its existing branch network andredeploying its RMs (relationship managers), it will build up a framework that will allow it to offer even more expert services.
At the same time, it will further strengthen its points of contact with customers by strategically redeploying headquarters
personnel to branches. It believes that this kind of framework will enable it to make the most of its strengths in a wide rangeof areas, from consulting on asset management to improving the efficiency of settlement operations and making proposals on
management issues, as well as funding.

Approach to Funding Needs
In order to respond proactively to funding demand among SMEs and middle-market corporations, MHBK is working to expand
the ¥1 trillion “Super Wide” strategic loan fund and other unsecured loan products as a means of satisfying the varied needsof companies of all sizes. It is making every effort to develop products that respond precisely to customers' needs including“environmentally aware finance schemes“ that offer preferential interest rates to support environmentally conscious
customers. It is also developing and offering new loan products that do not rely excessively on real estate collateral or personal
guarantees, proposing loan asset securitization schemes from the perspective of balance sheet controls and making assetbased lendings that use accounts receivable or inventories and other operating revenue assets as collateral. Additionally, it isimproving its responses to new business funding needs by, for example, devising schemes to exploit intellectual property rights.

Alliance with Orient Corporation
Through an alliance with Orient Corporation, MHBK is making use of the credit enhancement capabilities offered by Orico andthe debt servicer know-how offered by Japan Collection Service, a member of the Orico group, to develop a number of
unsecured loan products for SME customers and respond promptly to their borrowing needs.

Approach to Small-Scale Corporate Customers
MHBK is proactively engaged in the lending business, and has concentrated its overall lending operations for small-scalecompanies in Mizuho Business Financial Center, a subsidiary specializing in lending. Mizuho Business Financial Center deploys
its staff of 600, most of them veterans who are well versed in the lending business, and works proactively to satisfy thefunding needs of small-scale customers through loans with guarantees from the Credit Guarantee Corporation and unsecured
loan products in cooperation with Orico.

Becoming the Top Bank in Providing Solutions for SMEs and Middle-Market Corporations
Further Promoting the Solutions BusinessA team of approximately 350 MHBK professionals specializing in corporate banking is working together with its branches toprovide optimal solutions that make the most of the bank's expertise as a specialist in transactions with SMEs and middlemarket corporations. The solutions offered are ranging from financing deals in areas like structured finance and syndicatedloans to solutions associated with business strategies such as business inheritance, M&As and business matching, and advisory
services on overseas business expansion.

18

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —Mobilizing Group Strengths
Business inheritance needs are an extremely important management issue for the owner-managers of SMEs and middlemarket corporations. To deal with customers' individual needs in such areas as the inheritance of management rights andbusiness restructuring, MHBK set up the Corporate Consulting Office to specialize in providing bold, high-quality proposals incooperation with MHTB and other group companies.
MHBK responds to the needs of customers planning IPOs through organized collaboration with other group companies:
Mizuho Capital serves as a venture capital investor and provides advice on going public; MHIS provides broadly based support
as a securities company; and MHTB provides advisory and stock transfer agency services.
With regard to the development of customers' overseas business, specialist staff in Japan and overseas who are well versedin overseas business use the group's most extensive Asian network of any Japanese bank to provide optimal information andservices accurately and quickly according to the needs and stage of development of the business in question, whether thismeans a local feasibility study, the establishment of a local subsidiary, or the start of operations. Specialist staff also offer
solutions pertaining to customers' wide-ranging overseas business needs, including the global CMS, operational support forimport and export transactions, and foreign exchange risk mitigation needs.
As part of its CSR (corporate social responsibility) activities, it supports environmentally-conscious management at SMEs andmiddle-market corporations. It is strengthening its environmental business matching initiatives for introducing customers ofMizuho who possess sophisticated technologies, know-how and equipment in various environmental areas to customers who
are tackling environmental issues proactively.

19

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Clients' Demands for Asset Management and Administration —The Global Asset & Wealth Management Group provides top-level products and services on a global
scale in response to the diversified and advanced clients' needs in the business areas of trust andcustody, and private banking.

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 throughits asset management business as a trust bank, it uses its trust functions to provide solutions to various issues ranging fromsupport for asset management and investment to methods for dealing with acquisitions or disposals of treasury stocks, which
require special care.

Testamentary Trusts
In contemporary Japan, the advent of an aging society with fallingbirthrates and heightened awareness of individual rights has

MHTB's Testamentary Trusts Entrusted(No. of deals)
13,000fueled an increase in the number of inheritance problems. Each
year, more and more clients are making use of the trust banks'

12,000testamentary trust business as a means of preventing such

11,000inheritance problems from arising.
MHTB's testamentary trust business covers three services:
consent to allow the bank to undertake the execution of wills so

0March 2006

March 2007

September 2007

that their provisions are fulfilled; will custody trust services; andentrustment by all heirs to allow the bank to act as their agent in
the inheritance and thus the distribution of the estate. As of theend of September 2007, over 12,300 wills had been entrusted to
MHTB, thereby placing the futures of their families in its hands
where asset inheritance is concerned.

Securitization of Monetary and Other Claims
MHTB makes full use of its trust functions in developing asset

MHTB's Securitized Monetary and Other Claims

financing schemes on an order-made basis, and proposing themto its clients. Utilizing the high-level structuring capabilities it has
built up on the basis of its strong track record, MHTB offers(Trillions of yen)8
7various solutions to corporate clients' needs for fund procurement,

6

cutbacks in assets and liabilities and better financial indices. As aresult, the balance of monetary claims and other claims in truststood approximately ¥7.0 trillion at the end of September 2007.

20

0March 2006

March 2007

September 2007

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Clients' Demands for Asset Management and Administration —Real Estate Securitization
In recent years, real estate securitization has come into
increasingly active use because of the need to overhaul strategies

MHTB's Securitized Assets (Real Estate) under
Administration as Trustee(Trillions of yen)6

relating to real estate holdings in response to changes in thebusiness environment. These include the growing need to make5

more efficient use of assets, the diversification of fund investment
and procurement needs, and changes in the accounting system.

4

Fully utilizing the know-how it has built up over many years,
MHTB is engaged in a wide range of securitization deals involving

0

office buildings and other commercial facilities. At the same time,

March 2006

March 2007

September 2007

it is proactively engaged in real estate development methods thatutilize securitization mechanisms. MHTB's capabilities andperformance in arranging real estate securitization deals haveearned high marks among Japanese and overseas rating agencies
and investors. As of the end of September 2007, it had a totalbalance of securitized assets under administration as a trustee inexcess of ¥5.0 trillion.

Pensions Business
Amidst the renewed attention being paid to corporate pensions,
MHTB proposes appropriate solutions to each client's

Retirement Benefit Funds under Administrationas Trustee

requirements by offering the services and product packages(Solely operated designated money trust + Pension trust +Pension specified money trust)needed for corporate pension schemes, which range from pension(Trillions of yen)
20

plan design and the management of pension policyholders and19

recipients, to asset investment and management.

18
17

0

March 2006

March 2007

September 2007

Full-Scale 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 andcontinued services similar to those available in the U.S. and Europe to the extent permitted under Japanese laws andregulations.
Based on the open-architecture concept of “providing clients with the best 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.

21

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 withsociety and ensure mutually sustainable development.
Mizuho sees CSR as an indispensable element for achieving coexistence and sustainable development together with society,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 andservices, but also to remain fully aware of our public mission as part of the economic and social infrastructure, facilitating theflow of money and contributing to the healthy and sustainable development of the economy and society in Japan 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.
To this end, we shall specify CSR priorities for the medium to long term, and take concrete steps for its implementation.
We publish CSR REPORT with a view to promoting broader stakeholder understanding of the group's CSR policy andactivities.
The report is available on MHFG's website.
http://www.mizuho-fg.co.jp/english/csr/report/index.html
Mizuho's CSR Initiatives
We shall be fully aware of our public role
as a financial institution.

We shall adequately fulfill our responsibilities
towards the society on which our activities are based.

Through the above, as a global financial group that is trusted by society,To ensure our own sustainable growth
as a corporation.

To contribute to the healthy development of society.

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 toHighly Responsive Communications

prevent global warming, etc. and reduce our own

 Realize responsive communications with stakeholders byfurther promoting information disclosure to ensure

consumption of resources.

greater transparency in corporate activities.
22

CSR 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 Hitotsubashi University, Waseda University, Keio University,
the University of Tokyo, Kyoto University and Tokyo Gakugei 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.

Involvement in Reducing the Environmental Burden
Mizuho's business activities impose a burden
on the environment through the use ofelectricity and other sources of energy, andresources such as paper. The group intends tomaintain its initiatives on reducing greenhouse

Mizuho's Targets for the Reduction of Environmental Loads
 Reduction of greenhouse gas emission (fiscal 2012)• 20% reduction of greenhouse gas emissions at ten key business sites
compared with fiscal 2002 levels
 Paper recycling ratio, green purchasing ratio (paper and stationery)(fiscal 2010)

gas emissions and conserving resources with a• Recycling ratio of at least 95% at 10 key business sites

view of contributing to the realization of a

• The group green purchasing ratio (paper and stationery) of at least 85%

low-carbon, recycling-based society.

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 420 manned branches as of September 30, 2007.)
Automatic entrance doors

364

Step-free design

419

339

395

Wider corridors

269

412

Guidance facilities for the visually impaired

263

413

150 155

Parking spaces for wheelchair users
Customer elevators*

187

133
101

Installation of wheelchair accessible elevators*

149
228

Customer toilets
136

Multifunction/wheelchair toilets

299

168
408

ATMs equipped for visually impaired users0

Number of branches with these facilities installed
Number of branches where installation of these facilities is being planned

100

200

300

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

23

400
500
(Number of Branches)Location of Overseas Offices(As of January 2, 2008)

Network of Mizuho Corporate Bank

Asia and Oceania(Country/Region)
China

Mizuho Corporate Bank (China), Ltd.
Head Office
25th Floor, HSBC Tower, 1000 Lujiazui Ring Road,
Pudong New Area, Shanghai
200120, The People's Republic of China
TEL 86-21-6841-0001

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.
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

Guangzhou Representative Office
12th Floor, Garden Tower, 368 Huanshi
Dong Lu, Guangzhou 510064,
The People's Republic of China
TEL 86-20-8385-8000

Hong Kong

ThailandHong Kong Branch

Bangkok Branch

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

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

Mizuho Capital Markets (HK) Limited

Mizuho Corporate Leasing (Thailand)Co., Ltd.

16th Floor, Two Pacific Place, 88 Queensway,
Hong Kong, S.A.R., The People's Republic of China
TEL 852-2537-3815

India

VietnamMumbai 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

Malaysia

18th Floor, Sun Wah Tower,
115 Nguyen Hue Boulevard, District 1,
Ho Chi Minh City, Socialist Republic of Vietnam
TEL 84-8-8278-260

Australia

Sydney Branch

Europe and the Middle East(Country/Region)

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

AustriaMizuho Corporate Bank-BA
Investment Consulting GmbH
Landhausgasse 4/7, 1010 Vienna, Austria
TEL 43-1-5355868

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

FrancePhilippines

Paris Branch

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

Singapore

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

Germany

Düsseldorf Branch

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

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

Ho Chi Minh City Branch

19th Floor, Seoul Finance Center, 84 Taepyung-ro
1-ka, Chung-ku, Seoul, Republic of Korea
TEL 822-3782-8500

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

Xiamen Representative Office

Suite 403~407, 63 LTT Building,
63 Ly Thai To Street, Hanoi,
Socialist Republic of Vietnam
TEL 84-4-9363-123

Seoul Branch

Singapore Branch

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

Hanoi Branch

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

Korea

Nanjing Representative OfficeWuhan Representative Office

19th Floor, TISCO Tower 48/44 North Sathorn Road,
Silom, Bangrak, Bangkok 10500, Thailand
TEL 66-2-638-0900

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

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

Italy

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

24

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

Location of Overseas Offices

The Netherlands

Mizuho Corporate Bank of California

CanadaMizuho Corporate Bank Nederland N.V.

Canada Branch

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

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

United Kingdom

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

Vancouver Office
Suite 305, South Tower, 5811 Cooney Road,
Richmond, BC, Canada, V6X 3M1
TEL 1-604-231-3725

Mizuho Corporate Bank (Canada)

River Plate House Representative
Office100 Yonge Street, Suite 1102, Toronto, Ontario,
Canada M5C 2W1
TEL 1-416-874-0222

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

Mizuho Corporate Bank (Canada)
Vancouver OfficeMizuho Capital Markets (UK) Limited

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

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

Mizuho Investment Management(UK) Ltd.
Bracken House, One Friday Street,
London, EC4M 9JA, UK
TEL 44-20-7012-4300

Bahrain

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

Iran

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

U.A.E

Cayman Islands

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

MexicoMexico Representative Office
Edificio Omega, Campos Eliseos No.345-11,
Col. Chapultepec Polanco, Deleg. MiguelHidalgo, 11560 Mexico, D.F., Mexico
TEL 52-55-5281-5037

U.S.A.

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

Mizuho Corporate Bank of California
Silicon Valley Branch
1731 Technology Drive, 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 Office3353 Peachtree Road NE, Atlanta Financial
Center, Suite 500, Atlanta, Georgia 30326 U.S.A.
TEL 1-404-364-1550

Mizuho Corporate Bank (USA)
Chicago Representative Office
311 South Wacker Drive, Suite 2020, Chicago,
IL 60606, U.S.A.
TEL 1-312-855-1111

Mizuho Corporate Bank (USA)
Houston Representative Office5051 Westheimer Road, Galleria Tower II ,Suite 710, Houston, Texas 77056, U.S.A.
TEL 1-713-499-4800

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

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

Mizuho Desk

New York Branch(Country/Region)

Dubai Branch

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

Room 45, 15th Floor, The Gate, Dubai, U.A.E
TEL 971-4-365-0150

Los Angeles Agency

Maybank

RussiaMoscow Representative Office
12 Trubnaya Street, Moscow 107045, RussianFederation
TEL 7-495-787-2771

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

Houston Representative Office

The Americas(Country/Region)
BrazilSão Paulo Representative Office
Avenida Paulista, 1274-11 andar, Bela Vista,São Paulo, SP, CEP. 01310-925, Brazil
TEL 55-11-3251-4199

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

Mizuho Alternative Investments, LLC
1251 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

25

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

Europe and the Middle East

Raiffeisen Zentralbank Osterreich AG
A-1030 Wein, Am Stadpark 9, Austria
TEL 43-1-71707-1375

Mashreqbank psc
P.O.Box 1250, Omar Bin Al Khatab Rd,
Next to Al Ghurair Centre, Deira, Dubai
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.)

Location of Overseas Offices

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, UK
TEL 44-20-7588-7400

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

24th Floor, HSBC TOWER, 1000 Lujiazui
Ring Road, Pudong New Area, Shanghai
200120, The People's Republic of China
TEL 86-21-6841-1000

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

Mizuho Investment Consulting(Shanghai) Co., Ltd.
Room 012, 28th Floor, HSBC Tower, 1000 Lujiazui
Ring Road, Pudong New Area, Shanghai 200120,
The People's Republic of China
TEL 86-21-6841-5558

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
Singapore 068808, Republic of Singapore
TEL 65-6221-3633

Mizuho Trust & Banking Co. (USA)666 Fifth Avenue, Suite 802,
New York, NY 10103, 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 U.S.A. Inc.
1133 Avenue of the Americas, 28th Floor,
New York, NY 10036, U.S.A.
TEL 1-212-350-7650

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

26

Investor Information

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

January 8, 2003

Paid-in Capital¥1,540,965 million

The Dai-ichi Mutual Life Insurance
Company

27,0002.75

Outstanding Shares

Meiji Yasuda Life Insurance Company

25,0002.54

12,376,684.66 shares
Common Stock: 11,396,254.66 shares
Preferred Stock:980,430 shares

UBS AG LONDON A/C IPB NON SEG
ACCOUNT (Standing proxy agent:
Citi Bank N.A.)

19,9202.03

Sompo Japan Insurance Inc.

19,000

1.93

Number of Shareholders

Nomura Securities Co., Ltd

17,4001.77

Common Stock:
Preferred Stock:

Deutsche Bank AG London 610 (Standing
proxy agent: Deutsche Securitied Inc.)

16,0101.63

326,127
3,022

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

Japan Trustee Services Bank, Ltd.
(Trustee account)

681,917.00

5.98

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

635,314.00

5.57

The Dai-ichi Mutual Life Insurance
Company

279,158.00

2.44

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

270,464.00

2.37

THE CHASE MANHATTAN BANK,
N. A. LONDON(Standing proxy agent:Mizuho Corporate Bank, Ltd.)

143,042.00

FUKOKU MUTUAL LIFE INSURANCECOMPANY

15,0001.52

Marubeni Corporation

14,5001.47

ITOCHU Corporation

10,0001.01

The Kansai Electric Power Company,
Incorporated

10,0001.01

Shiseido Company, Limited

10,0001.01

SHIMIZU CORPORATION

10,000

1.01

SEIKO EPSON CORPORATION

10,000

1.01

TAISEI CORPORATION

10,0001.01

Electric Power Development Co., Ltd.

10,000

1.01

The Tokyo Electric Power Company,
Incorporated

10,0001.01

NIPPON EXPRESS CO., LTD.

10,0001.01

1.25
Note: The numbers of Preferred Stock above are the total shares of the Eleventh
Series Class XI and Thirteenth Series Class XIII Preferred Stock.

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

1.20

Nippon Life Insurance Company

132,630.76

1.16

Trust & Custody Services Bank, Ltd.
(Trustee B account)

118,551.00

1.04

STATE STREET BANK AND TRUSTCOMPANY 505103(Standing proxy agent:Mizuho Corporate Bank, Ltd.)118,115.00

1.03

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

112,729.00

0.98(As of September 30, 2007)* An owner of record for American depositary shares.

27

Investor Information

Stock Listings(Common Stock)(ADR)

Tokyo Stock Exchange
Osaka Securities Exchange

New York Stock Exchange

ADR* Information
Accounting Auditors

Outline of Mizuho Financial Group's ADR

Ernst & Young ShinNihon
1. NYSE ticker symbol :2. CUSIP :3. Conversion ratio :4. Depositary bank :MFG
60687Y109
500 ADRs = 1 common share
The Bank of New York
101 Barclay Street
New York, NY 10286
Phone: 1-212-815-8161
U.S. Toll Free: 888-269-2377
http://www.adrbny. com/
5. Local custodian bank : Mizuho Corporate Bank, Ltd.

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

Fiscal Year
April 1 to March 31

Convocation of General Meetings of Shareholders
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.

* 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.

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

Dividends from Surplus Approved by Resolution of
Ordinary General Meeting of Shareholders
Dividends from the surplus approved by a resolution of an
ordinary general meeting of shareholders shall be distributed
to the shareholders or registered stock pledgees appearing
in writing or electronically in the register of shareholders asof the end of March 31 of each year or to the holders offractional share appearing in writing or electronically in theregister of fractional share as of the end of March 31 ofeach 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 or to the holders of fractional
share appearing in writing or electronically in the register offractional share as of the end of September 30 of each year.

28

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 questionable29

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
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.

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

Procedures to Request Disclosure

Purpose of Use

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

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.

Customer Request

Limitation on Providing Personal Information to a
Third Party

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.

30

IS97580 / ISO IEC27001

Contact Information

MHFG's “News Release E-mail Distribution
Service”

Mizuho Financial Group, Inc.
1-5-5, Otemachi,
Chiyoda-ku, Tokyo 100-0004,
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 Financial Group, Inc. is going to relocate its
office to 2-5-1, Marunouchi, Chiyoda-ku, Tokyo
100-0005 in August 2008. The phone number willremain unchanged.

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/

31

Interim Review (Financial Information)
For the Six Months ended September 30, 2007

<under Japanese GAAP>

Mizuho Financial Group, Inc.

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

Pages

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

4

II. FINANCIAL DATA

See above Notes

Pages

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

2. Assets and Liabilities

NON(B)

3. Income Analysis

CON

NON(B)

6

NON(B)

11

4. Breakdown of Income

CON

5. Interest Margins (Domestic Operations)

NON(B)

6. Use and Source of Funds

CON

7. Net Gains /Losses on Securities

NON(B)

8. Unrealized Gains /Losses on Securities

CON

9. Projected Redemption Amounts for Securities

NON(B)

10. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON(B)

11. Employee Retirement Benefits

NON(B)

12. Capital Adequacy Ratio (Basel Ⅱ)

CON

III. REVIEW OF CREDITS

5NON(B)

5

12
NON(B)

13
18

NON(B)

20
22
23

CON

24
26

See above Notes

Pages

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

NON(B)

28

2. Status of Reserves for Possible Losses on LoansCON

NON(B)

30

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

NON(B)

31

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

NON(B)

32

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

34

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

NON(B)

37

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

38(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry

NON(B)

40(2) Disclosed Claims under the FRL and Coverage Ratio by Industry

NON(B)

42(1) Balance of Housing and Consumer Loans

NON(B)

43(2) Loans to SMEs and Individual Customers

NON(B)

43(1) Balance of Loans to Restructuring Countries

NON(B)

44(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Region

NON(B)

44

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)

Ⅴ. SEGMENT INFORMATION BY GLOBAL GROUP
Segment Information by Global Group

Pages

45
47

See above Notes
CON

46

NON(B)Pages
NON(B)

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; and the effect of changes in general economic conditions in Japan.
Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information —Risk
Factors, ” and “ Item 5. Operating and Financial Review and Prospects ” in our most recent registration statement on Form 20-F filed with the U.S.
Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuho-fg.co.jp/english/
and also at the SEC’s web site at www.sec.gov.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forwardlooking statements, whether as a result of new information, future events or otherwise.

48

Mizuho Financial Group, Inc.

Ⅰ.CONSOLIDATED FINANCIAL STATEMENTS
１.CONSOLIDATED BALANCE SHEETAS OF SEPTEMBER 30, 2007
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 Debenture Charges
Deferred Tax Assets
Customers' Liabilities for Acceptances and Guarantees
Reserves for Possible Losses on Loans
Reserve for Possible Losses on Investments

Total Assets
Liabilities
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
Reserve under Special Law
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\

3,234,898
406,491
10,312,578
7,291,739
3,348,693
12,481,601
32,41036,153,905
66,056,468
766,307
6,117,328
792,866
253,3543
438,617
4,807,434(782,653)(142)
151,711,905
74,167,419
8,572,632
3,919,564
6,473,059
13,700,034
6,754,515
7,978,672
5,298,957
186,481
1,046,363
3,556,844
1,211,478
7,445,823
32,36836,154
5,779
23,46816,542
6,196
9,420
2,670
127,249
105,8034,807,434
145,484,934
1,540,965
411,093
1,490,943(2,426)3,440,575
1,180,567(91,961)
148,501(36,728)
1,200,379
1,586,015
6,226,971
151,711,905

Note : Amounts less than one million yen are rounded down.

1

Mizuho Financial Group, Inc.

２.CONSOLIDATED STATEMENT OF INCOME
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2007
Millions of yen\

Ordinary Income
Interest Income
Interest on Loans and Bills Discounted
Interest and Dividends on Securities
Fiduciary Income
Fee and Commission Income
Trading Income
Other Operating Income
Other Ordinary Income
Ordinary Expenses
Interest Expenses
Interest on Deposits
Interest on Debentures
Fee and Commission Expenses
Trading Expenses
Other Operating Expenses
General and Administrative Expenses
Other Ordinary Expenses
Ordinary Profits
Extraordinary Gains
Extraordinary Losses
Income before Income Taxes and Minority Interests
Income Taxes:
Current
Deferred
Minority Interests in Net Income
Net Income\

2,256,140

1,520,768
755,864
361,92133,115295,737
140,298
108,598
157,621
1,856,956
982,867
313,654
13,00857,057
18,26452,453559,564
186,749
399,184
28,656
5,069
422,770\

Note : Amounts less than one million yen are rounded down.

2

19,121
37,98338,604
327,061Mizuho Financial Group, Inc.

