We aim to become “the most trusted financial institution.”
This slogan conveys Mizuho's unified commitment to implementing the reforms necessary for us toachieve this goal.
We want to work with our customers to help them build a brighter future.
The following ideals are represented by the term “One MIZUHO”:

Group Unity
Sharing awareness among management and employees of the group of the importanceof working with customers to help them build a brighter future.
New Organizational Structure
Utilizing an advanced, group-wide management structure to fully leverage our strengths
as a full-line financial services group which includes banking, trust, securities, and asset
management arms to offer our customers a diverse range of high quality services.
To Be No. 1
Aiming to become “the most trusted financial institution” by our customers.
Only One
Aiming to become our customers' sole financial institution of choice.

Everything we do, we do for our customers.
We remain committed to the ideals represented by our sub slogan as we work together asa group to implement the reforms necessary for us to achieve our goal of becoming“the most trusted financial institution.”2

Corporate Profile
The Mizuho Financial Group (MHFG) is one of the largest financial institutions in the world, offering a broad range of financial
services including banking, securities, trust and asset management, credit card, private banking, venture capital through its
group companies. The group has approximately 56,000 staff working in approximately 940 offices inside and outside Japan,
and total assets of over US$2.1 trillion (as of September 2012).
The group was created in September 2000 through the establishment of a holding company of our three predecessorbanks, The Dai-Ichi Kangyo Bank (DKB), The Fuji Bank (Fuji) and The Industrial Bank of Japan (IBJ). Under the umbrella of theholding company MHFG, our major group companies include Mizuho Corporate Bank (MHCB), Mizuho Bank (MHBK), Mizuho
Trust & Banking and Mizuho Securities (MHSC).
MHCB and MHBK transformed into “substantive one bank” structure in April 2012 prior to the legal merger scheduled on
July 1, 2013 (the trade name after the legal merger: Mizuho Bank, Ltd.). MHSC and Mizuho Investors Securities merged on
January 4, 2013, thus establishing a new Mizuho Securities. Furthermore, MHFG determined to turn the new MHSC into its
directly-held subsidiary in the first half of fiscal 2013.
*The merger between MHCB and MHBK is planned to be conducted on the assumption that filings will have been made to, and permission obtained
from, the relevant authorities in Japan and any foreign countries.
*MHFG determined to turn MHSC into a directly-held subsidiary on the assumption that it will have been approved at the general meeting ofshareholders of each of MHCB and MHBK and, among other things, filings will be made to, and permission will be obtained from, the relevant
authorities in Japan and any relevant foreign countries.

Ratings
As of January 31, 2013

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
A2*

P–1
P–1
P–1
P–1
P–1*

Standard & Poor's
Long Term Short Term

A
A+
A+
A+
—

—
A–1
A–1
A–1
—

Fitch
Long Term Short Term

A–
A–
A–
A–
—

F1
F1
F1
F1
—

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

2012 Mizuho Financial Group Interim Review

Contents
page2

A Message from the Group CEO

4

Profile of Mizuho Corporate Bank, Mizuho Bank, Mizuho Trust & Banking and Mizuho Securities

6

Summary of Financial Results for the First Half of Fiscal 20129

Progress in Mizuho’s Transformation Program and Establishment of Advanced and Integrated
Group Management Structure

13

Initiatives for Integrated Group Management
Business Outline

14

Office Network

15

Business Approaches

29

Approaches to Collaboration among Banking, Trust Banking and Securities Businesses

30

Initiatives to Support the Recovery from the Great East Japan Earthquake

31

CSR Activities

32

Location of Overseas Offices

35

Investor Information

37

Disclosure Policy

38

Privacy Policy Regarding Customer Information

39

Contact Information

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

Forward-Looking Statements
This Interim Review contains statements that constitute forward-looking statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee
by management of future performance.
In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,”“plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to
identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.
We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes ininterest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to ourpension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure
to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Management Policy, realize the synergy effects of the transformation into “one bank,” and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general
economic conditions in Japan and elsewhere; and changes to applicable laws and regulations. Further information regarding factors that could
affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors,” and “Item 5. Operating and
Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”). In addition, information regarding market developments after September 30, 2012 and their effects on our financial condition and results of operations is includedin the report on Form 6-K furnished to the SEC on January 31, 2013 containing financial information for the third quarter of this fiscal year underaccounting principles generally accepted in Japan. These reports are available in the Financial Information section of our web page at
www.mizuho-fg.co.jp/english/ and also at the SEC's website at www.sec.gov.
The contents of this Interim Review were prepared prior to the announcement of our financial results for the third quarter of fiscal 2012.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter ourforward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of theTokyo Stock Exchange.

1

A Message from the Group CEO

and changes in financial and capital markets. There is a riskthat these factors may act as a drag on the economy.

Progress in “Mizuho's Transformation Program”
Amid this environment, we have been taking aggressive
initiatives to strengthen the three areas cited in Mizuho's
Transformation Program, which was originally announced
in May 2010. Reviewing the initiatives that we took,
although certain issues still remain to be addressed, we
believe we have made steady progress.
First, regarding our Program for Improving Profitability,
our consolidated net income for the first half of fiscal
2012 amounted to ¥184.2 billion, mainly due to net losses related to stocks impacted by the decline in stock
prices. However, in our main earnings generating businesses, consolidated net business profits amounted to
I would like to express my sincerest thanks for your con-¥499.3 billion on the back of favorable results coming

tinued interest in and support of our group.

from our overseas business and Trading and Others andimprovement in the performances of our securities sub-

Reviewing the recent economic environment, in thesidiaries. Thus, our attainment ratio was approximately

United States, gradual recovery in the economy continues

60% against our planned net business profits for fiscal

supported by positive trends in housing investment.

2012. Under our Program for Enhancing the Financial

However, there is increasing uncertainty as to the future ofBase, we made major progress in strengthening the qual-

the economy including the direction that the large-scale

ity and quantity of our capital. Our consolidated Tier 1

austerity measures may take. In Europe, the economies ofcapital ratio was 12.68%, already meeting our medium-the region are gradually slowing down, with the fiscal

term target of a 12% level. As regards our Program forproblems experienced by certain countries impacting theStrengthening Front-Line Business Capabilities, we havereal economy. While frameworks to support the countries

implemented various measures, including streamlining

experiencing financial crises have been laid out, including

and rationalizing our corporate management functions,the establishment of the European Stability Mechanism

reforming the structure of our IT costs and consolidating(ESM), prospects for the Eurozone's debt problems tooperations. We believe the foundation to prepare for the

resolve themselves drastically and speedily are slim, and it

upcoming merger of Mizuho Corporate Bank and Mizuho

is difficult to predict the effects on the global economy. In

Bank is being established successfully. Meanwhile, bearing

Asia, although the growth rate of the region as a wholein mind the computer system failures our group experi-

is relatively strong, nevertheless it is declining. Observed

enced in March 2011, which caused inconvenience to all

in China, for example, are a drop in exports to Europeof our customers, we have been implementing initiatives

and the rising pressure for inventory adjustments in vari-based on our Business Improvement Plans, which wereous industries.

submitted in June 2011. These initiatives include improv-

In Japan, whereas factors to underpin the economy,

ing our response mechanism to deal with the occurrencesuch as the demand for reconstruction following theof crises and verifying their effectiveness through train-

Great East Japan Earthquake, exist, the economy is noting, improving our business administration, and enhanc-showing much improvement, mainly due to the slow-

ing our systems risk management capabilities. We will

down in overseas economies. Looking forward, while

continue to be keenly aware of our public mission as

there are prospects for the economy to be back on course

financial institutions that bear responsibilities for the set-

for recovery, thanks to the new administration's economic

tlement system and take all necessary measures to ensure

stimulus measures, there are also several causes fortheir stable operations.
Fiscal 2012, ending March 31, 2013, is the final year

concern, such as a further downturn in overseas economies
2

A Message from the Group CEOof our Transformation Program. We have positioned thisgroup synergies.

fiscal year as a year for consummating our drive to deal

The preparations for the merger is progressing smooth-with the previously mentioned three issues and, thus,

ly, and by further strengthening collaboration amongstrengthen our profitability, financial base and front-line

banking, trust banking and securities businesses of thebusiness capabilities. We will, therefore, devote our fullest

group, we will provide an effective and multifaceted

efforts to achieving the targeted ¥500 billion in consoli-

range of financial services directly and speedily to our cus-

dated net income. We plan to make a cash dividend pay-

tomers going forward. At the same time, we aim to maxi-

ment of ¥6 per share of common stock for fiscal 2012,

mize group profitability by enhancing further the integrat-

unchanged from our existing estimate, as well as makeed group-wide business operations and optimization ofdividend payments on preferred stock as prescribed.

management resources through strengthening group

Meanwhile, we started to pay an interim dividend on bothgovernance and improving group management efficiency.

our common stock and preferred stock from fiscal 2011.

Mizuho is determined to make a fresh start by returning to the basics of our “customer first policy” as the core

Transformation into “One Bank” and Integrated
Group Management

principle of our management. In order to become theIn the last fiscal year, we set the course of our manage-

the group will work as one on various issues under ourment policy to establish a new corporate structure andslogan—“One MIZUHO: Building the future with you.”strengthen corporate governance to attain the “advanced

With this as a guiding principle, all of us, the management

and integrated group management.” More specifically,

and the employees, will ask ourselves the question, “Whatwe have implemented a set of measures, starting withare the best services we can offer to each of our cus-

turning our trust banking and two securities subsidiaries

tomers?” We think this will enable us to further increase

into our wholly-owned subsidiaries in September 2011.

the quality of our services and become the “number one

We also merged Mizuho Securities and Mizuho Investors

financial services provider.” In addition, by further build-

Securities in January 2013, and, furthermore, we are plan-ing on these initiatives as a base, we will seek to create aning to conduct a merger of Mizuho Corporate Bank andunified corporate culture common to all group entities

Mizuho Bank in July this year. In addition, we plan to turnand work to enhance Mizuho's brand image.

most-trusted financial institution, serving society at large,

the new Mizuho Securities (established after the merger ofMizuho Securities and Mizuho Investors Securities) into a

Furthermore, we will endeavor to fulfill our social mis-

directly-held subsidiary of the holding company in the firstsion as a financial institution, and, in the facilitation ofhalf of fiscal 2013. By creating this group structure, we aim

financing, we will continue to devote our efforts to pro-to maximize our differentiating features and our advan-

viding our customers with a smooth supply of funds. We

tages as the only financial group in Japan with banking,sincerely appreciate your continuing support for thesetrust banking and securities functions under one umbrella

endeavors.

and, thereby, further improve customer convenience.
Regarding the merger of Mizuho Corporate Bank andJanuary 2013

Mizuho Bank, we implemented the “substantive one
bank” structure in April 2012, prior to the effective dateof the merger. This structure, under which Mizuho
Corporate Bank and Mizuho Bank are managed as if they

Yasuhiro Satowere “one bank,” was implemented in order to respondGroup CEOto all the needs of our customers more properly and flexi-

Chairman of the Board of Directors

bly than before. Nine months have now passed since we

Mizuho Financial Group, Inc.

implemented this policy, and initiatives are proceeding

Note: The above contains statements that constitute forward-looking
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995. See the disclaimer at thebottom of page 1 of this Interim Review for information regarding factors that could cause actual results to differ from those in
the forward-looking statements.

steadily to draw fully on the strengths and advantages ofboth banks as well as offer products and services acrossgroup companies. We feel these initiatives have had amajor positive impact in accelerating the emergence of3Profile of Mizuho Corporate Bank, Mizuho Bank, Mizuho Trust & Banking and Mizuho Securities

Mizuho Corporate Bank
We are serving major corporations (such as those listed on the first section of domestic
stock exchanges) and their group companies, financial institutions, public sector entities,
and Japanese and foreign companies overseas. Prior to conducting a legal merger with
Mizuho Bank in July 2013, we implemented the “substantive one bank” structure in
April 2012, offering services that mobilize capabilities of the two banks.
We are collaborating with group companies to strengthen and combine commercial
banking and traditional investment banking, including M&A advisory services and theYasuhiro Sato
President & CEO
Mizuho Corporate Bank, Ltd.

underwriting of bonds and equities. This is enabling us to take our place as a “top corporate finance provider” and offer optimal global financial solutions that meet the needs ofour customers in Japan and overseas.
Our overseas strategy is to fully utilize our overseas network, which comprises 68
offices located in 32 countries and regions, and leverage business alliances with financial
institutions around the globe, to meet the needs not only of Japanese corporations but
also non-Japanese companies in a timely manner.
In addition to accurately grasping various structural changes and drawing on our
knowledge and understanding of industries and all of our other capabilities, by strengthening the collaboration among the trust banking and securities businesses within thegroup, we aim to become the “number one financial services provider.” At the sametime, we will continue to further enhance our expertise and advantages with an eye tothe upcoming merger with Mizuho Bank.

Mizuho Bank
Working in cooperation with group companies, we offer comprehensive financial services
primarily to SMEs and middle-market corporations and their owners, as well as individuals. Prior to conducting a legal merger with Mizuho Corporate Bank in July 2013, we
implemented the “substantive one bank” structure in April 2012, responding to various
needs of our customers by mobilizing capabilities of the two banks.
To satisfy individual customers throughout their lives, we apply a consulting-style
approach in offering membership services, asset management products, loan products,
Takashi Tsukamoto
President & CEO
Mizuho Bank, Ltd.

and other services appropriate for each customer's life stage and needs. In addition,
through the establishment of joint branches with Mizuho Trust & Banking and Mizuho
Securities, we strive to offer increasingly diversified services while enhancing customer
convenience.
At the same time, we will develop various types of products to meet a broad range ofcorporate customers' financing needs by leveraging collaborations among group companies in trust banking, securities and other businesses. We will also actively engage in consulting on business matching, M&A, business reorganization and inheritance, overseas
business development, and other core management matters.
In addition, we will continue to implement initiatives in a range of areas to assist therecovery from the Great East Japan Earthquake working together with our group companies.
We intend to become the “number one financial services provider” by offering
speedy, top-quality services to our customers based on an in-depth understanding of
their needs. We will also continue to enhance our services to realize our ideal of being a“true retail bank” and pass on our strengths to the new Mizuho Bank.
4

Profile of Mizuho Corporate Bank, Mizuho Bank, Mizuho Trust & Banking and Mizuho Securities

Mizuho Trust & Banking
We are focusing our energies on providing high-quality trust products and services that
accurately meet our customers' needs by promoting seamless business operations with
Mizuho Corporate Bank and Mizuho Bank.
For individual customers, we offer asset management services, including money trusts
and other products, testamentary trusts and other asset and business inheritance services, as well as real estate and other wealth management services.
For corporate customers, we offer optimal solutions that fulfill our consulting funcTakashi Nonaka

tions by leveraging our strengths in asset management and custody, pension, real estate,

President & CEO
Mizuho Trust & Banking
Co., Ltd.

asset securitization, stock transfer agency services and other asset management businesses. We are also striving to develop products that leverage trust functions.
We will enhance our services and customer convenience dramatically by leveraging
the branch networks and infrastructure of our group companies. Our initiatives include
the establishment of joint branches offering banking, trust and securities functions andsetting up Trust Lounges that specialize in offering consultation services, to provide
unique trust services, including asset inheritance and real estate-related business.
We will continue to further strengthen the collaboration between banking, trust banking and securities businesses and develop frontier businesses that exercise our strengths
in trusts.

Mizuho Securities
Mizuho Securities and Mizuho Investors Securities conducted a merger on January 4,
2013 and thus established a new Mizuho Securities. Through the merger, the new
Mizuho Securities will provide securities functions in a unified manner as Mizuho's fullline securities company by strengthening the collaboration among banking, trust banking
and securities businesses, enhancing its retail business through expansion of its customer
base, and rationalizing and streamlining management infrastructure.
By collaborating with other group companies, we will offer the best solutions for our
Hiroshi Motoyama
President & CEO
Mizuho Securities Co., Ltd.

individual customers and customers among corporations, financial institutions, publicsector entities and institutional investors.
For individual customers, we provide equities and bonds, investment trusts andresearch information. We will continue to further strengthen our sales channels andexpand our lineup of investment products and services.
For corporate customers, we offer equities, bonds and other securities underwriting
operations, support for IPOs, advisory services for various types of financial matters andcapital management, M&A advisory, structured finance and other services.
For customers among institutional investors, in addition to providing products and various research reports that suit our customers' investment strategies, we strive to further
reinforce our execution capabilities.
We aim to become “the most-reliable securities company,” and we will strive to realize the synergy effects of the merger as soon as possible.

January 20135

Summary of Financial Results for the First Half of Fiscal 2012

Summary of Income Analysis

Consolidated(billions of ¥)Consolidated net business profits amounted to ¥499.3

Consolidated gross profits
Consolidated net business profits*1
Credit-related costs
Net gains (losses) related to stocks
Ordinary profits
Consolidated net income

billion, a year-on-year increase of ¥147.9 billion.

• Gross profits of Mizuho Corporate Bank, Mizuho Bankand Mizuho Trust & Banking (the Three Banks) increasedby ¥87.8 billion year-on-year to ¥880.1 billion. ComparedFirst half of fiscal 2012
Change from firsthalf of fiscal 2011

1,104.0499.3
5.9(227.5)
285.7
184.2

+113.5+147.9(7.2)(166.9)+29.2(70.3)*1. Consolidated gross profits - G&A expenses (excluding non-recurring
losses) + equity in income from investments in affiliates and certain
other consolidation adjustments

to the first half of fiscal 2011, income from Trading &Others increased by ¥85.5 billion and total income
from Customer Groups including domestic business also
increased by ¥2.4 billion, with an increase in income(Reference) Three Banks

from overseas business, particularly from Asia.

(billions of ¥)Gross profits
Customer Groups
Trading & Others
G&A expenses (excluding non-recurring losses)
Net business profits
Credit-related costs
Net gains (losses) related to stocks
Ordinary profits
Net income• General & administrative (G&A) expenses of the Three
Banks decreased by ¥16.0 billion year-on-year to ¥416.7
billion.

• Aggregate consolidated gross profits (net operating revenues) of the two securities subsidiaries (Mizuho
Securities and Mizuho Investors Securities) increased byFirst half of fiscal 2012
Change from firsthalf of fiscal 2011
+87.8
880.1
+2.4
615.3
+85.5
264.8
+16.0
(416.7)+103.9
463.4
(7.6)
0.8
(207.2)(274.4)(61.3)
158.0(39.2)
113.2¥19.6 billion year-on-year to ¥130.5 billion and aggre-

Loan and Domestic Loan-and-Deposit Rate
Margingate selling, general and administrative (SG&A) expenses
decreased by ¥13.0 billion year-on-year to ¥119.4 billion.
Consolidated net income amounted to ¥184.2 billion,

Average loan balance*2 of the Three Banks for the firsta year-on-year decrease of ¥70.3 billion. However,half of fiscal 2012 decreased by ¥1.3 trillion to ¥62.5

when excluding the previous fiscal year's special item

trillion from the second half of fiscal 2011, primarily(¥77.4 billion impact of turning the three listed sub-due to a decrease in loans to the Japanese Government

sidiaries into wholly-owned subsidiaries), it recorded aand foreign exchange translation impact of Yen appre-

year-on-year increase of ¥7.0 billion. Earnings from

ciation on loans of overseas branches. Average loancore business excluding net losses related to stocks

balance of overseas branches increased by approxi-

were steady, as consolidated net business profits

mately ¥0.5 trillion from the second half of fiscal 2011,

increased year-on-year and consolidated credit-related

excluding the foreign exchange translation impact.

costs amounted to a net reversal.

Domestic loan-and-deposit rate margin*3 of Mizuho
Corporate Bank and Mizuho Bank for the first half of• Consolidated credit-related costs amounted to a net

fiscal 2012 decreased from the second half of fiscal

reversal of ¥5.9 billion, primarily due to improved

2011, due to a decline in return on loans and bills

obligor classifications achieved through our businessdiscounted.

revitalization support to corporate customers.

• Consolidated net gains (losses) related to stocks decreasedby ¥166.9 billion year-on-year to net losses of ¥227.5
billion, mainly due to recording impairment losses forcertain stocks reflecting a decline in stock prices.

• Mizuho Securities recorded a profit with consolidated
net income of ¥8.3 billion.

6

Summary of Financial Results for the First Half of Fiscal 2012

Average Loan Balance(*2) (Three Banks, banking account)
Domestic branches

Overseas branches(*4)

Domestic Loan-and-Deposit Rate Margin(*3) (Two Banks)
Loans and bills discounted: aLoan-and-deposit rate margin: a-b

Costs of deposits and debentures: b(trillions of ¥)
70

(%)
1.8

65

1.6

60

1.4

55

1.2

50

1.0

10

0.4

5

0.2

0

Average loan balance
Overseas branches
Domestic branches
Loan balance asof the period end

Fiscal 2008
(first half)

Fiscal 2008
(second half)

Fiscal 2009
(first half)

Fiscal 2009(second half)

Fiscal 2010
(first half)

Fiscal 2010(second half)

Fiscal 2011
(first half)

Fiscal 2011(second half)

Fiscal 2012
(first half)¥65.8 tn.

¥68.0 tn.

¥66.7 tn.

¥63.0 tn.

¥61.0 tn.

¥61.1 tn.

¥60.8 tn.

¥63.8 tn.

¥62.5 tn.

¥9.3 tn.
¥56.5 tn.

¥7.7 tn.
¥60.2 tn.

¥8.0 tn.
¥58.6 tn.

¥7.3 tn.
¥55.6 tn.

¥6.3 tn.
¥54.6 tn.

¥6.8 tn.
¥54.3 tn.

¥7.0 tn.
¥53.7 tn.

¥9.2 tn.
¥54.5 tn.

¥8.7 tn.
¥53.7 tn.

¥66.6 tn.

¥69.7 tn.

¥63.5 tn.

¥61.5 tn.

¥61.3 tn.

¥62.2 tn.

¥60.8 tn.

¥63.1 tn.

¥62.8 tn.

Loans and bills discounted: a 1.79%
Loan-and-deposit rate
1.44%
margin: a-b

1.74%
1.46%

1.61%
1.41%

1.55%
1.39%

1.49%
1.36%

1.45%
1.36%

1.39%
1.32%

1.37%
1.30%

1.33%
1.26%

Costs of deposits anddebentures: b

0.28%

0.19%

0.15%

0.12%

0.08%

0.07%

0.34%

(*5) 3Q 1.30%(

4Q 1.30%) (*5) (1Q 1.27%
2Q 1.26%

0.06%

0.0
+¥0.5 trillion,
excluding theforeign exchangetranslation
impact)0.06%*2. Excluding loans to Mizuho Financial Group*3. Aggregate figures of domestic operations of Mizuho Bank and Mizuho Corporate Bank, excluding loans to Mizuho Financial Group, Deposit
Insurance Corporation of Japan and the Japanese Government.
*4. Including foreign exchange translation impact*5. 1Q: the first quarter, 2Q: the second quarter, 3Q: the third quarter, 4Q: the fourth quarter

Non-interest Income

Financial Soundness

Non-interest income from Customer Groups of the

The balance of disclosed claims of the Three Banks

Three Banks increased by ¥16.4 billion year-on-year tounder the Financial Reconstruction Law as of¥228.9 billion.

September 30, 2012 decreased from that as of March
31, 2012 to ¥1.15 trillion.

(Three Banks, managerial accounting*6)

NPL ratio remained at a low level of 1.63%.

(billions of ¥)230

Net deferred tax assets (consolidated) increased by
+16.4

220

¥79.6 billion from that as of March 31, 2012, and theratio to Tier 1 capital was 6.6%.

210

Consolidated unrealized gains on other securities as of
September 30, 2012 decreased by ¥87.3 billion from0
Non-interest Income

Fiscal 2011 (first half)

Fiscal 2012 (first half)¥212.5 bn.

¥228.9 bn.

March 31, 2012 to ¥3.8 billion, mainly due to a decline
in stock prices.

*6. Following the implementation of the “substantive one bank” structure, new managerial accounting rules have been applied since thebeginning of fiscal 2012. The figure for the first half of fiscal 2011
was re-calculated based on the new rules (the impact for the firsthalf of fiscal 2011 was approximately +¥20 billion).

*8. The base amount to be recorded directly to net assets after tax andother necessary adjustments.
(Three Banks)<Breakdown of year-on-year changes (rounded figures)>
Solution business-related: +¥1 billion
Investment trusts & individual annuities: +¥2 billion
Settlement & foreign exchange: -¥2 billion
International business: +¥13 billion
Trust & asset management*7: -¥2 billion
Others: +¥4 billion

1.0

2.0

0.5

1.5

Disclosed claims
under the FRL
NPL ratio(right axis)

7

NPL ratio (right axis)
(%)
2.5

0.0

*7. Trust and Asset management business of Mizuho Trust & Banking

Disclosed claims under the FRL(trillions of ¥)1.5

March 2010

March 2011

March 2012

September 20121.31 tn.

1.20 tn.

1.16 tn.

1.15 tn.

1.91%

1.72%

1.63%

1.63%

1.0

Summary of Financial Results for the First Half of Fiscal 2012

Capital Adequacy
Consolidated capital adequacy ratio as of September 30,
2012 decreased by 0.05% from that as of March 31, 2012
to 15.45%.
We have been implementing “disciplined capital management” by pursuing the optimal balance between“strengthening of stable capital base” and “steady returns
to shareholders.” Regarding the new capital regulations(Basel III), we aim to increase our common equity Tier 1
ratio*9 as of the end of fiscal 2012, when the new capital
regulations are scheduled to be implemented, to the mid8% level, and to accumulate a sufficient level of common
equity Tier 1 capital, giving due regard to the timeline ofthe phase-in implementation through the end of fiscal
2018.
Specifically, we will strive to accumulate our capitalsteadily and to strengthen our financial base further, mainly by accumulating retained earnings and improving asset
efficiency through our various initiatives, such as the steady
implementation of Mizuho's Transformation Program andthe realization in advance of the synergy effects of theintegrated group-wide business operations including thetransformation into “one bank.” Accordingly, we believe
we will be able to sufficiently meet the new capital regulations including the framework to identify G-SIFIs.
(Basel II basis)

Capital adequacy ratio
Tier 1 capital ratio

September 2012
Change15.45%
12.68%(0.05)%(0.08)%March 201215.50%
12.76%*9. Although the Basel III excludes preferred stocks from common
equity Tier 1, our calculation of the above common equity Tier 1
ratio, which is the estimated figure that Mizuho Financial Groupcalculates based on the publicly-available materials issued to date,includes the outstanding balance of the Eleventh Series Class XI
Preferred Stock that will be mandatorily convertible into common
stock in July 2016.
(Note) The outstanding balance of the Eleventh Series Class XI
Preferred Stock as of September 30, 2012 (excluding treasury
stock) was ¥371.4 billion (60.6% of the initial amount issued of¥943.7 billion had already been converted into common stock
as of such date).

8

Progress in Mizuho’s Transformation Program and Establishment ofAdvanced and Integrated Group Management Structure

Mizuho's Transformation Program(1)
Improving
Profitability

Mizuho's
Transformation
Program(2)
Enhancing
Financial Base

(3)
Strengthening Front-LineBusiness Capabilities

Fiscal 2012
(Targets)*1

First Half of Fiscal 2012
(Actual)*1

Consolidated net business profits*2¥900 billion¥499.3 billion

Consolidated net income¥500 billion¥184.2 billion

Lower 50% level

47.3%

ROE*4

10% level

7.4%

Tier 1 capital ratio*5

12% level

12.68%

Prime capital ratio*6

8% or above

9.21%¥1 trillion¥486.0 billion

Expense ratio*3

Reduction of stock portfolio(From Mar. 2010)(

Approximately ¥796 billion,
including approximately ¥310 billionof the amount consented to be sold.

)*1. Figures above are on a consolidated basis, except for stock portfolio which are on the Three Banks basis*2. Consolidated gross profits – General and administrative (G&A) expenses (excluding non-recurring losses) + equity in income from investments inaffiliates and certain other consolidation adjustments*3. G&A expenses (excluding non-recurring losses) / gross profits (the Three Banks)
net income (adjusted to annual basis)x 100*4. ROE=((total shareholders' equity + total accumulated other comprehensive income)<at the beginning of the calculated period> +(total shareholders' equity + total accumulated other comprehensive income)<at the end of the calculated period>) / 2*5. Basel II basis*6. Prime capital = Tier 1 capital – preferred debt securities – preferred stock (excluding mandatory convertible preferred stock)

Improving Profitability

circumstances of the lives of individual customers, byBusiness Strategy in Focused Business Areas
Asia Region

expanding its product lineup in such areas as investment•

trusts, insurance and foreign currency savings. For SME andMaking the most of our advantages in terms of solid cus-

middle-market corporate customers, we have been striving

tomer base, global network of offices and businessto enhance our capability to meet their funding needs.

alliances, advanced solution delivery capabilities, and rich

In our business with large corporate customers, wepublic-private partnership know-how, we are actively

have been working to achieve closer global collaboration

moving ahead with business development initiatives in

between our corporate banking and securities businessesAsia.

and offer highly specialized, cutting-edge products and

MHCB continues to expand its office network, andservices that draw on our comprehensive financial capa-

established the Yangon Representative Office in Myanmar

bilities. In our approach to domestic syndicated loan busi-

and received approval to establish new branches inness, we put a great deal of effort into employing wide

Bangalore and Chennai in India. Mizuho Corporate Bankand various sorts of financings and as a result, we main-(China) also received approval to open a branch in Hefei

tained our dominant presence in the domestic market.

and opened sub-branches in the Heping District of Tianjin• Asset Management Businessand in Kunshan.

In our asset management business also, through collabo-

In addition to our organic business approach, we

rating with group companies, we manage our planning,

apply flexible non-organic business approaches, including

development and sales organically to offer the best prod-

strategic alliances and investment. We have entered into

ucts and services that are suited to our customers' needs

business alliance partnerships with local governments andin a range of areas, including pension-related businessgovernment-affiliated financial institutions of China, India

and alternative asset management business.

and South Korea.

• Collaboration among Banking, Trust Banking•

Tokyo Metropolitan Area and Large Corporate
Customers
In the Tokyo metropolitan area, MHBK offers diversified
products and services to meet the various stages andand Securities Functions
To provide more extensive and comprehensive financial
services to customers, Mizuho strives to enhance the collaboration among group companies. In August 2012,9

Progress in Mizuho’s Transformation Program and Establishment ofAdvanced and Integrated Group Management Structure

MHTB's asset management product Chochiku noStrengthening Front-Line Business Capabilities

Tatsujin, a results-based dividend-type money trust,

We have promoted various initiatives, including downsiz-

became available at all branches and some sub-branches

ing and rationalization of corporate management func-of MHBK.

tions, reforming the structure of IT cost and consolidating

Furthermore, corporate banking divisions of MHCB

operation. With regard to the redeployment of approxi-

and corporate coverage departments of MHSC began tomately 1,000 personnel to the marketing front-line,

work collaboratively under a “double-hat” structure in

1,015 people were transferred by the first half of fiscal

order to provide sophisticated solutions that leverage

2012, thus achieving our initial target of redeploying

both banking and securities functions. In May 2012, they

1,000 people.

expanded this “double-hat” structure from two to eight
divisions/departments each, and increased the number ofFurther Acceleration of Mizuho's
Transformation Program and Establishmentof Advanced Group Management Structure

personnel holding concurrent posts in both MHCB and
MHSC from around 50 to around 170.

Fiscal 2012 is the final year of Mizuho's Transformation

Enhancing the Financial Base

Program, and we characterize this year as a time to real-

Strengthening of the Capital Baseize the following: “establish competitive advantage,”

We have been implementing “disciplined capital man-“strengthen capital and improve asset efficiency,” andagement” by pursuing the optimal balance between“strengthen front-line business capabilities through“strengthening of a stable capital base” and “steadyrationalization and streamlining.” To do so, we have beenreturns to shareholders.” Due mainly to recording a con-making progress step by step in our three initiatives wesolidated net income of ¥184.2 billion in the first half ofset forth: Improving Profitability, Enhancing the Financial

fiscal 2012, our Tier 1 capital ratio was 12.68% and prime

Base, and Strengthening Front-line Business Capabilities.

capital ratio was 9.21% at the end of September 2012.

As the only financial group in Japan with banks, trust

We will strive to steadily accumulate capital and to fur-banks and securities companies under one umbrella, wether strengthen our financial base, mainly by accumulat-

aim to establish a new corporate governance structure

ing retained earnings and improving asset efficiency

and corporate structure, with which we will be able tothrough our various initiatives, such as the steady imple-

utilize those functions most effectively and thereby

mentation of Mizuho's Transformation Program and theimprove further customer convenience.

realization in advance of the synergy effects of the inte-

In September 2011, we turned MHTB, MHSC andgrated group-wide business operations including the

MHIS into our wholly-owned subsidiaries. On January 4,transformation into “one bank.” Accordingly, we believe

2013, we conducted a merger between MHSC and MHIS

we will be able to sufficiently meet the new capital regu-

and thus a new Mizuho Securities was established. We

lations including the framework to identify G-SIFIs.

are also planning to conduct a merger between MHCB
and MHBK on July 1, 2013.

Improvement of the Asset Portfolio

In addition, in December 2012, to further promote the

We strategically reallocated risk-weighted assets as weestablishment of the advanced group management struc-worked toward the “improvement of asset efficiency”

ture, we determined to turn the new Mizuho Securities

and “further strengthening of risk management.” In par-into a directly-held subsidiary of the holding company inallel with these activities, we are continuing to reduce ourthe first half of fiscal 2013 and to conduct a transforma-stock portfolio. As of the end of September 2012, thetion into a new group management structure, whichbook value of our stock portfolio was reduced by ¥486.0

enables each business strategy promotion unit to pursue

billion compared with the end of fiscal 2009. We viewplanning and promotion of a group-wide strategy acrossthe reduction of our stock portfolio as one of our mostthe banking, trust and securities functions and otherimportant management issues, and we will strive to makebusiness areas.

further reductions.

10Progress in Mizuho’s Transformation Program and Establishment ofAdvanced and Integrated Group Management Structure

Independent entities + Group collaboration

MHFG

Merger

MHBK

MHCB

MHTB

Corporate
Planning andManagement

Corporate
Planning andManagement

Corporate
Planning andManagement

Human
Resources

Human
Resources

Human
Resources

RelationshipManagement

RelationshipManagement

RelationshipManagement

Products

Products

Products

Markets

Markets

Markets

MHIS

MHSC

Securities
Business

Securities
Business

Turned into
wholly-owned
subsidiaries

Corporate Planning and Management
Human Resources

MHBK

MHCB

Relationship Management Units
Products Units

Markets Unit

Jul.
2013

Merger between MHCB and MHBK

Human Resources

Jan.
2013

MHFG

Merger between MHSC and MHIS

Corporate Planning and Management

Apr.
2012

Commencement of“substantive one bank” structure

Advanced implementation of
consolidation/reorganization

Mizuho's Transformation Program

Towards integrated group management based on One Bank and One Securities Company

Mizuho Trust & Banking

Launch of “Substantive One Bank”

business promotion structure across MHCB and MHBK

Through the merger of MHCB and MHBK, we will pro-for each segment was established, in order to better meetvide an effective and multifaceted range of financial serv-

the diversified needs of customers in a prompt manner.

ices directly and speedily to our customers, by utilizing
the current “strengths” and “advantages” of the two

Synergy Effects

banks and by further strengthening collaboration among

The synergy effects from Mizuho's integrated groupbanking, trust banking and securities businesses of the

management structure, including initiatives such as thegroup. At the same time, we aim to enhance further the

Synergy Effects from Initiatives,
Including Transformation into“One Bank”

consolidation of group-wide business operations andoptimization of management resources, such as work-+¥100
billionforce and branch network, by strengthening group govCommencement of“substantive one bank” structure(since April 2012)

ernance and improving group management efficiency,
leading to the maximization of group profitability. In
order to realize the synergies generated from this merger

Revenuesynergies

Over 70% progressin first half of fiscal 2012

as soon as possible, we implemented the “substantive+¥60
billion(against the estimate for fiscal 2012)

one bank” structure in April 2012. Under this structure,+¥30

Results
for first halfof fiscal 2012+¥21.5billionwe unified the corporate planning and management
units and reorganized the relationship management
units, the products units, and the markets units acrossthe banks and established new units.
The groups within the Corporate Planning andRevenuesynergies

Management Unit were reorganized according to their+¥16billionrespective duties and functions and, in principle, thebillionBanking
operations+¥15 billion
Groupcollaboration+¥1 billion
Downsizing
personnel

executive officer in charge assumed the corresponding

Cost synergies+¥5.5

post at each of MHFG, MHCB and MHBK concurrently. In(results, round figures)

markets units, customer segments were redefined in+¥20billionCost
synergies

+¥40

Cost
synergies

billionCost reduction at+¥10
securities subsidiary billion

and others
billionFirst half offiscal 2012

the relationship management units, products units andRevenuesynergies

Fiscal 2012
(estimates)

Fiscal
2013

Fiscal Fiscal 20152014 (estimates)*Synergy effects shown above are the effects against fiscal 2011 results based on
managerial accounting.

more detail based on customer characteristics and a11

Progress in Mizuho’s Transformation Program and Establishment ofAdvanced and Integrated Group Management Structure

merger of MHCB and MHBK, is estimated to amount toan increase of ¥100 billion in fiscal 2015, compared tofiscal 2011.
Approximately nine months have passed since thelaunch of the “substantive one bank” structure, and ourefforts to realize the synergy effects of the merger assoon as possible are gradually bearing fruit.
We realized synergy effects of ¥21.5 billion in the firsthalf of fiscal 2012 alone, thus attaining more than 70%
compared with our estimate for fiscal 2012 of ¥30.0 billion. We have achieved significant results in various areas,such as expanding transactions with employees of
MHCB's corporate customers, offering products of MHCB
to customers of MHBK and strengthening business promotion by leveraging our overseas network.
Notes:1. MHFG: Mizuho Financial Group, MHCB: Mizuho Corporate
Bank, MHBK: Mizuho Bank, MHTB: Mizuho Trust & Banking,
MHSC: Mizuho Securities, MHIS: Mizuho Investors Securities
2. The above contains statements that constitute forward-looking
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995. See the disclaimer atthe bottom of page 1 of this Interim Review for information
regarding factors that could cause actual results to differ fromthose in the forward-looking statements.

12

Initiatives for Integrated
Group Management

Business Outline

We aim to meet the diversified needs of our customers by integrating our financial services,
including banking, securities, trust and asset management businesses.

Banking
Business

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

Mizuho Bank(MHBK)

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

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

Plan to conduct a merger on July 1, 2013
(Trade name after the legal merger: Mizuho Bank, Ltd.)

Securities
Business

Mizuho Securities(MHSC)
A global full-line securities company that primarily serves individuals, corporations, financial
institutions, public sector entities
and institutional investors.

Mizuho Trust & Banking(MHTB)

Trust & Custody
Services Bank(TCSB)

Defined Contribution
Plan Services(DCPS)

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

A highly specialized trustbank focusing on
the custody business.

An entity that specializes inmanaging defined contribution
pension plans.

MizuhoAsset Management(MHAM)DIAM

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

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

MizuhoResearch Institute(MHRI)

Mizuho Information& Research Institute(MHIR)

Mizuho Private
Wealth Management(MHPW)

A think tank.

A company in charge ofIT strategy.

A wealth management
services company.

MizuhoCredit Guarantee

Mizuho Factors

Mizuho CapitalMizuho Trust Realty

Guarantees housing
and other loans.

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

A principal venture capitalcompany.

A real estate agency.

MizuhoFinancial Strategy(MHFS)

Mizuho-DL
Financial Technology

Orient Corporation

UC CardAn advisory company
for financial institutions.

A research and development
company of financial technology.

