Interim Review
the Six Months ended( For)
September 30, 2006

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

For the Six Months ended September 30, 2006 and 2005,
and for the Fiscal Year ended March 31, 2006

September 30, 2006

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

1,863,970
530,155
632,821392,338—

Millions of yen
March 31, 2006¥

3,557,549
921,069
980,142649,903
81,421

September 30, 2005¥

1,701,642
453,021494,279
338,590—

Thousands of U.S. dollars
September 30, 2006$

15,811,096
4,497,038
5,367,895
3,328,004—*Non-consolidated basis.

As of September 30, 2006 and 2005, and March 31, 2006

Total Assets
Securities
Loans and Bills Discounted
Deposits
Total Net Assets
Total Shareholders' Equity

For the Six Months ended September 30, 2006 and 2005,
and for the Fiscal Year ended March 31, 2006

Per Share of Common StockNet Income
Cash Dividends per Share*
Common Stock
Preferred Stock
Fourth Series Class IV Preferred Stock
Sixth Series Class VI Preferred Stock
Seventh Series Class VII Preferred Stock
Eleventh Series Class XI Preferred StockThirteenth Series Class XIII Preferred Stock

September 30, 2006

Millions of yen
March 31, 2006

September 30, 2005

Thousands of U.S. dollars
September 30, 2006

¥ 148,962,319
37,093,870
65,062,729
71,912,235
5,689,314/¥ 149,612,794
37,702,957
65,408,672
73,007,994/¥ 4,804,993¥ 146,887,998
38,447,107
63,811,414
71,923,164/¥ 3,683,283$ 1,263,570,446
314,648,153
551,893,541
609,994,366
48,259,516/

September 30, 2006

Yen
March 31, 2006

September 30, 2005

U.S. dollars
September 30, 2006¥

33,498.33¥

55,157.14¥

31,219.12$

284.15

—

4,000

—

—

/
/
/
—
—

47,60042,000—20,00030,000

—
—
—
—
—

/
/
/
—
—

As of September 30, 2006 and 2005, and March 31, 2006

September 30, 2006

March 31, 2006

September 30, 2005

Capital Adequacy Ratio
Risk-based Capital Ratio (BIS Capital Ratio)

10.97%

11.59%

10.73%*Non-consolidated basis.

Note: The rate of ¥ 117.89=US$ 1.00, the foreign exchange rate on September 30, 2006, has been used for translation.

Ratings
As of December 31, 2006

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–

—
—
—
—
J–1+

Moody'sLong Term Short Term

—
A1
A1
A1
A1*

P—1
P—1
P—1
P—1
P—1*

Standard & Poor's
Long Term Short Term

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).

1

A
A
A
A
—

F1
F1
F1
F1
—

2006 Mizuho Financial Group Interim Review

ProfileContents

The Mizuho Financial Group is one of the largest
financial institutions in the world, offering a broad

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

2

range of financial services including banking,Business Outline of Mizuho

8

securities, trust and asset management, credit card,

Office Network of Mizuho

9Business Approaches Adopted by Each Global Group10CSR Activities of Mizuho

22

Location of Overseas Offices of Mizuho

24

private banking services, venture capital through its
group companies.
The group has approximately 46,000 staff working
in over 760 offices inside and outside Japan, and total
assets of over $1.2 trillion (as of March 2006).

Investor Information on Mizuho Financial Group, Inc. 27

The group was created in September 2000

Disclosure Policy

29

our three predecessor banks, The Dai-Ichi Kangyo

Privacy Policy Regarding Customer Information

30

Bank (DKB), The Fuji Bank (Fuji) and The Industrial

Contact Information

31

through the establishment of a holding company ofBank of Japan (IBJ). Under the umbrella of theholding company Mizuho Financial Group, ourprincipal group companies include Mizuho Corporate

Financial Information

Bank, Mizuho Bank, Mizuho Securities and Mizuho
Trust & Banking.

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

Forward-Looking Statements
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
forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements
reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.
We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range ofpossible 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 maintainrequired 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 registration statement on Form 20-F filed with
the U.S. Securities and Exchange Commission (“SEC”) on October 19, 2006, which is available in the Financial Information section of our web
page at www.mizuho-fg.co.jp/english/ and also at the SEC's web site at www.sec.gov.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter
our forward-looking statements, whether as a result of new information, future events or otherwise.

1

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

initiatives — the Business Portfolio Strategy and the
Corporate Management Strategy.

Business Portfolio Strategy
As part of our Business Portfolio Strategy, we reorganized our businesses into three global groups — theGlobal Corporate Group, the Global Retail Group, and
the Global Asset & Wealth Management Group — tosuit the needs of the respective client segments. These
three groups leverage their strengths and capabilities,
and take initiatives to offer optimal products, services,and solutions to our clients.

Strategy of the Global Corporate GroupThe principal companies in the Global Corporate Groupare Mizuho Corporate Bank and Mizuho Securities. This
group concentrates on meeting the financial needs ofJapan's financial institutions have virtually completed thelarge corporations, multinationals and other entities.

measures needed to dispose of their non-performing
loans (NPLs) and address other financial issues. The mostMizuho Corporate Bank announced its “Investment

important tasks now for an individual institution are to

Banking Declaration” in fall 2005 and is developing its

secure its competitive position by implementing strate-

operations under a business model that calls for the pro-gies that capitalize on its particular strengths and sub-motion and combination of its commercial banking andstantially enhance profitability.

investment banking businesses. In its commercial banking operations, Mizuho Corporate Bank has an excep-

What is our approach? Under this business environment,tionally strong business base that includes relationships

we at Mizuho are working to significantly enhance ourwith about 70% of Japan's listed corporations. By mak-comprehensive profitability centering on income froming full use of the group's wide range of services, includ-

our Customer Groups in which we provide financial

ing securities, trust, and other services, Mizuho

products and services directly to customers, and to

Corporate Bank is now able to provide sophisticated,

implement disciplined capital management.

cutting-edge solutions and products that help clients
increase their corporate value.

Implementing the “Channel to Discovery” Plan
Beginning in fiscal 2006, Mizuho Corporate Bank
How are we moving forward? To win the even stronger

announced its “Global Declaration,” which calls forsupport of our clients, we are steadily implementing our

extending its business model to provide services on abusiness strategy, the “Channel to Discovery” Plan,

global scale. Under the watchword of globalization, thewhich we formulated in April 2005, with the goal of

Bank has combined its domestic and international opera-

positioning Mizuho as a world-leading financial group.

tions within functional categories and is expanding its

Under this plan, we are implementing two strategic

overseas network and alliances with leading overseas
2A Message from the President & CEO of Mizuho Financial Group, Inc.

financial institutions. Mizuho Corporate Bank is also mov-Management Structure of Mizuho

ing forward vigorously to bolster its infrastructure forMizuho Financial Group, Inc. (MHFG)

GlobalCorporateGroup

GlobalRetailGroup

GlobalAsset & WealthManagementGroupfuture growth, including satisfying the qualifications for
obtaining financial holding company status in the U.S.

Group
Strategy
Affiliates

and gaining approval for the establishment of a subsidiary bank in China.

Mizuho Information & Research Institute, Inc. (MHIR)

Mizuho Research Institute Ltd. (MHRI)

Mizuho Financial Strategy Co., Ltd. (MHFS)

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

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

Mizuho Bank, Ltd. (MHBK)

Mizuho Corporate Bank, Ltd. (MHCB)

Mizuho Securities is a wholesale securities company withsophisticated professional capabilities. Pertaining to thedebt-related business, it has a strong presence as a market leader in its underwriting as well as its sales andtrading operations. In the equity-related business,
Mizuho Securities is reinforcing its systems and capabilities for offering cutting-edge services and has raised its
market position close to that of Japan's major securities
companies. Moreover, in investment banking business,such as M&A advisory services and structured finance,
Mizuho Securities has already built a top-tier presencewith an extensive record of accomplishments that

Asset management companies (DKA, FIMCO, DIAM)

Trust & Custody Services Bank, Ltd. (TCSB)

Mizuho Investors Securities Co., Ltd. (MHIS)

Mizuho Securities Co., Ltd. (MHSC)

Mizuho Securities is also focusing on offering seamlessdomestic and international services, making use of its
network of overseas subsidiaries. It is working todevelop the systems to meet the requirements andneeds of clients.

Strategy of the Global Retail Group
Turning to the Global Retail Group, Mizuho Bank sees
consulting functions and loans to individuals as the key

Mizuho Capital Co., Ltd.

UC Card Co., Ltd.

ShinkoSecurities
Co., Ltd.

enables it to fulfill the role of a market leader in Japan.

business areas for individual customers, and is working
to provide a “one-stop” offering of a full lineup of thebest products and services that are appropriate to meettheir increasingly diverse and sophisticated needs,
drawing on its alliances with partners inside and outside
the group.

3

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

In addition, to enhance the profitability of its “mass-retailCorporate Management Strategy

transactions,” Mizuho Bank is working to increase theAs part of our implementation of our Corporate

attractiveness of its Mizuho Mileage Club, a membershipManagement Strategy, in November 2006, we listed ourprogram with a mileage point service, and expand its

American Depositary Receipts (ADRs) on the New Yorkchannel network, with the goals of encouraging its cus-

Stock Exchange. To enhance the transparency of our

tomers to deepen, expand, and consolidate their banking

corporate governance as well as raise investors' trust intransactions with Mizuho Bank. What is more, Mizuho

Mizuho to higher levels, we are working to strengthen

Bank has adopted a more proactive approach to reinforc-

our internal controls, in line with compliance require-ing the security of transactions through the introduction

ments of the U.S. Sarbanes-Oxley Act, and provide

of biometric identity confirmation (through finger veinhighly transparent corporate disclosure.

authentication) and other systems.
Also under our Corporate Management Strategy, we are
For small and medium-sized enterprises (SMEs) and mid-

implementing corporate social responsibility (CSR) initia-

dle-market corporations, Mizuho Bank is working to pro-tives and have positioned CSR as “one of the main pil-vide an ample supply of funds to meet sound loanlars of our management group strategy to create new

demand, drawing on the expertise it has accumulated ascorporate value and achieve sustainable growth.” Wea bank specializing in servicing these businesses. In addi-

have selected financial education as one focus of ourtion, to assist clients in these markets, Mizuho Bank is

CSR activities and are conducting joint research focusing

working to develop solutions to help them deal effec-

on elementary and secondary education and passing on

tively with their management issues and is working withthe fruit of the research to the society while also offering

Mizuho Investors Securities and other group companies

support for higher-level financial education throughto consolidate the capabilities of the entire group.

providing grants to establish university courses. Anotherof our CSR activities is our “Heartful Project,” which

Strategy of the Global Asset & Wealthaims to create barrier-free environments in Mizuho

Management Group

Bank's branches. The objective of this project is “toThe Global Asset & Wealth Management Group responds

become a bank that is convenient and easy to use forto requirements of clients for asset management andall its customers regardless of age, gender, or any physi-

administration. Mizuho Trust & Banking, a core member

cal disabilities.”of the group, offers a full lineup of trust services to bothindividual and corporate clients and is working to further

Another important aspect of our Corporate Management

strengthen its trust and asset management business,

Strategy is strengthening the Mizuho brand, by deepen-

including that relating to pensions, asset management,

ing the awareness and understanding of our brand slo-

real estate, asset securitization, as well as stock transfer

gan, “Channel to Discovery” among our clients andagency business, while building closer ties of coopera-

other stakeholders. We want all of our senior executives

tion with other group companies. At the same time,and employees to share and put into practice the three

Mizuho Private Wealth Management, which began oper-

key words we have chosen to express Mizuho's

ations in November 2005, offers full-fledged private

strengths: “enterprising,” “open,” and “leading-edge”

banking services.

in order to become “a financial partner that helps customers shape their future and achieve their dreams.”

4

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

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.

Summary Results for the First Half of Fiscal 2006

basis mainly because of three principal developments:
the mitigated downward trend in loan interest income,Consolidated gross profits for the first half of fiscal 2006

the positive impact of interest rate rises, and the increase

decreased by ¥48.3 billion on a year-on-year basis, toin dividends from investments accompanying the recov-¥997.5 billion, mainly due to a decrease in market-

ery in corporate performance.

related income and a decrease in the profits of thegroup's securities companies. As for the Customer

Our loan balance in the first half of fiscal 2006 steadilyGroups, however, interest income bottomed out andincreased, mainly driven by overseas lending. The average

showed an increase, and fee and commission income

balance of domestic loans remained at the same level asfrom various areas has steadily increased. Consolidated

that of the corresponding period of the previous fiscal

net business profits for the first half of fiscal 2006

year, while there were increases in loans to middle-sized

decreased by ¥60.2 billion on a year-on-year basis, due

corporations among the SMEs, housing loans, and loans

to a combination of the above factors and an increase in

to individuals in alliance with Orient Corporation, all ofgeneral and administrative (G&A) expenses driven bywhich are the areas that we have been focusing on.

outlays for “strategic expenses.”
Net Interest Income(Consolidated Net Interest Income: Billions of yen)

(Loan balance: Trillions of yen)
75

600

Consolidated net income for the first half of fiscal 2006

Consolidated Net Interest Income
Loan balance*

amounted to ¥392.3 billion, a ¥53.7 billion increase
from the corresponding period of the previous fiscal

550

70

500

65

450

60

year, reflecting a reversal of reserves for possible losses
on loans, the recording of net gains related to stocks,
and other factors. Accordingly, fully diluted earnings per
share (EPS) in the first half of fiscal 2006 have steadily
increased to ¥30,787, and the return on equity (ROE)0remains at a high level of 17.1%.

Fiscal 2004
(First half)

Fiscal 2005
(First half)

Fiscal 2006
(First half)

Consolidated Net
Interest Income¥564.5 bn.

¥533.1 bn.

¥535.1 bn.

As for the breakdown of consolidated gross profits, con-

Loan balance*¥63.7 tn.

¥61.1 tn.

¥63.5 tn.

solidated net interest income increased on a year-on-year*Aggregate average balance of the Three Banks for the period (six months),
excluding Trust Account and loans to MHFG.

50

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

Aggregate net fee and commission income of Mizuho“Base expenses” further decreased by ¥12.1 billion on

Corporate Bank, Mizuho Bank, and Mizuho Trust &a year-on-year basis, mainly due to a decrease in person-

Banking (the Three Banks) continued to increase andnel expenses and a reduction in IT-related expenses,

were up ¥7.7 billion, or 4.5%, on a year-on-year basis.

while there were outlays for “strategic expenses” of

As for our corporate business, while fee and commission¥43.4 billion for enhancing future top-line growth. As

income from solution-related businesses declined, anda result, total G&A expenses of the Three Banks

that from settlement and foreign exchange businessincreased by ¥19.6 billion on a year-on-year basis.

and overseas business increased. Moreover, income
from trust and asset management business of Mizuho

Regarding financial soundness, NPL ratio for the Three

Trust & Banking also steadily increased. In addition, as

Banks at the end of September 2006 decreased fromfor our business with individual customers, fee income

1.41% at the end of the previous fiscal year to 1.32%.

from investment trusts and individual annuities contin-

In addition, net deferred tax assets on a consolidated

ued to increase.

basis decreased by ¥63.4 billion from the end of the previous fiscal year, to ¥232.2 billion.

Net Fee and Commission Income (The Three Banks)(Billions of yen)200

The group's consolidated BIS capital adequacy ratio as of+7.7

the end of September 2006 was maintained at a suffi-+25.1

cient level of 10.97%, even after the full repayment of150

the public funds.

Disciplined Capital Management100

We are implementing disciplined capital management0

Net Fee andCommission Income

Fiscal 2004
(First half)

Fiscal 2005
(First half)

Fiscal 2006
(First half)through which we aim to enhance the quality of our¥146.5 bn.

¥171.6 bn.

¥179.4 bn.

capital and reinforce our capital base to sustain our topline growth strategies.

G&A Expenses (The Three Banks)

In July 2006, we repurchased preferred stock of public(Billions of yen)
450

Strategic expenses
Base expenses

funds of ¥600.0 billion, and thus completed the repayment of all public funds. We sincerely appreciate your+ 19.6- 28.1

understanding and continued support over this period.

400- 12.1In July 2006, we also repurchased and canceled 131,800
350

shares of our common stock (treasury stock of ¥129.9
billion) held by Mizuho Financial Strategy, a wholly
owned subsidiary of the Mizuho Financial Group. With0

Fiscal 2004
(First half)

Fiscal 2005
(First half)

Fiscal 2006
(First half)

regard to the remaining treasury stock (261,040 shares)

G&A Expenses¥420.5 bn.

¥404.0 bn.

¥423.7 bn.

Strategic expenses
Base expenses—¥420.5 bn.

¥11.6 bn.
¥392.4 bn.

¥43.4 bn.
¥380.3 bn.

owned by Mizuho Financial Strategy, we aim to repurchase and cancel such shares, while considering thegroup's financial condition and other relevant factors.
6

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

Moreover, in January 2007, to increase the group's Tier 1
capital to secure the agility and to improve the flexibilityof our future capital strategy, we issued non-dilutive preferred securities of ¥400.0 billion.
Considering the above and other factors, we plan toincrease the fiscal year-end cash dividends per share ofcommon stock for fiscal 2006 to ¥7,000 (a ¥3,000
increase from that for the previous fiscal year). We plan tomake dividend payments on preferred stock as prescribed.

In closing, we would like to reaffirm our commitment toour core values. Specifically, as we continue to move forward proactively with the implementation of our“Channel to Discovery” Plan, with the support of ourclients, we will work to further enhance our corporate
value by strengthening our competitiveness and profitability as well as fulfilling our responsibilities to society
and our mission to serve the public interest. We look forward to your continuing support as we make further
progress toward our corporate objectives.
January 2007

Terunobu Maeda
President & CEO
Mizuho Financial Group, Inc.

7

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

MizuhoSecurities (MHSC)

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

MizuhoInvestors
Securities(MHIS)

A wholesale securities
company whose customers are institutional
investors, corporations,financial institutions
and public 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
A comprehensive securities company that
focuses on the middle
and retail markets.

DefinedContribution
Plan Services(DCPS)

Dai-IchiKangyo AssetManagement
(DKA)

Fuji
Investment
Management(FIMCO)DLIBJ AssetManagement(DIAM)

An entity that specializes in managing defined contribution pension plans.

An assetmanagement company.

An assetmanagement company.

An assetmanagement company.

MizuhoCapitalMizuhoFactors

A principal
venture capitalcompany.

A factoring company.

UC CardMizuhoPrivate WealthManagement(MHPW)

MizuhoTrust Realty
Company

MizuhoCreditGuarantee

A leader among
credit cardcompanies in Japan.

A private banking
services company.

A real estate agency.

A credit guarantee
and real estate
research 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

8Office Network of Mizuho
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, 2006)
MHCB Overseas Branches and Relevant Offices
 Overseas Representative Offices
 Major Overseas Subsidiaries and Relevant Offices

In December 2006, MHCB obtained Financial Holding Company (FHC) status under the U.S. Bank
Holding Company Act.
MHCB is preparing to establish Mizuho Corporate Bank (China) and to transfer the business of
MHCB's five existing branches in China (Beijing, Shanghai, Shenzhen, Dalian and Wuxi) to the newbanking subsidiary, which is planned to commence operations in the first half of fiscal 2007.
MHCB is also preparing to establish a representative office in Moscow, Russia in February 2007.

MHSC
 Overseas Subsidiaries
 Overseas Representative Offices
MHTB Overseas Subsidiaries
 Overseas Representative Offices

Luxembourg
LondonAmsterdam

BeijingFrankfurt

Brussels

Tianjin

ViennaParis

TorontoNanjingDüsseldorf

DalianWuhan

ChicagoZurichTehranBahrainShenzhen

Shanghai
Wuxi
TaipeiNew Delhi
Guangzhou
MumbaiHanoi

New York

Seoul

XiamenLos Angeles

CaymanKaohsiung
Hong Kong
ManilaHo Chi Minh

BangkokAtlanta
HoustonMexicoNetwork in Japan(As of December 31, 2006)

MHCB
LabuanKuala Lumpur

Head Office and Branches: 18

MHBKSingapore
SydneyJakarta

Head Office and Branches: 373
Sub-branches: 62
Agencies: 47

MHSC
Head Office and Department: 2

MHTB
9Head Office and Branches: 36
Sub-branch: 2São PauloBusiness Approaches Adopted by Each Global Group
Global Corporate Group— Approaches to Large Corporations, Multinationals and Other Entities —GLOBAL CORPORATE GROUP

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 corporatebanking sector and the wholesale securities sector.

“Investment Bank Declaration” and “Global Declaration”
In order to respond to the increasingly sophisticated needs of its clients, MHCB has been pursuing a business model that
promotes and combines its commercial and investment banking operations under the slogan it adopted in the fall of 2005,
the “Investment Bank Declaration.” MHCB is also globalizing in order to provide a structure that can fully support theongoing worldwide expansion of its clients' business under its “Global Declaration” slogan which it adopted in fiscal 2006.
In December 2006, MHCB obtained Financial Holding Company (FHC) status in the U.S., which will enable Mizuho topromote its investment banking business on a broader basis in the U.S., the world's largest market, in addition to suchbusinesses it already conducts in Japan, Europe and Asia. Moreover, MHCB received approval of its application to begin
preparations for the establishment in China of a wholly-owned MHCB banking subsidiary, Mizuho Corporate Bank (China),
in the same month.

Stronger Branch Network and Strategic Alliances
MHCB is proactively extending its overseas network. In May 2006, it added to its Mumbai Branch in the rapidly growing
Indian market by opening a branch in New Delhi. In June, it opened its fifth branch in China—the Wuxi Branch—to boost
its already considerable strength there. It has also opened new branches in Brussels*, Belgium and in Ho Chi Minh City,
Vietnam.
MHCB will deploy a dynamic and proactive branch network strategy after carefully analyzing the medium- to long-term
economic situation and client trends in various regions. Among other things, it plans to open a branch in Milan in Italy,
where many outstanding non-Japanese companies are locating, which ranks next to Germany, the U.K. and France among
the EU economies in size. In Russia, which is in the spotlight today as one of the “BRICs economies,” MHCB reached

Highlights of Results Based on the “Global Declaration”
 Branch Network Expansion
2006 MayNew Delhi Branch opened

June

Wuxi Branch opened

July

Brussels* Branch opened

October

Ho Chi Minh City Branch opened

 Strategic Alliances
2006 June
Signed a comprehensive
business cooperation agreementwith TISCO Bank of Thailand,
which is strong in such areas asinvestment management.
September Concluded a businesscooperation agreement withShinhan Financial Group, which
ranks second in asset size inSouth Korea.

*The Brussels Branch belongs to Mizuho Corporate Bank
Nederland, a wholly-owned subsidiary of MHCB.

Established a strategic businessalliance with the Industrial Bankof Korea, the largest
government-affiliated financial
institution in South Korea.

10Business Approaches Adopted by Each Global Group
Global Corporate Group— Approaches to Large Corporations, Multinationals and Other Entities —GLOBAL CORPORATE GROUP

agreement with Michinoku Bank for purchase of shares in Michinoku Bank (Moscow) and for strategic businesscooperation. MHCB also received permission to establish a representative office in Moscow.
MHCB is extending beyond strengthening its branch network by forming strategic alliances with strong financial
institutions in South Korea, Thailand and elsewhere.
MHCB provides syndicated loans, project finance, leveraged finance, structured trade finance and various otheradvanced products, not only to Japanese companies, but also to clients centered in the North American and European
markets who are engaged in global business activities. It will continue to enhance clients' corporate value by making
strategic use of relationships with other financial institutions to proactively provide globally based solutions.

Providing Top-Level Products on a Global Scale
Solutions Business Helps Raise Corporate Value
As a bank that is “constantly evolving,” MHCB puts a great deal of effort into offering solutions that help raise its clients'
corporate value.
Employing a “strategic advisory service-based solutions business approach” as their code of behavior, MHCB's
relationship managers act as group-wide relationship managers by offering global financial solutions that bring together
the group's financial functions. These cover M&A, various forms of securitization, syndicated loans, pensions and CMS, aswell as the full line of services available through the combination of banking, securities, trust and other specialist functionsof the group.
In order to satisfy clients' global needs, MHCB has deployed the functions of its Industry Research Division in locations
like New York, thus improving its organizational framework for proposing cross-border solutions based on global research.
In other words, it engages in a “deal after deal” marketing approach by assuming the medium- to long-term viewpointof the client's top executives in continuously offering prompt strategic advice and multi-faceted solutions, with the aim of
maximizing that client's corporate value.
Developing and 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

Expanding into Credit-Related Business
MHCB brings together the highly specialized know-how it accumulated during the corporate revitalization process topromote its credit engineering business. It actively promotes businesses that focus more on enhancing corporate value andimproving market confidence, proactively developing new high value-added financing schemes that exploit its investmentbank-like skills in setting up business revitalization schemes, calculating corporate value and supporting refinancing andcapital policy measures.