３．CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETSFOR THE SIX MONTHS ENDED SEPTEMBER 30, 2007
Millions of yen
Shareholders' Equity

Balance as of March 31, 2007
Effect of Unification of Accounting
Policies Applied to Foreign
Subsidiaries

CommonStock andPreferred
Stock

CapitalSurplus¥ 1,540,965¥ 411,110 ¥ 1,440,310

Retained
Earnings

Valuation and Translation Adjustments

Total
Shareholders'EquityTreasuryStock¥ (32,330) ¥ 3,360,055

Net
Total
Unrealized Net Deferred Revaluation Foreign
Valuation
Gains onHedge
Reserve for Currency
and
Other
Losses,Land, net of Translation Translation
Securities, net of Taxes
Taxes
Adjustments Adjustment
net of Taxess¥ 1,550,628 ¥ (111,042)¥ 150,616¥ (38,964) ¥ 1,551,237

Minority
Interests

Total Net
Assets¥ 1,813,115¥ 6,724,408

¥ －

¥ －

¥ 2,867¥ －¥ 2,867

¥ －

¥ －

¥ －

¥ －

¥ －

¥ －

¥ 2,867

Cash Dividends--(101,229)-(101,229)

-

-

-

-

-

-

(101,229)

Net Income--

327,061-

327,061

-

-

-

-

-

-

327,061

Changes during the period

Repurchase of Treasury Stock

-

-

-

(150,327)(150,327)

-

-

-

-

-

-

(150,327)

Disposition of Treasury Stock

-

9

-

41

51

-

-

-

-

-

-

51

Cancellation of Treasury Stock-(9)(180,180)

180,189

-

-

-

-

-

-

-

-

Transfer from Revaluation
Reserve for Land, net of Taxes

-

-

2,114

-

2,114

-

-

-

-

-

-

2,114

Effect of Exclusion of an Affiliate
from the Scope of the Equity Method

-

(16)

-

-

(16)

-

-

-

-

-

-

(16)

Effect of Decrease in the Equity
Position of an Affiliate

-

(0)

-

-

(0)

-

-

-

-

-

-

(0)

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

-

-

-

0

0

-

-

-

-

-

-

0

Net Changes in Items other thanShareholders' Equity

-

-

-

-

-

(370,061)

19,081(2,114)2,236(350,857)(227,100)(577,957)

Total Changes during theperiod-(16)

47,76529,90477,652(370,061)

19,081(2,114)2,236(350,857)(227,100)(500,305)¥ (2,426) ¥ 3,440,575¥ 1,180,567¥ (91,961)¥ 148,501¥ (36,728) ¥ 1,200,379¥ 1,586,015¥ 6,226,971

Balance as of September 30, 2007 ¥ 1,540,965¥ 411,093 ¥ 1,490,943

Note : Amounts less than one million yen are rounded down.

3

Mizuho Financial Group, Inc.

４．CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE SIX MONTHS ENDED SEPTEMBER 30, 2007
Millions of yen
I. Cash Flow from Operating Activities
Income before Income Taxes and Minority Interests
Depreciation
Losses on Impairment of Fixed Assets
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 Transactions
Increase (Decrease) in Call Money, etc.
Increase (Decrease) in Commercial Paper
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions
Decrease (Increase) in Foreign Exchange Assets
Increase (Decrease) in Foreign Exchange Liabilities
Increase (Decrease) in Short-term Bonds (Liabilities)
Increase (Decrease) in Bonds and Notes
Increase (Decrease) in Due to Trust Accounts
Interest and Dividend Income - cash basis
Interest Expenses - cash basis
Other - net
Subtotal
Cash Paid in Income Taxes
Net Cash Used in Operating Activities
II. Cash Flow from Investing Activities
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
Proceeds from Sale of Stocks of Subsidiaries (affecting the scope of consolidation)
Net Cash Provided by Investing Activities
III. Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money
Repayments of 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 Used in Financing Activities
IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents
Ⅴ. Net Decrease in Cash and Cash Equivalents
Ⅵ. Cash and Cash Equivalents at the beginning of the period
Ⅶ. Cash and Cash Equivalents at the end of the period
Note : Amounts less than one million yen are rounded down.

4\422,770
63,372
1,009(5,886)(74,008)(32)
23,4683,495(8,096)
(595)
(705)
2,422
9,420
(1,520,768)
982,867(116,628)(58)
28,435644(2,057,483)(337,569)(9,700)(685,180)(217,252)(804,883)
719,171
39,775(1,047,841)
1,332,471
530,486(30,000)
807,733
129,220(153,725)
204,492
379,969
76,1191,544,883(983,235)
133,182(618,240)
106,562(511,678)(40,795,981)
29,396,607
11,775,122(15,000)
32,145(32,915)(54,665)
7,109
386
838
313,647\

74,000(58,062)
80,500(136,489)
7,343(185,500)(101,041)(59,100)(150,327)
51(528,627)
1,448(725,210)
3,089,030
2,363,820

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 2007
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)First Half of Fiscal 2006
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)

6

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

997.5
535.1
33.3
248.9
104.5
75.5

816.8
476.6
32.8
179.4
49.0
78.8

180.6
58.4
0.4
69.4
55.5
(3.3)

81.8
89.0
98.6
72.0
46.9
104.3

7

(44.6)(53.8)

9.1

120.5

93.0

86.1

6.9

92.5

Ordinary Profits

8

Net Income

9

399.1
327.0

319.7
326.0

79.4
0.9

80.0
99.6

530.1
392.3

450.6
362.7

79.4
29.5

85.0
92.4

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

As of September 30, 2007
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)
Total Assets

10

Securities

11

Loans and Bills Discounted

12

151,711.9
36,153.9
66,056.4

139,513.0
36,572.9
66,118.2(b) / (a)12,198.8(419.0)(61.8)

91.9
101.1
100.0

(Billions of yen, %)As of March 31, 2007
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)(b) / (a)Three Banks(a)(b)

149,880.0
36,049.9
65,964.3

139,572.6
36,403.4
66,826.1

2. Assets and Liabilities
Non-Consolidated

Aggregated Figures of the 3 Banks(Billions of yen)
As of September 30, 2007

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

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

Change fromMarch 31,2007

As of March
31, 2007

As of
September 30,
2006(59.6)(651.3)292.1
169.5(707.8)435.7(1,021.2)(171.8)(821.0)(206.2)(495.4)(139.8)

139,572.6
5,093.6
4,690.5
36,403.4
66,826.1
133,482.9
75,198.4
9,210.0
4,767.3
10,918.2
6,089.7
4,533.4

138,335.9
4,612.3
2,629.9
37,524.1
65,925.3
132,829.2
72,465.9
10,028.1
5,613.1
9,083.8
5,506.6
4,287.8

Valuation and Translation16
1,200.7(355.5)
1,556.2
1,218.8
Adjustments
Notes: “Loans and Bills Discounted” includes loans to MHFG as follows:
As of September 30, 2007 : \1,130.0 billion (from MHBK \565.0 billion; from MHCB \565.0 billion)
As of March 31, 2007 : \1,380.0 billion (from MHBK \690.0 billion; from MHCB \690.0 billion)
As of September 30, 2006 : \1,380.0 billion (from MHBK \690.0 billion; from MHCB \690.0 billion)

5

10,307.3(353.4)(861.8)

93.1
100.9
101.3

Mizuho Financial Group, Inc.

3. Income Analysis
Consolidated(Millions of yen)First Half of Fiscal
2007

11

987,876
537,901
33,115
238,680122,034
56,144(559,564)(240,694)(290,315)(28,554)(9,640)2,776(228)(10,248)
17,475(19,415)(24,224)(12,394)(10,355)(1,475)997,517535,125
33,344
248,929
104,559
75,560(535,340)(228,300)(279,960)(27,078)

12(68,055)(54,955)(13,099)(48,955)(4,768)1,685(39,066)(130,971)(79,078)(82,762)31(210,050)
488
149,056(4,771)(65,277)(12,758)
89,8724,201(12,996)
530,155
102,665
106,131
632,821(19,610)(187,040)(33,832)
392,338(137,718)

93,031(33,677)

447,717

Consolidated Gross Profits

1

Net Interest Income

2

Fiduciary Income

3

Credit Costs for Trust Accounts

4

Net Fee and Commission Income

5

Net Trading Income

6

Net Other Operating Income

7

General and Administrative Expenses

8

Personnel Expenses

9

Non-Personnel Expenses

10

Miscellaneous Taxes
Expenses related to Portfolio Problems (including Reversal of(Provision for) General Reserve for Possible Losses on Loans )Minority Interests in Net Income

24

Net Income

25(61,713)85,103
5,886(52,063)
399,184
23,58623,36831422,770(19,121)(37,983)(38,604)
327,06126(44,686)

Losses on Write-offs of Loans

13

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

First Half of Fiscal
2006

Change(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

27

414,039* 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

6

137
22

6
2

131
20

Mizuho Financial Group, Inc.
Aggregated Figures of the 3 Banks
Non-Consolidated(Millions of yen)First Half of Fiscal 2007
AggregatedFigures

First Half of
Fiscal 2006

MHCB

1

466,934

301,877

80,190849,00332,125

816,8782392,878

148,980

74,882616,741

44,355572,386

Net Interest Income

3

299,431111,771

23,756434,959

7,776

427,183

Fiduciary Income

432,46832,468(411)

32,880Credit Costs for Trust Accounts

5

-

-

-

-

Gross Profits
Domestic Gross Profits

MHTB

ChangeMHBKNet Fee and Commission Income

688,27924,77718,060131,118(10,328)

141,446

Net Trading Income

7

3,628

9,910

(105)

13,43330,902(17,468)

Net Other Operating Income

8

1,538

2,520

702

4,762

16,416(11,654)

International Gross Profits

974,056

152,896

5,308

232,261(12,230)

244,491

Net Interest Income

10

1,417

38,2952,483

42,196(7,257)49,453

Net Fee and Commission Income

11

6,843

41,318(32)

48,130

10,13637,993

Net Trading Income

12

Net Other Operating Income

13

26,57339,222

62,343
10,938675
2,182

89,592
52,342

23,082(38,191)

66,51090,53414(267,235)(123,606)(43,910)(434,752)(11,030)(423,722)

Expense Ratio

15

Personnel Expenses

16

Non-Personnel Expenses

17
18

57.2%
(64,243)(186,111)(21,692)

40.9%(43,401)(73,627)(3,720)54.7%(14,461)(27,910)(1,428)51.2%(122,106)(287,649)(26,840)(0.6%)
2,440(12,446)507

51.8%(124,547)(275,202)(27,347)

19(16,881)(6,576)(1,538)(24,996)(1,024)(23,972)20

199,698

178,271

36,280414,250

21,094393,155

21

200,380

142,284

33,367

376,031(1,877)

377,909

General and Administrative Expenses (excluding Non-Recurring Losses)

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

22

10,044--

10,044

13,647(3,603)

Net Business Profits23

209,743

178,271

36,280424,295

34,742

389,55224(681)

35,987

2,912

38,21822,972

15,246Net Gains (Losses) related to Bonds

25(113,761)

10,563(1,392)(104,590)(165,712)

61,122Net Gains (Losses) related to Stocks

26

12,46360,135

1,303

73,902(7,552)81,455

Expenses related to Portfolio Problems

27(102,918)(16,334)(511)(119,765)(108,678)(11,086)

Other

Net Non-Recurring Gains (Losses)

28(23,306)(33,237)(2,184)(58,727)(49,481)(9,246)

Ordinary Profits29

95,981

188,835

34,887319,704(130,970)

450,674

Net Extraordinary Gains (Losses)

30

9,705

23,18023,35756,243(41,608)

97,852Net Gains (Losses) on Disposition of Fixed Assets

31

(634)

517

(305)

(422)

2,208

(2,630)Losses on Impairment of Fixed Assets

32

(949)

(38)

(17)

(1,005)

1,783(2,789)

Reversal of Reserves for Possible Losses on Loans, etc.

33

11,112

22,53022,21955,862(44,957)

100,820

Reversal of Reserve for Possible Losses on Investments

34

-

33

-

33

33

-

Income before Income Taxes

35

105,687

212,015

58,245375,948(172,578)

548,527

Income Taxes - Current

36

(243)

(19)

(9)

(271)

30

(302)

- Deferred
Net Income

37(4,547)(38,216)(6,836)(49,600)

135,866(185,467)

38

100,896

173,779

51,400326,075(36,681)362,757* 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(81,761)

39

6,195

21,708(53,858)(139,988)

86,13046,396(43,279)(53,589)
2,923(3,495)(2,813)(53,858)

3,876(65,549)(62,532)
2,079(15,390)(2,472)(139,988)

42,52022,2698,943
843
11,894(341)
86,130* 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

10,044(36,984)(52,064)51(2,808)(81,761)

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

735,400(5,788)(22,587)
2,694(3,524)
6,195

951
(507)
21,062177
28(4)21,708Mizuho Financial Group, Inc.
Mizuho Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2007

First Half of Fiscal 2006

Change1466,934(10,122)477,056

Domestic Gross Profits

2

Net Interest Income

3392,878
299,431

16,3884,367

376,489
295,063

Net Fee and Commission Income

488,279(4,306)

92,586

Net Trading Income

5

3,628

449

3,179

Net Other Operating Income

6

1,538

15,879(14,340)

International Gross Profits

7

Net Interest Income

874,056
1,417(26,510)2,301

100,566(884)

Gross Profits

Net Fee and Commission Income

9

6,843

(533)

7,377

Net Trading Income

10

26,573

11,743

14,82911

39,222(267,235)
57.2%(64,243)(186,111)(21,692)(16,881)(40,022)(6,822)
2.6%
3,758(9,675)125(905)

79,244(260,413)
54.5%(68,001)(176,436)(21,817)(15,975)

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

12

Expense Ratio

13

Personnel Expenses

14

Non-Personnel Expenses
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

15
16
17
18

199,698(16,944)

216,64219

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)
100,896(30,140)
10,044(6,899)13,196(106,776)
10,261(93,843)(23,194)(113,676)
9,905
1,097
1,389
7,306
(103,770)
16
79,234(24,519)

230,520
216,642(13,877)(6,984)2,202(9,075)(112)
209,658(200)(1,732)(2,338)3,806
209,457(260)(83,781)
125,415

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

35
36

Credit-related Costs
37(81,761)(76,493)* 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

8

10,044(36,984)(52,064)51(2,808)(81,761)

4,970(28,225)(50,780)35(2,492)(76,493)(5,268)5,074(8,759)(1,284)16(316)(5,268)Mizuho Financial Group, Inc.
Mizuho Corporate Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2007

First Half of Fiscal 2006

ChangeDomestic Gross Profits2

301,877
148,980

45,10236,901

256,775
112,078

Net Interest Income

3111,771

4,502

107,269

Net Fee and Commission Income

424,777(3,173)

27,951Net Trading Income

5

9,910

33,253(23,343)

Net Other Operating Income

6

2,520

2,319

201

International Gross Profits7

152,896

8,200

144,696

Net Interest Income

838,295(11,653)

49,948Net Fee and Commission Income

941,318

10,66630,652

Net Trading Income

10

62,3438,493

53,850Net Other Operating Income

11

10,938693

10,24412(123,606)(4,349)(119,256)

Gross Profits

1

General and Administrative Expenses (excluding Non-Recurring Losses)

Expense Ratio

13

40.9%

(5.4%)

46.4%

Personnel Expenses

14(43,401)(1,885)(41,516)

Non-Personnel Expenses

15(73,627)(2,371)(71,256)

16(3,720)426(4,146)17(6,576)(92)(6,484)

18

178,271

40,752

137,518

19

142,284

30,149112,134

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

20

-

-

-

Net Business Profits21

178,271

40,752

137,518

22

35,987

10,60325,384

Net Gains (Losses) related to Bonds

23

10,563(53,406)

63,969Net Gains (Losses) related to Stocks

24

60,135(11,789)

71,925

Expenses related to Portfolio Problems

25(16,334)(15,541)

(793)

Other

26

(33,237)(26,075)(7,162)

27

188,835(12,653)

201,488
97,688Net Non-Recurring Gains (Losses)

Ordinary Profits28

23,180(74,508)

Net Gains (Losses) on Disposition of Fixed Assets

29

517

1,267

(750)

Losses on Impairment of Fixed Assets

30

(38)

412

(450)

Reversal of Reserves for Possible Losses on Loans, etc.

31

22,530(74,483)

97,013

Reversal of Reserve for Possible Losses on Investments

32

33

33

-

33

212,015(87,162)

299,177

Net Extraordinary Gains (Losses)

Income before Income Taxes
Income Taxes - Current

34

(19)

0

(19)

- Deferred35(38,216)

47,660(85,877)

Net Income

36

173,779(39,500)

213,280

Credit-related Costs

37

6,195

(90,025)

96,220(5,648)(39,816)(31,006)
1,969(15,547)24(90,025)

41,04934,027
8,419
725
12,023(24)
96,220* 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

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

9

Mizuho Financial Group, Inc.
Mizuho Trust & Banking
Non-Consolidated(Millions of yen)First Half of Fiscal 2007

First Half of Fiscal 2006

Change180,190(2,855)83,046

Domestic Gross Profits2

74,882(8,935)83,817Net Interest Income

3

23,756(1,093)

24,849Fiduciary Income

432,468(411)

32,880Credit Costs for Trust Accounts

5

-

-

-

Net Fee and Commission Income

6

18,060(2,847)

20,908

Net Trading Income

7

(105)

(2,800)2,695

Net Other Operating Income

8702(1,782)2,484International Gross Profits

9

5,308

6,080

(771)

Net Interest Income

10

2,483

2,094

388

Net Fee and Commission Income

11

(32)

4

(36)

Net Trading Income

12

675

2,844

(2,169)Gross Profits

13

2,182

1,136

1,045

14

(43,910)141(44,052)

15

54.7%

1.7%

53.0%

Personnel Expenses

16(14,461)567(15,029)

Non-Personnel Expenses

17(27,910)(399)(27,510)18(1,428)(44)(1,383)19(1,538)(26)(1,512)20

36,280(2,713)38,99421

33,367(1,885)35,253

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

22

-

3,603

(3,603)

Net Business Profits

23

36,280889

35,3903,740

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

Expense Ratio

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

24

2,912

(827)

25

(1,392)(5,529)4,137

Net Gains (Losses) related to Stocks

26

1,303

(6,024)

7,327

Expenses related to Portfolio Problems

27

(511)

706

(1,218)Other

28(2,184)(212)(1,972)

Ordinary Profits29

34,887(4,640)39,527Net Extraordinary Gains (Losses)

30

23,35722,994363

Net Gains (Losses) on Disposition of Fixed Assets

31

(305)

(157)

(147)

Losses on Impairment of Fixed Assets

32

(17)

(17)

-

Reversal of Reserves for Possible Losses on Loans, etc.

33

22,21922,219-

Reversal of Reserve for Possible Losses on Investments

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

34

-

-

-

Income before Income Taxes

35

58,245

18,35439,891

Income Taxes - Current

36

(9)

12

(22)

- Deferred

37(6,836)

8,972(15,808)38

51,40027,33924,060Net 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

21,70826,529(4,821)* 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

951
(507)
21,062177
28(4)21,708

10

4,554
2,492
19,25475
157(4)26,529(3,603)(2,999)
1,808
101
(129)
(4,821)

Mizuho Financial Group, Inc.

4. Breakdown of Income(1) Breakdown of Net Fee and Commission Income
Consolidated(Billions of yen)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

Net Fee and Commission Income
Fee and Commission Income
Deposits, Debentures and Lending Business
Remittance Business
Securities-related BusinessAgency Business
Safe Custody and Safety Deposit Box Business
Guarantee Business
Fiduciary-related BusinessFee and Commission Expenses
Remittance BusinessChange(10.2)
(9.8)
(1.6)
0.6
(5.2)
(10.4)
(0.0)
0.7
(3.0)
0.4
1.8

Non-Consolidated

First Half of
Fiscal 2006

248.9
305.5
68.4
57.4
54.4
26.9
2.9
15.1
28.7
56.6
15.9
(Billions of yen)

Aggregated Figures of the 3 BanksFirst Half of
Fiscal 2007

179.2
236.1
69.8
58.2
25.2
13.4
2.9
16.3
56.9
17.7

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

(0.1)
3.1
1.3
0.6
1.5
(0.3)
(0.0)
1.6
3.3
1.8

First Half of
Fiscal 2006

179.4
232.9
68.4
57.5
23.6
13.7
2.9
14.6
53.5
15.8

(2) Breakdown of Net Other Operating Income
Non-Consolidated
Aggregated Figures of the 3 Banks(Billions of yen)First Half of
Fiscal 2007

57.1
4.7
7.6
52.3
14.3
30.5

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

11

Change(21.7)
16.4
13.5(38.1)(55.6)
9.3

First Half of
Fiscal 2006

78.8
(11.6)
(5.9)
90.5
69.9
21.1

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
2007

Change

1.35
1.63
1.03
1.13
1.19
0.29
0.67
0.21
0.44
1.34

0.28
0.31
0.23
0.28
0.23
0.18
0.37
0.00
0.08
0.13

1.07
1.32
0.79
0.85
0.95
0.11
0.29
0.21
0.36
1.20

(Reference) After excluding loans to Deposit Insurance Corporation of Japan, government and others
Return on Loans and Bills Discounted
11
1.74
Loan and Deposit Rate Margin (including Expenses)(11)-(5)12
0.55
Loan and Deposit Rate Margin(11)-(6)
13
1.44

0.31
0.08
0.13

1.43
0.47
1.31

1.36
1.83
0.72
1.18
1.17
0.24
0.73
0.18
0.66
1.59

0.25
0.27
0.14
0.25
0.19
0.18
0.27
(0.00)
0.07
0.09

1.11
1.55
0.58
0.93
0.97
0.06
0.46
0.18
0.58
1.49

(Reference) After excluding loans to Deposit Insurance Corporation of Japan, government and others
Return on Loans and Bills Discounted
24
1.97
Loan and Deposit Rate Margin (including Expenses)(24)-(18) 25
0.79
Loan and Deposit Rate Margin(24)-(19) 26
1.73

0.26
0.07
0.08

1.70
0.72
1.64

1.32
1.28
1.56
1.04
1.24
0.47
0.66
0.28
0.03
0.80

0.34
0.35
0.32
0.33
0.33
0.21
0.40
0.00
0.02
0.14

0.98
0.92
1.24
0.70
0.90
0.26
0.25
0.27
0.01
0.65

(Reference) After excluding loans to Deposit Insurance Corporation of Japan, government and others
Return on Loans and Bills Discounted
37
1.33
Loan and Deposit Rate Margin (including Expenses)(37)-(31) 38
0.09
Loan and Deposit Rate Margin(37)-(32) 39
0.86

0.35
0.01
0.13

0.98
0.07
0.72

0.13
0.03
0.11
0.27
0.24
(0.14)(0.21)

1.27
1.51
1.09
0.28
0.24
0.99
1.27

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

1
2
3
4
5
6
7
8
9
10

First Half of Fiscal
2006* 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

1.41
1.55
1.20
0.56
0.48
0.84
1.06

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

12

Mizuho Financial Group, Inc.