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

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

Trust and AssetManagement
Business

Other
Businesses

13Initiatives for Integrated
Group Management

Office Network

We utilize our office network, which covers every prefecture in Japan as well as major overseas cities, to respond to our customers’
diversified and globalizing financial needs while supporting the smooth progress of economic activities.
International Network (As of December 31, 2012, except for MHSC, which is as of January 4, 2013)
MHCB

MHTB

Overseas branch or relevant office
Overseas representative office
Overseas subsidiary

MHSC

DIAM

Overseas subsidiary
Overseas representative office

Overseas subsidiary

Overseas subsidiary

AmsterdamDüsseldorf
Frankfurt

LondonBeijing

Luxembourg

Moscow

Brussels
ViennaParis
MadridChicagoQingdao

BostonDalianNanjing

Vancouver

Tehran

New York

San Francisco

Wuhan

Milan

Hoboken

Seoul

Wuxi

Istanbul
ZurichTorontoTianjinAtlanta

Xiamen

New Delhi

Bahrain

HoustonShenzhen
Guangzhou

SuzhouShanghaiHong Kong

RiyadhTaipeiTaichung
Kaohsiung

Hanoi

Dubai
Mumbai

NassauYangonCaymanLos Angeles

Mexico City

ManilaBangkok

Network in Japan

Ho Chi Minh City

(As of September 30, 2012, except for MHSC,
which is as of January 4, 2013)

Kuala Lumpur

MHCB

LabuanSingapore

Head Office and Branches: 18

MHBK

Jakarta

Head Office and Branches: 398
Sub-branches: 38

SydneyMHTBHead Office and Branches: 36
Sub-branches: 16

MHSC*MHCB received approval from the Reserve Bank of India to establish a new branch in Bangalore, India in May 2012 and is making preparations
to open the new branch by the end of April 2013.
*MHCB received approval from the Reserve Bank of India to establish a new branch in Chennai, India in November 2012 and is making preparations
to open the new branch by the end of November 2013.
*Mizuho Corporate Bank (China) received approval from the China Banking Regulatory Commission to establish a new branch in Hefei in June 2012 and is making
preparations to open the new branch by the end of March 2013.
*Mizuho Corporate Bank (China) received approval from the China Banking Regulatory Commission to establish sub-branches in the Heping District of Tianjin andin Kunshan in July 2012 and opened them in January 2013.
*In January 2013, MHCB renewed the Yangon Representative Office, which was established in April 2012, and expanded the range of business it is able to handle.

14

Head Office and Departments: 3
Branches and Sales Offices: 140
Planet Booths: 168
Customer Plazas: 1
Financial Advisors Sales Departments: 2
Wealth Management Departments: 2*Planet Booths are the consulting boothsof MHSC located in MHBK's BranchesSão PauloInitiatives for Integrated
Group Management

Business Approaches

Banking BusinessApproaches to Individual Customers

Loan Services Aimed at Individuals

In order to meet the needs of individual customers through-ing the evening on weekdays, MHBK holds housing loanout their lives, MHFG offers diversified products and servic-

consultations and is setting up Loan Consulting Squares for

es which are appropriate for the life stages and scenes ofconsultations and loan contracts. MHBK is making efforts

each individual.

to improve its services, such as by increasing the borrowing

To enable our customers to consult on weekends and dur-threshold and reducing the minimum basic interest rate on

Mizuho Mileage Club

Mizuho Bank Card Loans.

At the end of September 2012, over 9 million people

It also supports customers' efforts to preserve the envi-

signed up for MHBK's Mizuho Mileage Club service.

ronment by purchasing CO2 emission credits and donating

In addition to attractive benefits such as discounts onthem to the government according to the number of con-service fees, MHBK provides an extensive lineup of credit

tracts concluded when customers use housing loans andcards customers can choose from to suit their lifestyles.

other loans to transform their homes into eco-friendly

Furthermore, MHBK conducted a Mizuho Mileage Club

dwellings.

Card Suica campaign in the fall of 2012.

MHBK is taking inquiries at branches, on its website, andby phone regarding consultation on changing housing loan

Privileges Depending on Usage

repayment conditions and other matters based on the SME
Financing Facilitation Act.

Expanding Lineup of Investment and Life
Insurance Products
MHBK is endeavoring to expand its product lineup in suchareas as investment trusts, insurance and foreign currency
deposits.
It offers products to meet various customers' needs.
These products include investment products which suit customers' investment purposes and life insurance for cus-

Services through the Internet and Other
Channels

tomers to prepare for their future.

As of the end of September 2012, about 9.4 million people

Tatsujin, a results-based dividend-type money trust product.

Each branch of MHTB and MHBK handle Chochiku no

signed up for MHBK's Mizuho Direct, which makes it possible to take advantage of MHBK's services through Internet

Mizuho's Consulting Services

banking and other channels.

As the closest advisors to individual customers, financial

In addition, the number of smartphone banking users

consultants at MHBK respond to the customers' various

has exceeded 500,000. Mizuho Bank App and ATM/Branchneeds.

Search App have also been downloaded approximately

They advise customers on the best products and services

200,000 times as of the end of September 2012, and manysuch as household account management, financial plan-customers are making use of these services.

ning, preparation for the future, housing and education

Mizuho is continuing to upgrade smartphone services. It

funds, retirement fund management, inheritance funds,

began to accept requests for documents to open newand so on, to meet the various stages and circumstances ofaccounts in September 2012 as well as commenced invest-

their lives, whether it be taking a new job, getting married,

ment trust services and card loan services in October 2012.

purchasing a house, or retiring.

15

Initiatives for Integrated
Group Management

Business Approaches

Promoting Business Aimed at Employees ofCorporate Customers
MHBK provides products and services for senior executives
and employees of Mizuho's corporate customers to meetthe various needs of each customer at each stage of his or
her life. These include opening accounts for receiving salary
when they start to work, offering information on asset formation, consultations on housing loans for new house purchases, offering comprehensive proposals on postretirement life planning and managing retirement allowances.

Improvements of Branches and ATM
Installations
MHBK is making efforts to expand its branch and ATM
network.
It opened two branches in the first half of fiscal 2012,
Hankyu-Umeda Branch and Moriya Branch. It is also installing
ATMs at train stations and commercial facilities.

Installing ATMs at Train Stations andCommercial Facilities near Stations
In November 2012, MHBK became the first bank toinstall ATMs next to automated ticket machines inrailway stations. These first ATMs were located in thevicinity of the east exit of JR East's Tsurumi Station.
It is also proactively installing ATMs at station buildings, convenience stores inside stations and grocery
stores near stations to enhance customer convenience.

Offering Comprehensive Services Drawing
on Mizuho's Group Capabilities
In order to provide further enhanced, comprehensive financial services, MHBK has also set up MHTB's Trust Lounges
which specialize in consultations and offer unique trust
services, including asset inheritance and real estate-related
business, and Planet Booths, joint branches with MHSC,
and other channels.
Furthermore, MHBK is leveraging the expertise of groupcompanies to conduct various initiatives, including holding
seminars for customers together with MHTB and MHSC.

16

Banking BusinessInitiatives for Integrated
Group Management

Business Approaches

Banking Business

formulation of customers' financial and management

Approaches to Corporate Customers

strategies.

Providing Solutions in Response to Customers' Needs
By integrating the group's specialty functions, including

Approaches to Large Corporations

banking, securities, trust and asset management business-

With the increasingly diversified, sophisticated and global-

es, Mizuho offers a full range of financial solutions on aized financial needs of large corporate customers, financial

global basis to meet its customers' needs in fund-raising,institutions need to offer sophisticated, advanced and com-management and financial strategies.

prehensive solutions to their customers.

Efforts to Facilitate Financing for Corporations

Drawing on its robust, long-term relationships with large

Being more conscious than ever of the role that financial

corporations, Mizuho offers the best solutions globally, by

institutions must play in responding smoothly to customers'

combining and strengthening its commercial banking oper-

funding demands, Mizuho is strengthening its ability toations with its M&A advisory services and other aspects ofmeet their fund-raising needs. It also takes advantage ofits traditional investment banking business, which con-the group's information functions and network to support

tributes to the enhancement of its customers' corporate

its customers' management according to their life cycle byvalues from a medium- to long-term perspective.

proactively fulfilling consulting functions, including supports

As professionals of corporate finance, RMs for large cor-for business establishment and starting new business,porate customers accurately identify their customers' man-improvement of management, business revitalization, andagement issues and offer diversified solutions to strengthenbusiness inheritance.

their competitiveness at home and overseas. These solu-

Mizuho's RMs

tions include support for fund-raising, business reorganiza-

Acting as relationship managers (RMs) for the entire group,

tion in Japan, cross border M&A and overseas business

Mizuho's RMs are focusing on its solution business by mak-expansion by Japanese companies.

ing use of the specialist functions embodied within thethem realize their business, financial, global, and otherApproaches to Financial Institutions andPublic-Sector Entities

growth strategies.

To meet the needs of customers among financial institu-

group to support customers as financial advisors, helping

Banking, Trust Banking and Securities Collaboration

tions, Mizuho offers optimal solutions such as advice on

MHCB and MHBK collaborate with MHSC at home andfinancial strategies and risk management, assistance in cus-

overseas in establishing global securities business strategies

tomers' overseas business and proposals for investment

and strengthening the operation system to provide solu-

products. Responding to the needs of customers amongtions that suit to customers' capital management, businesspublic-sector entities, Mizuho offers comprehensive financial

and financial strategies. Staff members are concurrently

services, such as financing support including underwriting

working in some of the business promotion divisions at

public bonds, performing services as a designated financial

both MHCB and MHSC in Japan, further promoting collab-

institution and PFI/PPP.

oration between them.

Approaches to SMEs and Middle-Market
Corporations

Industry Research
Changes in global industrial structures and diversification of
corporate strategies appear to be gaining momentum.

Responding to Funding Needs

Against this background, Mizuho's Industry Research

MHBK has set up its Growth Business Assistance Fund to

Division acts as the research team, proposing global andsupport the business growth of SMEs and middle-market

comprehensive solutions to customers on the basis of its

corporations.

deep understanding of industry. Its activities focus on three

Among those initiatives, MHBK offers Mizuho Eco-assist,areas: (1) the “sector-specific analyst function,” which

Mizuho Eco Private Placement, and various interest subsidy

offers wide-ranging information and analysis concerning

delivery projects, to respond to the funding needs of its

industry; (2) the “sector-specific strategist function,”

customers who adopt a positive approach to environmen-

which works on future business strategy proposals; andtal issues. In addition, it offers Mizuho Eco-assist Plus and(3) the “corporate finance function,” which supports theMizuho Eco Private Placement Plus, which evaluates, based
17

Initiatives for Integrated
Group Management

Business Approaches

Banking Business• Approaches to Corporate Owners and Landon MHBK's own standards, the level of environmental-

Ownersconsciousness of a company's management and provides
support.

Business inheritance is one of the most important manage-

In response to Japan's aging population and falling

ment issues for SME customers because it simultaneously

birthrate, MHBK provides Mizuho Heartful Loans andraises succession issues pertaining to the company's owner-

Mizuho Heartful Private Placement to customers who areship and the owner's own assets.

proactively involved in promoting employment among the

For corporate owners and high-net-worth customers

elderly and the disabled.

that own real estate, MHBK's Corporate Marketing Division

Approach to Management Issues

and Wealth Marketing Division offer comprehensive consul-•

tations on business and asset inheritance, to respond to theMizuho Business Financial Center

MHBK is proactively engaged in the lending business, andcustomers' needs as both management and individuals.

has concentrated its overall lending operations for small-

MHBK holds various seminars with MHTB to offer

scale companies in Mizuho Business Financial Center, a sub-high-net-worth customers that own real estate the latest

sidiary specializing in lending.

information.

•

Business Matching

MHBK is proactively engaged in business matching services,
introducing customers of Mizuho who best satisfy the business needs of other customers. These services include introducing new sales and purchasing partners, and partners
who can help in the area of cost reduction.
In view of changes in Japan's social structure due toaging of the population and the falling birthrate, as well as
the rising interest in renewable energy sources and disasterprevention in the aftermath of the Great East Japan
Earthquake, in September 2012, MHBK sponsored a
Business Matching Forum with the theme of “building new
towns.”• Support for Overseas Business Expansion
In order to satisfy Japanese companies' diversified needs
relating to overseas business expansion, specialist staff inJapan and overseas who are well versed in overseas business provide the best possible information and services
accurately and quickly according to the needs of the business in question and its development stage—local feasibility
study, overseas business strategy formulation, establishment of overseas subsidiary, post-establishment business
management, and so on through utilizing the group's Asian
network, which is one of the most extensive among any
Japanese bank.

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

18

Initiatives for Integrated
Group Management

Business Approaches

Mizuho's Global BusinessBanking BusinessAsian Bond Market Development Conference

Mizuho offers optimal solutions for the various needs of its

The heads of a group of Asian financial institutions

customers by seamlessly combining its rich experience ingathered on October 13, 2012, in Tokyo to discuss

overseas markets with its extensive overseas group network

Asian bond markets. At the meeting, financial institu-

and cutting-edge financial products. It is also proactively

tions discussed the need to develop bond markets

engaged in expanding its office network and forming busi-

within the Asian region as an important part of theness alliances with government-affiliated organizations andinfrastructure to support the ongoing economic devel-

local financial institutions, thereby strengthening its over-opment in Asian nations and other issues including

seas support framework for its customers.

the role that each financial institution needs to play inthat development. An agreement for mutual coopera-

Asia and Oceania Regiontion was reached to promote the development ofMizuho places strategic importance on Asia, which has highAsian bond markets. Mizuho will continue to cooper-

prospects for continued economic growth, and is enhanc-

ate with the participating financial institutions to con-ing its support framework for its customers in the region.

tribute to economic development in the Asian region.

MHCB is striving to expand its overseas office network.

<Financial Institutions Attending the Meeting>

Recently, this has included the establishment of the Yangon

Bangkok Bank, DBS Group Holdings / DBS Bank, Joint

Representative Office in Myanmar and obtaining approval

Stock Commercial Bank for Foreign Trade of Vietnam,

for establishment of branches in Bangalore and Chennai in

KDB Financial Group / Korea Development Bank,

India. In addition, Mizuho Corporate Bank (China), MHCB's

Mizuho Financial Group, Bank Negara Indonesia,

subsidiary in China, obtained approval for establishment of

Shinhan Financial Group, State Bank of India, Bank of

its Hefei Branch and opened sub-branches in the Heping

the Philippine Islands, Maybank

District of Tianjin and in Kunshan. MHFG also hosted the
Asian Bond Market Development Conference, where theheads of a group of Asian financial institutions gathered
to discuss the development of bond markets in Asia tocontribute to the economic development of the Asian
region. The participating financial institutions agreed tostrengthen mutual cooperation toward Asian bond market
development. Further, Mizuho is taking proactive actions

Participants of the Asian Bond Market Development Conference

toward the continually diversifying RMB business. This

June 2012, Mizuho Corporate Bank (China) obtaining

Entry into the RMB-Yen Direct Trading
Market, Issuance of RMB Exchange Market
Quotations

RMB-Yen Direct Market Maker qualifications in China, and

MHCB and MHBK entered into the RMB-Yen Direct

issuing an RMB-denominated bank debenture in the

Trading Market established in June 2012, and also

Chinese interbank market.

began to issue RMB exchange market quotations. In

includes entering both the Japan and China sides of the
RMB-Yen Direct Trading Market, which was established in

Meanwhile, MHBK entered the retail finance business inaddition, Mizuho Corporate Bank (China) was quali-

Indonesia through its consolidated subsidiary Mizuho

fied and received approval as an RMB-Yen Direct

Balimor Finance, thereby advancing its global retail busi-

Trading Market Maker in China by the People's Bank

ness. To meet its customers' diversifying needs in the Asiaof China, and entered into the RMB-Yen Direct

and Oceania region, Mizuho is enhancing its services,

Trading Market both in Japan and China. By proac-through expansion of its office network, business alliances,

tively entering this market, Mizuho aims to contributeand provision of various financial products.

to invigoration of the market and provide its customers with the resulting benefits.

19Initiatives for Integrated
Group Management

Business Approaches

Banking BusinessApproaches in the Americas
Expansion of Mizuho's Overseas Network in
Fiscal 2012

In the Americas, Mizuho offers high value-added financial

In April 2012, MHCB established its Yangonsuch as project finance and syndicated loans. Its customers

Representative Office in Myanmar, where further eco-include Fortune 1000 companies®, financial institutions,nomic growth is expected because of the rich naturaland public organizations. MHCB and Mizuho Securities USA

resources and strong workforce there, and it renewed

collaborate to respond to customers' needs, providing solu-

the office to expand the range of business handled intions that maximize Mizuho's group and global networks

January 2013. In May 2012, MHCB received approval

and achieve strong results in the region.

services in corporate financing and investment banking,to establish a branch in Bangalore, India, which is a

Furthermore, Mizuho proactively engages in businesshub for India's information technology and electron-

promotion in Central and South America by, for example,

ics sectors, and in November 2012, it also received

reaching an agreement with the German bank, WestLB

approval to establish a branch in Chennai, which is(current Portigon) in June 2012, to acquire its Brazilian cor-the largest city in southern India and the center of theporate banking subsidiary, Banco WestLB do Brasil, tocountry's automobile and auto-parts industries. To

strengthen its local support framework for its customers instrengthen its ability to support customers in Brazil,

Brazil, where continuous economic growth is expected on

MHCB also reached an agreement in June 2012 withthe back of its rich natural resources.

the German bank, WestLB (current Portigon), toIn the Americas, including Central and South America,

acquire its Brazilian corporate banking subsidiary,

Mizuho will continue to strengthen its support framework

Banco WestLB do Brasil. Furthermore, Mizuho

for its customers and offer a wide range of solutions.

Corporate Bank (China) obtained approval for estabsub-branches in the Heping District of Tianjin and in

Approaches in Europe, the Middle East andAfricaKunshan in January 2013. Mizuho will continue toMizuho responds to its customers' diverse needs and pro-strengthen its overseas support framework for its cus-vides various financial services not only in Europe but also in

tomers by expanding its overseas office network.

other regions, such as Russia, the Middle East and Africa. It

lishment of its Hefei Branch in June 2012 and opened

also focuses on offering services that integrate both banking

Mizuho ASEAN PE Fundand securities businesses, including working in collaboration

Mizuho will establish an ASEAN-focused private equity

with Mizuho International, MHSC's overseas subsidiary infund of up to US$200 million with the aim of sup-the U.K.

porting the expansion of Japanese firms into the

In addition, Mizuho is continuing to expand its office net-

ASEAN region. The ASEAN region is one of the mostwork and form alliances with local financial institutions. In

attractive markets for Japanese firms, including small-fiscal 2012, for the purpose of strengthening its overseas

and medium-sized enterprises. However, some com-

support framework for its customers, Mizuho entered into apanies find it difficult to expand overseas, due to suchgeneral business cooperation agreement with Akbank, one

challenges as sourcing local partners and managingof the largest commercial banks in Turkey. Turkey is expect-

overseas operations. By fully utilizing the functions ofed to experience stable economic growth going forward,

the fund as an ASEAN-based private equity fund,due in part to its favorable geographical location as a bridge

Mizuho will continue to support the expansion of its

between the Middle East and Europe.
Mizuho will continue to strengthen its support frame-

customers' business into the ASEAN region.

work and enhance its services for its customers by further
expanding its network.

20

Initiatives for Integrated
Group Management

Business Approaches

Banking Business

Mizuho's Products

financial strategies by offering sophisticated solutions focus-

Mizuho develops and offers products and services, especial-both domestic and overseas markets, inventory finance,

ly in the field of fund-raising, that draw on cutting-edge

whole business securitization and settlement services using

financial technology to support the business and financial

electronically recorded monetary claims.

strategies of its customers.

Real Estate Financeing on a variety of assets, such as securitizations arranged in

Mizuho has arranged financing for a number of real estate-

Investment Banking Business

related projects. Taking full advantage of its knowledge andAcquisition Financeskills developed through various kinds of deals it has

In order to increase the corporate value of its customers,arranged for years, it simply offers the best solutions, includ-

Mizuho offers sophisticated M&A solutions. In recent years,

ing advice for financial & business strategies, and a variety ofit has been focusing on supporting its customers' M&A

financing options (ex. securitization of real estate, etc.), tostrategies by strengthening cooperation among groupsolve its customers' issues, such as business restructuring,

offices and companies at home and overseas to respond tooverseas expansion, strengthening their financial base,a growing need for cross-border M&A, business succession,

BCP, diversifying their financing methods, rebuilding/rede-and going private. In the area of MBOs and LBOs, Mizuho's

veloping/other effective use of their real estate, and CRE

services include arranging deals, such as those for private

management.

equity funds and those relating to customers' business

Syndication Businessrestructuring.

Mizuho is proactively engaged in the use of syndicatedProject Financeloans that employ wide and various sorts of financings,

Mizuho is a top global player in the arrangement of, andsuch as financing for general purpose, M&A finance, proj-

performance of advisory services for, project finance deals

ect finance, real estate finance and finance for businessthat enable the procurement of long-term capital for natu-

restructuring. In the first half of fiscal 2012, it arranged aral resource development abroad, the building of electric

number of major deals, including syndicated loans for the

power generation projects in Japan and overseas, and the

public and infrastructure sectors.

construction of public infrastructure. In Japan, Mizuho is

As a result, the group has maintained the largest pres-working in a broad range of related areas. These include its

ence in the market, a 45% share, according to the Thomson

initiatives to strengthen its support framework for promot-

Reuters' domestic bookrunner league table. In the global

ing the wider use of renewable energy, such as the establishment of the Mizuho Mega-solar Fund. Project finance

Trends in Japan's Syndicated Loan Market andMizuho's Shareactivities in Japan also encompass the arrangement ofMizuho's Share(first half offiscal 2012)

PFI/PPP deals for financing transportation and other types ofpublic infrastructure.
(Trillions of ¥)

45.0%

35

Project Finance for Mega-Solar Power Project30

Mizuho acted as lead arranger for a syndicated loan

25

in project finance for the Oita Mega-solar Project, a20

large-scale solar power generation project in Oita City

15

sponsored by JGC. This was the first project finance10

deal arranged for a mega-solar power project in

5Japan.

0 Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
(first half)

Asset Finance[Trends in Japan's Syndicated Loan Market]
Sources: Fiscal 2003 – First half of fiscal 2012:“Loans Syndicated and Loans
Transferred” from Japanese
Bankers Association[Share of Japan's Syndicated Loans (first half of fiscal 2012, bookrunner basis)]
Source: Thomson Reuters

By arranging customers' asset securitization, Mizuho satisfies
their demands such as diversification of fund-raising sources
and improvement of financial indices through removing
assets from their balance sheet. Mizuho supports customers'
21

Initiatives for Integrated
Group Management

Business Approaches

Banking Businessbookrunner league tables, the group took fourth place, theAsset Management Businesshighest among the Japanese banks.

Mizuho makes the most of the synergies between planning,Mizuho has a global platform for its syndicated loan

development, and sales in the asset management-related

business (together with its overseas offices) to satisfy thebusiness through seamless management, thus providing cus-diverse financing needs of global companies and interna-

tomers with products and services that match their needs.

tional institutions located in Asia, Europe and the Americas.

Pensions Business

It has arranged deals, such as cross-border syndicated loans

Mizuho has the top performance record in the field of

to Japanese sales finance companies in Europe and thedefined contribution pension plan entrustments in Japan

Americas.

and offers comprehensive pension services through the specialist division.

Transaction Business

Global Alternative Investment Business

Domestic Settlement Service

Mizuho provides products and services in collaboration

Through its nation-wide branch network and Internet bank-with US asset management company Mizuho Alternative

ing services including the Mizuho e-Business Site, Mizuho

Investments, Tokyo asset management company Mizuho

offers not only services such as transfers and foreign

Global Alternative Investments which selects and provides

exchange but a variety of settlement services relating to

products such as hedge funds, and Eurekahedge, a sub-payments and collections such as debit cards, Pay-easy,

sidiary in Singapore that offers hedge fund research andInternet transfer settlements, etc.

information.

Cash Management Service
Mizuho responds to customers' needs on a global basis by

Mizuho's Market Business

offering sophisticated cash management services. In Japan,
these include zero balancing services and payment factor-

In the sales and trading business, Mizuho offers optimaling, often in combination with Mizuho Advanced CMS. It

financial solutions that use cutting-edge financial technolo-

also offers Mizuho Global CMS and the Mizuho Global

gies to satisfy customers' increasingly diverse and sophisti-

Cash Pooling Service abroad.

cated global financial and business risk control needs.

Foreign Exchange and Trade Services

It has expanded its product lineup from basic areas such

In addition to offering cross-border settlement services foras interest rates and foreign exchange to oil, metals, weath-

RMB and various other emerging currencies, hedges against

er, and other commodity derivatives, and local currency

foreign exchange risk and issuing guarantees for foreigntransactions. In the field of Asian currencies in particular, it

exchange transactions, Mizuho provides cutting-edge solu-

responds to customers' needs through cooperation between

tions including securitization of overseas accounts receiv-

its team of experts, who are thoroughly familiar with theable, trade finance using letters of credit, and ECA financemarket's or country characteristics, and its network of over-(finance provided in cooperation with governmental export

seas offices. Mizuho is responding to demand for offshore

credit agencies around the world).

RMB, which is drawing growing interest as a result of

Yen Settlement and Custody Services

Chinese deregulation, and various other customer needs.

Mizuho offers various cash and securities clearing & settle-

Through its tie-up with Mizuho-DL Financial Technology,

ment services, including correspondent yen settlement serv-

which is a group company specializing in the developmentices and custody services for non-residents. To prepare forof financial technology, Mizuho developed “dynamic foreign

disasters and other contingencies, Mizuho maintains a dual-

exchange hedging”—a statistical/probabilistic exchange risk

office system in addition to other measures. Concerning

hedging method that eliminates market views and arbitrari-internal controls, it has also acquired an assurance reportness. Many customers, with a focus on large corporations,based on SSAE16 for suitability of design and operating

have made use of “dynamic foreign exchange hedging.”

effectiveness. In the area of custody operations, Mizuho has
acquired a business model patent for managing investment
assets.

22

Initiatives for Integrated
Group Management

Business Approaches

Trust and Asset Management Business

Mizuho's Trust Businesson to their heirs. MHTB provides assistance with asset

MHTB works with the group companies to provide groupyears and the types of services that only trust banks cancustomers with trust functions and services. At the sameoffer. As of the end of September 2012, MHTB had signed

time, it is proactively developing trust products that use

trust agency contracts for testamentary trust business withnew assets and trust schemes.

a total of 26 financial institutions, including MHBK.

inheritance using the know-how it has built up over many

These products include employee stock ownership plans

Its testamentary trust business offers three services:(J-ESOPs), money trusts using subordinated loans for“consent to undertake the execution of wills service,” aregional banks, and e-Noteless, a new settlement scheme

comprehensive service for handling everything to do withusing electronically recorded monetary claims.

wills, from consultation for drafting to execution; “will safe-

MHTB offers customers a wide range of solutions tokeeping service” to hold wills in safe custody; and “inheri-

meet their needs, such as specified donation trusts fortance distribution service” to act as agent for heirs in exe-

mediating donations from individual customers to public-

cuting the procedures necessary when an inheritance arises.

interest corporations, and asset inheritance trusts(guardianship support trusts) to assist guardianship in

Lending Businessregard to asset management.

MHTB offers the Produce rental condominium and apartment loan product to customers who want to make more

Trust Business Targeting Individual
Customers

effective use of their real estate. Produce, a dedicated loan

Personal Assets under Management

years (for reinforced concrete construction) in the TokyoMHTB offers a selection of financial products that makemetropolitan area and the Kinki region. MHTB provides

the most of the features of trusts such as results-based

lease business consulting services to help customers withdividend-type money trusts Chochiku no Tatsujin (Expert

their life planning or inheritance arrangements for the

Saver).

future.

product for rental condos and apartments, offers loans of
up to ¥1 billion with a maximum repayment period of 35

Chochiku no Tatsujin Became Available at
All MHBK Branches

Real Estate Business

Chochiku no Tatsujin (Expert Saver), a type of money

its customers' diverse needs, including trading in invest-

trust that was introduced previously in some branches

ment real estate and making more efficient use of idle land.

In cooperation with Mizuho Trust Realty, MHTB responds toof MHBK, became available at all branches and somesub-branches in August 2012.

Trust Business Targeting Corporate
Customers

Asset Management Trusts
MHTB's Asset Management Trust is a trust product which is

Corporate Assets under Management

separately established and managed for each customer, pri-In addition to results-based dividend-type money trusts

marily by accepting their stocks, bonds, and other securi-such as Super Highway, MHTB has prepared a wide-range

ties. Making the most of the know-how it has accumulatedof products to satisfy individual needs of customers, includ-

through its asset management business as a trust bank, it ising privately placed investment trusts.

responding to customers' various needs ranging from support for asset management and investment to methods for

Lending Businessdealing with acquisition or disposal of treasury stocks,

In addition to offering traditional bank lending services,which require special care.

MHTB's lending business makes use of its trust know-how
in meeting funding needs by focusing on the value andTestamentary Trusts

earning potential of money claims, real estate and other

Sooner or later, everyone faces the important question ofassets.

how to ensure their invaluable assets are properly passed
23

Initiatives for Integrated
Group Management

Business Approaches

Trust and Asset Management Business

Securitization of Monetary and Other Claims

Real Estate BusinessIn its services for securitizing monetary and other claims,

In its real estate business, MHTB helps to resolve customers'

MHTB, using its trust banking know-how, transforms theneeds and issues quickly and effectively in the areas of cor-creditworthiness and cash flows of monetary claims, such

porate finance, business asset inheritance/succession and theas sales and bills receivables held by companies and loans,rearrangement and effective use of asset portfolios by fulfill-

into asset management products which it offers to individ-

ing its consultation functions and by providing wide-ranging

ual and corporate customers.

services and solutions, such as real estate brokerage, realestate securitization, appraisals and land trusts.

Money Trust Using Subordinated Loans for
Regional Banks

Real Estate Transaction Volume

Second halfFirst half

(Billions of ¥)1,000

To meet the funding needs of regional banks and theasset management needs of their customers, MHTB

800

offers money trusts as an asset management scheme

600

that uses subordinated loans to regional banks as the400

underlying assets.
In this scheme, regional banks receiving subordi-

200

nated loans act as sales companies and sell their cus-0

tomers joint management money trusts managed in
the subordinated loans to those banks.

March 2011

March 2012

September 2012

Proactive Response to Real Estate Securitizationrelated Business
Real estate securitization schemes and real estate fundStock Transfer Agency Business

schemes are widely used as profit-earning real estate

The stock transfer agency business involves handling vari-investment methods. In addition to the real estate trustee

ous operations associated with stocks on behalf of thebusiness, asset management business and other real estate

stock issuer. As a shareholder registry manager, MHTB

securitization-related business such as trustee business inmanages shareholder registers, calculates dividends, mails

the area of J-REIT asset custody and accounting, MHTB is

notices convening general meetings of shareholders, andactively engaged in the real estate non-recourse loan busi-

counts voting rights. It also offers various services and con-ness, and thus responds to its customers' various needs.

sulting in line with progress in computerization, theincrease in M&A, the enforcement of the Companies Act

Pensions Businessand the Law Concerning Book-Entry Transfer of Corporate

MHTB offers services and product packages needed for cor-

Bonds, etc., and other changes in the external environment.

porate pension schemes, which range from corporate pen-

Since the introduction of the Electronic Share Certificate

sion plan design and the management of pension policy-

System in 2009, it has also acted as a special account man-holders and recipients to asset management and custody.
Furthermore, to respond to the ever more diverse andagement institution, handling various procedures concern-

sophisticated needs of our customers, Mizuho integrates its

ing stocks recorded in special accounts.

functions across the group to offer services such as invest-

Number of Shareholders Managed under the Stock
Transfer Agency Business (except for Overseas Stocks)

ment solutions and review of pension schemes.

Defined Contribution Pension Schemes(Millions of person)
8.2

As sweeping reviews of corporate pension schemes move

8.1

forward, there is growing interest in introducing and man8.0

aging defined contribution pension schemes among com-

7.9

panies of all sizes. MHTB not only provides support for the

7.8

introduction of such schemes, but also offers asset management services that are the first in the business world to0March 2011

March 2012acquire ISO9001 certification, and trust products.

September 201224

Initiatives for Integrated
Group Management

Business Approaches

Trust and Asset Management Businessthan money trusts, and entrustment of securities trusts andDefined Contribution Pension Fund under
Administration as Trustee

investment trusts.

(Trillions of ¥)Investment Trust Balance

1.7(Trillions of ¥)
1.6

13.0

1.5

12.5

1.4

12.0

1.3

11.5
11.0

0

March 2011

March 2012

September 2012
0March 2011

March 2012

September 2012

J-ESOPs
In the area of J-ESOPs (Japanese-style employee stock

Global Custody Businessownership plans; a new employee welfare service that

To better satisfy the diversified needs of customers, MHTB

uses treasury stocks), MHTB strives to meet the needs

has created a global custody business network through tie-of a variety of customers through a product lineup

ups with TCSB, and its own overseas subsidiaries, Mizuho

that includes retirement benefits developed along

Trust & Banking (USA) and Mizuho Trust & Banking

the lines of US ESOP schemes, as well as disposition-(Luxembourg).
In order to respond to the recently growing need fortype ESOPs.

investment in emerging economies in Asia and SouthAmerica in particular, these three offices, serving as region-

Asset Management Businessal hubs, cover the markets of Asia, Europe/Africa and theThrough its asset management business, MHTB offers funds

Americas, and collaborate with each other to create a sys-with various investment strategies to a wide range of cus-

tem that offers seamless global custody services around thetomers, from public institutions that handle pension man-clock. Having functions of arranging and managing off-

agement to corporate pension funds. Other services cater-

shore trusts in its two offices in Europe and the United

ing to customers' needs include advice pertaining to basic

States, it is able to deal with investment schemes that are

asset allocation and combinations of investment strategies

managed overseas by overseas investment companies.

from the perspective of pension financing and retirement
benefit accounting.

Mizuho's Trust Bank Specializing in
Asset Administration

MHTB also offers products using various new investment
targets and methods, including hedge funds, privately
placed real estate investment funds and package products

In collaboration with the group companies of Mizuho, TCSB

that flexibly allocate assets based on analysis and forecasts

has worked to expand its transactions with customers amongof the macroeconomic and capital market environments. It

financial institutions and institutional investors and, as of thealso makes the funds offered by external investment institu-

end of September 30, 2012, the balance of assets under man-tions in Japan and overseas available to customers, butagement reached approximately ¥333 trillion. In the area of

makes sure they are subjected to thoroughgoing due dili-domestic fund and securities settlement services, it became

gence and rigorous monitoring.

the first institution in the Japanese banking sector to acquirecertification (BS25999-2:2007) for its business continuity man-

Asset Custody Businessagement system (BCMS) in February 2011. As a trust bank

MHTB provides highly specialized services in the area ofspecializing in asset administration, it will continue to provide

asset custody as one of its core businesses, and is engaged

high-quality, high-value-added trust, and custody services thatin complicated, high-volume custodial services covering

match the needs of its customers.

specified money trusts (tokkin funds), pecuniary trusts other25

Initiatives for Integrated
Group Management

Business Approaches

Initiatives of Asset Management
Companies
The asset management companies MHAM and DIAM constantly pursue optimal investment results in both the investment trust and the investment advisory businesses as they
strive to respond accurately to customers' increasingly
diverse and sophisticated asset management needs. They
have earned an excellent reputation among evaluation institutions for their highly specialized management and original products. Four asset management funds of MHAM and
DIAM received the award for Morning Star Fund of theYear 2011, and six funds were also awarded the Lipper
Fund Awards Japan 2012.
Furthermore, Mizuho has promoted strategic cooperation with BlackRock, an asset management company andbusiness alliance partner, and started to introduce and sell
investment products for individual customers and pension
funds. By utilizing BlackRock's global strengths in asset
management and risk analysis, Mizuho will respond precisely and quickly to the needs of its customers.

Full-fledged Wealth Management
Services
Mizuho offers the best solutions to individual customers'
diversified needs. MHPW is providing ultra-high-net-worth
customers* with comprehensive, integrative, and continued
services similar to those available in the United States andEurope to the extent permitted under Japanese laws andregulations.
Based on the concept of “providing customers with thebest around the globe,” it will continue to offer services of
the highest level.
With regard to non-financial services, it will provide premium services to meet customers' diversified needs in collaboration with prestigious companies, as well as highquality solutions in connection with areas such as philanthropy and concierge.
* Customers who have entrusted Mizuho with extremely large amounts
of investment assets.

26

Trust and Asset Management BusinessInitiatives for Integrated
Group Management

Business Approaches

Securities BusinessMerger between MHSC and MHISMHSC and MHIS conducted a merger on January 4, 2013, thus establishing a new MHSC.
The new company will provide securities functions in a unified manner as Mizuho's full-line securities company bytaking advantage of the two companies' nationwide customer base in middle/retail markets, MHSC's status as a leading company in the investment banking business, and MHIS's industry-leading level branch network in the
middle/retail markets established through its collaborations with MHBK and MHTB.
The new MHSC aims to enhance its retail business and increase profits through the establishment and expansionof a flexible and efficient collaboration structure among banking, trust and securities businesses. It aims to realize synergy effects of ¥20.0 billion from the merger by fiscal 2015, by increasing its profits and implementing various costcutting measures including consolidation of overlapping business areas, such as corporate planning and management
units, domestic business promotion units and its branch networks as well as the integration of core IT systems.

Products and Services Aimed at
Individualsof financial products to customers across Japan by supply-

MHSC offers products and services that cater to their indi-

their respective areas.

ing these products to registered regional banks and otherfinancial institutions that have strong customer bases invidual customers' needs through various channels.

Business Aimed at Corporate
Customers

Diversified Products and Services
To respond to its customers' increasingly diverse needs,
MHSC offers services including financial products such as

MHSC provides investment banking solutions and invest-

equities, bonds and investment trusts and research infor-

ment products that respond appropriately to businessmation. To take advantage of its substantially expanded

strategies of its customers among corporations, financial

customer base, it will strive to expand the lineup of invest-

institutions and public-sector entities.

ment products it offers to its customers and enhance its

Investment Banking Businessfund-raising capacity.
It also provides its specialized and sophisticated financial

MHSC maintains its sector-leading performance in the area

services through collaboration with other group compa-

of bond underwriting operations through its powerful bondnies, including inheritance and testament-related services

sales capabilities, its ability to set prices to reflect investor

provided by the trust agency business of MHTB.

demand with precision, and its ability to propose solutions
that suit the market environment and match issuers' needs.

Channels

In the equities underwriting business, it draws on its

MHSC provides its products and services through channels

superior stock underwriting know-how and its enormous

such as its branch network, the Internet and call centers.

equity selling power in Japan and overseas to achieve

Following the merger, MHSC is working especially tosector-leading performance by serving as lead underwriterstrengthen its branch network through significantly closer

in a steadily increasing number of large finance deals. Its

collaboration with MHBK.

activities also include providing support for stock exchange

MHSC also provides various products to MHBK's cus-

listings of customers planning to list their stocks. Looking

tomers through financial product brokerage business withahead, MHSC will substantially increase its equity under-

MHBK. It also delivers a full range of securities services towriting capabilities by drawing on its expanded customer

customers with securities transaction needs at Planetbase resulting from the merger and strengthen its market-

Booths, which are joint branches established by MHSC

ing to individual investors, which purchase a relatively highand MHBK.

percentage of new equity issues.

Moreover, through its financial product intermediary

In its M&A advisory services, MHSC draws on its advanced

and customer introduction services, it offers a wide range

sectoral knowledge and know-how to provide advice that27

Initiatives for Integrated
Group Management

Business Approaches

Securities Businesssuits customers' management strategies. It has compiled ainvestment strategies, engaging proactively in market mak-top-class performance record not only in arranging M&A

ing and offering high-quality information.

deals between domestic companies but also in offering

In the equities business, it is also responding appropri-

advisory services with a global perspective for cross-borderately to its customers' increasingly sophisticated needs by

M&A deals, which have been on the rise in recent years.

making the most of the expanded resources.

In the structured finance business, such as securitization

It is expanding market presence both in Japan and over-of real estate and monetary claims, it has become a front-seas by further reinforcing its execution capabilities andrunner in the Japanese securitization market and built up aoffering a variety of high-value-added products, as a means

first-class performance record and reputation.

of better responding to the sophisticated needs of customers among global institutional investors.

Domestic Public-offering Bonds League Table

It is also endeavoring to leverage our network of over-*Underwriting amount basis, including straight bonds, investment
corporation bonds, Zaito institution bonds, municipal bonds (leadmanager method only), samurai bonds and preferred securities.
(April to September 2012, pricing date basis)seas subsidiaries for the integrated development of domestic and overseas business.