11Business Approaches Adopted by Each Global Group
Global Corporate Group— Approaches to Large Corporations, Multinationals and Other Entities —GLOBAL CORPORATE GROUP

Promoting Investment Bank-Type Finance
Leveraged Finance and MBOs
Amidst rapid growth in Japan's M&A business in recent years, MHCB has endeavored to help clients raise their corporate
value through business restructuring by promoting leveraged finance, providing advisory services and arranging finance inconnection with large-scale business restructuring involving sell-offs of business divisions and subsidiaries, and similar
deals. In particular, it has also recently adopted a proactive approach to cross-border deals, compiling the best track recordin the sector for global leveraged finance transactions.

Project Finance and PFI
By its nature, project finance has to be tailored to reflect the very diverse business structures of individual projects, andrequires sophisticated skills and a rich store of knowledge. With its team of highly experienced staff operating at the global
level, MHCB occupies an important position in this sector globally.
It offers business risk-mitigating solutions to clients who invest in projects by providing limited recourse based financefor resource development, power generation and other infrastructure improvement projects in Japan and overseas,
including the Haneda Airport international terminal construction project and other PFI projects arising from the shift fromthe public to the private sector in Japan.
After becoming the first Japanese bank to adopt the Equator Principles in October 2003, MHCB re-adopted therevised Principles in July 2006. In March 2006, it established the Sustainable Development Department to conduct
environmental reviews in connection with project finance deals. MHCB became a secretariat bank for the Equator
Principles in November 2006.

Taking the Syndication Business to the Second StageAs a leader of Japan's domestic syndicated loan market, MHCB
drives market growth by generating high value-added deals.

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

Examples include cross-border syndicated loans (“Ninja Loans”) for(Trillions of yen)foreign companies and sovereign entities raising funds in the

30

Japanese market, and financial solutions for total debt restructuring

25

aimed at increasing corporate value.
Since 2006, MHBC has strengthened the linkage between New
York, London and Hong Kong by deploying specialist staff to these20

Arrangement ofSyndicated Loansin Japan(first half of fiscal 2006)
Mizuho'sshare:
33.3%

15

three key centers, thereby establishing a global syndication
framework that can provide appropriate solutions for clients
expanding their businesses in a wide range of areas.

10
5Banks today are required to underwrite all the risks that clients
hold, using financial technologies to break them down and process
them, then employing the syndication function to redistribute them.
The syndication business function that is a core of this process is
now entering a new phase. The bank's proactive involvement in the
syndication business will go beyond traditional methodologies.

120

Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
1998 1999 2000 2001 2002 2003 2004 2005 2006
(first half)
Sources: Fiscal 1998 – Fiscal 2002: Thomson Financial
Fiscal 2003 onward: Bank of Japan statistics(Market share calculated by MHCB)

Business Approaches Adopted by Each Global Group
Global Corporate Group— Approaches to Large Corporations, Multinationals and Other Entities —GLOBAL CORPORATE GROUP

Increasingly Sophisticated Portfolio Management
MHCB is making progress in enhancing the sophistication of its portfolio management, recognizing it as one of theimportant pillars of its “originate to distribute” business model, alongside its syndication business. It strives to improve riskreturns by correcting portfolio imbalances through strategic purchases and sales of loans in response to changes in thestatus of the bank's entire portfolio by region or sector, and the macroeconomic situation. It is expanding its initiatives on
a global basis, and by September 2006, had put together synthetic CLOs (Collateralized Loan Obligations) based on
approximately ¥560 billion in loans extended to 149 non-Japanese companies.
It will endeavor to strengthen its strategic risk-taking capabilities and maximize portfolio value by controlling credit risk
in a dynamic and proactive fashion without curtailing its ability to originate loans.

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 line-up to include credit and commodities
as well as 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 andoverseas offices. In addition to various forms of exchange 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.

Debt-Related Business
MHSC has sustained its sector-leading performance for many years
as a result of its powerful bond-selling capabilities, and its ability to
set prices to reflect investor demand with precision and respondrapidly to changes in the market.
In the area of research, it supports clients by offering individual
market analyses and satisfying their individual needs throughportfolio diagnostic services, and has earned an extremely good
reputation among institutional investors as the securities company
with the number one research division in Japan.

13

Domestic SB League Table(Including yen-denominated foreign bond andmunicipal bond, and excluding bank debenture,
self-led issues, and retail-targeted bonds)* Lead managing amount basis. Total amount of issues:¥3,787.0 billion (April 2006-September 2006)
Underwriting
MarketRanking Company name(billions of yen)share (%)
1
Mizuho Securities
714.7
18.87
2
Daiwa Securities SMBC
702.7
18.56
3
Mitsubishi UFJ Securities
578.0
15.26
Source: Calculated by MHSC, based on data of I-N Information Systems

Business Approaches Adopted by Each Global Group
Global Corporate Group— Approaches to Large Corporations, Multinationals and Other Entities —GLOBAL CORPORATE GROUP

Equity-Related BusinessBacked by superior financial technology and the powerful network it
has built up at home and overseas, MHSC draws up proposals
pertaining to capital management for maximizing clients' corporate
value, and supports IR activities. In the area of IPOs, it hasestablished a powerful system to provide clients with support forlisting preparations, and offers high-level solutions.
It will also respond appropriately to clients' diversified needs by

Domestic Public Offering League Table* Underwriting basis, including REITs. Total Amount ofIssues: ¥2,180.2 billion (April 2006-September 2006)
Underwriting
MarketRanking Company name(billions of yen)share (%)
1
Nomura Securities
580.2
26.61
2
Nikko Citigroup
516.3
23.68
3
Daiwa Securities SMBC
311.6
14.29
4
Mizuho Securities
169.3
7.76
5
Mitsubishi UFJ Securities
100.2
4.60
Source: Calculated by MHSC based on data of I-N Information Systems

channeling greater efforts into expanding global business andutilizing its product development capabilities.

Investment Banking Business
M&A Advisory Services
MHSC has established a top-level presence in the area of M&A anddraws on its advanced sectoral knowledge and know-how toprovide wide-ranging advice that suits clients' business and financial
management strategies.
It will reinforce its ability to put forward and execute proposals inline with clients' business strategies, and create new business
opportunities while striving to further expand its M&A business.

M&A Advisory Ranking(Japanese target, any acquirer nation, deals
announced)* League table based on number of deals (January
2006-September 2006)
No. of Amount (millions
Ranking Advisor
transactions of U.S. dollars)
1
Daiwa Securities SMBC
94
19,1182Mizuho Financial Group83
22,612
2
Nomura83
17,499Source: Thomson Financial

Structured Finance
MHSC has used its personnel resources and know-how to compile an impressive record that puts it among the market
leaders in Japan in real estate, monetary claims and other areas of securitization, as well as lease finance and other aspectsof structured finance.
It will continue to respond to clients' diversifying needs though its proactive approach to all aspects of the asset
securitization business.

Strengthening Business Promotion
MHSC reorganized its business promotion system in April 2006 with a view to channeling its core business strengths into
offering comprehensive proposals and further strengthening its relationships with clients, establishing a Financial Institutions
Business Committee specializing in financial institutions and public corporations, and an Investment Banking Group
specializing in business corporations. In addition to better tailoring its responses to clients' sectoral characteristics and needs,
it is aiming for more dynamic strategic marketing, and more finely-tuned follow-ups.

14

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —GLOBAL RETAIL GROUP

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
Working to Improve the Convenience of Customer Transactions
Mizuho Mileage ClubAs of October 2006, over 2.5 million customers had signed up for the “Mizuho Mileage Club.” Launched two years earlier
in August 2004, this membership reward program enables its members to accumulate and utilize mileage points.
From November 2006, MHBK started offering the iDTM* service, which uses the “Osaifu-Keitai®*,” a portable wallet
application, as a new function for Mizuho Mileage Club cards equipped with credit card functions. MHBK will continue toenhance its products so as to provide even greater convenience and benefits to customers.
*“Osaifu-Keitai,” “iD” and the “iD” logo are trademarks or registered trademarks of NTT DoCoMo.
*“iD” is a settlement service whereby payments can be made by simply passing a NTT DoCoMo “Osaifu-Keitai” mobile wallet over a reading device.

Improved ATM Services
Since July 2006, customers with MHBK ATM cards have been able to withdraw and deposit cash and check balance of
their accounts on a 24-hour basis on weekdays using Seven Bank ATMs installed at convenience stores belonging toSeven-Eleven Japan and other stores. This means that in addition to E-net and LAWSON convenience store ATMs,
members of the “Mizuho Mileage Club” can now use Seven Bank ATMs without paying usage or after-hours fees,
depending on their transaction status.
MHBK has also introduced biometric authentication (finger vein recognition) to enhance the security of ATM cardtransactions. In October 2006, it commenced registration of biometric authentication data on IC ATM cards equipped withbiometric functions, and has started sharing biometric ATMs with Japan Post (Post Office).

Deployment of More Customer-Oriented Branches
MHBK has started establishing “Mizuho Personal Squares”—branches with a greater focus on individual customers.
The basic concept behind “Mizuho Personal Squares” is to create attractive branches that encourage customers to visit
for transactions and consultations. These branches feature changed layouts and added functions, including “Premium
Salons” to provide customers with exclusive space for consultations on asset management and housing loans in a relaxedatmosphere, and lobby spaces where they can freely access, collect and peruse financial information.
Starting with the reopening of four renovated branches in October 2006, MHBK plans to steadily increase the numberof “Mizuho Personal Squares” at new branches and existing branches that are to be refurbished.

Targeting the Senior Executives and Employees of Corporate Customers
MHBK has established six offices throughout the country to provide speedy and careful responses to the diverse needs ofsenior executives and employees of its own corporate customers and those of MHCB, ranging from asset management tovarious kinds of loans.

15

Business Approaches Adopted by Each Global Group
Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —GLOBAL RETAIL GROUP

Offering New Services through Business Tie-Ups
MHBK and MHTB have launched a new financial service for members of JR East's “Otona no Kyujitsu Club” for the middle
aged and elderly, placing financial information in the membership magazine “Otona no Kyujitsu,” holding seminars on
asset management for members, running various kinds of campaigns and offering benefits.
In October 2006, MHBK launched the Mobile Suica Charge service, which allows customers to charge their mobile
Suica by transferring money from their bank accounts. With JR East's Mobile Suica service, mobile phone handsets can beused for boarding trains and buying tickets, as well as for making purchases at stores and other businesses using
electronic money.

Aiming for the No.1 Spot in Consulting Services
Strengthening Consulting Functions
MHBK is striving to become the leader in consulting services, training and deploying more expert personnel and improving
its information infrastructure.
As well as training and deploying 2,000 financial consultants who specialize in business promotion for individual
customers and can respond to all kinds of consulting needs, it also plans to increase to 250 the number of branches with
“Premium Salons,” exclusive private booths where customers can make use of money life simulations and discuss asset
management and other matters in a relaxed atmosphere.

Enhancing Comprehensive Financial Services through Cooperation with the Group Securities
Company and Trust Bank
As of December 31, 2006, MHIS consultation booths (“Planet Booths”) had been set up in the lobbies of 93 MHBK
branches, making transactions more convenient for customers by allowing “one-stop shopping” and responding to a wide
range of asset management needs.
MHBK also became the first Japanese bank to start handling “Wrap Account” in the domestic market as part of its
securities sales agency business. It also provides the latest information by holding seminars on inheritance and wills as partof its efforts to satisfy the annual growth in customers' needs for testamentary trusts, which it handles as part of its trust
business as an agent of MHTB.

“Special Consulting Program for Retirees” Launched
Since June 2006, MHBK has offered the “Special Consulting Program for Retirees” to provide comprehensive retirement
allowance management proposals to people making a new start in life following retirement.
By offering money life simulation services and mailing the informational magazine “The second act” in response to theneeds of customers who are anxious about post-retirement living expenses or concerned about managing their retirement
allowances, it aims to establish Mizuho's reputation as an advisor for post-retirement money life.

Expanding Asset Management Products
To support customers' asset investment needs, MHBK is endeavoring to expand its product line-up of investment trusts,
insurance and foreign currency deposits.
It offers several types of investment trusts. The World 8 Assets Fund (“World Suite”) focuses on diversified investment inJapanese and foreign stocks, bonds and REITs. The Mizuho Japan Stocks Active Open (“Triangle”) focuses on diversified

16

Business Approaches Adopted by Each Global Group
Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —GLOBAL RETAIL GROUP

investment in Japanese stocks through investments in three types of Japanese stock investment trusts. And the Fidelity
Global Bond Series—US Dollar Monthly Income (“Dollar no Minori”) is a US dollar-denominated monthly allocation-type
foreign investment trust. In the area of insurance, it has started to deal in the “Nenkin Kiko” fixed annuity insurance andthe “Tanoshimi Life” annuity funding-guaranteed type variable personal pension insurance.
MHBK is striving to satisfy customers' diversifying asset management needs by using campaigns and other means to
expand its business in JGBs for individual investors and purchases of investment trusts via the Internet.

Personal Loans
Housing LoansMHBK offers a large number of products, including “Flat 35” securitization-type, long term fixed-interest housing loans, tocater to customers' needs for a choice of interest rate options. “Flat 35” has been particularly well-received, continuing thetrend set in fiscal 2004 by retaining the number-one spot among financial institutions on a results basis in fiscal 2005 as
well. In July 2006, MHBK started handling housing loans with a sickness security rider.
In the first half of fiscal 2006, MHBK held weekend consultations at an aggregate total of around 1,000 branches
throughout Japan to enable customers to consult on loan issues on non-business days.
It is also further enhancing its services to customers by expanding its Housing Loan Business Promotion Centers—a
specialist channel via which customers apply for housing loans through housing sales companies.

Unsecured LoansMHBK is selling “Mizuho Orico Card Loans,” which it developed jointly with Orient Corporation (Orico).
It began allowing applications via the Internet from June 2006, further enhancing convenience for customers who had
already signed Mizuho Direct contracts by enabling them to conclude contracts on a paperless basis when applying for“Casual Plan” Mizuho Orico Card Loans.

17

Business Approaches Adopted by Each Global Group
Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —GLOBAL RETAIL GROUP

Targeting SMEs and Middle-Market Corporations
Promoting Lending
MHBK is working proactively to increase lending with a view tocreating a stronger, more stable profit base.
Its positive efforts in continuing to boost its share of lending inSales Performance of Three Products Developedby Mizuho(Billions of yen)
500

Amount (execution basis)
No. of transactions

the first half of fiscal 2006 resulted in an increase of approximately¥180 billion, including private bond issues. As a result of increasing(No. of deals)
7,500

400

6,000

300

4,500

200

3,000

100

1,500

its specialist staff, new transactions with new customers yielded ahalf-year increase of approximately ¥570 billion, including privatebond issues, in the first half of fiscal 2006.
MHBK will continue to be positive in taking risks without relying
on collateral and adhere to a proactive approach to meetingcustomers' funding demands by expanding the “Partner Series” ofunsecured loan products including the ¥1 trillion “Super Wide”
strategic loan fund as a means of satisfying the varied needs of

0

0
July
2003

February December November March September
2004
2005
2006
2004
2006

SMEs and middle-market corporations and by offering various
fund procurement schemes.

“Mizuho Quick Partner” launched“Mizuho Support 30” launched“Mizuho Rising Partner” launched“Mizuho Long Partner” launched

Alliance with Orient Corporation
Launching New Loan Products for SMEs
MHBK is making use of the credit enhancement capabilities offered by Orico and the debt servicer know-how offered by
Japan Collection Service, a member of the Orico group, to develop a series of loan products for SME customers. As of theend of September 2006, it had extended approximately ¥390 billion in loans on an execution basis.

Approach to Small-Scale Companies
MHBK is proactively engaged in the business of lending to small-scale companies through Mizuho Business Financial
Center, a subsidiary specializing in lending.
Mizuho Business Financial Center has reacquired authorization to provide agency services for banks under the revised
Banking Law and has 600 staff, most of them veterans who are well versed in the lending business. With these resources,
MHBK works proactively to satisfy the funding needs of small-scale customers through loans with guarantees from theCredit Guarantee Corporation and the “Mizuho Quick Partner” unsecured loan product.

18

Business Approaches Adopted by Each Global Group
Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —GLOBAL RETAIL GROUP

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

Mobilizing Group Strengths
In the new business market, MHBK's know-how is far superior to that of other banks, and it proactively offers finance tocorporate customers possessing core technologies with promising business potential, even if they are recently establishedventure firms.
MHBK responds to the needs of customers planning IPOs through dynamic collaboration with other Mizuho groupcompanies: Mizuho Capital serves as a venture capital investor and provides advice on going public; MHIS provides broadly
based support as a securities company and arranged ten IPOs in the first half of fiscal 2006; and MHTB provides advisoryand stock transfer agency services.
In cooperation with MHTB and Mizuho Management Advisory, MHBK's Corporate Consulting Office, part of theBusiness Research Division, endeavors to satisfy customers' needs by providing the best possible solutions to importantmanagement issues like business inheritance and business restructuring.
In order to satisfy the needs of Japanese companies that are increasingly active in China and other Asian markets,
specialist staff who are well-versed in overseas business provide support for customers' overseas projects through thegroup's network, which is the most extensive of any Japanese bank. Its specialist staff cooperate with the relevant divisions
to offer wide-ranging solutions pertaining to customers' overseas business operations, including the global CMS, solutions
to risk mitigation needs, and operational support for foreign exchange and foreign trade.

19

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Clients' Demands for Asset Management and Administration —GLOBAL ASSET & WEALTH MANAGEMENT GROUP

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 by
accepting their stocks, bonds and other securities in a lump. Making the most of the know-how and financial consulting
capabilities it has accumulated through its asset management business as a trust bank, it uses its trust functions to provide
solutions to various issues ranging from profit-seeking investments to methods for dealing with acquisitions or disposals oftreasury 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 fueled
an increase in the number of inheritance problems. Each year, more
and more clients are making use of the trust banks' testamentary

Testamentary Trusts Entrusted(No. of deals)
12,00011,000trust business as a means of preventing such inheritance problems
10,000from arising.
MHTB's testamentary trust business covers three services: consent
to allow the bank to undertake the execution of wills so that their

9,000

0

provisions are fulfilled; will custody trust services; and entrustment

March
2005

March
2006

September2006

by all heirs to allow the bank to act as their agent in the inheritanceand thus the distribution of the estate. As of the end of September
2006, 11,775 clients had entrusted MHTB with their wills, 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
financing schemes on an order-made basis, and proposing them toits clients. Utilizing the high-level structuring capabilities it has built
up on the basis of its strong track record, MHTB offers various

Securitized Monetary and Other Claims(Trillions of yen)
7

6

solutions to corporate clients' needs for fund procurement, cutbacks
in assets and liabilities and better financial indices. As a result, thebalance of monetary claims and other claims in trust stood at ¥6.6
trillion at the end of September 2006.

5

4
0

20

March
2005

March
2006

September
2006

Business Approaches Adopted by Each Global Group
Global Asset & Wealth Management Group— Dealing with Clients' Demands for Asset Management and Administration —GLOBAL ASSET & WEALTH MANAGEMENT GROUP

Real Estate Securitization
In recent years, real estate securitization has come into increasingly
active use because of the need to overhaul strategies relating to realestate holdings in response to changes in the business environment.

Securitized Assets (Real Estate) under
Administration as Trustee(Trillions of yen)
5

These include the growing need to make more efficient use of
assets, the diversification of fund investment and procurement
needs, and changes in the accounting system.

43

Fully utilizing the know-how it has built up over many years,
MHTB is engaged in a wide range of securitization deals involving
office buildings and other commercial facilities. At the same time, it is

20

proactively engaged in real estate development methods that utilize

March
2005

March
2006

September
2006

securitization mechanisms. MHTB's capabilities and performance inarranging real estate securitization deals have earned high marks
among Japanese and overseas rating agencies and investors. As of theend of September 2006, it had a total balance of securitized assets
under administration as a trustee in excess of ¥4.5 trillion.

Pensions Business
MHTB responds to clients' broadly-based needs as a pension trustee
offering full services ranging from pension planning andconsultation to pension asset management. In cooperation with
Mizuho Pension Research Institute, MHTB provides ALM and risk
management consultation services through highly experienced

Retirement Benefit Funds under
Administration as Trustee(Solely operated designated money trust + Pension
trust + Pension specified money trust, Book value
basis)(Trillions of yen)20

professionals equipped with the best know-how in the business.
18

16

14

0

Full-Scale Private Banking Services

March
2005

March
2006

September
2006

Mizuho offers the best solutions to individual clients' diversified needs.
In November 2005, the newly established firm Mizuho Private Wealth Management started providing ultra-high-networth clients* with comprehensive and integrative services similar to those available in the US and Europe to the extent
permitted under Japanese laws and regulations.
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
with areas such as philanthropy and concierge services.
*Clients who have entrusted Mizuho with extremely large amounts of investment assets.

21

CSR Activities of Mizuho

As business activities expand in scope and markets become increasingly globalized, companies are expected to give greater
consideration to pro-social, pro-environmental initiatives.
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.
Through our core business activities, therefore, we believe it is our responsibility not only to offer high-quality, leading-edge
financial products and services, but also to remain fully aware of our public mission as part of the economic and social infrastructure,and to facilitate the flow of money and contribute to the healthy 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.
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.

Environmental Initiatives

Enhance Corporate Governance

Recognizing that restricting and reducing impact on the

Establish a corporate governance structure capable ofglobal environment is a shared challenge, provide financial

earning a reputation for excellence in global financial andservices in line with environmental policies to prevent global

capital markets by maintaining honesty and integrity in our

warming and other environmental problems, and reduce ourcorporate activities.

own consumption of resources.

Highly Responsive Communications

Support for Financial Education

Conduct responsive communications with stakeholders by

Support financial education for the next generation on

further promoting information disclosure to ensure greater

whom the future of society depends, to enable them nottransparency in corporate activities.

only to acquire financial awareness but also to resolve thePromotion of Group-Wide Approach to CSR

various issues that may arise in daily life.

The group's holding company Mizuho Financial Group(MHFG) will apply an integrated group-wide approach topromote CSR activities with a view to further developing theexisting CSR activities of the group companies.

CSR REPORT 2006 Published
In December 2006, we published an English version of our CSR REPORT 2006 with a view topromoting broader stakeholder understanding of the group's CSR policy and activities.
The report is available on MHFG's website, and a printed copy is also available by request.
The report also includes a questionnaire, which we ask stakeholders to complete and return to us
by mail or fax. Alternatively, the questionnaire can be completed online.
http://www.mizuho-fg.co.jp/activity/report/index.html

22CSR Activities of Mizuho

Establishing Lectures and Courses at Universities
In fiscal 2006, Mizuho has dispatched officers and employees who are working at the leading edge of finance fromthroughout the group to give lectures at Hitotsubashi University, Waseda University and Keio University.
We intend to extend the initiative in fiscal 2007 by establishing donated courses at Tokyo University and Kyoto University,in addition to continuing existing courses.

Development of Textbooks for Elementary and Secondary Education
As part of the joint research with Tokyo Gakugei University, one of Japan's top teacher training centers, we created financial
education textbooks for elementary and secondary education.
Using these textbooks, we will cooperate in the implementation of financial education courses covering financial systems
and banking operations at schools and other places.

Environment-Related Initiatives in Our Business Operations
Recognizing that our own business operations have an impact on the environment, we have initiated surveys of theenvironmental burden we generate from our business operations in fiscal 2006 with a view to promoting uniform, groupwide environmental preservation activities.
Based on the results of these surveys, we plan to gradually extend the initiatives including reductions in electricity
consumption and paper usage already undertaken by nine key business facilities in Tokyo to the entire group.
Trends in Energy Consumption and Greenhouse Gas Emissions at Nine Key Business Facilities
150,000

3,000,000
MHBK Uchisaiwai-cho Head Office2,516,079

2,445,344

MHBK Otemachi Head Office2,438,315

101,421100,000

98,47698,192

MHBK Administration Center 2
MHBK Information Center

2,000,000

85,6891,500,000

50,0001,000,000

500,000

0

MHBK Administration Center 1

2002

2003

2004

2005

2009

FY

0

MHCB Marunouchi Head Office

Energy consumption (GJ)

Greenhouse gas emissions (t- CO2)

2,074,611

Greenhouse gas 2,500,000
emissionsTarget values
95,568MHCB Information Center
MHTB Head Office
MHIR Information Center
Energy consumption (GJ)* Greenhouse gas emissions are calculated in accordance with
the Environmental Security Ordinance of Tokyo Metropolitan
Government entitled “CO2 Emission Reduction Program,”and submitted to Tokyo Metropolitan Government.
* Greenhouse gas emissions from the nine business facilities in
the Tokyo Metropolitan Area in fiscal 2005 are affected by aspecial factor in the form of a temporary decline in electricity
consumption following facility upgrades at theAdministration Centers.