6. Use and Source of Funds
Consolidated(Billions of yen, %)First Half of Fiscal 2007

ChangeInterest
366.9

Rate
0.51

1,646.1

150.3

0.41

1.97

1,139.8

106.4

0.54

3.96

(485.1)

(0.9)

1.98

284.3

5.97

1,740.8

81.7

0.76

23.4

0.60

(52.1)

16.0

0.41

Average Balance
126,219.5

Interest
1,520.7

Loans and Bills Discounted

65,947.7

755.8

2.29

Securities

36,724.0

361.9

394.8

7.8

Receivables under Resale-Agreements

9,514.1

Guarantee Deposits Paid under
Securities Borrowing Transactions

7,722.7

Use of Funds

Call Loans and Bills Purchased

Due from Banks

Rate Average Balance
2.40
4,298.1

2,281.5

41.0

3.59

329.5

3.0

(0.30)

Source of Funds

125,691.5

982.8

1.56

4,291.4

364.1

0.55

Deposits

73,864.7

313.6

0.84

1,635.0

107.5

0.27

Negotiable Certificates of Deposit

9,784.7

74.4

1.52

(97.5)

33.7

0.70

Debentures

4,367.5

13.0

0.59

(1,720.7)

(5.2)

0.00

Call Money and Bills Sold

6,187.4

28.9

0.93

(1,382.5)

17.2

0.63

Payables under Repurchase Agreements

14,237.1

380.1

5.33

3,180.9

125.6

0.73

Guarantee Deposits Received under
Securities Lending Transactions

6,878.3

36.2

1.05

573.4

27.3

0.77

Commercial Paper

15.0

0.0

0.53

(25.0)

0.0

0.41

Borrowed Money

5,003.1

31.1

1.24

1,565.5

15.8

0.35

First Half of Fiscal 2006
Average Balance
121,921.4

Interest
1,153.8

Rate
1.89

Loans and Bills Discounted

64,301.5

605.5

1.88

Securities

35,584.1

255.4

1.43

879.9

8.7

1.98

Receivables under Resale-Agreements

7,773.3

202.6

5.21

Guarantee Deposits Paid under
Securities Borrowing Transactions

7,774.9

7.4

0.19

Use of Funds

Call Loans and Bills Purchased

1,951.9

37.9

3.89

Source of Funds

Due from Banks

121,400.1

618.6

1.01

Deposits

72,229.7

206.1

0.57

Negotiable Certificates of Deposit

9,882.2

40.6

0.82

Debentures

6,088.3

18.2

0.59

Call Money and Bills Sold

7,570.0

11.7

0.30

Payables under Repurchase Agreements

11,056.1

254.4

4.60

Guarantee Deposits Received under
Securities Lending Transactions

6,304.9

8.9

0.28

Commercial Paper

40.0

0.0

0.12

Borrowed Money

3,437.5

15.3

0.89

13

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of MHBK and MHCB(Millions of yen, %)First Half of Fiscal 2007

First Half of Fiscal 2006

Average Balance
114,100,502

Rate
2.10

ChangeAverage Balance
4,310,889

Loans and Bills Discounted

62,468,912

2.19

952,544

0.41

61,516,368

1.78

Securities

35,441,198

1.96

959,570

0.54

34,481,628

1.42

Source of Funds

113,609,758

1.32

3,340,800

0.45

110,268,957

0.86

Deposits

71,095,978

0.85

868,252

0.26

70,227,725

0.59

NCDs

9,617,341

1.52(553,005)

0.72

10,170,347

0.79

Debentures

4,402,766

0.59(1,749,235)(0.00)

6,152,002

0.59

Call Money

9,771,111

0.79

2,203,144

0.47

7,567,966

0.32

Payables under Repurchase Agreements

6,985,017

4.23

1,831,195

0.57

5,153,821

3.66

-

-

(870,044)(0.02)

870,044

0.02(Total)Use of Funds

Bills Sold

Rate
0.41

Average Balance
109,789,612

Rate
1.68

Commercial Paper

-

-

-

-

Borrowed Money

5,703,093

3.09

1,366,326(0.13)

4,336,766

3.22-

87,578,883

1.35(772,987)

0.28

88,351,870

1.07

Loans and Bills Discounted

52,394,178

1.62(750,635)

0.31

53,144,814

1.30

Securities

24,825,775

1.03(2,320,331)

0.23

27,146,106

0.79(Domestic Operations)
Use of Funds

Source of Funds

87,631,745

0.41(1,735,861)

0.25

89,367,606

0.16

Deposits

58,639,270

0.23(164,351)

0.18

58,803,622

0.05

NCDs

7,742,295

0.57(1,136,678)

0.41

8,878,973

0.16

Debentures

4,402,766

0.59(1,749,235)(0.00)

6,152,002

0.59

Call Money

9,398,143

0.59

2,075,122

0.42

7,323,020

0.17

575,447

0.58(104,274)

0.38

679,722

0.19

Bills Sold--

(870,044)(0.02)

870,044

0.02

Commercial Paper

-

-

-

-

Borrowed Money

2,509,918

1.00

855,211(0.05)

1,654,706

1.05

26,959,870

4.52

5,145,189

0.33

21,814,680

4.19

Loans and Bills Discounted

10,074,733

5.18

1,703,180

0.36

8,371,553

4.81

Securities

10,615,422

4.15

3,279,901

0.39

7,335,521

3.76

Payables under Repurchase Agreements--(International Operations)
Use of Funds

Source of Funds

26,416,264

4.32

5,137,974

0.48

21,278,290

3.84

Deposits

12,456,707

3.78

1,032,604

0.43

11,424,103

3.35

NCDs

1,875,046

5.43

583,672

0.29

1,291,373

5.13

Debentures

-

-

-

-

Call Money372,967

5.93

128,0211.03

244,945

4.89

4.18

6,409,569

4.55

1,935,470

0.37

4,474,099

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

3,193,175

4.73

511,1150.16

2,682,059

Payables under Repurchase Agreements

14

4.57

Mizuho Financial Group, Inc.

Mizuho Bank(Millions of yen, %)First Half of Fiscal 2007

First Half of Fiscal 2006

ChangeAverage Balance
717,700

Rate
0.28

Average Balance
58,971,872

Rate
1.18

Average Balance
59,689,573

Rate
1.46

Loans and Bills Discounted

33,513,150

1.82

195,9070.28

33,317,243

1.53

Securities

17,126,332

0.97(1,851,717)

0.31

18,978,049

0.65(Total)Use of Funds

Source of Funds

60,665,775

0.45

478,559

0.27

60,187,216

0.18

Deposits

51,955,900

0.28

1,093,696

0.17

50,862,204

0.11

NCDs

1,755,9780.47(581,080)

0.36

2,337,059

0.10

Debentures

1,410,143

0.22(520,255)

0.11

1,930,399

0.11

Call Money

1,711,890

0.48

329,6620.37

1,382,227

0.11

99,9480.58

18,7680.42

81,1790.15--(131,860)(0.01)

131,860

0.01

Payables under Repurchase Agreements

Bills Sold
Commercial Paper

-

-

-

-

-

Borrowed Money

1,250,614

3.12(40,553)

0.27

1,291,167

2.85-

57,013,521

1.36

11,6050.25

57,001,916

1.11

Loans and Bills Discounted

33,175,326

1.81

157,004

0.28

33,018,322

1.52

Securities

15,715,484

0.72(2,575,584)

0.14

18,291,068

0.58(Domestic Operations)
Use of Funds

Source of Funds

58,093,731

0.31(158,254)

0.23

58,251,986

0.08

Deposits

51,092,017

0.23

1,145,391

0.17

49,946,626

0.05

NCDs

1,754,672

0.47(580,432)

0.36

2,335,104

0.10

Debentures

1,410,143

0.22(520,255)

0.11

1,930,399

0.11

Call Money

1,711,890

0.48

329,6620.37

1,382,227

0.11

99,9480.58

18,7680.42

81,1790.15

Bills Sold--

(131,860)(0.01)

131,860

0.01

Commercial Paper

-

-

-

-

-

Borrowed Money464,460

1.68(57,184)0.14

521,6451.54

2,847,623

3.39

851,3810.41

1,996,242

2.98

Payables under Repurchase Agreements-(International Operations)
Use of Funds
Loans and Bills Discounted

337,824

2.81

38,9030.33

298,920

2.47

Securities

1,410,847

3.77

723,8671.12

686,980

2.65

Source of Funds

2,743,615

3.42

782,100

0.29

1,961,515

3.12

Deposits

863,8833.30(51,694)0.27

915,578

3.02

NCDs

1,306

0.65

(648)

0.44

1,955

0.21

Debentures

-

-

-

-

-

-

Call Money

-

-

-

-

-

-

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money786,153

3.98

16,631

0.23

769,52215

3.74

Mizuho Financial Group, Inc.

Mizuho Corporate Bank(Millions of yen, %)First Half of Fiscal 2007

Rate

Average Balance

54,410,929

2.80

3,593,189

0.52

50,817,739

2.27

Loans and Bills Discounted

28,955,762

2.62

756,637

0.54

28,199,125

2.07
2.37

(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2006

ChangeRate

Average Balance

Rate

Securities

18,314,866

2.89

2,811,287

0.52

15,503,578

Source of Funds

52,943,982

2.31

2,862,240

0.63

50,081,741

1.68

Deposits

19,140,078

2.41(225,443)

0.55

19,365,521

1.86

NCDs

7,861,362

1.75

28,0750.75

7,833,287

0.99

Debentures

2,992,622

0.77(1,228,979)(0.05)

4,221,602

0.82

Call Money

8,059,220

0.86

1,873,482

0.49

6,185,738

0.37

Payables under Repurchase Agreements

6,885,069

4.28

1,812,426

0.56

5,072,642

3.71

Bills Sold--

(738,184)(0.03)

Commercial Paper

-

-

-

-

Borrowed Money

4,452,478

3.08

1,406,880(0.30)

738,184

0.03-

3,045,598

3.38(Domestic Operations)
Use of Funds

30,565,361

1.32(784,593)

0.34

31,349,954

0.98

Loans and Bills Discounted

19,218,852

1.28(907,639)

0.34

20,126,492

0.94

Securities

9,110,291

1.56

255,2530.32

8,855,037

1.24

Source of Funds

29,538,013

0.61(1,577,606)

0.31

31,115,620

0.30

Deposits

7,547,253

0.25(1,309,742)

0.20

8,856,995

0.05

NCDs

5,987,623

0.60(556,246)

0.42

6,543,869

0.17

Debentures

2,992,622

0.77(1,228,979)(0.05)

4,221,602

0.82

Call Money

7,686,252

0.61

1,745,460

0.43

5,940,792

0.18

475,499

0.58(123,043)

0.37

598,543

0.20

-

-

(738,184)(0.03)

738,184

0.03

Payables under Repurchase Agreements

Bills Sold
Commercial Paper

-

-

-

Borrowed Money

2,045,457

0.84

912,396

-

-

0.01

1,133,061

0.82(International Operations)
Use of Funds

24,112,246

4.66

4,293,808

0.34

19,818,437

4.31

Loans and Bills Discounted

9,736,909

5.26

1,664,276

0.35

8,072,632

4.90

Securities

9,204,575

4.21

2,556,034

0.33

6,648,540

3.87

Source of Funds

23,672,648

4.42

4,355,873

0.51

19,316,774

3.91

Deposits

11,592,824

3.82

1,084,299

0.44

10,508,525

3.38

NCDs

1,289,418

1,873,739

5.43

584,3210.28

Debentures

-

-

-

-

Call Money372,967

5.93

128,0211.03

244,945

4.89

6,409,569

4.55

1,935,470

0.37

4,474,099

4.18

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold

5.14-

Commercial Paper

-

-

-

-

-

Borrowed Money

2,407,021

4.98

494,483

0.07

1,912,537

16

-

4.90

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)(Millions of yen, %)First Half of Fiscal 2007

Rate

Average Balance

6,158,818

1.62

648,5770.24

5,510,240

1.37

Loans and Bills Discounted

3,940,637

1.56

436,103

0.03

3,504,534

1.52
1.28

(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2006

ChangeRate

Average Balance

Rate

Securities

1,656,200

1.87

138,584

0.59

1,517,615

Source of Funds

6,025,498

0.79

595,572

0.32

5,429,926

0.46

Deposits

2,971,390

0.52

362,4100.21

2,608,980

0.30

NCDs

602,582

0.66

75,915

0.46

526,667

0.19

Debentures

-

-

-

-

-

-

Call Money532,886

0.74(142,973)

0.38

675,860

0.36

-

-

-

-

-

0.02

Payables under Repurchase Agreements

Bills Sold--

(112,170)(0.02)

112,170

Commercial Paper

-

-

-

-

-

-

Borrowed Money

187,5070.87

108,241(0.31)

79,265

1.19(Domestic Operations)
Use of Funds

5,907,500

1.40

554,2400.13

5,353,259

1.27

Loans and Bills Discounted

3,906,353

1.54

417,777

0.02

3,488,575

1.51

Securities

1,318,126

1.15

32,7760.16

1,285,349

0.99

Source of Funds

5,770,572

0.62

502,1630.26

5,268,408

0.35

Deposits

2,949,022

0.49

351,9390.19

2,597,083

0.30

NCDs

0.19

602,582

0.66

75,915

0.46

526,667

Debentures

-

-

-

-

-

-

Call Money

513,474

0.57(136,559)

0.39

650,033

0.18

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold--

(112,170)(0.02)

112,170

0.02

Commercial Paper

-

-

-

-

-

-

Borrowed Money

181,605

0.78

113,225(0.06)

68,3800.85(International Operations)
Use of Funds

558,278

3.33

226,7630.96

331,514

2.37

Loans and Bills Discounted

34,284

3.47

18,325(0.93)

15,958

4.40

Securities

338,073

4.68

105,8071.79

232,266

2.88

Source of Funds

561,886

2.43

225,834

0.32

336,051

2.11

Deposits

22,367

4.19

10,471

1.96

11,896

2.22

NCDs

-

-

-

-

-

-

Debentures

-

-

-

-

-

-

Call Money

19,411

5.32(6,414)0.39

25,826

4.93

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

5,901

3.49

(4,983)0.17

10,8853.32

17

Mizuho Financial Group, Inc.

7. Net Gains/Losses on Securities

Non-Consolidated(Millions of yen)

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2007

First Half of Fiscal 2006

ChangeNet Gains (Losses) related to Bonds

38,21822,972

15,246

Gains on Sales and Others

65,783

23,68842,095Losses on Sales and Others(27,598)552(28,150)

(23)

(6)

(16)

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

-

630

(630)

Gains (Losses) on Derivatives other than for Trading

57(1,891)

1,948

Devaluation

First Half of Fiscal 2007
Net Gains (Losses) related to Stocks

First Half of Fiscal 2006

Change73,935(7,519)81,455

Gains on Sales

106,586

17,73488,851

Losses on Sales(1,784)(20)(1,763)

Devaluation(36,630)(27,333)(9,296)

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

(599)

(703)

103

Gains (Losses) on Derivatives other than for Trading

6,364

2,804

3,560

* Figures for the First Half of Fiscal 2007 include Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho BankFirst Half of Fiscal 2007

First Half of Fiscal 2006

ChangeNet Gains (Losses) related to Bonds(681)

13,196(13,877)

Gains on Sales and Others

11,084

7,865

3,218

Losses on Sales and Others(9,849)6,808(16,658)

Devaluation

-

-

-

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

-

(28)

28

(1,915)(1,448)(467)

Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2007
Net Gains (Losses) related to Stocks

First Half of Fiscal 2006

Change12,463

10,261

2,202

Gains on Sales

30,00323,363

6,640

Losses on Sales

(719)

617

(1,336)(16,020)(12,989)(3,030)

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

(632)

(590)

(42)

Gains (Losses) on Derivatives other than for Trading

(167)

(140)

(27)

Devaluation18

Mizuho Financial Group, Inc.
(Millions of yen)Mizuho Corporate BankFirst Half of Fiscal 2007

First Half of Fiscal 2006

ChangeNet Gains (Losses) related to Bonds

35,987

10,60325,384

Gains on Sales and Others

51,172

16,06835,103Losses on Sales and Others(17,041)(5,584)(11,457)

Devaluation

(0)

16

(16)

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

-

658

(658)

1,857

(556)

2,413

Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2007
Net Gains (Losses) related to Stocks

First Half of Fiscal 2006

Change60,168(11,756)

71,925

Gains on Sales

74,267(208)

74,475Losses on Sales(1,057)

(640)

(417)

Devaluation(19,607)(13,739)(5,867)

33

(113)

146

6,532

2,944

3,588

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 2007

Net Gains (Losses) related to Bonds

2,912

(827)

3,740

Gains on Sales and Others

3,527

(245)

3,772

Losses on Sales and Others

(707)

(672)

(34)

Devaluation

(23)

(23)

(0)

-

-

-

115

113

2

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2007
Net Gains (Losses) related to Stocks

First Half of Fiscal 2006

ChangeFirst Half of Fiscal 2006

Change1,303(6,024)

7,327

Gains on Sales

2,315(5,420)7,735

Losses on Sales

(8)

2

(10)

(1,003)

(605)

(397)

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

(0)

(0)

-

Gains (Losses) on Derivatives other than for Trading

-

-

-

Devaluation

19

Mizuho Financial Group, Inc.

8. Unrealized Gains/Losses on Securities
Consolidated(1) Other Securities (which have readily determinable fair value)
As of September 30, 2007
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
LossesOther Securities
34,844,223
1,878,303
2,359,231
480,927
Japanese Stocks
5,426,399
2,183,903
2,292,237
108,334
Japanese Bonds
17,371,132(141,318)
5,047
146,365
Japanese Government Bonds 16,247,591(134,888)
3,808
138,696
Other
12,046,691(164,281)
61,946226,227(Millions of yen)
As of March 31, 2007
Unrealized Gains/Losses
Gains
Losses2,441,121
2,803,332
362,210
2,693,783
2,741,841
48,058(157,458)
3,953
161,412(152,314)
2,026
154,340(95,203)
57,536
152,740

As of September 30, 2006
Unrealized Gains/Losses
Gains
Losses2,038,326
2,394,785
356,459
2,291,377
2,334,534
43,157(156,187)
7,881
164,069(149,404)
6,202
155,606(96,864)
52,369149,233* In addition to "Securities" on the consolidated 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 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 value on the consolidatedbalance sheet and the acquisition cost.
* Unrealized Gains /Losses include \14,090 million, \3,935 million and \(15,617) million, which were recognized in the statement of income for Septemter 30, 2007, March 31, 2007 and September
30, 2006, respectively, by applying the fair-value hedge method.
As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of September 30, 2007, March 31, 2007 and September 30, 2006 are \1,864,212 million,\2,437,185 million and \2,053,943 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, including translation differences regarding securities which do not have readily determinable fair value) as of September 30, 2007, March 31, 2007 and
September 30, 2006 are \1,180,567 million, \1,550,628 million and \1,196,840 million, respectively.

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

Bonds Held to Maturity

As of September 30, 2007
Unrealized Gains/Losses
Book Value
Gains
Losses3,285
895,539(3,285)-(Millions of yen)

As of March 31, 2007
Unrealized Gains/Losses
Gains
Losses(8,063)0
8,064

As of September 30, 2006
Unrealized Gains/Losses
Gains
Losses(9,375)95
9,471

As of March 31, 2007
Unrealized Gains/Losses
Gains
Losses2,356,868
2,717,122
360,2542,609,834
2,656,650
46,815(157,254)
3,949
161,203(151,940)
2,025
153,966(95,712)56,523
152,235

As of September 30, 2006
Unrealized Gains/Losses
Gains
Losses1,961,131
2,317,099
355,967
2,210,579
2,254,100
43,521(155,962)
7,882
163,845(148,943)
6,201
155,145(93,484)
55,116
148,601

Non-Consolidated(1) Other Securities (which have readily determinable fair value)(Millions of yen)

Aggregated Figures of the 3 Banks
As of September 30, 2007
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
LossesOther Securities
34,248,676
1,794,302
2,276,237
481,934
Japanese Stocks
5,380,669
2,099,554
2,209,763
110,208
Japanese Bonds
17,176,133(141,196)
5,033
146,230
Japanese Government Bonds 16,037,878(134,659)
3,796
138,455
Other
11,691,874(164,054)
61,440225,495

Mizuho Bank
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other

16,031,801
1,232,115
11,263,456
10,684,119
3,536,230

246,064
327,740(64,367)(61,976)(17,307)399,558
384,6362,870
2,628
12,050

153,493
56,896
67,23864,60529,358

380,618
446,577(72,167)(70,450)6,208

481,796
466,982
2,184
1,749
12,629101,178
20,40574,352
72,1996,420

327,222386,276(70,622)(68,453)
11,568427,693
405,420
6,322
5,909
15,949100,470
19,14476,94574,363
4,381

16,220,600
3,781,478
4,730,139
4,270,536
7,708,981

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

1,787,186
1,944,320(58,724)(55,617)(98,408)

2,013,717
1,969,423
1,707
276
42,586

226,531
25,10360,43255,893140,994

1,459,721
1,622,959(61,556)(57,383)(101,681)

1,686,867
1,646,733
1,459
273
38,674

227,146
23,77363,01657,656140,356

1,996,274
367,075
1,182,536
1,083,221
446,661

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

189,063
218,937(26,362)(25,873)(3,512)

221,608
220,24456
01,307

32,544
1,306
26,41825,873
4,819

174,187
201,343(23,783)(23,106)(3,371)

202,537
201,94699
18
491

28,350603
23,88323,125
3,863

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 value on the balance sheet andthe acquisition cost.
* Unrealized Gains /Losses include \14,090 million, \3,935 million and \(15,617) million, which were recognized in the statement of income for Septemer 30, 2007, March 31, 2007 and September
30, 2006, respectively, by applying the fair-value hedge method.
As a result, the base amounts to be recorded directly to Net Assets after tax adjustment as of September 30, 2007, March 31, 2007 and September 30, 2006 are ￥1,780,212 million, \2,352,932 million
and \1,976,749 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, including translation differences regarding securities which do not have readily determinable fair value) as of September 30, 2007, March 31, 2007 and September 30, 2006 are as
follows:(Millions of yen)
As of September 30, 2007
1,151,865
143,689
894,497
113,678

Aggregated Figures
Mizuho Bank
Mizuho Corporate Bank
Mizuho Trust & Banking

20

As of March 31, 2007
1,529,195
251,748
1,135,629
141,816

As of September 30, 2006
1,173,468
193,755876,244
103,468

Mizuho Financial Group, Inc.
(2) Bonds Held to Maturity (which have readily determinable fair value)(Millions of yen)

Aggregated Figures of the 3 Banks
As of March 31, 2007

As of September 30, 2007
Book Value

Unrealized Gains/Losses
Gains

As of September 30, 2006

Unrealized Gains/Losses
LossesGains

Unrealized Gains/Losses
Losses

Gains

LossesAggregated Figures895,539(3,285)-

3,285(8,063)0

8,064(9,375)95

9,471

Mizuho Bank

895,539(3,285)-

3,285(8,063)0

8,064(9,375)95

9,471

Mizuho Corporate Bank

-

-

-

-

-

-

-

-

-

-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

(3) Investment in Subsidiaries and Affiliates (which have readily determinable fair value)(Millions of yen)

Aggregated Figures of the 3 Banks
As of March 31, 2007

As of September 30, 2007
Book Value

Unrealized Gains/Losses

Unrealized Gains/Losses
Gains

As of September 30, 2006

LossesGains

Unrealized Gains/Losses
Losses

Gains

LossesAggregated Figures

78,78362,82262,822-130,942

130,942-

104,664

104,664-Mizuho Bank

67,09832,42632,426-90,97890,978-77,74077,740-Mizuho Corporate Bank

11,68430,39630,396-39,96339,963-26,92426,924-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

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

137,171521,287(Millions of yen)

521,287-785,251785,251-

797,257

797,257(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. 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,
2007

As of
March 31,
2007

As of
September 30,
2006

Unrealized Gains/Losses
Change fromMarch 31,2007

Change from
September 30,
2006

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities

1,864,212(572,973)(189,730)

2,437,185

2,053,943

Japanese Stocks

2,183,903(509,880)(107,474)

2,693,783

2,291,377

Japanese Bonds(169,979)(5,818)(10,047)(164,160)(159,931)(164,162)(4,292)(9,725)(159,869)(154,437)(149,711)(57,273)(72,209)(92,437)(77,501)

Japanese Government Bonds
Other

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of
September 30,
2007

As of
March 31,
2007

As of
September 30,
2006

Unrealized Gains/Losses
Change fromMarch 31,2007

Change from
September 30,
2006

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities

1,780,212(572,720)(196,537)

2,352,932

1,976,749

Japanese Stocks

2,099,554(510,280)(111,024)

2,609,834

2,210,579

Japanese Bonds(169,857)(5,901)(10,150)(163,956)(159,707)(163,933)(4,437)(9,957)(159,496)(153,976)(149,484)(56,538)(75,362)(92,945)(74,122)

Japanese Government Bonds
Other

21

-

Mizuho Financial Group, Inc.