Amount Share(billions of ¥)(%)
Mizuho Securities
1,707.8 23.3
Mitsubishi UFJ Morgan Stanley Securities 1,608.2 22.0
Daiwa Securities
1,095.6 15.0

Rank Company name1
2
3

Research
Regarding fixed income research for institutional investors,
MHSC works closely with overseas economists within its

Figures shown are the sum of the pre-merger MHSC and the pre-merger MHIS
Source: Calculated by MHSC, based on data from I-N Information Systems

subsidiaries and has one of the leading professional groups
in Japan in this area of research. It provides outlooks for

Total Domestic Equity League Table*Underwriting amount basis, including initial public offerings, public
offerings, convertible bonds and REITs.
(April to September 2012, pricing date basis)

Rank Company name1
2
3

Nomura Securities
Daiwa Securities
Mizuho Securities

economic and interest rate trends in Japan and overseas,credit analyses of securities-issuing companies, assessments

Amount Share(billions of ¥)(%)
230.7 25.0
203.0 22.0
150.4 16.3of the impact of monetary policies in Japan and overseas,and proposals for fixed income investment strategies.
In its equity research for institutional investors, it has
strengthened its research framework on a Pan-Asia basis,

Figures shown are the sum of the pre-merger MHSC and the pre-merger MHIS
Source: Calculated by MHSC, based on data from I-N Information Systems

including Japan, and researchers including investment
strategists and sector analysts respond to a wide range of

M&A Advisory Ranking

research needs through industry trend research, equity*Based on No. of deals Japanese companies were involved in (excl.
real estate deals).
(April to September 2012)

Rank Advisor
1
2
3

Mitsubishi UFJ Morgan Stanley
Mizuho Financial GroupKPMG

investment strategy reports, technical analysis, quantitative

No. ofAmountdeals (billions of ¥)68 2,467.5
67 2,183.9
60
494.9

analysis, evaluation of individual companies, etc.

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

Source: Calculated by MHSC, based on data from Thomson Reutersfinancial markets in Europe, the United States, Asia, andthe Middle East, strengthening its global management

Overall ABS Bookrunner League Table*Transaction amount basis.
(April to September 2012, closing date basis)

Rank Company name1
2
3

Mizuho Financial GroupMorgan Stanley
Daiwa Securities Groupframework for underwriting and selling equities, government bonds, and corporate bonds, and engaging in theNo. ofAmountdeals (billions of ¥)
104
797.3
8
286.1
6
222.6

M&A advisory business.
In Europe, Mizuho International has strengthened its
business base and is providing customer oriented services in

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

the areas of investment banking business and sales & trading business. In the Americas, Mizuho Securities USA has

Market Businessbeen offering a full range of securities services, leveraging

In its market business, MHSC promotes sales and trading

MHCB's FHC status. In Asia, Mizuho Securities Asia oper-

activities of products, such as bonds and equities.

ates as the hub of Mizuho's Asian business and is strength-

Having carved out a position as a market leader in theening collaborations with other group companies.

bond business, it provides products that suit its customers'
28

Initiatives for Integrated
Group Management

Approaches to Collaboration among Banking, Trust Banking and Securities Businesses

Enhancing Banking and Securities
Collaboration in the Asset Management
Business

In order to be ranked No.1 in service by customers, Mizuho
strives to further enhance the collaboration between its
banking, trust banking and securities businesses.

To strengthen the collaboration between the banking

Expansion of Joint Branches to
Improve Customer Convenienceand securities businesses, MHBK launched the Assist

Mizuho is expanding joint branches that allow us to lever-

and make it easier for them to access MHSC's services.

age various functions of banking, trust and securities func-

Mizuho will continue to strive to offer services that further

tions seamlessly, and thus respond to the needs of our cus-

integrate both banking and securities businesses, such as

tomers appropriately.

equity and bonds, to respond to its customers' diverse secu-

Intermediary Service in 2012. Under this service, MHBK personnel give explanations of securities products to customers

rities needs.

MHTB's Trust Lounges
MHTB is setting up Trust Lounges, which specialize in con-

Expansion of “Double-hat” Structure

sultations and offer unique trust services, including asset

Within Mizuho, the banking and securities businesses col-management, asset inheritance and real estate-related busi-

laborate to satisfy customers' needs in such areas as bondness. It has adopted a policy of establishing Trust Lounges

and equity issuance, M&A advisory and IPOs.

jointly with MHBK, MHSC and Mizuho Trust Realty, and is

In July 2009, two corporate banking divisions of MHCB

working to provide optimal solutions for customers collabo-

and two corporate coverage departments of MHSC began

rating with group companies.

to work collaboratively under a “double-hat” structure inorder to provide sophisticated solutions that leverage

MHSC's Planet Booths

both banking and securities functions. In May 2012, they

MHSC has set up its Planet Booths at MHBK's 168 branches

expanded this “double-hat” structure to eight divisions,

to offer a full lineup of services to customers with securities

and increased the number of personnel holding concur-

transaction needs.

rent posts in both MHCB and MHSC from around 50 toaround 170. Under its motto of “One Bank, One Securities• About the Mizuho Group Account Service

Company,” Mizuho is strengthening its origination frame-

In January 2012, MHBK and MHTB launched thework through enhancing collaboration between banking

Mizuho Group Account Service, which allows MHTB

and securities functions as well as promoting further ini-

customers to use MHBK's ordinary deposit accounts

tiatives in the securities business within its “double-hat”

and ATMs. Under this service, customers are able tostructure.

use MHTB's products and services with an MHBK

Leveraging MHCB's FHC status in the United States,

deposit account. Moreover, this service gives MHTB

Mizuho Corporate Bank (USA) collaborates with Mizuho

customers access to MHBK's extensive branch andSecurities USA in offering commercial banking and invest-

ATM network. As of October 31, 2012, over 15,000

ment banking services.
MHBK and MHSC have also introduced a “double-hat”

accounts were used.

structure in some departments in charge of stock exchange
listings, allowing some staff members of MHBK to holdconcurrent posts in MHSC. This allows them to provide

Strengthening of Securities Business
Provision Structure

one-stop financial services to customers planning to list
their stocks.

Mizuho pursues synergy through the collaboration of banking and securities functions within the group. It is alsoenhancing the investment business in Japan while rationalizing and streamlining management infrastructure.

29

Initiatives for Integrated
Group Management

Initiatives to Support the Recovery from the Great East Japan Earthquake

Mizuho continues to offer its combined group strengths to

Reviving Industries and Disasterstricken Regions

assist in rebuilding the lives of people afflicted by the Great
East Japan Earthquake and reviving the industries andeconomies that have suffered as a result of the earthquake,To tackle the revival of industries and regions that haveas well as support the recovery of disaster-stricken areas, bybeen affected by the Great East Japan Earthquake, we

setting up organizations specialized in promotion of theseleverage Mizuho's comprehensive capabilities such as

initiatives.

industry research functions, various finance functions
including joint initiatives between the public and private

Support for Victims among
Individual Customers

sectors, trust functions and consulting functions. Moreover

MHBK offers Disaster Recovery Loans for Great East Japan

activities for local companies, regional financial institutions

Earthquake Victims with a view to being useful to theand local public entities centered on Iwate, Miyagi andrecovery efforts of customers who were hit by the earth-

Fukushima Prefectures.

we have set up the Tohoku Fukko Desk (Tohoku reconstruction desk) at our headquarters to promote support

In August 2011, MHCB and MHBK invested in the Mizuho

quake disaster.
For individual customers dwelling in regions designatedTohoku Industry Development Fund, which was establishedunder the Disaster Relief Act, we respond flexibly toto develop industry of the area via share acquisitions andrequests for deferments of payments of principal and inter-other forms of capital provision, to contribute to the recov-

est associated with borrowings to acquire or refurbish

ery and medium- to long-term growth of the above threehomes. We also provide consultations concerning repay-

prefectures and other parts of the Tohoku Region.

ments of borrowings or housing loans at head office, all

Support for Disaster-stricken Areas

branches and some sub-branches throughout the country.

Mizuho supports sales of Fukushima Prefecture's local

Support for Victims among
Corporate Customers

products and its tourism industry through participation

In order to help the disaster reconstruction efforts of corpo-

support the recovery of Fukushima. In addition, maga-

rate customers who have suffered damage from the disas-zines published by Miyagi and Fukushima Prefecturester, MHBK and MHTB are facilitating financing by offeringfor people affected by the disaster have been placed in

Disaster Relief Support Funding and various policy loans pro-lobbies of MHBK's branches since the second half ofvided by public institutions. In May 2011, they also set up

fiscal 2012, with the aim of providing information tothe ¥200.0 billion Business Reconstruction Assistance Fund.

victims that have been evacuated outside these prefec-

Furthermore, MHCB is supporting the business recon-tures. Employees of Mizuho have been participating instruction not only for customers of Mizuho but also for cus-volunteer activities since the summer of 2011, cleaning

tomers of regional financial institutions through collabora-

up coasts and removing debris. We have also been

tions with these institutions.

promoting the Mizuho Picture Book Project to donate

in the Fukushima-Tokyo Campaign, started by the
Tokyo government in May 2012 as part of efforts to

We draw on the full range of expertise offered by our

picture books provided by our employees to children

group to provide support not only in funding but also from

affected by the disaster. To date, about 13,900 books

various business and management perspectives. Our servic-

have been donated to kindergartens, elementary andes include introducing new customers to sale their prod-

secondary schools and individuals. In addition, for ouructs, suppliers, and business partners to assist in rebuilding

employees, we have held periodic product fairs, andtheir businesses, and supporting customers' efforts forcatalog and other sales campaigns for the exhibition

overseas expansion associated with the relocation of theirand sale of local goods and products from the disaster-

production sites.

stricken areas. As another form of support, we havesent flowers and other supplies to facilities such as
temporary housing locations and nursery centers.

30

CSR Activities

Strengthening CSR Activities
Mizuho places CSR initiatives at the core of corporate activities for creating new corporate value and achieving sustainablegrowth. In particular, we are advancing efforts in our medium- to long-term CSR key areas—Environmental Initiatives,
Support for Financial Education, and Enhance Corporate Governance.

Environmental Initiatives
In addition to promoting greenhouse gas reductions, Mizuho is working to strengthen its environmental initiatives
through its financial services.
MHBK supports customers that practice environmentally conscious management through loan products such as
Mizuho Eco-assist and Mizuho Eco-assist plus for SMEs and middle-market customers. Moreover, utilizing its high levelof financial expertise, MHCB is also engaged in various environmental initiatives, such as participating in environmental
city projects and supporting infrastructure improvements overseas.
In September 2012, based on a survey by CDP* that highlights those companies within approximately 5,000 global
big companies that have demonstrated a strong approach to greenhouse gas emissions reduction and climate changerisk, MHFG was selected for listing in the Carbon Performance Leader Index (CPLI) for its environmental business andinitiatives for reducing environmental burden, as one of the 33 global top companies and one of the 5 top Japanesecompanies.
* The Carbon Disclosure Project (CDP) is an international, not-for-profit organization providing the only global system for companies and cities tomeasure, disclose, manage and share vital environmental information.

Support for Financial Education
Lectures and Courses for Universities
Mizuho dispatches officers with ample hands-on expertise to give lectures on cutting-edge financial practices and othertopics. Lectures are held at Kyoto University, Keio University, the University of Tokyo, Hitotsubashi University, andWaseda University.

Practical Financial Education at Elementary, Junior High and High Schools
Mizuho has been conducting joint research on financial education with Tokyo Gakugei University since April 2006, andMizuho employees participate in lessons that make use of the results of the joint research. In addition, in August 2012, we
held the Children's Summer School, a financial education event, in all 47 prefectures in Japan at 78 branches of MHBK.

Multifaceted Barrier-free Initiatives
MHBK promotes multifaceted barrier-free initiatives through the Heartful Project to enable anyone to use its facilities
and services easily. To move these initiatives forward still further, MHBK has launched the Mizuho Heartful Business initiative to support corporate and individual customers who are making proactive efforts to respond to the problems offalling birthrates and an aging society. It also provides Mizuho Heartful Loans to corporate customers who are actively
engaged in offering products and services or employment opportunities for the elderly or disabled people.

31

Location of Overseas Offices(As of December 31, 2012 except for Mizuho Securities, which is as of January 4, 2013)

Network of Mizuho Corporate Bank

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

Asia and Oceania

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

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

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

Mizuho Corporate Bank (China), Ltd.
Dalian Branch

Nanjing Representative Office
Room 2220, Suning Universal Hotel,
188 Guangzhou Road, Nanjing,
Jiangsu Province 210024,
The People's Republic of China
TEL 86-25-8332-9379

Mizuho Corporate Bank (Malaysia)
BerhadLevel 27, Menara Maxis, Kuala Lumpur City
Centre, 50088 Kuala Lumpur, Malaysia
TEL 60-3-2058-6881

Myanmar

Yangon Representative Office
Room No.6055, 6th Floor, Sedona Business
Apartment, No.1, Ka Ba Aye Pagoda Road, YankinTownship, Yangon, Republic of the Union of
Myanmar
TEL 95-1-544-071

Philippines

Xiamen Representative Office

Manila Branch

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

26th Floor, Citibank Tower, Valero Street corner
Villar Street, Salcedo Village, 1227 Makati City,
Metro Manila, Philippines
TEL 63-2-860-3500

Hong Kong

Singapore

Hong Kong Branch

Singapore Branch

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

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

168 Robinson Road, #11-01 Capital Tower,
Singapore 068912, Republic of Singapore
TEL 65-6423-0330

Mizuho Corporate Bank (China), Ltd.
Guangzhou Branch

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

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

Mizuho Corporate Bank (China), Ltd.
Qingdao Branch

Kowloon Sub-Branch

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

India

Mumbai Branch

Mizuho Corporate Bank (China), Ltd.
Shenzhen Branch

New Delhi Branch

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

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

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

Mizuho Corporate Bank (China), Ltd.
Wuxi Branch

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

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

Taipei Branch

44th Floor, Qingdao International Finance Center,
59 Hong Kong Middle Road, Shinan District,
Qingdao, Shandong Province 266071,
The People's Republic of China
TEL 86-532-8097-0001

30th Floor, Excellence Century Center Tower1,
No.2030 Jintian Road, Futian District, Shenzhen,
Guangdong Province 518046,
The People's Republic of China
TEL 86-755-8282-9000

TaiwanKaohsiung Branch

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

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

Indonesia

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

Korea

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

Thailand

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

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

Seoul Branch

Ho Chi Minh City Branch

19th Floor, Seoul Finance Center, 136,
Sejong-daero, Jung-gu, Seoul, Korea
TEL 822-3782-8500

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

Malaysia

Australia

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

Sydney Branch

Labuan Branch, Kuala Lumpur
Marketing OfficeMizuho Corporate Australia Ltd.

Level 27, Menara Maxis, Kuala Lumpur City
Centre, 50088 Kuala Lumpur, Malaysia
TEL 60-3-2070-6880

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

32

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

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

Location of Overseas Offices

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

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

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

Germany

Duesseldorf Branch
Benrather Strasse 18-20, 40213 Duesseldorf,
F.R. Germany
TEL 49-211-13020

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

IranMexicoTehran Representative Office

Mexico Representative Office

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

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

TurkeyIstanbul Representative Office
Office 813, Tekfen Tower 8th Floor, Buyukdere
Caddesi No.209, 4. Levent 34394, Istanbul, Turkey
TEL 90-212-371-8474

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

Spain

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

The Netherlands

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

United Kingdom

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

Mizuho Capital Markets (UK) Limited
One Friday Street, London, EC4M 9JA, UK
TEL 44-20-3192-1300

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

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

U.A.E

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

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

Los Angeles Branch

RussiaZAO Mizuho Corporate Bank
(Moscow)
5th Floor, 20, bld. 1, Ovchinnikovskaya nab.,
115035 Moscow, Russian Federation
TEL 7-495-212-0333

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

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

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

Houston Representative Office2700 Post Oak Blvd., Suite 1350, Houston,
TX 77056, USA
TEL 1-713-499-4800

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

Italy

Milan Branch

U.S.A.

The Americas(Country/Region)
BahamasMizuho Corporate Bank (USA)Nassau Branch
SG Hambros Building West Bay Street
P.O. Box N-7788 Nassau, Bahamas

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

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

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

Cayman Islands

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

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

Mizuho Corporate Bank (USA)
Houston Representative Office2700 Post Oak Blvd., Suite 1350, Houston,
TX 77056, USA
TEL 1-713-499-4800

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

Mizuho Alternative Investments, LLC
1114 Avenue of the Americas, 31st Floor,
New York, NY 10036, USA
TEL 1-212-282-4420

Mizuho Capital Markets Corporation

Cayman Branch
c/o Intertrust Bank (Cayman) Limited,
P.O. Box 1034, 190 Elgin Avenue,
Grand Cayman KY1-9005, Cayman Islands

33

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

Location of Overseas Offices

Mizuho Desk(Country/Region)
Austria

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

U.A.E

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

Network of Mizuho Trust & Banking

Mizuho Securities USA Inc.
Hoboken OfficeMizuho Trust & Banking(Luxembourg) S.A.

Waterfront Corporate Center,
111 River Street, Suite 1100,
Hoboken, NJ 07030-5777, USA
TEL 1-800-221-8866

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

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

Network of Mizuho Securities
Beijing 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

Shanghai Representative Office
17th Floor, Shanghai World Financial Center,No.100, Century Ave., Pudong New Area,
Shanghai 200120, The People's Republic of China
TEL 86-21-6877-8000

Mizuho Investment Consulting(Shanghai) Co., Ltd.
33th Floor, Shanghai World Financial Center,No.100, Century Ave., Pudong New Area,
Shanghai 200120, The People's Republic of China
TEL 86-21-6877-5888

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

Mizuho Securities India Private Limited
Unit 141-144, 14th Floor, Free Press House,
215 Free Press Journal Marg, Nariman Point,
Mumbai, 400 021, India
TEL 91-22-6121-7600

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

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

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

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

Mizuho Securities USA Inc.
320 Park Avenue, New York,NY 10022, USA
TEL 1-212-209-9300

34Mizuho Securities USA Inc.
Chicago Office
311 South Wacker Drive, Suite 700,
Chicago, IL 60606-6620, USA
TEL 1-312-294-8800

Mizuho Securities USA Inc.
San Francisco Office
3 Embarcadero Center, Suite 1620,
San Francisco, CA 94111, USA
TEL 1-415-268-5500

Mizuho Securities USA Inc.
Los Angeles Office
1875 Century Park East, Suite 700,
Los Angeles, CA 90067, USA
TEL 1-310-284-3270

Mizuho Securities USA Inc.
Boston Office
125 High Street, 21st Floor,
Boston, MA 02210, USA
TEL 1-617-235-1722

Mizuho Securities USA Inc.
Atlanta Office3455 Peachtree Road, 5th Floor,
Atlanta, GA 30326, USA
TEL 1-404-995-6830

Mizuho Securities USA Inc.
Houston Office2700 Post Oak Blvd. Suite 1350
Houston, TX 77056, USA
TEL 1-713-499-4800

Mizuho Securities USA Inc.
London Office
Bracken House, One Friday Street,
London, EC4M 9JA, UK
TEL 44-20-7776-5800

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

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

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

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

Investor Information

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

January 8, 2003

Paid-in Capital¥2,254,972 million

Marubeni Corporation

14,500,000

3.90

SHIMIZU CORPORATION

10,000,000

2.69

Issued Shares

Electric Power Development Co., Ltd.

10,000,000

2.69

25,007,596,457 shares
Common Stock: 24,056,154,457 shares
Preferred Stock:951,442,000 shares

NIPPON EXPRESS CO., LTD.

10,000,000

2.69

JFE Steel Corporation

6,000,000

1.61

NIPPON STEEL CORPORATION

6,000,000

1.61

Number of Shareholders

ALL NIPPON AIRWAYS CO., LTD.

6,000,000

1.61

Common Stock:
Preferred Stock:

DAIICHI SANKYO COMPANY, LIMITED

6,000,000

1.61

Canon Inc.

5,000,000

1.34

Kyushu Electric Power Company,
Incorporated

5,000,000

1.34

923,540
1,534

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

Japan Trustee Services Bank, Ltd.
(Trustee account)

1,415,795,800

5.89

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

1,034,000,100

4.30

SSBT OD05 OMNIBUS ACCOUNT TREATY CLIENTS (Standing proxyagent: The Hong Kong and Shanghai
Banking Corporation Limited)

598,698,633

2.49

Barclays Securities Japan Limited

382,687,100

1.59Japan Trustee Services Bank, Ltd.
(Trustee account 9)300,445,200

1.24Japan Trustee Services Bank, Ltd.
(Trustee account 4)

268,270,100

1.11

The Dai-ichi Life Insurance
Company, Limited

255,691,025

1.06Japan Trustee Services Bank, Ltd.
(Trustee account 1)

232,158,800

0.96Japan Trustee Services Bank, Ltd.
(Trustee account 6)

223,252,800

0.92Japan Trustee Services Bank, Ltd.
(Trustee account 3)

210,199,300

0.87

Notes:1. Figures for the percentage of shares outstanding are rounded down to
the nearest second decimal place.
2. Percentages of shares outstanding of Preferred Stock are calculated by
excluding the treasury stock (543,333,800 shares). Furthermore, the543,333,800 shares of the treasury stock are not included in theabove list of major shareholders.

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

Notes:1. Figures for the percentage of shares outstanding are rounded down to
the nearest second decimal place.
2. The percentages of shares outstanding of Common Stock are calculated by excluding the treasury stock (20,385,930 shares).

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

16.35

Shiseido Company, Limited

5,000,000

13.62

SHARP FINANCE CORPORATION

5,000,000

13.62

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

5,000,000

13.62

NISSIN FOODS HOLDINGS CO., LTD.

3,000,000

8.17

OBAYASHI CORPORATION

2,000,000

5.45

YANMAR Co., Ltd.

2,000,000

5.45

KOSE Corporation

1,000,000

2.72

FUJI MEDIA HOLDINGS, INC.

1,000,000

2.72

KURABO INDUSTRIES LTD.

500,000

1.36

Notes:1. Figures for the percentage of shares outstanding are rounded down to
the nearest second decimal place.
2. There is no treasury stock pertaining to the Thirteenth Series Class XIII
Preferred Stock.
(As of September 30, 2012)35

Investor Information

Stock Listing(Common Stock)

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.

Tokyo Stock Exchange
Osaka Securities Exchange

Accounting Auditors
Ernst & Young ShinNihon LLC

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

Share Unit
ADR* Information

100 shares

Outline of Mizuho Financial Group's ADR

Fiscal Year
April 1 to March 31

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

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 register ofshareholders as of the end of March 31 of each year as theshareholders who are entitled to exercise their rights at theordinary general meeting of shareholders for the relevantbusiness year.
2. The provision of the preceding paragraph shall apply
mutatis mutandis to the record date for voting rights at thegeneral meetings of holders of classes of stock, where
there is a matter to be resolved at an ordinary general
meeting of shareholders that requires, in addition to such
resolution, a resolution by the relevant general meeting ofholders of class of stock.
3. In addition to the preceding two paragraphs, the Company
may temporarily set the record date whenever necessary,by a resolution of the Board of Directors and upon giving aprior public notice thereof.

* 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.

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.

36

Disclosure Policy

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

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

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

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

Privacy Policy Regarding Customer Information

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

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

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

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

Continuous Improvement

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

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

Purpose of Use

Procedures to Request Disclosure

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

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

Limitation on Providing Personal Information to a
Third Party

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

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

38

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

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

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

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

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

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

39

Interim Review (Financial Information)
For the Six Months ended September 30, 2012

<Under Japanese GAAP>

Mizuho Financial Group, Inc.

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

For the Six Months ended September 30, 2012 and 2011,
and for the Fiscal Year ended March 31, 2012

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

September 30, 2012
1,447,821
285,747
277,414
184,276
76,371￥Millions of yen
March 31, 2012
2,715,674
648,561
716,449484,519
152,760￥

September 30, 2011
1,344,326
256,467
343,634
254,665
76,410Thousands of U.S. dollars
September 30, 2012$
18,655,095
3,681,835
3,574,469
2,374,389
984,046

September 30, 2011
161,286,878
47,554,498
61,731,606
77,332,871
6,518,929

Thousands of U.S. dollars
September 30, 2012$
2,133,741,277
625,589,310
820,129,003
1,018,087,116$
86,997,111

September 30, 2011

U.S. dollars
September 30, 2012

*Non-consolidated basis

As of September 30, 2012 and 2011, and March 31, 2012

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

September 30, 2012
165,599,660
48,551,986
63,650,211
79,013,741
6,751,845￥￥

Millions of yen
March 31, 2012
165,360,501
51,392,878
63,800,509
78,811,909
6,869,295￥￥*Deposits does not include Negotiable Certificates of Deposit.

For the Six Months ended September 30, 2012 and 2011,
and for the Fiscal Year ended March 31, 2012

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

Yen
March 31, 2012

September 30, 2012
￥

7.49

￥

20.62

￥

11.28

Consolidated Capital Adequacy Ratio (BIS Standard)

0.10

3

6

3

0.04

10
15

20
30

10
15

0.13
0.19

September 30, 201215.45%March 31, 201215.50%

September 30, 201114.92%*Non-consolidated basis

As of September 30, 2012 and 2011, and March 31, 2012$

Note: The rate of ¥ 77.61=US$ 1.00, the foreign exchange rate on September 30, 2012, has been used for translation.

CONTENTS

Notes:"CON": Consolidated figures of Mizuho Financial Group, Inc. ("MHFG").
"NON": Non-consolidated figures of Mizuho Bank, Ltd. ("MHBK"), Mizuho Corporate Bank, Ltd. ("MHCB") and Mizuho Trust & Banking Co., Ltd.
("MHTB").
"HC": Non-consolidated figures of Mizuho Financial Group, Inc.

I. CONSOLIDATED FINANCIAL STATEMENTS

See above Notes

Page

1. Consolidated Balance SheetCON

1

2. Consolidated Statement of Income and Consolidated Statement of Comprehensive IncomeCON

2

3. Consolidated Statement of Changes in Net Assets

CON

4

4. Consolidated Statement of Cash FlowsCON

6

II. FINANCIAL DATA

See above Notes

Page

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

7

2. Assets and Liabilities

NON

3. Income Analysis

CON

NON

8

NON

13

NON

7

4. Breakdown of Income

CON

5. Interest Margins (Domestic Operations)NON

6. Use and Source of Funds

CON

7. Net Gains/Losses on Securities

NON

8. Unrealized Gains/Losses on Securities

CON

9. Projected Redemption Amounts for Securities

NON

10. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON

11. Employee Retirement Benefits

NON

CON

26

12. Capital Adequacy Ratio

CON

NON

28

III. REVIEW OF CREDITS

14
15

NON

20
22

NON

24
25

See above Notes

Page

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

CON

NON

30

2. Status of Reserves for Possible Losses on Loans

CON

NON

32

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

CON

NON

33

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

CON

NON

34

5. Coverage on Disclosed Claims under the FRL

NON

36

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

NON

39

7. Results of Removal of NPLs from the Balance Sheet

NON

40

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

NON

42

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

NON

44

(1) Balance of Housing and Consumer Loans

NON

45

(2) Loans to SMEs and Individual Customers

NON

45

(1) Balance of Loans to Restructuring Countries

NON

46

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

NON

46

8. Status of Loans by Industry

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

10. Status of Loans by Region

IV. OTHERS

See above Notes

1. Breakdown of Deposits (Domestic Offices)

NON

2．Number of Directors and Employees

HC

3．Number of Branches and Offices

NON

Page

47
NON

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

48
49

Page

50

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

Mizuho Financial Group, Inc.

I. CONSOLIDATED FINANCIAL STATEMENTS
1. Consolidated Balance Sheet
As of September 30, 2012
Millions of yen

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

Total Assets
Liabilities

79,013,741
12,394,561
5,660,219
14,079,596
9,191,355
426,514
7,992,452
11,803,697
167,989494,598
4,855,663
1,057,519
3,549,842
4,214,724
27,181
36,9561,850
20
14,526
16,01324,515
1,194
17,08582,586
3,723,410
158,847,814

Deposits
Negotiable Certificates of Deposit
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
Derivatives other than for Trading Liabilities
Other Liabilities
Reserve for Bonus Payments
Reserve for Employee Retirement Benefits
Reserve for Director and Corporate Auditor Retirement Benefits
Reserve for Possible Losses on Sales of Loans
Reserve for Contingencies
Reserve for Reimbursement of Deposits
Reserve for Reimbursement of Debentures
Reserves under Special Laws
Deferred Tax Liabilities
Deferred Tax Liabilities for Revaluation Reserve for Land
Acceptances and Guarantees

Total Liabilities
Net Assets
Common Stock and Preferred Stock
Capital Surplus
Retained Earnings
Treasury Stock
Total Shareholders' Equity
Net Unrealized Gains (Losses) on Other Securities
Deferred Gains or Losses on Hedges
Revaluation Reserve for Land
Foreign Currency Translation Adjustments
Total Accumulated Other Comprehensive Income
Stock Acquisition Rights
Minority Interests

Total Net Assets
Total Liabilities and Net Assets

8,217,669
326,889
8,813,278
6,446,602
1,378,582
15,448,338
72,90748,551,986
63,650,211
1,038,653
4,073,950
2,695,563
899,877475,510437,489
3,723,410(651,217)(43)
165,599,660\

2,254,972
1,109,508
1,513,862(4,716)
4,873,626(33,425)
94,126
143,449(103,933)
100,216
2,749
1,775,252
6,751,845
165,599,660*Amounts less than one million yen are rounded down.

1

Mizuho Financial Group, Inc.

2. Consolidated Statement of Income andConsolidated Statement of Comprehensive Income
For the Six Months Ended September 30, 2012
【Consolidated Statement of Income 】
Millions of yen

Ordinary Income\

1,447,821

Interest Income

694,989

Interest on Loans and Bills Discounted

440,615Interest and Dividends on Securities

168,509

Fiduciary Income

23,913

Fee and Commission Income

270,722

Trading Income

122,453

Other Operating Income

246,823

Other Ordinary Income

88,920Ordinary Expenses

1,162,074

Interest Expenses

161,963Interest on Deposits*

45,915

Fee and Commission Expenses

56,257

Other Operating Expenses

36,631

General and Administrative Expenses

607,327

Other Ordinary Expenses

299,895
285,747

Ordinary Profits
Extraordinary Gains

974

Extraordinary Losses

9,307
277,414

Income before Income Taxes and Minority Interests
Income Taxes:
Current

128,456

Deferred(77,383)

Total Income Taxes

51,073Net Income before Minority Interests

226,341

Minority Interests in Net Income

42,064Net Income\

184,276*Amounts less than one million yen are rounded down.
*Interest on Deposits does not include Interest on Negotiable Certificates of Deposit.

2

Mizuho Financial Group, Inc.

【Consolidated Statement of Comprehensive Income】
Millions of yen
226,341(44,602)(70,559)
26,986(0)(1,874)

Income before Minority Interests¥
Other Comprehensive Income
Net Unrealized Gains (Losses) on Other Securities
Deferred Gains or Losses on Hedges
Revaluation Reserve for Land
Foreign Currency Translation Adjustments
Share of Other Comprehensive Income of Associates Accounted
for Using Equity Method
Comprehenshive Income
Comprehensive Income Attributable to Owners of the Parent
Comprehensive Income Attributable to Minority Interests

845
181,738
138,991
42,747*Amounts less than one million yen are rounded down.

3

Mizuho Financial Group, Inc.

3. Consolidated Statement of Changes in Net Assets
For the Six Months Ended September 30, 2012
Millions of yen

Shareholders' Equity
Common Stock and Preferred Stock
Balance as of the beginning of the period¥

2,254,972

Changes during the period
Total Changes during the period-

Balance as of the end of the period

2,254,972

Capital Surplus
Balance as of the beginning of the period

1,109,783

Changes during the period
Disposition of Treasury Stock(275)

Total Changes during the period(275)

Balance as of the end of the period

1,109,508

Retained Earnings
Balance as of the beginning of the period

1,405,066

Changes during the period
Cash Dividends(76,322)Net Income

184,276

Disposition of Treasury Stock(344)

Transfer from Revaluation Reserve for Land

1,185

Total Changes during the period

108,795

Balance as of the end of the period

1,513,862

Treasury Stock
Balance as of the beginning of the period(7,074)

Changes during the period
Repurchase of Treasury Stock(246)

Disposition of Treasury Stock2,603

Total Changes during the period

2,357

Balance as of the end of the period(4,716)

Total Shareholders' Equity
Balance as of the beginning of the period

4,762,749

Changes during the period
Cash Dividends(76,322)Net Income

184,276

Repurchase of Treasury Stock(246)

Disposition of Treasury Stock

1,984

Transfer from Revaluation Reserve for Land

1,185

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

110,877¥*Amounts less than one million yen are rounded down.

44,873,626

Mizuho Financial Group, Inc.
Millions of yen

Accumulated Other Comprehensive Income
Net Unrealized Gains (Losses) on Other Securities
Balance as of the beginning of the period¥

37,857

Changes during the period
Net Changes in Items other than Shareholders' Equity(71,282)

Total Changes during the period(71,282)

Balance as of the end of the period(33,425)

Deferred Gains or Losses on Hedges
Balance as of the beginning of the period

67,045

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

27,080Total Changes during the period

27,080

Balance as of the end of the period

94,126

Revaluation Reserve for Land
Balance as of the beginning of the period

144,635

Changes during the period
Net Changes in Items other than Shareholders' Equity(1,186)

Total Changes during the period(1,186)

Balance as of the end of the period

143,449

Foreign Currency Translation Adjustments
Balance as of the beginning of the period(102,850)

Changes during the period
Net Changes in Items other than Shareholders' Equity(1,082)

Total Changes during the period(1,082)

Balance as of the end of the period(103,933)

Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period

146,687

Changes during the period
Net Changes in Items other than Shareholders' Equity(46,470)

Total Changes during the period(46,470)

Balance as of the end of the period

100,216

Stock Acquisition Rights
Balance as of the beginning of the period

2,158

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

590

Total Changes during the period

590

Balance as of the end of the period

2,749

Minority Interests
Balance as of the beginning of the period

1,957,699

Changes during the period
Net Changes in Items other than Shareholders' Equity(182,447)

Total Changes during the period(182,447)

Balance as of the end of the period

1,775,252

Total Net Assets
Balance as of the beginning of the period

6,869,295

Changes during the period
Cash Dividends(76,322)Net Income

184,276

Repurchase of Treasury Stock(246)

Disposition of Treasury Stock

1,984

Transfer from Revaluation Reserve for Land

1,185

Net Changes in Items other than Shareholders' Equity(228,327)

Total Changes during the period
Balance as of the end of the period(117,449)¥*Amounts less than one million yen are rounded down.

56,751,845

Mizuho Financial Group, Inc.

4. Consolidated Statement of Cash Flows
For the Six Months Ended September 30, 2012
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 Loss (Gain) from Investments in Affiliates
Increase (Decrease) in Reserves for Possible Losses on Loans
Increase (Decrease) in Reserve for Possible Losses on Investments
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans
Increase (Decrease) in Reserve for Contingencies
Increase (Decrease) in Reserve for Bonus Payments
Increase (Decrease) in Reserve for Employee Retirement Benefits
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits
Increase (Decrease) in Reserve for Reimbursement of Deposits
Increase (Decrease) in Reserve for Reimbursement of Debentures
Interest Income - accrual basis
Interest Expenses - accrual basis
Losses (Gains) on Securities
Losses (Gains) on Money Held in Trust
Foreign Exchange Losses (Gains) - net
Losses (Gains) on Disposition of Fixed Assets
Decrease (Increase) in Trading Assets
Increase (Decrease) in Trading Liabilities
Decrease (Increase) in Derivatives other than for Trading Assets
Increase (Decrease) in Derivatives other than for Trading Liabilities
Decrease (Increase) in Loans and Bills Discounted
Increase (Decrease) in Deposits
Increase (Decrease) in Negotiable Certificates of Deposit
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)
Decrease (Increase) in Call Loans, etc.
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions
Increase (Decrease) in Call Money, etc.
Increase (Decrease) in Commercial Paper
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions
Decrease (Increase) in Foreign Exchange Assets
Increase (Decrease) in Foreign Exchange Liabilities
Increase (Decrease) in Short-term Bonds (Liabilities)
Increase (Decrease) in Bonds and Notes
Increase (Decrease) in Due to Trust Accounts
Interest and Dividend Income - cash basis
Interest Expenses - cash basis
Other - net
Subtotal
Cash Refunded (Paid) in Income Taxes
Net Cash Provided by (Used in) Operating Activities

277,41478,466
2,568
1,677(5,519)(34,895)
32
12(10,033)(10,999)
779
(410)
243
4,322
(694,989)
161,963
38,949(36)424,834
2,042(1,501,331)(139,118)
351,500(683,145)(274,951)
507,614743,314(2,918,867)(279,169)(1,973,123)(40,192)
2,216,478
83,822
1,480,982(44,321)(64,983)(43,600)(69,622)54,389730,156(185,502)
659,873(1,153,373)(85,786)(1,239,160)

II. Cash Flow from Investing Activities(70,899,917)
63,900,966
9,253,042(25,118)
22,518(12,630)(40,587)
4,362
1,648
1,479
2,205,764

Payments for Purchase of Securities
Proceeds from Sale of Securities
Proceeds from Redemption of Securities
Payments for Increase in Money Held in Trust
Proceeds from Decrease in Money Held in Trust
Payments for Purchase of Tangible Fixed Assets
Payments for Purchase of Intangible Fixed Assets
Proceeds from Sale of Tangible Fixed Assets
Proceeds from Sale of Intangible Fixed Assets
Proceeds from Sale of Stocks of Subsidiaries (affecting the scope of consolidation)
Net Cash Provided by (Used in) Investing Activities
III. Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money
Repayments of Subordinated Borrowed Money
Proceeds from Issuance of Subordinated Bonds
Payments for Redemption of Subordinated Bonds
Proceeds from Investments by Minority Shareholders
Repayments to Minority Shareholders
Cash Dividends Paid
Cash Dividends Paid to Minority Shareholders
Payments for Repurchase of Treasury Stock
Proceeds from Sale of Treasury Stock
Net Cash Provided by (Used in) Financing Activities
IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents
V.Net Increase (Decrease) in Cash and Cash Equivalents
VI. Cash and Cash Equivalents at the beginning of the period
VII. Increase in Cash and Cash Equivalents from Newly Consolidated Subsidiary
VIII. Cash and Cash Equivalents at the end of the period\

15,000(47,000)
174,415(19,200)
1,001(171,000)(76,232)(48,273)(2)
1,072(170,218)
3,186
799,572
6,483,138
0
7,282,711*Amounts less than one million yen are rounded down.

6

Mizuho Financial Group, Inc.

II. FINANCIAL DATA
1. Differences between Consolidated Figures and Aggregated Figures of the 3 Banks
Consolidated and Non-Consolidated(Billions of yen, %)First Half of Fiscal 2012
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)
Gross Profits

6

880.1
475.7
23.5
147.9
45.3
187.5

223.8
57.2
0.3
66.5
77.0
22.6

79.7
89.2
98.6
68.9
37.0
89.2

990.5
535.1
24.5
211.3
87.6
131.8

792.3
484.0
24.2
135.4
31.5
117.0

198.2
51.0
0.2
75.9
56.1
14.8

79.9
90.4
98.9
64.0
35.9
88.7

7

5.9

0.8

5.1

13.7

13.2

8.4

4.7

64.0

285.7
184.2
499.3

158.0
113.2
463.4

127.6
71.0
35.8

55.3
61.4
92.8

256.4
254.6
351.4

219.4
152.4
359.5

37.0
102.1
(8.1)

85.5
59.8
102.3

2

Fiduciary Income

3

Net Fee and Commission Income

4

Net Trading Income

5(including Credit Costs for Trust Accounts)(b) / (a)1,104.0
533.0
23.9
214.4
122.4
210.1

1

Net Interest Income

Net Other Operating Income
Credit-related Costs(b) / (a)First Half of Fiscal 2011
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)

Ordinary Profits

8

Net Income

9

Net Business Profits10* Credit-related Costs = Expenses related to Portfolio Problems + Reversal of (Provision for) General Reserve for Possible Losses on Loans + Reversal of Reserves for Possible Losses on Loans, etc.
+ Credit Costs for Trust Accounts* Consolidated Net Business Profits = Consolidated Gross Profits - General and Administrative Expenses (excluding Non-Recurring Losses)+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments

As of September 30, 2012
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)
Total Assets

11

Securities

12

Loans and Bills Discounted

13

165,599.6
48,551.9
63,650.2

156,217.8
49,269.2
63,423.9(b) / (a)9,381.8(717.3)
226.3

94.3
101.4
99.6

(Billions of yen, %)As of March 31, 2012
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)(b) / (a)Three Banks(a)(b)

165,360.5
51,392.8
63,800.5

158,157.9
52,102.5
63,878.6

2. Assets and Liabilities
Non-Consolidated

Aggregated Figures of the 3 Banks(Billions of yen)
As of September 30, 2012

Shareholders' Equity

13

156,217.8
9,189.5
9,978.6
49,269.2
63,423.9
150,123.0
79,758.7
12,613.6
14,985.3
6,094.7
5,781.8

Valuation and Translation
Adjustments

14

312.8

Total Assets

1

Cash & Due from Banks

2

Call Loans

3

Securities

4

Loans and Bills Discounted

5

Total Liabilities

6

Deposits

7

Negotiable Certificates of Deposit

8

Debentures

9

Call Money and Bills Sold

10

Bills Sold

11

Total Net Assets

12

Change fromMarch 31,2012

As of March
31, 2012

As of
September 30,
2011(1,940.1)
1,031.3
1,104.5(2,833.2)(454.7)(1,833.8)
230.0
514.5
1,064.7(106.3)(116.8)158,157.9
8,158.2
8,874.0
52,102.5
63,878.6
151,956.9
79,528.6
12,099.1
13,920.6
6,201.0
5,898.7

151,730.5
7,099.2
8,882.0
48,278.1
61,593.4
145,962.4
77,970.6
11,472.4
25.9
13,564.4
5,768.0
5,620.7

10.4

302.3

147.2

Stock Acquisition Rights
15*“Loans and Bills Discounted” includes loans to MHFG as follows:
As of September 30, 2011 : \738.3 billion (from MHBK \700.0 billion; from MHCB \38.3 billion)
As of March 31, 2012 : \741.0 billion (from MHBK \700.0 billion; from MHCB \41.0 billion)
As of September 30, 2012 : \568.8 billion (from MHBK \530.0 billion; from MHCB \38.8 billion)

77,202.5(709.6)(78.1)

95.6
101.3
100.1

Mizuho Financial Group, Inc.