Creating Barrier-Free Services
Mizuho Bank is promoting multifaceted barrier-free initiatives in the form of the Heartful Project. Our goal in these activities
is to be a bank that is easy for anyone to use regardless of age, gender or disability.
The initiatives of the Heartful Project are aimed at bringing down facility-related barriers for buildings and facilities, andother devices; service-related barriers such as in customer service, and forms, documents and Internet contents forcustomers; and psychological barriers in the minds of each and every senior executive and employee.

23Location of Overseas Offices of Mizuho(As of December 31, 2006)

Network of Mizuho Corporate Bank

Asia and Oceania(Country/Region)
China

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

Dalian Branch
6th Floor, Senmao Building, Zhongshan
Road 147, Xigang District, Dalian 116011,
The People's Republic of China
TEL 86-411-8360-2543

Shanghai Branch
25th Floor, HSBC Tower, 1000 Lujiazui Ring Road,
Pudong New Area, Shanghai
200120, The People's Republic of China
TEL 86-21-6841-0001

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

Hong Kong

Philippines

Hong Kong Branch

Manila Branch

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

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

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

Mumbai Branch
Maker Chamber III, 1st Floor, Jamnalal Bajaj Road,
Nariman Point, Mumbai, 400021 India
TEL 91-22-2288-6638

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

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

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

Guangzhou Representative Office

Labuan Branch

Tianjin Representative Office
Room 2202, Tianjin International Building 75,
Nanjing Road, Tianjin 300050,
The People's Republic of China
TEL 86-22-2330-5448

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

Taipei Branch

Thailand

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

Korea

Seoul Branch

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

Taiwan2nd Floor, Hung Kuo Building, 167 Tun Hua
North Road, Taipei 105, Taiwan
TEL 886-2-2715-3911

Indonesia

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

Nanjing Representative Office

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

India

Wuxi Branch

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

Singapore

Malaysia

Mizuho Corporate Leasing (Thailand)Co., Ltd.
19th Floor, TISCO Tower 48/44 North Sathorn
Road, Silom, Bangrak, Bangkok 10500, Thailand
TEL 66-2-638-0900

VietnamLevel 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

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

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

Australia

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

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

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

24

Location of Overseas Offices of Mizuho

Europe and the Middle East

The Americas

Mizuho Desk(Country/Region)(Country/Region)(Country/Region)

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

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

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

Germany

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

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

The Netherlands

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

United Kingdom

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

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

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

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 OfficeBrazilAsia and OceaniaSão Paulo Representative Office

Maybank

Avenida Paulista, 1274-11° andar, CEP. 01310-925,
São Paulo, SP, Brazil
TEL 55-11-3251-4199

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

CanadaEurope and the Middle East

Mizuho Corporate Bank (Canada)

Raiffeisen Zentralbank Osterreich AG

100 Yonge Street, Suite1102, Toronto, Ontario,
Canada M5C 2W1
TEL 1-416-874-0222

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

Mashreqbank psc

Cayman Islands

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

MexicoP.O.Box 1250, Omar Bin Al Khatab Rd,
Next to Al Ghurair Centre, Deira, Dubai
TEL 971-4-207-7945
971-4-207-7267

The Americas

Unibanco

Mexico 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.

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

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

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

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

Houston Representative Office5051 Westheimer Road, Galleria Tower II,
Suite 710, Houston, Texas 77056, U.S.A.
TEL 1-713-499-4800

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

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

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

3rd Floor, No.1, 14th Street,
Khaled Eslamboli Avenue, Tehran 15117, IranTEL 98-21-872-6593

25

Av. Eusebio Matoso 891-19 andar, 05423-901,
Pineiros, São Paulo, SP, Brazil
TEL 55-11-3097-5824”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 of Mizuho

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 Securities Asia Limited
10th Floor, CITIC Tower,
1 Tim Mei Avenue, Central, Hong Kong, S.A.R.,
The People's Republic of China
TEL 852-2685-2000

Mizuho Trust & Banking Co. (USA)666 Fifth Avenue, Suite 802,
New York, NY 10103, U.S.A.
TEL 1-212-373-5900

Mizuho Futures (Singapore) Pte.
LimitedNetwork of DLIBJ Asset Management

5 Shenton Way, #15-01 UIC Building
Singapore 068808, Republic of Singapore
TEL 65-6221-3633

DLIBJ Asset Management
International Ltd.

Mizuho Bank (Switzerland) Ltd
Loewenstrasse 32, 8023 Zurich, Switzerland
TEL 41-44-216-9111

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

Bracken House, One Friday Street,
London, EC4M 9JA, UK
TEL 44-20-7329-3777

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

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 on Mizuho Financial Group, Inc.

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

12,852,625.49 shares
Common Stock: 11,872,195.49 shares
Preferred Stock:980,430 shares

Sompo Japan Insurance Inc.

19,000

1.93

Number of Shareholders
Common Stock:
Preferred Stock:280,531
3,393

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

Japan Trustee Services Bank, Ltd.
(Trustee account)703,467.00

5.92

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

620,657.00

5.22

RBC DEXIA INVESTOR SERVICES TRUST,LONDON-CLIENTS ACCOUNT(Standing proxy agent: Standard
Chartered Bank)
306,568.00

2.58

The Dai-ichi Mutual Life Insurance
Company

279,158.00

2.35

Mizuho Financial Strategy Co., Ltd.

261,040.83

2.19

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

205,012.00

1.72

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

189,783.00

1.59

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

184,583.00

1.55

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

Note: In the table above, the figures represent the totals for the Eleventh Series
and the Thirteenth Series of Preferred Stock.
(As of September 30, 2006)

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

1.15

Nippon Life Insurance Company

1.11

132,630.76

Note: The voting rights of the shares held by Mizuho Financial Strategy Co.,
Ltd. are restricted, pursuant to Article 308 Paragraph 1 of the Company
Law of Japan and Article 67 of Enforcement Order for the Company Law
of Japan.

27

Investor Information on Mizuho Financial Group, Inc.

Stock Listings(Common Stock)(ADR)

Tokyo Stock Exchange
Osaka Securities Exchange

New York Stock Exchange
Note: We listed our ADRs on the New York Stock Exchange on November 8,
2006

Accounting Auditors
Ernst & Young ShinNihon

ADR* Information
Outline of Mizuho Financial Group's ADR
1. Type of ADR Program : Sponsored Level 2 Program**
2. Conversion ratio :500 ADRs = 1 common share
3. Depositary bank :The Bank of New York
4. Local custodian bank : Mizuho Corporate Bank, Ltd.

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

Fiscal Year
April 1 to March 31* 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.
** For sponsored ADRs, the company issuing the underlying stock enters into
a deposit agreement with a specific depositary bank, and ADRs are issued
by the depositary bank once the issuer, depositary bank and investor
rights and obligations have been clarified. In contrast, unsponsored ADRs
are issued by the depositary bank based on investor demand without any
involvement by the company issuing the underlying stock. Sponsored ADR
Programs are divided into Levels 1, 2 or 3 depending on whether theissuance or sale of new stock is involved and the level of disclosure thecompany is obligated to provide. Under a Level 2 program, ADRs may be
issued and listed on U.S. stock exchanges without being accompanied by
the issuance or sale of new stock, and the issuer of the underlying stock isrequired to disclose information in a similar manner as U.S. listedcompanies.

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.

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

Disclosure Methods, Other

We aim to win the highest regard of our shareholders and themarket and to earn the trust of society as Japan's leading comprehensive financial services group. For this reason, we place
one of the highest management priorities on continuing todisclose information to our customers, shareholders, andinvestors both in and outside Japan in a fair, timely and appropriate 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 and regulations aswell as stock exchange rules relating to corporate disclosure,and we establish and implement appropriate Disclosure
Controls and Procedures.

(1) Disclosure Methods
With respect to the information which is required to be disclosed pursuant to applicable domestic and internationallaws and regulations as well as stock exchange rules, wefollow the defined disclosure procedures such as publishingsuch information in business reports (Jigyo-Hokoku),
annual securities reports (Yukashoken-Hokokusho) andother disclosure publications, as well as providing suchinformation through the information distribution systemsof domestic and international stock exchanges and throughpress releases. We also endeavor to disclose other information in a fair, timely and appropriate manner. When we disclose such information, we basically publish on our website
the information we disclose. In addition, we endeavor toutilize the latest disclosure methods and tools to provide
more fair and widespread disclosure.
(2) Investor Relations Activities
In accordance with our Basic Principles described in section
1 above, and with due attention to two-way communication, we endeavor sincerely to facilitate a proper understanding of our management strategies, financial conditionand other matters. 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 and proactively. 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 such means 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 by representatives of Mizuho Financial Group we endeavor to limit
carefully our explanations to matters already disclosed andfacts commonly known.
(3) Correction of Misconceptions in the Markets
If we identify significant misconceptions regarding Mizuho
Financial Group in the market due to the spread of rumors
or otherwise, we endeavor to investigate their causes andcorrect 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 process carriedout by directors, officers and employees of Mizuho
Financial Group and include internal controls designed toprovide reasonable assurance regarding the reliability of
Financial Reporting and the Preparation of Financial
Statements. We have established the basic principles
underlying our Disclosure Controls and Procedures as wellas our internal rules related to Disclosure Controls andProcedures that govern the management framework forthe entire Mizuho Financial Group including group companies, and we endeavor to establish, implement and continuously improve our Disclosure Controls and Procedures.
Our Disclosure Committee is the principal management
body that is responsible for discussing and exploring matters relating to Disclosure Controls and Procedures.
(2) Evaluation of Effectiveness of Disclosure Controls andProcedures
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 and their implementation. In addition, evaluation of the effectiveness andappropriateness of Disclosure Controls and Procedures isconducted 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 questionableaccounting or auditing matters from both inside and outside Mizuho Financial Group.
29

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 andannounces 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 are listed
in MHFG's Financial Reports.

Policy of Management
Mizuho Financial Group recognizes appropriate protection anduse 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 theinternal rules of Mizuho Financial Group, including the“Privacy Policy Regarding Customer Information” whenMizuho 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 entrustedwith handling personal information.

Continuous Improvement

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

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

Purpose of Use

Procedures to Request Disclosure

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

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

Limitation on Providing Personal Information to a
Third Party

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

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

 Strengthening Information Security Management Systems
MHFG obtained certification of Information Security Management Systems for all divisions of thecompany under the Conformity Assessment Scheme for “ISO/IEC27001,” the international standard, and the “JISQ27001,” the national standard.
IS97580 / ISO IEC27001

30

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 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, 2006

<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&R)

3. Income Analysis

CON

NON(B&R)

6

4. Breakdown of IncomeCON

NON(B&R)

11

5. Interest Margins (Domestic Operations)

NON(B)

6. Use and Source of Funds

CON

7. Net Gains /Losses on Securities

NON(B&R)

8. Unrealized Gains /Losses on Securities

CON

9. Projected Redemption Amounts for Securities

NON(B)

10. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON(B)

11. Employee Retirement Benefits

NON(B)

12. Capital Adequacy Ratio

CON

III. REVIEW OF CREDITS

5NON(B&R)

5

12
NON(B)

13
18

NON(B&R)

20
22
23

CON

24
26

See above Notes

Pages

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

NON(B&R)

29

2. Status of Reserves for Possible Losses on LoansCON

NON(B&R)

31

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

NON(B&R)

33

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

NON(B&R)

34

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

36

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

NON(B)

39

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

40

8. Principal Amounts of NPLs SoldNON(B&R)

42

9. Debt Forgiveness

NON(B&R)

42(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry

NON(B&R)

43(2) Disclosed Claims under the FRL and Coverage Ratio by Industry

NON(B&R)

45(1) Balance of Housing and Consumer Loans

NON(B&R)

46(2) Loans to Both SMEs and Individual Customers

NON(B&R)

46(1) Balance of Loans to Restructuring Countries

NON(B&R)

47(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Nationality of Borrowers

NON(B&R)

47

10. Status of Loans by Industry

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

12. Status of Loans by Nationality of Borrowers

IV. OTHER

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)Pages

48
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 ourmanagement to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans
or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties andassumptions.
We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range ofpossible 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 inJapan.
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 registration statement on Form 20-F
filed with the U.S. Securities and Exchange Commission (“SEC”) on October 19, 2006, which is available in the Financial Information
section of our web page at www.mizuho-fg.co.jp/english/ and also at the SEC’s web site at www.sec.gov.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter
our forward-looking statements, whether as a result of new information, future events or otherwise.

49
50

Mizuho Financial Group, Inc.

I. CONSOLIDATED FINANCIAL STATEMENTS
1. Consolidated Balance SheetSEPTEMBER 30, 2006
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
Commercial Paper
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 Contingencies
Reserves under Special Laws
Deferred Tax Liabilities
Deferred Tax Liabilities for Revaluation Reserve for Land
Acceptances and Guarantees

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

Total Net Assets
Total Liabilities and Net Assets\

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

1

3,490,918
458,825
8,655,773
7,567,197
2,907,480
10,584,892
39,02437,093,870
65,062,729
781,032
5,916,106
796,615
237,804
58
378,429
5,735,419(742,778)(1,080)148,962,319
71,912,235
9,624,366
5,553,640
7,229,632
12,345,445
6,402,587
30,0007,743,727
4,794,865
208,210887,683
2,815,959
1,145,828
6,483,986
27,572
37,201
31,764
2,509
146,130
114,236
5,735,419
143,273,005
1,540,965
411,1101,201,502(32,006)
3,121,572
1,196,840(103,971)
160,783(41,284)
1,212,367
1,355,374
5,689,314
148,962,319

Mizuho Financial Group, Inc.

2. Consolidated Statement of Income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2006
Millions of yen\

Ordinary Income
Interest Income\

1,863,970

1,153,833
605,511
255,464
33,344
305,539108,217
137,863
125,170

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

1,333,814

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

2

618,708
206,150
18,222
56,6103,658
62,303535,340
57,192
530,155
119,326
16,661
632,821\

19,610187,040
33,832
392,338

Mizuho Financial Group, Inc.

3. Consolidated Statement of Changes in Net Assets
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2006
Millions of yen
Shareholders' Equity

Balance as of March 31, 2006

CommonStock andPreferred
Stock

CapitalSurplus¥ 1,540,965¥ 411,160 ¥ 1,498,143

Retained
Earnings

Valuation and Translation Adjustments

Total
Shareholders'EquityTreasuryStock¥ (46,814) ¥ 3,403,455

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
Adjustments
net of Taxes¥ 1,279,216¥ －¥ 170,384¥ (48,062) ¥ 1,401,538

Minority
Interests

Total Net
Assets¥ 1,359,122¥ 6,164,116

Changes during the period
Cash Dividends *--(79,849)-(79,849)

-

-

-

-

-

-

(79,849)

Board Members' Bonuses *

-

-

(36)

-

(36)

-

-

-

-

-

-

(36)

Net Income--

392,338-

392,338

-

-

-

-

-

-

392,338

Repurchase of Treasury Stock

-

-

-

(603,980)(603,980)

-

-

-

-

-

-

(603,980)

Disposition of Treasury Stock

-

19

-

24

44

-

-

-

-

-

-

44

Cancellation of Treasury Stock

-

(70)

(618,693)

618,763

-

-

-

-

-

-

-

-

-

9,600

-

-

-

-

-

-

9,600

-

-

-

-

(82,376)(103,971)(9,600)6,778(189,170)(3,748)(192,919)

Total Changes during the period

-

(50)

(296,640)(281,882)(82,376)(103,971)(9,600)6,778(189,170)(3,748)(474,802)

Balance as of September 30, 2006

¥ 1,540,965¥ 1,196,840 ¥ (103,971)¥ 160,783¥ (41,284) ¥ 1,212,367¥ 1,355,374¥ 5,689,314

Transfer from Revaluation
Reserve for Land, net of Taxes
Net Changes in Items other thanShareholders' Equity-¥ 411,110 ¥ 1,201,502

9,600

14,808¥ (32,006) ¥ 3,121,572* Appropriation of Retained Earnings approved at the ordinary general meeting of shareholders in June 2006.
Note: Amounts less than one million yen are rounded down.

3

Mizuho Financial Group, Inc.

4. Consolidated Statement of Cash Flows

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2006
Millions of yen
I. Cash Flow from Operating Activities
Income before Income Taxes and Minority Interests
Depreciation
Losses on Impairment of Fixed Assets
Amortization of Goodwill
Equity in Income from Investments in Affiliates
Increase (Decrease) in Reserves for Possible Losses on Loans
Increase (Decrease) in Reserve for Possible Losses on Investments
Increase (Decrease) in Reserve for Contingencies
Increase (Decrease) in Reserve for Bonus Payments
Increase (Decrease) in Reserve for Employee Retirement Benefits
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
Board Members' Bonuses
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
Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)
Net Cash Provided by Investing Activities
III. Cash Flow from Financing Activities
Proceeds from Issuance of Subordinated Borrowed Money
Repayments of Subordinated Borrowed Money
Proceeds from Issuance of Subordinated Bonds
Payments for Redemption of Subordinated Bonds
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 fiscal year
Ⅶ.Decrease in Cash and Cash Equivalents for Exclusion from Scope of Consolidation\(29,222,483)
17,578,658
14,226,624(21,114)
31,911(25,568)(13,537)
18,148214(800)
2,572,052\

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

4632,821
63,391
2,789
758(4,201)(71,426)(128)(13,802)(8,525)(1,467)(1,153,833)
618,708(100,016)
31(30,451)
2,992(523,687)(190,778)
354,570(1,107,502)
265,235(1,052,665)
2,053,014
230,096(2,396,650)
1,076,372(279,665)(20,000)(898,952)
28,906(181,447)(497,416)
378,851(209,060)
1,118,722(578,028)(70)(528,489)(3,021,005)(24,296)(3,045,302)

34,757(62,000)
202,191(273,700)(79,748)(41,525)(603,980)
44(823,961)
657(1,296,553)
3,387,929(0)
2,091,375

Mizuho Financial Group, Inc.

II. FINANCIAL DATA
1. Differences between Consolidated Figures and Aggregated Figures of the 3 Banks(including past figures for their former revitalization subsidiaries)
Consolidated and Non-Consolidated(Billions of yen, %)First Half of Fiscal 2006
Aggregated
MHFG
Figures of the(a) - (b)(Consolidated)
Three Banks(a)(b)

First Half of Fiscal 2005
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)(b) / (a)

6

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

1,045.8
533.1
34.1
255.4
81.5
141.6

968.1
619.2
33.6
171.6
10.1
133.3

77.6
(86.1)
0.4
83.7
71.3
8.3

92.5
116.1
98.7
67.2
12.4
94.1

7

93.0

86.1

6.9

92.5

(14.6)(14.6)

0.0

100.2

Ordinary Profits

8

Net Income

9

530.1
392.3

450.6
362.7

79.4
29.5

85.0
92.4

453.0
338.5

423.3
398.8

29.6
(60.3)

93.4
117.8

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, 2006
Aggregated
MHFG
Figures of the(a) - (b)(Consolidated)
Three Banks(a)(b)
Total Assets

10

Securities

11

Loans and Bills Discounted

12

148,962.3
37,093.8
65,062.7

138,335.9
37,524.1
65,925.3(Billions of yen, %)As of March 31, 2006
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)(b) / (a)Three Banks(a)(b)(b) / (a)10,626.3(430.2)(862.6)

92.8
101.1
101.3

149,612.7
37,702.9
65,408.6

138,454.1
38,148.8
65,984.7

11,158.6(445.8)(576.0)2. Assets and Liabilities
Non-Consolidated

Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Billions of yen)
As of September 30, 2006
Change fromMarch 31,2006
Total Assets

12

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/(118.1)(1,473.0)(11.5)(624.7)(59.3)
13.3(1,202.1)(556.7)(1,060.9)
1,406.9(3,246.9)(5,638.2)

138,454.1
6,085.4
2,641.5
38,148.8
65,984.7
132,815.9
73,668.1
10,584.8
6,674.1
7,676.8
3,246.9
5,638.2

136,697.5
7,446.3
2,913.2
40,941.2
63,543.9
129,880.2
74,873.6
8,721.7
7,309.8
7,889.3
2,624.2
6,817.3

13/(1,252.4)

1,252.4744.8

145,506.6
4,287.8

5,506.6
4,287.8

/
/

/
/

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 Shareholders' Equity
Net Unrealized Gains on Other
Securities, net of Taxes
Total Net Assets
Shareholders' Equity

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

15

Valuation and Translation
16
1,218.8
1,218.8//
Adjustments
Notes: 1. Former “Shareholders’ Equity” is presented as “Net Assets” and classified into “Shareholders’ Equity” and “Valuation and Translation Adjustments.”
2. “Loans and Bills Discounted” includes loans to MHFG as follows:
As of September 30, 2006 : \1,380.0 billion (from MHBK \690.0 billion; from MHCB \690.0 billion)
As of March 31, 2006 : \965.0 billion (from MHBK \623.0 billion; from MHCB \342.0 billion)

5

92.5
101.1
100.8

Mizuho Financial Group, Inc.

3. Income Analysis
Consolidated(Millions of yen)First Half of Fiscal
2006

Consolidated Gross Profits

11

997,517535,125
33,344
248,929
104,559
75,560(535,340)(228,300)(279,960)(27,078)(48,303)
1,956
(759)
603
(6,489)23,038(66,049)
13,04815,377(3,053)723

1,045,821
533,168
34,103(603)
255,419
81,520141,609(548,388)(243,678)(276,906)(27,802)12(13,099)

47,962(61,061)

13(12,758)
89,8724,201(12,996)
530,155
102,665
106,131
632,821(19,610)(187,040)(33,832)
392,338

13,682(31,588)(594)
96,61077,134
61,40659,078(2,862)
138,541
5,287(97,554)
7,473
53,747(26,440)
121,460
4,795(109,606)
453,021
41,25847,053
2,862
494,279(24,897)(89,485)(41,305)
338,590

1

Net Interest Income

2

Fiduciary Income

3

Credit Costs for Trust Accounts

4

Net Fee and Commission Income

5

Net Trading Income

6

Net Other Operating Income

7

General and Administrative Expenses

8

Personnel Expenses

9

Non-Personnel Expenses

10

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

First Half of Fiscal
2005

Change21

Income Taxes - Current

22- Deferred

23

Minority Interests in Net Income

24

Net Income

25* Net Gains (Losses) related to Stocks includes gains on disposition of investment in subsidiary of \42,437 million for the first half of Fiscal 2005.