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

Aggregated Figures of the 3 Banks
Maturity as of September 30, 2007

Japanese Bonds
Japanese Government Bonds

ChangeMaturity as of March 31, 2007

Within1 year

1-5years

5 - 10years

Over
10 yearsWithin1 year

1-5years

5 - 10years

Over
10 yearsWithin1 year

1-5years

5 - 10years

Over
10 years

8,578.3

7,093.1

2,178.5

1,867.4

2,118.0(657.0)8,224.1

5,306.9

1,656.9

1,419.3

2,180.4(470.7)(293.8)65.6

6,460.3

7,750.1

2,472.4

1,801.7(364.9)6.5

6,043.7

5,777.6

2,021.8

1,412.8

Japanese Local Government Bonds

10.6

70.6

29.6

7.9

6.5

(19.2)

(7.3)

(0.2)

4.0

89.8

36.9

8.2

Japanese Corporate Bonds

343.6

1,715.5

492.0

440.0

(68.9)(167.0)

78.4

59.4

412.5

1,882.6

413.6

380.6

977.6

3,988.9

2,432.9

3,862.4(41.6)(47.1)(431.1)26.2

1,019.2

4,036.1

2,864.1

3,836.2

7,082.5

4,627.9

868.2

949.8

2,063.6(575.9)(204.9)107.5

5,018.8

5,203.8

1,073.2

842.3

6,845.3

3,120.0

466.8

821.3

2,101.7(450.5)(265.2)84.2

4,743.6

3,570.5

732.0

737.1

8.0

64.4

24.0

-

6.9

(17.3)

(7.3)

-

1.1

81.7

31.4

-

229.1

1,443.5

377.2

128.4

(44.9)(107.9)

67.5

23.3

274.1

1,551.5

309.7

105.1

72.5

1,127.4

841.3

1,631.1(40.4)

92.1

39.9

219.1

112.9

1,035.2

801.4

1,411.9

1,287.3

2,050.7

937.5

707.2

(105.7)(111.6)(177.1)13.8

1,393.0

2,162.4

1,114.6

693.4
416.9

Other

Mizuho BankJapanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

Japanese Corporate Bonds
Other

Mizuho Corporate BankJapanese Bonds

1,198.6

1,834.2

835.4

402.1

(101.4)(55.3)(187.9)(14.8)

1,300.0

1,889.6

1,023.3

Japanese Local Government Bonds

0.2

1.2

1.9

7.9

(1.2)

(0.1)

0.0

(0.2)

1.4

1.4

1.9

8.2

Japanese Corporate Bonds

88.4

215.1

100.1

297.0

(3.1)

(56.1)

10.8

28.9

91.6

271.2

89.3

268.1

878.6

2,550.2

1,454.3

2,188.1(21.3)(370.7)(464.4)(236.1)900.0

2,920.9

1,918.8

2,424.2

208.5

414.4

372.7

210.3

160.1

30.5

88.2

(55.6)

48.4

383.8

284.5

266.0

Japanese Government Bonds

180.1

352.6

354.5

195.8

180.1

35.2

88.2

(62.8)

0.0

317.4

266.3

258.7

Japanese Local Government Bonds

2.3

4.9

3.5

-

0.8

(1.6)

0.0

-

1.5

6.6

3.5

-

Japanese Corporate Bonds

25.9

56.8

14.6

14.5

(20.8)

(3.0)

0.0

7.1

46.8

59.8

14.5

7.3

26.4

311.2

137.1

43.1

20.2

231.4

(6.7)

43.1

6.1

79.8

143.9

-

Japanese Government Bonds

Other

Mizuho Trust & Banking
Japanese Bonds

Other

22

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, 2007
Within1-5Over
1 yearyears
5 years

Change
1-5
Over
years
5 years

Within1 year

Total

Total

Within1 yearAs of March 31, 2007
1-5
Over
years
5 years

Total

Receive Fixed / Pay Float

6,048.6

9,798.7

3,345.4

19,192.7

677.0(3,161.5)

721.3(1,763.2)

5,371.6

12,960.3

2,624.0

20,956.0

Receive Float / Pay Fixed

2,396.0

4,266.4

1,578.08,240.6

812.4

443.5

499.4

1,755.3

1,583.6

3,822.9

1,078.6

6,485.2

Receive Float / Pay Float

831.2

287.9

24.8

1,143.9273.8(274.0)

-

(0.2)

557.4

561.9

24.8

1,144.1

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

9,275.9

14,353.1

4,948.2

28,577.3

1,763.2(2,992.0)

1,220.7(8.0)

7,512.7

17,345.1

3,727.5

28,585.4

Receive Fixed / Pay Float

1,809.0

2,449.1

525.1

4,783.2

1,641.1(1,501.8)(48.1)

91.0

167.9

3,950.9573.2

4,692.1

Receive Float / Pay Fixed

186.9

50.0

229.9

466.8

134.6

-

20.0

154.6

52.3

50.0

209.9

312.2

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

1,995.9

2,499.1

755.0

5,250.0

1,775.7(1,501.8)(28.1)

245.6

220.2

4,000.9783.1

5,004.3

Receive Fixed / Pay Float

4,239.6

7,204.5

2,665.2

14,109.5(944.0)(1,659.7)

764.5(1,839.3)

5,183.7

8,864.3

1,900.7

15,948.8

Receive Float / Pay Fixed

2,149.1

3,996.4

1,348.1

7,493.8

687.8

333.5

529.4

1,550.7

1,461.3

3,662.9

818.7

5,943.0

Receive Float / Pay Float

831.2

287.9

24.8

1,143.9273.8(274.0)

-

(0.2)

557.4

561.9

24.8

1,144.1

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

7,220.0

11,488.9

4,038.2

22,747.3

17.5(1,600.2)

1,293.9(288.7)

7,202.5

13,089.2

2,744.3

23,036.0

Receive Fixed / Pay Float

-

145.0

155.0

300.0

(20.0)-

5.0(15.0)

20.0

145.0

150.0

315.0

Receive Float / Pay Fixed

60.0

220.0

-

280.0

(10.0)

110.0(50.0)

50.0

70.0

110.0

50.0

230.0

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Total
Mizuho Bank

Total
Mizuho Corporate Bank

Total
Mizuho Trust & Banking

Receive Fixed / Pay Fixed
Total

-

-

-

-

-

-

-

-

-

-

-

-

60.0

365.0

155.0

580.0

(30.0)

110.0(45.0)

35.0

90.0

255.0

200.0

545.0

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

Aggregated Figures

As of September 30, 2007
Deferred Hedge Gains/Losses

ChangeDeferred Hedge Gains/Losses

As of March 31, 2007
Deferred Hedge Gains/Losses

Gains

Gains

Gains

Losses

Losses

561.4

729.1

(167.7)

37.2

(2.9)

40.2

Mizuho Bank

82.0

169.7

(87.6)(14.9)(26.6)

Mizuho Corporate Bank

431.0

511.6

(80.6)

55.4

26.1

Mizuho Trust & Banking

48.3

47.8

0.5

(3.2)

(2.4)

524.1

732.1

11.7

97.0

196.3

(99.3)

29.3

375.5

485.5

(110.0)

(0.8)

51.5

50.2

1.3

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

23

Losses(208.0)Mizuho Financial Group, Inc.

11. Employee Retirement Benefits
Non-Consolidated
Projected Benefit Obligation(Millions of yen)First Half of Fiscal 2007

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2006
ChangeProjected Benefit Obligation (at the beginning of the fiscal year)(A)

Discount Rate (%)

1,106,214

36,5852.5-

1,069,628
2.5

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

1,593,641(261,301)

1,854,943

Unrecognized Net Obligation(C)

21,253204,164(182,911)

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)(D)(A)-(B)-(C)+(D)21,253204,164(182,911)(10,748)(10,967)

219

519,004(93,406)

612,411

10,323315

10,007647,71024,889622,820

2.5

-

2.5

Mizuho Bank
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)938,426(132,681)

1,071,108

Unrecognized Net Obligation(C)

46,799123,702(76,903)

46,799123,702(76,903)(8,411)(6,716)(1,695)337,515(33,868)

371,384---

336,767

6,823

329,943

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)(D)(A)-(B)-(C)+(D)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)499,063(138,790)

637,853

Unrecognized Net Obligation(C)(31,644)

84,512(116,156)(31,644)

84,512(116,156)

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)(D)(A)-(B)-(C)+(D)(643)(4,281)

3,638

130,652(61,102)

191,754---

121,736

4,872

116,864

2.5

-

2.5

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)

156,150

10,169145,980

Unrecognized Net Obligation

(C)

6,098

(4,049)10,148

6,098(4,049)10,148Unrecognized 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)(D)(A)-(B)-(C)+(D)24(1,692)30(1,722)50,836

1,563

49,273

10,323315

10,007

Mizuho Financial Group, Inc.
Income (Expenses) related to Employee Retirement Benefits(Millions of yen)First Half of Fiscal 2007

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 2006

Change(7,964)(13,827)
46,282(10,748)(2,690)11,052(69)(457)
11,966(10,967)(385)
86(7,895)(13,370)
34,316219(2,304)(5,109)(8,096)27,555(8,411)(1,948)
3,989

(1)
(311)
7,739
(6,716)(175)
535(5,107)(7,785)
19,815(1,695)(1,772)
3,454(1,801)(4,209)14,470
(643)
(625)
7,190

(41)
(85)
2,670
(4,281)(214)(1,951)(1,759)(4,124)
11,800
3,638
(411)
9,142

(1,054)(1,521)
4,256(1,692)
(116)
(128)

(26)
(60)
1,556
30
4
1,502

(1,027)(1,460)2,700(1,722)(120)(1,631)

10,966

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 2007

Consolidated

First Half of Fiscal 2006
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

25

1,176,329
36,82236,822(11,852)

47,069211,468
211,468(11,473)

1,129,260(174,646)(174,646)
(378)

6,610

640

5,969

Mizuho Financial Group, Inc.

12. Capital Adequacy Ratio (Basel Ⅱ)
Consolidated(%, Billions of yen)Mizuho Financial GroupAs of September 30, 2007

BIS Standard(Preliminary)(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

Other(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

Change fromMarch 31, 2007

As ofMarch 31, 2007

11.80
6.97
4,918.7
1,540.9411.0
1,490.6
2.4(36.7)
1,527.7
1,314.0(12.5)
3,720.8
3,720.8
842.3
114.4
69.8
2,694.2691.9
2,002.2
316.7
8,322.8
70,525.1
61,662.8
49,915.3
11,747.5
2,680.2
3,905.5
2,276.5(0.68)
0.01(14.8)(0.0)
50.7(29.9)(101.2)
2.2(198.4)(190.9)(0.4)(371.7)(371.7)(258.4)(1.6)(61.7)(49.9)(93.6)
43.6
131.9(518.5)(270.3)
1,907.7
1,196.7
711.0
493.7
28.0
(2,699.9)

12.48
6.96
4,933.5
1,540.9411.1
1,439.9
32.3
101.2(38.9)
1,726.1
1,504.9(12.1)
4,092.6
4,092.6
1,100.8
116.0
131.5
2,744.1
785.5
1,958.6
184.7
8,841.3
70,795.4
59,755.0
48,718.5
11,036.4
2,186.4
3,877.5
4,976.4

10.90
6.03
4,931.2
4,098.1
125.3
8,904.1
81,674.3(0.68)(0.14)(14.3)(363.7)3.4(381.5)
1,555.8

11.58
6.17
4,945.6
4,461.8
121.9
9,285.6
80,118.4(Reference) Basel Ⅰbasis(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

26

MIzuho Financial Group, Inc.
(%, Billions of yen)Mizuho Bank
Domestic Standard

As of September 30, 2007

Change fromMarch 31, 2007

(Preliminary)(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

12.25

0.51

As of
March 31, 2007
11.74

7.60

0.49

7.11

2,122.1

54.4

2,067.7

1,346.8(38.8)

1,385.6

48.2

7.7

40.5

3,420.7

7.9

3,412.8

27,913.5(1,140.0)

29,053.6

10.46

0.15

10.31

6.13

0.16

5.97

13.05

(0.96)

14.01

8.55

(0.01)

8.56(Reference) Basel Ⅰbasis

Capital Adequacy Ratio
Tier 1 Capital Ratio

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

3,284.0

27.2

3,256.8

2,002.3(249.8)2,252.1

276.3

96.9

179.4

5,009.9(319.5)5,329.5

38,389.4

365.0

38,024.4

11.99(1.00)

12.99

7.44

(0.22)

7.66

14.70

(0.99)

15.69

8.58

(0.38)

8.96

352.5

(7.2)

359.8

252.8

(18.7)

271.6

1.4

(0.0)

1.4

(Reference) Basel Ⅰbasis

Capital Adequacy Ratio
Tier 1 Capital Ratio

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

604.0(26.0)

630.0

4,107.0

91.8

4,015.2

13.60(0.84)

14.44

7.74

(0.30)

8.04

11.99

0.07

11.92

7.20

0.35

6.85

(Reference) Basel Ⅰbasis

Capital Adequacy Ratio
Tier 1 Capital Ratio(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

2,122.1

54.4

2,067.7

1,461.9(108.8)

1,570.7

48.3

7.7

40.5

3,535.7(62.1)

3,597.9

29,465.2(696.1)30,161.4

11.05

0.02

11.03

6.16

0.22

5.94

(Reference) Basel Ⅰbasis

Capital Adequacy Ratio
Tier 1 Capital Ratio

27

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, 2007

As of March 31, 2007

Change fromMarch 31,2007%

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

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

0.04

1.80

888
3,439
(3,682)(3,828)(3,183)

Total Loans

66,056,468

100.0092,167

0.96
0.01
0.77

%
0.00
0.00
(0.00)(0.00)(0.00)

Change from
September
30, 2006(17,194)
261,440(4,695)(1,097)
238,453%(0.02)
0.38(0.00)(0.01)
0.33

993,739

As of September 30, 2006%

30,838633,107
10,458517,986
1,192,392

0.04

65,964,301

%
0.07

1.80

48,921
375,106
11,471
515,255
950,755

100.0065,062,729

100.00

0.95
0.01
0.78

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
498,834(19,483)(121,442)
518,317

0.57
0.01
0.79
1.46

620,276

Trust Account
As of September 30, 2007%

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

7,314

-

7,314

15.87

46,061100.00%(394) 1.29
(121) (0.22)(515) 1.06

15.87

-

As of March 31, 2007

Change fromMarch 31,2007

Change from
September
30, 2006%

494 5.53(123) (0.18)(35) (0.05)
335 5.28(6,808)(19,832)

Change fromMarch 31,2007

Change from
September
30, 2006

As of September 30, 2006

%

7,708
121

%

-

-

7,829

14.80

6,819
123
35
6,978

52,869100.0065,894

14.58
0.22

-

-

10.34

100.00

0.18
0.05
10.59

Consolidated + Trust Account
As of September 30, 2007%

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

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

As of March 31, 2007

888
3,044
(3,803)(3,828)(3,698)

0.04
0.97
0.01
0.77
1.81

%
0.00
0.00
(0.00)(0.00)(0.00)(17,194)
261,935(4,818)(1,133)
238,789

Total Loans
66,102,530 100.00
85,359973,906* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

28%(0.02)
0.38(0.00)(0.01)
0.33

As of September 30, 2006%

30,838640,816
10,580517,986
1,200,222

0.04

66,017,171

%
0.07

1.81

48,921
381,925
11,595515,291
957,734

100.0065,128,624

100.00

0.97
0.01
0.78

0.58
0.01
0.79
1.47

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen, %)(Banking Account + Trust Account)
As of September 30, 2007

As of March 31, 2007

Change fromMarch 31,2007%

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

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

0.04

1.81

928
33,904(3,803)(13,428)
17,600Total Loans

66,164,338

100.00(714,651)

0.99
0.01
0.75

Change from
September 30,
2006

%
0.00
0.06
(0.00)(0.01)
0.04(16,965)
296,547(4,818)(12,026)
262,737%

As of September 30, 2006%

(0.02)
0.44(0.00)(0.02)
0.39

173,110

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
464,186(21,442)(91,039)%

27,597627,251
10,580515,273
1,180,702

0.04

0.06

1.76

45,491
364,608
11,595
513,870
935,565

66,878,989

100.0065,991,228

100.00

0.93
0.01
0.77

485,628

0.55
0.01
0.77
1.41

555,225

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

24,005426,234
5,848
226,614682,702

0.07

2.03

2,484
124,059(4,082)(7,763)
114,698

33,519,576

100.00(545,483)

1.27
0.01
0.67

0.00
0.38
(0.01)(0.01)
0.36(14,942)
151,306(4,442)
23,658
155,580(0.04)
0.46(0.01)
0.08
0.49(660,107)

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
169,821
10,388(63,138)

21,520302,174
9,930
234,378
568,004

0.11

1.66

38,947274,928
10,290202,956
527,12234,065,059 100.00

34,179,684

100.00159,432

232,959

0.06
0.88
0.02
0.68

0.80
0.03
0.59
1.54

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

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

0.01

1.56

(520)
(55,259)(59)
15,266(40,573)

29,095,862

100.00361,005

0.75

0.80

(0.00)(0.20)(0.00)
0.04(0.16)(784)
145,054(10,562)
133,707(0.00)
0.48(0.06)
0.42

996,373

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
261,231(25,858)(15,347)

3,640
274,035
59
219,458
497,195

0.01

1.73

3,904
73,721
245,288322,914

28,734,856 100.00

28,099,488

100.00287,089

276,579

0.01
0.95
0.00
0.76

0.26

0.87
1.14

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

1,400
8,830
928
40,503
51,663

1.47(1,035)(34,502)460(20,932)(56,009)3,502,837 100.00(523,365)

0.03
0.25
0.02
1.15

(0.02)(0.82)
0.01(0.36)(1.19)(1,239)(308)(253)(25,086)(26,886)(0.03)
0.00(0.00)(0.64)(0.67)(143,323)

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
33,133(5,972)(12,553)

2,435
43,332468
61,436
107,672

0.07

2.67

2,639
9,139
1,181
65,59078,5504,026,203 100.00

3,646,161

100.0039,10645,687

0.06
1.07
0.01
1.52

0.25
0.03
1.79
2.15

(Trust Account)

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

7,314
7,314

15.87

(394)
(121)
(515)

Total Loans

46,061 100.00(6,808)

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

29

1.29
(0.22)

1.06

494
(123)
(35)
335
(19,832)

5.53(0.18)(0.05)
5.28

7,708
121
7,829

14.80

6,819
123
35
6,978

52,869 100.00

65,894

14.58
0.22

-

10.34
0.18
0.05
10.59

100.00Mizuho Financial Group, Inc.

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

As of September 30, 2007
Change fromMarch 31,2007

Change from
September 30,
2006

As of
March 31,2007

Reserves for Possible Losses on Loans

782,653(73,660)
39,875856,314447,196(53,666)(118,086)
500,863
335,304(17,012)160,471352,317
Reserve for Possible Losses on Loans to Restructuring Countries
152(2,980)(2,510)3,133Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
(3,950)(101,000)
Amount of Partial Direct Write-offs
532,965
536,916
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2006742,778565,282
174,833
2,662
633,965

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2007
Change fromMarch 31, 2007

Change from
September 30,
2006

As of
March 31, 2007

Reserves for Possible Losses on Loans

676,945(64,187)
29,457
741,133
395,009(51,345)(130,712)
446,354281,783(9,861)
162,679
291,645
Reserve for Possible Losses on Loans to Restructuring Countries
152(2,980)(2,510)3,133Above 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
497,041(6,094)(70,725)
503,136
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2006

647,488525,721
119,104
2,662
567,766

Mizuho Bank
Reserves for Possible Losses on Loans

27,42869,168340,828(10,044)
15,493
248,124
37,52453,724
92,652
Reserve for Possible Losses on Loans to Restructuring Countries
(51)
(49)
51
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
189,028
15,337(51,925)
173,690
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

368,256
238,080130,176

299,087
222,586
76,451
49
240,953

Mizuho Corporate Bank
Reserves for Possible Losses on Loans

284,208(69,139)(31,984)
353,347
135,393(40,349)(138,494)
175,743
148,661(26,042)
108,693
174,703
Reserve for Possible Losses on Loans to Restructuring Countries
152(2,747)(2,184)
2,900
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
274,560(15,459)(4,726)
290,019
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

316,192
273,888
39,9682,336
279,287

Mizuho Trust & Banking
Reserves for Possible Losses on Loans

24,481(22,476)(7,726)
46,957
21,535(951)(7,711)
22,486
2,946(21,343)261
24,289Reserve for Possible Losses on Loans to Restructuring Countries
0
(181)
(276)
181
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
33,452(5,972)(14,073)
39,425General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans30

32,207
29,2462,684
276
47,526

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans
Consolidated(%)
As of September 30, 2007
Change fromMarch 31, 2007

Mizuho Financial Group

65.81(6.00)

Change from
September 30, 2006

(12.31)As ofMarch 31
2007
71.81

As of
September 30,
2006
78.12

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

Non-Consolidated(%)
As of September 30, 2007
Change fromMarch 31, 2007

Total

56.83

(6.35)

Mizuho Bank

53.94

Mizuho Corporate Bank

62.24

Mizuho Trust & Banking (Banking Account)

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

31

Change from
September 30, 2006

As ofMarch 31,
2007

As of
September 30,
2006(12.88)

63.18

69.72

(6.06)(2.79)

60.00

56.73

(8.82)(35.67)

71.06

97.91

3.77

6.38

43.61

41.00

Mizuho Financial Group, Inc.