3. Income Analysis
Consolidated(Millions of yen)First Half of Fiscal
2012

11

1,104,049
533,026
23,913
214,464
122,453
210,192(607,327)(304,209)(277,451)(25,666)

113,507(2,123)(594)
3,133
34,76478,32729,44912,211
15,6801,557

990,542535,149
24,507211,331
87,688131,864(636,777)(316,420)(293,132)(27,223)

12(19,592)362(19,954)13(297)(7,650)(166,980)
5,436
55,15329,279(95,499)(91,180)(66,219)(107,412)
103,374(70,258)(131)(70,389)(19,326)
33,198(60,616)82(50,007)
256,467
87,166
91,180343,634(21,043)(25,991)
296,599(41,933)
254,665(7,288)13,244

147,923

351,426

Consolidated Gross Profits

1

Net Interest Income

2

Fiduciary Income

3

Credit Costs for Trust Accounts

4

Net Fee and Commission Income

5

Net Trading Income

6

Net Other Operating Income

7

General and Administrative Expenses

8

Personnel Expenses

9

Non-Personnel Expenses

10

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

Minority Interests in Net Income

25

Net Income

26(19,623)
25,548(227,596)
5,519
5,146
285,747(8,332)
277,414(128,456)
77,383
226,341(42,064)
184,27627

5,955

Losses on Write-offs of Loans
Reversal of Reserves for Possible Losses on Loans, etc.

14

Net Gains (Losses) related to Stocks

15

Equity in Income from Investments in Affiliates

16

Other

17

Ordinary Profits

18

Net Extraordinary Gains (Losses)
Gains on Negative Goodwill Incurred
Income before Income Taxes and Minority Interests

19
20
21

Income Taxes - Current

22- Deferred

23

Net Income before Minority Interests

24

Credit-related Costs

First Half of Fiscal
2011

Change(including Credit Costs for Trust Accounts)* Credit-related Costs [27] = 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. [14] + Credit Costs for Trust Accounts [4](Reference)

Consolidated Net Business Profits28

499,349* Consolidated Net Business Profits [28] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses)+ Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Number of consolidated subsidiaries

29

Number of affiliates under the equity method

30

8

148
22

(5)
(1)

153
23

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks
Non-Consolidated(Millions of yen)First Half of Fiscal 2012
MHBK

MHCB

AggregatedFigures

MHTB

First Half of
Fiscal 2011

Change1434,222386,728

59,239880,189

87,882

792,307

Domestic Gross Profits2356,455

166,975

55,803579,233

48,755

530,478

Net Interest Income

3

247,647

95,99819,590363,236(16,648)

379,885

Fiduciary Income

423,583

23,583(659)

24,242Trust Fees for Loan Trust and Jointly Operated Designated Money Trust

5

1,463

1,463

(106)

1,570

Credit Costs for Trust Accounts*

6

-

-

-

-

Net Fee and Commission Income

7

7,812

96,387

Net Trading Income

10,654

Net Other Operating Income

Gross Profits

69,386

26,564

8,249

104,200

8

2,189

11,295

1,922

15,4074,752

937,232

33,1162,457

72,80653,496

19,309International Gross Profits

10

77,766

219,753

3,436

300,955

39,127

261,828

Net Interest Income

11

14,04896,891

1,589

112,529

8,341

104,188

Net Fee and Commission Income

12

5,942

37,952(176)

43,7184,680

39,037

Net Trading Income

13

Net Other Operating Income

14

21,28736,487

9,938
74,970(1,256)
3,280

29,969114,738

9,099
17,006

20,87097,73215(265,123)(114,493)(37,118)(416,735)

16,038(432,774)

Expense Ratio

16

Personnel Expenses

17
19

61.0%
(91,123)(159,285)(19,747)

29.6%(46,801)(62,138)(3,006)62.6%(16,946)(18,985)
(948)

47.3%
(154,872)(240,409)(23,702)(7.2%)
2,483
12,061
4,403

54.6%(157,355)(252,471)(28,105)

20(14,714)(5,553)(1,186)(21,454)

1,493(22,947)21

169,098

272,234

22,120463,453

103,921359,532
277,780

General and Administrative Expenses (excluding Non-Recurring Losses)

Non-Personnel Expenses
Premium for Deposit Insurance
Miscellaneous Taxes
Net Business Profits (before Reversal of (Provision for) General
Reserve for Possible Losses on Loans)18

22

99,818170,284

16,299286,402

8,621

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

23-(3,100)-(3,100)3,940(7,040)Net Business Profits

24

169,098

269,134

22,120460,353

107,861

352,492

Excluding Net Gains (Losses) related to Bonds

25

69,280101,949

5,820

177,051

95,29981,751

26(108,915)(174,080)(19,264)(302,259)(169,188)(133,071)

Net Gains (Losses) related to Stocks

27(95,655)(162,411)(16,411)(274,477)(207,203)(67,274)

Expenses related to Portfolio Problems

28(11,351)(5,132)(258)(16,743)(8,824)(7,918)

Reversal of Reserves for Possible Losses on Loans, etc.

29

13,809

5,374

1,477

20,662(2,785)23,447Other

30(15,718)(11,911)(4,071)(31,700)

49,625(81,325)

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

Ordinary Profits31

60,183

95,053

2,856

158,093(61,327)

219,420Net Extraordinary Gains (Losses)

32(1,907)(1,497)(427)(3,832)

26,306(30,139)Net Gains (Losses) on Disposition of Fixed Assets

33(1,387)75(408)(1,719)(338)(1,381)

Losses on Impairment of Fixed Assets

34

(520)

(1,572)(19)(2,112)(1,083)(1,029)

Income before Income Taxes

35

58,27593,5562,428

154,260(35,020)

189,281

Income Taxes - Current

36(43,447)(71,217)(3,507)(118,172)(106,191)(11,980)- Deferred

37

6,010

68,095

3,043

77,148

101,961(24,812)38

20,83890,433

1,964

113,236(39,251)

152,488

Net Income* 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" [6].

Credit-related Costs

39

2,457

(2,858)

1,218

818

(7,670)8,488

17,573(3,433)(13,663)
(0)
569
(227)
818

11,057(2,297)(17,624)
(1)
671
523
(7,670)6,515(1,136)
3,961
1
(101)
(751)
8,488

*Credit-related Costs [39] = Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [23]+ Reversal of Reserves for Possible Losses on Loans, etc. [29] + Credit Costs for Trust Accounts [6](Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts

40

Reversal of (Provision for) General Reserve for Possible Losses on Loans 41

Losses on Write-offs of Loans

42

Reversal of (Provision for) Specific Reserve for Possible Losses on Loans 43
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

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

44
45
46
47

18,900(5,633)(10,781)
(27)
2,457

9

(3,100)2,458(2,350)
(0)
334
(200)
(2,858)

1,773
(258)
(531)
0
234
1,218

Mizuho Financial Group, Inc.

Mizuho Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2012

First Half of Fiscal 2011

Change1434,22252,003382,218

Domestic Gross Profits2356,455

14,704

341,751

Net Interest Income

3

247,647(17,246)

264,893

Net Fee and Commission Income

469,386

7,724

61,662

Net Trading Income

5

2,189

(566)

2,755

Net Other Operating Income

637,232

24,792

12,440International Gross Profits

7

77,76637,29940,467Net Interest Income

8

14,048

6,298

7,750

Net Fee and Commission Income

9

5,942

690

5,252

Net Trading Income

10

21,287(4,153)25,44011

36,487

34,464

2,023

12

17

(265,123)
61.0%(91,123)(159,285)(19,747)(14,714)

11,140(11.2%)
4,316
5,606
3,443
1,218

(276,263)
72.2%(95,439)(164,892)(23,191)(15,932)

Gross Profits

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

Expense Ratio

13

Personnel Expenses

14

Non-Personnel Expenses

15

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

16

18

169,098

63,143105,954

19

99,818

10,83788,980

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

20

Net Business Profits

21

63,14352,305(57,165)(90,462)
2,547(7,583)38,332
5,977
27,579(468)
320
33,557(43,228)
12,904
3,234

105,954
16,974(51,749)(5,192)(13,899)
21,393(54,050)
54,205(29,487)
(918)
(841)
24,718(219)(6,894)
17,604(5,035)

7,493

6,543
(3,576)(8,695)692(5,035)

12,356(2,057)(2,086)
(719)
7,493

Excluding Net Gains (Losses) related to Bonds

Net Income

35

169,098
69,280(108,915)(95,655)(11,351)
13,809(15,718)
60,183(1,907)(1,387)(520)
58,275(43,447)
6,010
20,838Credit-related Costs

36

2,457

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

22
23
24

Expenses related to Portfolio Problems

25

Reversal of Reserves for Possible Losses on Loans, etc.

26

Other

27

Ordinary Profits

28

Net Extraordinary Gains (Losses)

29

Net Gains (Losses) on Disposition of Fixed Assets

30

Losses on Impairment of Fixed Assets

31

Income before Income Taxes

32

Income Taxes - Current

33- Deferred34* Credit-related Costs [36] = 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. [26](Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans
Losses on Write-offs of Loans
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

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

37
38
39
40
41
42
43

10

18,900(5,633)(10,781)
(27)
2,457

Mizuho Financial Group, Inc.

Mizuho Corporate Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2012

First Half of Fiscal 2011

Change1

386,728

38,994

347,734

Domestic Gross Profits2

166,975

34,771

132,203

Net Interest Income

395,998492

95,506Net Fee and Commission Income

426,564956

25,607

Net Trading Income

511,295

5,252

6,043

Net Other Operating Income

633,11628,0705,046International Gross Profits7

219,753

4,222

215,530Net Interest Income

896,891

2,355

94,535Net Fee and Commission Income

937,952

4,107

33,844

Net Trading Income

10

9,938

13,681(3,743)

11

74,970(15,923)

90,893

12(114,493)

2,340(116,834)

Gross Profits

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

Expense Ratio

13

29.6%

(3.9%)

33.5%

Personnel Expenses

14(46,801)(2,774)(44,026)

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

15(62,138)

4,861(66,999)

16(3,006)699(3,705)17(5,553)253(5,807)18

272,234

41,334

230,899
172,61719

170,284(2,333)

Reversal of (Provision for) General Reserve for Possible Losses on Loans20(3,100)3,940(7,040)Net Business Profits

21

269,134

45,274

223,859

Excluding Net Gains (Losses) related to Bonds

22

101,949

43,66858,281

23(174,080)(101,190)(72,889)

Net Gains (Losses) related to Stocks

24(162,411)(102,970)(59,440)

Expenses related to Portfolio Problems

25(5,132)(11,283)

6,150

Reversal of Reserves for Possible Losses on Loans, etc.

26

5,374

3,798

1,576

Other

27

(11,911)

9,265(21,176)
150,969

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

Ordinary Profits

28

95,053(55,915)Net Extraordinary Gains (Losses)

29(1,497)

(874)

(622)

Net Gains (Losses) on Disposition of Fixed Assets

30

75

512

(437)

Losses on Impairment of Fixed Assets

31(1,572)(1,387)(185)

32

93,556(56,790)

150,346

Income Taxes - Current

33(71,217)(59,461)(11,756)- Deferred34

68,09581,561(13,466)

Net Income

35

90,433(34,689)

125,123

Credit-related Costs

36(2,858)(3,544)

686

3,940
1,368
(9,128)
(1)
445
(168)
(3,544)(7,040)
1,090
6,778
1
(110)
(32)
686

Income before Income Taxes* Credit-related Costs [36] = 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. [26](Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans

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

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

37
38
39
40
41
42
43

(3,100)2,458(2,350)
(0)
334
(200)
(2,858)11

Mizuho Financial Group, Inc.

Mizuho Trust & Banking
Non-Consolidated(Millions of yen)First Half of Fiscal 2012

First Half of Fiscal 2011

Change1

59,239(3,115)62,354

Domestic Gross Profits2

55,803(720)

56,524Net Interest Income

3

19,590105

19,485

Fiduciary Income

423,583(659)

24,242Trust Fees for Loan Trust and Jointly Operated Designated Money Trust

5

1,463

(106)

1,570

Credit Costs for Trust Accounts*

6

-

-

-

Net Fee and Commission Income

7

8,249

(867)

9,117

Net Trading Income

8

1,922

66

1,856

Net Other Operating Income

9

2,457

634

1,822

International Gross Profits

10

3,436

(2,394)

5,830

Net Interest Income

11

1,589

(313)

1,902

Net Fee and Commission Income

12

(176)

(117)

(59)

Net Trading Income

13(1,256)

(429)

(826)

14

3,280

(1,534)4,814

15(37,118)

2,557(39,676)

Gross Profits

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

Expense Ratio

16

62.6%

(0.9%)

63.6%

Personnel Expenses

17(16,946)942(17,889)

Non-Personnel Expenses

18(18,985)

1,593(20,579)

19

(948)

260

(1,208)20(1,186)21(1,207)

21

22,120(557)

22,677
16,182Premium for Deposit Insurance
Miscellaneous Taxes
Net Business Profits (before Reversal of (Provision for) General Reserve
for Possible Losses on Loans)22

16,299117

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

23

-

-

-

Net Business Profits24

22,120(557)

22,677

Excluding Net Gains (Losses) related to Bonds

25

5,820

(674)

6,495

26

(19,264)(10,832)(8,432)Net Gains (Losses) related to Stocks

27(16,411)(13,769)(2,641)

Expenses related to Portfolio Problems

28

(258)

(89)

(169)

Reversal of Reserves for Possible Losses on Loans, etc.

29

1,477

999

477

Other

30

(4,071)

2,027(6,098)

Ordinary Profits

31

2,856

(11,389)

14,245Net Extraordinary Gains (Losses)

32

(427)

(398)

(28)

Net Gains (Losses) on Disposition of Fixed Assets

33

(408)

(382)

(25)

Losses on Impairment of Fixed Assets

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

34

(19)

(16)

(2)

Income before Income Taxes

35

2,428

(11,788)

14,217

Income Taxes - Current

36(3,507)(3,502)(4)- Deferred

37

3,043

7,494

(4,451)38

1,964(7,796)

9,760

Net Income* Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) excludes the amounts of "Credit Costs for Trust Accounts" [6].

Credit-related Costs

39

1,218

910

308

573
(89)
199
0
226
910

1,200
(169)
(731)
0
8
308

* Credit-related Costs [39] = Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [23]+ Reversal of Reserves for Possible Losses on Loans, etc. [29] + Credit Costs for Trust Accounts [6](Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts
Reversal of (Provision for) General Reserve for Possible Losses on Loans

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

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

40
41
42
43
44
45
46
47

1,773
(258)
(531)
0
234
1,218

12

Mizuho Financial Group, Inc.

4. Breakdown of Income(1) Breakdown of Net Fee and Commission Income
Consolidated(Billions of yen)First Half of
Fiscal 2012

214.4
270.7
66.1
51.9
51.8
13.0
2.7
12.3
19.2
56.2
19.4

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

3.1
3.4
9.0
(1.0)
(6.4)
(0.9)
(0.0)
0.3
0.3
0.2
0.2

Non-Consolidated

First Half of
Fiscal 2011

211.3
267.3
57.1
52.9
58.2
14.0
2.7
12.0
18.9
55.9
19.1

(Billions of yen)

Aggregated Figures of the 3 BanksFirst Half of
Fiscal 2012

147.9
203.1
66.6
51.8
16.4
8.6
2.7
13.9
55.2
19.1

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

12.4
14.3
9.7
(0.9)
(0.2)
(0.9)
(0.0)
1.2
1.8
0.2

First Half of
Fiscal 2011

135.4
188.7
56.9
52.8
16.6
9.5
2.7
12.7
53.3
18.9

(2) Breakdown of Net Other Operating Income
Non-Consolidated
Aggregated Figures of the 3 Banks(Billions of yen)First Half of
Fiscal 2012

187.5
72.8
77.1
114.7
15.3
99.8

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

13

Change

70.5
53.4
54.2
17.0
(14.3)
41.0

First Half of
Fiscal 2011

117.0
19.3
22.8
97.7
29.7
58.8

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
2012

Change

0.79
1.19
0.45
0.74
0.90
0.06
0.24
0.04
0.29
1.13

(0.07)(0.06)(0.03)(0.06)(0.06)(0.00)(0.01)(0.00)
0.00(0.05)

0.87
1.26
0.49
0.81
0.97
0.07
0.25
0.05
0.29
1.18

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
11
1.33
Loan and Deposit Rate Margin (including Expenses)(11)-(5)12
0.42Loan and Deposit Rate Margin(11)-(6)13
1.26(0.06)
0.00(0.05)

1.39
0.42
1.32

0.82
1.34
0.35
0.83
0.92
0.05
0.17
(0.00)
0.41
1.28(0.10)(0.07)(0.07)(0.08)(0.06)(0.01)(0.02)(0.02)(0.00)(0.05)

0.93
1.41
0.43
0.91
0.99
0.06
0.19
0.01
0.42
1.34

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
24
1.54
Loan and Deposit Rate Margin (including Expenses)(24)-(18) 25
0.62
Loan and Deposit Rate Margin(24)-(19) 26
1.49(0.06)
0.00(0.05)

1.61
0.61
1.54

0.74
0.93
0.61
0.59
0.84
0.10
0.27
0.15
0.09
0.82

(0.02)(0.04)
0.03(0.05)(0.05)
0.00(0.00)
0.02
0.00(0.05)

0.77
0.98
0.57
0.64
0.89
0.09
0.28
0.12
0.08
0.88

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
37
0.97
Loan and Deposit Rate Margin (including Expenses)(37)-(31) 38
0.13
Loan and Deposit Rate Margin(37)-(32) 39
0.87(0.05)
0.00(0.05)

1.02
0.12
0.93

(0.06)(0.11)
0.07(0.07)(0.05)
0.00(0.05)

0.97
1.28
0.67
0.26
0.18
0.71
1.10

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

1
2
3
4
5
6
7
8
9
10

First Half of Fiscal
2011* Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
* Deposits and Debentures include Negotiable Certificates of Deposit ("NCDs").

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

14
15
16
17
18
19
20
21
22
23

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

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

0.91
1.17
0.75
0.18
0.12
0.72
1.05

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

14

Mizuho Financial Group, Inc.

6. Use and Source of Funds
Consolidated(Billions of yen)First Half of Fiscal 2012(a)Use of Funds

Change (a)-(b)Interest
Interest
694.9
1.6

Loans and Bills Discounted

440.6

Securities

First Half of
Fiscal 2011(b)Interest
Interest
1,423.5
693.3

Fiscal 2011

5.3

888.4

435.2

168.5

1.4

348.4

167.0

Call Loans and Bills Purchased

2.5

(0.5)

6.5

3.1

Receivables under Resale Agreements

21.5

8.5

30.8

13.0

Guarantee Deposits Paid under
Securities Borrowing Transactions

5.1

0.1

9.9

5.0

9.6

0.7

20.6

8.9

Source of Funds

Due from Banks

161.9

3.7

335.2

158.1

Deposits

45.9

(3.7)

102.4

49.6

Negotiable Certificates of Deposit

15.0

3.1

27.3

11.9

-

(0.3)

0.3

0.3

Debentures
Call Money and Bills Sold

4.0

(0.1)

8.6

4.1

Payables under Repurchase Agreements

20.8

5.4

33.9

15.3

Guarantee Deposits Received under
Securities Lending Transactions

9.2

2.7

14.4

6.4

Commercial Paper

0.6

0.3

0.8

0.2

Borrowed Money

17.8

0.0

35.0

17.8

15

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of MHBK and MHCB(Millions of yen, %)First Half of Fiscal 2012

First Half of Fiscal 2011

Average Balance
129,450,788

Rate
0.96

ChangeAverage Balance
7,882,012

Loans and Bills Discounted

59,842,380

1.30

1,608,559(0.02)

58,233,820

1.33

Securities

49,010,439

0.65

4,619,955(0.07)

44,390,483

0.72

Source of Funds

128,717,208

0.27

7,238,647(0.02)

121,478,561

0.29

Deposits

75,379,485

0.10

606,680(0.01)

74,772,805

0.11

NCDs

(Total)Use of Funds

Rate(0.08)

Average Balance
121,568,775

Rate
1.05

12,238,094

0.23

1,778,989

0.01

10,459,104

0.21

Debentures--(156,330)(0.43)

156,330

0.43

Call Money

13,990,403

0.26

737,768(0.01)

13,252,635

0.27

Payables under Repurchase Agreements

4,738,768

0.22

590,078(0.01)

4,148,690

0.23

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

12,533,360

0.84

2,072,822(0.20)

10,460,538

1.05(Domestic Operations)
Use of Funds
Loans and Bills Discounted

105,714,214

0.79

4,017,513(0.07)

101,696,701

0.87

48,423,234

1.19(259,460)(0.06)

48,682,694

1.26

Securities

39,294,677

0.45

1,922,570(0.03)

37,372,106

0.49

Source of Funds

104,989,256

0.15

3,503,315(0.01)

101,485,940

0.16

Deposits

65,119,908

0.05

684,777(0.00)

64,435,131

0.06

NCDs

9,416,321

0.10

577,682(0.00)

8,838,638

0.10

Debentures--(156,330)(0.43)

156,330

0.43

Call Money

13,271,338

0.25

339,375(0.00)

12,931,962

0.25

445,4320.12(121,066)

0.00

566,499

0.12

-

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold
Commercial Paper

-

-

-

-

-

-

Borrowed Money

9,834,027

0.23

1,966,285(0.03)

7,867,741

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

27,546,211

1.51

4,632,248(0.20)

22,913,963

1.72

11,419,145

1.77

1,868,019

0.06

9,551,125

1.71

Securities

9,715,762

1.42

2,697,385(0.47)

7,018,377

1.90

Source of Funds

27,537,590

0.71

4,503,081(0.11)

23,034,509

0.82

Deposits

10,259,577

0.39(78,096)(0.02)

10,337,673

0.42

NCDs

2,821,772

0.66

1,201,306(0.14)

1,620,466

0.80

Debentures

-

-

-

-

-

-

Call Money719,064

0.38

398,392(0.44)

320,672

0.83

4,293,336

0.23

711,144(0.02)

3,582,191

0.25

Payables under Repurchase Agreements

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

2,699,333

3.06

106,536(0.35)

2,592,796

3.42

16

Mizuho Financial Group, Inc.

Mizuho Bank(Millions of yen, %)First Half of Fiscal 2012

First Half of Fiscal 2011

Average Balance
70,405,898

Rate
0.86

ChangeAverage Balance
4,689,816

Loans and Bills Discounted

31,938,724

1.32(409,555)(0.06)

32,348,280

1.38(Total)Use of Funds

Rate(0.10)

Average Balance
65,716,082

Rate
0.96

Securities

25,933,995

0.45

4,172,766(0.06)

21,761,229

0.52

Source of Funds

71,374,908

0.12

4,774,490(0.01)

66,600,417

0.13

Deposits

57,437,075

0.05

1,457,786(0.01)

55,979,288

0.06

NCDs

1,666,598

0.06

129,072(0.01)

1,537,526

0.08

Debentures--(156,330)(0.43)

156,330

0.43

Call Money

1,374,044

0.08

85,9210.00

1,288,123

0.08

13

0.09

(646)

0.00

659

0.09

-

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold
Commercial Paper

-

-

-

-

-

-

Borrowed Money

7,160,469

0.40

1,877,174(0.16)

5,283,295

0.57(Domestic Operations)
Use of Funds

66,680,727

0.82

3,683,632(0.10)

62,997,094

0.93

Loans and Bills Discounted

31,106,908

1.32(452,203)(0.06)

31,559,111

1.39

Securities

23,188,048

0.35

2,867,104(0.07)

20,320,943

0.43

Source of Funds

67,612,456

0.08

3,677,189(0.01)

63,935,266

0.09

Deposits

56,390,150

0.05

1,497,450(0.01)

54,892,699

0.06

NCDs

1,666,590

0.06

130,296(0.01)

1,536,294

0.08

Debentures--(156,330)(0.43)

156,330

0.43

Call Money

1,374,044

0.08

86,3840.00

1,287,659

0.08

13

0.09

(646)

0.00

659

0.09

Payables under Repurchase Agreements

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

6,707,805

0.18

1,951,629(0.03)

4,756,175

0.22

4,470,325

1.26

1,305,793(0.13)

3,164,531

1.39(International Operations)
Use of Funds
Loans and Bills Discounted
Securities

831,816

1.13

42,647

0.03

789,168

1.10

2,745,947

1.34

1,305,661(0.46)

1,440,286

1.81

Source of Funds

4,507,605

0.63

1,396,910(0.29)

3,110,695

0.92

Deposits

1,046,924

0.23(39,664)(0.04)

1,086,589

0.28

NCDs

8

0.36

(1,224)

0.08

1,232

0.27

Debentures

-

-

-

-

-

-

Call Money

-

-

(463)

(0.17)

463

0.17

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money452,664

3.63(74,455)(0.02)

527,119

3.65

17

Mizuho Financial Group, Inc.

Mizuho Corporate Bank(Millions of yen, %)First Half of Fiscal 2012
(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2011

ChangeRate

Average Balance

Rate

Average BalanceRate(0.05)

55,852,693

1.15

2,018,115

0.01

25,885,540

1.27

447,189(0.04)

22,629,254

0.91

2,464,157(0.02)

54,878,143

0.48

59,044,889

1.09

3,192,195

Loans and Bills Discounted

27,903,655

1.29

Securities

23,076,444

0.86

Source of Funds

57,342,300

0.45

Deposits

17,942,410

0.25(851,106)0.00

18,793,516

0.25

NCDs

10,571,495

0.26

1,649,917

0.02

8,921,578

0.24

Debentures

-

-

-

-

Call Money

12,616,358

0.28

651,847(0.01)

11,964,511

0.29

Payables under Repurchase Agreements

4,738,755

0.22

590,724(0.01)

4,148,031

0.23

-

-

-

-

-

-

Bills Sold--

Commercial Paper

-

-

-

-

-

-

Borrowed Money

5,372,890

1.42

195,647(0.11)

5,177,243

1.54(Domestic Operations)
Use of Funds

39,033,487

0.74

333,880(0.02)

38,699,606

0.77

Loans and Bills Discounted

17,316,326

0.96

192,742(0.05)

17,123,583

1.02

Securities

16,106,628

0.61(944,534)

0.03

17,051,163

0.57

Source of Funds

37,376,800

0.26(173,874)(0.01)

37,550,674

0.28

Deposits

8,729,758

0.09(812,673)

0.00

9,542,432

0.08

NCDs

7,749,730

0.11

447,386

0.00

7,302,344

0.11

Debentures

-

-

-

-

-

Call Money

11,897,293

0.27

252,991(0.00)

11,644,302

0.27

445,4190.12(120,420)

0.00

565,840

0.12

Payables under Repurchase Agreements-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

3,126,222

0.31

14,655(0.01)

3,111,566

0.32

23,075,885

1.56

3,326,454(0.21)

19,749,431

1.77

Loans and Bills Discounted

10,587,329

1.82

1,825,372

0.05

8,761,957

1.77

Securities

6,969,815

1.45

1,391,724(0.47)

5,578,090

1.92

Source of Funds

23,029,984

0.72

3,106,170(0.08)

19,923,813

0.81

Deposits

9,212,652

0.41(38,432)(0.01)

9,251,084

0.43

NCDs

2,821,764

0.66

1,202,530(0.14)

1,619,233

0.80

-

-

-

-

-

-

719,064

0.38

398,855(0.44)

320,209

0.83

4,293,336

0.23

711,144(0.02)

3,582,191

0.25(International Operations)
Use of Funds

Debentures
Call Money
Payables under Repurchase Agreements

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money2,246,668

2.95

180,991(0.41)

2,065,677

3.36

18

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)(Millions of yen, %)First Half of Fiscal 2012
(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2011

ChangeRate

Average Balance

6,095,201

0.91

Loans and Bills Discounted

3,349,925

Securities

2,039,123

Source of Funds

5,921,159

Deposits
NCDs

Rate

Average BalanceRate

147,681(0.09)

5,947,519

1.01

1.16

38,238(0.11)

3,311,687

1.28

0.73

(15,327)(0.02)

2,054,451

0.75

0.23

81,025(0.07)

5,840,134

0.30

2,098,967

0.15(99,714)(0.07)

2,198,682

0.22

968,0900.12

80,540(0.01)

887,550

0.13

Debentures

-

-

-

-

-

Call Money744,358

0.11

85,382(0.00)

658,975

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

Borrowed Money662,443

0.15(123,351)

0.00

785,794

0.12

0.15

(Domestic Operations)
Use of Funds

5,596,187

0.92(39,314)(0.06)

5,635,502

0.98

Loans and Bills Discounted

3,271,677

1.17

11,764(0.10)

3,259,912

1.28

Securities

1,493,432

0.75(150,816)

0.07

1,644,248

0.67

Source of Funds

5,418,649

0.22(107,386)(0.07)

5,526,036

0.30

Deposits

2,062,872

0.14(119,335)(0.07)

2,182,207

0.22

NCDs

968,0900.12

80,540(0.01)

887,550

0.13

Debentures

-

-

-

-

-

Call Money729,508

0.11

81,748(0.00)

647,760

-

-

-

-

-

Payables under Repurchase Agreements

0.11-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money662,4070.15(123,387)

0.00

785,794

0.15

1,219,810

0.45

313,877(0.19)

905,933

0.65

Loans and Bills Discounted

78,2480.83

26,474(0.36)

51,774

1.19

Securities

545,6910.70

135,488(0.38)

410,203

1.08

Source of Funds

1,223,307

0.19

315,293(0.03)

908,014

0.23

Deposits

36,0950.32

19,6200.02

16,474

0.29

NCDs

-

-

-

-

-

-

Debentures

-

-

-

-

-

-

Call Money

14,849

0.52

3,633

(0.12)

11,215

-

-

-

-

-

(International Operations)
Use of Funds

Payables under Repurchase Agreements

0.64-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

35

0.77

35

0.77

-

-

19

Mizuho Financial Group, Inc.

7. Net Gains/Losses on Securities

Non-Consolidated(Millions of yen)

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2012

First Half of Fiscal 2011

ChangeNet Gains (Losses) related to Bonds

177,051

95,29981,751

Gains on Sales and Others

201,61278,129123,482

Losses on Sales and Others(14,673)

8,511(23,185)

Impairment (Devaluation)(7,229)7,765(14,994)---(2,658)892(3,551)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2012
Net Gains (Losses) related to Stocks

First Half of Fiscal 2011

Change(274,477)(207,203)(67,274)

Gains on Sales

13,530(2,528)16,058Losses on Sales(5,465)

14,842(20,308)(281,696)(220,130)(61,565)

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

(26)

60

(87)

Gains (Losses) on Derivatives other than for Trading

(819)

552

(1,371)

Impairment (Devaluation)

Mizuho BankFirst Half of Fiscal 2012

First Half of Fiscal 2011

ChangeNet Gains (Losses) related to Bonds

69,28052,305

16,974

Gains on Sales and Others

77,07149,48327,587

Losses on Sales and Others(4,106)

3,994(8,100)

Impairment (Devaluation)(2,948)(1,296)(1,652)

-

-

-

(735)

124

(860)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2012
Net Gains (Losses) related to Stocks

First Half of Fiscal 2011

Change(95,655)(90,462)(5,192)

Gains on Sales

1,511(3,999)5,510

Losses on Sales

(461)

52

(513)

(97,016)(86,806)(10,210)

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

(10)

(12)

1

Gains (Losses) on Derivatives other than for Trading

322

302

19

Impairment (Devaluation)

20

Mizuho Financial Group, Inc.

(Millions of yen)Mizuho Corporate BankFirst Half of Fiscal 2012

First Half of Fiscal 2011

ChangeNet Gains (Losses) related to Bonds

101,949

43,66858,281

Gains on Sales and Others

118,952

29,571

89,381

Losses on Sales and Others(10,292)

4,330(14,622)

Impairment (Devaluation)(4,280)9,059(13,340)---(2,429)706(3,136)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2012
Net Gains (Losses) related to Stocks

First Half of Fiscal 2011

Change(162,411)(102,970)(59,440)

Gains on Sales

11,001

2,039

8,962

Losses on Sales(3,980)13,081(17,061)(168,319)(118,386)(49,933)

(6)

82

(89)

(1,106)212(1,318)

Impairment (Devaluation)Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading

Mizuho Trust & Banking

First Half of Fiscal 2012

Net Gains (Losses) related to Bonds

5,820

(674)

6,495

Gains on Sales and Others

5,588

(925)

6,513

Losses on Sales and Others

(274)

186

(461)

Impairment (Devaluation)

-

1

(1)

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

-

-

-

507

61

445

Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2012
Net Gains (Losses) related to Stocks

First Half of Fiscal 2011

ChangeFirst Half of Fiscal 2011

Change(16,411)(13,769)(2,641)

Gains on Sales

1,017

(568)

1,586

Losses on Sales(1,024)

1,708(2,733)

Impairment (Devaluation)(16,359)(14,937)(1,422)

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

(9)

(9)

0

Gains (Losses) on Derivatives other than for Trading

(34)

37

(72)

21

Mizuho Financial Group, Inc.

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

Consolidated(1) Other Securities(Millions of yen)

As of September 30, 2012
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
LossesOther Securities
46,247,021
788
546,693545,905
2,083,171
11,908319,508
307,600
Japanese Stocks
32,621,405
71,347
99,24527,898Japanese Bonds
Japanese Government Bonds 28,977,981
54,68357,1402,457
Other
11,542,444(82,466)
127,940
210,407
9,768,226
52,15893,33941,181
Foreign Bonds

As of March 31, 2012
Unrealized Gains/Losses
Gains
Losses
83,866649,922566,056
156,584
453,564
296,979
56,42691,94335,51651,81455,236
3,422(129,144)
104,415
233,560(25,189)
49,14874,338

As of September 30, 2011
Unrealized Gains/Losses
Gains
Losses(157,709)
535,704
693,414(45,717)
318,177
363,895
48,062
95,67047,60740,09747,7807,683(160,054)
121,856
281,911
13,976
77,41563,438* In addition to "Securities" on the consolidated balance sheets, NCDs in "Cash and Due from Banks," certain items in "Other Debt Purchased" and certain items in "Other Assets" are also included.
* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.
Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.
* The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the consolidatedbalance sheets and the acquisition costs.
* Unrealized Gains/Losses include ¥(3,079) million, ¥(7,343) million and ¥(12,484) million, which were recognized in the statement of income for September 30, 2012, March 31, 2012 and September
30, 2011, respectively, by applying the fair-value hedge method and others.
As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of September 30, 2012, March 31, 2012 and September 30, 2011 are ¥3,868 million,¥91,209 million and ¥(145,225) million, respectively.
* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by
applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2012, March 31,
2012 and September 30, 2011 are ¥(33,425) million, ¥37,857 million and ¥(152,381) million, respectively.

(2) Bonds Held to Maturity

Bonds Held to Maturity(Millions of yen)

As of September 30, 2012
Unrealized Gains/Losses
Book Value
Gains
Losses2,400,257
18,741
18,741-

As of March 31, 2012
Unrealized Gains/Losses
Gains
Losses
14,525
14,58661

As of September 30, 2011
Unrealized Gains/Losses
Gains
Losses11,913
12,027113

As of March 31, 2012
Unrealized Gains/Losses
Gains
Losses
67,052629,828
562,775
133,667
443,707
310,040
56,07991,54535,466
51,421
54,8393,417(122,693)
94,575217,269(8,246)50,91659,163As of September 30, 2011
Unrealized Gains/Losses
Gains
Losses(159,379)
528,333
687,713(70,605)
311,602382,20747,40894,99547,58739,53947,216
7,676(136,182)
121,735
257,918
30,92378,89047,967

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

As of September 30, 2012
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
Losses45,707,899
27,410541,229
513,818
Other Securities
2,064,939
26,754
314,018
287,264
Japanese Stocks
32,347,515
71,17699,02827,852
Japanese Bonds
Japanese Government Bonds 28,810,646
54,472
56,9272,454
Other
11,295,444(70,520)
128,181
198,702
9,678,855
65,26095,87830,618Foreign Bonds

Mizuho Bank
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other
Foreign Bonds

22,755,776
605,685
18,325,589
15,816,368
3,824,501
3,108,622

62,374
21,31036,09830,4994,966
22,824

186,606
92,815
55,13231,30938,65929,569124,23171,504
19,033810
33,692
6,744

464(3,819)23,42531,336(19,141)(2,963)

174,175
100,941
48,31432,44424,919
9,402

173,711
104,760
24,8891,107
44,061
12,366(54,812)(63,068)
20,01130,824(11,756)
8,137

166,636
72,494
53,121
32,24941,02021,610221,449
135,562
33,1101,424
52,776
13,472

21,226,929
1,318,691
12,942,783
11,966,165
6,965,454
6,206,131(52,136)(8,740)30,07919,954(73,474)
38,756314,232
191,868
38,28421,024
84,07962,590366,368
200,608
8,205
1,069
157,554
23,83334,742
106,780
26,434
14,464(98,472)(5,191)

399,624
296,260
36,771
16,623
66,59240,143364,882
189,480
10,3372,158
165,064
45,335(119,402)(23,228)
20,684
2,822(116,858)
19,636314,371
203,833
35,007
8,996
75,52953,595433,773
227,062
14,323
6,174
192,387
33,9591,725,193
140,562
1,079,143
1,028,112
505,488364,101

17,172
14,184
4,998
4,018(2,011)
3,679

40,39029,335
5,611
4,592
5,443
3,718

23,21815,150
612
574
7,455
39

31,84530,706
6,219
5,620(5,079)(91)

56,02746,505
6,458
5,771
3,063
1,370

24,181
15,799
239
151
8,143
1,461

14,835
15,691
6,712
5,892(7,568)3,150

47,32535,274
6,866
5,971
5,184
3,684

32,49019,583
153
78
12,753534

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

Other
Foreign Bonds

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

Other
Foreign Bonds* In addition to "Securities" indicated on the balance sheets, NCDs in "Cash and Due from Banks" and certain items in "Other Debt Purchased" are also included.
* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the balance sheet date.
Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the balance sheet date.
* The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the balance sheets
and the acquisition costs.
* Unrealized Gains/Losses include ¥2,528 million, ¥5,342 million and ¥3,961 million, which were recognized in the statement of income for September 30, 2012, March 31, 2012 and September 30,
2011, respectively, by applying the fair-value hedge method and others.
As a result, the base amounts to be recorded directly to Net Assets after tax adjustment as of September 30, 2012, March 31, 2012 and September 30, 2011 are ¥24,881 million, ¥61,710 million and¥(163,341) million, respectively.
* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value
hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2012, March 31, 2012 and September
30, 2011 are as follows:(Millions of yen)
Aggregated Figures
Mizuho Bank
Mizuho Corporate Bank
Mizuho Trust & Banking

As of September 30, 2012
(4,514)
41,915(59,383)
12,95222

As of March 31, 2012
As of September 30, 2011
17,457(163,355)(10,556)(63,297)2,024(111,665)
25,988
11,607

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2012
Book Value

As of March 31, 2012

Unrealized Gains/Losses
Gains

Unrealized Gains/Losses
LossesAggregated Figures

2,400,257

18,741

18,741

Mizuho Bank

As of September 30, 2011

Gains

Unrealized Gains/Losses
Losses

Gains

Losses-

14,524

14,586

61

11,91012,024113

2,400,257

18,741

18,741-

14,524

14,586

61

11,91012,024113

Mizuho Corporate Bank

-

-

-

-

-

-

-

-

-

-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

(3) Investment in Subsidiaries and Affiliates
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2012
Book Value

As of March 31, 2012

Unrealized Gains/Losses
Gains

As of September 30, 2011

Unrealized Gains/Losses
LossesGains

Unrealized Gains/Losses
Losses

Gains

Losses44,205(12,566)-

12,566(4,891)

-

4,891

-

-

-

-

-

-

-

-

-

-

-

-

-

Mizuho Corporate Bank

44,205(12,566)-

12,566(4,891)

-

4,891

-

-

-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

Aggregated Figures
Mizuho Bank

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

Consolidated(Millions of yen)
As of
September 30,
2012

As of
March 31,
2012

As of
September 30,
2011

Unrealized Gains/Losses
Change fromMarch 31,2012

Change from
September 30,
2011

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities

3,868(87,341)

149,093

91,209(145,225)

Japanese Stocks

11,908(144,397)

57,625

156,305(45,717)

Japanese Bonds

71,347

16,46924,87054,87846,476

54,683

4,418

16,17250,26538,511(79,387)

40,587

66,597(119,974)(145,984)

Japanese Government Bonds
Other

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of
September 30,
2012

As of
March 31,
2012

As of
September 30,
2011

Unrealized Gains/Losses
Change fromMarch 31,2012

Change from
September 30,
2011

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities

24,881(36,828)

188,223

61,710(163,341)

Japanese Stocks

26,754(106,634)

97,359133,388(70,605)

Japanese Bonds

71,176

16,64625,35454,53045,82254,472

4,600

16,51849,872

37,953(73,049)

53,15965,509(126,209)(138,558)

Japanese Government Bonds
Other

23

Mizuho Financial Group, Inc.