Credit-related Costs

26

93,031

107,643(14,612)(60,265)

507,982(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 Profits27

447,717* Consolidated Net Business Profits[27] = Consolidated Gross Profits[1]- General and Administrative Expenses (excluding Non-Recurring Losses)+ certain equity in income from investments in affiliates and other consolidation adjustments

Number of consolidated subsidiaries

28

Number of affiliates under the equity method

29

6

131
20

14
1

117
19

Mizuho Financial Group, Inc.
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)
Non-Consolidated(Millions of yen)First Half of Fiscal 2006
AggregatedFigures

First Half of
Fiscal 2005

MHCB

2

477,056
376,489

256,775
112,078

83,046
83,817

816,878
572,386(151,271)(171,826)

968,149744,213*1 Net Interest Income

3295,063

107,269

24,849427,183(109,425)

536,608

Fiduciary Income

432,88032,880(799)

33,680Credit Costs for Trust Accounts

5

-

-

603

(603)

Net Fee and Commission Income

692,586

27,951

20,908141,446

3,042

138,404

Net Trading Income

7

3,179

(23,343)

2,695(17,468)(37,399)

19,931Net Other Operating Income

8(14,340)
100,566(884)

201
144,696
49,948

2,484
(771)
388

(11,654)244,491
49,453(27,242)
20,555(33,230)

15,588
223,936
82,68419

7,377
14,82979,244(260,413)
54.5%(68,001)(176,436)(21,817)(15,975)

30,65253,850
10,244(119,256)46.4%(41,516)(71,256)(4,146)(6,484)(36)(2,169)1,045(44,052)53.0%(15,029)(27,510)(1,383)(1,512)37,99366,51090,534(423,722)
51.8%(124,547)(275,202)(27,347)(23,972)

4,710
76,261(27,185)(19,666)
10.1%(1,948)(18,128)(610)
410

33,282(9,751)
117,720(404,056)
41.7%(122,598)(257,073)(26,737)(24,383)20

216,642

137,518

38,994393,155(171,541)

564,696

Gross Profits

1

Domestic Gross Profits

International Gross Profits

9

Net Interest Income

10

Net Fee and Commission Income

11

Net Trading Income

12

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

13
14
15

Expense Ratio

Personnel Expenses

16

Non-Personnel Expenses

17

Premium for Deposit Insurance
Miscellaneous Taxes*2 Net Business Profits (before Reversal of (Provision for) General
Reserve for Possible Losses on Loans)

18

MHTB

ChangeMHBK

21

230,520

112,134

35,253377,909(152,300)

530,209

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

22

-

-

(3,603)(3,603)2,281(5,885)

Net Business Profits23

216,642

137,518

35,390389,552(168,655)

558,20824(13,877)

25,384

3,740

15,246(19,240)

34,48725(6,984)

63,9694,137

61,122

195,953(134,830)

Excluding Net Gains (Losses) related to Bonds

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

26

2,202

71,925

7,327

81,455

8,864

72,590

Expenses related to Portfolio Problems

27(9,075)(793)(1,218)(11,086)

66,142(77,228)

28

(112)

(7,162)(1,972)(9,246)

120,946(130,192)

Ordinary Profits29

209,658

201,488

39,527450,674

27,297423,377

Net Extraordinary Gains (Losses)

30

(200)

97,688363

97,85230,532

67,319Net Gains (Losses) on Disposition of Fixed Assets

31(1,732)

(750)

(147)

(2,630)(4,352)

1,721

Losses on Impairment of Fixed Assets

32(2,338)(450)-(2,789)13,597(16,386)

Reversal of Reserves for Possible Losses on Loans, etc.

33

3,806

97,013-

100,820

31,75769,063

Reversal of Reserve for Possible Losses on Investments

34

-

-

-

-

(8,259)8,259

35

209,457

299,177

39,891

548,527

57,830490,696

Other

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

36

(260)

(19)

(22)

(302)

24

(327)

37

(83,781)(85,877)(15,808)(185,467)(93,992)(91,475)38

125,415

213,280

24,060362,757(36,137)

398,894*1. Dividends from the financial subsidiaries for corporate revitalization of \120.0 billion were included for the first half of Fiscal 2005 due to the simple aggregation of the 3 banks (non-consolidated)
and their revitalization subsidiaries.
*2. 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(5,268)39

96,220(4,821)

86,130100,784(14,654)

42,52022,2698,943
843
11,894(341)
86,130603(32,297)
48,67937,961(301)
41,922
4,217
100,784(603)
74,818(26,410)(29,017)1,145(30,028)(4,558)(14,654)* 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 Losses on Sales of Loans
Total

40
41
42
43
44
45
46
47

5,074
(8,759)(1,284)16(316)(5,268)741,04934,027
8,419
725
12,023(24)
96,220(3,603)(2,999)
1,808
101
(129)
(4,821)

Mizuho Financial Group, Inc.
Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Non-Consolidated
First Half of Fiscal 2006

(Millions of yen)First Half of Fiscal 2005

Change1477,056

12,861

464,195

Domestic Gross Profits

2

Net Interest Income(317)
12,829376,807282,234

Gross Profits3

376,489
295,063

Net Fee and Commission Income

492,58642

92,544

Net Trading Income

5

3,179

577

2,601

Net Other Operating Income

6(14,340)(13,766)(573)

International Gross Profits

7

Net Interest Income

8100,566(884)

13,179(268)

87,387(615)

Net Fee and Commission Income

9

7,377

(73)

7,450

Net Trading Income

10

14,82919,703(4,874)

11

79,244(260,413)
54.5%(68,001)(176,436)(21,817)(15,975)(6,181)(1,923)(1.0%)
2,067(4,180)(379)
189

85,426(258,489)
55.6%(70,069)(172,255)(21,438)(16,164)

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

216,642

10,937205,70519

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

22,955(283)
10,653(12,017)
109,982(4,676)29,22885,430120,636(7,151)(2,166)
7,508(7,492)(4,927)
113,48523(59,844)
53,664

207,565283
205,989(1,860)(116,967)
6,878(38,303)(85,542)89,0216,950
433(9,846)
11,298
4,927
95,972(283)(23,937)
71,751

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(5,268)21,452* 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 Losses on Sales of Loans
Total

38
39
40
41
42
43
44

8

5,074
(8,759)(1,284)16(316)(5,268)(3,449)22,096
(127)
17
2,915
21,452(26,721)8,523(30,855)(1,156)(1)(3,231)(26,721)

Mizuho Financial Group, Inc.
Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)(Millions of yen)
Non-Consolidated
First Half of Fiscal 2006

First Half of Fiscal 2005

ChangeDomestic Gross Profits2

256,775
112,078(172,575)(181,354)

429,350
293,433* Net Interest Income

3

107,269(124,711)

231,980

Gross Profits

1

Net Fee and Commission Income

427,951(2,013)29,965

Net Trading Income

5(23,343)(40,272)

16,929Net Other Operating Income

6

201(14,356)

14,558International Gross Profits7

144,696

8,779

135,917Net Interest Income

849,948(34,037)

83,986Net Fee and Commission Income

930,652

4,787

25,865

Net Trading Income

10

53,85058,990(5,140)Net Other Operating Income

11

10,244(20,960)

31,205

12(119,256)(11,175)(108,080)

General and Administrative Expenses(excluding Non-Recurring Losses)

Expense Ratio

13

46.4%

21.2%

25.1%

Personnel Expenses

14(41,516)(3,660)(37,856)

Non-Personnel Expenses

15(71,256)(7,907)(63,348)

16(4,146)(372)(3,774)17(6,484)392(6,876)

18

137,518(183,750)

321,269

19

112,134(175,302)

287,437

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

137,518(183,750)

321,269

22

25,384(8,447)

33,831Net Gains (Losses) related to Bonds

23

63,96980,656(16,686)

Net Gains (Losses) related to Stocks

24

71,925

8,267

63,657

Expenses related to Portfolio Problems

25

(793)

37,922(38,715)

Other

26

(7,162)

34,465(41,627)

27

201,488(103,094)

304,583
53,574

Net Non-Recurring Gains (Losses)

Ordinary Profits28

97,68844,114

Net Gains (Losses) on Disposition of Fixed Assets

29

(750)

(1,483)732

Losses on Impairment of Fixed Assets

30

(450)

4,375

(4,826)

Reversal of Reserves for Possible Losses on Loans, etc.

31

97,01343,28353,730

Reversal of Reserve for Possible Losses on Investments

32-(3,331)3,331

33

299,177(58,979)

358,157

Net Extraordinary Gains (Losses)

Income before Income Taxes
Income Taxes - Current

34

(19)

7

(26)

- Deferred35(85,877)(29,009)(56,868)36

213,280(87,982)

301,262

Net Income* Dividends from the financial subsidiaries for corporate revitalization of \120.0 billion were included for the first half of Fiscal 2005 due to the simple aggregation of MHCB (non-consolidated)
and its revitalization subsidiaries.

Credit-related Costs

96,22037

81,20615,014(26,898)
28,65636,670(401)
42,051
1,128
81,206

67,947
5,371(28,251)
1,127(30,028)(1,153)15,014* 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 Losses on Sales of Loans
Total

38
39
40
41
42
43
44

41,04934,027
8,419
725
12,023(24)
96,2209Mizuho Financial Group, Inc.
Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset)
Non-Consolidated
First Half of Fiscal 2006

(Millions of yen)First Half of Fiscal 2005

Change1

83,046

8,442

74,603

Domestic Gross Profits283,817

9,846

73,971Net Interest Income

324,8492,456

22,393

Fiduciary Income

432,880(799)

33,680Credit Costs for Trust Accounts

5

-

603

(603)

Net Fee and Commission Income

620,908

5,013

15,894

Net Trading Income

7

2,695

2,294

400

Net Other Operating Income

8

2,484

881

1,603

International Gross Profits

9

(771)

(1,403)631

Net Interest Income

10

388

1,075

(686)

Gross Profits

Net Fee and Commission Income

11

(36)

(3)

(33)

Net Trading Income

12(2,169)(2,432)

263

13

1,045

(43)

1,088

14

(44,052)(6,566)(37,485)

15

53.0%

3.2%

49.8%

Personnel Expenses

16(15,029)(355)(14,673)

Non-Personnel Expenses

17(27,510)(6,040)(21,469)

18(1,383)141(1,524)19(1,512)(170)(1,342)* Net Business Profits (before Reversal of (Provision for) General Reserve
20
for Possible Losses on Loans)

38,994

1,271

37,72235,206Net Other Operating Income
General and Administrative Expenses(excluding Non-Recurring Losses)

Expense Ratio

Premium for Deposit Insurance
Miscellaneous Taxes

21

35,25347

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

22(3,603)

2,565(6,168)Net Business Profits23

35,3904,441

30,949

24

3,740

1,224

2,515

25

4,137

5,314

(1,177)

Net Gains (Losses) related to Stocks

26

7,327

5,273

2,054

Expenses related to Portfolio Problems

27(1,218)(1,009)

(209)

Other

28

(1,972)

1,049(3,022)

Ordinary Profits

29

39,527

9,755

29,772Net Extraordinary Gains (Losses)

30

363

(6,431)

6,794

Net Gains (Losses) on Disposition of Fixed Assets

31

(147)

(702)

554

Losses on Impairment of Fixed Assets

32

-

1,713

(1,713)

Reversal of Reserves for Possible Losses on Loans, etc.

33-

(4,034)

4,034

Reversal of Reserve for Possible Losses on Investments

Excluding Net Gains (Losses) related to Bonds

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

34

-

-

-

Income before Income Taxes

35

39,891

3,324

36,567

Income Taxes - Current

36

(22)

(5)

(16)

- Deferred37(15,808)(5,138)(10,669)

38

24,060(1,819)25,880Net 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(4,821)(1,873)(2,947)* 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 Losses on Sales of Loans
Total

40
41
42
43
44
45
46
47

(3,603)(2,999)
1,808
101
(129)
(4,821)10603(1,949)(2,072)
1,418
82
(129)
173
(1,873)(603)(1,653)
(926)
390
19
(173)
(2,947)

Mizuho Financial Group, Inc.

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

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

(6.4)
3.6
(2.1)
(0.3)
(0.9)
6.9
(0.1)
1.2
6.4
10.1
1.0

Non-Consolidated

First Half of
Fiscal 2005

255.4
301.9
70.5
57.7
55.3
20.0
3.1
13.8
22.2
46.4
14.9
(Billions of yen)

Aggregated Figures of the 3 Banks (including past figures
for their former revitalization subsidiaries)

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

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

7.7
7.0
2.0
(0.2)
(1.0)
(0.5)
(0.1)
2.9
(0.6)
0.8

First Half of
Fiscal 2005

171.6
225.8
66.3
57.7
24.7
14.3
3.1
11.7
54.2
15.0

(2) Breakdown of Net Other Operating Income
Non-Consolidated
Aggregated Figures of the 3 Banks (including past figures
for their former revitalization subsidiaries)(Billions of yen)First Half of
Fiscal 2006

78.8
(11.6)
(5.9)
90.5
69.9
21.1

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

11

Change(54.4)(27.2)(18.5)(27.1)(33.6)(0.6)

First Half of
Fiscal 2005

133.3
15.5
12.6
117.7
103.6
21.8

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
2006

Change

1.07
1.30
0.79
0.85
0.95
0.11
0.29
0.21
0.34
1.18

(0.18)(0.03)(0.44)
0.08
0.05
0.02
0.14
(0.26)(0.08)(0.06)

1.25
1.33
1.24
0.77
0.90
0.08
0.15
0.47
0.43
1.24

(Reference) After excluding Loans to Deposit Insurance Corporation of Japan, government and others
Return on Loans and Bills Discounted
11
1.40
Loan and Deposit Rate Margin (including Expenses)(11)-(5)12
0.45
Loan and Deposit Rate Margin(11)-(6)13
1.28(0.05)(0.10)(0.07)

1.45
0.55
1.36

1.11
1.53
0.58
0.93
0.97
0.06
0.46
0.18
0.55
1.47

0.08
(0.04)
0.30
0.06
0.04
0.03
0.22
0.01
(0.09)(0.07)

1.03
1.57
0.27
0.86
0.92
0.02
0.24
0.16
0.64
1.55

(Reference) After excluding Loans to Deposit Insurance Corporation of Japan, government and others
Return on Loans and Bills Discounted
24
1.67
Loan and Deposit Rate Margin (including Expenses)(24)-(18) 25
0.69
Loan and Deposit Rate Margin(24)-(19) 26
1.60(0.06)(0.10)(0.09)

1.73
0.80
1.70

0.98
0.91
1.24
0.70
0.88
0.26
0.25
0.27
0.02
0.65

(0.65)(0.00)(1.88)
0.11
0.05
0.01
0.13
(0.76)(0.06)(0.02)

1.63
0.92
3.12
0.59
0.83
0.24
0.12
1.04
0.08
0.67

(Reference) After excluding Loans to Deposit Insurance Corporation of Japan, government and others
Return on Loans and Bills Discounted
37
0.97
Loan and Deposit Rate Margin (including Expenses)(37)-(31) 38
0.08
Loan and Deposit Rate Margin(37)-(32) 39
0.70(0.01)(0.06)(0.02)

0.98
0.15
0.73

0.02
(0.09)
0.45
0.01
0.07
0.01
(0.17)

1.25
1.61
0.63
0.27
0.16
0.97
1.45

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

1
2
3
4
5
6
7
8
9
10

First Half of Fiscal
2005*Deposits and Debentures include Negotiable Certificates of Deposit ("NCDs").

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

14
15
16
17
18
19
20
21
22
23

*Deposits and Debentures include NCDs.

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

27
28
29
30
31
32
33
34
35
36

*Deposits and Debentures include NCDs.

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

40
41
42
43
44
45
46

1.27
1.51
1.09
0.28
0.24
0.99
1.27

* 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 2006

ChangeInterest
249.3

Rate
0.33

2,859.3

83.4

0.19

1.43

(2,122.1)

58.7

0.39

1.98

460.6

4.3

(0.11)

202.6

5.21

2,022.9

88.4

1.25

7.4

0.19

(105.3)

5.3

0.14

Average Balance
121,921.4

Interest
1,153.8

Loans and Bills Discounted

64,301.5

605.5

1.88

Securities

35,584.1

255.4

879.9

8.7

Receivables under Resale-Agreements

7,773.3

Guarantee Deposits Paid under
Securities Borrowing Transactions

7,774.9

Use of Funds

Call Loans and Bills Purchased

Due from Banks

Rate Average Balance
1.89
6,659.7

1,951.9

37.9

3.89

210.7

14.6

1.22

Source of Funds

121,400.1

618.6

1.01

5,000.1

247.4

0.38

Deposits

72,229.7

206.1

0.57

4,864.1

105.4

0.28

Negotiable Certificates of Deposit

9,882.2

40.6

0.82

303.4

32.9

0.66

Debentures

6,088.3

18.2

0.59

(1,458.8)(8.0)(0.10)

Call Money and Bills Sold

7,570.0

11.7

0.30

(1,547.0)

9.4

0.25

Payables under Repurchase Agreements

11,056.1

254.4

4.60

638.9

93.8

1.52

Guarantee Deposits Received under
Securities Lending Transactions

6,304.9

8.9

0.28(955.3)

(1.5)

0.00

Commercial Paper

40.0

0.0

0.12

(609.7)

(0.2)

0.04

Borrowed Money

3,437.5

15.3

0.89

915.8

3.8

(0.02)First Half of Fiscal 2005
Average Balance
115,261.6

Interest
904.4

Rate
1.56

Loans and Bills Discounted

61,442.2

522.1

1.69

Securities

37,706.3

196.7

1.04

419.3

4.3

2.09

Receivables under Resale-Agreements

5,750.4

114.1

3.96

Guarantee Deposits Paid under
Securities Borrowing Transactions

7,880.2

2.1

0.05

Use of Funds

Call Loans and Bills Purchased

1,741.2

23.2

2.67

Source of Funds

Due from Banks

116,399.9

371.2

0.63

Deposits

67,365.5

100.6

0.29

Negotiable Certificates of Deposit

9,578.8

7.7

0.16

Debentures

7,547.2

26.3

0.69

Call Money and Bills Sold

9,117.1

2.3

0.05

Payables under Repurchase Agreements

10,417.2

160.6

3.08

Guarantee Deposits Received under
Securities Lending Transactions

7,260.2

10.4

0.28

Commercial Paper

649.7

0.2

0.08

Borrowed Money

2,521.7

11.4

0.91

13

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of MHBK and MHCB(Millions of yen, %)First Half of Fiscal 2006
Average Balance
109,789,612

Rate
1.68

Loans and Bills Discounted

61,516,368

1.78

Securities

34,481,628

1.42

Source of Funds

110,268,957

0.86

Deposits

70,227,725

0.59

Negotiable Certificates of Deposit

10,170,347

0.79

Debentures

6,152,002

Call Money

7,567,966

Payables under Repurchase Agreements

5,153,821
870,044(Total)Use of Funds

Bills Sold

ChangeAverage Balance
3,688,724

First Half of Fiscal 2005
Rate
0.04

Average Balance
106,100,887

Rate
1.64

4,964,241

0.18

56,552,127

1.59(4,148,814)(0.26)

38,630,442

1.69

1,036,939

0.33

109,232,017

0.53

2,882,582

0.28

67,345,143

0.31

440,804

0.63

9,729,543

0.15

0.59

(1,478,806)(0.09)

7,630,808

0.69

0.32

620,651

0.24

6,947,314

0.08

3.66

(635,652)

1.38

5,789,474

2.28

0.02

(2,353,908)

0.02

3,223,953

0.00

Commercial Paper-(30,409)(0.02)

30,4090.02

Borrowed Money

4,336,766

3.22-

778,588(0.28)

3,558,178

3.51

88,351,870

1.07

540,167(0.18)

87,811,703

1.25

Loans and Bills Discounted

53,144,814

1.30

2,574,588(0.02)

50,570,226

1.33

Securities

27,146,106

0.79(4,274,451)(0.44)

31,420,558

1.24

Source of Funds

89,367,606

0.16(2,232,116)

0.05

91,599,722

0.10

Deposits

58,803,622

0.05

1,045,894

0.03

57,757,727

0.01

Negotiable Certificates of Deposit

8,878,973

0.16(445,324)

0.13

9,324,297

0.02

Debentures

6,152,002

0.59(1,468,366)(0.09)

7,620,368

0.69

Call Money

7,323,020

0.17

466,2220.14

6,856,797

0.02

Payables under Repurchase Agreements

679,7220.19(339,936)

0.19

1,019,659

0.00

Bills Sold

870,0440.02(2,353,908)

0.02

3,223,953

0.00(30,409)(0.02)

30,4090.02(Domestic Operations)
Use of Funds

Commercial Paper--

Borrowed Money

1,654,706

1.05

761,933(0.81)

892,773

1.86

21,814,680

4.19

2,590,148

0.81

19,224,531

3.38

Loans and Bills Discounted

8,371,553

4.81

2,389,653

0.97

5,981,900

3.83

Securities

7,335,521

3.76

125,6370.09

7,209,883

3.66

Source of Funds

21,278,290

3.84

2,710,648

1.21

18,567,641

2.62

Deposits

11,424,103

3.35

1,836,687

1.27

9,587,416

2.07

Negotiable Certificates of Deposit

1,291,373

5.13

886,128

1.81

405,245

3.31
3.48(International Operations)
Use of Funds

Debentures-(10,439)(3.48)

10,439Call Money244,945

4.89

154,4280.63

90,5174.25

4,474,099

4.18(295,715)

1.42

4,769,815

2.76

Payables under Repurchase Agreements-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

2,682,059

16,6540.49

2,665,404

4.07

4.57

14

Mizuho Financial Group, Inc.

Mizuho Bank(Millions of yen, %)First Half of Fiscal 2006

First Half of Fiscal 2005

ChangeAverage Balance
469,092

Rate
0.09

Average Balance
58,502,780

Rate
1.08

Average Balance
58,971,872

Rate
1.18

Loans and Bills Discounted

33,317,243

1.53

1,185,874(0.03)

32,131,368

1.57

Securities

18,978,049

0.65(2,583,959)

0.29

21,562,009

0.36(Total)Use of Funds

Source of Funds

60,187,216

0.18(1,341,891)

0.05

61,529,108

0.13

Deposits

50,862,204

0.11

1,136,942

0.05

49,725,262

0.05

Negotiable Certificates of Deposit

2,337,059

0.10(1,123,780)

0.07

3,460,840

0.03

Debentures

1,930,399

0.11(354,173)(0.06)

2,284,572

0.17

Call Money

1,382,227

0.11(243,984)

0.11

1,626,212

0.00

Payables under Repurchase Agreements

81,1790.15(153,162)

0.15

234,3410.00

Bills Sold

131,860

0.01(631,350)

0.01

763,2110.00

Commercial Paper

-

-

-

Borrowed Money

1,291,167

2.85-(7,016)0.19-

1,298,184

2.66

57,001,916

1.11

606,318

0.08

56,395,598

1.03

Loans and Bills Discounted

33,018,322

1.52

1,131,819(0.03)

31,886,502

1.56

Securities

18,291,068

0.58(2,474,627)

0.30

20,765,696

0.27(Domestic Operations)
Use of Funds

Source of Funds

58,251,986

0.08(1,245,064)

0.04

59,497,050

0.04

Deposits

49,946,626

0.05

1,241,659

0.03

48,704,966

0.02

Negotiable Certificates of Deposit

2,335,104

0.10(1,124,548)

0.07

3,459,652

0.03

Debentures

1,930,399

0.11(354,173)(0.06)

2,284,572

0.17

Call Money

1,382,227

0.11(243,984)

0.11

1,626,212

0.00

Payables under Repurchase Agreements

81,1790.15(153,162)

0.15

234,3410.00

Bills Sold

131,860

0.01(631,350)

0.01

763,2110.00

Commercial Paper-

Borrowed Money521,645

-

-

-

-

-

1.54

142,630(0.34)

379,0141.88

1,996,242

2.98(485,173)

0.81

2,481,415

2.16

Loans and Bills Discounted

298,920

2.47

54,0540.45

244,865

2.02

Securities

686,980

2.65(109,332)

0.03

796,313

2.61

Source of Funds

1,961,515

3.12(444,775)

0.84

2,406,291

2.28

Deposits

915,578

3.02(104,717)

1.41

1,020,295

1.61

1,955

0.21

767

0.13

1,187

0.07

(International Operations)
Use of Funds

Negotiable Certificates of Deposit
Debentures

-

-

-

-

-

-

Call Money

-

-

-

-

-

-

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money769,522

919,170

2.98

3.74

15

(149,647)

0.76

Mizuho Financial Group, Inc.