4. Status of Disclosed Claims under the Financial Reconstruction Law ("FRL")
Consolidated(Millions of yen)

As of September 30, 2007
Change fromMarch 31, 2007

Change from
September 30, 2006

As ofMarch 31,
2007

As of
September 30,
2006

Claims against Bankrupt and Substantially Bankrupt Obligors

146,523

7,476

11,077139,046

135,445

Claims with Collection Risk

600,894

4,571

254,529596,323

346,365

Claims for Special Attention

521,065(7,555)(5,920)528,620526,985

1,268,482

4,491

259,686

1,263,991

1,008,796

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

520,810(15,497)(112,712)

536,308

633,523

Trust Account
As of September 30, 2007
Change fromMarch 31, 2007-

Claims against Bankrupt and Substantially Bankrupt Obligors

Claims with Collection Risk

7,314

Claims for Special Attention
Total

7,314

Change from
September 30, 2006

-

As of
March 31,
2007

-

As of
September 30,
2006
-

-

(394)

494

7,708

6,819

(121)

(159)

121

159

(515)

335

7,829

6,978

As of
March 31,
2007

As of
September 30,
2006

Consolidated + Trust Account
As of September 30, 2007
Change fromMarch 31, 2007

Change from
September 30, 2006

Claims against Bankrupt and Substantially Bankrupt Obligors

146,523

7,476

11,077139,046

135,445

Claims with Collection Risk

608,209

4,176

255,024

604,032

353,184

521,065(7,676)(6,079)528,741

527,144

1,275,797

3,976

260,022

1,271,821

1,015,775

Claims for Special Attention
Total* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

32

Mizuho Financial Group, Inc.
Non-Consolidated(Millions of yen, %)As of March 31, 2007 As of September 30, 2006

As of September 30, 2007

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 31,2007%

161,058

0.21

38,767598,978508,751
1,268,787
73,690,636
74,959,424

0.79

533
(17,276)
22,024(622,377)(600,353)

0.67
1.69
98.30
100.00Change from
September 30,
2006

%

%

0.05

46,2360.00

253,232(16,972)
282,495
251,789534,285(0.01)
0.04(0.04)%%

0.06

122,2900.16

114,822

0.15

0.33

598,444526,028
1,246,763
74,313,014
75,559,777

0.79

345,745525,724986,291
73,438,847
74,425,138

0.46(0.02)
0.36(0.36)

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
485,422(17,409)(82,180)

0.69
1.65
98.34
100.00502,831

0.70
1.32
98.67
100.00567,603

Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt
Obligors

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

113,838

0.31

43,4720.12

23,7060.07

70,3660.18

90,132

0.24

363,389
232,462
709,691

0.99

87,907(11,845)
119,533

0.25

130,283
19,216173,206

0.37

233,106
213,246
536,485

0.62

35,845,458
36,555,150

98.05(990,849)(817,642)(0.50)

275,482
244,308
590,158
36,838,407
37,428,566

0.73(0.01)

36,836,307
37,372,792

98.56

0.63
1.94

100.00(992,949)(873,415)

0.36(0.36)

0.06
0.50

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
189,022
15,471(51,930)

0.65
1.57
98.42
100.00173,5510.57
1.43

100.00240,953

Mizuho Corporate Bank
Claims against Bankrupt and Substantially Bankrupt
Obligors

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

17,2690.04(4,097)(0.01)(2,571)(0.01)

21,3670.06

19,8400.05

219,395
234,725
471,390
34,268,706
34,740,096

0.63(52,376)
15,206(41,267)(0.16)

142,820(10,562)
129,686

0.40

76,575245,288341,703

0.23

855,959
814,6910.15

271,772
219,518
512,658
33,412,746
33,925,404

0.80(0.06)

32,874,475
33,216,179

98.97

0.67
1.35
98.64
100.000.02(0.15)

1,394,230
1,523,916

0.32(0.32)

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
263,084(26,907)(16,176)

0.64
1.51
98.48
100.00289,9920.73
1.02

100.00279,261

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

29,950

(606)

0.69

30,556

0.73

4,849

0.12

0.24
8,878
(34,602) (0.80)(20,365) (0.53)
1.14
41,562(20,516) (0.34)(25,467) (0.62)
2.22(1.05)
80,391(55,725)(20,732) (0.46)
97.77
1.05
Normal Claims
3,537,724(479,095)(131,423) 0.46
Total
3,618,115 100.00(534,821)(152,156)
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
33,314(5,973)(14,073)

43,481
62,079136,117
4,016,819
4,152,937

1.04

29,244
67,030101,124
3,669,147
3,770,271

0.77

0.82

0.09

25,100Claims with Collection Risk
Claims for Special Attention
Sub-total

1.49
3.27
96.72
100.0039,287

1.77
2.68
97.31
100.0047,388(Trust Account)
Claims against Bankrupt and Substantially Bankrupt
Obligors

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

7,314
7,314
38,74746,061

-

-

15.87

(394)
(121)
(515)
(6,292)(6,808)

15.87
84.12
100.00

-

-

1.29

494
(159)
335
(20,168)(19,832)(0.22)
1.06(1.06)

5.53(0.24)
5.28(5.28)

7,708
121
7,829
45,03952,869

14.58
0.22
14.80
85.19
100.00

6,819
159
6,978
58,91565,894

10.34
0.24
10.59
89.40
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 (￥959 million, \1,300 million and \1,807 million for
September 31, 2007, March 31, 2007 and September 30, 2006, respectively) are not included in the above figures for Trust Account.

33

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, 2007

Aggregated Figures of the 3 Banks (Banking Account)

Change fromMarch 31, 2007

Change from
September 30, 2006

As ofMarch 31, 2007

As of
September 30, 2006

161.0

38.7

46.2

122.2

114.8

141.3

39.1

35.1

102.2

106.2

Reserve for Possible Losses

19.6

(0.3)

11.0

20.0

8.6

Claims with Collection Risk

591.6

0.9

252.7

590.7

338.9

Collateral, Guarantees, and equivalent

235.3

49.4

59.9

185.8

175.3

Reserve for Possible Losses

272.1

(9.8)

150.3

281.9

121.7

Claims for Special Attention

508.7(17.1)(16.8)

525.9

525.5

108.7

(75.4)(70.4)

184.2

179.2
124.9

Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalentCollateral, Guarantees, and equivalent

131.6

20.1

6.7

111.4

1,261.4

22.5

282.1

1,238.9

979.3

Collateral, Guarantees, and equivalent

485.4

13.1

24.6

472.3

460.7

Reserve for Possible Losses

423.4

9.9

168.1

413.4

255.3

Reserve for Possible Losses

Total

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

113.8

43.4

23.7

70.3

90.1

109.8

42.5

23.4

67.3

86.4

Reserve for Possible Losses

3.9

0.9

0.2

3.0

3.7

Claims with Collection Risk

363.3

87.9

130.2

275.4

233.1

Collateral, Guarantees, and equivalent

193.6

43.2

59.5

150.3

134.0

Reserve for Possible Losses

126.0

36.6

53.4

89.4

72.5

Claims for Special Attention

232.4(11.8)

19.2

244.3

213.2

Collateral, Guarantees, and equivalent

71.8

(9.2)

3.2

81.1

68.6

Reserve for Possible Losses

40.2

(1.8)

(0.2)

42.1

40.5

709.6

119.5

173.2

590.1

536.4

Collateral, Guarantees, and equivalent

375.3

76.5

86.1

298.7

289.1

Reserve for Possible Losses

170.3

35.7

53.5

134.5

116.8

Total

Mizuho Corporate Bank
17.2

(4.0)

(2.5)

21.3

19.8

13.0

(3.0)

(2.3)

16.0

15.3

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

4.1

(1.0)

(0.2)

5.2

4.4

Claims with Collection Risk

219.3

(52.3)

142.8

271.7

76.5
26.5

Collateral, Guarantees, and equivalent

36.6

9.8

10.1

26.7

Reserve for Possible Losses

143.4(25.1)

107.9

168.6

35.5

Claims for Special Attention

234.7

15.2

(10.5)

219.5

245.2

Collateral, Guarantees, and equivalent

28.2(41.9)(47.4)

70.1

75.6

Reserve for Possible Losses

78.6

20.7

8.8

57.9

69.8

471.3

(41.2)

129.6

512.6

341.7

Collateral, Guarantees, and equivalent

78.0(35.0)(39.5)

113.0

117.5

Reserve for Possible Losses

226.3

(5.4)

116.5

231.8

109.7

Total

Mizuho Trust & Banking(Banking Account)
29.9

(0.6)

25.1

30.5

4.8

Collateral, Guarantees, and equivalent

18.4

(0.3)

14.0

18.7

4.4

Reserve for Possible Losses

11.5

(0.2)

11.0

11.7

0.4

Claims with Collection Risk

8.8

(34.6)(20.3)

43.4

29.2

Claims against Bankrupt and Substantially Bankrupt Obligors

Collateral, Guarantees, and equivalent

5.0

(3.7)

(9.6)

8.7

14.7

Reserve for Possible Losses

2.5(21.3)(11.1)

23.8

13.6

Claims for Special Attention

41.5(20.5)(25.4)

62.0

67.0

Collateral, Guarantees, and equivalent

8.6(24.2)(26.2)

32.9

34.9

Reserve for Possible Losses

12.6

1.2

(1.9)

11.4

14.6

80.3

(55.7)(20.7)

136.1

101.1

Collateral, Guarantees, and equivalent

32.1(28.3)(21.8)

60.5

54.0

Reserve for Possible Losses

26.7(20.3)

(1.9)

47.0

28.7

-

-

-

-

-

-

-

-

-

-

Total

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

Claims with Collection Risk
Collateral, Guarantees, and equivalent

Claims for Special Attention
Collateral, Guarantees, and equivalent

Total
Collateral, Guarantees, and equivalent

7.3

(0.3)

0.4

7.7

6.8

7.3

(0.3)

0.4

7.7

6.8

-

(0.1)

(0.1)

0.1

0.1

-

(0.1)

(0.1)

0.1

0.1

7.3

(0.5)

0.3

7.8

6.9

7.3

(0.5)

0.3

7.8

6.9

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

34

Mizuho Financial Group, Inc.

(2) Coverage Ratio(Billions of yen)
As of September 30, 2007

Aggregated Figures of the 3 Banks (Banking Account)

Change fromMarch 31, 2007

Change from
September 30, 2006

As ofMarch 31,
2007

As of
September 30,
2006

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

908.9
423.4
485.4

23.1
9.9
13.1

192.8
168.1
24.6

885.8
413.4
472.3

716.1
255.3
460.7

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

72.0
100.0
85.7
47.2
49.2

0.5
6.5
(8.9)
(8.6)

(1.0)
(1.8)
(10.6)(10.5)

71.4
100.0
79.1
56.2
57.8

73.1
100.0
87.6
57.8
59.8

Reserve Ratio against Non-collateralized Claims
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

100.0
76.3
32.9
32.0

-

-

6.7
0.2
(0.2)

1.9
(3.1)
(4.0)

100.0
69.6
32.6
32.2

100.0
74.4
36.0
36.0

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

23.94
5.26
0.10

3.89
(2.13)(0.01)

1.25(5.27)(0.01)

20.05
7.39
0.11

22.69
10.54
0.11

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

545.6
170.3
375.3

112.3
35.7
76.5

139.7
53.5
86.1

433.3
134.5
298.7

(Billions of yen)
405.9
116.8
289.1

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

76.8
100.0
87.9
48.2
49.4

3.4

1.2

0.9
(2.2)
(1.5)

(0.6)
(2.9)
(3.3)

73.4
100.0
87.0
50.4
51.0

75.6
100.0
88.6
51.1
52.7

Reserve Ratio against Non-collateralized Claims
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

100.0
74.2
25.0
25.5

-

-

2.8
(0.7)
(0.5)

0.9
(2.9)
(3.1)

100.0
71.4
25.8
26.0

100.0
73.2
28.0
28.6

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

17.34
5.63
0.15

0.07
(0.57)(0.01)(1.65)(1.39)
0.00

17.26
6.21
0.17

18.99
7.03
0.15

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

304.3
226.3
78.0

(40.5)(5.4)(35.0)

77.0
116.5(39.5)

344.8
231.8
113.0

(Billions of yen)
227.3
109.7
117.5

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

64.5
100.0
82.1
45.5
48.4

(2.7)
10.2
(12.7)(13.5)(1.9)
1.1(13.7)(13.6)

67.2
100.0
71.9
58.3
61.9

66.5
100.0
81.0
59.3
62.1

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
78.5
38.1
38.0

-

-

9.6
(0.6)
(0.1)

7.5
(3.0)
(2.5)

100.0
68.8
38.7
38.1

100.0
70.9
41.1
40.6

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

31.69
4.39
0.05

8.20
(6.80)(0.00)

5.74(13.54)(0.00)

23.49
11.20
0.05

25.95
17.93
0.06

(%)

(%)

(%)

Mizuho Bank

(%)

(%)

(%)

Mizuho Corporate Bank

(%)

(%)

(%)

35

Mizuho Financial Group, Inc.

(Billions of yen)
As of September 30, 2007
Change from
September 30,
2006

Change fromMarch 31, 2007

Mizuho Trust & Banking (Banking Account)

As ofMarch 31,
2007

As of
September 30,
2006

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

58.8
26.7
32.1

(48.6)(20.3)(28.3)(23.8)(1.9)(21.8)

107.5
47.0
60.5

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

73.2
100.0
85.4
51.3
52.2

(5.7)

(8.5)

-

-

10.3
(20.0)(20.4)(11.6)(22.4)(22.7)

79.0
100.0
75.1
71.4
72.6

82.7
28.7
54.0
(%)
81.8
100.0
97.1
73.8
74.9

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
66.4
38.5
38.7

-

-

(2.3)
(0.6)
(1.5)

(27.8)
(6.9)
(7.8)

100.0
68.8
39.1
40.2

(%)
100.0
94.2
45.4
46.5

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

30.20
4.16
0.08

11.76
(0.43)(0.00)

8.38
0.95(0.13)

18.43
4.60
0.09

(%)
21.82
3.21
0.21

36

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
161.0
161.0

Category III

Category IV(NonCollateralized)

Reserve
Ratio
100%

DirectWrite-offs

Collateral, Guarantees, etc. : 141.3
Reserves for Possible Losses : 19.6

Claims against Bankrupt
and Substantially
Bankrupt Obligors
161.0

28.5

Coverage Ratio
100%

Intensive Control Obligors
591.6

Loans to Bankrupt
Obligors

Non-Accrual
Delinquent Loans

507.4

84.2

Reserve
Ratio
76.3%

Collateral, Guarantees, etc. : 235.3
Reserves for Possible Losses : 272.1

Amounts forreserves arerecorded under
NonCategorization

Claims with Collection
Risk
591.6
Coverage Ratio

653.8

85.7%
70.4 （Note 2)

Watch Obligors
Claims for Special
Attention

Reserve Ratio against
Uncovered Portion
32.9％

Claims for Special
Attention (Note 1)

Loans Past Due for 3
Months or More
6.7

508.7
Collateral, Guarantees, etc. : 108.7
Reserves for Possible Losses: 131.6

508.7

Restructured Loans

Coverage Ratio
47.2%

501.8

（Note 2）

Special Attention Obligors
Total Coverage Ratio
72.0%

Other Watch Obligors

Claims against Special Attention Obligors-Coverage Ratio: 49.2%-Reserve Ratio for Uncovered Portion: 32.0%-Reserve Ratio against Entire Claim: 23.9%

Normal Obligors

Reserve Ratio against Total Claims
・Other Watch Obligors 5.26%
・Normal Obligors
0.10%

Total

Total
1,261.4

74,913.3

Total
1,190.9

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.

37

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 2004

Fiscal 2005

Fiscal 2006

Fiscal 2007
As of September 30, 2007

As of
As of
As of
As of
As of
As of
September 30, March 31, September 30, March 31, September 30, March 31,
2006
2004
2005
2005
2006
2007

MizuhoBank

MizuhoCorporate
Bank

MizuhoAggregated
Change fromTrust & Figures of the
March 31,
Banking
3 Banks
2007

Claims against Bankrupt and Substantially Bankrupt Obligors

2,282.5

169.3

111.1

60.6

47.5

42.1

26.2

12.6

1.5

40.3

Claims with Collection Risk

6,589.4

171.7

104.4

78.1

63.7

54.7

26.8

18.0

0.7

45.6

(9.0)

8,871.9

341.1

215.5

138.8

111.3

96.9

53.0

30.6

2.3

86.0

(10.8)

973.5

144.6

92.3

43.8

35.8

31.7

17.4

6.8

1.5

25.8

(5.9)

0.0

Amount Categorized as above up to First Half of Fiscal 2004

of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

40.1

22.8

38.2

33.0

8.3

3.4

2.1

Claims with Collection Risk

634.0

476.8

76.6

60.2

37.4

28.9

0.8

674.1

499.7

114.8

93.3

45.8

32.4

2.9

24.1

22.6

13.9

31.2

6.9

3.4

2.1

Amount Newly Categorized as above during theSecond Half of Fiscal 2004
of which the amount which was in the process of
being removed from the balance sheet

(1.7)

5.6

(2.6)

29.7

(7.6)

0.0

35.4

(10.3)

0.0

5.6

(1.2)

-

Claims against Bankrupt and Substantially Bankrupt Obligors

27.5

15.8

7.8

5.9

4.4

1.2

0.0

5.6

(0.2)

Claims with Collection Risk

121.4

65.8

42.7

22.2

11.0

2.7

1.0

14.7

(7.4)

148.9

81.6

50.6

28.1

15.5

3.9

1.0

20.4

(7.6)

23.0

12.1

7.0

5.4

3.9

1.2

0.0

5.1

(0.2)

Amount Newly Categorized as above during theFirst Half of Fiscal 2005of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

16.2

9.7

8.3

3.7

1.1

0.0

4.9

(3.3)

Claims with Collection Risk

134.5

72.7

48.1

30.9

6.0

1.1

38.0

(10.0)

150.8

82.4

56.4

34.6

7.1

1.1

43.0

(13.4)

14.4

8.5

5.4

3.7

-

0.0

3.7

(1.6)

-

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
Claims against Bankrupt and Substantially Bankrupt Obligors

16.6

38.3

6.2

27.7

34.0

(4.3)

Claims with Collection Risk

106.1

49.6

22.2

2.2

6.4

30.9

(18.7)

122.8

88.0

28.4

2.2

34.2

64.9

(23.0)

12.2

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

10.2

5.9

-

0.1

6.0

(4.1)

Claims against Bankrupt and Substantially Bankrupt Obligors

19.1

12.1

-

0.3

12.4

(6.7)

Claims with Collection Risk

386.1

58.5

2.9

3.8

65.3

(320.7)

405.3

70.7

2.9

4.1

77.8

(327.5)

17.9

12.1

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

0.3

12.4

(5.4)

Claims against Bankrupt and Substantially Bankrupt Obligors

57.5

0.1

0.2

57.9

57.9

Claims with Collection Risk

184.7

186.6

2.9

374.3

374.3

242.3

186.7

3.1

432.2

432.2

0.2

26.4

26.4
38.7

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

-

26.2

-

Claims against Bankrupt and Substantially Bankrupt Obligors

209.5

161.4

130.8

114.8

122.2

113.8

17.2

29.9

161.0

Claims with Collection Risk

805.8

702.7

355.2

345.7

598.4

363.3

219.3

16.1

598.9

0.5

1,015.3

864.2

486.1

460.5

720.7

477.2

236.6

46.1

760.0

39.2

168.7

138.0

84.4

94.9

77.7

72.9

10.1

2.3

85.4

7.7

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

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
2007

ModifiedAccumulated
RemovalRatio*Up to First Half of Fiscal 2004

8,871.9

86.0

8,785.8

99.0

Second Half of Fiscal 2004

674.1

35.4

638.7

94.7

95.5

First Half of Fiscal 2005

148.9

20.4

128.4

86.2

89.7

Second Half of Fiscal 2005

150.8

43.0

107.8

71.4

73.9

First Half of Fiscal 2006

122.8

64.9

57.8

47.0

52.0

Second Half of Fiscal 2006

405.3

77.8

327.5

80.8

83.8

First Half of Fiscal 2007

432.2

432.2

10,806.2

760.0

Total

10,046.2

38

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 2007
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)
Newly Categorized
Fiscal 2005

Fiscal 2004
Up toFirst Half

Second HalfFirst Half

Amount Removed
from B/S in theFirst Half of
Fiscal 2007

Fiscal 2006

Second HalfFirst Half

Second Half

Liquidation(28.3)

(0.9)

(0.0)

(0.2)

(0.4)

(0.0)

(30.0)

Restructuring

(6.0)

(4.6)

-

-

(0.3)

(0.0)

(11.0)

Improvement in Business Performance due to Restructuring

(1.0)

-

-

(0.0)

(0.0)

(0.0)

(1.0)

Loan Sales

(8.1)

(4.8)

(2.6)

(7.6)

(2.5)

(0.4)

(26.2)

Direct Write-off

44.5

7.4

2.4

4.6

(1.7)

(10.8)

46.5

Other

(11.9)

(7.3)

(7.5)

(10.1)(17.9)(316.0)(371.0)Debt recovery

(8.9)

(5.9)

(5.9)

(8.3)

(9.6)

(29.1)(67.9)

Improvement in Business Performance

(2.9)

(1.3)

(1.6)

(1.8)

(8.2)

(286.9)(303.0)(10.8)(10.3)(7.6)(13.4)(23.0)(327.5)(392.9)Liquidation

(7.7)

(0.9)

(0.0)

(0.2)

(0.4)

(0.0)

(9.5)

Restructuring

-

(4.6)

-

-

(0.3)

(0.0)

(5.0)

Improvement in Business Performance due to Restructuring

-

-

-

-

-

-

-

Loan Sales

(8.1)

(4.8)

(2.6)

(7.6)

(0.7)

(0.4)

(24.3)

Direct Write-off

13.0

7.5

2.2

4.8

(2.2)

(10.8)

14.6

Other

(4.6)

(6.8)

(3.5)

(9.4)

(15.9)(46.2)(86.6)

Debt recovery

(2.3)

(5.4)

(1.8)

(7.8)

(8.7)

(26.0)(52.3)

Improvement in Business Performance

(2.2)

(1.3)

(1.6)

(1.6)

(7.2)

(20.1)(34.2)

(7.5)

(9.7)

(3.9)

(12.4)(19.6)(57.6)(110.9)(20.5)

Total

Mizuho Bank

Total

Mizuho Corporate Bank
Liquidation(20.5)

-

-

-

-

-

Restructuring

(0.7)

-

-

-

-

-

(0.7)

Improvement in Business Performance due to Restructuring

(1.0)

-

-

-

-

-

(1.0)

Loan Sales
Direct Write-off
Other

-

-

-

-

(1.6)

-

(1.6)

26.2

(0.0)

0.2

-

0.4

(0.0)

26.9
(246.1)

(7.1)

(0.5)

(3.9)

(0.4)

0.0

(234.1)

Debt recovery

(6.5)

(0.4)

(3.9)

(0.4)

0.0

(2.8)

(14.1)

Improvement in Business Performance

(0.6)

(0.0)

-

-

(0.0)

(231.3)(232.0)

(3.1)

(0.5)

(3.6)

(0.4)

(1.1)

(234.2)(243.2)

Total

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

-

-

-

-

-

-

-

Restructuring

(5.2)

-

-

-

-

-

(5.2)

Improvement in Business Performance due to Restructuring

(0.0)

-

-

(0.0)

(0.0)

(0.0)

(0.0)

-

-

-

-

(0.2)

-

(0.2)

Direct Write-off

5.2

(0.0)

-

(0.2)

(0.0)

-

4.9

Other

(0.1)

(0.0)

(0.0)

(0.2)

(2.0)

(35.6)(38.1)

Debt recovery

(0.0)

(0.0)

(0.0)

(0.0)

(1.0)

(0.2)

(1.5)

Improvement in Business Performance

(0.0)

(0.0)

(0.0)

(0.2)

(0.9)

(35.4)(36.6)

(0.1)

(0.1)

(0.0)

(0.5)

(2.2)

(35.6)(38.7)

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

Loan Sales

Total(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet
Amount Removed
Up to Second
Half of Fiscal
2004*

In First Half of
Fiscal 2005

In Second Half of
Fiscal 2005

In First Half of
Fiscal 2006

In Second Halfof
Fiscal 2006

In First Half of
Fiscal 2007

Accumulated
Removed Amountfrom B/S
since Second Half of
Fiscal 2000

Liquidation(1,300.1)(28.5)(40.7)

(6.3)

(6.9)

(30.0)(1,412.7)

Restructuring(1,600.0)(12.5)(55.8)(104.7)(55.5)(11.0)(1,839.9)(175.2)

(1.0)

(3.1)

(0.0)

(1.0)

(1.0)

(181.6)(3,922.4)(153.2)(47.6)(34.4)(38.0)(26.2)(4,222.0)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

2,792.5

99.2

45.8

155.4

81.0

46.5

3,220.6

Other(4,325.4)(203.8)(427.3)(158.2)(124.5)(371.0)(5,610.4)

Total

Debt recovery(148.5)(217.0)(113.8)(67.7)(67.9)

Improvement in Business Performance(55.2)(210.2)(44.3)(56.8)(303.0)(300.0)(528.9)(148.4)(145.1)(392.9)(8,530.8)* From the Second Half of Fiscal 2000 to the Second Half of Fiscal 2004.