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

Aggregated Figures of the 3 Banks
Maturity as of September 30, 2012
Within1 year

1-5
years

Change5 - 10years

Over
10 yearsWithin1 year1-5
years

Maturity as of March 31, 2012

5 - 10years

Over
10 yearsWithin1 year

1-5years

5 - 10years

Over
10 years

10,649.6

19,450.4

3,251.6

1,235.2(2,492.6)(925.7)

306.3

21.4

13,142.3

20,376.1

2,945.2

1,213.7

9,874.8

18,114.8

2,962.2

142.0(2,524.1)(750.6)344.8(86.0)

12,398.9

18,865.4

2,617.4

228.0

Japanese Local Government Bonds

60.1

175.7

61.3

0.8

9.0

51.9

(30.2)

(0.0)

51.0

123.7

91.5

0.8

Japanese Corporate Bonds

714.6

1,159.9

228.0

1,092.3

22.4(227.0)

(8.2)

107.4

692.2

1,386.9

236.3

984.8

1,116.5

4,400.5

1,965.4

2,820.2

(2.4)

331.0

220.3

(77.4)

1,118.9

4,069.4

1,745.0

2,897.6

6,122.3

12,286.3

1,533.3

674.6(2,112.1)

772.3

426.0

(9.7)

8,234.5

11,514.0

1,107.3

684.4

5,554.1

11,202.5

1,334.8

37.0(2,006.4)

835.8

394.8

(45.0)

7,560.6

10,366.7

940.0

82.0

Japanese Local Government Bonds

55.5

163.8

36.6

-

6.9

51.9

9.6

-

48.6

111.8

26.9

-

Japanese Corporate Bonds

512.5

920.0

161.9

637.6

(112.6)(115.4)

21.6

35.2

625.2

1,035.4

140.3

602.4

78.2

1,731.9497.1

1,361.5(17.0)

265.3

206.6

79.2

95.3

1,466.6

290.5

1,282.2

4,222.8

6,728.0

1,412.6510.5(450.1)(1,349.7)(79.7)

21.2

4,672.9

8,077.8

1,492.4489.3

4,024.7

6,512.3

1,327.4

55.0(587.1)(1,231.4)(10.0)(51.0)

4,611.8

7,743.7

1,337.4

106.0

Japanese Bonds
Japanese Government Bonds

Other

Mizuho BankJapanese Bonds
Japanese Government Bonds

Other

Mizuho Corporate BankJapanese Bonds
Japanese Government Bonds
Japanese Local Government Bonds

Japanese Corporate Bonds
Other

4.4

11.0

21.8

0.8

1.9

0.1

(39.8)

(0.0)

2.4

10.9

61.7

0.8

193.6

204.6

63.4

454.6

135.0

(118.5)(29.8)

72.2

58.6

323.2

93.3

382.4

1,010.8

2,311.4

1,432.2

1,458.7

22.1(26.9)

98.4(156.6)988.6

2,338.4

1,333.7

1,615.3

304.5

436.0

305.5

50.0

69.6

(348.2)(40.0)

10.0

234.8

784.2

345.5

40.0

296.0

400.0

300.0

50.0

69.5

(355.0)(40.0)

10.0

226.5

755.0

340.0

40.0
-

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

0.1

0.8

2.8

-

0.1

(0.1)

-

-

-

0.9

2.8

Japanese Corporate Bonds

8.3

35.1

2.6

-

0.0

6.8

-

-

8.3

28.2

2.6

-

27.4

357.0

36.1

-

(7.5)

92.6

(84.6)

(0.0)

34.9

264.3

120.8

0.0

Other

24

Mizuho Financial Group, Inc.

10. Overview of Derivative Transactions Qualifying for Hedge Accounting
Non-Consolidated■Notional Amounts of Interest Rate Swaps (qualifying for hedge accounting (deferred method)) by Remaining Contractual Term
Aggregated Figures of the 3 Banks(Billions of yen)

As of September 30, 2012
Within1-5Over
1 yearyears
5 years

Total

Within1 yearChange
1-5
Over
years
5 years

Total

Within1 yearAs of March 31, 2012
1-5
Over
years
5 years

Total

Receive Fixed / Pay Float

8,541.0

12,987.2

5,454.9

26,983.2(2,172.3)(1,283.9)

1,194.5(2,261.7)

10,713.4

14,271.1

4,260.4

29,245.0

Receive Float / Pay Fixed

1,312.9

2,055.2

2,279.7

5,647.9(968.0)(197.0)(5.7)(1,170.8)

2,281.0

2,252.3

2,285.4

6,818.8

Receive Float / Pay Float

94.8

60.0

30.0

184.8

80.0

(80.0)

-

-

14.8

140.0

30.0

184.8

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

9,948.8

15,102.4

7,764.7

32,815.9(3,060.4)(1,560.9)

1,188.7(3,432.6)

13,009.2

16,663.4

6,575.9

36,248.6

Receive Fixed / Pay Float

7,130.2

5,324.0

970.4

13,424.6(1,863.3)(767.7)410.4(2,220.6)

8,993.5

6,091.8

559.9

15,645.3

Receive Float / Pay Fixed

-

-

8.0

8.0

-

-

(167.1)(167.1)

-

-

175.1

175.1

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

7,130.2

5,324.0

978.4

13,432.6(1,863.3)(767.7)243.3(2,387.7)

8,993.5

6,091.8735.0

15,820.4

Receive Fixed / Pay Float

1,410.8

7,663.1

4,209.5

13,283.5(308.9)(516.1)654.0(171.1)

1,719.8

8,179.3

3,555.5

13,454.6

Receive Float / Pay Fixed

1,262.9

2,020.2

2,236.2

5,519.5(898.0)(157.0)155.9(899.1)2,161.0

2,177.3

2,080.3

6,418.7

Receive Float / Pay Float

94.8

60.0

30.0

184.8

80.0

(80.0)

-

-

14.8

140.0

30.0

184.8

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

2,768.6

9,743.3

6,475.8

18,987.8(1,127.0)(753.2)810.0(1,070.3)

3,895.6

10,496.6

5,665.8

20,058.1

Total
Mizuho Bank

Total
Mizuho Corporate Bank

Total
Mizuho Trust & Banking
Receive Fixed / Pay Float

-

-

275.0

275.0

-

-

130.0

130.0

-

-

145.0

145.0

Receive Float / Pay Fixed

50.0

35.0

35.4

120.4

(70.0)(40.0)

5.4(104.5)

120.0

75.0

30.0

225.0

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed
Total

-

-

-

-

-

-

-

-

-

-

-

-

50.0

35.0

310.4

395.4

(70.0)(40.0)

135.4

25.4

120.0

75.0

175.0

370.0

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

Aggregated Figures

As of September 30, 2012
Deferred Hedge Gains/Losses

ChangeDeferred Hedge Gains/Losses

As of March 31, 2012
Deferred Hedge Gains/Losses

Gains

Gains

Gains

818.4

Losses
548.2

270.2

Losses

47.3

(4.8)

52.2

771.0

Losses
553.0

217.9

Mizuho Bank

71.1

76.8

(5.6)

7.1

(5.2)

12.3

64.0

82.1

(18.0)

Mizuho Corporate Bank

679.2

400.5

278.6

35.7

(0.4)

36.2

643.4

401.0

242.4

Mizuho Trust & Banking

67.9

70.7

(2.7)

4.4

0.8

3.6

63.4

69.9

(6.4)

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

25

Mizuho Financial Group, Inc.

11. Employee Retirement Benefits
Non-Consolidated
Projected Benefit Obligations(Millions of yen)First Half of Fiscal 2012

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

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

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

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)

First Half of Fiscal 2011
Change(B)+ (C) - (A)1,186,325

107,373

1,078,952

1.7

(0.8)

2.5

1,210,121
390,949

57,605(15,200)

1,152,516
406,149(31,405)

4,425(35,830)

414,745(64,967)

479,713707,530

69,303

638,227

1.7

(0.8)

2.5

725,684
221,616

43,658(27,854)

682,026
249,470(19,215)

3,376(22,592)

239,770(53,498)

293,269

345,051

25,309319,742

1.7

(0.8)

2.5

352,088
124,962

10,0837,100

342,004
117,862

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

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

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

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)(B)+ (C) - (A)Mizuho Corporate Bank
Projected Benefit Obligations (at the beginning of the fiscal year)(A)

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

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

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)(B)+ (C) - (A)(8,596)860(9,457)

131,998(8,125)140,124

133,743

12,760120,982

1.7

(0.8)

2.5

132,348

3,863

128,485

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

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

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

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)(B)+ (C) - (A)26

44,3705,554

38,816(3,593)188(3,781)42,976(3,342)

46,319Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits(Millions of yen)First Half of Fiscal 2012

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

First Half of Fiscal 2011

Change(11,032)(10,083)
14,377(31,405)(2,091)(40,235)(2,239)
3,403
1,781
4,425
27,728(166)
34,932(8,792)(13,486)
12,595(35,830)(27,728)(1,925)(75,168)(7,097)(6,014)
8,707(19,215)(1,396)(25,015)(1,525)
1,963
2,568
3,376
27,728(136)
33,975(5,572)(7,977)
6,138(22,592)(27,728)(1,259)(58,991)(2,497)(2,932)
4,032(8,596)(375)(10,369)

(441)
1,063
(817)
860
90
755

(2,055)(3,996)4,850(9,457)(466)(11,125)(1,437)(1,136)
1,637(3,593)(320)(4,850)

(272)
375
30
188
(120)
200

(1,164)(1,512)
1,606(3,781)(199)(5,051)

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

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

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

(Millions of yen)First Half of Fiscal 2012

Consolidated
Projected Benefit Obligations (at the beginning of the fiscal year)
Fair Value of Plan Assets (at the beginning of the fiscal year)
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)

First Half of Fiscal 2011
Change

(A)
(B)
(C)
(D)

(A)-(B)-(C)+(D)Income (Expenses) related to Employee Retirement Benefits

27

1,328,823
1,311,886
418,892(33,534)
438,008
36,053

121,593
95,898(1,545)
3,655(26,803)437

1,207,229
1,215,987
420,438(37,190)
464,81235,615(47,115)

9,829(56,945)Mizuho Financial Group, Inc.

12. Capital Adequacy Ratio
Consolidated(%, Billions of yen)Mizuho Financial GroupAs of September 30, 2012

Change fromMarch 31, 2012

BIS Standard(1) Capital Adequacy Ratio
Tier 1 Capital Ratio(2) Tier 1 Capital
Common Stock and Preferred Stock
Capital Surplus
Retained Earnings
Less: Treasury Stock
Less: Dividends (estimate), etc.
Less: Unrealized Losses on Other Securities
Foreign Currency Translation Adjustments
Minority Interests in Consolidated Subsidiaries
Preferred Securities Issued by Overseas SPCs
Other
(3) Tier 2 Capital
Tier 2 Capital Included as Qualifying Capital
45% of Unrealized Gains on Other Securities
45% of Revaluation Reserve for Land
General Reserve for Possible Losses on Loans, etc.
Debt Capital, etc.
Perpetual Subordinated Debt and Other Debt Capital

15.45
12.68
6,290.6
2,254.9
1,109.5
1,513.8
4.7
76.3
21.8
(103.9)1,760.1
1,682.0(140.9)1,769.9
1,769.9
101.7
4.6
1,663.5
256.6
1,406.9395.4
7,665.1
49,603.9
44,696.6
37,340.3
7,356.3
2,022.3
2,884.9-

Dated Subordinated Debt and Redeemable Preferred Stock(4) Deductions for Total Risk-based Capital(5) Total Risk-based Capital (2)+(3)-(4)(6) Risk-weighted Assets
Credit Risk Assets
On-balance-sheet Items
Off-balance-sheet Items
Market Risk Equivalent Assets
Operational Risk Equivalent Assets
Adjusted Amount for Credit Risk-weighted Assets
Adjusted Amount for Operational Risk Equivalent(0.05)(0.08)(108.3)
(0.2)
108.4
(2.3)
0.0
21.8
(1.0)
(181.3)(177.5)(14.5)
24.8
24.8(45.1)
(0.8)
0.4
70.3
(6.0)
76.3
26.4
(109.9)(540.9)(447.7)(300.2)(147.5)(60.9)(32.2)-

As ofMarch 31, 2012
15.50
12.76
6,398.9
2,254.9
1,109.7
1,405.4
7.0
76.3(102.8)
1,941.4
1,859.6(126.4)
1,745.1
1,745.1
45.1
102.5
4.2
1,593.2
262.6
1,330.6
368.9
7,775.0
50,144.9
45,144.4
37,640.5
7,503.9
2,083.3
2,917.1-(Reference)Prime Capital Ratio *

9.21
0.24
* Prime Capital (Tier1 Capital (2) - preferred securities - preferred stock (excluding mandatory convertible preferred stock))
divided by Risk-weighted Assets (6)

28

8.97

Mizuho Financial Group, Inc.

(%, Billions of yen)Mizuho Bank

As of September 30, 2012

Change fromMarch 31, 2012

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

As ofMarch 31, 2012

15.35

(0.17)

15.52

11.26
2,389.6
980.7(0.13)(38.4)
3.1

11.39
2,428.1
977.6

112.9

13.9

98.9

3,257.4
21,208.5(49.3)(91.4)

3,306.8
21,299.9

17.94

0.11

17.83

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

15.79(0.08)

15.87

4,363.4
732.3
139.0

(67.4)
49.5
1.7

4,430.8
682.8
137.2

4,956.8
27,623.6(19.6)(286.5)

4,976.4
27,910.1

17.80(0.46)

18.26

14.21
331.6
87.0
3.2
415.5
2,333.6

0.19(2.9)(16.5)
0.7(20.2)(52.3)

14.02
334.5
103.5
2.4
435.7
2,386.0

15.43
11.19
2,389.4(0.03)(0.13)(38.5)

15.46
11.32
2,428.0

1,018.4

32.4

986.0

113.1
3,294.8
21,349.3

13.9(20.0)(91.6)

99.1
3,314.8
21,440.9

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

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

29

Mizuho Financial Group, Inc.

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

Consolidated(Millions of yen, %)As of September 30, 2012

As of March 31, 2012

Change fromMarch 31,2012%

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

34,040593,842
20,431
582,579
1,230,894

0.05

1.93

(6,727)
11,224
184(6,935)(2,253)

Total Loans

63,650,211

100.00(150,297)

0.93
0.03
0.91

Change from
September
30, 2011%(0.01)
0.01
0.00(0.00)
0.00%

As of September 30, 2011%

1,048 0.00
40,767(20,558) (0.06)
582,618(103) (0.00)
20,246
16,047 (0.00)
589,515(3,566) (0.06) 1,233,147
1,918,604

%
0.05

1.93

32,992
614,401
20,534
566,532
1,234,460

100.0061,731,606

100.00

0.06
0.91
0.03
0.92

63,800,509

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
253,782(18,161)(72,438)
271,943

0.99
0.03
0.91
1.99

326,220

Trust Account
As of September 30, 2012%

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, 2012

Change fromMarch 31,2012

Change from
September
30, 2011

%

3,069

13.33

(8)
(8)

23,020100.00(1,290)(2,249)Change fromMarch 31,2012

Change from
September
30, 2011

3,069

13.33

-

-

0.67
0.67

(17)
(17)

%

%

-

-

3,078

1.11

-

%

-

-

3,086

12.66

-

-

1.11

As of September 30, 2011

12.21

-

-

-

3,078

12.66

3,086

12.21

24,310100.0025,270100.00Consolidated + Trust Account
As of September 30, 2012%

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

34,040596,912
20,431
582,579
1,233,963

As of March 31, 2012

(6,727)
11,215
184(6,935)(2,262)

0.05
0.93
0.03
0.91
1.93

%
(0.01)
0.01
0.00(0.00)
0.00%

1,048 0.00
40,767(20,576) (0.06)
585,696(103) (0.00)
20,246
16,047 (0.00)
589,515(3,583) (0.06) 1,236,225

Total Loans
63,673,232 100.00(151,587)
1,916,355* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

30%

As of September 30, 201163,824,819

%
0.05

1.93

32,992
617,488
20,534
566,532
1,237,547

100.0061,756,877

100.00

0.06
0.91
0.03
0.92

0.99
0.03
0.91
2.00

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen, %)(Banking Account + Trust Account)
As of September 30, 2012

Change fromMarch 31,2012%

Loans to Bankrupt Obligors
32,222
Non-Accrual Delinquent Loans
577,261
Loans Past Due for 3 Months or More
20,428
Restructured Loans
458,449
Total
1,088,360
Total Loans

Change from
September
30, 2011%(5,788) (0.00)
15,699 0.03
181 0.00(8,241) (0.00)
1,851 0.01

0.05
0.90
0.03
0.72
1.71

63,446,928

As of March 31, 2012

(456,044)

100.00%

As of September 30, 2011%

1,435 0.00
(16,190) (0.05)(106) (0.00)
9,162 (0.00)(5,699) (0.06)
1,828,231

38,010561,561
20,246466,690
1,086,508

0.05

63,902,973

%
0.04

1.70

30,787593,452
20,534449,286
1,094,060

100.0061,618,697

100.00

0.87
0.03
0.73

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
225,221(20,562)(71,559)
245,783

0.96
0.03
0.72
1.77

296,780

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

10,150472,027
20,337
296,053
798,568

0.03

31,502,656

100.00(3,722) (0.01)
22,665 0.11
424 0.00(235) 0.02
19,131 0.13

1.49
0.06
0.93
2.53

(1,038,229)(10,678) (0.03)(14,783) (0.02)(77) 0.00
8,649 0.04
(16,890) (0.01)(474,364)

13,873449,361
19,913296,289
779,436

0.04

0.06

2.39

20,828486,811
20,415
287,403815,458

32,540,885

100.0031,977,021

100.00

1.38
0.06
0.91

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
135,608(20,934)(60,729)
156,543

1.52
0.06
0.89
2.55

196,337

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

22,00983,663

0.07
0.29

-

-

155,163
260,836

0.54

28,440,310

100.000.91(1,130) (0.00)(6,431) (0.02)
427 (0.00)(7,134) (0.03)
381,510

13,3642,957

0.04(0.01)

5,053
21,37523,14090,094(0.02)
0.00

2,166,557

0.32

-

-

8,644
80,7050.08

0.55

28,058,800

0.30

-

-

154,736
267,971

0.03

0.57

0.95

150,110
239,461

100.0026,273,753

100.00Above 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
82,953374(5,647)
82,5790.91

88,600Mizuho Trust & Banking(Banking Account)

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

62
18,50190
7,232
25,8860.00

3,480,940

100.00

0.53
0.00
0.20
0.74

(934) (0.02)(525) (0.04)(242) (0.00)(8,432) (0.26)(10,135) (0.35)(1,251) (0.03)(4,346) (0.15)(28) (0.00)(4,540) (0.14)(10,167) (0.33)

201,964

138,288997
19,027333
15,66436,022

0.03

0.03

1.09

1,313
22,848119
11,772
36,053

3,278,976

100.003,342,652

100.00

0.58
0.01
0.47

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
6,658
(1)
(5,183)
6,660

0.68
0.00
0.35
1.07

11,842(Trust Account)

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

-

3,069

13.33

(8)
(8)

23,020100.00(1,290)

3,069

13.33

-

-

0.67
0.67

(17)
(17)
(2,249)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

31

-

-

3,078

1.11

-

1.11

-

-

3,086

12.66

12.21

-

-

-

3,078

12.66

3,086

12.21

24,310100.0025,270100.00Mizuho Financial Group, Inc.

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

As of September 30, 2012
Change fromMarch 31,2012

Change from
September 30,
2011

As of
March 31,2012

Reserves for Possible Losses on Loans

651,217(40,543)(68,675)
691,760
440,546(7,042)(51,710)447,588
210,661(33,501)(16,965)
244,162
Reserve for Possible Losses on Loans to Restructuring Countries
900
9Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
(30,807)(100,991)
Amount of Partial Direct Write-offs
296,842
327,650
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2011719,893492,257
227,6269
397,834

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2012
Change fromMarch 31,2012

Change from
September 30,
2011

As of
March 31,2012

Reserves for Possible Losses on Loans

555,176(27,707)(49,375)
582,883
393,657(17,573)(62,993)411,231
161,508(10,134)
13,618
171,643
Reserve for Possible Losses on Loans to Restructuring Countries
900
9Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
267,061(33,450)(100,342)
300,511Amount of Partial Direct Write-offs
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2011604,551456,651
147,8909367,403

Mizuho Bank
Reserves for Possible Losses on Loans(15,642)(48,337)
344,674(18,900)(50,614)240,095
3,258
2,276
104,578
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
169,961(29,577)(78,480)
199,538
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

329,032
221,195
107,836

377,370
271,810
105,560
248,442

Mizuho Corporate Bank
Reserves for Possible Losses on Loans

209,477(10,760)(326)
220,237
161,996
3,100(9,242)
158,896
47,471(13,860)
8,915
61,332
Reserve for Possible Losses on Loans to Restructuring Countries
900
9Above 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
86,932(1,266)(12,571)
88,198General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

209,803
171,238
38,556
8
99,503

Mizuho Trust & Banking
Reserves for Possible Losses on Loans

16,666(1,305)(711)
17,971
10,465(1,773)(3,136)
12,239
6,200
468
2,425
5,731
Reserve for Possible Losses on Loans to Restructuring Countries
0
(0)
(0)
0
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
10,168(2,607)(9,290)12,775General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans* Reserve for Possible Losses on Entrusted Loans (\69 million, ¥74 million and ¥76 million for September 30, 2012,
March 31, 2012 and September 30, 2011, respectively) is not included in the above figures for Trust Account.

32

17,377
13,6023,774
019,458Mizuho Financial Group, Inc.

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans
Consolidated(%)
As of September 30, 2012
Change fromMarch 31, 2012

Mizuho Financial Group

52.90(3.19)

Change from
September 30, 2011(5.41)

As ofMarch 31,
2012
56.09

As of
September 30,
2011
58.31

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

Non-Consolidated(%)
As of September 30, 2012
Change fromMarch 31, 2012

Change from
September 30, 2011

As ofMarch 31,
2012

As of
September 30,
2011

Total

51.15

(2.64)(4.25)

53.79

55.41

Mizuho Bank

41.20

(3.01)(5.07)

44.22

46.27

Mizuho Corporate Bank

80.30

(1.87)(7.30)

82.18

87.61

Mizuho Trust & Banking (Banking Account)

64.38

14.49

16.18

49.89

48.19

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

33

Mizuho Financial Group, Inc.

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

As of September 30, 2012
Change fromMarch 31, 2012

Change from
September 30, 2011

As ofMarch 31,
2012

As of
September 30,
2011
195,597

Claims against Bankrupt and Substantially Bankrupt Obligors

163,081(14,345)(32,515)

177,426

Claims with Collection Risk

533,409

6,106

3,360

527,302530,048

Claims for Special Attention

603,077(6,757)

15,922609,834

587,154

1,299,568(14,995)(13,231)1,314,563

1,312,800

Total

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

292,932(28,450)(97,077)

321,383

390,010

As ofMarch 31,
2012

As of
September 30,
2011

Trust Account
As of September 30, 2012
Change fromMarch 31, 2012-

Claims against Bankrupt and Substantially Bankrupt Obligors

Claims with Collection Risk

3,069

Claims for Special Attention
Total

-

-

(8)

(17)

-

-

(8)

(17)

3,069

Change from
September 30, 2011

3,078

3,086

-

-

3,078

3,086

As of
March 31,
2012

As of
September 30,
2011

177,426

195,597

Consolidated + Trust Account
As of September 30, 2012
Change fromMarch 31, 2012

Change from
September 30, 2011

Claims against Bankrupt and Substantially Bankrupt Obligors

163,081

Claims with Collection Risk

536,478

6,097

3,343

530,380

533,135

Claims for Special Attention

603,077(6,757)

15,922609,834

587,154

1,302,637(15,004)(13,249)

1,317,642

1,315,887

Total(14,345)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

34(32,515)

Mizuho Financial Group, Inc.

Non-Consolidated(Millions of yen, %)As of March 31, 2012 As of September 30, 2011

As of September 30, 2012

Aggregated Figures of the 3 Banks(Banking Account + Trust Account)
Claims against Bankrupt and Substantially
Bankrupt Obligors

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

Change fromMarch 31,2012%

143,6460.20(13,435)

527,559
478,943
1,150,149
69,408,886
70,559,036

0.74

6,011
(8,065)(15,489)(631,033)(646,522)

0.67
1.63
98.36
100.00Change from
September 30,
2011

%

%

%

%

(0.01)(32,194)(0.05)

157,0810.22

175,840

0.25

0.01

7,232
9,034
(15,927)
2,205,752
2,189,825(0.01)

521,547
487,009
1,165,638
70,039,919
71,205,558

0.73

520,327
469,909
1,166,076
67,203,134
68,369,210

0.76(0.00)(0.00)
0.00(0.00)(0.07)
0.07

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
263,728(30,845)(96,237)

0.68
1.63
98.36
100.00294,574

0.68
1.70
98.29
100.00359,965

Mizuho Bank
Claims against Bankrupt and Substantially
Bankrupt Obligors

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

88,301

0.26(7,099)(0.01)(37,042)(0.10)

95,4000.27

125,3430.36

412,523
316,390
817,216
32,770,892
33,588,108

1.22

25,366
188
18,456(1,050,441)(1,031,985)

0.10

5,394
8,571
(23,075)(439,597)(462,673)

0.03

387,156
316,202798,759
33,821,333
34,620,093

1.11

407,129
307,818
840,292
33,210,489
34,050,781

1.19

0.94
2.43
97.56
100.000.02
0.12(0.12)

0.03(0.03)
0.03

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
169,961(29,577)(78,480)

0.91
2.30
97.69
100.00199,538

0.90
2.46
97.53
100.00248,442

Mizuho Corporate Bank
Claims against Bankrupt and Substantially
Bankrupt Obligors

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

25,182

0.07(5,674)(0.01)

12,3490.03

30,8570.09

12,8330.04

95,839155,163
276,185
33,073,805
33,349,991

0.28(18,600)
427(23,847)
209,485
185,637(0.05)(144)
5,053
17,2582,500,586
2,517,845(0.02)

114,439
154,736
300,033
32,864,320
33,164,353

0.34

95,983150,110
258,927
30,573,219
30,832,146

0.31

0.46
0.82
99.17
100.00(0.00)(0.07)
0.07(0.02)(0.01)
0.01

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
86,932(1,266)(12,571)

0.46
0.90
99.09
100.0088,198

0.48
0.83
99.16
100.0099,503

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

30,161(661)(0.24)

30,8230.90

37,662

1.08

0.44
0.04
16,127(745) (0.04)
1,999
0.20
7,389
(8,681) (0.26)(4,590) (0.14)
1.49(10,088) (0.38)(10,092) (0.35)
53,6780.38
0.35
3,544,237 98.50
211,204
146,995
201,115
136,9033,597,916 100.00
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
6,835
(2)
(5,184)

16,872
16,07063,766
3,333,033
3,396,800

0.49

14,127
11,97963,7703,397,242
3,461,012

0.40

0.83

(0.06)(7,501)Claims with Collection Risk
Claims for Special Attention
Sub-total
Normal Claims
Total

0.47
1.87
98.12
100.00

6,837

0.34
1.84
98.15
100.0012,019(Trust Account)
Claims against Bankrupt and Substantially
Bankrupt Obligors

-

-

-

-

Claims with Collection Risk
3,069 13.33(8) 0.67
Claims for Special Attention
Sub-total(8) 0.67
3,069 13.33
Normal Claims
19,951 86.66(1,281) (0.67)
Total(1,290)23,020 100.00* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

(17)
(17)
(2,232)(2,249)

-

35

-

1.11

3,078

1.11
(1.11)

12.66

3,078
21,232
24,310

-

-

3,086

12.66
87.33
100.00

12.21

3,086
22,18325,270

-

12.21
87.78
100.00Mizuho Financial Group, Inc.

5. Coverage on Disclosed Claims under the FRL

Non-Consolidated(1) Disclosed Claims under the FRL and Coverage Amount(Billions of yen)
As of September 30, 2012

Aggregated Figures of the 3 Banks (Banking Account)

Change fromMarch 31, 2012

As ofMarch 31, 2012

Change from
September 30, 2011

As of
September 30, 2011

143.6

(13.4)(32.1)

157.0

175.8

124.2

(9.6)

(35.1)

133.8

159.3

Reserve for Possible Losses

19.4

(3.8)

2.9

23.2

16.4

Claims with Collection Risk

524.4

6.0

7.2

518.4

517.2

Collateral, Guarantees, and equivalent

284.0

13.6

(14.2)

270.3

298.2

Reserve for Possible Losses

154.0

(6.3)

10.8

160.3

143.1

478.9

(8.0)

9.0

487.0

469.9

151.8

8.6

39.8

143.1

111.9

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

Claims for Special Attention
Collateral, Guarantees, and equivalent
Reserve for Possible Losses

Total

95.0

(7.5)

(9.1)

102.5

104.2

1,147.0(15.4)(15.9)

1,162.5

1,162.9

Collateral, Guarantees, and equivalent

560.0

12.6

(9.5)

547.4

569.5

Reserve for Possible Losses

268.4(17.6)

4.6

286.1

263.8

Mizuho Bank
88.3

(7.0)

(37.0)

95.4

125.3

84.4

(7.8)

(37.1)

92.3

121.6

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

3.8

0.7

0.1

3.0

3.7

Claims with Collection Risk

412.5

25.3

5.3

387.1

407.1

Collateral, Guarantees, and equivalent

243.0

21.8

(2.6)

221.2

245.6

Reserve for Possible Losses

103.9

2.4

2.1

101.4

101.7

Claims for Special Attention

316.3

0.1

8.5

316.2

307.8

Collateral, Guarantees, and equivalent

102.3

(3.6)

10.8

105.9

91.4

Reserve for Possible Losses

59.8

0.2

(2.2)

59.6

62.0

817.2

18.4

(23.0)

798.7

840.2

Collateral, Guarantees, and equivalent

429.8

10.2

(28.9)

419.5

458.8

Reserve for Possible Losses

167.6

3.4

0.0

164.1

167.5

25.1

(5.6)

12.3

30.8

12.8

21.8

(1.0)

9.7

22.9

12.1

Total

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

3.3

(4.6)

2.5

7.9

0.7

Claims with Collection Risk

95.8

(18.6)

(0.1)

114.4

95.9

Collateral, Guarantees, and equivalent

31.7

(7.0)

(11.1)

38.7

42.9

Reserve for Possible Losses

44.0

(9.2)

6.3

53.2

37.6

Claims for Special Attention

155.1

0.4

5.0

154.7

150.1

Collateral, Guarantees, and equivalent

46.8

13.5

29.4

33.3

17.3

Reserve for Possible Losses

33.9

(6.3)

(6.2)

40.2

40.1

276.1

(23.8)

17.2

300.0

258.9

Total
Collateral, Guarantees, and equivalent

100.4

5.4

28.1

95.0

72.3

Reserve for Possible Losses

81.2(20.1)

2.6

101.4

78.5

Mizuho Trust & Banking(Banking Account)
30.1

(0.6)

(7.5)

30.8

37.6

Collateral, Guarantees, and equivalent

17.9

(0.6)

(7.7)

18.5

25.6

Reserve for Possible Losses

12.2

(0.0)

0.1

12.2

12.0

Claims with Collection Risk

16.1

(0.7)

1.9

16.8

14.1

Collateral, Guarantees, and equivalent

9.1

(1.2)

(0.4)

10.3

9.6

Reserve for Possible Losses

6.0

0.4

2.4

5.6

3.6

Claims for Special Attention

7.3

(8.6)

(4.5)

16.0

11.9

Collateral, Guarantees, and equivalent

2.6

(1.1)

(0.4)

3.8

3.1

Reserve for Possible Losses

1.2

(1.4)

(0.7)

2.6

1.9

53.6

(10.0)(10.0)

63.7

63.7

Collateral, Guarantees, and equivalent

29.7

(3.0)

(8.6)

32.7

38.3

Reserve for Possible Losses

19.5

(0.9)

1.8

20.5

17.6

-

Claims against Bankrupt and Substantially Bankrupt Obligors

Total(Reference) Trust Account
-

-

-

-

-

-

-

-

-

(0.0)

(0.0)

3.0

3.0
3.0

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

Claims with Collection Risk
Collateral, Guarantees, and equivalent

3.0
3.0

Claims for Special Attention

(0.0)

(0.0)

3.0

-

-

-

-

-

-

-

-

-

-

Collateral, Guarantees, and equivalent

Total
Collateral, Guarantees, and equivalent

3.0

(0.0)

(0.0)

3.0

3.0

3.0

(0.0)

(0.0)

3.0

3.0

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

36

Mizuho Financial Group, Inc.

(2) Coverage Ratio(Billions of yen)
As of September 30, 2012
Change fromMarch 31, 2012

Aggregated Figures of the 3 Banks (Banking Account)

Change from
September 30, 2011

As ofMarch 31,
2012

As of
September 30,
2011

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

828.5
268.4
560.0

(5.0)
(17.6)
12.6

(4.8)
4.6
(9.5)

833.5
286.1
547.4

833.3
263.8
569.5

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

72.3
100.0
83.5
51.5
53.0

0.5

0.5

0.4
1.0
1.1

(1.8)
5.5
4.1

71.7
100.0
83.0
50.4
51.8

71.7
100.0
85.3
46.0
48.8

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

100.0
64.0
29.0
29.9

(0.5)
(0.7)
(0.7)

(1.3)
(0.0)
(0.3)

100.0
64.6
29.8
30.6

100.0
65.3
29.1
30.3

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

20.08
4.38
0.12

(1.20)(0.29)(0.00)(2.17)
0.15(0.05)

21.28
4.68
0.12

22.25
4.23
0.17

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

597.4
167.6
429.8

13.7
3.4
10.2

(28.8)
0.0(28.9)

583.7
164.1
419.5

626.3
167.5
458.8

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
84.1
51.2
53.3

0.0
0.7
(1.1)
(0.2)

(1.4)
(1.2)
1.3
0.6

73.0
100.0
83.3
52.3
53.6

74.5
100.0
85.3
49.8
52.7

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

100.0
61.3
27.9
28.4

0.1
(0.4)
(0.1)

(1.7)
(0.7)
(1.0)

100.0
61.1
28.3
28.6

100.0
63.0
28.6
29.5

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

18.57
3.61
0.16

(0.02)(0.57)
0.00(1.21)(0.30)(0.03)

18.59
4.19
0.16

19.79
3.92
0.19

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

181.7
81.2
100.4

(14.7)(20.1)
5.4

30.7
2.6
28.1

196.5
101.4
95.0

150.9
78.5
72.3

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

65.8
100.0
79.0
52.0
52.3

0.3

7.5

(1.3)
4.4
2.3

(4.8)
13.7
10.2

65.4
100.0
80.4
47.5
50.0

58.3
100.0
83.9
38.3
42.1

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

100.0
68.6
31.3
33.0

(1.6)
(1.8)
(2.4)

(2.2)
1.0
0.7

100.0
70.3
33.1
35.4

100.0
70.9
30.2
32.3

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

23.54
5.15
0.09

(3.93)(0.24)(0.00)(4.13)
0.43(0.06)

27.48
5.39
0.09

27.68
4.72
0.15

(%)

(%)

(%)

(Billions of yen)Mizuho Bank

(%)

(%)

(%)

(Billions of yen)Mizuho Corporate Bank

(%)

(%)

(%)

37

Mizuho Financial Group, Inc.

(Billions of yen)
As of September 30, 2012
Change fromMarch 31, 2012

Mizuho Trust & Banking (Banking Account)

Change from
September 30, 2011

As ofMarch 31,
2012

As of
September 30,
2011

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

49.2
19.5
29.7

(3.9)
(0.9)
(3.0)

(6.7)
1.8
(8.6)

53.2
20.5
32.7

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

91.8
100.0
94.5
52.6
52.8

8.2

3.9

-

-

(0.2)
12.2
16.1

0.3
10.0
12.8

83.5
100.0
94.7
40.3
36.6

56.0
17.6
38.3
(%)
87.9
100.0
94.2
42.5
39.9

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

100.0
87.3
25.7
25.8

-

-

0.9
4.2
5.2

5.4
3.7
4.4

100.0
86.4
21.5
20.5

(%)
100.0
81.9
22.0
21.3

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

16.41
4.83
0.11

0.04
(0.29)(0.01)

0.12
0.55(0.08)

16.37
5.13
0.12

(%)
16.29
4.28
0.19

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

1.
SELF-ASSESSMENT
Categorization
Non-Categorization

ObligorCategory II

Bankrupt and Substantially Bankrupt
Obligors
143.6
143.6

Category III

Category IV

Reserve
Ratio
100%

DirectWrite-offs

Collateral, Guarantees, etc.: 124.2
Reserves for Possible Losses: 19.4

Claims against Bankrupt
and Substantially
Bankrupt Obligors
143.6

32.2

Coverage Ratio
100%

Intensive Control Obligors
524.4

Loans to Bankrupt
Obligors

Non-Accrual
Delinquent Loans

438.0

86.4

Reserve
Ratio
64.0%

Collateral, Guarantees, etc.:
284.0
Reserves for Possible Losses: 154.0

Amounts forreserves arerecorded under
NonCategorization

Claims with Collection
Risk
524.4
Coverage Ratio

574.1

83.5%
61.7 (Note 2)

Watch Obligors
Claims for Special
Attention

Reserve Ratio against
Uncovered Portion
29.0%

Claims for Special
Attention (Note 1)

Loans Past Due for 3
Months or More
20.4

478.9
Collateral, Guarantees, etc.:
151.8
Reserves for Possible Losses: 95.0

478.9

Restructured Loans

Coverage Ratio
51.5%

458.4

（Note 2）

Special Attention Obligors
Total Coverage Ratio
72.3%

Other Watch Obligors

Claims against Special Attention Obligors-Coverage Ratio: 53.0%-Reserve Ratio for Uncovered Portion: 29.9%-Reserve Ratio against Total Claim: 20.0%

Normal Obligors

Reserve Ratio against Total Claims
・Other Watch Obligors 4.38%
・Normal Obligors
0.12%

Total

Total
1,147.070,536.0

Notes: 1.

2.

Total
1,085.2

Claims for Special Attention is denoted on an individual loans basis.
Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.
The difference between total Non-Accrual, Past Due & Restructured Loans and total Disclosed Claims under the FRL represents the amount ofclaims other than loans included in Disclosed Claims under the FRL.