Mizuho Corporate Bank(Millions of yen, %)First Half of Fiscal 2006
Average Balance
50,817,739

Rate
2.27

Loans and Bills Discounted

28,199,125

2.07

Securities

15,503,578

2.37(Total)Use of Funds

ChangeAverage Balance
3,219,632

First Half of Fiscal 2005
Rate
(0.05)

Average Balance
47,598,107

Rate
2.33

3,778,366

0.44

24,420,758

1.62(1,564,854)(1.00)

17,068,432

3.37

Source of Funds

50,081,741

1.68

2,378,831

0.62

47,702,909

1.05

Deposits

19,365,521

1.86

1,745,640

0.82

17,619,881

1.03

Negotiable Certificates of Deposit

7,833,287

0.99

1,564,584

0.76

6,268,702

0.22

Debentures

4,221,602

0.82(1,124,632)(0.09)

5,346,235

0.91

Call Money

6,185,738

0.37

864,635

0.26

5,321,102

0.10

Payables under Repurchase Agreements

5,072,642

3.71(482,490)

1.34

5,555,132

2.37

738,184

0.03(1,722,557)

0.02

2,460,742

0.00

Bills Sold
Commercial Paper-(30,409)(0.02)

30,4090.02

Borrowed Money

3,045,598

3.38-

785,605(0.62)

2,259,993

4.00

31,349,954

0.98(66,150)(0.65)

31,416,105

1.63

Loans and Bills Discounted

20,126,492

0.94

1,442,768

0.01

18,683,723

0.92

Securities

8,855,037

1.24(1,799,824)(1.88)

10,654,862

3.12

Source of Funds

31,115,620

0.30(987,052)

0.07

32,102,672

0.22

Deposits

8,856,995

0.05(195,764)

0.05

9,052,760

0.00

Negotiable Certificates of Deposit

6,543,869

0.17

679,2240.16

5,864,644

0.01

Debentures

4,221,602

0.82(1,114,192)(0.08)

5,335,795

0.91

Call Money

5,940,792

0.18

710,206

0.15

5,230,585

0.03

Payables under Repurchase Agreements

598,5430.20(186,774)

0.20

785,317

0.00

Bills Sold

738,184

0.03(1,722,557)

0.02

2,460,742

0.00(30,409)(0.02)

30,4090.02(Domestic Operations)
Use of Funds

Commercial Paper--

Borrowed Money

1,133,061

0.82

619,302(1.02)

513,758

1.84

19,818,437

4.31

3,075,321

0.75

16,743,116

3.56

Loans and Bills Discounted

8,072,632

4.90

2,335,598

0.98

5,737,034

3.91

Securities

6,648,540

3.87

234,970

0.08

6,413,570

3.79(International Operations)
Use of Funds

Source of Funds

19,316,774

3.91

3,155,423

1.24

16,161,350

2.67

Deposits

10,508,525

3.38

1,941,404

1.25

8,567,121

2.12

Negotiable Certificates of Deposit

1,289,418

5.14

885,360

1.81

404,057

3.32(10,439)(3.48)

10,4393.48

154,4280.63

90,517

4.25

Debentures-

Call Money244,9454.89-

4,474,099

4.18(295,715)

1.42

4,769,815

2.76

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

1,912,537

166,3020.25

1,746,234

4.64

Payables under Repurchase Agreements

4.90

16

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)(Millions of yen, %)First Half of Fiscal 2006

First Half of Fiscal 2005

ChangeAverage Balance
212,535

Rate
0.07

Average Balance
5,297,705

Rate
1.29

Average Balance
5,510,240

Rate
1.37

Loans and Bills Discounted

3,504,534

1.52

253,454(0.07)

3,251,079

1.60

Securities

1,517,615

1.28(170,726)

0.36

1,688,342

0.91(Total)Use of Funds

Source of Funds

5,429,926

0.46

115,450(0.05)

5,314,476

0.52

Deposits

2,608,980

0.30

248,9190.05

2,360,060

0.25
0.05

Negotiable Certificates of Deposit

526,667

0.19(63,356)0.14

590,023

Debentures

-

-

-

-

-

-

Call Money

675,860

0.36

8,692

0.28

667,167

0.07

Payables under Repurchase Agreements

Bills Sold

-

-

-

-

-

-

112,170

0.02(34,943)

0.01

147,1140.00

Commercial Paper

-

-

-

-

-

-

Borrowed Money79,265

1.19

2,632

(0.18)

76,6331.37

5,353,259

1.27

382,466

0.05

4,970,793

1.22

Loans and Bills Discounted

3,488,575

1.51

274,353(0.08)

3,214,222

1.59

Securities

1,285,349

0.99(69,526)0.37

1,354,876

0.61(Domestic Operations)
Use of Funds

Source of Funds

5,268,408

0.35

284,647(0.01)

4,983,761

0.37

Deposits

2,597,083

0.30

253,183

0.06

2,343,900

0.24

526,667

0.19(63,356)0.14

590,023

0.05

Negotiable Certificates of Deposit
Debentures

-

-

-

-

-

-

Call Money

650,033

0.18(3,758)0.17

653,792

0.01

-

-

-

-

-

-

112,170

0.02(34,943)

0.01

147,1140.00

Commercial Paper

-

-

-

-

-

-

Borrowed Money

68,3800.85

67,077(0.83)

1,302

1.68

331,514

2.37(124,906)

0.61

456,4211.75

Loans and Bills Discounted

15,958

4.40(20,898)

2.36

36,857

2.03

Securities

232,266

2.88(101,200)

0.77

333,466

2.11

Source of Funds

336,051

2.11(124,172)0.07

460,223

2.04

Deposits

11,896

2.22(4,264)0.26

16,160

1.96

-

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold

(International Operations)
Use of Funds

Negotiable Certificates of Deposit
Debentures

-

-

-

-

-

-

Call Money25,826

4.93

12,4501.71

13,375

3.21

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

10,8853.32(64,445)

1.94

75,3301.37

17Mizuho Financial Group, Inc.

7. Net Gains/Losses on Securities

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)(including past figures for their former revitalization subsidiaries)

First Half of Fiscal
2006

First Half of Fiscal
2005

ChangeNet Gains (Losses) related to Bonds

15,246(22,121)37,367

Gains on Sales and Others

42,095(12,824)

54,920Losses on Sales and Others(28,150)(9,218)(18,931)

Devaluation

(16)

516

(533)

Reversal of (Provision for) Reserve for Possible Losses on Investments(630)(3,510)2,880

Gains (Losses) on Derivatives other than for Trading

1,948

2,915

(967)

* Figures for the First Half of Fiscal 2005 do not include losses of\85,377 million related to Japanese Bonds etc. (included in Non-Recurring Losses).
* Figures for the First Half of Fiscal 2005 include Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

First Half of Fiscal
2006
Net Gains (Losses) related to Stocks

First Half of Fiscal
2005

Change81,455

3,486

77,969Gains on Sales

88,851(11,673)

100,524

Losses on Sales(1,763)(222)(1,541)

Devaluation(9,296)

13,490(22,787)103(5,274)

5,378

3,560

7,165

(3,604)

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 2005 include Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho BankFirst Half of Fiscal
2006(including past figures for its former revitalization subsidiary)First Half of Fiscal
2005

ChangeNet Gains (Losses) related to Bonds(13,877)(11,887)(1,990)Gains on Sales and Others

3,218(4,867)8,086

Losses on Sales and Others(16,658)(7,518)(9,139)Devaluation

-

523

(523)

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

28

159

(130)

(467)

(184)

(282)

Gains (Losses) on Derivatives other than for Trading* Figures for the First Half of Fiscal 2005 do not include losses of\52,804 million related to Japanese Bonds etc. (included in Non-Recurring Losses).
* Figures for the First Half of Fiscal 2005 include Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).
First Half of Fiscal
2006
Net Gains (Losses) related to Stocks

First Half of Fiscal
2005

Change2,202(9,734)

11,937

Gains on Sales

6,640(4,731)

11,371

Losses on Sales(1,336)

(991)

(344)

Devaluation(3,030)

1,116(4,147)

Reversal of (Provision for) Reserve for Possible Losses on Investments(42)(5,100)

5,058

Gains (Losses) on Derivatives other than for Trading

(27)

(27)

-

* Figures for the First Half of Fiscal 2005 include Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

18

Mizuho Financial Group, Inc.
(Millions of yen)Mizuho Corporate BankFirst Half of Fiscal 2006

(including past figures for its former revitalization subsidiaries)

First Half of Fiscal 2005

ChangeNet Gains (Losses) related to Bonds

25,384(11,458)

36,842

Gains on Sales and Others

35,103(9,782)44,886

Losses on Sales and Others(11,457)(1,698)(9,758)Devaluation

(16)

(16)

-

Reversal of (Provision for) Reserve for Possible Losses on Investments(658)(3,669)3,011

Gains (Losses) on Derivatives other than for Trading

2,413

3,709

(1,295)* Figures for the First Half of Fiscal 2005 do not include losses of \32,572 million related to Japanese Bonds etc. (included in Non-Recurring Losses).
* Figures for the First Half of Fiscal 2005 include Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

First Half of Fiscal 2006
Net Gains (Losses) related to Stocks

First Half of Fiscal 2005

Change71,925

7,947

63,977

Gains on Sales

74,475(12,137)

86,612Losses on Sales

(417)

768

(1,185)(5,867)

12,297(18,165)

146

(173)

320

3,588

7,193

(3,604)

Devaluation
Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading* Figures for the First Half of Fiscal 2005 include Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho Trust & Banking

First Half of Fiscal 2006

(including past figures for its former revitalization subsidiary)First Half of Fiscal 2005

ChangeNet Gains (Losses) related to Bonds

3,740

1,224

2,515

Gains on Sales and Others

3,772

1,825

1,947

Losses on Sales and Others

(34)

(1)

(33)

Devaluation

(0)

9

(9)

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

-

-

-

Gains (Losses) on Derivatives other than for Trading

2

(609)

611

First Half of Fiscal 2006
Net Gains (Losses) related to Stocks

First Half of Fiscal 2005

Change

7,327

5,273

2,054

Gains on Sales

7,735

5,195

2,540

Losses on Sales

(10)

1

(11)

Devaluation

(397)

76

(474)

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

-

-

-

Gains (Losses) on Derivatives other than for Trading

-

-

-

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, 2006
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
LossesOther Securities
31,788,122
2,038,326
2,394,785
356,459
Japanese Stocks
5,311,074
2,291,377
2,334,534
43,157
Japanese Bonds
18,781,460(156,187)
7,881
164,069
Japanese Government Bonds 17,973,185(149,404)
6,202
155,606
Other
7,695,587(96,864)
52,369149,233(Millions of yen)
As of March 31, 2006
Unrealized Gains/Losses
Gains
Losses2,149,732
2,575,989
426,256
2,462,379
2,492,771
30,391(260,624)
1,166
261,790(250,402)
280
250,683(52,023)
82,050134,074

As of September 30, 2005
Unrealized Gains/Losses
Gains
Losses1,322,382
1,605,403
283,0211,475,884
1,537,477
61,592(119,542)
4,420
123,962(119,188)
1,275
120,463(33,959)
63,506
97,466* 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 \(15,617) million, \(51,680) million and \18,914 million, which were recognized in the statement of income for the period ended September 30, 2006, March 31,
2006 and September 30, 2005, 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, 2006, March 31, 2006 and September 30, 2005 are \2,053,943million,\2,201,412 million and \1,303,468 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, 2006, March 31, 2006 and
September 30, 2005 are \1,196,840 million, \1,279,216 million and \748,121 million, respectively.

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

Bonds Held to Maturity

As of September 30, 2006
Unrealized Gains/Losses
Book Value
Gains
Losses1,337,035(9,375)95
9,471(Millions of yen)

As of March 31, 2006
Unrealized Gains/Losses
Gains
Losses(15,671)
96
15,767

As of September 30, 2005
Unrealized Gains/Losses
Gains
Losses(3,316)
3,671
6,988

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

Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)
Book Value(=Fair Value)
Other Securities
31,228,993
Japanese Stocks
5,256,281
Japanese Bonds
18,605,751
Japanese Government Bonds 17,750,727
Other
7,366,959

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

As of March 31, 2006
Unrealized Gains/Losses
Gains
Losses2,058,143
2,484,814
426,670
2,366,466
2,398,768
32,302(259,992)
1,167
261,159(249,412)
275
249,687(48,330)
84,879133,209

As of September 30, 2005
Unrealized Gains/Losses
Gains
Losses1,273,775
1,556,282
282,506
1,428,893
1,490,829
61,936(119,400)
4,379
123,779(118,999)
1,257
120,256(35,717)
61,073
96,791

Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other

14,036,507
1,143,613
12,488,540
12,171,462
404,353

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

335,847
437,761(129,159)(124,940)
27,245478,989
450,239441
273
28,307

143,141
12,478
129,601
125,214
1,061

170,532
248,985(74,007)(72,773)(4,445)284,259
270,888
1,440
1,253
11,930113,727
21,90375,44774,027
16,376

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other

15,582,538
3,717,926
5,212,487
4,766,406
6,652,125

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

1,542,880
1,712,020(96,958)(91,384)(72,181)

1,787,557
1,731,678
552
1
55,325

244,677
19,65897,51091,386
127,507

978,084
1,041,209(37,068)(37,817)(26,055)

1,131,368
1,080,294
2,567
2
48,507

153,284
39,084
39,63637,82074,563

125,158
138,698(8,324)(8,408)(5,215)

140,654
139,646371
0
636

15,495
947
8,695
8,409
5,851

Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset)
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other

1,609,947
394,742904,723
812,858
310,481

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

202,537
201,94699
18
491

28,350603
23,88323,125
3,863

179,416
216,684(33,874)(33,086)(3,393)

218,268
216,850
172
0
1,246

38,852
165
34,04633,086
4,640* 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 \(15,617) million, \(51,680) million and \18,914 million, which were recognized in the statement of income for the period ended September 30, 2006, March 31,
2006 and September 30, 2005, 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, 2006, March 31, 2006 and September 30, 2005 are \1,976,749 million, \2,109,824 million
and \1,254,861 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, 2006, March 31, 2006 and September 30, 2005 are as
follows:(Millions of yen)
Aggregated Figures
Mizuho Bank (including former revitalization subsidiary)
Mizuho Corporate Bank (including former revitalization subsidiaries)
Mizuho Trust & Banking (including former revitalization subsidiary)20

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

As of March 31, 2006
1,252,446
206,353
939,519
106,573

As of September 30, 2005
744,827
90,620579,862
74,344

Mizuho Financial Group, Inc.
(2) Bonds Held to Maturity (which have readily determinable fair value)
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)
As of March 31, 2006

As of September 30, 2006
Unrealized Gains/Losses

Book Value

Gains
Aggregated Figures
Mizuho Bank
(including former revitalization subsidiary)(Millions of yen)
As of September 30, 2005
Unrealized Gains/Losses

Unrealized Gains/Losses
Losses

Gains

Losses

Gains

Losses1,337,035(9,375)

95

9,471(15,671)

96

15,767(3,316)

3,671

6,988

1,337,035(9,375)

95

9,471(15,671)

96

15,767(3,316)

3,671

6,988

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Mizuho Corporate Bank
(including former revitalization subsidiaries)

Mizuho Trust & Banking(including former revitalization subsidiary)(3) Investment in Subsidiaries and Affiliates (which have readily determinable fair value)
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)

Gains
Aggregated Figures
Mizuho Bank
(including former revitalization subsidiary)

Mizuho Corporate Bank
(including former revitalization subsidiaries)

As of September 30, 2005

Unrealized Gains/Losses

Unrealized Gains/Losses

Book Value(Millions of yen)

As of March 31, 2006

As of September 30, 2006
LossesGains

Unrealized Gains/Losses
LossesGains

104,664

104,664-

170,068

170,068-

77,32077,320-67,09877,74077,740-129,003

129,003-56,49256,492-

11,68426,92426,924-41,06441,064-

20,82820,828

-

-

-

-

-

-

-

-

-

-

-

Mizuho Trust & Banking(including former revitalization subsidiary)

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

Losses78,783

137,171797,257(Millions of yen)

797,257- 1,107,847 1,107,847-

588,634

588,634(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,
2006

As of
March 31,
2006

As of
September 30,
2005

Unrealized Gains/Losses
Change fromMarch 31, 2006

Change from
September 30,
2005

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities

2,053,943(147,468)

750,475

2,201,412

1,303,468

Japanese Stocks

2,291,377(171,002)

815,492

2,462,379

1,475,884

Japanese Bonds(159,931)

74,548(21,850)(234,480)(138,081)(154,437)

76,261(17,314)(230,698)(137,122)(77,501)(51,015)(43,166)(26,486)(34,335)

Japanese Government Bonds
Other

Non-Consolidated
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Millions of yen)
As of
September 30,
2006

As of
March 31,
2006

As of
September 30,
2005

Unrealized Gains/Losses
Change fromMarch 31, 2006

Change from
September 30,
2005

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities

1,976,749(133,074)

721,888

2,109,824

1,254,861

Japanese Stocks

2,210,579(155,887)

781,685

2,366,466

1,428,893

Japanese Bonds(159,707)

74,141(21,768)(233,848)(137,939)(153,976)

75,731(17,042)(229,707)(136,933)(74,122)(51,328)(38,029)(22,793)(36,092)

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

Japanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

Japanese Corporate Bonds
Other

Maturity as of September 30, 2006
Within1-5
5 - 10Over
1 yearyears
years
10 years
9,531.7 8,208.2 2,505.7 1,519.8
9,148.2 6,310.3 2,060.4 1,200.2
4.0
92.7
38.2
8.5
379.4 1,805.0
407.0
311.0
612.1 3,269.0 2,007.9 3,536.0

Within1 year(1,146.5)(1,218.9)
0.5
71.9
153.2

ChangeMaturity as of March 31, 2006
1-5
5 - 10Over
Within1-5
5 - 10
Over
years
years
10 years
1 yearyears
years
10 years
333.9(648.8)(6.7) 10,678.2 7,874.2 3,154.5 1,526.5
390.6(639.0)(73.6) 10,367.2 5,919.6 2,699.5 1,273.8(2.5)(30.0)
(0.2)
3.5
95.3
68.3
8.7
(54.2)
20.3
67.0
307.4 1,859.3
386.6
243.9
268.5
635.3
485.3
458.8 3,000.5 1,372.5 3,050.6

7,709.1
7,449.6
1.6
257.8
111.1

5,892.3
4,358.3
83.4
1,450.4
896.8

1,085.9
748.1
31.9
305.8
432.2

92.6
124.5
(0.7)
(31.1)(321.0)(918.6)(916.2)(29.7)
27.4
212.1(42.2)(45.8)
3.6
328.0

9,084.4
8,884.5
1.7
198.1
51.6

5,799.7
4,233.8
84.2
1,481.6
1,217.8

2,004.5
1,664.3
61.7
278.4
220.0

670.6
629.7

44.5
1,126.5(1,375.2)(1,434.8)
(0.1)
59.7
59.4

1,726.2
1,648.5
1.8
75.7
482.0

2,032.5
1,749.4
1.2
281.8
2,139.9

1,124.4
1,037.9
2.2
84.1
1,495.8

605.4
330.3
8.5
266.4
2,409.5

359.9
365.8
0.4
(6.3)
87.4

255.8
262.0
(1.4)
(4.7)
442.8

191.1
195.1
(0.0)
(4.0)
429.6

59.1
(4.1)
(0.2)
63.4
157.3

1,366.2
1,282.7
1.4
82.0
394.5

1,776.7
1,487.4
2.7
286.5
1,697.1

933.3
842.7
2.2
88.2
1,066.2

546.2
334.4
8.7
203.0
2,252.1

96.3
49.9
0.5
45.8
18.8

283.2
202.4
8.0
72.7
232.2

295.3
274.3
4.0
16.9
79.8

286.0
286.0

(131.2)(149.9)
0.1
18.5
6.3

(14.5)
4.1(0.2)(18.4)
146.7

78.6
82.0
(0.2)
(3.0)
(6.5)

(23.6)(23.6)
-

227.6
199.9
0.4
27.2
12.5

297.7
198.3
8.3
91.1
85.5

216.6
192.3
4.3
20.0
86.3

309.6
309.6

Mizuho BankJapanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

Japanese Corporate Bonds
Other

628.4
583.8
-

40.9
798.4

Mizuho Corporate BankJapanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

Japanese Corporate Bonds
Other

Mizuho Trust & Banking
Japanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

Japanese Corporate Bonds
Other

-

22

-

Mizuho Financial Group, Inc.

10. Overview of Derivative Transactions Qualifying for Hedge Accounting
Non-Consolidated■Notional Amount 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, 2006
Within
1-5
Over
Total
1 yearyears
5 years

Change
1-5
Over
years
5 years

Within1 yearReceive Fixed / Pay Float

6,184.8

12,197.3

2,178.7

20,560.9

Receive Float / Pay Fixed

1,561.7

3,147.2

1,267.4

5,976.4 (2,935.9) (1,910.2)

Receive Float / Pay Float

1,335.3

Receive Fixed / Pay Fixed
Total

1,119.3-

24.8-(58.0)

2,479.4--(329.8)

As of March 31, 2006
Within1-5Over
1 yearyears
5 years

Total(441.9)(829.8) 6,242.8 12,527.2(985.3) (5,831.4) 4,497.6

0.0

-

0.0

2,620.6 21,390.8

5,057.4

1,335.3

Total

2,252.8 11,807.9

1,119.3

24.8

2,479.4-

29,016.8 (2,993.9) (2,240.0) (1,427.3) (6,661.3) 12,075.8 18,704.0 4,898.3 35,678.2

9,081.8

16,463.9

3,471.0

Receive Fixed / Pay Float

158.5

2,081.3

503.0

2,742.8 (1,566.5) (3,340.8)(144.1) (5,051.5) 1,725.0

Receive Float / Pay Fixed

1,296.6

86.9

200.0

1,583.5

200.0Mizuho Bank
(684.7)34.6

5,422.1(450.1) 1,981.3

647.2

52.3

7,794.3- 2,033.6

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed
Total

-

-

-

-

-

-

-

-

-

-

-

-

1,455.1

2,168.2

703.0

4,326.3 (2,251.2) (3,306.2)

55.8 (5,501.6) 3,706.3

5,474.4

647.2

9,828.0

5,976.3

9,951.0

1,535.7

17,463.0

4,419.8

7,055.0

1,913.4 13,388.4

4,147.9 (2,281.1) (1,859.8) (1,170.3) (5,311.3) 2,516.2

4,755.1

2,187.8

2,479.4

1,119.3

24.8

Mizuho Corporate Bank
Receive Fixed / Pay Float
Receive Float / Pay Fixed

235.1

2,895.3

1,017.4

Receive Float / Pay Float

1,335.3

1,119.3

24.8

Receive Fixed / Pay Fixed
Total

-

-

-

1,556.4

2,895.9--(377.7) 4,074.6

0.0

-

-

0.0

-

1,335.3---(724.6) 1,036.1 (1,548.1) (1,236.6) 8,271.4 12,929.5

9,459.2
2,479.4--

7,546.7

13,965.7

2,577.9

24,090.4

4,126.0 25,327.1

Receive Fixed / Pay Float

50.0

165.0

140.0

355.0

(48.0)

115.0

80.0

147.0

98.0

50.0

60.0

208.0

Receive Float / Pay Fixed

30.0

165.0

50.0

245.0

30.0

(85.0)(15.0)(70.0)

-

250.0

65.0

315.0

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed
Total

80.0

330.0

190.0

600.0

(18.0)

-

-

-

98.0

300.0

125.0

523.0

Mizuho Trust & Banking

30.0

65.0

77.0

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

As of September 30, 2006
Deferred Hedge Gains/Losses

ChangeDeferred Hedge Gains/Losses

As of March 31, 2006
Deferred Hedge Gains/Losses

Gains

Losses

Gains

Losses

Gains

Losses

597.5

791.9

(194.3)(41.5)(166.9)

125.3

639.1

958.8

(319.6)

115.5

229.1

(113.5)(15.3)(64.8)

49.5

130.9

294.0

(163.1)

427.2

507.9

(80.7)(31.0)(102.4)

71.4

458.3

610.4

(152.1)

Mizuho Trust & Banking
54.7
54.7
(0.0)
4.8
0.4
4.3
49.9
*Above figures reflect all derivative transactions qualifying for hedge accounting, and are before net of applicable income taxes.

54.3

(4.4)

Aggregated Figuresof the 3 Banks
Mizuho Bank
Mizuho Corporate Bank

23

Mizuho Financial Group, Inc.

11. Employee Retirement Benefits
Non-Consolidated
Projected Benefit Obligation(Millions of yen)
As of
September 30, 2006

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

Discount Rate (%)

As of
September 30, 2005

Change1,069,628

3,892

2.5

-

1,065,736
2.5

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

1,854,943

459,578

1,395,364

Unrecognized Net Obligation(C)(182,911)(461,052)

278,141(182,911)(461,052)

278,141219

24,062(23,843)

612,411(3,913)616,324

10,007

1,452

8,555

622,820

14,073608,746

2.5

-

2.5

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 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)

1,071,108

277,180

793,927

Unrecognized Net Obligation(C)(76,903)(281,599)

204,696(76,903)(281,599)

204,696(1,695)

14,475(16,171)

371,384(18,492)

389,876---

329,943(10,840)

340,784

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)

637,853

156,415

481,438

Unrecognized Net Obligation(C)(116,156)(151,016)

34,860(116,156)(151,016)

34,860Discount 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)

3,638

8,145

(4,506)

191,754

16,239175,514---

116,864

659

116,205

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)

145,980

25,982

119,998

Unrecognized Net Obligation(C)

10,148(28,436)

38,584

10,148(28,436)

38,584(1,722)

1,441(3,164)49,273(1,660)50,933

10,007

1,452

8,555

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)24

Mizuho Financial Group, Inc.
Expenses related to Employee Retirement Benefits(Millions of yen)First Half of Fiscal 2006

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 2005

Change(7,895)(13,370)
34,316219(2,304)
10,966

(688)
(48)
9,199
24,062(2,103)30,422(7,206)(13,321)
25,116(23,843)(201)(19,455)(5,107)(7,785)
19,815(1,695)(1,772)
3,454

(382)
(175)
5,524
14,475(1,652)
17,790(4,725)(7,609)14,290(16,171)(120)(14,335)(1,759)(4,124)
11,800
3,638
(411)
9,142

(190)
135
3,134
8,145
(358)
10,865(1,569)(4,259)8,665(4,506)(53)(1,723)(1,027)(1,460)2,700(1,722)(120)(1,631)

(115)
(8)
540
1,441
(92)
1,765

(911)
(1,452)
2,159(3,164)(27)(3,396)

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)
As of
September 30, 2006

Consolidated
Projected 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
Expenses related to Employee Retirement Benefits

25

Change

As of
September 30, 2005

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

11,352(462,280)(462,280)
24,071

1,117,907
287,633
287,633(24,450)

5,969

30,401(24,432)

Mizuho Financial Group, Inc.