39(10,046.2)

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, 2007

As of March 31, 2007

As of September 30, 2006

Change from March 31, 2007

Change from September 30, 2006

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

1,157.1(1,692.6)

16.8(354.1)263.0

60,963.0

1,140.2

59,624.6

894.1

7,273.6

102.5

192.4

22.3

28.0

25.3

7,081.1

80.2

7,245.6

77.1

Agriculture

35.3

0.0

(1.7)

0.0

(3.2)

(0.2)

37.1

0.0

38.5

0.3

Forestry

0.9

-

(0.0)

(0.0)

(0.1)

(0.0)

1.0

0.0

1.1

0.0

Fishery

2.3

0.1

(0.0)

(0.0)

(0.7)

0.1

2.4

0.1

3.0

0.0

Mining

131.4

0.1

(7.4)

0.1

(1.5)

0.1

138.9

0.0

133.0

-

1,348.6

45.7(18.2)(6.9)(42.6)

2.1

1,366.8

52.6

1,391.2

43.5

662.8

0.3

(72.4)

0.3(235.9)

0.2

735.2

0.0

898.7

0.1

Communication

1,972.3

14.2(107.6)8.2

1,149.7

7.9

2,079.9

5.9

822.6

6.2

Transportation

2,598.1

136.4(130.6)(43.8)(261.7)(73.0)

2,728.8

180.3

2,859.9

209.4

Wholesale & Retail

5,694.5

211.6(158.6)23.3(316.2)42.4

5,853.2

188.2

6,010.8

169.1

Finance & Insurance

6,397.9216.5(356.3)(55.9)(547.5)209.1

6,754.3

272.4

6,945.5

7.4

Real Estate

6,556.0

91.8(155.8)(22.0)(149.4)(33.0)

6,711.8

113.8

6,705.4

124.8

Service Industries

7,440.7

203.6(283.1)

82.2

158.3

84.5

7,723.9

121.3

7,282.3

119.0

Local Governments

386.5

3.8

(6.8)

(0.0)

22.4

0.8

393.4

3.9

364.1

3.0

Governments

5,042.7-(662.2)-(474.0)-5,704.9-

5,516.8-

Other

13,725.9

129.8

76.3

8.9

320.6

(3.7)

13,649.5

120.8

13,405.3

133.5

9,221.4

41.1

1,062.9

0.7

1,954.3(0.2)

8,158.5

40.4

7,267.1

41.4

247.1

0.0

(48.6)(4.5)(16.6)

(2.8)

295.7

4.6

263.8

2.9

Financial Institutions

2,695.8

15.3

849.7

8.9

1,214.4

8.8

1,846.0

6.4

1,481.4

6.5

Other

6,278.4

25.7

261.8

(3.6)

756.6

(6.2)

6,016.6

29.3

5,521.8

31.9

68,491.9

1,198.3(629.6)17.6

1,600.1

262.7

69,121.5

1,180.7

66,891.7

935.5

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans59,270.4

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, 2007: \1,130.0 billion (from MHBK \565.0 billion; from MHCB \565.0 billion)
As of March 31, 2007: \1,380.0 billion (from MHBK \690.0 billion; from MHCB \690.0 billion)
As of September 30, 2006: \1,380.0 billion (from MHBK \690.0 billion; from MHCB \690.0 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.

40

Mizuho Financial Group, Inc.
As of September 30, 2007
Change from March 31, 2007

Change from September 30, 2006

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

682.7

(545.4)114.6(660.1)

155.5

34,065.0

568.0

34,179.6

527.1

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

49.0
(1.6)
(0.0)
(0.0)
(1.0)
(47.7)(1.2)(18.2)
11.2(61.6)(62.6)(109.3)(287.1)(6.4)(22.6)
14.0

17.4
0.0
(0.0)
(0.0)
0.1
(1.8)
(0.0)
2.2
(13.6)
24.5
51.2(15.3)
40.3
9.5

46.3
(3.0)
(0.1)
(0.1)
(2.4)
(60.1)(3.1)(12.4)
34.5(141.9)(222.4)(129.5)(229.9)11.8(199.3)
251.8

23.7
(0.2)
(0.0)
0.1
0.1
4.7
(0.0)
2.2
(15.8)
44.1
51.4(16.9)
43.6
18.3

3,083.4
36.0
1.0
2.0
9.5
762.3
82.9
393.9
959.5
4,097.8
2,172.5
3,566.7
3,566.5
292.3
3,517.1
11,521.0

64.0
0.0
0.0
0.1
33.6
0.0
5.4
48.0
100.9
7.3
94.6
102.8
110.8

3,086.2
37.4
1.1
2.0
10.9
774.7
84.8
388.1
936.2
4,178.1
2,332.3
3,587.0
3,509.3
274.1
3,693.7
11,283.2

57.6
0.3
0.0
0.0
27.0
0.1
5.3
50.2
81.3
7.1
96.2
99.5
102.0

-

-

-

-

-

-

-

-

-

-

33,519.5

682.7(545.4)114.6(660.1)

155.5

34,065.0

568.0

34,179.6

527.1

19,888.9

415.4(693.6)(43.0)(947.2)

132.4

20,582.6

458.4

20,836.1

282.9

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

93.0
(0.0)
(6.3)
8.8
(70.1)(43.0)(123.1)(90.0)(405.1)(61.8)(52.8)
0.0(39.5)
96.5

5.1
(0.0)
(3.9)
0.3
6.0
12.1
(1.1)
(103.9)
(4.6)
47.2
(0.2)

(76.7)
(0.1)
(0.5)
1.2
(9.6)
(224.1)(147.9)(266.8)(169.2)(402.1)(17.9)
323.5
16.4(74.7)
101.8

0.4
(1.8)
0.3
5.7
(12.4)(1.2)
126.0(11.2)
47.7(21.1)

3,580.4
1.0
0.4
123.0
480.5
556.4
300.9
1,565.9
1,526.8
4,069.9
2,292.2
3,881.5
62.1
1,487.8
653.1

14.1
0.0
17.7
0.0
0.5
87.5
85.7
230.3
11.2
10.3
0.7

3,750.2
1.1
1.0
115.4
499.1
710.5
405.8
1,709.6
1,605.9
4,067.0
2,248.3
3,505.1
45.7
1,523.0
647.7

18.8
15.6
0.0
0.8
112.1
85.8
0.3
17.8
9.8
21.7

9,206.8

41.1

1,054.6

2.4

1,943.5

1.2

8,152.2

38.7

7,263.3

39.9

245.5
2,695.8
6,265.5
29,095.8

0.0
15.3
25.7
456.6

(48.5)
849.7
253.4
361.0

(2.8)
8.9
(3.6)
(40.5)(16.5)
1,214.4
745.7
996.3

(2.8)
8.8
(4.7)
133.7

294.0
1,846.0
6,012.0
28,734.8

2.9
6.4
29.3
497.1

262.0
1,481.4
5,519.7
28,099.4

2.9
6.5
30.4
322.9

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

33,519.5

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, 2006

As of March 31, 2007

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
5,861.8
58.9(453.4)(54.8)
1,253.1(25.0)
6,315.3
113.8
4,608.7
83.9(excluding Loans Booked Offshore)
Manufacturing
467.6
1.8
50.3
(0.2)
58.4
1.0
417.3
2.0
409.2
0.7
Agriculture
Forestry
Fishery
Mining
6.2
(0.0)
(0.3)
6.3
6.6
Construction
144.6
0.1
20.6
(1.0)
27.1
(0.7)
123.9
1.2
117.4
0.8
Utilities
94.7
(1.0)
(8.6)
95.7
103.4
Communication
1,338.7(46.3)
1,310.1
1,385.0
28.5
Transportation
184.5
2.3
(18.7)(42.4)(29.4)(44.7)
203.3
44.7
214.0
47.1
Wholesale & Retail
221.6
1.4
(6.9)
0.0
(5.0)
(0.4)
228.5
1.4
226.6
1.9
Finance & Insurance
623.2
31.5
111.3
(3.2)
77.0
31.5
511.8
34.7
546.2
Real Estate
868.1
5.9
15.3
(2.0)
(1.9)
(4.7)
852.8
8.0
870.0
10.7
Service Industries
332.5
2.8
56.7
(5.4)
64.6
(6.8)
275.8
8.2
267.8
9.6
Local Governments
38.4
3.8
(0.5)
(0.0)
(5.8)
0.8
39.0
3.9
44.2
3.0
Governments
100.0(600.0)(200.0)
700.0
300.0
Other
1,441.1
8.8(34.2)(0.3)(33.1)(0.9)
1,475.4
9.2
1,474.3
9.7
Overseas Total
14.5
8.2
(1.6)
10.7
(1.5)
6.3
1.6
3.8
1.5
(including Loans Booked Offshore)
Governments
1.5
(0.0)
(1.6)
(0.1)
1.6
1.6
1.7
Financial Institutions
Other
12.9
8.3
10.8
(1.5)
4.6
2.1
1.5
Total
5,876.4
58.9(445.1)(56.5)
1,263.8(26.5)
6,321.6
115.5
4,612.5
85.5* 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.

41

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, 2007 As of September 30, 2006

As of September 30, 2007
Change from March 31, 2007 Change from September 30, 2006
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

1,224.2

71.7

21.2

(0.1)

284.9

(1.9)

1,203.0

71.9

939.3

73.7

Manufacturing

109.4

66.3

23.0

(5.8)

27.1

(8.1)

86.4

72.1

82.2

74.5

Agriculture

0.0

63.5

0.0

(36.4)(0.2)(28.9)

0.0

100.0

0.3

92.5

Forestry

-

-

(0.0)

(68.4)(0.0)(69.4)

0.0

68.4

0.0

69.4

Fishery

0.1

19.4

(0.0)

(0.0)

0.1

(54.5)

0.1

19.4

0.0

73.9

Mining

0.8

67.4

0.7

50.2

0.8

67.4

0.0

17.2

-

-

Construction

46.6

63.9

(7.9)

6.3

2.5

(8.5)

54.5

57.6

44.0

72.5

Utilities

0.3

24.4

0.3

(75.5)

0.2(75.5)

0.0

100.0

0.1

100.0

Communication

15.8

66.7

9.4

0.1

9.2

(4.1)

6.4

66.6

6.6

70.9

Transportation

140.1

79.3

(41.3)

6.1(69.5)

10.7

181.4

73.1

209.6

68.5

Wholesale & Retail

218.0

56.2

25.2

(0.2)

47.2

(4.9)

192.7

56.5

170.8

61.2

Finance & Insurance

216.8

57.7

(61.2)(12.6)

208.8(12.0)

278.0

70.4

7.9

69.8

Real Estate

92.2

87.1

(21.9)

1.3(33.8)

0.9

114.1

85.8

126.0

86.2

Service Industries

208.8

77.7

84.7

14.2

89.0

14.4

124.0

63.5

119.7

63.3

Local Governments

31.5

100.0

0.0

-

5.9

-

31.4

100.0

25.5

100.0

Other

143.3

91.8

10.1

0.9

(2.6)

2.6

133.1

90.9

146.0

89.2

44.4

83.8

0.7

19.3

(2.4)

19.7

43.7

64.5

46.9

64.1

Governments

0.0

67.4

(4.5)

50.2

(2.8)

48.4

4.6

17.2

2.9

19.0

Financial Institutions

16.2

98.0

8.8

3.8

8.8

4.0

7.3

94.2

7.3

94.0

Other

28.1

75.7

(3.5)

11.2

(8.4)

13.9

31.7

64.5

36.6

61.8

1,268.7

72.0

22.0

0.5

282.4

(1.0)

1,246.7

71.4

986.2

73.1

Domestic Total(excluding Loans Booked Offshore)

Overseas Total(including Loans Booked Offshore)

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

42

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, 2007
Change fromMarch 31,2007

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

Change from
September 30,
2006

As of
March 31,
2007

As of
September 30,
2006

12,080.5
9,713.6(34.9)
29.3

157.7
297.6

12,115.5
9,684.3

11,922.8
9,416.0

11,756.6
10,720.5
9,443.6
1,036.1(24.9)(40.4)
34.8
15.5

175.4
151.9
306.4
23.4

11,781.5
10,761.0
9,408.7
1,020.5

11,581.2
10,568.6
9,137.1
1,012.6

-

-

-

-

-

323.9
270.0

(10.0)(5.5)(17.6)
(8.8)

333.9
275.5

341.5
278.9

Mizuho Bank
Housing and Consumer Loans
Housing Loansfor owner's residential housing
Consumer loans

Mizuho Corporate Bank
Housing and Consumer Loans
Housing Loansfor owner's residential housing
Consumer loans
Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans
Housing Loans for owner's residential housing* Above figures are aggregated banking and trust account amounts.

(2) Loans to SMEs and Individual Customers
Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(%, Billions of yen)

As of September 30, 2007

As of
September 30,
2006

Change from
September 30,
2006

62.1

0.0

(0.6)

62.0

62.7

36,813.7(1,036.3)(594.7)37,850.1

37,408.5

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

As ofMarch 31,2007

Change fromMarch 31,2007

*Loans to MHFG are included as follows:
As of September 30, 2007: \1,130.0 billion (from MHBK \565.0 billion; from MHCB \565.0 billion)
As of March 31, 2007: \1,380.0 billion (from MHBK \690.0 billion; from MHCB \690.0 billion)
As of September 30, 2006: \1,380.0 billion (from MHBK \690.0 billion; from MHCB \690.0 billion)

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

75.2

(1.1)

(0.3)

76.4

75.6

25,239.3(800.8)(628.4)

26,040.1

25,867.7

44.9

0.5

3.0

44.3

41.8

8,930.3(202.4)201.0

9,132.8

8,729.2

45.1

2.7(15.8)

42.3

61.0

2,644.0(33.0)(167.4)

2,677.1

2,811.5

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.)43

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, 2007

Loan amount
Number of Restructuring Countries*

As ofMarch 31,
2007

As of
September 30,
2006(34.7)

45.6

35.8

-

4

4

Change fromMarch 31,2007

Change from
September 30,
2006

1.1

(44.5)

4-* 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, 2007

As of March 31, 2007
Change from March 31, 2007

As of September 30, 2006

Change from September 30, 2006

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

2,115.3

8.2(367.3)(9.7)(63.8)

Hong Kong

454.2

0.6

52.7

(0.1)

Korea

370.3

-

(71.6)

Singapore

329.7

-

Cnina*

24.7

Central and South America

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

(4.9)

2,482.7

18.0

2,179.2

13.1

67.3

(0.0)

401.5

0.8

386.9

0.7

-

82.9

(0.0)

441.9

-

287.3

0.0

31.8

(1.1)

106.4

(0.0)

297.9

1.1

223.3

0.0

0.8

(395.6)(6.7)(370.2)

(2.6)

420.4

7.6

394.9

3.4

2,238.6

0.6

74.4

0.3

644.9

(0.1)

2,164.2

0.2

1,593.7

0.8

North America

2,499.8

5.5

376.1

(0.2)

392.5

(24.1)

2,123.6

5.7

2,107.3

29.6

Eastern Europe

61.6

19.5

-

31.1

-

42.0

-

30.4

-

Western Europe

3,366.3

16.5

885.4

10.7

1,225.0

8.3

2,480.8

5.8

2,141.2

8.2

Other

1,093.8

4.4

235.4

0.3

414.1

0.7

858.4

4.0

679.7

3.6

11,375.7

35.4

1,223.6

1.4

2,643.9(20.1)

10,152.0

33.9

8,731.7

55.5

Asia

Total

Outstanding
Balance-

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans* The decrease in China is due to the affect of the establishment of Mizuho Corporate Bank (China), Ltd in June 2007 and other.

44

Mizuho Financial Group, Inc.

IV. OTHERS
1. Breakdown of Deposits (Domestic Offices)
Non-Consolidated(Billions of yen)
As of September 30, 2007
Change fromMarch 31, 2007

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, 2006

As ofMarch 31,
2007

As of
September 30,
2006

64,445.0
33,118.0
26,337.7
4,989.3(1,086.6)
695.0(727.3)(1,054.2)

280.5
1,285.5(1,315.8)
310.7

65,531.7
32,422.9
27,065.1
6,043.6

64,164.4
31,832.4
27,653.5
4,678.5

51,961.0
31,279.7
17,999.1
2,682.1(964.4)674.8(644.2)(995.0)1,171.3
1,288.0(248.4)131.7

52,925.5
30,604.9
18,643.4
3,677.1

50,789.7
29,991.6
18,247.6
2,550.4

9,508.2
5.3
7,627.2
1,875.5(287.3)(3.0)(113.2)(171.0)(1,094.3)(2.4)(1,130.1)
38.2

9,795.5
8.3
7,740.4
2,046.6

10,602.6
7.8
8,757.3
1,837.3

2,975.7
1,832.8
711.3
431.5

165.0
23.1
30.1
111.8

203.6
(0.0)
62.8
140.8

2,810.6
1,809.6
681.2
319.7

2,772.1
1,832.9
648.5
290.7

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

45

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, 2007
Change fromMarch 31,2007

Change from
September 30,
2006

(2)
-

(2)
-

14
4
258

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

As ofMarch 31,
2007

14
6
258

As of
September 30,
2006

14
6
258

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

Non-Consolidated
As of September 30, 2007

Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

As of
September 30,
2006

Change from
September 30,
2006

33
91
28,450

1
4
1,237

3
796

32
87
27,21333
88
27,65411
33
17,875

5
1,475

4
954

11
28
16,40011
29
16,921

11
39
7,568

1
(2)
(444)

(2)
(305)

10
41
8,012

11
41
7,873

11
19
3,007

1
206

1
147

11
18
2,801

11
18
2,860

Aggregated Figures of the 3 Banks
Members of the Board of Directors and Auditors

As ofMarch 31,2007

Change fromMarch 31,2007

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

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)

46

Mizuho Financial Group, Inc.

3. Number of Branches and Offices
Non-Consolidated
As of September 30, 2007
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,
2006

Change fromMarch 31,
2007

424
20
49
8
9

10
(4)
(8)
2
(2)

As of
March 31,
2007

21
(3)
(22)
3
(3)

414
24
57
6
11

As of
September 30,
2006

403
23
71
5
12

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

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

371
47
-

10
(8)
-

23
(23)
-

361
55
-

348
70
-

* 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
20
8
8

(4)
2
(2)

(3)
3
(3)

18
24
6
10

18
23
5
11

35
2
1

37
1
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

47

-

(2)
1
-

V. Segment Information by Global Group
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 ¥
194.1
166.7
200.0
(25.7)
135.1 ¥

301.9
150.1
151.8
123.6
0.0
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

MHIS
Retailbanking

¥

¥

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

¥

171.5
150.5
21.0
107.3
0.0
¥
64.2

Corporatebanking

Tradingand others

¥

¥

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

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 2006

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

359.0 ¥ 256.8
199.2
157.2
159.8
99.6
182.6
119.3
(21.9)
0.0
154.5 ¥ 137.5

¥

¥

150.0
104.1
45.9
43.3
0.0
106.7

¥

¥

64.2
35.3
28.9
31.1
0.0
33.1

MHSC

OthersTotal of the Global Retail Group
MHBK

Tradingand others¥¥

42.6 ¥
17.8
24.8
44.9
0.0
(2.3) ¥MHIS
Retailbanking

47.4
1.2
46.2
28.5
0.0
18.9

¥

¥

54.8
40.8
14.0
34.8
(21.9)(1.9)¥

535.5 ¥ 477.0
315.7
294.2
219.8
182.8
291.0
260.4
(5.4)
0.0
¥ 239.1 ¥ 216.6

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 ourannual report on Form 20-F 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 managerial accounting rules applied each fiscal 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.

48

¥

147.4
124.9
22.5
98.9
0.0
¥
48.5

Corporatebanking

Tradingand others

¥

¥

¥

277.6
163.8
113.8
121.7
0.0
155.9

¥

52.0
5.5
46.5
39.8
0.0
12.2

¥

¥

28.1
0.6
27.5
21.3
0.0
6.8

Others

¥

¥

30.4
20.9
9.5
9.3
(5.4)
15.7

Total of the Global Asset & Wealth Management GroupMHTB
Others¥¥105.9 ¥
25.7
80.2
62.1
(1.3)
42.5 ¥

83.0
25.2
57.8
44.0
0.0
39.0

¥

¥

22.9 ¥
0.5
22.4
18.1
(1.3)
3.5 ¥

Others

(2.9)
(5.5)
2.6
(10.2)
4.3
11.6

Figures of
MHFG

¥

¥

997.5
535.1
462.4
525.5
(24.3)
447.7

Interim Review (Status ｏｆ Capital Adequacy)
For the Six Months ended September 30, 2007

<under Japanese GAAP>

Mizuho Financial Group, Inc.

The following is an English translation of excerpt regarding Basel II capital adequacy disclosure set forth in our Japanese
language disclosure material published in January 2008. The capital adequacy disclosure and other financial 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 Adequacy3■ Consolidated capital adequacy ratio(1) Summary table of consolidated capital adequacy ratios (BIS Standard)3■ Risk-based Capital(2) Required capital by portfolio classification

13■ Credit risk
(3) Credit risk exposure, etc.

14

■ Methods for credit risk mitigation(4) Credit risk mitigation by portfolio classification

20■ Counterparty risk in derivatives transactions(5) Status of counterparty risk in derivatives transactions

21■ Securitization exposure(6) Quantitative disclosure items for securitization exposure

22■ Market Risk

25

■ Equities exposure in banking book(7) Status of equities exposure in banking book26

1

Capital adequacy ratio highlights
The new capital adequacy framework (“Basel II”) that was under consideration by the Basel Committee on Banking
Supervision became effective in the fiscal year ended March 31, 2007. Substantial changes have been made to the method
for calculating capital adequacy ratios compared to the previous framework, such as the refinements in calculating credit
risk-weighted assets and inclusion of operational risk.
In Japan, disclosure of information is required for the items set forth in “The Matters Separately Prescribed by the Financial
Services Agency Regarding Capital Adequacy Conditions, etc., pursuant to Article 19-2, Paragraph 1, Item 5, Subsection 4,
etc., of the Ordinance for Enforcement of Banking Law (Ministry of Finance Ordinance Number 10 of 1982)” (FSA Notice
Number 15 of 2007). We do not provide figures for the six months ended September 30, 2006, a period with respect towhich Basel II was not yet applicable, because we have not made the calculations pursuant to FSA Notice Number 19 or 20
of 2006.
■ Capital adequacy ratio highlights
As of September 30, 2007
(Basel II basis)11.80%
6.97%
4,918.7
3,720.8316.7
8,322.8
70,525.1(Billions of yen)
(Reference)
As of September 30, 2007
(Basel I basis)10.90%
6.03%
4,931.2
4,098.1
125.3
8,904.1
81,674.3

As of September 30, 2007
(Basel II basis)13.05%
8.55%
3,284.0
2,002.3
276.3
5,009.9
38,389.4(Billions of yen)
(Reference)
As of September 30, 2007
(Basel I basis)11.99%
7.44%
3,286.4
2,106.6
98.2
5,294.8
44,156.6

As of September 30, 2007
(Basel II basis)14.42%
8.84%
3,153.8
2,140.1
151.7
5,142.3
35,644.0(Billions of yen)
(Reference)
As of September 30, 2007
(Basel I basis)13.26%
7.79%
3,157.02,240.1
21.2
5,375.9
40,515.3

As of September 30, 2007
(Basel II basis)12.25%
7.60%
2,122.1
1,346.8
48.2
3,420.7
27,913.5
11.99%(Billions of yen)
(Reference)
As of September 30, 2007
(Basel I basis)10.46%
6.13%
2,128.1
1,538.1
35.0
3,631.3
34,684.7
11.05%

As of September 30, 2007
(Basel II basis)12.10%
7.46%
1,984.7
1,321.8
89.1
3,217.3
26,577.8
11.81%(Billions of yen)
(Reference)
As of September 30, 2007
(Basel I basis)10.31%
5.91%
2,028.6
1,535.5
27.3
3,536.8
34,279.9
10.78%

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 capital

Tier 3 capital
Deductions
for total riskbased capital
Total riskbased capital(Billions of yen)
As of September 30, 2007
1,540.9411.0
1,490.6
2.4(36.7)
1,527.7
1,314.0
12.5

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
Rights to acquire new shares
Minority interest in consolidated subsidiaries
Preferred securities issued by overseas SPCs
Less: Goodwill equivalent
Less: Intangible fixed assets recognized as a result of a merger
Less: Capital increase due to securitization transactions
Less: 50% of excess of expected losses relative to eligible reserves by banks
adopting internal ratings-based approach
Total of Tier 1 capital before deduction of deferred tax assets (total of above 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 adopting internalratings-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)

4,918.7
4,918.7
416.0
8.45%
842.3
114.4
6.5
63.2
2,694.2691.9
2,002.2
3,720.8
3,720.8-

Deductions for total risk-based capital

(E)

316.7

(A) + (C) + (D) – (E)(F)

8,322.8(G)

61,662.8
49,915.3
11,747.5
2,680.2
214.4
3,905.5
312.4
2,276.5
70,525.1
11.80%
6.97%

Credit risk assets
On-balance-sheet items
Off-balance-sheet items
Market risk equivalent assets [(I)/8%]
Risk-weighted(Reference) Market risk equivalent
AssetsOperational risk equivalent assets [(K)/8%](Reference) Operational risk equivalent
Adjusted floor amount
Total [(G) + (H) + (J) + (L)]Consolidated capital adequacy ratio (BIS standard) = (F) / (M) X 100
Tier 1 capital ratio = (A) / (M) X 100

(H)
(I)
(J)
(K)
(L)
(M)

Notes:
1. The above are based on the BIS standard applied on a consolidated basis following the Standards for Determining the
Status of Capital Adequacy in consideration of assets held by a bank holding company and by its subsidiaries, inaccordance with Banking Law Article 52-25 (FSA Notice No. 20 of 2006 (the “Notice”)).
2. Because we cannot break down its common stock and preferred stock according to classes of stock, no value for noncumulative perpetual preferred stock is separately stated from capital.
3. In calculating the consolidated capital adequacy ratio, we underwent an examination following the procedures agreed
with the certified public accountant, on the basis of “Treatment in implementing examination by agreed-uponprocedures for calculating capital adequacy ratio” (Industry Committee Report No. 30 of the Japanese Institute ofCertified Public Accountants). Note that this is not a part of the accounting audit performed on our consolidated
financial statements.
4. The amount of net deferred tax assets as of September 30, 2007 was ¥311.3 billion, and the maximum amount ofdeferred tax assets that can record without diminishing the amount of Tier 1 capital for the purpose of calculating
capital adequacy ratios was ¥1,475.6 billion.
5. The “adjusted floor amount” is the amount obtained by multiplying (i) 12.5 to (ii) the excess of the required capital
under Basel I multiplied by the rate prescribed in the Notice over the required capital under Basel II.