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 (Banking Account + Trust Account)(Billions of yen)

Fiscal 2009

Fiscal 2011

Fiscal 2010

Fiscal 2012
As of September 30, 2012

As of
As of
Up to
As of
As of
As of
First Half of March 31, September 30, March 31, September 30, March 31,
2010
2011
Fiscal 2009
2010
2012
2011

MizuhoBank

MizuhoCorporate
Bank

AggregatedMizuhoChange fromTrust & Figures of the
March 31,
3 Banks
Banking
2012

Claims against Bankrupt and Substantially Bankrupt Obligors

2,745.9

222.3

189.0

145.3

106.8

84.4

39.7

5.5

28.0

73.3

(11.1)

Claims with Collection Risk

9,380.2

458.5

345.9

196.2

158.9

142.3

99.5

14.2

5.7

119.5

(22.8)

12,126.2

680.9

534.9

341.6

265.8

226.8

139.3

19.7

33.7

192.8

(33.9)

1,334.5

Amount Categorized as above up to First Half of Fiscal 2009of which the amount which was in the process of
being removed from the balance sheet

163.7

138.6

101.9

68.9

48.9

33.3

4.5

0.3

38.2

(10.6)

Claims against Bankrupt and Substantially Bankrupt Obligors

35.7

24.8

29.3

19.1

6.4

4.6

0.6

0.4

5.7

(0.6)

Claims with Collection Risk

173.4

124.4

87.6

56.6

53.1

39.0

5.8

0.3

45.2

(7.9)

209.1

149.3

117.0

75.7

59.5

43.6

6.5

0.8

51.0

(8.5)

32.0

(1.3)

Amount Newly Categorized as above during theSecond Half of Fiscal 2009of which the amount which was in the process of
being removed from the balance sheet

21.9

20.0

12.2

6.4

4.6

-

0.4

5.0

Claims against Bankrupt and Substantially Bankrupt Obligors

31.9

24.8

13.1

7.3

6.2

-

0.2

6.5

(0.7)

Claims with Collection Risk

140.6

86.7

59.6

52.9

38.8

0.5

0.2

39.6

(13.3)

172.5

111.6

72.8

60.3

45.1

0.5

0.5

46.2

(14.1)

28.8

24.7

13.1

7.3

6.2

-

0.2

6.5

(0.7)

Amount Newly Categorized as above during theFirst Half of Fiscal 2010of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

31.8

13.9

12.7

5.6

0.2

5.9

(6.7)

Claims with Collection Risk

182.5

110.3

81.1

46.3

22.7

3.1

72.3

(8.7)

214.4

124.3

93.8

52.0

22.7

3.4

78.3

(15.5)

30.5

13.8

8.8

5.6

-

0.2

5.9

(2.8)

Amount Newly Categorized as above during theSecond Half of Fiscal 2010of which the amount which was in the process of
being removed from the balance sheet-

Claims against Bankrupt and Substantially Bankrupt Obligors

22.7

13.9

11.3

0.1

0.1

11.6

(2.2)

Claims with Collection Risk

134.7

81.1

48.2

3.2

0.3

51.8

(29.3)

157.4

95.1

59.5

3.4

0.5

63.5

(31.5)

22.7

(3.0)

Amount Newly Categorized as above during theFirst Half of Fiscal 2011of which the amount which was in the process of
being removed from the balance sheet

11.1

7.7

0.1

0.1

8.1

Claims against Bankrupt and Substantially Bankrupt Obligors

32.0

5.9

17.3

0.4

23.7

(8.2)

Claims with Collection Risk

110.7

48.6

24.6

4.0

77.2

(33.5)

142.8

54.5

41.9

4.4

101.0

(41.8)

Amount Newly Categorized as above during theSecond Half of Fiscal 2011of which the amount which was in the process of
being removed from the balance sheet

30.8

Claims against Bankrupt and Substantially Bankrupt Obligors

Claims with Collection Risk
Amount Newly Categorized as above during theFirst Half of Fiscal 2012of which the amount which was in the process of
being removed from the balance sheet

5.9

16.2

0.4

22.6

(8.2)

14.6

1.4

0.4

16.5

16.5

91.8

24.5

5.2

121.6

121.6

106.4

25.9

5.7

138.1

138.1

12.5

1.4

0.4

14.4

14.4
(13.4)

Claims against Bankrupt and Substantially Bankrupt Obligors

258.0

245.8

231.4

175.8

157.0

88.3

25.1

30.1

143.6

Claims with Collection Risk

632.0

611.0

553.2

520.3

521.5

412.5

95.8

19.1

527.5

6.0

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

890.1

856.9

784.6

696.1

678.6

500.8

121.0

49.3

671.2

(7.4)

195.8

189.4

177.3

131.0

113.6

76.3

22.3

2.4

101.1

(12.5)**

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

(2) Progress in Removal of NPLs from the Balance Sheet (Accumulated Removal Amount and Removal Ratio)
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)AmountNewly
Categorized

(%)

(%)

Balance as ofAccumulated
Accumulated
September 30,
Removal Amount Removal Ratio
2012

ModifiedAccumulated
RemovalRatio*Up to First Half of Fiscal 200912,126.2

192.8

11,933.3

98.4

98.7

Second Half of Fiscal 2009

209.1

51.0

158.1

75.6

78.0

First Half of Fiscal 2010

172.5

46.2

126.3

73.2

77.0

Second Half of Fiscal 2010

214.4

78.3

136.0

63.4

66.2

First Half of Fiscal 2011

157.4

63.5

93.9

59.6

64.8

Second Half of Fiscal 2011

142.8

101.0

41.8

29.2

45.1

First Half of Fiscal 2012

138.1

138.1

13,160.9

671.2

Total

12,489.7

40* Modified accumulated removal ratios are basedon the accumulated removal amount including theamount which was in the process of being removed
from the balance sheet.

Mizuho Financial Group, Inc.

(3) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2012
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)
Newly Categorized
Fiscal 2010

Fiscal 2009
Up toFirst Half

Second HalfFirst Half

Amount Removed
from B/S in theFirst Half of
Fiscal 2012

Fiscal 2011

Second HalfFirst Half

Second Half

Liquidation

(7.9)

(0.2)

(1.9)

(2.0)

(1.1)

(0.0)

(13.4)

Restructuring

(0.4)

-

-

-

-

-

(0.4)

Improvement in Business Performance due to Restructuring

(0.3)

-

-

-

(0.0)

-

(0.3)

Loan Sales(23.9)

(2.5)

(2.1)

(2.2)

(3.2)

(9.9)

(44.1)

Direct Write-off

32.3

1.8

3.2

(0.1)

(2.4)

(2.5)

32.2

Other

(28.5)(7.6)(13.2)(11.0)(24.6)(34.3)(119.5)

Debt recovery(19.5)

(4.5)

(8.3)

(6.6)

(11.8)(14.2)(65.1)

Improvement in Business Performance

(8.9)

(3.0)

(4.9)

(4.3)

(12.8)(20.0)(54.3)(28.8)(8.5)(14.1)(15.5)(31.5)(46.9)(145.6)

Liquidation

(7.9)

(0.2)

(1.9)

(2.0)

(1.1)

(0.0)

(13.4)

Restructuring

(0.4)

-

-

-

-

-

(0.4)

-

-

-

-

-

-

-

(23.9)

(2.5)

(2.1)

(1.1)

(0.4)

-

(30.2)

Total

Mizuho Bank

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

27.4

1.1

3.2

2.3

(2.7)

(2.2)

29.2

Other

(18.4)

(6.7)

(8.1)

(5.7)

(16.2)(18.0)(73.3)

Debt recovery

(9.5)

(3.6)

(3.2)

(1.3)

(6.1)

(11.3)(35.3)

Improvement in Business Performance

(8.9)

(3.0)

(4.9)

(4.3)

(10.1)(6.6)(38.0)(23.2)

(8.4)

(8.9)

(6.5)

(20.5)(20.3)(88.1)

Liquidation

-

-

-

-

-

-

-

Restructuring

-

-

-

-

-

-

-

Improvement in Business Performance due to Restructuring

(0.3)

-

-

-

-

-

(0.3)

Loan Sales

(0.0)

(1.1)

(2.8)

(9.9)

(13.9)

Direct Write-off

4.8

0.7

0.0

(2.3)

0.3

(0.2)

3.2

Other

(9.0)

(0.7)

(0.1)

(5.1)

(8.3)

(15.8)(39.2)

(9.0)

(0.7)

(0.1)

(5.1)

(5.7)

(2.5)

(23.3)

-

-

-

-

(2.6)

(13.2)(15.9)

(4.5)

(0.0)

(0.1)

(8.6)

(10.8)(26.0)(50.2)-

Total

Mizuho Corporate Bank

Debt recovery
Improvement in Business Performance

Total

-

-

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

-

-

-

-

-

-

Restructuring

-

-

-

-

-

-

-

Improvement in Business Performance due to Restructuring

-

-

-

-

(0.0)

-

(0.0)

Loan Sales

-

-

-

-

-

-

-

Direct Write-off

-

(0.0)

-

(0.1)

(0.0)

-

(0.2)

Other

(1.0)

(0.1)

(4.9)

(0.1)

(0.0)

(0.4)

(6.9)

Debt recovery

(0.9)

(0.1)

(4.9)

(0.1)

(0.0)

(0.2)

(6.5)

Improvement in Business Performance

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.1)

(0.4)

(1.0)

(0.1)

(4.9)

(0.3)

(0.1)

(0.4)

(7.1)

Total

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

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)
Amount Removed
Up to Second
Half of Fiscal
2009*

In First Half of In Second Half of
Fiscal 2010
Fiscal 2010

In First Half of In Second Half of
Fiscal 2011
Fiscal 2011

In First Half of
Fiscal 2012

Accumulated
Removed Amountfrom B/S
since Second Half of
Fiscal 2001

Liquidation(1,671.2)(19.2)(52.2)(17.9)(48.4)(13.4)(1,822.4)

Restructuring(1,865.1)(12.8)(76.2)(11.9)(11.0)(0.4)(1,977.5)(184.7)

(0.1)

(0.1)

(6.5)

(0.0)

(0.3)

(191.9)(4,443.8)(72.3)(43.1)(9.2)(16.1)(44.1)(4,628.8)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

3,397.2

68.2

78.8

18.1

53.4

32.2

3,648.2

Other(6,677.4)(169.3)(193.8)(218.6)(138.2)(119.5)(7,516.9)

Debt recovery(109.7)(161.8)(76.2)(48.8)(65.1)

Improvement in Business Performance(59.6)(32.0)(142.3)(89.4)(54.3)(205.8)(286.6)(245.9)(160.3)(145.6)

Total(11,445.3)* From the Second Half of Fiscal 2001 to the Second Half of Fiscal 2009.

41(12,489.7)

Mizuho Financial Group, Inc.

8. Status of Loans by Industry(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)
As of September 30, 2012

As of March 31, 2012

55,173.1

Change from September 30, 2011

Outstanding
Balance

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

1,021.9(820.8)11.9(52.6)(18.6)

55,993.9

1,009.9

55,225.7

1,040.6

7,354.1

240.1

201.4

(18.5)

130.3

(7.2)

7,152.7

258.7

7,223.8

247.3

Agriculture & Forestry

31.4

0.5

(1.2)

0.4

4.0

0.1

32.7

0.0

27.4

0.3

Fishery

2.0

0.4

(0.0)

0.4

1.0

0.3

2.0

0.0

1.0

0.0

Manufacturing

Non-Accrual,
Past Due &Restructured
Loans

Change from March 31, 2012
Non-Accrual,
Past Due &Restructured
Loans

Domestic Total (excluding Loans
Booked Offshore)

Outstanding
Balance

As of September 30, 2011

Mining, Quarrying Industry &Gravel Extraction Industry

170.7

Construction

832.2

36.5

(33.2)

1,949.7

4.0

902.3

Transportation & Postal Industry

11.6

-

144.5

-

159.0

-

1.8

(53.6)

(7.1)

865.5

34.6

885.9

43.6

45.9

0.1

435.2

0.0

1,903.7

3.9

1,514.5

4.0

21.5

4.0

(4.0)

(227.9)(14.2)

898.2

25.6

1,130.2

35.8

2,690.8

66.5(89.9)

23.1(176.2)22.0

2,780.7

43.3

2,867.1

44.4

Wholesale & Retail

4,912.7

163.6

112.7

(11.0)

198.6

(6.7)

4,799.9

174.7

4,714.0

170.3

Finance & Insurance

6,189.7

10.4(272.4)(1.1)(100.6)0.3

6,462.1

11.6

6,290.4

10.1

Real Estate

6,414.9

148.0

66.6

3.6

160.4

(8.5)

6,348.3

144.4

6,254.5

156.6

Commodity Lease

1,551.3

2.5

5.2

0.2

14.7

0.3

1,546.0

2.2

1,536.6

2.2

Service Industries

2,481.4

100.2

54.9

(12.2)(263.6)(9.8)

2,426.5

112.5

2,745.1

110.1

Local Governments

1,255.4

2.9(19.8)

(0.0)

61.5

(0.0)

1,275.2

2.9

1,193.8

2.9

Governments

4,833.3(766.1)-(64.6)-

5,599.4-

4,897.9-

Other

13,600.3

224.1(155.2)29.0(183.4)

11.7

13,755.6

195.0

13,783.8

212.3

9,135.8

66.3

442.0

(10.1)

1,672.9

12.9

8,693.7

76.5

7,462.8

53.3(24.3)

-

(6.9)

356.4

-

339.0

-

Utilities
Communication

Overseas Total (including Loans
Booked Offshore)
Governments

-

-

332.0

-

26.2

-

-

Financial Institutions

3,261.0

9.2

211.5

9.2

724.2

9.2

3,049.4

0.0

2,536.7-

Other

5,542.7

57.1

254.9

(19.3)

955.6

3.7

5,287.8

76.5

4,587.1

53.3

64,308.9

1,088.3(378.7)1.8

1,620.3(5.6)

64,687.7

1,086.5

62,688.6

1,094.0

Total* Loans to Finance & Insurance sector includes loans to MHFG as follows
As of September 30, 2012: \568.8 billion (from MHBK ¥530.0 billion; from MHCB ¥38.8 billion)
As of March 31, 2012: \741.0 billion (from MHBK \700.0 billion; from MHCB \41.0 billion)
As of September 30, 2011: \738.3 billion (from MHBK ¥700.0 billion; from MHCB ¥38.3 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.

42

Mizuho Financial Group, Inc.
(Billions of yen)
As of September 30, 2012
Change from September 30, 2011

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

798.5

(1,038.2)

19.1(474.3)(16.8)

32,540.8

779.4

31,977.0

815.4

172.6
0.5
0.4

49.7
(1.2)
(0.0)

5.7
0.4
0.4

77.2
4.1
1.0

6.1
0.1
0.3

2,782.2
32.3
2.0

166.8
0.0
0.0

2,754.7
27.0
1.0

166.4
0.3
0.0

Non-Accrual,
Past Due &Restructured
Loans

31,502.6
2,831.9
31.1
2.0
5.1

-

471.3
56.8
302.5
1,082.1
3,522.3
1,757.3
3,168.3
181.2
1,890.6
1,101.8
3,519.0
11,578.4

As of September 30, 2011

Change from March 31, 2012

Outstanding
BalanceMizuho Bank
Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture & Forestry
Fishery
Mining, Quarrying Industry &Gravel Extraction Industry
Construction
Utilities
Communication
Transportation & Postal Industry
Wholesale & Retail
Finance & Insurance
Real Estate
Commodity Lease
Service Industries
Local Governments
Governments
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

As of March 31, 2012

25.8
20.6
63.1
160.6
10.4
91.9
2.5
97.9
151.7

0.2

-

(0.1)

-

4.9

-

5.3

-

(25.2)(1.8)(14.7)
8.9
24.6(208.3)
46.6
0.1
69.6
(12.6)(987.4)
13.2

(0.6)
(0.0)
(3.3)
21.7
(11.3)
(1.1)
2.9
0.2
0.9
3.1

(23.8)(3.3)(10.9)(84.2)
115.6(249.3)19.5(1.7)(132.1)
69.2(253.7)
(1.6)

(2.0)
(0.1)
(9.2)
27.5
(6.6)
0.3
(14.1)
0.3(5.8)(13.7)

496.6
58.6
317.2
1,073.1
3,497.7
1,965.7
3,121.6
181.0
1,821.0
1,114.5
4,506.5
11,565.2

26.5
0.0
23.9
41.4
171.9
11.6
89.0
2.2
97.0
148.5

495.2
60.2
313.4
1,166.4
3,406.7
2,006.7
3,148.7
182.9
2,022.7
1,032.6
3,772.8
11,580.0

27.9
0.1
29.9
35.5
167.2
10.1
106.1
2.2
103.8
165.4

-

-

-

-

-

-

-

-

-

-

-

-

(1,038.2)

19.1(474.3)(16.8)

32,540.8

779.4

31,977.0

815.4

31,502.6

798.5

19,309.8

194.4(61.1)

2.9

493.2

8.3

19,370.9

191.4

18,816.5

186.0

3,991.2
0.2

64.7
-

149.7
(0.0)
-

(20.4)
-

87.3
(0.0)
-

(10.6)-

3,841.5
0.3
-

85.1
-

3,903.9
0.3
-

75.3
-

-

26.3

-

13.9

-

135.9

-

148.4

-

2.4
0.2
(0.6)
1.4
(0.0)
2.5
(8.7)
26.3

(10.6)
406.3
63.3(93.1)
70.4
67.3
72.0
12.7
(94.8)(1.2)
88.4(188.7)

(5.0)
0.2
(4.8)
(5.5)
(0.2)
10.7
(3.4)
27.2

304.7
1,655.2
511.2
1,496.3
1,123.4
4,184.4
2,200.3
1,156.7
528.2
125.0
816.9
1,290.1

8.0
3.8
1.1
1.8
2.0
38.3
10.1
40.7

310.8
1,291.0468.2
1,487.4
1,116.2
3,929.2
2,142.2
1,152.4
614.8
124.9
825.9
1,300.2

15.5
3.8
5.3
8.8
2.2
30.1
4.8
39.9

8,687.8

76.5

7,457.2

53.3

355.8
3,049.4
5,282.6
28,058.8

0.0
76.5
267.9

338.4
2,536.7
4,582.0
26,273.7

53.3
239.4

Mizuho Corporate Bank
Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture & Forestry
Fishery
Mining, Quarrying Industry &Gravel Extraction Industry
Construction
Utilities
Communication
Transportation & Postal Industry
Wholesale & Retail
Finance & Insurance
Real Estate
Commodity Lease
Service Industries
Local Governments
Governments
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

162.3
300.2
1,697.3
531.6
1,394.2
1,186.6
3,996.5
2,214.3
1,165.2
520.0
123.7
914.4
1,111.4

10.5
4.0
0.4
3.2
1.9

67.1

(4.4)
42.1
20.3
(102.1)
63.1(187.8)
13.9
8.5
(8.2)
(1.2)
97.4
(178.7)9,130.5

66.3

442.6

(10.1)

1,673.2

12.9

331.5
3,261.0
5,537.9
28,440.3

9.2
57.1
260.8

(24.2)
211.5
255.3
381.5

9.2
(19.3)
(7.1)

(6.8)
724.2
955.9
2,166.5

9.2
3.7
21.3

40.9
1.3
-

-

-

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total
4,360.6
28.9
278.4(10.1)(71.5)(10.1)
4,082.1
39.1
4,432.1
39.1(excluding Loans Booked Offshore)
Manufacturing
530.9
2.7
1.9
(3.8)
(34.3)
(2.7)
528.9
6.6
565.2
5.5
Agriculture & Forestry
0.0
(0.0)
(0.0)
0.0
0.0
Fishery
Mining, Quarrying Industry &
3.1
(0.4)
(2.1)
3.6
5.3
Gravel Extraction Industry
Construction
60.6
0.1
(3.4)
0.1
(19.1)
0.0
64.1
0.0
79.8
0.1
Utilities
195.4
5.6
32.2
189.7
163.2
Communication
68.2
0.4
(1.5)
(0.0)
(280.3)
(0.1)
69.7
0.5
348.5
0.6
Transportation & Postal Industry
214.4
0.0
3.2
(0.0)
1.1
(0.0)
211.1
0.0
213.3
0.0
Wholesale & Retail
203.7
1.0
24.9
0.3
12.6
0.1
178.8
0.7
191.1
0.9
Finance & Insurance
435.8
123.8
81.4
312.0
354.4
Real Estate
1,032.2
15.2
5.9
(1.7)
68.8
(5.1)
1,026.2
17.0
963.4
20.3
Commodity Lease
204.8
(3.3)
3.7
208.2
201.1
Service Industries
70.7
0.9
(6.4)
(4.4)
(36.6)
(0.5)
77.2
5.4
107.4
1.5
Local Governments
29.8
2.9
(5.9)
(0.0)
(6.3)
(0.0)
35.7
2.9
36.1
2.9
Governments
399.8
123.8
100.6
275.9
299.1
Other
910.4
5.2
10.2
(0.4)
6.9
(1.7)
900.2
5.7
903.4
6.9
Overseas Total
5.3
(0.5)
(0.3)
5.8
5.6
(including Loans Booked Offshore)
Governments
0.5
(0.0)
(0.0)
0.6
0.6
Financial Institutions
Other
4.7
(0.4)
(0.2)
5.2
5.0
Total
4,365.9
28.9
277.9(10.1)(71.8)(10.1)
4,088.0
39.1
4,437.8
39.1* Amounts of outstanding loans are aggregated figures of banking and trust accounts, and amounts of non-accrual, past due & restructured loans are aggregated figures of banking
and trust accounts with contracts indemnifying the principal amounts.

43

Mizuho Financial Group, Inc.

(2) Disclosed Claims under the FRL and Coverage Ratio by Industry
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen, %)As of March 31, 2012 As of September 30, 2011

As of September 30, 2012
Change from March 31, 2012 Change from September 30, 2011
Disclosed Claims
under the FRL

Coverage
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

Disclosed Claims
under the FRL

Coverage
Ratio

1,073.9

73.8

10.7

0.9

(25.4)

0.9

1,063.2

72.9

1,099.4

72.9

246.8

65.7

(17.8)

1.8

(7.3)

9.3

264.6

63.9

254.1

56.4

Agriculture & Forestry

0.4

40.0

0.3

(35.2)

0.0(47.4)

0.0

75.3

0.3

87.5

Fishery

0.4

30.7

0.3

(69.2)

0.3(69.2)

0.0

100.0

0.0

100.0

Mining, Quarrying Industry &Gravel Extraction Industry

0.0

100.0

(0.0)

-

(0.0)

-

0.0

100.0

0.0

100.0

Construction

36.2

70.8

1.2

(0.7)

(8.3)

2.4

35.0

71.6

44.5

68.3

Utilities

4.0

57.0

0.1

(2.0)

0.0

38.6

3.9

59.1

4.0

18.4

Communication

21.8

61.6

(4.2)

(2.0)

(14.5)

(4.7)

26.0

63.6

36.3

66.4

Transportation & Postal Industry

66.5

81.8

23.0

(0.0)

20.9

13.8

43.4

81.9

45.5

68.0

Wholesale & Retail

171.1

61.7

(11.6)

(0.9)

(9.2)

(3.6)

182.8

62.7

180.4

65.4

Finance & Insurance

10.4

28.1

(1.3)

(2.8)

0.3

(1.2)

11.7

31.0

10.1

29.4

Real Estate

165.6

88.3

21.0

3.3

8.1

1.0

144.6

84.9

157.5

87.3

Commodity Lease

2.5

70.7

0.2

(11.0)

0.3(10.7)

2.2

81.8

2.2

81.5

Service Industries

94.6

64.5

(20.8)

2.6(18.7)

(1.4)

115.4

61.8

113.3

65.9

Local Governments

30.7

100.0

(0.0)

-

0.0

-

30.7

100.0

30.6

100.0

Other

222.4

83.6

20.2

(6.0)

2.4

(9.9)

202.2

89.6

220.0

93.5

76.1

50.5

(26.2)

(9.1)

9.5

(1.5)

102.4

59.6

66.6

52.0

-

-

Domestic Total(excluding Loans Booked Offshore)
Manufacturing

Overseas Total(including Loans Booked Offshore)
Governments

-

-

-

-

-

-

-

-

-

-

Financial Institutions

9.2

62.6

9.2

(37.3)

9.2

62.6

0.0

99.9

Other

66.8

48.8

(35.5)(10.8)

0.2

(3.2)

102.4

59.6

66.6

52.0

1,150.1

72.3(15.4)

0.5(15.9)

0.5

1,165.6

71.7

1,166.0

71.7

Total

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

44

Mizuho Financial Group, Inc.

9. Housing and Consumer Loans & Loans to Small and Medium-Sized
Enterprises ("SMEs") and Individual Customers(1) Balance of Housing and Consumer Loans
Non-Consolidated(Billions of yen)

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)
As of September 30, 2012
Change fromMarch 31,2012

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

Change from
September 30,
2011

As of
September 30,
2011

As of
March 31,2012

12,057.3
10,336.8(38.5)(1.3)(121.6)(37.6)

12,095.9
10,338.1

12,179.0
10,374.4

11,849.1
10,911.5
10,154.0
937.6(23.6)(41.3)
11.1
17.7(91.0)(113.0)(11.9)
21.9

11,872.7
10,952.8
10,142.9
919.8

11,940.1
11,024.5
10,166.0
915.6

-

-

-

-

-

208.2
182.7

(14.9)(12.5)(30.6)(25.6)

223.1
195.2

238.8
208.4

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

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

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

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

As of September 30, 2012

As of
September 30,
2011

Change from
September 30,
2011

57.1

0.3

(0.3)

56.8

57.4

31,537.5(270.2)(203.9)31,807.7

31,741.4

71.8

2.6

0.9

69.1

70.8

22,632.3

130.4(38.3)

22,501.8

22,670.7

35.1

(2.2)

(2.3)

37.3

37.4

6,785.4(449.4)(266.0)7,234.9

7,051.5

48.6

(2.1)

3.0

50.7

45.5

2,119.7

48.7

100.4

2,070.9

2,019.2

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

As ofMarch 31,2012

Change fromMarch 31,2012

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

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

Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total
Domestic Loans
Loans to SMEs and Individual Customers* Above figures are aggregated banking and trust account amounts.
* Above figures do not include loans booked at overseas offices and offshore loans.
* The definition of "Small and Medium-sized Enterprises" is as follows:Enterprises of which the capital is \300 million or below (\100 million or below for the wholesale industry, and \50 million or below for the retail, restaurant andcommodity lease industries etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc.,
50 or below for the retail and restaurant industries.)

45

Mizuho Financial Group, Inc.

10. Status of Loans by Region(1) Balance of Loans to Restructuring Countries
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen, Number of countries)

As of September 30, 2012

Loan amount
Number of Restructuring Countries*

As ofMarch 31,
2012

As of
September 30,
2011

(0.0)

0.0

0.0

-

3

3

Change fromMarch 31,2012

Change from
September 30,
2011

0.0

(0.0)

3

-

* Number of Restructuring Countries refers to the countries of obligors' residence.

(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Region
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)

As of September 30, 2012

As of March 31, 2012
Change from March 31, 2012

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans3,294.6

27.9

199.8

5.8

Hong Kong

697.2

4.8

27.8

South Korea

484.3

1.4

Singapore

508.9

Thailand

As of September 30, 2011

Change from September 30, 2011
Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

593.1

14.9

3,094.8

22.1

2,701.5

13.0

3.8

77.8

3.3

669.4

0.9

619.4

1.4

27.6

(0.1)

135.1

1.4

456.7

1.5

349.2

11.4

74.4

7.4

142.5

7.7

434.5

3.9

366.4

3.6

476.6

1.0

41.1

(4.6)

103.6

(4.4)

435.5

5.7

373.0

5.5

Central and South America

2,819.7

90.7(66.7)

37.4

230.5

38.1

2,886.4

53.2

2,589.1

52.5

North America

2,620.0

1.5

113.8

(1.1)

442.7

(3.1)

2,506.2

2.7

2,177.3

4.7

Eastern Europe

18.9

0.6

(1.8)

0.6

(13.1)

(6.3)

20.8

-

32.1

7.0

Western Europe

2,188.0

42.3(102.6)

(5.2)

173.5

4.5

2,290.6

47.5

2,014.4

37.7

919.5

10.1

11.4

1.7

212.7

9.6

908.1

8.4

706.8

0.5

11,861.0

173.4

153.7

39.4

1,639.6

57.8

11,707.2

134.0

10,221.3

115.5

Asia

Other
Total

46

Outstanding
Balance-Mizuho Financial Group, Inc.

IV. OTHERS
1. Breakdown of Deposits (Domestic Offices)
Non-Consolidated(Billions of yen)
As of September 30, 2012
Change fromMarch 31, 2012

Aggregated Figures of the 3 Banks
Deposits
Individual Deposits
Corporate Deposits
Financial/Government Institutions
Mizuho Bank
Deposits
Individual Deposits
Corporate Deposits
Financial/Government Institutions
Mizuho Corporate Bank
Deposits
Individual Deposits
Corporate Deposits
Financial/Government Institutions
Mizuho Trust & Banking
Deposits
Individual Deposits
Corporate Deposits
Financial/Government Institutions

Change from
September 30, 2011

As ofMarch 31,
2012

As of
September 30,
2011

71,346.4
37,307.0
29,537.1
4,502.3

355.8
296.0
28.4
31.3

1,860.8841.8
1,791.5(772.5)70,990.6
37,011.0
29,508.6
4,470.9

69,485.6
36,465.2
27,745.5
5,274.8

57,689.6
35,898.7
19,515.2
2,275.6(14.5)
360.7
3.0(378.3)

1,522.6
963.2
1,027.0(467.6)57,704.1
35,538.0
19,512.2
2,653.9

56,166.9
34,935.5
18,488.1
2,743.3

11,528.4
6.8
9,425.9
2,095.7

335.3
2.4(29.7)
362.5

356.0
(3.7)
702.7
(342.9)

11,193.1
4.3
9,455.6
1,733.1

11,172.4
10.6
8,723.1
2,438.6

2,128.3
1,401.4
595.9
130.9

35.0
(67.1)
55.1
47.1(17.8)(117.6)61.7
38.0

2,093.3
1,468.6
540.8
83.8

2,146.2
1,519.0
534.2
92.9* Above figures are before adjustment of transit accounts for inter-office transactions, and do not include deposits booked at overseas offices and offshore deposits.
* Deposits does not include Negotiable Certificates of Deposit.

47

Mizuho Financial Group, Inc.

2. Number of Directors and Employees
As of September 30, 2012
Change fromMarch 31,2012

Aggregated Figures of Mizuho Financial Group,
Inc. and the 3 Banks
Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

33
94
31,461(5)(1)
78

Change from
September 30,
2011

(7)
(3)
(396)

As of
March 31,
2012

As of
September 30,
2011

38
95
31,38340
97
31,857* The numbers have been adjusted for Members of the Board of Directors and Auditors and Executive Officers doubling other positions.

Mizuho Financial Group, Inc. (Non-Consolidated)
As of September 30, 2012

Mizuho Financial Group, Inc.
Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

Change fromMarch 31,2012

Change from
September 30,
2011

5
466

5
522

Change fromMarch 31,2012

Change from
September 30,
2011

14
11
1,065

As of
March 31,
2012

14
6
599

As of
September 30,
2011

14
6
543

Non-Consolidated
As of September 30, 2012

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

As ofMarch 31,
2012

As of
September 30,
2011

9
55
18,890

(1)
21
(269)

(2)
20
(808)

10
34
19,1591135
19,698

9
53
8,341

(1)
13
(109)

(1)
12
-

10
40
8,450

10
41
8,341

9
26
3,165

5
(10)

(1)
5
(110)

9
21
3,175

10
21
3,275

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)48

Mizuho Financial Group, Inc.

3. Number of Branches and Offices
Non-Consolidated
Aggregated Figures of the 3 Banks

As of September 30, 2012
Change fromMarch 31,2012

Head Offices and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

452
22
54
10
7

2
3
(1)
1

Change from
September 30,
2011

As of
September 30,
2011

As of
March 31,
2012

1
6
(1)
2

450
22
51
11
6

451
22
48
11
5

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (42),branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1)and pension plan advisory offices (1).

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

398
38
-

2
1
-

1
-

396
37
-

397
38
-

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (18),
branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1)and pension plan advisory offices (1).

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

18
22
10
7

(1)
1

(1)
2

18
22
11
6

18
22
11
5

36
14
-

36
10
-

* Head Office and Domestic Branches do not include branches and offices for remittance purposes only (24).

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

36
16
-

2
-

49

6
-

Mizuho Financial Group, Inc.

V. Gross profits (excluding the amounts of credit costs of trust accounts) and Net business profits or losses (excluding the amountsof credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) by reportable segment(Millions of yen)First Half of Fiscal 2011
Global Corporate GroupMHCB

Gross profits:(excluding the amounts of credit costsof trust accounts)
Net interest income (expense)
Net noninterest income
Total
General and administrative expenses(excluding Non-Recurring Losses)
OthersNet business profits(excluding the amounts of credit costsof trust accounts, before reversal of(provision for) general reserve forlosses on loans)

Global Asset &WealthManagement Group

Global Retail Group
MHSC

MHBK

OthersOthersMHIS

OthersMHTB

Others⑬⑭⑮(5,718)
11,416
5,698

Total

Retail Corporate Tradingbanking banking
andothersDomestic

International

Tradingandothers

①

②

③

④

⑤

⑥

227,284
244,493471,777

190,041
157,692
347,734

86,30063,700150,000

41,20041,30082,50062,541
52,692
115,234(2,865)63,78860,923

40,10723,011
63,119

⑦

⑧

⑨

⑩

⑪

⑫

291,690135,029426,720272,644
109,574
382,218

113,600
12,100125,700

128,100
64,300
192,400

30,94433,174
64,118380
21,04021,42018,666
4,415
23,081

21,89264,45386,346

21,38740,96662,354504
23,48623,991

535,149455,392
990,542229,244

116,834

44,20031,40041,234

76,79835,611

303,063276,263

105,700

112,100

58,463

20,5696,230

59,55039,676

19,874

6,933

598,792(26,210)

-

-

-

-

-

(26,210)(7,403)

-

-

-

-

-

(7,403)

(933)

-

(933)

(5,775)(40,322)

216,322230,899

105,800

51,10073,999(15,874)

1,297

116,253

105,954

20,00080,300

5,654

850

9,447

25,861

22,677

3,184(7,011)

351,426

Notes: 1. Gross profits (excluding the amounts of credit costs of trust accounts) is reported instead of sales reported by general corporations.
2. “Others ⑥”, “Others ⑫”, and “Others ⑭” include elimination of transactions between companies within the Global Corporate Group, the Global Retail Group and the Global Asset & Wealth Management Group, respectively.
“Others ⑮” includes elimination of transactions between the Global Groups.
3. Beginning on April 1, 2012, with the implementation of the “substantive one bank” structure, new methods of income distribution among segments have been applied to the calculation of the respective Gross profits(excluding the amounts of credit costs of trust accounts) and Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) of“Domestic ②”, “International ③”, “Trading and others ④”, “Retail banking ⑧”, “Corporate banking ⑨”, and “Trading and others ⑩”. Reclassification to reflect the relevant change has been made in the above table.

("Substantive one bank" structure)
MHCB・MHBK("Substantive one bank" structure)

Gross profits:(excluding the amounts of credit costsof trust accounts)
Net interest income (expense)
Net noninterest income
Total
General and administrative expenses(excluding Non-Recurring Losses)
OthersNet business profits(excluding the amounts of credit costsof trust accounts, before reversal of(provision for) general reserve forlosses on loans)

Retailbanking

Corporatebanking

International

Tradingandothers462,685
267,267
729,953

113,600
12,100125,700

214,400
128,000
342,400

41,20041,30082,50093,48585,867
179,353

393,098

105,700

156,300

31,40099,698

-

-

-

-

-

336,854

20,000186,100

51,10079,654

Note: Beginning on April 1, 2012, with the implementation of the “substantive one bank” structure, in addition to managing our business portfolio through the three Global Groups, we have also begun managing Mizuho Bank and Mizuho Corporate
Bank as one entity, with four reportable segments: retail banking; corporate banking; international; and trading and others.

50

Mizuho Financial Group, Inc.

First Half of Fiscal 2012
Global Corporate GroupMHCB

Gross profits:(excluding the amounts of credit costsof trust accounts)
Net interest income (expense)
Net noninterest income
Total
General and administrative expenses(excluding Non-Recurring Losses)
OthersNet business profits(excluding the amounts of credit costsof trust accounts, before reversal of(provision for) general reserve forlosses on loans)

Global Asset &WealthManagement Group

Global Retail Group
MHSC

Domestic

International

Tradingandothers①②③④

233,974
294,935
528,909

192,890
193,838
386,728

79,30057,800137,100

53,60053,800107,400

MHBK

OthersRetail Corporatebanking banking⑤⑥

59,99082,238142,228(3,741)75,937
72,19544,82525,15969,985

Others

Total

MHIS

OthersMHTB

Others

⑪

⑫

⑬

⑭

⑮

18,647
4,074
22,722

20,42561,24981,674

21,17938,05959,239(754)
23,18922,435(2,074) 533,026
16,191 571,023
14,117 1,104,049

Tradingandothers⑦⑧⑨⑩

280,700
198,647
479,347

261,696
172,525434,222106,200
14,100120,300

117,700
73,600191,300

37,79684,825
122,622356
22,04722,403

213,310

114,493

41,20032,80040,49362,72736,088290,260

265,123

106,300

110,500

48,32320,072

5,064

56,871

37,11819,753

10,212570,655(26,877)

-

-

-

-

-

(26,877)(6,708)

-

-

-

-

-

(6,708)

(876)

-

(876)

418

(34,044)288,722272,234

95,90074,600101,734

9,467

7,019

182,378

169,098

14,00080,80074,2982,330

10,94823,92622,120

1,805

4,323

499,349

Notes: 1. Gross profits (excluding the amounts of credit costs of trust accounts) is reported instead of sales reported by general corporations.
2. “Others ⑥”, “Others ⑫”, and “Others ⑭” include elimination of transactions between companies within the Global Corporate Group, the Global Retail Group and the Global Asset & Wealth Management Group, respectively.
“Others ⑮” includes elimination of transactions between the Global Groups.
3. Beginning on April 1, 2012, with the implementation of the “substantive one bank” structure, new methods of income distribution among segments have been applied to the calculation of the respective Gross profits(excluding the amounts of credit costs of trust accounts) and Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) of“Domestic ②”, “International ③”, “Trading and others ④”, “Retail banking ⑧”, “Corporate banking ⑨”, and “Trading and others ⑩”.

("Substantive one bank" structure)
MHCB・MHBK("Substantive one bank" structure)

Gross profits:(excluding the amounts of credit costsof trust accounts)
Net interest income (expense)
Net noninterest income
Total
General and administrative expenses(excluding Non-Recurring Losses)
OthersNet business profits(excluding the amounts of credit costsof trust accounts, before reversal of(provision for) general reserve forlosses on loans)

Retailbanking

Corporatebanking

International

Tradingandothers454,586
366,363
820,950

106,200
14,100120,300

197,000
131,400
328,400

53,60053,800107,400

97,786167,063
264,850

379,617106,300

151,700

32,80088,817

-

-

-

-

-

441,333

14,000176,700

74,600176,033

Note: Beginning on April 1, 2012, with the implementation of the “substantive one bank” structure, in addition to managing our business portfolio through the three Global Groups, we have also begun managing Mizuho Bank and Mizuho Corporate Bank
as one entity, with four reportable segments: retail banking; corporate banking; international; and trading and others.

51Interim Review (Status ｏｆ Capital Adequacy)
For the Six Months ended September 30, 2012

<under Japanese GAAP>

Mizuho Financial Group, Inc.

The following is an English translation of excerpt regarding Basel II capital adequacy disclosure and relevant information
released in our Japanese language disclosure material published in January 2013. The capital adequacy disclosure and otherfinancial information included herein are based on Japanese GAAP pursuant to Japanese regulatory requirements.
In this report, “we,” “us,” and “our” refer to Mizuho Financial Group, Inc. and, unless the context indicates otherwise, itsconsolidated subsidiaries. “Mizuho Financial Group” refers to Mizuho Financial Group, Inc.

Status of Capital Adequacy
Capital adequacy ratio highlights.........................................................................................................................2■ Capital adequacy ratio highlights .....................................................................................................2
Status of Mizuho Financial Group’s consolidated capital adequacy....................................................................4■ Consolidated capital adequacy ratio .................................................................................................4(1) Summary table of consolidated capital adequacy ratio (BIS standard)■ Risk-based capital.............................................................................................................................14(2) Required capital by portfolio classification■ Credit risk .........................................................................................................................................16(3) Credit risk exposure, etc.
■ Methods for credit risk mitigation ....................................................................................................31(4) Credit risk mitigation by portfolio classification■ Counterparty risk in derivatives transactions and long-settlement transactions................................32(5) Status of counterparty risk in derivatives transactions and long-settlement transactions■ Securitization exposure.....................................................................................................................34(6) Quantitative disclosure items for securitization exposure■ Market risk .......................................................................................................................................50■ Equity exposure in banking book .....................................................................................................52(7) Status of equity exposure in banking book1

Capital adequacy ratio highlights
The Basel II Framework, based on the “International
Convergence of Capital Measurement and CapitalStandards: A Revised Framework” issued by the BaselCommittee on Banking Supervision, requires the disclosureof capital adequacy information to ensure the enhanced
effectiveness of market discipline. Our disclosure is madeunder the “Matters Separately Prescribed by theCommissioner of the Financial Services Agency Regarding
Capital Adequacy Conditions, etc. pursuant to Article 19-2,
Paragraph 1, Item 5, Subitem (d), etc. of the Ordinance for

Enforcement of the Banking Law (Ministry of FinanceOrdinance No. 10 of 1982)” (FSA Notice No. 15 of2007).
As a method to calculate the amount of credit riskweighted assets under the Basel II Framework, we haveadopted the advanced internal ratings-based approach. In
addition, as a method to calculate the amount equivalent
to the operational risk, we have adopted the advanced
measurement approach.