12. Capital Adequacy Ratio
Consolidated

Mizuho Financial Group (BIS Capital Ratio)(%, Billions of yen)

As of September 30, 2006

(1)

Capital Adequacy Ratio

As of
As of
Change from
September 30,
Change from
September 30, March 31, 2006
2005
March 31, 2006
2005
11.01
(0.61)
0.28
11.62
10.73

Tier 1 Capital Ratio
(2)

5.62

(0.27)

0.18

5.89

5.44

Tier 1 Capital

4,374.3(181.5)511.9

4,555.9

3,862.4

Common Stock and Preferred Stock

1,540.9

1,540.9--

1,540.9

Capital Surplus

411.1

(0.0)

341.4

411.1

69.6

Retained Earnings

1,201.0(216.4)(121.6)

1,417.5

1,322.7

Minority Interest in Consolidated Subsidiaries
Preferred Stock Issued by Overseas SPCs

1,294.5
1,100.5

13.9
4.8

180.3
157.6

1,280.5
1,095.7

1,114.1
942.8

-

-

-

-

-

Treasury Stock

Unrealized Losses on Other Securities(32.0)

14.8

102.8

(46.8)(134.8)Foreign Currency Translation Adjustments(41.2)

6.1

8.8(47.4)(50.1)

-

0.0
-

0.0
-

(0.0)

(0.0)

-

-

-

-

4,310.3(243.6)271.1

4,554.0

4,039.2
3,862.4

Business Right Equivalent
Goodwill Equivalent
Consolidation Differences Equivalent(3)

Tier 2 Capital

4,310.3(243.6)447.8

4,554.0

45% of Unrealized Gains on Other Securities

Tier 2 Capital Included as Qualifying Capital

927.6(66.9)

337.7

994.6

589.8

45% of Revaluation Reserve for Land

123.7

(7.3)

(17.7)

131.0

141.4

General Reserve for Possible Losses on Loans
Debt Capital

565.2(50.4)

14.9

615.7

550.3

2,693.6(118.9)(63.8)

2,812.5

2,757.5

Perpetual Subordinated Debt and Other Debt Capital

828.2

51.8

1.0

776.3

827.1

Subordinated Debt and Redeemable Preferred Stock

1,865.4(170.7)(64.9)

2,036.2

1,930.3(4)

Deductions for Total Risk-based Capital

117.3

0.6

2.1

116.7

115.1

(5)

Total Risk-based Capital (2)+(3)-(4)8,567.4(425.8)957.5

8,993.2

7,609.8(6)

Risk-weighted Assets

77,791.3

453.0

6,916.4

77,338.3

70,874.8

Assets Exposed to Credit Risk

75,919.5

396.0

6,461.8

75,523.4

69,457.6

On-balance Sheet Items

68,185.3

275.2

5,216.2

67,910.0

62,969.1

Off-balance Sheet Items

7,734.1

120.7

1,245.5

7,613.3

6,488.5

Market Risk Equivalent Assets

1,871.8

56.9

454.6

1,814.8

1,417.2

Mizuho Corporate Bank (BIS Capital Ratio)(%, Billions of yen)

As of September 30, 2006

(1)

Capital Adequacy Ratio

As of
As of
Change from
September 30,
Change from
September 30, March 31, 2006
2005
March 31, 2006
2005
12.81
(0.06)(0.10)
12.87
12.91

Tier 1 Capital Ratio
(2)

7.36

0.44

0.16

6.92

7.20

Tier 1 Capital

3,046.8

237.3

467.7

2,809.4

2,579.0

Common Stock and Preferred Stock

1,070.9

1,070.9--

1,070.9

Capital Surplus

330.3

-

72.0

330.3

258.2

Retained Earnings

875.1

218.1

267.8

656.9

607.2

Minority Interest in Consolidated Subsidiaries
Preferred Stock Issued by Overseas SPCs
Unrealized Losses on Other Securities

876.0
802.8
-

8.2
4.6
-

110.1
106.7
-

867.7
798.2
-

765.8
696.1
-

Treasury Stock
Foreign Currency Translation Adjustments

-

-

-

-

-

(47.0)

6.3

8.6(53.4)(55.7)--

Business Right Equivalent
Goodwill Equivalent

-

-

-

(58.5)(58.5)(58.5)

63.0

67.5(63.0)(67.5)

2,355.7(147.8)218.92,503.5

2,136.7

Consolidation Differences Equivalent(3)

Tier 2 Capital

2,355.7(147.8)218.92,503.5

2,136.7

45% of Unrealized Gains on Other Securities

Tier 2 Capital Included as Qualifying Capital

677.3(58.3)

223.9

735.7

453.3

45% of Revaluation Reserve for Land

29.6

(0.0)

(0.2)

29.6

29.8

General Reserve for Possible Losses on Loans

278.1(41.3)

13.8

319.4

264.3
1,389.2

Debt Capital

1,370.5(48.0)(18.6)

1,418.6

Perpetual Subordinated Debt and Other Debt Capital

332.1

(7.3)

(50.1)

339.5

382.3

Subordinated Debt and Redeemable Preferred Stock

1,038.4(40.6)

31.5

1,079.1

1,006.9(4)

Deductions for Total Risk-based Capital

104.6

11.2

12.5

93.3

92.0

(5)

Total Risk-based Capital (2)+(3)-(4)5,297.8

78.2

674.1

5,219.6

4,623.7(6)

Risk-weighted Assets

41,353.3

810.6

5,558.9

40,542.7

35,794.4

Assets Exposed to Credit Risk

39,516.9738.5

5,080.5

38,778.3

34,436.3
29,696.1

On-balance Sheet Items

33,674.0

670.3

3,977.9

33,003.6

Off-balance Sheet Items

5,842.8

68.1

1,102.6

5,774.7

4,740.2

Market Risk Equivalent Assets

1,836.4

72.0

478.4

1,764.3

1,358.026

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

As of September 30, 2006

(1)

Capital Adequacy Ratio(2)

Tier 1 Capital

As of
As of
Change from
September 30,
Change from
September 30, March 31, 2006
2005
March 31, 2006
2005
10.45
0.17
(0.13)
10.28
10.58

Tier 1 Capital Ratio

6.16

0.40

0.22

5.76

5.94

2,061.5

157.1

179.7

1,904.4

1,881.7

Common Stock and Preferred Stock

650.0

-

-

650.0

650.0

Capital Surplus

762.3

-

-

762.3

762.3

Retained Earnings

297.7

153.2

115.1

144.4

182.5

Minority Interest in Consolidated Subsidiaries
Preferred Stock Issued by Overseas SPCs

351.5
297.6

3.8
0.1

64.6
50.9

347.6
297.4

286.8
246.7

Unrealized Losses on Other Securities

-

-

-

-

-

Treasury Stock

-

-

-

-

-

(0.0)

(0.0)

(0.0)

-

-

Business Right Equivalent

-

-

-

-

-

Goodwill Equivalent

-

-

-

-

-

-

-

1,519.6(76.2)(45.1)

1,595.8

1,564.8
1,504.1

Foreign Currency Translation Adjustments

Consolidation Differences Equivalent(3)

Tier 2 Capital

1,469.4(61.5)(34.7)

1,530.9

45% of Revaluation Reserve for Land

Tier 2 Capital Included as Qualifying Capital

94.1

(7.2)

(17.4)

101.4

111.6

General Reserve for Possible Losses on Loans

259.0(12.4)

0.4

271.5

258.6

Debt Capital

1,166.4(56.5)(28.1)

1,222.9

1,194.5

Perpetual Subordinated Debt and Other Debt Capital

468.3

54.3

63.5

414.0

404.8

Subordinated Debt and Redeemable Preferred Stock698.0(110.8)(91.7)

808.9

789.7

37.0

1.3

4.4

35.6

32.5

94.2

140.5

3,399.6

3,353.3(4)

Deductions for Total Risk-based Capital(5)

Total Risk-based Capital (2)+(3)-(4)3,493.9(6)

Risk-weighted Assets

33,420.1364.5

1,750.5

33,055.6

31,669.5

On-balance Sheet Items

31,246.9

234.8

1,563.7

31,012.0

29,683.1

Off-balance Sheet Items

2,173.2

129.6

186.8

2,043.6

1,986.4(Reference)
Mizuho Bank (BIS Capital Ratio)(%, Billions of yen)

As of September 30, 2006

(1)

Capital Adequacy Ratio(2)

Tier 1 Capital

As of
As of
Change from
September 30,
Change from
September 30, March 31, 2006
2005
March 31, 2006
2005
11.12
0.22
0.13
10.90
10.99

Tier 1 Capital Ratio

6.17

0.48

0.24

5.69

5.93

2,061.5

157.1

179.7

1,904.4

1,881.7

Common Stock and Preferred Stock

650.0

-

-

650.0

650.0

Capital Surplus

762.3

-

-

762.3

762.3

Retained Earnings

297.7

153.2

115.1

144.4

182.5

Minority Interest in Consolidated Subsidiaries
Preferred Stock Issued by Overseas SPCs
Unrealized Losses on Other Securities

351.5
297.6
-

3.8
0.1
-

64.6
50.9
-

347.6
297.4
-

286.8
246.7
-

Treasury Stock

-

-

-

-

-

(0.0)

(0.0)

(0.0)

-

-

Business Right Equivalent

-

-

-

-

-

Goodwill Equivalent

-

-

-

-

-

-

-

1,686.5(91.6)

49.9

1,778.1

1,636.5
1,636.5

Foreign Currency Translation Adjustments

Consolidation Differences Equivalent(3)

Tier 2 Capital

1,686.5(91.6)

49.9

1,778.1

45% of Unrealized Gains on Other Securities

Tier 2 Capital Included as Qualifying Capital

166.8(15.3)

95.1

182.2

71.7

45% of Revaluation Reserve for Land

94.1

(7.2)

(17.4)

101.4

111.6

General Reserve for Possible Losses on Loans
Debt Capital

259.0(12.4)

0.4

271.5

258.6

1,166.4(56.5)(28.1)

1,222.9

1,194.5

Perpetual Subordinated Debt and Other Debt Capital

468.3

54.3

63.5

414.0

404.8

Subordinated Debt and Redeemable Preferred Stock698.0(110.8)(91.7)

808.9

789.7

37.0

1.3

4.4

35.6

32.5

64.1

225.2

3,646.8

3,485.7(4)

Deductions for Total Risk-based Capital(5)

Total Risk-based Capital (2)+(3)-(4)3,711.0(6)

Risk-weighted Assets

33,369.2(79.6)

1,660.4

33,448.8

31,708.7

Assets Exposed to Credit Risk

33,231.4(127.6)

1,609.8

33,359.0

31,621.5

On-balance Sheet Items

31,058.5(257.3)

1,423.0

31,315.8

29,635.5

Off-balance Sheet Items

2,172.8

129.7

186.8

2,043.1

1,986.0

Market Risk Equivalent Assets

137.8

47.9

50.6

89.8

87.1

27

Mizuho Financial Group, Inc.
Mizuho Trust & Banking (BIS Capital Ratio)(%, Billions of yen)

As of September 30, 2006
Change fromMarch 31, 2006
(1)
(2)

As of
September 30,
2005

Capital Adequacy Ratio

13.69(0.73)

Tier 1 Capital Ratio

7.26(0.30)(0.41)

7.56

7.67

Tier 1 Capital

327.8

(9.2)

0.2

337.1

327.5

13.83

Common Stock and Preferred Stock

247.2

-

-

247.2

247.2

Capital Surplus

15.3

(0.0)

3.1

15.3

12.2

Retained Earnings

63.2

(9.0)

(3.8)

72.3

67.0

Minority Interest in Consolidated Subsidiaries

2.2

0.0

0.5

2.2

1.7

Preferred Stock Issued by Overseas SPCs

-

-

-

-

-

-

-

-

-

-

Treasury Stock

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

Foreign Currency Translation Adjustments

(0.1)

(0.2)

0.3

0.0

(0.5)

Business Right Equivalent

-

0.0

0.0

(0.0)

(0.0)

Goodwill Equivalent

-

-

-

-

-

-

-

291.7

(15.1)

27.3

306.8

264.3

291.7

(15.1)

27.3

306.8

264.3

78.9

(2.5)

22.2

81.5

56.7

-

-

-

-

-

General Reserve for Possible Losses on Loans

30.5

3.7

5.3

26.8

25.2

Debt Capital

182.4

Unrealized Losses on Other Securities

Consolidation Differences Equivalent
(3)

As of
Change from
September 30, March 31, 2006
2005
(0.14)
14.42

Tier 2 Capital
Tier 2 Capital Included as Qualifying Capital
45% of Unrealized Gains on Other Securities
45% of Revaluation Reserve for Land

182.2

(16.3)

(0.2)

198.5

Perpetual Subordinated Debt and Other Debt Capital

42.7

-

-

42.7

42.7

Subordinated Debt and Redeemable Preferred Stock

139.5(16.3)

(0.2)

155.8

139.7

(4)

Deductions for Total Risk-based Capital(5)

Total Risk-based Capital (2)+(3)-(4)

1.3

(0.1)

(0.3)

1.4

1.6

618.2

(24.2)

27.9

642.5

590.3

(6)

Risk-weighted Assets

4,514.2

59.8

246.7

4,454.3

4,267.4

Assets Exposed to Credit Risk

4,494.8

50.4

250.2

4,444.3

4,244.5

On-balance Sheet Items

4,285.6

62.0

250.8

4,223.6

4,034.8

Off-balance Sheet Items

209.1(11.5)

(0.6)

220.7

209.7

Market Risk Equivalent Assets

19.4

9.3

(3.4)

10.0

22.8

28

Mizuho Financial Group, Inc.

III. REVIEW OF CREDITS
1. Status of Non-Accrual, Past Due & Restructured Loans■The figures below are presented net of partial direct write-offs of Category IV loans■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, 2006

Change fromMarch 31,2006%

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

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

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

0.07

1.46

16,099(79,606)(2,523)(38,118)(104,148)

65,062,729

100.00(345,942)

0.57
0.01
0.79

%
0.02
(0.11)(0.00)(0.05)(0.15)

Change from
September
30, 2005(22,892)(438,825)(18,012)112,304(367,426)%(0.03)(0.69)(0.02)
0.16(0.60)

1,251,315%

32,821
454,712
13,995553,373
1,054,903

%

0.05
0.69
0.02
0.84
1.61

71,814
813,931
29,484402,951
1,318,181

0.11
1.27
0.04
0.63
2.06

65,408,672 100.00 63,811,414 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
620,276(162,466)(306,817)
782,742927,094

Trust Account
As of September 30, 2006%

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

6,819
123
35
6,978

Total Loans

65,894As of March 31, 2006 As of September 30, 2005

Change fromMarch 31,2006%

6,819 10.34
123 0.18(3) 0.01
6,939 10.55

10.34
0.18
0.05
10.59

Change from
September
30, 2005(2) (0.00)
6,815 10.34
123 0.18(3,817) (3.51)
3,118 7.01

(32,489)(41,946)

Change fromMarch 31,2006

Change from
September
30, 2005

100.00

%

%

39
39

%
-

2
4

0.03

98,383 100.00

0.00

-

0.03

0.00

3,853
3,860

3.57
3.57

107,841 100.00

Consolidated + Trust Account
As of September 30, 2006%

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

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

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

16,099(72,786)(2,399)(38,122)(97,208)

0.07
0.58
0.01
0.79
1.47

%
0.02
(0.10)(0.00)(0.05)(0.13)(22,895)(432,009)(17,889)
108,486(364,307)

Total Loans
65,128,624 100.00(378,431)
1,209,368* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

29%(0.03)(0.68)(0.02)
0.15(0.59)%

32,821
454,712
13,995553,413
1,054,942

0.05
0.69
0.02
0.84
1.61

%

71,817
813,935
29,484
406,804
1,322,042

0.11
1.27
0.04
0.63
2.06

65,507,055 100.00 63,919,255 100.00

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Millions of yen, %)(Banking Account + Trust Account)
As of September 30, 2006

Change fromMarch 31,2006%

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

Restructured Loans
Total
Total Loans

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

0.06
0.55
0.01
0.77
1.41

65,991,228 100.00

As of September 30, 2005

As of March 31, 2006

Change from
September
30, 2005%%

16,718 0.02
(67,963) (0.10)(2,399) (0.00)(38,480) (0.05)(92,125) (0.13)(21,334) (0.03)
28,772(403,577) (0.65)
432,572(17,889) (0.02)
13,995
110,304 0.14
552,350(332,496) (0.57) 1,027,690

0.04(91,862)

2,339,435%%

66,825
768,186
29,484
403,565
1,268,062

0.65
0.02
0.83
1.55

0.10
1.20
0.04
0.63
1.99

66,083,091 100.00 63,651,792 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
555,225(148,310)(205,467)
703,536
760,692

Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More

Restructured Loans
Total
Total Loans

38,947274,928
10,290202,956
527,122

0.11
0.80
0.03
0.59
1.54

34,179,684 100.00

15,652 0.04
(47,593) (0.13)(1,613) (0.00)(30,966) (0.09)(64,519) (0.18)

1,555 0.00
(148,584) (0.44)(18,636) (0.05)(6,775) (0.02)(172,441) (0.52)(8,869)324,963

23,295322,521
11,903233,922591,642

37,392
423,51228,926
209,731
699,563

0.06
0.94
0.03
0.68
1.73

0.11
1.25
0.08
0.61
2.06

34,188,553 100.00 33,854,720 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
232,959(22,906)(30,861)
255,865
263,821Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Loans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for 3 Months or More

Restructured Loans
Total
Total Loans

3,904
73,721
245,288322,914

0.01
0.26
0.87
1.14

28,099,488 100.00

125 0.00(24,486) (0.08)(1,760) (0.00)(5,503) (0.01)(31,626) (0.10)(22,506) (0.08)(224,426) (0.86)
86,230 0.26
(160,702) (0.68)(164,020)

1,731,595

3,778
98,208
1,760
250,792
354,540

0.34

26,410298,148

0.00

-

0.88

159,057
483,617

0.01

1.25

0.10
1.13
0.60
1.83

28,263,509 100.00 26,367,892 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
276,579(123,571)(169,579)
400,150
446,158

Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset)(Banking Account)

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

Restructured Loans
Total
Total Loans

2,639
9,139
1,181
65,59078,550

0.07
0.25
0.03
1.79
2.15

3,646,161 100.00

940 0.02(2,703) (0.08)
850 0.02(2,006) (0.11)(2,918) (0.15)(380) (0.01)(37,381) (1.15)
623 0.01
34,666 0.86
(2,471) (0.28)

113,516

324,823

1,698
11,842
330
67,597
81,4683,019
46,520558
30,92381,021

0.04
0.33
0.00
1.91
2.30

3,532,645 100.00

0.09
1.40
0.01
0.93
2.43

3,321,338 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
45,687(1,832)(5,026)47,51950,713(Trust Account)

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

Restructured Loans
Total
Total Loans

6,819 10.34
123 0.18
35 0.05
6,978 10.59

65,894 100.00

6,819 10.34
123 0.18(3) 0.01
6,939 10.55(32,489)(2) (0.00)
6,815 10.34
123 0.18(3,817) (3.51)
3,118 7.01
(41,946)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

30

39
39

-

2
4

-

-

-

0.03
0.03

98,383 100.00

0.00

3,853
3,860

0.00
3.57
3.57

107,841 100.00

Mizuho Financial Group, Inc.

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

As of September 30, 2006
Change fromMarch 31, 2006

Reserves for Possible Losses on Loans

Change from
September 30,
2005

As of March
31, 2006

742,778(71,399)(271,784)
814,178565,282(50,492)
14,951
615,775
174,833(20,074)(284,796)
194,907
Reserve for Possible Losses on Loans to Restructuring Countries
2,662
(832)
(1,938)3,495
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
(171,650)(318,785)
Amount of Partial Direct Write-offs
633,965
805,616
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

31

As of
September 30,
2005

1,014,562
550,331459,629
4,601
952,751

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)
As of September 30, 2006

Reserves for Possible Losses on Loans
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

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

Change fromMarch 31, 2006

Change from
September 30,
2005

647,488525,721
119,104
2,662(56,263)(42,520)(12,910)(832)(247,156)
21,522(266,739)(1,938)703,751568,241
132,0143,495

894,644504,198
385,843
4,601

567,766(157,400)(216,581)

725,167

784,348306,951
227,661
79,224
66

393,183
220,373
172,74268

263,579

271,458

Reserve for Possible Losses on Loans to Restructuring Countries
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs(Millions of yen)Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Reserves for Possible Losses on Loans
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans
Reserve for Possible Losses on Loans to Restructuring Countries

299,087
222,586
76,45149(7,863)(5,074)(2,772)(16)(94,095)
2,213(96,290)(18)

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs

240,953(22,626)(30,505)

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Reserves for Possible Losses on Loans
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans
Reserve for Possible Losses on Loans to Restructuring Countries

316,192
273,888
39,9682,336(50,079)(41,049)(8,314)(715)(140,096)
14,231(152,649)(1,679)366,272
314,937
48,282
3,052

456,289259,656
192,617
4,016

412,219

460,167

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

279,287(132,932)(180,880)

Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset)
Reserves for Possible Losses on Loans
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

32,207
29,246
2,684
276

1,679
3,603
(1,822)(100)(12,963)5,076(17,799)(241)

30,52725,6434,507
376

45,171
24,16920,484517

47,526(1,841)(5,196)49,36852,722

Reserve for Possible Losses on Loans to Restructuring Countries
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.

Amount of Partial Direct Write-offs

32

Mizuho Financial Group, Inc.

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

Consolidated(%)
As of September 30, 2006
Change fromMarch 31, 2006

Mizuho Financial Group

78.12

0.94

As of
As of March 31,
September 30,
Change from2006
September 30, 2005
2005
1.15

77.18

76.96

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

Non-Consolidated
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)
As of September 30, 2006
Change fromMarch 31, 2006

Total

69.72

Mizuho Bank + Revitalization SubsidiaryMizuho Corporate Bank + Revitalization Subsidiaries
Mizuho Trust & Banking (Banking Account)+ Revitalization Subsidiary* Above figures are presented net of partial direct write-offs.

33

(%)

As of
As of March 31,
September 30,
Change from2006
September 30, 2005
2005

1.24

(1.03)

68.48

70.76

56.73

4.85

97.91

(5.39)

0.53

51.88

56.20

3.56

103.30

94.34

41.00

3.53

(14.75)

37.47

55.75

Mizuho Financial Group, Inc.