3Because the amount derived by multiplying the required capital under Basel I by the rate prescribed in the Noticeexceeded the required capital under Basel II, the excess was added to risk-weighted assets.
6. Among our group companies that are subject to the calculation of consolidated capital adequacy ratio pursuant to
Article 3 of the Notice, 137 companies are consolidated subsidiaries. There is no company that is subject to the
deductible items set forth in Article 8, Paragraph 1, Item 2, Subparagraph 1 through 3 of the Notice.

4

Summary of preferred securities
We have included each of the following preferred securities issued by our overseas special purpose companies and thevarious preferred securities issued by the overseas special purpose companies of Mizuho Corporate Bank, Ltd. (Mizuho
Preferred Capital Company L.L.C. and Mizuho JGB Investment L.L.C.), our consolidated subsidiary, as Tier 1 capital forthe purposes of our consolidated capital adequacy ratios.
Preferred securities issued by SPCs of Mizuho Financial Group
Mizuho Preferred CapitalMizuho Preferred Capital
Issuer(Cayman) Limited (“MPC,” and (Cayman) 1 Limited (asthe preferred securities“MPC1,” and the preferred
described below are referred tosecurities described below areas the “MPC Preferredreferred to as the “MPC1
Securities.”)
Preferred Securities.”)Non-cumulative perpetualNon-cumulative perpetual
Type ofpreferred securities
preferred securities
securities
None
None
Mandatory
redemption
date
Optionally redeemable on each
Optional
dividend payment date falling
Optionally redeemable on eachredemption
in or after June 2009 (subject to dividend payment date falling
prior approval from regulatory
in or after June 2012 (subject toauthorities)
prior approval from regulatory
authorities)
Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsFloating dividend rate (Nodividend rate step-up. As statedin “Dividend suspension
events” below, dividend
payments that are suspended are
non-cumulative.)
Last business day of June ineach year¥176.0 billion

Floating dividend rate (Nodividend rate step-up. As
stated in “Dividend suspension
events” below, dividend
payments that are suspended are
non-cumulative.)
Last business day of June ineach year¥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),and Mizuho Financial Groupissues to MPC a dividend
instruction instructing it not
to pay any dividends on such
dividend payment date.

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 aDistributable Amounts
Limitation Certificate(4)stating that there are no
Available Distributable
Amounts(3); and(4) when the dividend payment
date is not a Mandatory
Dividend Payment Date(5),and Mizuho Financial Groupissues to MPC 1 a dividend
instruction instructing it not
to pay any dividends onsuch dividend payment date.

5

Mandatory
dividend
event

Distributableamounts
limitation

Dividend
limitations

Claims on
residual assets

IssuerType ofsecurities
Mandatory
redemption
date
Optional
redemption

Dividends

Dividend
payment date
Total amountissuedIssue 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 thecalendar year in which such
fiscal year ends. However, it issubject to the 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 to the extent
applicable).
When Mizuho Financial Groupissues a Distributable Amounts
Limitation Certificate(4) to
MPC, dividends are limited to
the Available Distributable
Amounts(3).
When dividends on Mizuho
Financial Group’s Preferred
Stock(2) are reduced, dividends
on Parity Preferred Securities(6)are also reduced by an equal
percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(2)

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 thecalendar year in which such
fiscal year ends. However, it issubject to the 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 to the extent
applicable).
When Mizuho Financial Groupissues a Distributable Amounts
Limitation Certificate(4) to
MPC1, dividends are limited to
the Available Distributable
Amounts(3).
When dividends on Mizuho
Financial Group’s Preferred
Stock(2) are reduced, dividends
on Parity Preferred Securities(6)are also reduced by an equal
percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(2)Mizuho Preferred Capital(Cayman) 5 Limited (“MPC5,”
and the preferred securities
described below are referred toas the “MPC5 Preferred
Securities.”)Non-cumulative perpetual
preferred securities

Mizuho Preferred Capital(Cayman) 6 Limited (“MPC6,”
and the preferred securities
described below are referred toas the “MPC6 Preferred
Securities.”)Non-cumulative perpetual
preferred securities

Mizuho Preferred Capital(Cayman) 7 Limited (“MPC7,”
and the preferred securities
described below are referred toas the “MPC7 Preferred
Securities.”)Non-cumulative perpetual
preferred securities

None

None

None

Optionally redeemable on eachdividend payment date fallingin or after June 2008 (subject toprior approval from regulatory
authorities)
Floating dividend rate (A 100
basis point step-up dividendrate is applied beginning thedividend payment date fallingin June 2013.) (As stated in“Dividend suspension events”
below, dividend payments thatare suspended are noncumulative.)

Optionally redeemable on eachdividend payment date fallingin or after June 2008 (subject toprior approval from regulatory
authorities)
Floating dividend rate for bothSeries A and Series B (A 100
basis point step-up dividendrate is applied beginning thedividend payment date fallingin June 2013.) (As stated in“Dividend suspension events”
below, dividend payments thatare suspended are noncumulative.)
Last business day of June ineach year
Series A: ¥19.5 billion
Series B: ¥ 2.5 billion
Series A: August 9, 2002
Series B: August 30, 2002

Optionally redeemable on eachdividend payment date fallingin or after June 2008 (subject toprior approval from regulatory
authorities)
Floating dividend rate (A 100
basis point step-up dividendrate is applied beginning thedividend payment date fallingin June 2013.) (As stated in“Dividend suspension events”
below, dividend payments thatare suspended are noncumulative.)

Last business day of June ineach year¥45.5 billion
August 9, 2002

6

Last business day of June ineach year¥51.0 billion
August 30, 2002

Dividendsuspension
eventsIf any of the following events
arise, dividend payments are
suspended on a non-cumulativebasis:(1) when Mizuho Financial
Group issues to MPC5 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 MPC5 aDistributable Amounts
Limitation Certificate(4)stating that there are no
Available Distributable
Amounts(3); and(4) when the dividend payment
date is not a Mandatory
Dividend Payment Date(5),and Mizuho Financial Groupissues to MPC5 a dividend
instruction instructing it not
to pay any dividends onsuch dividend payment date.

If any of the following events
arise, dividend payments are
suspended on a non-cumulativebasis:(1) when Mizuho Financial
Group issues to MPC6 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 MPC6 aDistributable Amounts
Limitation Certificate(4)stating that there are no
Available Distributable
Amounts(3); and(4) when the dividend payment
date is not a Mandatory
Dividend Payment Date(5),and Mizuho Financial Groupissues to MPC6 a dividend
instruction instructing it not
to pay any dividends on such
dividend payment date.

If any of the following events
arise, dividend payments are
suspended on a non-cumulativebasis:(1) when Mizuho Financial
Group issues to MPC7 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 MPC7 aDistributable Amounts
Limitation Certificate(4)stating that there are no
Available Distributable
Amounts(3); and(4) when the dividend payment
date is not a Mandatory
Dividend Payment Date(5),and Mizuho Financial Groupissues to MPC7 a dividend
instruction instructing it not
to pay any dividends onsuch dividend payment date.

Mandatory
dividend event

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 thecalendar year in which such
fiscal year ends. However, it issubject to the 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
dividend payments are made to
the extent applicable).
When Mizuho Financial Groupissues a Distributable Amounts
Limitation Certificate(4) to
MPC5, dividends are limited to
the Available Distributable
Amounts(3).
When dividends on Mizuho
Financial Group’s Preferred
Stock(2) are reduced, dividends
on Parity Preferred Securities(6)are also reduced by an equal
percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(2)

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 thecalendar year in which such
fiscal year ends. However, it issubject to the 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
dividend payments are made to
the extent applicable).
When Mizuho Financial Groupissues a Distributable Amounts
Limitation Certificate(4) to
MPC6, dividends are limited to
the Available Distributable
Amounts(3).
When dividends on Mizuho
Financial Group’s Preferred
Stock(2) are reduced, dividends
on Parity Preferred Securities(6)are also reduced by an equal
percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(2)

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 thecalendar year in which such
fiscal year ends. However, it issubject to the 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
dividend payments are made to
the extent applicable).
When Mizuho Financial Groupissues a Distributable Amounts
Limitation certificate(4) to
MPC7, dividends are limited to
the Available Distributable
Amounts(3).
When dividends on Mizuho
Financial Group’s Preferred
Stock(2) are reduced, dividends
on Parity Preferred Securities(6)are also reduced by an equal
percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(2)Distributableamounts
limitation

Dividend
limitation

Claims on
residual assets

7Issuer

Type ofsecurities
Mandatory
redemption
date
Optional
redemption

Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsMizuho Capital Investment(USD) 1 Limited (“MCI (USD)
1,” and the preferred securities
described below are referred toas “MCI (USD) 1 Preferred
Securities.”)Non-cumulative perpetual
preferred securities
None

Mizuho Capital Investment(EUR) 1 Limited (“MCI (EUR)
1,” and the preferred securities
described below are referred toas “MCI (EUR) 1 Preferred
Securities.”)Non-cumulative perpetual
preferred securities
None

Mizuho Capital Investment(JPY) 1 Limited (“MCI (JPY)
1,” and the preferred securities
described below are referred toas “MCI (JPY) 1 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. Dividend
payments that are suspended are
non-cumulative.)
June 30th and December 30thof each year

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. Dividend
payments that are suspended are
non-cumulative.)
June 30th and December 30thof each year

US$600 million

Starting from the dividend
payment date falling in June
2011, optionally redeemable oneach dividend payment date infive-year intervals (subject toprior 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. Dividend
payments that are suspended are
non-cumulative.)
June 30th of each year until
June 2011, and June 30th andDecember 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) isinsufficient, or dividends on
its preferred stock 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 resultof the dividend payments on
the MCI (USD) 1 Preferred
Securities, and Mizuho
Financial Group issues adividend suspension noticeto MCI (USD) 1; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (USD) 1.

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) isinsufficient, or dividends on
its preferred stock 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 resultof the dividend payments on
the MCI (EUR) 1 Preferred
Securities, and Mizuho
Financial Group issues adividend suspension noticeto MCI (EUR) 1; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (EUR) 1

January 12, 2007
(Mandatory dividend
suspension or reduction event)(1) When a Liquidation
Event(7), Reorganization
Event(8), Insolvency Event(9)or Governmental Action(10)has occurred to Mizuho
Financial Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(14) isinsufficient, or dividends on
its preferred stock 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 resultof the dividend payments on
the MCI (JPY) 1 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension noticeto MCI (JPY) 1; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 1

8¥400 billion

Mandatory
dividend event

If Mizuho Financial Group pays
any dividends on its common
stock with respect to a fiscal
year, dividend payments for thefull amount of MCI (USD) 1
Preferred Securities must be
made on the dividend payment
dates during the subsequentfiscal year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.

If Mizuho Financial Group pays
any dividends on its common
stock with respect to a fiscal
year, dividend payments for thefull 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 ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.

Distributableamounts
limitation

Dividends for the MCI (USD) 1
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(11).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (USD) 1 Preferred
Securities are also reduced byan equal percentage.

Dividends for the MCI (EUR) 1
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(12).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (EUR) 1 Preferred
Securities are also reduced byan equal percentage.

If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as ofa prescribed 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 subsequentfiscal 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.

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)Dividend
limitations

Claims forresidual assets

Notes:(1) Loss Absorption Certificate
Refers to a certificate that Mizuho Financial Groupdelivers to the issuer (in case of the loss absorption
event set forth in clause (iv) below, the issuancethereof is at our discretion) upon any of the following
events with respect to Mizuho Financial Group: (i)liquidation event that shall be deemed to occur wherea liquidation proceeding is commenced by or against
Mizuho Financial Group or a competent court inJapan shall have (a) adjudicated Mizuho Financial
Group to be subject to bankruptcy proceedings or (b)approved a preparation of a reorganization plan for
abolishment of all business of Mizuho Financial
Group; (ii) reorganization event that shall be deemed
to occur if a competent court in Japan shall haveadjudicated (a) the commencement of a corporate
reorganization proceeding of Mizuho Financial Group
under the Corporate Reorganization Law or (b) thecommencement of a civil rehabilitation proceeding ofMizuho Financial Group under the Civil
Rehabilitation Law; (iii) governmental action thatshall be deemed to occur if the government authority
in Japan (a) publicly declares Mizuho Financial Groupis not able to pay its debts as they become due, (b)publicly declares Mizuho Financial Group’s liabilities
exceed its assets, (c) publicly declares Mizuho
Financial Group to be under public management or (d)issues an order that Mizuho Financial Group betransferred to a third party; (iv) inadequate ratio eventthat shall be deemed to occur if capital adequacy ratio
or Tier 1 capital ratio fails to meet the minimum
requirement or would fall short as a result of adividend payment on the relevant preferred securities;(v) default event that shall be deemed to occur if
Mizuho Financial Group is not able to pay its debts asthey become due or would not be able to do so as aresult of a dividend payment on the relevant preferred
securities; or (vi) insolvency event shall be deemed tooccur if the liabilities of Mizuho Financial Groupexceeds its assets or would exceed its assets as a resultof a dividend payment on the relevant preferred
securities.
(2) Preferred Stock
Refers to preferred stock of Mizuho Financial Groupqualifying as Tier 1 capital and ranking most seniorcompared to other preferred stock of Mizuho
Financial Group as to dividend payments. It includes
such preferred stocks that are issued in the future.
(3) Available Distributable Amounts
Refers to the maximum amount available fordividends (“Distributable Amounts”) calculated basedon the immediately preceding fiscal year’s financial
statements, less the aggregate amount of dividends
paid previously during the current fiscal year andscheduled to be paid thereafter in respect of such
fiscal year in respect of any Preferred Stock (provided
that each interim dividend payment on Preferred Stockto 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 andthe rights at the time of liquidation, etc., aredetermined by reference to the financial condition andresults of operation of Mizuho Financial Group andwhich rank, in relation to MPC (with respect to thecolumns for MPC1, MPC5, MPC6 and MPC7,“MPC” refers to MPC1, MPC5, MPC6 and MPC7,
respectively), equal in point of subordination as theParity Preferred Securities (“Parallel Preferred
Securities”), the Available Distributable Amounts areadjusted as follows:
Available Distributable Amounts after the
adjustment = Available Distributable
Amounts x (Total of full dividend
payment amount for Parity Preferred9(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (USD) 1
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (USD) 1 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (USD) 1
Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (USD) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date falling in June, pro-rated between full
dividends on MCI (USD) 1 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (USD) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(12) Available Distributable Amounts for MCI (EUR) 1
Preferred Securities(Up to the dividend payment date falling in June
2011)
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend payment amount on MCI(EUR) 1 Preferred Securities and the full dividend
payment amount on preferred securities for the thencurrent fiscal year that are equivalently subordinatedin nature with MCI (EUR) 1 Preferred Securities(“Equivalent Securities”).
(From the dividend payment date falling in December
2011)(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend payment amount on MCI(EUR) 1 Preferred Securities and the full dividend
amount on Equivalent Securities to which dividends
are paid in whole or in part or declared to be paid onor prior to the relevant dividend payment date of MCI(EUR) 1 Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Sock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (EUR) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date falling in June, pro-rated between full
dividends on MCI (EUR) 1 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (EUR) 1 Preferred

Securities in such fiscal year) / (Total offull dividend payment 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 ofshareholders to issuers if Available Distributable
Amounts falls short of total dividends to be paid on
the dividend payment date, which shall set forth the
Available Distributable Amounts of such fiscal year.
(5) Mandatory Dividend Payment Date
Refers to a dividend payment date in June of acalendar year when a fiscal year of Mizuho Financial
Group ends with respect to which it paid dividends on
its common stock.
(6) Parity Preferred Securities
Refers to the collective designation for preferred
securities and MPC Preferred Securities issued by
MPC (with respect to the columns for MPC1, MPC5,
MPC6 and MPC7, “MPC” refers to MPC1, MPC5,
MPC6 and MPC7, respectively) which are perpetualand the dividend payment dates and the use ofproceeds are the same as that of the relevant MPC
Preferred Securities (or MPC1 Preferred Securities,
MPC5 Preferred Securities, MPC6 Preferred
Securities or MPC7 Preferred Securities, as the casemay be). (In the case of MPC6, for example, Parity
Preferred Securities are the collective designation that
includes Series A, Series B as well 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 a competent court in Japan shallhave (i) adjudicated Mizuho Financial Group to be
subject to bankruptcy proceedings or (ii) approved a
preparation of a reorganization plan for abolishmentof all business of Mizuho Financial Group.
(8) Reorganization Event
Shall be deemed to occur if a competent court inJapan shall have adjudicated (i) the commencement ofa corporate reorganization proceeding of Mizuho
Financial Group under the Corporate Reorganization
Law or (ii) the commencement of a civil rehabilitation
proceeding of Mizuho Financial Group under the
Civil Rehabilitation Law.
(9) Insolvency Event
Shall be deemed to occur if (i) Mizuho Financial
Group is not able to pay its debts as they become due
or would not be able to do so as a result of a dividend
payment on the relevant preferred securities, or (ii) if
the liabilities of Mizuho Financial Group exceeds its
assets or would exceed its assets as a result of adividend payment on the relevant preferred securities.
(10) Governmental Action
Shall be deemed to occur if the government authority
in Japan (i) publicly declares Mizuho Financial Groupis not able to pay its debts as they become due, (ii)publicly declares Mizuho Financial Group’s liabilities
exceed its assets, (iii) publicly declares Mizuho
Financial Group to be under public management or(iv) issues an order that Mizuho Financial Group betransferred to a third party.
(11) Available Distributable Amounts for MCI (USD) 1
Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)10Securities falling in June up to the dividend payment
date falling in December.
(13) Preferred Stocks
Refers to preferred stock of Mizuho Financial Groupqualifying as Tier 1 capital and ranking most seniorcompared to other preferred stock of Mizuho
Financial Group as to dividend payments and claims
to residual assets.
(14) Available Distributable Amounts for the MCI (JPY)
1 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 1
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (JPY) 1 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to

the relevant dividend payment date of MCI (JPY) 1
Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 1 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.

Preferred securities issued by SPCs of Mizuho Corporate Bank, Ltd. (the “Bank”)
IssuerType of securities
Mandatory
redemption date
Optional
redemption
Dividends

Dividend payment
date
Total amountissuedIssue date
Dividendsuspension events

Mizuho Preferred Capital Company L.L.C.
(“MPCC,” and the preferred securities described
below is referred to as “MPCC Preferred
Securities”)
Non-cumulative perpetual preferred securities
None

Mizuho JGB Investment L.L.C. (“MJI,” and thepreferred securities described below is referred
to as “MJI Preferred Securities”)

Optionally redeemable on each dividend
payment date falling in or after June 2008
(subject to prior approval from regulatory
authorities)
Fixed dividend rate for the first ten years(although a floating dividend rate is appliedwith respect to dividend payment dates afterJune 2008. In addition, a step-up dividend rate
is applied after such date. As stated in“Dividend suspension events” below, dividend
payments that are suspended are noncumulative.)

Optionally redeemable on each dividend payment
date falling in or after June 2008 (subject to priorapproval from regulatory authorities)

Last business day of June and December of eachyear
US$1.0 billion
February 23, 1998
If any of the following events arise, dividend
payments are suspended on a non-cumulativebasis (except in the case of a mandatory
dividend event described below):(1) when the capital adequacy ratio of the Bankor its Tier 1 capital ratio fails to meet theminimum requirements and a Dividend
Suspension Notice(1) has been issued regarding
MPCC Preferred Securities;(2) when a liquidation proceeding of the Bank iscommenced, bankruptcy of the Bank orreorganization plan for terminating Bank’sbusiness is approved by a competent court;(3) when dividends on the Bank’s Preferred
Stock(2) are suspended and the Bank notifies
such suspension in writing or a Dividend
Suspension Notice(1) is issued regarding MPCC
Preferred Securities; or(4) when dividends on the Bank’s stock arecompletely suspended and Dividend Suspension
Notice(1) is issued on MPCC Preferred
Securities.

11

Non-cumulative perpetual preferred securities
None

Fixed dividend rate for the first ten years(although a floating dividend rate isapplied with respect to dividend payment
dates after June 2008. In addition, a
step-up dividend rate is applied after
such date. As stated in “Dividend
suspension events” below, dividend
payments that are suspended are noncumulative.)
Last business day of June and December of eachyear
US$1.6 billion
March 16, 1998
If any of the following events arise, dividend
payments are suspended on a non-cumulativebasis (except in the case of a mandatory
dividend event described below):(1) when the capital adequacy ratio of the Bankor its Tier 1 capital ratio fails to meet theminimum requirements and a Dividend
Suspension Notice(1) has been issued regarding
MJI Preferred Securities;(2) when a liquidation proceeding of the Bank iscommenced, bankruptcy of the Bank orreorganization plan for terminating Bank’sbusiness is approved by a competent court;(3) when dividends on the Bank’s Preferred
Stock(2) are suspended and the Bank notifies
such suspension in writing or a Dividend
Suspension Notice(1) is issued regarding MJI
Preferred Securities; or(4) when dividends on the Bank’s stock arecompletely suspended and Dividend Suspension
Notice(1) is issued on MJI Preferred Securities.

Mandatory
dividend event

Distributableamounts
limitation
Dividend
limitations
Claims on
residual assets

If the Bank pays any dividends on any of its
stock with respect to a fiscal year, dividend
payments for the full amount of MPCC
Preferred Securities must be made (except in
the case described in clause (2) of dividend
suspension events above) on the relevant
dividend payment dates for two consecutive
Dividend Periods(3) after the end of such fiscal
year.
None

If the Bank pays any dividends on any of its
stock with respect to a fiscal year, dividend
payments for the full amount of MJI Preferred
Securities must be made (except in the casedescribed in clause (2) of dividend suspension
events above) on the relevant dividend
payment dates for two consecutive Dividend
Periods(3) after the end of such fiscal year.