■ Capital adequacy ratio highlights
As of September 30, 201114.92％
11.89％
6,069.8
1,895.8350.4
7,615.2
51,037.6(Billions of yen)
As of September 30, 201215.45%
12.68%
6,290.6
1,769.9395.4
7,665.1
49,603.9

As of September 30, 201118.11%
15.80%
4,372.3
745.8
107.4
5,010.8
27,666.8(Billions of yen)
As of September 30, 201217.94%
15.79%
4,363.4
732.3
139.0
4,956.8
27,623.6

As of September 30, 201120.08%
15.98%
4,018.0
1,074.4
43.9
5,048.5
25,134.8(Billions of yen)
As of September 30, 201220.37%
16.27%
4,057.0
1,060.2
40.5
5,076.6
24,922.2

As of September 30, 201115.05%
10.69%
2,388.6
1,075.6
100.9
3,363.3
22,342.6
14.73%(Billions of yen)
As of September 30, 201215.35%
11.26%
2,389.6
980.7
112.9
3,257.4
21,208.5
15.43%

As of September 30, 201115.25%
10.91%
2,346.3
1,075.2
141.8
3,279.8
21,494.3
14.90%(Billions of yen)
As of September 30, 201215.38%
11.30%
2,330.6
980.2
138.3
3,172.5
20,621.0
15.43%

As of September 30, 201116.69%
12.55%
311.6
105.8
3.0

(Billions of yen)
As of September 30, 201217.80%
14.21%
331.6
87.0
3.2

Mizuho Financial Group (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference)
Mizuho Corporate Bank (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets
Mizuho Corporate Bank (Non-consolidated)
Non-consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets
Mizuho Bank (Consolidated)
Consolidated capital adequacy ratio (Domestic standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference) Consolidated capital adequacy ratio (BIS standard)
Mizuho Bank (Non-Consolidated)
Non-consolidated capital adequacy ratio (Domestic standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference) Non-consolidated capital adequacy ratio (BIS standard)

Mizuho Trust & Banking (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital2

Total risk-based capital
Risk-weighted assets

414.4
2,481.7415.5
2,333.6

As of September 30, 201116.86%
12.68%
310.2
105.4
3.2
412.4
2,445.5(Billions of yen)
As of September 30, 201218.09%
14.47%
333.7
86.6
3.0
417.3
2,306.5

Mizuho Trust & Banking (Non-Consolidated)
Non-consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets

3

Status of Mizuho Financial Group’s consolidated capital adequacy■ Consolidated capital adequacy ratio(1) Summary table of consolidated capital adequacy ratio (BIS standard)Common stock and preferred stock
Non-cumulative perpetual preferred stock
Advance payment for new shares
Capital surplus
Retained earnings
Less: Treasury stock
Advance payment for treasury stock
Less: Dividends (estimate), etc
Less: Unrealized losses on other securities
Foreign currency translation adjustments
Stock acquisition rights
Tier 1 capital

Tier 2
capitalTier 3 capital
Deductions
for total riskbased capital
Total riskbased capital

Minority interest in consolidated subsidiaries
Preferred securities issued by overseas SPCs
Less: Goodwill equivalent
Less: Intangible fixed assets recognized as a result of a merger
Less: Capital increase due to securitization transactions
Less: 50% of excess of expected losses relative to eligible reserves by banks
adopting internal ratings-based approach
Total of Tier 1 capital before deduction of deferred tax assets (total of theabove items)
Deduction for deferred tax assets
Total
(A)
Preferred securities with a step-up interest rate provision(B)
Ratio to Tier 1 = (B) / (A) X 100
45% of unrealized gains on other securities
45% of revaluation reserve for land
General reserve for possible losses on loans
Excess of eligible reserves relative to expected losses by banks adoptinginternal ratings-based approach
Debt capital, etc.
Perpetual subordinated debt and other debt capital
Dated subordinated debt and redeemable preferred stock
Total
Tier 2 capital included as qualifying capital(C)
Short-term subordinated debt
Tier 3 capital included as qualifying capital
(D)

As of
September
30, 2011
2,254.9
1,109.7
1,249.3
12.7
76.4
143.9
(103.2)
1.0(Billions of yen)
As of
September
30, 2012
2,254.9
1,109.5
1,513.8
4.7
76.3
21.8
(103.9)2.7

1,938.0
1,851.6
60.1
37.3
4.8

1,760.1
1,682.0
59.0
36.6
4.0

44.5

43.9

6,069.8
6,069.8
524.0
8.63%
104.2
4.7

6,290.6
6,290.6
524.0
8.32%
101.7
4.6

1,786.8300.5
1,486.3
1,895.8
1,895.8-

1,663.5
256.6
1,406.9
1,769.9
1,769.9-

Deductions for total risk-based capital

(E)

350.4

395.4

(A) + (C) + (D) – (E)(F)

7,615.2

7,665.1(G)

46,119.9
38,033.8
8,086.1
1,373.1
109.8
3,544.5
283.5
51,037.6
14.92%
11.89%

44,696.6
37,340.3
7,356.3
2,022.3
161.7
2,884.9
230.7
49,603.9
15.45%
12.68%

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

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

Notes:
1. The above figures are calculated based on the BIS standard applied on a consolidated basis under the “Standards for
Determining the Status of Capital Adequacy in consideration of assets held by a bank holding company and by its
subsidiaries, in accordance with Banking Law Article 52-25” (FSA Notice No. 20 of 2006 (the “Notice”)). For the
figures as of September 30, 2011, we did not apply the exception to the Notice (FSA Notice No. 79 of 2008).
2. As it is not possible to break down Mizuho Financial Group’s common stock and preferred stock according to classesof stock, non-cumulative perpetual preferred stock is not stated separately from capital.
3. In calculating the consolidated capital adequacy ratio, we underwent an examination following the procedures agreed
with Ernst & Young ShinNihon LLC, on the basis of “Treatment in implementing examination by agreed-uponprocedures for calculating capital adequacy ratio” (Industry Committee Practical Guideline No. 30 of the JapaneseInstitute of Certified Public Accountants). Note that this is not a part of the accounting audit performed on ourconsolidated financial statements. This consists of an examination under agreed-upon procedures performed by Ernst

4

& Young ShinNihon LLC on a portion of the internal control structure concerning the calculation of the capital
adequacy ratio and a report of the results to us. As such, they do not represent an opinion regarding the capital
adequacy ratio itself nor the internal controls related to the calculation of the capital adequacy ratio.
4. The amounts of net deferred tax assets as of September 30, 2011 and 2012 were ¥438.2 billion and ¥420.4 billion,
respectively, and the maximum amounts of deferred tax assets that can be recorded without diminishing the amount ofTier 1 capital for the purpose of calculating capital adequacy ratio as of September 30, 2011 and 2012 were ¥1,213.9
billion and ¥1,258.1 billion, respectively.
5. The “adjusted amount for credit risk-weighted assets” is the amount obtained by multiplying (i) 12.5 by (ii) the excess,if any, of the required capital under the foundation internal ratings-based approach multiplied by the rate prescribed in
the Notice over the required capital under the advanced internal ratings-based approach; and the “adjusted amount for
operational risk equivalent” is the amount obtained by multiplying (i) 12.5 by (ii) the excess, if any, of the required
capital under the basic indicator approach multiplied by the rate prescribed in the Notice over the required capital
under the advanced measurement approach.
6. Among our group companies that were subject to the calculation of consolidated capital adequacy ratio pursuant to
Article 3 of the Notice, the numbers of consolidated subsidiaries were 153 and 148 as of September 30, 2011 and 2012,
respectively. There was no company that was subject to the deductions for total risk-based capital forth in Article 8,
Paragraph 1, Item 2, Subitem (a) through (c) of the Notice as of September 30, 2011 and 2012.

5

Summary of preferred securities
We have included each of the following preferred securities issued by our overseas special purpose companies as Tier 1
capital for the purposes of our consolidated capital adequacy ratios.
Preferred securities issued by SPCs of Mizuho Financial Group
Mizuho Capital Investment (USD) 1 Limited (“MCI (USD) 1,” and the preferred securities described
Issuerbelow are referred to as “MCI (USD) 1 Preferred Securities.”)Non-cumulative perpetual preferred securities
Type ofsecurities
None
Mandatory
redemption
dateStarting from the dividend payment date falling in June 2016, optionally redeemable on each dividend
Optional
payment date in five-year intervals (subject to prior approval from regulatory authorities)
redemption
Fixed dividend rate for the first ten years (although a floating dividend rate is applied with respect to
Dividends
dividend payment dates after June 2016. No dividend rate step-up. Dividend payments that are suspended
are non-cumulative.)
June 30th and December 30th of each year
Dividend
payment date
US$600 million
Total amountissuedMarch 13, 2006
Issue date
(Mandatory dividend suspension or reduction event)
Dividend(1) When a Liquidation Event(1), Reorganization Event(2), Insolvency Event(3) or Governmental Action(4)suspension
has occurred to Mizuho Financial Group;
events(2) when Mizuho Financial Group’s Available Distributable Amounts(5) is insufficient, or dividends on
its preferred stock(6) are suspended or reduced;(Optional dividend suspension or reduction event)(3) when the capital adequacy ratio of Mizuho Financial Group or its Tier 1 capital ratio fails to meet theminimum requirement, or would fall short as a result of the dividend payments on the MCI (USD) 1
Preferred Securities, and Mizuho Financial Group issues a dividend suspension notice to MCI (USD)
1; and(4) when Mizuho Financial Group fails to pay dividends on its common stock and issues a dividend
suspension notice to MCI (USD) 1.
If Mizuho Financial Group pays any dividends on its common stock with respect to a fiscal year,
Mandatory
dividend payments for the full amount of MCI (USD) 1 Preferred Securities must be made on thedividend
dividend payment dates during the subsequent fiscal year; provided thatevent
no event for the mandatory suspension or reduction of dividends has occurred and that no dividend
suspension notice has been issued in conjunction with the occurrence of an optional dividend suspension
or reduction event.
Dividends for the MCI (USD) 1 Preferred Securities are paid to the extent of Mizuho Financial Group’s
Distributable
Available Distributable Amounts(5).
amounts
limitation
When dividends on Mizuho Financial Group’s Preferred Stock(6) are reduced, dividends on MCI (USD) 1
Dividend
Preferred Securities are also reduced by an equal percentage.
limitations
Claims on
residual assets

Same priority as Mizuho Financial Group’s Preferred Stock(6)6IssuerMizuho Capital Investment(JPY) 1 Limited (“MCI (JPY) 1,”
and the preferred securities
described below are referred toas “MCI (JPY) 1 Preferred
Securities.”)Mizuho Capital Investment(JPY) 2 Limited (“MCI (JPY)2,” and the preferred securities
described below are referred toas “MCI (JPY) 2 Preferred
Securities.”)

Type ofsecurities
Mandatory
redemption
date
Optional
redemption

Non-cumulative perpetual
preferred securities
None

Non-cumulative perpetual
preferred securities
None

Mizuho Capital Investment(JPY) 3 Limited (“MCI (JPY)3,” and the preferred securities
described below (Series A and
Series B) are collectively
referred to as “MCI (JPY) 3
Preferred Securities.”)Non-cumulative perpetual
preferred securities
None

Starting from the dividend
payment date falling in June
2016, optionally redeemable oneach dividend payment date infive -year intervals (subject toprior approval from regulatory
authorities)
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2016. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Starting from the dividend
payment date falling in June
2018, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Starting from the dividend
payment date falling in June
2019, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2018. Dividendrate step-up is applied.
Dividend payments that aresuspended are non-cumulative.)

Series A
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2019. Dividendrate step-up is applied.
Dividend payments that aresuspended are non-cumulative.)

Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsJune 30th and December 30th ofeach year¥400 billion

June 30th and December 30th ofeach year¥274.5 billion

January 12, 2007
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(1),Reorganization Event(2),Insolvency Event(3) or
Governmental Action(4) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(7) isinsufficient, or dividends on
its preferred stock(6) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 1 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 1; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andJanuary 11, 2008
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(1),Reorganization Event(2),Insolvency Event(3) or
Governmental Action(4) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(8) is
insufficient, or dividends on
its preferred stock(6) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 2 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 2; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock and7

Series B
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2019. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)
June 30th and December 30th ofeach year
Series A ¥249.5 billion
Series B ¥53.5 billion
July 11, 2008
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(1),Reorganization Event(2),Insolvency Event(3) or
Governmental Action(4) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(9) isinsufficient, or dividends on
its preferred stock(6) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 3 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 3; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andMandatory
dividend event

Distributableamounts
limitation
Dividend
limitations

Claims forresidual assets

issues a dividend suspension
notice to MCI (JPY) 1
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 1
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal year;
provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 1
Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(7).
When dividends on Mizuho
Financial Group’s Preferred
Stock(6) are reduced, dividends
on MCI (JPY) 1 Preferred
Securities are also reduced by anequal percentage.

issues a dividend suspension
notice to MCI (JPY) 2
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 2
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 2
Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(8).
When dividends on Mizuho
Financial Group’s Preferred
Stock(6) are reduced, dividends
on MCI (JPY) 2 Preferred
Securities are also reduced by anequal percentage.

issues a dividend suspension
notice to MCI (JPY) 3
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 3
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 3
Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(9).
When dividends on Mizuho
Financial Group’s Preferred
Stock(6) are reduced, dividends
on MCI (JPY) 3 Preferred
Securities are also reduced by anequal percentage.

Same priority as Mizuho
Financial Group’s Preferred
Stock(6)Same priority as Mizuho
Financial Group’s Preferred
Stock(6)Same priority as Mizuho
Financial Group’s Preferred
Stock(6)8IssuerMizuho Capital Investment(JPY) 4 Limited (“MCI (JPY)4,” and the preferred securities
described below are referred toas “MCI (JPY) 4 Preferred
Securities.”)Mizuho Capital Investment(USD) 2 Limited (“MCI (USD)
2,” and the preferred securities
described below are referred toas “MCI (USD) 2 Preferred
Securities.”)

Type ofsecurities

Non-cumulative perpetual
preferred securities

Non-cumulative perpetual
preferred securities

Mizuho Capital Investment(JPY) 5 Limited (“MCI (JPY)5,” and the preferred securities
described below (Series A,
Series B and Series C) arecollectively referred to as “MCI(JPY) 5 Preferred Securities.”)Non-cumulative perpetual
preferred securities

Mandatory
redemption
date

None

None

None

Optional
redemption

Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Starting from the dividend
payment date falling in June
2014, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Series A
Starting from the dividend
payment date falling in June
2014, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)
Series B
Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Dividends

Fixed dividend rate for the firstseven years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Fixed dividend rate for the first
five years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2014. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Series C
Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)
Series A
Fixed dividend rate for the first
five years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2014. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)
Series B
Fixed dividend rate for the firstsix years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)
Series C
Fixed dividend rate for the firstsix years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Dividend
payment date

March 31, 2009 and June 30thand December 30th of each year

June 30th and December 30th ofeach year

9

June 30th and December 30th ofeach yearTotal amountissued¥355 billion$850 million

Series A ¥139.5 billion
Series B ¥72.5 billion
Series C ¥25.0 billion

Issue date

December 29, 2008

February 27, 2009

Series A June 30, 2009
Series B August 31, 2009
Series C September 29, 2009

Dividendsuspension
events(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(1),Reorganization Event(2),Insolvency Event(3) or
Governmental Action(4) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(10) is
insufficient, or dividends on
its preferred stock(6) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 4 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 4; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 4
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 4
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 4
Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(10).
When dividends on Mizuho
Financial Group’s Preferred
Stock(6) are reduced, dividends
on MCI (JPY) 4 Preferred
Securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(6)(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(1),Reorganization Event(2),Insolvency Event(3) or
Governmental Action(4) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(11) isinsufficient, or dividends on
its preferred stock(6) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (USD) 2 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (USD) 2; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (USD) 2
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (USD) 2
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (USD) 2
Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(11).
When dividends on Mizuho
Financial Group’s Preferred
Stock(6) are reduced, dividends
on MCI (USD) 2 Preferred
Securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(6)(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(1),Reorganization Event(2),Insolvency Event(3) or
Governmental Action(4) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(12) isinsufficient, or dividends on
its preferred stock(6) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 5 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 5; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 5
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 5Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 5Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(12).
When dividends on Mizuho
Financial Group’s Preferred
Stock(6) are reduced, dividends
on MCI (JPY) 5 Preferred
Securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(6)Mandatory
dividend event

Distributableamounts
limitation
Dividend
limitations

Claims forresidual assets

10Notes:(1) Liquidation Event
Shall be deemed to occur where a liquidation
proceeding is commenced by or against Mizuho
Financial Group or a competent court in Japan shallhave (i) adjudicated Mizuho Financial Group to be
subject to bankruptcy proceedings or (ii) approved a
preparation of a reorganization plan for abolishmentof all business of Mizuho Financial Group.
(2) Reorganization Event
Shall be deemed to occur if a competent court inJapan shall have adjudicated (i) the commencement ofa corporate reorganization proceeding of Mizuho
Financial Group under the Corporate Reorganization
Law or (ii) the commencement of a civil rehabilitation
proceeding of Mizuho Financial Group under the
Civil Rehabilitation Law.
(3) Insolvency Event
Shall be deemed to occur if (i) Mizuho Financial
Group is not able to pay its debts as they become due
or would not be able to do so as a result of a dividend
payment on the relevant preferred securities, or (ii) if
the liabilities of Mizuho Financial Group exceeds its
assets or would exceed its assets as a result of adividend payment on the relevant preferred securities.
(4) Governmental Action
Shall be deemed to occur if the government authority
in Japan (i) publicly declares Mizuho Financial Groupis not able to pay its debts as they become due, (ii)publicly declares Mizuho Financial Group’s liabilities
exceed its assets, (iii) publicly declares Mizuho
Financial Group to be under public management or(iv) issues an order that Mizuho Financial Group betransferred to a third party.
(5) Available Distributable Amounts for MCI (USD) 1
Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(6) (excludinginterim dividend payments), pro-rated between thefull dividend amount on MCI (USD) 1 Preferred
Securities and the full dividend amount on preferred
securities that are equivalently subordinated in nature
with MCI (USD) 1 Preferred Securities (“Equivalent
Securities”) to which dividends are paid in whole or inpart or declared to be paid on or prior to the relevant
dividend payment date of MCI (USD) 1 Preferred
Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (USD) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date falling in June, pro-rated between full
dividends on MCI (USD) 1 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (USD) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(6) Preferred Stocks
Refers to preferred stock of Mizuho Financial Groupqualifying as Tier 1 capital and ranking most seniorcompared to other preferred stock of Mizuho

Financial Group as to dividend payments and claims
to residual assets.
(7) Available Distributable Amounts for the MCI (JPY) 1
Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(6) (excludinginterim dividend payments), pro-rated between thefull dividend amount on MCI (JPY) 1 Preferred
Securities and the full dividend amount on preferred
securities that are equivalently subordinated in nature
with MCI (JPY) 1 Preferred Securities (“Equivalent
Securities”) to which dividends are paid in whole or inpart or declared to be paid on or prior to the relevant
dividend payment date of MCI (JPY) 1 Preferred
Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 1 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(8) Available Distributable Amounts for the MCI (JPY) 2
Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(6) (excludinginterim dividend payments), pro-rated between thefull dividend amount on MCI (JPY) 2 Preferred
Securities and the full dividend amount on preferred
securities that are equivalently subordinated in nature
with MCI (JPY) 2 Preferred Securities (“Equivalent
Securities”) to which dividends are paid in whole or inpart or declared to be paid on or prior to the relevant
dividend payment date of MCI (JPY) 2 Preferred
Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 2
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 2 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 2 Preferred
Securities falling in June up to the dividend payment
date falling in December.

11

full dividend amount on MCI (JPY) 4 Preferred
Securities and the full dividend amount on Equivalent
Securities to which dividends are paid in whole or inpart or declared to be paid on or prior to the relevant
dividend payment date of MCI (JPY) 4 Preferred
Securities.
(iii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 4
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 4 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 4 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(11) Available Distributable Amounts for the MCI(USD) 2 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(6) (excludinginterim dividend payments), pro-rated between thefull dividend amount on MCI (USD) 2 Preferred
Securities and the full dividend amount on preferred
securities that are equivalently subordinated in nature
with MCI (USD) 2 Preferred Securities (“Equivalent
Securities”) to which dividends are paid in whole or inpart or declared to be paid on or prior to the relevant
dividend payment date of MCI (USD) 2 Preferred
Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (USD) 2
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (USD) 2 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (USD) 2 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(12) Available Distributable Amounts for the MCI (JPY)5 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(6) (excludinginterim dividend payments), pro-rated between thefull dividend amount on MCI (JPY) 5 Preferred
Securities and the full dividend amount on preferred
securities that are equivalently subordinated in nature
with MCI (JPY) 5 Preferred Securities (“Equivalent
Securities”) to which dividends are paid in whole or inpart or declared to be paid on or prior to the relevant(9) Available Distributable Amounts for the MCI (JPY) 3
Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(6) (excludinginterim dividend payments), pro-rated between thefull dividend amount on MCI (JPY) 3 Preferred
Securities and the full dividend amount on preferred
securities that are equivalently subordinated in nature
with MCI (JPY) 3 Preferred Securities (“Equivalent
Securities”) to which dividends are paid in whole or inpart or declared to be paid on or prior to the relevant
dividend payment date of MCI (JPY) 3 Preferred
Securities.
(ii) Amount available in December (except for theamount available in December 2008)
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 3
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 3 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 3 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(iii) Amount available in December 2008
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments) and (B) the
dividends on Equivalent Securities paid or declared tobe paid from April 1, 2008 to June 30, 2008, pro-rated
between full dividends on MCI (JPY) 3 Preferred
Securities for the dividend payment date falling in
December 2008 and full dividends on Equivalent
Securities paid in whole or in part or declared to be
paid from the day after June 30, 2008 up to thedividend payment date falling in December 2008.
(10) Available Distributable Amounts for the MCI (JPY)
4 Preferred Securities(i) Amount available in March 2009
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe fiscal year ended March 31, 2008, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments) and (B) the
dividends on Equivalent Securities paid or declared tobe paid from April 1, 2008 to December 30, 2008,
pro-rated between the full dividend amount on MCI(JPY) 4 Preferred Securities and the full dividend
amount on preferred securities that are equivalently
subordinated in nature with MCI (JPY) 4 Preferred
Securities (“Equivalent Securities”) to which
dividends are paid in whole or in part or declared tobe paid from the day after December 30, 2008 up to
the dividend payment date falling in March 2009.
(ii) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(6) (excludinginterim dividend payments), pro-rated between the12dividend payment date of MCI (JPY) 5 Preferred
Securities.
(ii) Amount available in December (except for theamount available in December 2009)
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 5Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 5 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 5 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(iii) Amount available in December 2009
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe fiscal year ended March 31, 2009, less (A) theamount of dividend payments on Preferred Stock(6)(excluding interim dividend payments) and (B) the
dividends on Equivalent Securities paid or declared tobe paid from April 1, 2009 to June 30, 2009, pro-rated
between full dividends on MCI (JPY) 5 Preferred
Securities for the dividend payment date falling in
December 2009 and full dividends on Equivalent
Securities paid in whole or in part or declared to be
paid from the day after June 30, 2009 up to thedividend payment date falling in December 2009.

.

13

■ Risk-based capital(2) Required capital by portfolio classification
As of September 30, 2011
EAD
Requiredcapital162,844.0
4,953.8
155,064.7
4,704.2
49,342.9
2,658.2
2,452.6
305.2
71,557.3
52.1
5,230.8
139.6
13,712.5
657.4
10,621.4
443.3
347.5
30.3
2,743.5
183.7
3,113.4
335.8
883.5
95.9
265.1
73.3

(Billions of yen)
As of September 30, 2012
EAD
Requiredcapital166,822.4
4,652.9
158,854.6
4,388.3
51,567.2
2,485.8
2,431.3
234.6
73,138.6
57.5
5,741.5
112.8
13,626.9
631.2
10,474.4
421.2
351.1
31.5
2,801.2
178.3
2,887.5
305.8
856.6
86.5
244.2
67.8

Credit risk
Internal ratings-based approach
Corporate (except specialized lending)Corporate (specialized lending)
SovereignBank
RetailResidential mortgage
Qualifying revolving loan
Other retail
Equities
PD/LGD approach
Market-based approach (simple risk
weight method)
Market-based approach (internal
models approach)Transitional measure applied
1,964.7
166.6
1,786.7
151.5
Regarded-method exposure
1,052.9257.2
1,279.6
271.1
Purchas receivables
1,778.3
56.0
1,711.8
55.5
Securitizations
4,070.2
73.7
3,582.5
68.4
Others2,753.3
168.5
2,887.3
165.1
Standardized approach
7,779.3
249.5
7,967.7
264.5
Sovereign
3,841.4
4.4
4,009.3
3.4
Bank
1,226.0
24.2
1,152.2
24.7
Corporate
2,135.7
161.2
2,188.3
172.9
Residential mortgage
0.0
0.0
Securitizations
37.7
27.3
43.2
29.0
Others
538.2
32.3
574.5
34.2
Market risk
n.a.
109.8
n.a.
161.7
n.a.
n.a.
Standardized approach
75.0
62.9
Interest rate risk
n.a.
53.0
n.a.
36.1
Equities risk
n.a.
15.8
n.a.
14.9
Foreign exchange risk
n.a.
2.3
n.a.
7.2
Commodities risk
n.a.
3.7
n.a.
4.5
Option transactions
n.a.
n.a.
n.a.
n.a.
Internal models approach
34.8
98.8
Operational risk
n.a.
283.5
n.a.
230.7
Advanced measurement approach
n.a.
237.4
n.a.
190.8
Basic indicator approach
n.a.
46.1
n.a.
39.9
Total required capital (consolidated)
n.a.
4,083.0
n.a.
3,968.3
Notes:
1. EAD: Exposure at default.
2. PD: Probability of default.
3. LGD: Loss given default.
4. Required capital: For credit risk, the sum of (i) 8% of credit risk-weighted assets, (ii) expected losses and (iii)
deductions from capital. For market risk, the market risk equivalent amount. For operational risk, the operational risk
equivalent amount.
5. Total required capital (consolidated): 8% of the denominator of the capital adequacy ratio.
6. The major exposures included in each portfolio classification of internal ratings-based approach are as follows:
Corporate (excluding
specialized lending)Credits to corporations and sole proprietors (excluding credits to retail customers)

Corporate (specialized
lending)

Credits which limit interest and principal repayment sources to cash flow derived from specific realestate, chattel, businesses, etc., including real estate non-recourse lone, ship finance and project finance,
etc.

SovereignCredits to central governments, central banks and local governmental entities

Bank

Credits to banks and securities companies, etc.

RetailHousing loans (residential mortgage), credit card loans (qualifying revolving retail loan) and otherindividual consumer loans and loans to business enterprises with total credit amount of less than ¥100
million, etc. (other retail).

Equities

Capital stock, preferred securities, perpetual subordinated debt, etc. (excluding trading assets)* The transitional measure applies to those held from September 30, 2004 or earlier, and others areapplied either the PD/LGD approach or the market-based approach.

Regarded-method
exposure

Investment trusts and funds, etc.

Purchase receivables

Receivables purchased from third parties excluding securities (excluding securitizations)14Securitizations

Transactions in the form of “non-recourse” and having a “senior/subordinated structure,” etc. (excluding
specialized lending).

7. EAD calculated using the standardized approach for credit risk represents the amount before the deduction of specificreserve for possible losses on loans, reserve for possible losses on loans to restructuring countries and partial direct
write-offs.

15

■ Credit risk
(3) Credit risk exposure, etc.
We exclude regarded-method exposure and securitization exposure from the amount of credit risk exposure.
The outstanding balance is based on exposure at default.
No significant difference exists between period-end credit risk position and the average credit risk position during thetwelve months ended September 30, 2011 and 2012.
○ Status of credit risk exposure(A) Breakdown by geographical area

(Billions of yen)
As of September 30, 2011

Domestic
Overseas
Asia
Central andSouthAmerica
North
America
EasternEuropeWesternEuropeOther areas
Total
Exempt portion

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
75,849.7
15,100.0
3,845.8
2,082.3

Securities
38,294.4
6,678.2
735.1
147.4

OTC
derivatives
2,144.4
2,163.7
140.5
250.0

Others6,369.4
3,341.3
989.2
5.1

Total
122,658.0
27,283.4
5,710.8
2,484.9

5,167.4

4,888.8624.9

2,042.8

12,724.1

44.1

-

0.2

8.6

53.0

2,886.3

761.6

1,021.6

194.5

4,864.1

1,073.9
90,949.8
n.a.

145.1
44,972.6
n.a.

126.3
4,308.2
n.a.

100.9
9,710.7n.a.

1,446.3
149,941.4
7,741.5(Billions of yen)

As of September 30, 2012
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
75,531.2
17,350.0
4,596.7
2,239.0

Securities
36,449.4
9,277.3
1,120.2
149.0

OTC
derivatives
1,733.8
2,052.3
141.1
217.0

Others
Total
Domestic
8,261.7
121,976.3
Overseas3,336.4
32,016.0
Asia
852.4
6,710.6
Central and
6.3
2,611.5
South
America
North5,914.4
6,786.7
578.4
1,868.4
15,148.0
America
Eastern
26.0
0.7
15.7
42.6
EuropeWestern
3,147.1
1,088.2985.9
463.7
5,685.0
EuropeOther areas
1,426.6
133.0
128.9
129.5
1,818.1
Total
92,881.3
45,726.7
3,786.1
11,598.1
153,992.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
7,924.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using the standardized
approach for business units and asset classes that are immaterial for the purpose of calculating credit risk-weighted
assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

16

(B) Breakdown by industry(Billions of yen)
As of September 30, 2011

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Japanese Government;
Bank of Japan
Total
Exempt portion

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures

Securities

OTC
derivatives

OthersTotal

13,388.3
1,351.2
6,542.8
3,701.1
7,179.0
9,607.5
11,961.2
14,835.5

1,968.9
194.6
511.3
1,808.9560.0
2,283.7
4,891.0

623.9
21.7
53.7
165.7
650.7
2,001.0
0.1
777.5

225.8
3.3
34.6
43.8
479.7
1,028.8
13.2
5,442.6

16,207.0
1,571.0
7,142.5
5,719.8
8,869.5
14,921.1
11,974.7
25,946.7

22,382.8

32,753.9

13.4

2,438.5

57,588.7

90,949.8
n.a.

44,972.6
n.a.

4,308.2
n.a.

9,710.7
n.a.

149,941.4
7,741.5(Billions of yen)

As of September 30, 2012
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures

Securities

OTC
derivatives

OthersTotal
14,092.6
1,801.4472.8
241.5
16,608.4
Manufacturing
1,331.2
176.0
17.5
3.3
1,528.0
Construction
6,831.7
426.9
57.5
33.0
7,349.2
Real estate
3,626.0
2,825.7
123.3
46.6
6,621.7
Service industries
7,476.9
567.2
414.0
503.2
8,961.5
Wholesale and retail9,885.3
2,506.1
1,918.6
1,182.7
15,492.9
Finance and insurance
11,907.8
0.1
14.4
11,922.4
Individuals
15,994.7
6,002.3
736.3
5,478.9
28,212.4
Other industries
Japanese Government;
21,734.8
31,420.7
45.6
4,094.2
57,295.5
Bank of Japan
Total
92,881.3
45,726.7
3,786.1
11,598.1
153,992.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
7,924.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.

17

(C) Breakdown by residual contractual maturity(Billions of yen)
As of September 30, 2011

Less than one year
From one year to lessthan three years
From three years to lessthan five years
Five years or more
Other than above
Total
Exempt portion

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
29,422.3

Securities
14,181.2

OTC
derivatives
539.9

Others1,693.3

Total
45,836.9

12,733.3

11,810.4

1,585.4

14.6

26,143.8

10,067.7
26,916.8
11,809.5
90,949.8
n.a.

9,323.2
6,637.7
3,019.8
44,972.6
n.a.

1,197.3
899.1
86.3
4,308.2
n.a.

28.2
0.8
7,973.7
9,710.7
n.a.

20,616.5
34,454.6
22,889.4
149,941.4
7,741.5(Billions of yen)

As of September 30, 2012
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
28,438.1

Securities
11,400.3

OTC
derivatives
477.5

Others
Total
Less than one year
2,195.6
42,511.7
From one year to lessthan three years
13,030.5
11,010.2
1,607.0
48.5
25,696.3
From three years to less
11,707.1
12,627.1
845.3
4.3
25,183.9
than five years
Five years or more
28,273.8
7,782.1
782.6
0.0
36,838.6
Other than above
11,431.5
2,907.0
73.5
9,349.6
23,761.7
Total
92,881.3
45,726.7
3,786.1
11,598.1
153,992.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
7,924.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.

18

○ Status of exposure past due three months or more or in default(D) Breakdown by geographical area

(Billions of yen)
As of September 30, 2011

Domestic
Overseas
Asia
Central and SouthAmerica
North America
Eastern Europe
Western Europe
Other areas
Total
Exempt portion

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
1,531.4
173.3
25.7

Securities
25.3
1.9
0.0

OTC
derivatives
100.3
7.8
0.2

Others
68.3
19.5
3.8

Total
1,725.5
202.6
29.8

53.3
19.2
6.6
49.8
18.4
1,704.7
n.a.

1.5
0.4
27.3
n.a.

6.2
1.3
108.2
n.a.

0.0
13.8
0.0
1.5
0.3
87.9
n.a.

61.2
33.5
6.6
52.6
18.7
1,928.1
1.1(Billions of yen)

As of September 30, 2012
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
1,340.1
241.0
44.5

Securities
17.5
0.5
0.0

OTC
derivatives
78.6
24.7
0.7

Others
Total
Domestic
53.6
1,489.9
Overseas
10.6
277.0
Asia
3.1
48.4
Central and South
103.7
0.0
15.1
0.0
118.9
America
North America
7.0
0.5
0.2
5.1
13.0
Eastern Europe
0.3
0.3Western Europe
62.7
8.3
1.5
72.6
Other areas
22.5
0.2
0.7
23.4
Total
1,581.2
18.1
103.3
64.2
1,766.9
Exempt portion
n.a.
n.a.
n.a.
n.a.
1.1
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

19

(E) Breakdown by industry(Billions of yen)
As of September 30, 2011

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Total
Exempt portion

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
386.2
68.6
265.8
207.0
281.3
28.4
250.1
217.0
1,704.7
n.a.

Securities
7.3
2.9
5.3
4.5
1.8
1.8
3.5
27.3
n.a.

OTC
derivatives
48.2
0.5
0.1
3.5
44.5
0.1
0.0
10.9
108.2
n.a.

Others
18.3
1.2
1.9
6.1
36.6
16.2
1.4
5.8
87.9
n.a.

Total
460.1
73.4
273.2
221.1
364.3
46.7
251.6
237.3
1,928.1
1.1(Billions of yen)

As of September 30, 2012
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
330.6
51.3
260.0
173.7
237.3
28.8
225.2
273.9
1581.2n.a.

Securities
4.7
2.7
7.3
1.3
1.0
0.2
0.5
18.1
n.a.

OTC
derivatives
33.6
0.2
0.0
5.8
39.4
2.9
0.0
21.1
103.3
n.a.

Others
Total
Manufacturing
16.4
385.5
Construction
1.0
55.3
Real estate
0.6
268.0
Service industries
5.3
186.3
Wholesale and retail
27.0
304.9
Finance and insurance
6.9
39.0
Individuals
1.3
226.6
Other industries
5.4
301.1
Total
64.2
1766.9
Exempt portionn.a.
1.1
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

20

○ Status of reserves for possible losses on loans
The amounts associated with regarded-method exposure and securitization exposure are excluded.
(F) Period-end balances of reserves for possible losses on loans and changes during the six-month period(after partial direct write-offs)(Billions of yen)
As of, or for
As of, or forthe six months ended, the six months ended,
September 30, 2011
September 30, 2012
General reserve for possible
Beginning balance
501.4
447.5
losses on loans
Increase during the six-month
period492.2
440.5
Decrease during the six-month
period501.4
447.5
Ending balance
492.2
440.5
Beginning balance
259.1
243.9
Specific reserve for possible
losses on loans
Increase during the six-month
period227.4
210.5
Decrease during the six-month
period259.1
243.9
Ending balance
227.4
210.5
Reserve for possible losses on
Beginning balance
0.0
0.0
loans to restructuring countries
Increase during the six-month
period0.0
0.0
Decrease during the six-month
period0.0
0.0
Ending balance
0.0
0.0
Total
Beginning balance
760.5
691.5
Increase during the six-month
719.7
651.0
periodDecrease during the six-month
760.5
691.5
periodEnding balance
719.7
651.0
Note:
General reserve for possible losses on loans in the above table represents the amount recorded in our consolidatedbalance sheet, and the amounts associated with regarded-method exposure and securitization exposure are notexcluded.

21

(G) Specific reserve for possible losses on loans by geographical area and industry
As of March 31, 2011
As of September 30, 2011
Domestic
220.0
187.0
Manufacturing
27.0
17.9
Construction
18.6
7.1
Real estate
19.7
21.2
Service industries
17.0
15.0
Wholesale and retail
39.0
39.6
Finance and insurance
0.5
0.4
Individuals
84.2
75.4
Others
13.5
10.2
Overseas
34.2
35.3
Exempt portion
4.8
5.0
Total
259.1
227.4
As of March 31, 2012
187.4
26.8
6.0
20.3
14.1
39.7
0.8
67.3
12.0
50.4
6.0
243.9

As of September 30, 2012
172.0
34.9
6.1
20.8
13.7
38.8
0.1
45.7
11.6
34.1
4.3
210.5

(Billions of yen)
Change(32.9)(9.1)(11.5)
1.5
(2.0)
0.5
(0.1)
(8.8)
(3.2)
1.0
0.1
(31.6)(Billions of yen)
Change(15.3)
8.1
0.0
0.4
(0.3)
(0.9)
(0.6)
(21.5)(0.3)(16.3)(1.7)(33.4)

Domestic
Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
OthersOverseas
Exempt portion
Total
Note:
Exempt portion represents the amount calculated using the standardized approach for business units and asset classes
that are immaterial for purposes of calculating credit risk-weighted assets.
(H) Write-offs of loans by industry
For the six months ended
September 30, 2011
2.6
0.4
1.3
2.2
5.1
0.3
6.1
0.8
0.0
19.3

(Billions of yen)
For the six months ended
September 30, 2012
5.0
0.4
0.4
1.6
2.2
0.0
5.5
3.9
0.2
19.6

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Exempt portion
Total
Notes:
1. The above table represents the breakdown of losses on write-offs of loans recorded in our consolidated statementof income after excluding the amounts associated with regarded-method exposure and securitization exposure.
2. Exempt portion represents the amount calculated using the standardized approach for business units and asset
classes that are immaterial for purposes of calculating credit risk-weighted assets.
3. “Other industries” include overseas and non-Japanese resident portions.