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

As of September 30, 2006
Change fromMarch 31, 2006

Change from
September 30, 2005

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

Claims against Bankrupt and Substantially Bankrupt Obligors

135,445(21,511)(64,392)

156,957

199,838

Claims with Collection Risk

346,365(16,548)(382,586)

362,913728,951

Claims for Special Attention
Total

526,985(40,737)

94,314

567,723432,671

1,008,796(78,797)(352,664)

1,087,594

1,361,461

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

633,523(171,696)(318,944)

805,219

952,467

Trust Account
As of September 30, 2006
Change fromMarch 31, 2006

Change from
September 30, 2005--

Claims with Collection Risk

6,819

6,819

6,815

-

4

Claims for Special Attention

159

120

(3,694)

39

3,853

6,978

6,939

3,118

39

3,860

Claims against Bankrupt and Substantially Bankrupt Obligors

Total

(2)

As of
As of March
September 30,
31, 2006
2005-

2

Consolidated + Trust Account
As of September 30, 2006
Change fromMarch 31, 2006

Change from
September 30, 2005

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

Claims against Bankrupt and Substantially Bankrupt Obligors

135,445(21,511)(64,395)

156,957

199,840

Claims with Collection Risk

353,184(9,729)(375,771)

362,913728,955

Claims for Special Attention

527,144(40,617)

90,620567,762436,524

1,015,775(71,858)(349,546)

1,087,633

1,365,321

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

34

Mizuho Financial Group, Inc.
Non-Consolidated
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Banking Account + Trust Account)

Change fromMarch 31, 2006%
Claims against Bankrupt and Substantially
Bankrupt Obligors

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

114,822(Millions of yen,%)

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

As of September 30, 2006
Change from
September 30,
2005

%

%

%

%

0.15

(16,058)(0.02)(46,676)(0.07)

130,880

0.17

161,4990.23

345,745 0.46
525,724 0.70
986,291 1.32
73,438,847 98.67
74,425,138 100.00(9,517)(40,975)(66,552)
202,828
136,276(0.01)(356,988)
92,438(311,227)
4,649,870
4,338,642(0.53)

355,263566,700
1,052,844
73,236,018
74,288,862

0.47

702,734
433,286
1,297,519
68,788,976
70,086,496

1.00(0.05)(0.09)
0.09

0.08(0.52)
0.52

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
567,603(157,403)(216,583)

0.76
1.41
98.58
100.00725,006

0.61
1.85
98.14
100.00784,186

Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Claims against Bankrupt and Substantially
Bankrupt Obligors

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

90,132

0.24(7,991)(0.02)(9,712)(0.03)

98,1240.26

99,8440.27

233,106 0.62
213,246 0.57
536,485 1.43
36,836,307 98.56
37,372,792 100.00(21,471)(32,579)(62,042)(51,509)(113,552)(0.05)(135,014)(25,411)(170,138)
1,725,129
1,554,991(0.40)

254,577
245,825
598,527
36,887,817
37,486,345

0.67

368,120
238,658
706,623
35,111,177
35,817,801

1.02(0.08)(0.16)
0.16(0.09)(0.53)
0.53

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
240,953(22,626)(30,505)

0.65
1.59
98.40
100.00263,579

0.66
1.97
98.02
100.00271,458

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Claims against Bankrupt and Substantially
Bankrupt Obligors

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

19,8400.05(9,336)(0.02)(37,158)(0.12)

29,1760.08

56,9990.18

76,575 0.23
245,288 0.73
341,703 1.02
32,874,475 98.97
33,216,179 100.00(13,763)(7,264)(30,364)
189,242
158,877(0.04)(213,288)
86,230(164,216)
2,715,418
2,551,201(0.71)

90,339252,553
372,068
32,685,233
33,057,302

0.27

289,863
159,057
505,920
30,159,057
30,664,977

0.94(0.02)(0.09)
0.09

0.21(0.62)
0.62

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
279,261(132,934)(180,882)

0.76
1.12
98.87
100.00412,195

0.51
1.64
98.35
100.00460,144Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset)(Banking Account)
Claims against Bankrupt and Substantially
Bankrupt Obligors

4,849

1,269

(0.00)

3,580

0.09

4,652

0.13

0.49
29,244 0.77
18,897(15,501) (0.50)
0.87
67,030 1.77
(1,251) (0.09)
35,3130.42
0.36
101,124 2.68
18,91520,0083,669,147 97.31
104,524 (0.42)
254,387 (0.36)
123,439
274,395
3,770,271 100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
47,388(1,842)(5,195)

10,346
68,282
82,2083,564,623
3,646,832

0.28

44,74531,717
81,115
3,414,760
3,495,876

1.27

0.12

197

0.03

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

1.87
2.25
97.74
100.0049,230

0.90
2.32
97.67
100.0052,583(Trust Account)
Claims against Bankrupt and Substantially
Bankrupt Obligors

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

6,819 10.34
159 0.24
6,978 10.59
58,915 89.40
65,894 100.00

-

-

6,819
120
6,939
(39,428)(32,489)

10.34
0.20
10.55
(10.55)(2)(0.00)

6,815(3,694)
3,118(45,065)(41,946)

10.34(3.33)
7.01(7.01)

39
39
98,344
98,383

0.03
0.03
99.96
100.00

-

2

0.00

-

4
3,853
3,860
103,981
107,841

0.00
3.57
3.57
96.42
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 (\1,807 million, \3,291 million, and \3,783 million for
September 30, 2006, March 31,2006, and September 30, 2005, respectively) are not included in the above figures for Trust Account.

35

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)

Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account)
As of September 30, 2006
Change fromMarch 31, 2006

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

Change from
September 30, 2005

As of March 31,
2006

As of September 30,
2005

114.8

(16.0)(46.6)

130.8

161.4

106.2

(10.8)(40.8)

117.0

147.0

Reserve for Possible Losses

8.6

(5.2)

(5.8)

13.8

14.4

Claims with Collection Risk

338.9

(16.3)(363.8)

355.2

702.7

Collateral, Guarantees, and equivalent

175.3(19.2)(71.8)

194.6

247.1

Reserve for Possible Losses

121.7

4.5

(249.6)

117.2

371.3

Claims for Special Attention

525.5(41.0)

96.1

566.6

429.4

Collateral, Guarantees, and equivalent

179.2(20.8)

(3.5)

200.1

182.7

Reserve for Possible Losses

124.9

0.3

44.7

124.5

80.1

979.3

(73.4)(314.3)

1,052.8

1,293.6

Collateral, Guarantees, and equivalent

460.7(50.9)(116.2)

511.7

576.9

Reserve for Possible Losses

255.3

(0.2)

(210.6)

255.6

466.0

Total

Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent

90.1

(7.9)

(9.7)

98.1

99.8

86.4

(6.7)

(8.3)

93.1

94.8

Reserve for Possible Losses

3.7

(1.2)

(1.3)

4.9

5.0

Claims with Collection Risk

233.1

(21.4)(135.0)

254.5

368.1

Collateral, Guarantees, and equivalent

134.0(20.5)(42.0)

154.6

176.1

Reserve for Possible Losses

72.5

(0.7)

(95.1)

73.3

167.6

Claims for Special Attention

213.2(32.5)(25.4)

245.8

238.6

Collateral, Guarantees, and equivalent

68.6(14.8)(17.1)

83.4

85.7

Reserve for Possible Losses

40.5

(3.2)

(2.1)

43.7

42.6

536.4

(62.0)(170.1)

598.5

706.6

Collateral, Guarantees, and equivalent

289.1(42.1)(67.6)

331.3

356.7

Reserve for Possible Losses

116.8

(5.2)

(98.5)

122.0

215.3

Total

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent

19.8

(9.3)

(37.1)

29.1

56.9

15.3

(5.3)

(32.4)

20.7

47.8

Reserve for Possible Losses

4.4

(3.9)

(4.6)

8.4

9.1

Claims with Collection Risk

76.5

(13.7)(213.2)

90.3

289.8

Collateral, Guarantees, and equivalent

26.5

(8.3)

(26.9)

34.9

53.4

Reserve for Possible Losses

35.5

(4.3)

(147.9)

39.8

183.5

Claims for Special Attention

245.2

(7.2)

86.2

252.5

159.0

Collateral, Guarantees, and equivalent

75.6

(4.8)

(10.3)

80.5

86.0

Reserve for Possible Losses

69.8

2.1

39.0

67.7

30.8

341.7

(30.3)(164.2)

372.0

505.9

Collateral, Guarantees, and equivalent

117.5(18.6)(69.8)

136.2

187.4

Reserve for Possible Losses

109.7

(6.1)

(113.6)

115.9

223.4

Total

Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset)(Banking Account)

4.8

1.2

0.1

3.5

4.6

4.4

1.2

0.0

3.1

4.3

Reserve for Possible Losses

0.4

(0.0)

0.1

0.4

0.2

Claims with Collection Risk

29.2

18.8

(15.5)

10.3

44.7

Collateral, Guarantees, and equivalent

14.7

9.6

(2.7)

5.0

17.5

Reserve for Possible Losses

13.6

9.6

(6.5)

4.0

20.1

Claims for Special Attention

67.0

(1.2)

35.3

68.2

31.7

34.9

(1.1)

23.9

36.0

10.9

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

14.6

1.5

7.8

13.1

6.7

101.1

18.9

20.0

82.2

81.1

Collateral, Guarantees, and equivalent

54.0

9.8

21.2

44.2

32.8

Reserve for Possible Losses

28.7

11.1

1.5

17.6

27.1

(Reference) Trust Account
-

-

(0.0)

-

0.0

-

-

(0.0)

-

0.0

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

6.8

6.8

6.8

-

0.0

6.8

6.8

6.8

-

0.0

0.1

0.1

(3.6)

0.0

3.8

0.1

0.1

(1.8)

-

1.9

6.9

6.9

3.1

0.0

3.8

6.9

6.9

4.9

-

1.9

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

36

Mizuho Financial Group, Inc.

(2) Coverage Ratio
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account)(Billions of yen)
As of September 30, 2006
Change fromMarch 31, 2006

Change from
September 30, 2005

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

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

716.1
255.3
460.7

(51.2)(0.2)(50.9)(326.8)(210.6)(116.2)

767.3
255.6
511.7

1,043.0
466.0
576.9

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

73.1
100.0
87.6
57.8
59.8

0.2

(7.5)
(0.3)
(3.3)
(4.6)

72.8
100.0
87.7
57.2
59.5

80.6
100.0
88.0
61.2
64.5

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
74.4
36.0
36.0

1.4
2.0
1.7

(7.0)
3.5
0.9

100.0
72.9
33.9
34.3

100.0
81.5
32.5
35.1

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

22.69
10.54
0.11

1.57
(0.80)(0.00)

3.45
0.76(0.00)

21.11
11.35
0.11

19.24
9.77
0.12

(%)

(0.1)
0.5
0.2

(%)

(%)

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

405.9
116.8
289.1

(47.3)(5.2)(42.1)(166.1)(98.5)(67.6)

453.3
122.0
331.3

(Billions of yen)
572.1
215.3
356.7

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

75.6
100.0
88.6
51.1
52.7

(0.0)
(0.8)
(0.5)
(1.7)

(5.3)
(4.7)
(2.6)
(3.7)

75.7
100.0
89.5
51.7
54.4

80.9
100.0
93.4
53.8
56.5

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
73.2
28.0
28.6

(0.0)
1.0
0.6

(14.0)
0.1
(0.4)

100.0
73.3
26.9
28.0

100.0
87.3
27.9
29.1

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

18.99
7.03
0.15

1.23
0.02
(0.00)

1.10
0.08(0.01)

17.76
7.00
0.15

17.89
6.94
0.16

252.2
115.9
136.2

(Billions of yen)
410.8
223.4
187.4

Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)

(%)

(%)

(%)

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Coverage Amount
227.3(24.8)(183.4)
Reserves for Possible Losses on Loans
109.7
(6.1)
(113.6)
Collateral, Guarantees, and equivalent
117.5(18.6)(69.8)(%)
Coverage Ratio
Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Claims for Special Attention
Claims against Special Attention Obligors

66.5
100.0
81.0
59.3
62.1

(1.2)
(1.7)
0.6
0.9

(14.6)(0.7)(14.1)(12.6)

67.7
100.0
82.7
58.7
61.2

81.2
100.0
81.7
73.4
74.7

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
70.9
41.1
40.6

(0.9)
1.8
1.8

(6.6)
(1.0)
(3.8)

100.0
71.9
39.3
38.7

100.0
77.6
42.2
44.5

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

25.95
17.93
0.06

1.37
0.05
(0.00)

5.72
4.51(0.00)

24.57
17.88
0.06

20.22
13.42
0.06

(%)

(%)

37

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset)(Banking Account)
As of September 30, 2006

(Billions of yen)

Change fromMarch 31, 2006

Change from
September 30,
2005

As of March
31, 2006

As of
September 30,
2005

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

82.7
28.7
54.0

20.9
11.1
9.8

22.7
1.5
21.2

61.8
17.6
44.2

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

81.8
100.0
97.1
73.8
74.9

6.6
9.3
1.8
1.6

7.8
12.8
18.2
16.5

75.2
100.0
87.7
72.0
73.2

60.0
27.1
32.8
(%)
73.9
100.0
84.2
55.6
58.4

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

100.0
94.2
45.4
46.5

18.0
4.8
4.5

20.0
13.1
11.9

100.0
76.2
40.6
42.0

(%)
100.0
74.1
32.3
34.6

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

21.82
3.21
0.21

2.43
(0.78)
0.00(0.25)(1.29)
0.00

19.39
3.99
0.21

(%)
22.07
4.50
0.21

38

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

Claims against Bankrupt
and Substantially
Bankrupt Obligors

Loans to Bankrupt
Obligors

114.8

45.4

1.
SELF-ASSESSMENT
Categorization
Non-Categorization

ObligorCategoryⅡ

Bankrupt and Substantially Bankrupt
Obligors
114.8
114.8

Category III

Reserve
Ratio
100%

Category IV(NonCollateralized)

DirectWrite-offs

Collateral, Guarantees, etc. : 106.2
Reserves for Possible Losses :8.6

Coverage Ratio
100%
Claims with Collection
Risk

Intensive Control Obligors
338.9

297.1

Collateral, Guarantees, etc. : 175.3
Reserves for Possible Losses : 121.7

41.8

Reserve
Ratio
74.4%

Amounts forreserves
recorded under
NonCategorization

338.9
Coverage Ratio
87.6%

Non-Accrual
Delinquent Loans

357.7

50.7 （Note 2)

Watch Obligors
Claims for Special
Attention

Reserve Ratio against
Uncovered Portion
36.0％

Claims for Special
Attention (Note1)

Loans Past Due for 3
Months or More
11.4

525.5
Collateral, Guarantees, etc. : 179.2
Reserves for Possible Losses: 124.9

525.5

Restructured Loans

Coverage Ratio
57.8%

513.8

（Note 2）

Special Attention Obligors
Total Coverage Ratio
73.1%

Other Watch Obligors

Claims against Special Attention Obligors-Coverage Ratio: 59.8%-Reserve Ratio for Uncovered Portion: 36.0%-Reserve Ratio against Entire Claim: 22.6%

Normal Obligors

Reserve Ratio against Total Claims
・Other Watch Obligors 10.54%
・Normal Obligors
0.11%

Total

Total
979.3

74,359.2

Total
928.5

Note 1Claims for Special Attention is denoted in 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 claims other thanloans included in Disclosed Claims under the FRL.

39

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 2003

Fiscal 2004

Fiscal 2006

Fiscal 2005

As of September 30, 2006
As of September As of March 31, As of September As of March 31, As of September As of March 31,
30, 2003
2004
30, 2004
2005
30, 2005
2006

Claims against Bankrupt and Substantially Bankrupt Obligors

2,129.3

348.5

259.3

Claims with Collection Risk

5,700.9

594.2

326.5

7,830.2

942.8

585.9

849.7

Amount Categorized as above as of September 30, 2003
of which the amount which was in the process of being removed fromthe balance sheet

111.7

Mizuho Bank

AggregatedMizuhoMizuho Trust &Figures of the 3
Corporate Bank
Banking
Banks

Change fromMarch 31, 2006

77.1

37.4

20.1

7.5

2.0

29.7

(7.6)

96.5

63.4

48.5

24.9

16.3

0.7

41.9

(6.5)

208.3

140.5

85.9

45.0

23.9

2.7

71.7

(14.1)

2.0

262.8

190.7

93.1

64.1

24.9

18.1

1.1

21.3

(3.5)

Claims against Bankrupt and Substantially Bankrupt Obligors

87.3

75.1

31.2

13.1

5.6

2.7

0.0

-

2.7

(2.8)

Claims with Collection Risk

438.5

86.0

29.1

15.4

11.6

7.3

0.1

0.0

7.5

(4.0)

525.9

161.1

60.4

28.6

17.3

10.1

0.1

0.0

10.3

(6.9)

83.7

62.7

25.8

10.5

4.0

2.3

0.0

-

2.3

(1.6)

-

Amount Newly Categorized as above during the Second Half of Fisca
2003
of which the amount which was in the process of being removed fromthe balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

65.8

26.3

20.8

17.5

7.7

7.1

14.9

(2.5)

Claims with Collection Risk

449.9

46.0

25.5

17.9

9.3

4.6

0.2

14.2

(3.7)

Amount Newly Categorized as above during the First Half of Fiscal 2004

515.7

72.3

46.3

35.5

17.1

11.8

0.2

29.1

(6.3)

of which the amount which was in the process of being removed fromthe balance sheet

39.9

25.6

17.6

14.9

4.8

7.1

-

12.0

(2.8)

Claims against Bankrupt and Substantially Bankrupt Obligors

40.1

22.8

38.2

28.7

3.2

1.0

33.0

(5.1)

Claims with Collection Risk

634.0

476.8

76.6

42.5

17.5

0.1

60.2

(16.3)

674.1

499.7

114.8

71.2

20.8

1.1

93.3

(21.5)

24.1

22.6

13.9

27.2

2.9

1.0

31.2

17.2

Claims against Bankrupt and Substantially Bankrupt Obligors

27.5

15.8

7.4

0.3

0.0

7.8

(7.9)

Claims with Collection Risk

121.4

65.8

21.7

19.6

1.3

42.7

(23.0)

Amount Newly Categorized as above during the Second Half of Fisca
2004
of which the amount which was in the process of being removed fromthe balance sheet

Amount Newly Categorized as above during the First Half of Fiscal 2005

148.9

81.6

29.2

20.0

1.3

50.6

(31.0)of which the amount which was in the process of being removed fromthe balance sheet

23.0

12.1

6.6

0.3

0.0

7.0

(5.0)

Claims against Bankrupt and Substantially Bankrupt Obligors

16.2

8.5

1.1

0.0

9.7

(6.5)

Claims with Collection Risk

134.5

56.7

13.4

2.6

72.7

(61.8)

150.8

65.2

14.5

2.6

82.4

(68.3)(5.9)

Amount Newly Categorized as above during the Second Half of Fisca
2005
of which the amount which was in the process of being removed fromthe balance sheet

8.5

-

0.0

8.5

Claims against Bankrupt and Substantially Bankrupt Obligors

14.4

14.6

0.2

1.6

16.6

16.6

Claims with Collection Risk

70.4

4.7

30.9

106.1

106.1
122.8

Amount Newly Categorized as above during the First Half of Fiscal 2006

85.1

5.0

32.6

122.8

of which the amount which was in the process of being removed fromthe balance sheet

11.8

0.2

0.0

12.2

12.2
(16.0)

435.9

Claims against Bankrupt and Substantially Bankrupt Obligors
Claims with Collection Risk
Totalof which the amount which was in the process of being removed fromthe balance sheet

*
*
*

400.2

209.5

161.4

130.8

90.1

19.8

4.8

114.8

1,032.8

862.5

805.8

702.7

355.2

233.1

76.5

36.0

345.7

(9.5)

1,468.7

1,262.8

1,015.3

864.2

486.1

323.2

96.4

40.9

460.5

(25.5)

346.6

293.4

168.7

138.0

84.4

79.7

11.9

3.2

94.9

10.4

Trust account denotes trust accounts with contracts indemnifying the principal amounts.
denotes newly categorized amounts.
Figures from the first half of fiscal 2003 to the first half of fiscal 2005 include those of revitalization subsidiaries.

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 at
Accumulated Accumulated
September 30,
RemovalRemoval Ratio
2006
Amount（％）

ModifiedAccumulated
RemovalRatio* （％）

As of September 30, 2003

7,830.2

71.7

7,758.4

99.0

99.3

Second Half of Fiscal 2003

525.9

10.3

515.5

98.0

98.4

First Half of Fiscal 2004

515.7

29.1

486.6

94.3

96.6

Second Half of Fiscal 2004

674.1

93.3

580.8

86.1

90.7

First Half of Fiscal 2005

148.9

50.6

98.3

66.0

70.7

Second Half of Fiscal 2005

150.8

82.4

68.3

45.3

50.9

First Half of Fiscal 2006

122.8

122.8

9,968.7

460.5

Total

9,508.1* Modified accumulated removal ratios are based on the accumulated
removal amount including the amount which was in the process of
being removed from the balance sheet.

40

Mizuho Financial Group, Inc.

3. Breakdown of Reasons for Removal of NPLs from the Balance Sheet during the First Half of Fiscal 2006
（Billions of yen)

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)
Newly Categorized
Fiscal 2004

Fiscal 2003
Accumulated asof September 30,
2003

in the Second
Halfin the Second
Halfin the First Half

Amount Removed
from B/S in theFirst Half of
Fiscal 2006

Fiscal 2005
in the Second
Halfin the First Half

Liquidation

(3.7)

(0.7)

(0.7)

(0.3)

(0.6)

(0.0)

(6.3)

Restructuring(6.5)(88.5)

(2.6)

(1.2)

(5.7)

-

(104.7)

-

(0.0)

(0.0)

-

(0.0)

-

(0.0)

(12.6)

(0.2)

(1.5)

(5.9)

(7.1)

(6.8)

(34.4)

Direct Write-off

42.2

90.8

8.3

5.5

9.3

(1.0)

155.4

Other

(33.4)

(8.2)

(9.7)

(19.5)(26.8)(60.3)(158.2)

Debt recovery(30.6)

(7.4)

(7.8)

(15.7)(23.1)(29.0)(113.8)

Improvement in Business Performance

(2.8)

(0.7)

(1.8)

(3.8)

(3.6)

(31.3)(44.3)(14.1)

(6.9)

(6.3)

(21.5)(31.0)(68.3)(148.4)

Liquidation

(0.7)

(0.6)

(0.7)

(0.3)

(0.6)

(0.0)

(3.1)

Restructuring

(4.9)

-

(2.6)

(1.2)

(5.7)

-

(14.6)

Improvement in Business Performance due to Restructuring

Loan Sales

Total

Mizuho Bank

-

-

-

-

-

-

-

(2.3)

(0.2)

(1.5)

(5.9)

(1.9)

(4.1)

(16.2)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

6.4

0.7

4.5

5.1

7.1

(3.0)

20.9

Other

(8.1)

(3.1)

(3.9)

(17.2)(13.8)(55.0)(101.5)

Debt recovery

(5.6)

(2.3)

(2.0)

(13.4)(10.3)(26.3)(60.1)

Improvement in Business Performance

(2.5)

(0.7)

(1.8)

(3.8)

(3.5)

(28.7)(41.3)

(9.8)

(3.3)

(4.3)

(19.6)(15.0)(62.4)(114.6)

Total

Mizuho Corporate Bank
Liquidation

(3.0)

(0.1)

-

-

-

-

(3.1)

Restructuring(0.0)(88.5)----(88.5)

-

-

-

-

-

-

-

(10.3)

-

-

-

(5.1)

(2.6)

(18.1)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

34.3

90.1

3.8

0.3

2.1

2.0

132.9

Other

(25.1)

(5.0)

(5.6)

(0.0)

(12.7)(2.3)(51.1)

Debt recovery(24.9)

(5.0)

(5.6)

(0.0)

(12.7)(2.3)(50.8)

Improvement in Business Performance

(0.2)

-

-

-

-

-

(0.2)

(4.2)

(3.6)

(1.8)

(15.7)(2.9)(28.1)

Total

0.3

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

-

-

-

-

-

(0.0)

(0.0)

(1.5)

-

-

-

-

-

(1.5)

Improvement in Business Performance due to Restructuring

-

(0.0)

(0.0)

-

(0.0)

-

(0.0)

Loan Sales

-

-

-

-

-

-

Restructuring-

Direct Write-off

1.5

-

(0.0)

-

-

-

1.5

Other

(0.0)

(0.0)

(0.1)

(2.2)

(0.1)

(2.9)

(5.5)

Debt recovery

(0.0)

(0.0)

(0.0)

(2.2)

(0.0)

(0.3)

(2.8)

Improvement in Business Performance

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(2.5)

(2.7)

(0.1)

(0.0)

(0.1)

(2.2)

(0.1)

(2.9)

(5.6)

Total

(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet(Billions of yen)

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

Amount Removed
Up to Second
Half of Fiscal
2003(*)In First Half of
Fiscal 2004

In Second Half of
Fiscal 2004

In First Half of
Fiscal 2005

In Second Half of
Fiscal 2005

Accumulated
Removed AmountIn First Half of from Second Half of
Fiscal 2006
Fiscal 2000

Liquidation(1,112.4)(27.3)(160.3)(28.5)(40.7)(6.3)(1,375.7)

Restructuring(1,361.8)(139.5)(98.6)(12.5)(55.8)(104.7)(1,773.2)(171.7)

(0.5)

(2.9)

(1.0)

(3.1)

(0.0)

(179.5)(3,165.6)(254.1)(502.5)(153.2)(47.6)(34.4)(4,157.7)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

2,300.8

128.6

363.0

99.2

45.8

155.4

3,093.1

Other(3,376.5)(428.7)(520.0)(203.8)(427.3)(158.2)(5,114.8)

Debt recovery(160.7)(291.4)(148.5)(217.0)(113.8)

Improvement in Business Performance(267.9)(228.6)(55.2)(210.2)(44.3)(721.7)(921.6)(300.0)(528.9)(148.4)

Total(6,887.4)* From the Second Half of Fiscal 2000 to the Second Half of Fiscal 2003.