None

None

Same priority as the Bank’s Preferred Stock(2)Same priority as the Bank’s Preferred Stock(2)NoneNotes:(1) Dividend Suspension Notice
Refers to the notice Mizuho Preferred Capital Holding Inc. (or, in the case of MJI, Mizuho JGB Investment HoldingsInc.) , the intermediate holding company of the Issuer in the United States, delivers to the Issuer ten days or more prior toa dividend payment date stating that MPCC (or MJI) will not pay dividends on the relevant dividend payment date.
(2) Bank’s Preferred Stock
Refers to preferred stock of the Bank qualifying as Tier 1 capital and ranking most senior compared to other preferredstock of the Bank as to dividend payments. It includes such preferred stocks that are issued in the future.
(3) Dividend Period
Refers to periods commencing on the day after the last business day of June and continuing to the last business day ofDecember and periods commencing on the day after the last business day of December and continuing to the last business
day of June.

12

■Risk-based Capital(2) Required capital by portfolio classification

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
Regarded-method exposure
Purchased receivables
Securitizations
OthersStandardized approach
Sovereign
Bank
Corporate
Residential mortgage
Securitizations
OthersMarket risk
Standardized approach
Interest rate risk
Equities risk
Foreign exchange risk
Commodities risk
Internal models approach
Operational risk (standardized approach)Total required capital (consolidated)(Billions of yen)
As of September 30, 2007
EAD
Required capital
149,834.3
6,318.3
140,925.0
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
4,974.0421.7
1,459.9365.0
2,704.0
138.7
6,927.6
145.9
1,992.0
159.5
8,909.3
325.0
3,082.0
2.9
2,545.4
44.0
2,613.2
203.9
0.0
0.0
25.7
23.7
642.8
50.3
n.a.
214.4
n.a.
171.5
n.a.
125.0
n.a.
29.9
n.a.
9.7
n.a.
6.7
n.a.
42.9
n.a.
312.4
n.a.
5,642.0

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
equivalent amount.
5. Total required capital (consolidated): 8% of the denominator of the capital adequacy ratio.

13

■ 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 as of September 30, 2007 is based on exposure at default.
No significant difference exists between period-end credit risk position and the average credit risk position during the six
months ended September 30, 2007.
○ Status of credit risk exposure(A) Breakdown by geographical area

(Billions of yen)
As of September 30, 2007

Domestic
Overseas
Asia
Central and SouthAmerica
North America
Eastern Europe
Western Europe
OthersExempt portion
Total

Loans,
commitments andother nonderivative offbalance-sheet
exposures
70,492.2
18,167.5
3,216.5
1,768.4

Securities
25,411.2
7,236.1
477.5
8.9

OTC
derivatives
1,759.1
3,152.5
86.9
122.0

Others4,932.1
1,386.4
363.6
7.7

Total
102,594.7
29,942.6
4,144.7
1,907.2

6,235.3
70.9
5,095.1
1,781.0
n.a88,659.7

4,190.8
2,319.9
238.9
n.a.
32,647.4

1,172.0
0.0
1,720.4
51.0
n.a.
4,911.7

367.4
3.6
449.4
194.3
8,883.6
15,202.1

11,965.7
74.6
9,584.9
2,265.3
8,883.6
141,421.0

Notes:
1. Exempt portion represents amounts calculated using the standardized approach for business units and asset classes
that are immaterial for purposes 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.
(B) Breakdown by industry(Billions of yen)
As of September 30, 2007

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Exempt portion
Total

Loans, commitments
and other nonderivative offbalance-sheet
exposures
14,596.1
1,919.0
7,643.7
12,681.0
8,257.3
18,488.9
12,840.3
12,233.1
n.a.
88,659.7

Securities
3,834.6
245.7
499.9
16,252.6
961.8
3,229.9
7,622.5
n.a.
32,647.4

OTC
derivatives
506.4
20.3
32.7
160.7
553.6
3,349.0
0.3
288.4
n.a
4,911.7

Others
200.8
6.8
92.9
81.9
455.5
3,049.5
20.3
2,410.4
8,883.6
15,202.1

Total
19,138.1
2,192.1
8,269.3
29,176.3
10,228.3
28,117.4
12,861.0
22,554.5
8,883.6
141,421.0

Notes:
1. Exempt portion represents amounts calculated using the standardized approach for business units and asset classes
that are immaterial for purposes 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

Less than one year
From one year to lessthan three years
From three years to lessthan five years
Five years or more
OthersExempt portion
Total

Loans, commitments
and other nonderivative offbalance-sheet
exposures
30,593.4
12,793.6

Securities
9,362.4
6,198.1

OTC
derivatives
328.5
2,728.0

Others2,115.0
85.9

Total
42,399.4
21,805.7

13,565.3

3,430.9

978.3

47.2

18,021.8

21,805.5
9,901.8
n.a.
88,659.7

7,926.0
5,729.8
n.a.
32,647.4

772.4
104.4
n.a.
4,911.7

28.8
4,041.5
8,883.6
15,202.1

30,532.8
19,777.6
8,883.6
141,421.0

Notes:
1. Exempt portion represents amounts calculated using the standardized approach for business units and asset classes
that are immaterial for purposes of calculating credit risk-weighted assets.
2. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.
○ 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

Domestic
Overseas
Asia
Central and SouthAmerica
North America
Eastern Europe
Western Europe
OthersExempt portion
Total

Loans, commitments
and other nonderivative offbalance-sheet
exposures
1,747.6
95.8
23.8
0.6

Securities
190.8
0.1
0.0
0.0

OTC
derivatives
14.9
0.0
0.0
-

Others
36.6
9.0
5.2
0.0

Total
1,990.1
105.0
29.0
0.6

31.9
0.5
33.0
5.8
n.a.
1,843.5

0.1
n.a.
190.9

0.0
n.a.
14.9

0.0
3.8
0.3
46.0

31.9
0.5
36.8
5.9
0.3
2,095.5

Notes:
1. Exempt portion represents amounts calculated using the standardized approach for business units and asset classes
that are immaterial for purposes 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.
(E) Breakdown by industry(Billions of yen)
As of September 30, 2007

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Exempt portion
Total

Loans, commitments
and other nonderivative 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
11.9
0.7
0.4
6.4
14.1
5.8
1.3
4.6
0.3
46.0

Total
224.6
84.3
316.1
305.5
360.9
349.5
194.5
259.3
0.3
2,095.5

Notes:
1. Exempt portion represents amounts calculated using the standardized approach for business units and asset classes
that are immaterial for purposes 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 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 September 30, 2007
General reserve for possible losses on loans
Balance as of March 31, 2007
500.8
Increase during the six-month period
447.1
Decrease during the six-month period
500.8
Balance as of September 30, 2007
447.1
Specific reserve for possible losses on loans
Balance as of March 31, 2007
352.3
Increase during the six-month period
335.3
Decrease during the six-month period
352.3
Balance as of September 30, 2007
335.3
Reserve for possible losses on loans
Balance as of March 31, 2007
3.1
to restructuring countries
Increase during the six-month period
0.1
Decrease during the six-month period
3.1
Balance as of September 30, 2007
0.1
Total
Balance as of March 31, 2007
856.3
Increase during the six-month period
782.6
Decrease during the six-month period
856.3
Balance as of September 30, 2007
782.6
(G) Specific reserve for possible losses on loans by geographical area and industry
As of March 31, 2007 As of September 30, 2007
Domestic
332.8
305.5
Manufacturing
15.4
15.1
Construction
3.2
3.8
Real estate
11.3
11.6
Service industries
16.8
79.2
Wholesale and retail
21.6
27.2
Finance and insurance
178.5
20.5
Individuals
64.6
54.9
Other industries
20.9
92.9
Overseas
15.9
25.7
Exempt portion
3.5
3.9
Total
352.3
335.3
Note:

(Billions of yen)
Change(27.2)
(0.3)
0.5
0.2
62.3
5.6
(158.0)
(9.6)
72.0
9.8
0.3
(17.0)

Exempt portion represents amounts calculated using the standardized approach for business units and asset
classes that are immaterial for purposes of calculating credit risk-weighted assets.

(H) Write-offs of loans by industry(Billions of yen)
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

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Exempt portion
Total

Notes:
1. Exempt portion represents amounts calculated using the standardized approach for business units and asset classes
that are immaterial for purposes of calculating credit risk-weighted assets.
2. “Other industries” include overseas and non-Japanese resident portions.

16

○ Status of exposure to which standardized approach is applied(I) Exposure by risk weight category after applying credit risk mitigation
As of September 30, 2007

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%

Total

On-balance sheet
624.9
0.1
569.3
0.0
106.4
2,548.8
0.1
3,849.9

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
108.6
3,278.8
0.1
8,883.6(Billions of yen)With externalrating
166.6
0.0
0.4
18.6
185.8

Note: Off-balance-sheet exposure shows credit equivalent amount.
(J) Deduction from capital(Billions of yen)
As of September 30, 2007
23.7

Deduction from capital○ 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
50%
155.0
70%
637.5
90%
267.0
95%
86.9
Risk weight
115%
89.2
120%
5.0
140%
3.6
250%
352.2
Total
1,596.7(L) Equities exposure under simple risk weight method by risk weight category
Risk weight

300%
400%

Total

(Billions of yen)
As of September 30, 2007
237.3
57.9
295.3

Note: Of the equities exposure under the simple risk weight method, 300% risk weight is applied for listed equities and400% for unlisted equities.

17(M) Portfolio by asset class and ratings segment (Corporate)

Corporate
Investment grade zone
Non-investment grade
zone
Default
Sovereign
Investment grade zone
Non-investment grade
zone
Default
Bank
Investment grade zone
Non-investment grade
zone
Default
Equities exposure under
PD/LGD approach
Investment grade zone
Non-investment grade
zone
Default
Total
Investment grade zone
Non-investment grade
zone
Default(Billions of yen, except percentages)
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

PD(EAD
weighted
average)
(%)
3.86
0.13
1.82

LGD
(EAD
weighted
average)
(%)
42.91
42.67
42.98

100.00
0.01
0.01
1.14

46.22
44.99
44.99
44.98

2.34
2.09
78.95

100.00
0.23
0.13
1.25

45.00
42.53
42.51
42.91

100.0013.29

Onbalance
sheet
43,944.0
20,303.8
21,957.9

Offbalance
sheet
14,722.5
10,838.2
3,812.1

1,754.4
42,485.2
42,347.7
137.3

1,682.2
33,742.1
33,618.5
123.5

72.1
8,743.0
8,729.2
13.7

30.45
28.26
77.93

0.1
8,569.2
8,183.8381.1

0.1
3,503.0
3,289.3
209.3

5,066.2
4,894.4
171.7

45.00
90.00

119.464.2
1,023.7

4.2
1,023.7

-

0.12
5.55

90.00
90.00

132.86306.26

866.7
23.3

866.7
23.3

-

100.00
2.19
0.07
1.81

90.00
44.12
44.34
43.03

32.60
17.59
82.02

133.7
110,744.8
82,540.4
26,311.8

133.7
82,213.0
58,078.4
22,314.1

28,531.8
24,461.9
3,997.7

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), anddefault includes E2R to H1.
2. “Corporate” does not include specialized lending exposure under supervisory slotting criteria.

(Reference) Definition of Obligor Ratings
Obligor ratings(major category)Definition of obligor 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

G1

H1

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
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.
Obligors who have already gone bankrupt, from both a legal and/or
formal perspective.

* Includes restructured loans and loans past due for three months or more.

18

(N) Portfolio by asset class and ratings segment (Retail)(Billions of yen, except percentages)
As of September 30, 2007

Residential
mortgage
Non-default
Default
Qualifying
revolving loans(retail)
Non-default
Default
Other retailNon-default
Default
Total
Non-default
Default

PD (EADweighted
average)
(%)

LGD
(EAD
weighted
average )(%)

ELdefault(EAD
weighted
average)(%)

Riskweight(EAD
weighted
average)(%)

EAD(Billionsof yen)Onbalance
sheet

Weighted
Amount of average ofcreditOff- undrawn
commit- conversion
balancements factor (%)
sheet

1.63
0.84
100.00

47.89
47.81
58.10

0.44
54.94

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
-

100.00100.00-3.00
2.62
100.003.81
1.57
100.002.06
1.02
100.00

73.36
73.33
81.54
49.96
49.72
60.43
48.93
48.82
59.23

0.30
78.00
1.30
57.02
0.59
55.97

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

(O) Actual losses by asset class(Billions of yen)
For the period from October 1, 2006 through September 30, 2007
Actual losses

Asset class:Corporate
Bank
Sovereign
Residential mortgage
Qualifying revolving loans (retail)
Other retailTotal

1,094.0
0.0
3.7
95.3
5.1
52.5
1,251.2

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 for the period from October 1, 2006
through September 30, 2007, as well as specific reserves for possible losses on loans and general reserves forpossible losses on loans (for claims for special attention only) as of September 30, 2007.
2. The data of actual losses by asset class has been accumulated since the fiscal year ended March 31, 2007.
3. Equities 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.
(P) Comparison of estimated and actual losses by asset class(Billions of yen)
For the period from October 1, 2006 through September 30, 2007
Estimated losses
Actual losses
Asset class:Corporate
1,060.5
1,094.0
2.2
0.0
Bank
Sovereign
8.0
3.7
Residential mortgage
85.8
95.3
Qualifying revolving loans (retail)
7.4
5.1
Other retail
50.1
52.5
Total
1,214.3
1,251.2
Notes:
1. Estimated losses are expected losses as of September30, 2007.
2. We began estimating expected losses by asset class from September 30, 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 for the period from October 1, 2006
through September 30, 2007, as well as specific reserves for possible losses on loans and general reserves forpossible losses on loans (for claims for special attention only) as of September 30, 2007
4. The data of actual losses by asset class has been accumulated since the fiscal year ended March 31, 2007.
5. Equities 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.

19

■ 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

20

■ Counterparty risk in derivatives transactions(5) Status of counterparty risk in derivatives transactions(A) Status of derivatives transactions

Foreign exchange-relatedtransactions
Interest rate-relatedtransactions
Gold-related transactions
Equity-related transactions
Transactions related toprecious metals (otherthan gold)
Other commodity-relatedtransactions
Credit derivatives
transactions
Subtotal
Credit equivalent of
mitigation effect of closeout settlement netting
contracts
Effect of credit risk
mitigation by collateral
Total(Billions of yen)

As of September 30, 2007
Gross replacement cost
Gross add-on
1,772.7
2,313.6

Credit equivalent amount
4,086.4

7,151.0

5,231.0

12,382.1

0.1
101.3
0.0

0.0
97.2
0.2

0.2
198.6
0.2

182.6

125.1

307.8

169.2

1,568.7

1,737.9

9,377.2
n.a.

9,336.2
n.a.

18,713.4(12,150.4)

n.a.

n.a.

(331.4)

n.a.

n.a.

6,231.5

Note: The current exposure method is used as the method of calculating credit equivalent amounts.

(B) Amounts of credit risk mitigation by type

(Billions of yen)
As of September 30, 2007
44.9
46.1
0.3
91.4

Eligible financial collateral
Other eligible IRB collateral
Guarantees, others
Total(C) Notional amount of credit derivatives subject to credit equivalent amount calculations

Credit derivatives type:
Credit default swap
Total return swap
Total

BoughtSold
BoughtSold
BoughtSold(Billions of yen)
As of September 30, 2007
Notional amount
10,136.4
9,328.7
10,136.4
9,328.7

Note: Credit derivatives used for credit risk mitigation are as follows:(Billions of yen)
As of September 30, 2007
1,034.2

Credit derivatives used for credit risk mitigation21

■ Securitization exposure(6) Quantitative disclosure items for securitization exposure○ Securitization exposure as originator(A) Information by type of underlying asset(Billions of yen)
As of, or for the six months ended, September 30, 2007

Creditcards

Residential
Mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers

Total

-

336.1
2.8
0.3

-

-

42.3
1.4
0.2

22.1
-

-

400.6
4.2
0.5

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

716.0
-

-

312.5
-

1,028.5
-

-

-

-

-

244.7

-

5.8

250.6

Conventional securitizations
Amount of underlying assets
Default exposure
Losses during the six-month
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
Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the sixmonth period

Notes:
1. “Amount of underlying assets” and “Losses during the six-month period” include, in addition to exposure originatedby us, exposure to assets originated by other financial institutions if they are contained in the same securitization
program.
2. “Default exposure” and “Losses during the six-month period” with respect to synthetic securitizations are based on thedefinition of default as set forth in the respective transactions.
3. 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.”
4. “Others” include transactions whose underlying assets constitute securitization exposure.
5. “Credit cards” include shopping credit receivables, card loans, etc.
(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

(Billions of yen)

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers

Total

Requiredcapital

-

44.0
0.0

-

-

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

-

44.0

-

-

719.2

3.1

312.5

1,079.0

29.0

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from
capitalTotal

─Capital increase due to securitization transactions─(Billions of yen)
As of September 30, 2007

Capital increase due tosecuritization transactions

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers

Total

-

10.1

-

-

-

-

-

10.1

─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice─(Billions of yen)
As of September30, 2007
Credit risk-weighted assets calculated pursuant to Article 15 ofSupplementary Provisions of the FSA Capital Adequacy Ratio Notice22

○ Securitization exposure as sponsor of securitization programs (ABCP/ABL)(C) Information by type of underlying asset

Amount of underlying assets
Default exposure
Estimated loss amountrelated to underlying assets
Amount of exposures
securitized during the sixmonth period(Billions of yen)
As of, or for the six months ended, September 30, 2007

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Accounts
and notes
receivables

RealestateOthers

Total

226.5
9.2

-

97.8
0.1

290.0
6.3
2.1

669.2
23.3
7.3

-

47.3
0.3

1,331.1
29.7
19.1

210.1

-

275.7

1,254.2

1,646.5-

137.1

3,523.9

Notes:
1. Securitization exposure that is acquired in the securitization of the customer’s claims other than as sponsor (in theform of asset-backed securities, trust beneficiary rights and other transferable instruments) is categorized as
securitization exposure as investor.
2. The amount of default exposure is the amount recognized as default in the calculation of capital adequacy ratio.
3. 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 external rating method.
4. Classification based on type of underlying asset is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
5. “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

Up to 20%
Up to 50%
Risk
Up to 100%weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets areforeign assets(Billions of yen)

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Accounts
and notes
receivables

RealestateOthers

Total

Requiredcapital

32.1
101.8
150.0
3.7
1.2

-

3.1
17.3
86.0
-

194.5
60.0
5.7
-

421.9
31.6
48.2
77.7
-

-

153.8
47.0
-

805.7
156.0
236.1
233.5
3.7
1.2

5.6
4.2
14.4
25.6
1.7
0.8

288.9
282.9

-

106.5
-

260.3
48.5

579.5
75.7

-

200.8
200.8

1,436.3
608.0

52.6
n.a.

Note: Securitization exposure retained or purchased includes unused portions of securitization programs that are subject toallocation of required capital.
─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice─(Billions of yen)
As of September30, 2007
Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary
Provisions of the FSA Capital Adequacy Ratio Notice23

○ 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─

Up to 20%
Up to 50%
Risk
Up to 100%weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets
are foreign assets(Billions of yen)
As of September 30, 2007

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers

Total

Requiredcapital

171.7
2.3
76.3
-

1,682.0
19.9
25.4
-

380.4
0.2
-

521.6
3.1
5.0
-

557.0
50.9
2.7
-

512.4
151.7
27.1
-

175.2
11.5
4.6
-

4,000.6
239.6
141.6
-

38.1
6.5
9.1
-

4.2
254.6

1,727.4

380.6

529.8

8.8
619.5

18.2
709.6

24.7
216.1

56.0
4,437.9

34.1
88.0

152.7

216.6

115.0

30.2

457.9

57.5

36.5

1,066.7

n.a.

Notes:
1. Subordinated contributions for managed collateralized loan obligations (“CLO”), etc., are included in the above table
as exposure as investor even when the assets underlying those CLOs, etc., include exposures that were originated by us.
Our subordinated contributions for those managed CLOs, etc., were ¥7.4 billion (treated as deduction from capital for
purposes of capital adequacy ratio calculation), and our sale of assets to such managed CLOs, etc., during the fiscal
year was ¥11.7billion.
2. Classification based on type of underlying asset 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. Disclosures are based on transactions that are subject to the calculation of the amount of credit risk-weighted assets anddo not include securitization exposure related to assets recorded in our trading account.
6. Securitization exposure retained or purchased as investor whose risk was subsequently transferred to third parties
through securitizations is recorded as securitization exposure as originator.
─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
Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary
Provisions of the FSA Capital Adequacy Ratio NoticeNote that, in addition to the above, within the provision of credit in the form of eligible servicer cash advance, set forth in
Article 246 of the Notice, there was an undrawn portion to which no required capital is allocated.
The balance of such portion as of September 30, 2007 was ¥40.7 billion.

24

■ Market Risk
○ Trading Activities
The following table shows VaR figures of our trading activities.

End of period
Maximum
Minimum
Average
Number of cases where assumptive losses
exceeded value-at-risk during the period

For the six months
ended September 30,
2006
3.7
5.5
3.5
4.4
0

For the fiscal year
ended March 31,
2007
3.9
6.5
3.2
4.3
0

(Billions of yen)
For the six months
ended September 30,
2007
4.2
5.5
3.0
4.2
0

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.
Notes:(1) Our group companies which conduct trading activities are Mizuho Bank, Mizuho Corporate Bank, Mizuho Trust &Banking and Mizuho Securities, etc.
(2) The value-at-risk method measures the maximum possible loss that could be incurred due to market movements within acertain time period (or holding period) and degree of probability (or confidence interval).
(3) In order to evaluate the effectiveness of market risk measurements calculated using the value-at-risk method, we carryout regular back tests to compare value-at-risk with assumptive losses.
○ Outlier Criteria
The following table shows results of calculations under the outlier framework.
Amount of loss
As of March 31, 2007
As of September 30, 2007
Effect of yen interest rate
Effect of dollar interest rate
Effect of euro interest rate

626.1
566.4
266.5
262.1
24.9

Broadly-defined
capital8,841.3
8,325.2-(Billions of yen)
Loss ratio
to capital
7.1%
6.8%
-

Notes:(1) 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 ofTier 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.
(2) For the interest rate shock scenario used in connection with the results of calculations under the outlier framework, we
generate annual rate fluctuation data for five years derived from daily raw historical interest rate data of the past six
years and then apply the actual fluctuation data, which show a rise in interest rates, at a 99.0% confidence level to theshock scenario.

25

■ Equities exposure in banking book(7) Status of equities exposure in banking book(A) Amounts stated in consolidated balance sheet(Billions of yen)

Exposure of listed stock, etc.
Other equities exposure
Total
Note: Above figures include only Japanese and foreign stocks.

As of September 30, 2007
Consolidated balance sheet
amount5,494.9416.3
5,911.3

Fair value
5,494.9416.3
5,911.3(B) Gains and losses on sales related to equities exposure(Billions of yen)Six months ended September 30, 2007
Gains and losses
on salesGains on sales
Losses on sales
118.8
122.0
3.1
Sale of equities exposure
Note: Above figures are gains and losses on sales of stocks within other ordinary income and expenses in our consolidated
statement of income.
(C) Gains and losses from write-offs related to equities exposure(Billions of yen)Six months ended September 30, 2007
Gains and losses fromwrite-offs
Write-offs of equities exposure(40.0)
Note: Above figure is losses on devaluation of stocks within other expenses 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

Equities exposure
Note: Above figures include only Japanese and foreign stocks.

Net unrealized
gains
2,203.5

Unrealized
gains
2,312.3

Unrealized
losses
108.7(E) Unrealized gains and losses not recognized in the consolidated balance sheet or in the consolidated statement ofincomeNone.
(F) Equities exposure by portfolio classification(Billions of yen)
As of September 30, 2007
1,023.7
295.3
4,974.0
6,293.1

PD/LGD approach
Market-based method (simple risk weight method)
Market-based method (internal models approach)Transitional measure applied
Total26