41(9,508.1)

Mizuho Financial Group, Inc.

8. Principal Amounts of NPLs Sold
Non-Consolidated
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Banking Account + Trust Account)Principal Amounts of NPLs Sold
To RCCTo Others

First Half of
Fiscal 2006

Change from First Halfof Fiscal 2005

35.7
35.7

(Billions of yen)

Fiscal 2005

(131.0)(11.1)(119.8)Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Principal Amounts of NPLs Sold
16.5
(60.8)To RCC(10.9)To Others
16.5(49.9)

231.0
15.1
215.9

First Half of
Fiscal 2005
166.7
11.1
155.6

131.7
14.9
116.7

77.3
10.9
66.4

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Principal Amounts of NPLs Sold
18.1
(58.3)
79.4
76.5
To RCC
(0.1)
0.1
0.1
To Others
18.1(58.1)
79.2
76.3
Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset)
Principal Amounts of NPLs Sold
1.0
(11.7)
19.8
To RCCTo Others
1.0(11.7)
19.8

12.8
12.8

* RCC: Resolution and Collection Corporation.

9. Debt Forgiveness
Non-Consolidated(Number of cases, Billions of yen)
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Banking Account + Trust Account)
First Half of
Fiscal 2005
First Half ofChange from First Half
Fiscal 2006of Fiscal 2005
Fiscal 2005
Number of Cases of Debt Forgiveness
2
(3)
15
5
Book Value
2.4
(1.6)
32.6
4.1
Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Number of Cases of Debt Forgiveness(2)
Book Value
(3.1)

7
27.2

2
3.1

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Number of Cases of Debt Forgiveness
1
(2)
7
3
Book Value
2.4
1.9
4.2
0.5
Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset)
Number of Cases of Debt ForgivenessBook Value1
0.0* The above figures do not include debt forgiveness following legal bankruptcy procedures.

42

(0.4)

4
1.0

1
0.4

Mizuho Financial Group, Inc.

10.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 (including past figures for their former revitalization subsidiaries)(Banking Account + Trust Account)
As of September 30, 2006

(Billions of yen)
As of September 30, 2005

As of March 31, 2006
Change from March 31, 2006
Non-Accrual,
Outstanding
Past Due &Restructured
Balance
Loans

Change from September 30, 2005
Non-Accrual,
Outstanding
Past Due &Restructured
Balance
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &RestructuredLoans(319.1)60,685.2

981.9

59,506.5

1,213.2(26.0)(16.3)

7,389.2

91.9

7,271.7

93.5

(0.0)

(3.3)

(0.1)

41.6

0.4

41.9

0.5

(0.0)

0.0

(0.1)

0.0

1.1

0.0

1.2

0.0

0.0

(1.1)

-

(8.4)

0.0

4.2

0.0

11.4

-

133.0

-

1.1

(0.0)

10.2

(0.0)

131.9

0.0

122.8

0.0

1,391.2

43.5(81.4)(2.4)(170.0)(42.2)

1,472.7

46.0

1,561.2

85.8

Utilities

898.7

0.1

(50.3)(0.0)(99.4)

(0.0)

949.1

0.1

998.2

0.1

Communication

822.6

6.2

43.2

0.1

(26.2)

(1.7)

779.3

6.0

848.8

7.9

Transportation

2,859.9209.4(107.7)(8.2)(131.0)75.2

2,967.7217.7

2,991.0

134.2

Wholesale & Retail

6,010.8

169.1(430.9)(7.4)(645.3)(66.8)

6,441.8

176.6

6,656.2

236.0

Finance & Insurance

6,945.5

7.4(1,190.6)

2.4

126.2

0.7

8,136.2

4.9

6,819.3

6.6

Real Estate

6,705.4

124.8(354.0)(49.9)(649.9)(130.1)

7,059.4

174.7

7,355.4

255.0

Service Industries

7,282.3

119.0(216.4)(9.7)(146.9)(117.3)

7,498.8

128.8

7,429.3

236.3

Local Government

364.1

3.0

(23.6)

3.0

5.9

3.0

387.7

-

358.1

-

Governments

5,516.8-

1,282.7-

1,556.4-

4,234.1-

3,960.3-

Other

13,405.3

133.5

215.2

(0.9)

326.1

(23.3)

13,190.0

134.4

13,079.1

156.8

7,267.1

41.4

964.7

(4.2)

2,288.1(13.3)

6,302.3

45.7

4,979.0

54.8

263.8

2.9

16.1

(0.0)

30.2

(5.3)

247.7

2.9

233.5

8.3

Financial Institutions

1,481.4

6.5

200.0

(0.2)

668.8

6.5

1,281.3

6.7

812.5

-

Other

5,521.8

31.9

748.6

(4.0)

1,589.0(14.5)

4,773.2

35.9

3,932.8

46.4

66,891.7

935.5(95.8)(92.1)

2,406.1(332.4)

66,987.5

1,027.6

64,485.5

1,268.0

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans59,624.6

894.1(1,060.6)(87.8)

118.0

Manufacturing

7,245.6

77.1(143.5)(14.7)

Agriculture

38.5

0.3

(3.0)

Forestry

1.1

0.0

Fishery

3.0

MiningDomestic Total (excluding Loans
Booked Offshore)

Construction

Overseas Total (including Loans
Booked Offshore)
Governments

Total* Loans to Finance & Insurance sector includes loans to MHFG as follows:
As of September 30, 2006 : \1,380.0 billion (from MHBK \690.0 billion; from MHCB \690.0 billion)
As of March 31, 2006 : \965.0 billion (from MHBK \623.0 billion; from MHCB \342.0 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.

43

Mizuho Financial Group, Inc.
Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
As of September 30, 2006

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

(Billions of yen)
As of September 30, 2005

As of March 31, 2006
Change from March 31, 2006
Non-Accrual,
Outstanding
Past Due &Restructured
Loans
Loans

Change from September 30, 2005
Non-Accrual,
Outstanding
Past Due &Restructured
Loans
Loans

Outstanding
Loans

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Loans

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Loans

Non-Accrual,
Past Due &Restructured
Loans

34,179.6

527.1

(8.8)

(64.5)

324.9

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

(272.6)
(2.7)
(0.0)
(0.0)
0.1
(97.1)(1.7)(48.3)(52.2)(465.3)415.1(179.1)(279.8)
(3.5)
793.2
185.5

(2.2)
(0.0)
0.0
(0.0)
(5.4)
(0.0)
0.3
(1.8)
(3.4)
2.6
(42.9)(7.9)(3.5)(403.4)
(2.6)
(0.1)
(0.2)
(2.3)
(140.6)(1.7)(34.0)(47.6)(626.9)750.1(240.9)(412.4)4.8
1,133.5
349.5(172.4)34,188.5

591.6

33,854.7

699.5

0.9
(0.1)
0.0
0.0
(0.0)
(32.9)
(0.0)
(1.2)
18.4
7.6
3.6
(118.4)(29.3)(20.8)

3,358.8
40.1
1.1
2.1
10.7
871.8
86.5
436.5
988.5
4,643.4
1,917.1
3,766.1
3,789.2277.6
2,900.5
11,097.7

59.8
0.4
0.0
0.0
0.0
32.5
0.1
5.0
52.0
84.8
4.4
139.2
107.5
105.5

3,489.6
40.0
1.2
2.2
13.3
915.4
86.5
422.2
983.9
4,805.0
1,582.1
3,827.9
3,921.8
269.2
2,560.1
10,933.7

56.6
0.5
0.0
0.0
60.0
0.1
6.5
31.7
73.7
3.4
214.7
128.9
122.8

-

-

-

-

34,179.6

527.1

(8.8)

(64.5)

-

-

-

-

-

-

324.9

(172.4)34,188.5

591.6

33,854.7

699.5

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture
Forestry
Fishery
MiningConstruction
Utilities
Communication
Transportation
Wholesale & Retail
Finance & Insurance
Real Estate
Service Industries
Local Government
Governments
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

20,836.1

282.9(1,129.6)(27.3)(558.6)(147.2)

21,965.8

310.3

21,394.8

430.2

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

115.8
(0.3)
(1.1)
1.0
19.2
(46.9)
81.6(50.4)
21.1(1,621.5)(99.4)
43.4
2.4
389.5
15.7

(8.7)
3.0
0.0
(0.1)
(4.2)
(5.3)
(0.1)
(6.3)
(3.3)
(2.0)

332.0
(0.6)
(0.1)
13.8
(14.5)(70.6)
38.4(78.6)(48.1)(667.2)(394.2)
253.5
13.4
122.8
(58.6)(12.1)
(7.9)
0.0
(0.3)
37.5
(74.6)(2.6)(12.3)(70.6)(4.0)

3,634.3
1.5
2.1
114.4
479.8
757.4
324.2
1,760.0
1,584.8
5,688.5
2,347.7
3,461.7
43.2
1,133.5
632.0

27.5
12.6
0.9
116.4
91.1
0.4
24.2
13.1
23.7

3,418.1
1.8
1.1
101.6
513.6
781.1
367.3
1,788.2
1,654.1
4,734.2
2,642.6
3,251.6
32.2
1,400.2
706.4

30.9
23.6
1.2
74.6
160.4
2.9
30.2
80.4
25.7

7,263.3

39.9

965.6

(4.2)

2,290.2(13.4)

6,297.6

44.1

4,973.0

53.3

262.0
1,481.4
5,519.7
28,099.4

2.9
6.5
30.4
322.9

16.1
200.0
749.4
(164.0)

(0.0)
(0.2)
(4.0)
(31.6)

31.3
668.8
1,590.0
1,731.5(5.3)
6.5(14.5)(160.7)245.9
1,281.3
4,770.3
28,263.5

2.9
6.7
34.4
354.5

230.7
812.5
3,929.7
26,367.8

8.3
44.9
483.6

Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset) (Banking Account + Trust Account)
Domestic Total
4,608.7
83.9
77.9
4.0
351.7
0.6
4,530.8
79.9
4,257.0
83.3(excluding Loans Booked Offshore)
Manufacturing
409.2
0.7
13.2
(3.7)
45.3
(5.1)
395.9
4.5
363.9
5.9
Agriculture
Forestry
Fishery(8.0)
8.0
Mining
6.6
0.0
(1.2)
6.6
7.9
Construction
117.4
0.8
(3.5)
(0.0)
(14.7)
(1.2)
120.9
0.8
132.1
2.1
Utilities
103.4
(1.5)
(27.0)
105.0
130.5
Communication
28.5
9.9(30.6)
(0.1)
18.5
59.2
0.1
Transportation
214.0
47.1
(5.1)
(2.1)
(4.8)
19.3
219.1
49.3
218.8
27.8
Wholesale & Retail
226.6
1.9
13.2
1.2
29.6
0.1
213.4
0.6
197.0
1.8
Finance & Insurance
546.2
15.6
43.3
(0.2)
530.5
502.8
0.2
Real Estate
870.0
10.7
(75.4)(0.6)(14.8)
0.6
945.5
11.3
884.8
10.0
Service Industries
267.8
9.6
20.0
1.5
11.9
(17.2)
247.8
8.1
255.9
26.9
Local Government
44.2
3.0(22.6)
3.0(12.3)
3.0
66.8
56.5
Governments
300.0
100.0
300.0
200.0
Other
1,474.3
9.7
14.0
4.6
35.2
1.5
1,460.2
5.0
1,439.0
8.2
Overseas Total
3.8
1.5
(0.8)
(0.0)
(2.0)
0.0
4.6
1.5
5.9
1.5
(including Loans Booked Offshore)
Governments
1.7
(0.0)
(1.1)
1.7
2.8
Financial Institutions
Other
2.1
1.5
(0.8)
(0.0)
(0.9)
0.0
2.9
1.5
3.0
1.5
Total
4,612.5
85.5
77.0
4.0
349.6
0.6
4,535.5
81.5
4,262.9
84.8* 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
account and trust account with contracts indemnifying the principal amounts.

44

Mizuho Financial Group, Inc.
(2) Disclosed Claims under the FRL and Coverage Ratio by Industry
Non-Consolidated
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Banking Account + Trust Account)(Billions of yen, %)As of March 31, 2006 As of September 30, 2005

As of September 30, 2006

Change from March 31, 2006 Change from September 30, 2005
Disclosed Claims Coverage Disclosed Claims Coverage Disclosed Claims
under the FRL
under the FRL
under the FRL
Ratio
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

Coverage
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

939.3

73.7

(62.9)

0.7(297.0)(7.8)

1,002.3

73.0

1,236.4

81.5

Manufacturing

82.2

74.5

(13.0)

0.7(14.0)(11.5)

95.3

73.7

96.3

86.0

Agriculture

0.3

92.5

(0.0)

7.1

(0.1)

(2.1)

0.4

85.3

0.5

94.6

Forestry

0.0

69.4

0.0

(30.5)

0.0(30.5)

0.0

100.0

0.0

100.0

Fishery

0.0

73.9

(0.0)

1.5

0.0

(26.0)

0.0

72.3

0.0

100.0

Mining

-

-

(0.0)

(100.0)(0.0)(100.0)

0.0

100.0

0.0

100.0

Construction

44.0

72.5

(2.6)

(0.9)

(43.1)(10.7)

46.7

73.4

87.2

83.2

Utilities

0.1

100.0

(0.0)

-

(0.6)

-

0.1

100.0

0.7

100.0

Communication

6.6

70.9

0.5

0.7

(1.3)

(3.2)

6.0

70.1

8.0

74.2

Transportation

209.6

68.5

(8.2)

1.1

75.3

(3.4)

217.9

67.4

134.3

72.0

Wholesale & Retail

170.8

61.2

(7.0)

(0.1)

(66.6)(12.9)

177.8

61.4

237.4

74.1

Finance & Insurance

7.9

69.8

3.0

14.1

1.3

5.4

4.9

55.6

6.6

64.3

Real Estate

126.0

86.2

(50.0)

0.3(130.3)

(4.2)

176.0

85.9

256.3

90.4

Service Industries

119.7

63.3

(9.9)

(0.4)

(118.7)(14.7)

129.7

63.8

238.5

78.1

Local Government

25.5

100.0

25.5

100.0

25.5

100.0

-

-

-

Other

146.0

89.2

(1.1)

0.9

(24.0)

0.8

147.1

88.2

170.1

88.3

46.9

64.1

(3.5)

(5.5)

(14.1)

4.6

50.4

69.7

61.0

59.5

Governments

2.9

19.0

(0.0)

1.4

(5.3)

1.1

2.9

17.5

8.3

17.8

Financial Institutions

7.3

94.0

(0.2)

0.6

6.6

(5.9)

7.5

93.4

0.6

100.0

Other

36.6

61.8

(3.3)

(7.2)

(15.3)

(3.8)

39.9

69.1

52.0

65.7

986.2

73.1

(66.5)

0.2(311.2)(7.5)

1,052.8

72.8

1,297.5

80.6

Domestic Total(excluding Loans Booked Offshore)

Overseas Total(including Loans Booked Offshore)

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

45-

Mizuho Financial Group, Inc.

11. Housing and Consumer Loans & Loans to Both 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 (including past figures for their former revitalization subsidiaries)
As of September 30, 2006
(Banking Account + Trust Account)

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

11,922.8
9,416.0

Change fromMarch 31, 2006

Change from
September 30,
2005

As of March 31,
2006

As of September
30, 2005

148.6
190.4

251.7
344.1

11,774.1
9,225.6

11,671.1
9,071.9

11,419.0
10,455.8
8,938.0
963.2

11,309.3
10,399.3
8,782.9910.0Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Housing and Consumer Loans
Housing Loansfor owner's residential housing
Consumer loans

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

162.1
112.7
199.1
49.4

271.9
169.2
354.1
102.6

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Housing and Consumer Loans
Housing Loansfor owner's residential housing
Consumer loans

-

-

-

-

-

Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset) (Banking Account + Trust Account)
Housing and Consumer Loans
341.5(13.5)(20.2)
355.1
361.7
Housing Loans for owner's residential housing
278.9
(8.6)
(10.0)
287.6
288.9* Above figures are aggregated banking and trust account amounts.

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

Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Banking Account + Trust Account)
As of September 30, 2006

Percentage of Loans to Both SMEs and Individual Customers, ofTotal Domestic Loans
Loans to Both SMEs and Individual Customers(%, Billions of yen)

Change fromMarch 31, 2006

Change from
September 30,
2005

As of March 31,
2006

As of September
30, 2005

62.7

(2.4)

1.1

65.1

61.6

37,408.5(2,123.1)

731.8

39,531.7

36,676.7*Loans to MHFG are included as follows:
As of September 30, 2006 : \1,380.0 billion (from MHBK \690.0 billion; from MHCB \690.0 billion)
As of March 31, 2006 : \965.0 billion (from MHBK \623.0 billion; from MHCB \342.0 billion)

Mizuho Bank (including past figures for its former revitalization subsidiary, Mizuho Project)
Percentage of Loans to Both SMEs and Individual Customers, ofTotal Domestic Loans
Loans to Both SMEs and Individual Customers

75.6

(2.7)

(1.9)

78.4

77.6

25,867.7(943.0)(415.2)

26,810.8

26,283.0

Mizuho Corporate Bank (including past figures for its former revitalization subsidiaries, Mizuho Corporate and Mizuho Global)
Percentage of Loans to Both SMEs and Individual Customers, ofTotal Domestic Loans
Loans to Both SMEs and Individual Customers

41.8

(3.3)

5.3

45.2

36.5

8,729.2(1,200.6)

904.1

9,929.9

7,825.1

Mizuho Trust & Banking (including past figures for its former revitalization subsidiary, Mizuho Asset) (Banking Account + Trust Account)
Percentage of Loans to Both SMEs and Individual Customers, ofTotal Domestic Loans
Loans to Both SMEs and Individual Customers

61.0

(0.5)

0.6

61.5

60.3

2,811.5

20.5

242.9

2,790.9

2,568.5* 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.)46

Mizuho Financial Group, Inc.

12. Status of Loans by Nationality of Borrowers(1) Balance of Loans to Restructuring Countries
Non-Consolidated
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Banking Account + Trust Account)(Billions of yen, number of countries)

As of September 30, 2006

Loan amount

As of March
31, 2006

As of
September
30, 2005

(7.0)

33.8

42.9

(2)

5

6

Change fromMarch 31, 2006

Change from
September 30,
2005

35.8

1.9

4

(1)

Number of Restructuring Countries** Number of Restructuring Countries refers to obligors' countries of residence.

(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Nationality of Borrowers
Non-Consolidated
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries)(Banking Account + Trust Account)(Billions of yen)

As of September 30, 2006

As of March 31, 2006
Change from March 31, 2006

Outstanding
Balance

Non-Accrual, Past
Due and
Restructured
Loans

2,179.2

China

As of September 30, 2005

Change from September 30, 2005

Outstanding
Balance

Non-Accrual, Past
Due and
Restructured
Loans

Outstanding
Balance

Non-Accrual, Past
Due and
Restructured
Loans

Outstanding
Balance

Non-Accrual, Past
Due and
Restructured
Loans

Outstanding
Balance

Non-Accrual, Past
Due and
Restructured
Loans

13.1

306.5

(1.2)

560.1

(9.7)

1,872.6

14.4

1,619.0

22.9

394.9

3.4

46.4

1.1

79.0

(1.6)

348.5

2.3

315.9

5.1

Hong Kong

386.9

0.7

63.7

(0.6)

134.1

(1.9)

323.1

1.4

252.7

2.7

Thailand

293.3

1.4

20.1

(0.1)

73.6

(0.1)

273.2

1.6

219.6

1.5

Central and South America

1,593.7

0.8

436.7

0.0

574.9

(0.8)

1,156.9

0.7

1,018.8

1.6

North America

2,107.3

29.6

212.7

(6.5)

509.2

(6.4)

1,894.6

36.1

1,598.1

36.0

Eastern Europe

30.4

-

1.3

-

(34.9)

-

29.1

-

65.3

-

Western Europe

2,141.2

8.2

304.9

(0.6)

923.2

(0.4)

1,836.2

8.9

1,218.0

8.7

679.7

3.6

129.2

2.3

204.4

(5.6)

550.4

1.3

475.3

9.3

8,731.7

55.5

1,391.5(6.0)

2,737.0(23.1)

7,340.1

61.6

5,994.7

78.7

Asia

Other
Total

47

Mizuho Financial Group, Inc.

IV. OTHERS
1. Breakdown of Deposits (Domestic Offices)
Non-Consolidated
Aggregated Figures of the 3 Banks(Billions of yen)
As of September 30, 2006
Change fromMarch 31, 2006

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, 2005

As of March 31,
2006

As of September
30, 2005

64,164.4
31,832.4
27,653.5
4,678.5(1,567.3)
122.1(874.1)(815.3)(3,221.3)
561.5(1,190.4)(2,592.4)

65,731.8
31,710.2
28,527.6
5,493.8

67,385.8
31,270.8
28,843.9
7,271.0

50,789.7
29,991.6
18,247.6
2,550.4(1,531.8)
45.7(1,034.0)(543.5)(692.3)462.4(414.5)(740.2)52,321.6
29,945.9
19,281.6
3,094.0

51,482.0
29,529.1
18,662.1
3,290.7

10,602.6
7.8
8,757.3
1,837.3(325.5)(0.9)
149.1(473.6)(2,890.2)(1.2)(823.2)(2,065.7)

10,928.1
8.8
8,608.2
2,311.0

13,492.8
9.0
9,580.6
3,903.0

2,772.1
1,832.9
648.5
290.7

290.0
77.3
10.8
201.8

361.1
100.2
47.3
213.5

2,482.0
1,755.5
637.7
88.8

2,410.9
1,732.6
601.1
77.2* Above figures are before adjustment of transit accounts for inter-office transactions, and do not include deposits booked at overseas offices and offshore deposits.

48

Mizuho Financial Group, Inc.

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

Mizuho Financial Group, Inc. (Non-Consolidated)
As of September 30, 2006

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

Change fromMarch 31, 2006

Change from
September 30,
2005

2

2
(10)

14
6
258

As of

As of
September 30,
March 31, 2006
2005

14
6
256

14
4
268

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

Non-Consolidated
Aggregated Figures of the 3 Banks

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

As of September 30, 2006

As of

As of
September 30,
March 31, 2006

Change fromMarch 31, 2006

Change from
September 30,
2005

33
88
27,654

2
1,965

6
1,493

33
86
25,68933
82
26,16111
29
16,921

1,300

681

11
29
15,621

11
29
16,240

11
41
7,873

524

4
757

11
41
7,349

11
37
7,116

11
18
2,860

2
141

2
55

11
16
2,719

11
16
2,805

2005

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)

49

Mizuho Financial Group, Inc.

3. Number of Branches and Offices
Non-Consolidated
Aggregated Figures of the 3 Banks

As of September 30, 2006
Change from Change from As of March
31, 2006
March 31, September 30,
2006
2005

As of
September 30,
2005

Head Offices and Domestic Branches

403
(16)
(51)
419
454
403
(16)
(49)
419
452
Overseas Branches
23
2
2
21
21
Domestic Sub-Branches
71
(5)
(20)
76
91
71
(5)
(20)
76
91
Overseas Sub-Branches
52
53Overseas Representative Offices
12
(1)
(1)
13
13
* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (26),branches and offices to maintain shared ATMs only (1), internet branches (1) and pension plan advisory offices (1).
* Figures in italics denote number of branches when counting multiple branches operating at the same location as one.

Mizuho Bank
Head Office and Domestic Branches

348
(16)
(51)
364
399
348
(16)
(49)
364
397
Overseas Branches
Domestic Sub-Branches
70
(5)
(20)
75
90
70
(5)
(20)
75
90
Overseas Sub-Branches
Overseas Representative Offices* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (11),branches and offices to maintain shared ATMs only (1), internet branches (1) and pension plan advisory offices (1).
* Figures in italics denote number of branches when counting multiple branches operating at the same location as one.

Mizuho Corporate Bank
Head Office and Domestic Branches
18
Overseas Branches
2322
Domestic Sub-Branches
Overseas Sub-Branches
52Overseas Representative Offices
11
(1)
(1)
* Head Office and Domestic Branches do not include branches and offices for remittance purposes only (15).

18
21
5
12

18
21
3
12

37
1
1

37
1
1

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

37
1
1

50

-

-