22

○ Status of exposure to which the standardized approach is applied(I) Exposure by risk weight category after applying credit risk mitigation
As of September 30, 2011
On-balance sheet

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%
625%
937.5%
1,250%

Total

555.5
0.8
311.6
0.0
8.3
1,992.9
0.0
2,869.3

Off-balance
sheet
3,227.4
0.1
846.2
0.4
797.8
0.0
0.0
0.0
4,872.1(Billions of yen)

Total

With externalrating3,783.0
1.0
1,157.8
0.0
8.7
2,790.7
0.0
0.0
0.0
0.0
7,741.5

112.8
5.1
1.7
51.7
171.5
(Billions of yen)

As of September 30, 2012
On-balance sheet

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%
625%
937.5%
1,250%

477.7
74.0
298.6
9.4
2,073.2
0.0
2,933.1

Off-balance
sheet
3,416.1
0.9
775.1
1.2
797.8
0.0
0.0
0.0
4,991.3

Total

With externalrating3,893.8
75.0
1,073.8
10.6
2,871.1
0.0
0.0
0.0
0.0
7,924.5

138.1
10.5
2.8
28.8
180.4

Total
Notes:
1. The amounts in the above table are before the deduction of specific reserve for possible losses on loans, reserve forpossible losses on loans to restructuring countries and partial direct write-offs.
2. Off-balance-sheet exposure shows credit equivalent amount.
(J) Deduction from capital
As of September 30, 2011
24.8

Deduction from capital

23(Billions of yen)
As of September 30, 201226.3

○ Status of exposure to which the internal ratings-based approach is applied(K) Specialized lending exposure under supervisory slotting criteria by risk weight category(Billions of yen)
As of September 30, 2011 As of September 30, 2012
50%
287.6
70%
556.2
9.0
90%
123.2
95%
4.1
115.2
Risk weight
115%
152.4
21.7
120%
18.1
140%
3.7
11.0
250%
378.4
153.5
Default
86.7
6.9
Total
1,592.7
335.6(L) Equity exposure under simple risk weight method of market-based approach by risk weight category(Billions of yen)
As of September 30, 2011 As of September 30, 2012
Risk weight
300%
196.1
177.2
400%
69.0
67.0
Total
265.1
244.2
Note:
Of the equity exposure under the simple risk weight method, 300% risk weight is applied for listed equities and 400%
for unlisted equities.

24(M) Portfolio by asset class and ratings segment (Corporate, etc.)(Billions of yen, except percentages)

As of September 30, 2011

Corporate
Investment
grade zone
Noninvestment
grade zone
Default
Sovereign
Investment
grade zone
Noninvestment
grade zone
Default
Bank
Investment
grade zone
Noninvestment
grade zone
Default
Equityexposure
under
PD/LGDapproach
Investment
grade zone
Noninvestment
grade zone
Default
Total
Investment
grade zone
Noninvestment
grade zone
Default

PD(EAD
weighted
average)
(%)
3.98

LGD
(EAD
weighted
average)
(%)
35.38

EL
default(EAD
weightedaverage)
(%)
n.a.

0.11

36.73

n.a.

23.85

29,759.5

3.09

32.44

n.a.

79.49

100.00
0.00

49.75
38.73

46.84
n.a.

0.00

38.73

2.18

Risk
weight(EAD
weighted
average)
(%)
46.31

EAD
(Billionsof yen)51,611.9

Onbalance
sheet
37,806.1

Offbalance
sheet
13,805.8

Amountofundrawn
commitments
10,349.5

Weighted
average ofcreditconversion
factor
(%)
75.07

19,440.5

10,318.9

8,508.5

75.06

20,464.4

17,122.7

3,341.6

1,815.2

75.13

38.57
0.89

1,388.0
71,842.9

1,242.8
53,458.3

145.2
18,384.5

25.6
122.1

75.00
75.11

n.a.

0.81

71,772.3

53,389.5

18,382.8

121.9

75.11

38.72

n.a.

88.78

70.4

68.7

1.7

0.2

75.00

100.00
0.87

62.14
36.64

57.33
n.a.

63.77
25.34

0.1
5,314.3

0.1
2,500.2

2,814.1

291.7

75.48

0.11

36.30

n.a.

21.20

4,803.5

2,280.1

2,523.3

234.7

75.59

1.51

36.56

n.a.

66.67

476.6

186.0

290.5

56.9

75.00

100.00

86.52

84.19

30.93

34.1

33.9

0.1

-

-

0.64

90.00

n.a.

128.50

883.5

883.5

-

-

-

0.07

90.00

n.a.

108.49

787.6

787.6

-

-

-

2.53

90.00

n.a.

301.53

93.1

93.1

-

-

-

100.00
1.63

90.00
37.66

90.00
n.a.

20.84

2.7
129,652.8

2.7
94,648.3

35,004.5

10,763.4

75.08

0.04

38.44

n.a.

8.91

107,123.1

75,897.9

31,225.2

8,865.2

75.07

3.05

32.81

n.a.

80.21

21,104.6

17,470.7

3,633.9

1,872.4

75.13

100.00

50.71

47.82

38.31

1,425.0

1,279.6

145.4

25.6

75.00

25

(Billions of yen, except percentages)
As of September 30, 2012
PD
(EAD
weighted
average)
(%)
3.45

LGD
(EAD
weighted
average)
(%)
36.57

EL
default(EAD
weightedaverage)
(%)
n.a.

Risk
weight(EAD
weighted
average)
(%)
43.73

EAD
(Billionsof yen)55,061.6

Onbalance
sheet
41,467.5

Offbalance
sheet
13,594.0

Amountofundrawn
commitments
10,760.8

Weighted
average ofcreditconversion
factor
(%)
75.10

Corporate
Investment
0.09
38.20
n.a.
23.30
33,256.3
22,577.6
10,678.7
9,121.9
75.08
grade zone
Noninvestment
2.67
33.26
n.a.
77.40
20,482.4
17,689.2
2,793.2
1,630.5
75.21
grade zone
Default
100.00
46.58
43.87
35.84
1,322.7
1,200.6
122.0
8.4
75.00
Sovereign
0.01
39.89
n.a.
0.95
73,404.0
55,405.4
17,998.5
302.8
75.11
Investment
0.00
39.89
n.a.
0.83
73,300.2
55,306.5
17,993.6
301.9
75.11
grade zone
Noninvestment
1.64
39.66
n.a.
84.65
101.6
96.8
4.7
0.8
75.00
grade zone
Default
100.00
59.05
54.11
65.48
2.1
2.0
0.0
0.1
75.00
Bank
0.42
37.67
n.a.
21.75
5,789.2
3,022.7
2,766.5
332.6
75.29
Investment
0.08
37.55
n.a.
18.29
5,269.6
2,770.0
2,499.6
276.0
75.35
grade zone
Noninvestment
0.82
38.05
n.a.
57.30
503.6
239.7
263.9
56.5
75.00
grade zone
Default
100.00
65.20
62.03
41.99
15.9
12.9
2.9
Equityexposure
under
0.33
90.00
n.a.
122.59856.6
856.6
PD/LGDapproach
Investment
0.06
90.00
n.a.
107.44763.8
763.8
grade zone
Noninvestment
1.29
90.00
n.a.
250.35
91.6
91.6
grade zone
Default
100.00
90.00
90.00
1.1
1.1
1.43
38.76
n.a.
20.05
135,111.5
100,752.3
34,359.1
11,396.3
75.10
Total
Investment
0.03
39.62
n.a.
9.01
112,590.0
81,418.0
31,172.0
9,699.8
75.09
grade zone
Noninvestment
2.62
33.65
n.a.
77.70
21,179.5
18,117.5
3,061.9
1,687.9
75.20
grade zone
Default
100.00
46.86
44.15
35.93
1,341.9
1,216.8
125.1
8.5
75.00
Notes:
1. Investment grade zone includes obligor ratings A1 through B2, non-investment grade zone includes C1 through E2 (excluding
E2R), and default includes E2R through H1.
2. “Corporate” does not include specialized lending exposure under supervisory slotting criteria.
3. Each asset class includes purchased receivables.
4. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

26

(Reference) Obligor ratings
Obligor ratings(major category)Definition of ratings

A1–A3

Obligors whose certainty of debt fulfillment is very high, hence theirlevel of credit risk is excellent.

B1–B2

Obligors whose certainty of debt fulfillment poses no problems for theforeseeable future, hence their level of credit risk is sufficient.

C1–C3

Obligors whose certainty of debt fulfillment and their level of credit
risk pose no problems for the foreseeable future.

D1–D3
E1
E2

F1

Classification

Investment grade zone

Obligors whose current certainty of debt fulfillment poses no problems,
however, their resistance to future changes in business environment is
Non-investment grade zone
low.
Obligors who require close watching going forward because there areproblems with their borrowing conditions, such as reduced orsuspended interest payments, problems with fulfillment such as de facto
postponements of principal or interest payments, or problems with theirfinancial positions as a result of their poor or unstable businessR*
conditions.
Obligors who are not yet bankrupt but are in financial difficulties andare deemed to be very likely to go bankrupt in the future because they
are finding it difficult to make progress in implementing their
management improvement plans (including obligors who are receiving
Default
ongoing support from financial institutions).

G1

Obligors who have not yet gone legally or formally bankrupt but whoare substantially bankrupt because they are in serious financial
difficulties and are not deemed to be capable of restructuring.

H1

Obligors who have already gone bankrupt, from both a legal and/or
formal perspective.

* Including restructured loans and loans past due for three months of more

27

(N) Portfolio by asset class and ratings segment (Retail)(Billions of yen, except percentages)
As of September 30, 2011

Residential
mortgage
Non-default
Default
Qualifying
revolving loan
(retail)
Non-default
Default
Other retailNon-default
Default
Total
Non-default
Default

PD(EAD
weighted
average)
(%)

LGD
(EAD
weighted
average)(%)

EL
default(EAD
weighted
average)(%)

Riskweight(EAD
weighted
average)(%)

EAD(Billionsof yen)Onbalance
sheet

Weighted
Amount of average ofundrawn
creditOffcommit- conversion
balancements factor (%)
sheet

3.06

41.66

n.a.

34.99

10,621.4

10,315.4

306.0

6.7

75.00

0.90
100.00

41.51
48.28

n.a.
46.22

35.16
27.28

10,389.2
232.2

10,089.6
225.7

299.6
6.4

6.7
-

75.00
-

3.90

79.63

n.a.

70.44

347.5

239.3

108.2

1,430.5

7.56

3.37
100.005.88
1.90
100.003.65
1.16
100.00

79.63
78.84
51.53
51.63
49.15
44.60
44.49
48.73

n.a.
75.69
n.a.
n.a.
46.66
n.a.
n.a.
46.53

70.60
41.62
49.53
50.23
33.01
38.80
39.04
29.21

345.6
1.9
2,743.5
2,632.1
111.3
13,712.6
13,367.0
345.5

237.7
1.6
2,715.3
2,608.1
107.1
13,270.1
12,935.5
334.5

107.8
0.3
28.2
24.0
4.2
442.5
431.5
10.9

1,428.1
2.3
24.2
19.8
4.3
1,461.4
1,454.8
6.6

7.55
14.29
73.85
69.57
93.55
8.97
8.71
65.74

(Billions of yen, except percentages)
As of September 30, 2012
PD
(EAD
weighted
average)
(%)

LGD
(EAD
weighted
average)(%)

EL
default(EAD
weighted
average)(%)

Riskweight(EAD
weighted
average)(%)

EAD(Billionsof yen)Onbalance
sheet

Weighted
Amount of average ofundrawn
creditOffcommit- conversion
balancements factor (%)
sheet

Residential
2.81
42.10
n.a.
34.28
10,474.4
10,209.5
264.9
7.3
75.00
mortgage
Non-default
0.82
41.96
n.a.
34.43
10,264.6
10,005.2
259.4
7.3
75.00
Default
100.00
49.00
46.95
27.09
209.8
204.2
5.5
Qualifying
revolving loan
3.99
79.23
n.a.
73.11
351.1
239.2
111.8
1,413.6
7.91(retail)
Non-default
3.61
79.23
n.a.
73.24
349.7
238.1
111.6
1,411.7
7.91
Default
100.00
78.00
74.97
40.12
1.3
1.1
0.2
1.9
11.87
Other retail
5.60
52.59
n.a.
47.40
2,801.2
2,779.0
22.2
21.0
72.99
Non-default
1.77
52.77
n.a.
47.99
2,691.9
2,673.5
18.3
17.1
67.79
Default
100.00
48.14
45.66
32.81
109.3
105.4
3.8
3.9
95.75
Total
3.41
45.21
n.a.
37.98
13,626.9
13,227.8
399.0
1,442.1
9.21
Non-default
1.09
45.13
n.a.
38.19
13,306.4
12,917.0
389.4
1,436.2
8.97
Default
100.00
48.83
46.63
29.09
320.4
310.8
9.6
5.8
68.13
Notes:
1. Each asset class includes purchased receivables.
2. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

28

(O) Actual losses by asset class
For the period from
October 1, 2010 throughSeptember 30, 2011
Actual losses
41.1
0.2
0.0
13.3
0.2
4.6
59.5

(Billions of yen)
For the period from
October 1, 2011 throughSeptember 30, 2012
Actual losses
28.0
0.1
(4.7)
(12.0)
0.3
1.5
13.2

Corporate
SovereignBank
Residential mortgage
Qualifying revolving loan (retail)
Other retail
Total
Note:
Actual losses are the sum of the net increase (decrease) in the amount of partial direct write-offs, specific reserve forpossible losses on loans and general reserve for possible losses on loans (for claims against special attention obligors
or below), etc., as well as tax-qualified direct write-offs, losses from sales of non-performing loans, losses from debt
forgiveness and losses from debt-equity swaps during the relevant period. Equity exposure under the PD/LGD
approach is not included in the amount of actual losses.
<Analysis>
Actual losses for the period from October 1, 2011 through September 30, 2012 decreased by ¥46.3billion from theperiod from October 1, 2010 through September 30, 2011 to ¥13.2 billion. The decrease was due mainly to decreasein losses from corporate exposure and retail exposure.

29

(P) Comparison of estimated and actual losses by asset class
For the period from October 1, 2007
through September 30, 2008
Estimated losses(expected losses as of
September 30, 2007)
After
deduction
Actualof reserves
lossesCorporate
1,060.5
202.0
28.2
Sovereign
2.2
(9.3)
0.7
Bank
8.0
4.2
34.4
Residential mortgage
85.8
18.6
16.9
Qualifying revolving loan (retail)
7.4
2.5
0.0
Other retail
50.1
12.6
4.3
Total
1,214.3
230.7
84.8(Billions of yen)
For the period from October 1, 2008
through September 30, 2009
Estimated losses(expected losses as of
September 30, 2008)
After
deduction
Actualoflossesreserves
998.6
390.4
433.9
1.6
(10.7)
0.0
18.9(18.4)
0.0
96.4
22.9
21.3
8.0
3.1
2.2
53.2
16.0
6.2
1,176.9
403.3
463.9

For the period from October 1, 2009
through September 30, 2010
Estimated losses(expected losses as of
September 30, 2009)
After
Actualdeduction
lossesof reserves
1,377.8
503.2
45.2
4.1
(8.3)
0.3
42.7
5.6
(3.1)
107.8
26.5
36.6
10.4
3.6
0.2
54.6
15.8
22.4
1,597.7
546.6
101.8

(Billions of yen)
For the period from October 1, 2010
through September 30, 2011
Estimated losses(expected losses as of
September 30, 2010)
After
Actualdeduction
lossesof reserves
1,151.1
406.3
41.1
1.4
(11.5)
0.2
32.0
3.9
0.0
143.2
38.8
13.3
10.7
3.8
0.2
78.6
25.1
4.6
1,417.2
466.5
59.5

Corporate
SovereignBank
Residential mortgage
Qualifying revolving loan (retail)
Other retail
Total(Billions of yen)
For the period from October 1, 2011
through September 30, 2012
Estimated losses(expected losses as of
September 30, 2011)
After
Actualdeduction
lossesof reserves
937.7
349.2
28.0
1.3
(11.8)
0.1
33.0
5.1
(4.7)
146.0
42.8
(12.0)
10.7
3.6
0.3
75.0
24.1
1.5
1,203.9
413.3
13.2

Corporate
SovereignBank
Residential mortgage
Qualifying revolving loan (retail)
Other retail
Total
Notes:
1. Estimated losses after deduction of reserve are the amount after deductions of partial direct write-offs, specificreserves for possible losses on loans and general reserves for possible losses on loans (for claims against special
attention obligors or below), etc., as of the beginning of each period. Equity exposure under the PD/LGD approachis not included in the amount of estimated losses.
2. Actual losses are the sum of the net increase (decrease) in the amount of partial direct write-offs, specific reserves
for possible losses on loans and general reserves for possible losses on loans (for claims against special attention
obligors or below), etc., as well as tax-qualified direct write-offs, losses from sales of non-performing loans, losses
from debt forgiveness and losses from debt-equity swaps during the relevant period. Equity exposure under the
PD/LGD approach is not included in the amount of actual losses.

30

■ Methods for credit risk mitigation(4) Credit risk mitigation by portfolio classification
The amounts of exposure to which the method of credit risk mitigation through collateral and guarantees is applied are as
follows:(Billions of yen)
As of September 30, 2011
Financial
Other
Creditcollateralcollateralderivatives
Guarantees
Total
Internal ratings-based
2,388.3
4,750.4
5,422.5
39.1
12,600.6
approachCorporate
1,991.2
4,527.1
3,405.4
39.1
9,963.0
Sovereign
0.1
21.9
611.5
633.7
Bank
368.7
28.3
384.4
781.4
Retail28.2
172.9
1,021.1
1,222.3
Residential mortgage
239.3
239.3
Qualifying revolving
0.4
0.4
loan
Other retail
28.2
172.9
781.3
982.6
Othersn.a.
2,963.0
Standardized approach
2,963.0
n.a.
Sovereign
2,845.6
2,845.6
n.a.
0.9
Bank
0.9
n.a.
Corporate
116.5
116.5
n.a.
Residential mortgagen.a.
Securitizations
n.a.
OthersTotal
5,351.4
4,750.4
5,422.5
39.1
15,563.6(Billions of yen)
FinancialcollateralInternal ratings-based
approachCorporate
SovereignBank
RetailResidential mortgage
Qualifying revolving
loan
Other retail
OthersStandardized approach
Sovereign
Bank
Corporate
Residential mortgage
Securitizations
OthersTotal

As of September 30, 2012
Other
collateral
Guarantees

Creditderivatives

Total

2,324.7

4,758.1

5,109.5

41.2

12,233.6

1,931.6
0.0
364.8
28.1
-

4,521.8
19.3
32.9
183.9
-

3,394.7
723.7
20.6
970.4
214.7

41.2
-

9,889.5
743.1
418.5
1,182.4
214.7

-

-

0.3

-

0.3

28.1
2,914.9
2,891.9
23.0
5,239.7

183.9
-

755.2
5,109.5

41.2

967.2
2,914.9
2,891.9
23.0
15,148.6

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

4,758.1

31

■ Counterparty risk in derivatives transactions and long-settlement transactions(5) Status of counterparty risk in derivatives transactions and long-settlement transactions(A) Status of derivatives transactions and long-settlement transactions
Derivative transactions
As of September 30, 2011
Gross
Gross
Creditreplacement add-on equivalent
Current exposure
cost
amountmethodForeign exchange2,710.6 1,686.4
4,397.1
related transactions
Interest rate-related
6,647.7 2,695.9
9,343.6transactions
Gold-related
0.0
0.0
0.0
transactions
Equity-related
73.6
75.1
148.8
transactions
Transactions related to
0.0
0.0
0.1
precious metals(other than gold)
Other commodity63.5
55.9
119.5
related transactions
Credit derivatives
86.8
469.4
556.2
transactions(A)
Subtotal
9,582.6 4,982.9
14,565.6
(B)
n.a.
n.a.
9,488.8
Less: Netting benefits
by close-out netting
settlement contracts(C)=(A)+(B)
n.a.
n.a.
5,076.7
Subtotal(D)
Less: Effect of credit
n.a.
n.a.
349.2
risk mitigation bycollateral(C)+(D)
Total
n.a.
n.a.
4,727.5(Billions of yen)
As of September 30, 2012
Gross
Gross
Creditreplacement add-on equivalentcostamount
1,807.1 1,817.5
3,624.7
6,194.1

2,667.0

8,861.1

-

-

-

62.0

95.6

157.7

-

-

-

42.6

40.6

83.3

93.2

313.0

406.2

8,199.2
n.a.

4,933.9
n.a.

13,133.1
8,476.6

n.a.
n.a.

n.a.
n.a.

4,656.5
449.1

n.a.

n.a.

4,207.3

Creditequivalentamount215.6

Creditequivalentamount
182.7

Standardized method
Total
Note:
The current exposure method and standardized method are used as the method to calculate credit equivalent amounts.
Long-settlement transactions
As of September 30, 2011
Gross
Gross addCredit
replacementonequivalentcostamount
28.3
1.1
29.4

(Billions of yen)
As of September 30, 2012
Gross
Gross addCredit
replacementonequivalentcostamount0.5
0.8
1.4

Long-settlementtransactions
Notes:
1. The current exposure method is used as the method to calculate credit equivalent amounts.
2. Neither the “netting benefits by close-out netting settlement contracts” nor the “effect of credit risk mitigation bycollateral” applies to long-settlement transactions.
(B) Amounts of credit risk mitigation by type
As of September 30, 2011
54.7
129.9
18.1
202.8

Financial collateral
Other collateral
Guarantees, others
Total

32

(Billions of yen)
As of September 30, 2012
39.0
83.6
18.1
140.8

(C) Notional amount of credit derivatives subject to credit equivalent amount calculations(Billions of yen)
As of September 30, 2011
As of September 30, 2012
Notional amount
Notional amountCredit derivatives type:
Credit default swap
Protection bought
3,488.7
2,652.4
Protection sold3,574.0
2,539.1
Total return swap
Protection bought
Protection sold
Total
Protection bought
3,488.7
2,652.4
Protection sold3,574.0
2,539.1
Note: Credit derivatives used for credit risk mitigation are as follows:
As of September 30, 2011
92.9

Credit derivatives used for credit risk mitigation

33(Billions of yen)
As of September 30, 2012120.4

■ Securitization exposure(6) Quantitative disclosure items for securitization exposure○ Securitization exposure as originator (for calculation of credit risk-weighted assets)(A)Information by type of underlying assets(Billions of yen)
As of, or for the six months ended, September 30, 2011
Residential
Lease
Securitipayment Corpo
zationCredit mortgage
Auto
Real
loans
receivables
products
cards
loans
rate
estateTotal

Traditional securitizations
Amount of underlying assets (a)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodGains and losses recognized onsales during the six-month
periodSecuritization subject to early
amortization treatment
Synthetic securitizations
Amount of underlying assets (b)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodTotal amount of underlying
assets (a)+(b)

-

183.1
2.6
0.4

-

-

-

-

-

183.1
2.6
0.4

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

763.7
-

34.4
-

-

798.2
-

-

-

-

-

63.6

-

-

63.6

-

183.1

-

-

763.7

34.4

-

981.4

34

(Billions of yen)
As of, or for the six months ended, September 30, 2012
SecuritiLease
Residential
zationpayment Corpo
Real
Auto
Credit mortgage
products
Total
receivables
loans
rate
estateloans
cards
Traditional securitizations
Amount of underlying assets (a)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodGains and losses recognized onsales during the six-month
periodSecuritization subject to early
amortization treatment
Synthetic securitizations
Amount of underlying assets (b)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodTotal amount of underlying
assets (a)+(b)

-

155.1
2.0
0.1

-

-

-

-

-

155.1
2.0
0.1

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

562.3
-

10.0
-

-

572.3
-

-

-

-

-

-

-

-

-

-

155.1

-

-

562.3

10.0

-

727.4

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2011 and 2012.
2. “Amount of underlying assets” and “Losses during the six-month period” include those related to, in addition to
exposure originated by us, exposure to assets originated by other financial institutions if they are contained in the same
securitization program.
3. “Default exposure” and “Losses during the six-month period” with respect to synthetic securitization transactions are
based on the definition of default as set forth in the respective transactions.
4. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction.
5. “Credit cards” include shopping credit receivables, card loans, etc.
6. The effects of risk mitigation, in the context of calculating capital adequacy ratio, of transfers (hedges) of risk throughsynthetic securitization transactions are reflected in “Required capital” of “(B) Information of securitization exposure
retained or purchased.”
7. Of the securitization exposure retained or purchased whose risk has been transferred (hedged) through securitization
schemes, we have categorized securitization exposure as investor if the risk transfer (hedge) effects are not reflected in
the calculation of capital adequacy ratio, following the definition for classification of securitization exposure set forthin the Consolidated Capital Adequacy Ratio Notice, etc.

35

─Exposure intended to be securitized─
Exposure intended to be
securitized(Billions of yen)

Creditcards-

Residential
mortgageloans-

As of September 30, 2011
Lease
payment Corpor
Autoreceivables
ate
loans
-

Residential
mortgageloans-

As of September 30, 2012
Lease
payment Corpor
Autoreceivables
ate
loans
-

Real
estate-Securitization
products
-

Total
-

(Billions of yen)
Exposure intended to be
securitized

Credit
cards
-

Real
estate-(B) Information of securitization exposure retained or purchased
─Exposure by type of underlying asset─

On-balance sheet
Exposure on
resecuritizations
Off-balance sheet
Exposure on
resecuritizations
Total
Exposure on
resecuritizations
Exposure on
securitizations
deducted from capital
Exposure whose
underlying assets areoverseas assets

Securitization
products
-

Total
-

(Billions of yen)
As of September 30, 2011
Lease
payment
receivables Corporate
763.7-

Creditcards-

Residentia
l mortgage
loans
36.9
-

Auto
loans
-

-

-

-

-

-

36.9

-

-

-

-

Real
estate34.4-

Securitization
products
-

Total
835.2
-

-

-

-

-

-

763.7

34.4

-

835.2

-

-

-

-

-

-

-

-

-

3.2

4.5

-

7.7

-

-

-

-

-

-

-

(Billions of yen)On-balance sheet
Exposure on
resecuritizations
Off-balance sheet
Exposure on
resecuritizations
Total
Exposure on
resecuritizations
Exposure on
securitizations
deducted from capital
Exposure whose
underlying assets areoverseas assets

As of September 30, 2012
Lease
payment
receivables Corporate
562.3-

Creditcards-

Residentia
l mortgage
loans
35.7
-

Auto
loans
-

Real
estate10.0-

Securitization
products
-

Total
608.1
-

-

-

-

-

-

-

-

-

-

35.7

-

-

562.3

10.0

-

608.1

-

-

-

-

-

-

-

-

-

-

-

-

1.5

-

-

1.5

-

-

-

-

-

-

-

-

Notes:
1. Classification based on type of underlying asset is conducted according to the principal underlying asset type for eachtransaction.
2. “Credit cards” include shopping credit receivables, card loans, etc.
3. “Exposure whose underlying assets are overseas assets” is classified based on the principal underlying asset type foreach transaction.
4. “Exposure on resecuritizations” as of both September 30, 2011 and 2012 are classified following Article 1, Paragraph
2-2 of the Consolidated Capital Adequacy Ratio Notice (hereinafter the same).

36─Exposure by risk weight category─Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
704.7
36.8
41.0
34.4
10.4
7.7
835.2

(Billions of yen)

Exposure on
resecuritizations-

As of September 30, 2011
Offbalance
Exposure on
sheet resecuritizations-

Exposure on
resecuritizations-

As of September 30, 2012
Offbalance
Exposure on
sheet resecuritizations
-

Total
704.7
36.8
41.0
34.4
10.4
7.7
835.2

Exposure on
resecuritizations(Billions of yen)

Up to 20%
Up to 50%
Up to 100%
Risk
weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
514.5
20.1
36.7
26.1
9.1
1.5
608.1

Total
514.5
20.1
36.7
26.1
9.1
1.5
608.1

Exposure on
resecuritizations-

Note:“Exposure on resecuritizations” as of September 30, 2011 is based on the risk weight in the Basel II text.
─Amount of required capital by risk weight category─(Billions of yen)
As of September 30, 2011

Up to 20%
Up to 50%
Up to 100%
Risk
weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
4.2
0.9
2.6
0.2
0.1
8.2

Exposure on
resecuritizations-

Off-balance
sheet-

Exposure on
resecuritizations
-

Total
4.2
0.9
2.6
0.2
0.1
8.2

Exposure on
resecuritizations(Billions of yen)

As of September 30, 2012

Up to 20%
Up to 50%
Up to 100%
Risk
weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
3.1
0.5
1.9
0.3
0.0
5.9

Exposure on
resecuritizations-

Off-balance
sheet-

Exposure on
resecuritizations
-

Total
3.1
0.5
1.9
0.3
0.0
5.9

Note:
“Exposure on resecuritizations” as of September 30, 2011 is based on the risk weight in the Basel II text.

37

Exposure on
resecuritizations-

─Credit risk mitigation against exposure on resecuritizations

RiskweightAs of September 30,
2011-

Up to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Over 650%

Total(Billions of yen)
As of September 30,
2012
-

Note:
The above table shows the exposure on resecuritizations based on the risk weight after taking into consideration the effectof method to mitigate credit risk.
─Capital increase due to securitization transactions─

Capital increase due tosecuritization transactions

Creditcards-(Billions of yen)

Residential
mortgageloans
3.8

As of September 30, 2011
Lease
payment
Autoloans receivables Corporate-

Residential
mortgageloans
2.9

As of September 30, 2012
Lease
payment
Autoloans receivables Corporate-RealestateSecuritization
products
-

Total
3.8

(Billions of yen)

Capital increase due tosecuritization transactions

Credit
cards
-

Real
estateSecuritization
products
-

Total
2.9

─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the Consolidated
Capital Adequacy Ratio Notice─(Billions of yen)
As of September 30, 2011
As of September 30, 2012
Credit risk-weighted assets calculated pursuant to Article 15of Supplementary Provisions of the Consolidated Capital
Adequacy Ratio Notice38

○ Securitization exposure as sponsor of securitization programs (ABCP/ABL) (for calculation of credit risk-weighted
assets)(C) Information by type of underlying assets

Amount of underlying assets
Default exposure
Estimated loss amountrelated to underlying assets
during the six-month period
Amount of exposures
securitized during the sixmonth period

Credit
cards
84.4
0.3
293.4

Credit
cards
75.9
0.2

(Billions of yen)
As of, or for the six months ended, September 30, 2011
Residential
Lease
Account
mortgage Autopayment
and noteRealloans loans receivables receivables estate Others
Total- 107.2
146.5
389.3
12.0
739.6
0.1
7.8
0.0
8.0
0.8
0.6
4.0
0.0
5.9
-

263.5

943.8

1,298.6-

42.0

2,841.4(Billions of yen)
As of, or for the six months ended, September 30, 2012
Residential
Lease
Account
mortgage Autopayment
and noteRealloans loans receivables receivables estate Others
Total
88.2
83.4
408.0
15.5
671.3
9.3
9.3
0.6
0.1
5.5
0.0
6.6

Amount of underlying assets
Default exposure
Estimated loss amountrelated to underlying assets
during the six-month period
Amount of exposures236.2- 229.4
516.5
1361.031.3 2,374.4
securitized during the sixmonth period
Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2011 and 2012.
2. Securitization exposure that is acquired in securitization of customer’s claims other than as sponsor (in the form ofasset-backed securities, trust beneficiary rights and other transferable instruments) is categorized as securitization
exposure as investor.
3. The amount of default exposure is the amount of the underlying assets recognized as default in the calculation ofcapital adequacy ratio.
4. Estimated loss amount related to underlying assets is based on the amount of the underlying assets as of the relevant
date and the following parameters that are used in the calculation of capital adequacy ratio:
・ parameters used in the calculation of required capital for an underlying asset when applying the supervisory
formula (e.g., PD); and・ with respect to underlying assets classified as securitization exposure, the conservative application of risk weights
used in the ratings-based approach.
5. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
6. “Credit cards” include shopping credit receivables, card loans, etc.

39

(D) Information of securitization exposure retained or purchased
─Exposure by type of underlying asset ─
As of September 30, 2011
Lease
Account
Residential
payment
and notemortgage
Auto
Creditloans
loans receivables receivables
cards
On-balance sheet
70.6
103.1
104.9
283.8
Exposure on
resecuritizations
Off-balance sheet
58.7
19.6
43.5
120.2
Exposure on
resecuritizations
Total
129.4
122.8
148.4
404.1
Exposure on
resecuritizations
Exposure on
securitizations
deducted from capital
Exposure whose
44.0
57.4
15.3
87.2
underlying assets areoverseas assets(Billions of yen)Realestate-Others
5.9
-

Total
568.5
-

-

21.0
-

263.2
-

-

27.0
-

831.8
-

-

-

-

-

21.0

225.1

(Billions of yen)
Credit
cards
62.2
-

Residential
mortgage
loans
-

Auto
loans
71.3
-

As of September 30, 2012
Lease
Account
payment
and note
receivables receivables
41.3
282.4
-

Real
estate-OthersTotal
On-balance sheet
3.7
461.1
Exposure on
resecuritizations
Off-balance sheet
75.4
56.9
33.9
183.9
21.3
371.6
Exposure on
resecuritizations
Total
137.7
128.3
75.2
466.3
25.0
832.7
Exposure on
resecuritizations
Exposure on
securitizations
deducted from capital
Exposure whose
56.2
69.8
154.4
21.3
301.9
underlying assets areoverseas assets
Notes:
1. Securitization exposure retained or purchased includes unused portions of securitization programs that are subject toallocation of required capital.
2. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
3. Credit cards” include shopping credit receivables, card loans, etc.
4. The classification of transactions of which the underlying assets are overseas assets is conducted according to theprincipal underlying assets of each transaction.
5. “Exposure on resecuritizations” as of both September 30, 2011 and 2012 are classified following Article 1, Paragraph 22 of the Consolidated Capital Adequacy Ratio Notice (hereinafter the same).

40─Exposure by risk weight category─(Billions of yen)
As of September 30, 2011

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
549.1
17.4
0.0
1.9
568.5

Exposure on
resecuritizations-

Off-balance
sheet
256.0
7.2
263.2

Exposure on
resecuritizations
-

Total
805.2
24.6
0.0
1.9
831.8

Exposure on
resecuritizations(Billions of yen)

As of September 30, 2012

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
428.1
30.2
0.2
2.4
461.1

Exposure on
resecuritizations-

Off-balance
sheet
353.9
17.4
0.1
371.6

Exposure on
resecuritizations
-

Total
782.1
47.7
0.3
2.4
832.7

Note:
“Exposure on resecuritizations” as of September 30, 2011 is based on the risk weight in the Basel II text.

41

Exposure on
resecuritizations-

─Amount of required capital by risk weight category─(Billions of yen)
As of September 30, 2011

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
3.6
0.3
0.0
0.1
4.1

Exposure on
resecuritizations-

Off-balance
sheet
1.6
0.2
1.8

Exposure on
resecuritizations
-

Total
5.2
0.5
0.0
0.1
5.9

Exposure on
resecuritizations(Billions of yen)

As of September 30, 2012

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
3.1
0.6
0.0
0.2
4.0

Exposure on
resecuritizations-

Off-balance
sheet
2.1
0.3
0.0
2.6

Exposure on
resecuritizations
-

Total
5.3
1.0
0.0
0.2
6.6

Exposure on
resecuritizations-

Note:“Exposure on resecuritizations” as of September 30, 2011 is based on the risk weight in the Basel II text.
─Credit risk mitigation against exposure on resecuritizations─RiskweightAs of September 30,
2011-

Up to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Over 650%

Total(Billions of yen)
As of September 30,
2012
-

Note:
The above table shows the exposure on resecuritizations based on the risk weight after taking into consideration the effectof method to mitigate credit risk.
─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the Consolidated
Capital Adequacy Ratio Notice─(Billions of yen)
As of September 30,
As of September 30,
2011
2012
Credit risk-weighted assets calculated pursuant to Article 15 ofSupplementary Provisions of the Consolidated Capital Adequacy Ratio
Notice-42

○ Securitization exposure as investor (for calculation of credit risk-weighted assets)(E) Information of securitization exposure retained or purchased
─Exposure by type of underlying asset─

On-balance sheet
Exposure on
resecuritizations
Off-balance sheet
Exposure on
resecuritizations
Total
Exposure on
resecuritizations
Exposure on
securitizations
deducted from capital
Exposure whose
underlying assets areoverseas assets(Billions of yen)
As of September 30, 2011
Lease
payment
receivables Corporate
67.7
193.4

Creditcards
26.8

Residential
mortgageloans
1,535.1

Auto
loans
124.8

-

36.3
-

100.5
8.8

8.5

26.8

1,535.1

7.8
133.7

-

36.3

16.5

Real
estate356.9

Others
111.2

101.0
1.6

0.0
0.6

3.0
4.9

76.3

195.0

357.5

116.2

2,441.0

108.4

-

101.0

0.0

3.0

248.8

8.8

0.0

0.3

7.3

41.1

3.9

61.6

79.7

12.7

26.5

159.4

22.2

13.5

330.7

Total
2,416.3
240.9
24.7
7.8

(Billions of yen)
Creditcards
67.2

Residential
mortgageloans
1466.3

Auto
loans
112.5

As of September 30, 2012
Lease
payment
receivables Corporate
52.9
146.1

Real
estate210.7

OthersTotal
On-balance sheet
2159.4
103.3
Exposure on
133.3
resecuritizations
32.7
0.5
97.0
0.0
3.0
Off-balance sheet
25.4
9.3
10.9
0.6
4.5
Exposure on
resecuritizations
Total
67.2
1466.3
121.8
63.9
146.1
211.3
107.8
2184.8
Exposure on
133.3
32.7
0.5
97.0
0.0
3.0
resecuritizations
Exposure on
securitizations
65.8
deducted from capital
14.6
0.1
0.2
7.7
38.8
4.1
Exposure whose
344.9
underlying assets areoverseas assets
55.1
65.6
9.7
34.2
143.1
24.4
12.5
Notes:
1. Subordinated contributions for managed collateralized loan obligations (“CLO”), etc., are included in the above table
as exposure as investor even when the assets underlying those CLOs, etc., include exposures that were originated by us.
Our subordinated contributions for those managed CLOs, etc., as of September 30, 2011 and 2012 were ¥0.6 billionand ¥0.6 billion, respectively (treated as deduction from capital for purpose of capital adequacy ratio calculation).
2. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
3. “Credit cards” include shopping credit receivables, card loans, etc.
4. The classification of transactions of which the underlying assets are overseas assets is conducted according to theprincipal underlying assets of each transaction.
5. Securitization exposure retained or purchased whose risk transfer (hedge) effects are reflected in the calculation ofcapital adequacy ratio is categorized as securitization exposure as originator.
6. Securitization exposure as investor as of September 30, 2011 includes ¥1.6 billion liquidity facilities, respectively, that
we provide to ABCP programs sponsored by other companies.
7. “Exposure on resecuritizations” as of both September 30, 2011 and 2012 are classified following Article 1, Paragraph
2-2 of the Consolidated Capital Adequacy Ratio Notice (hereinafter the same).

43─Exposure by risk weight category─Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
2,065.8
211.7
59.4
4.9
13.7
60.6
2,416.3(Billions of yen)

Exposure on
resecuritizations
230.3
0.5
10.0
240.9

As of September 30, 2011
Offbalance
Exposure on
sheet resecuritizations
19.0
7.8
4.5
1.0
24.7
7.8

Total
2,084.9
211.7
59.4
4.9
18.3
61.6
2,441.0

Exposure on
resecuritizations
238.2
0.5
10.0
248.8
(Billions of yen)

As of September 30, 2012

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
1,804.9
229.4
43.5
2.8
13.8
64.6
2,159.4

Exposure on
resecuritizations
48.9
73.4
0.5
0.2
10.2
133.3

Off-balance
Exposure on
sheet resecuritizations
9.3
10.9
4.0
1.1
25.4
-

Total
1,814.2
240.4
43.5
2.8
17.8
65.8
2,184.8

Exposure on
resecuritizations
48.9
73.4
0.5
0.2
10.2
133.3

Note:
“Exposure on resecuritizations” as of September 30, 2011 is based on the risk weight in the Basel II text.
─Amount of required capital by risk weight category─(Billions of yen)
As of September 30, 2011

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
15.7
6.0
4.1
1.0
6.1
51.1
84.3

Exposure on
resecuritizations
2.5
0.0
0.6
3.2

Off-balance
Exposure on
sheet resecuritizations
0.2
0.0
1.2
1.0
2.5
0.0

Total
16.0
6.0
4.1
1.0
7.4
52.1
86.9

Exposure on
resecuritizations
2.5
0.0
0.6
3.2
(Billions of yen)

As of September 30, 2012

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from capital
Total

On-balance
sheet
12.3
5.8
3.2
0.6
5.1
55.0
82.3

Exposure on
resecuritizations
0.8
1.6
0.0
0.1
0.8
3.4

Off-balance
Exposure on
sheet resecuritizations
0.0
0.2
1.1
1.1
2.5
-

Total
12.4
6.0
3.2
0.6
6.2
56.2
84.8

Note:
“Exposure on resecuritizations” as of September 30, 2011 is based on the risk weight in the Basel II text.

44

Exposure on
resecuritizations
0.8
1.6
0.0
0.1
0.8
3.4

─Credit risk mitigation against exposure on resecuritizations─Riskweight(Billions of yen)
As of September 30,
2012
35.4
35.4

As of September 30,
2011-

Up to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Over 650%

Total

Note:
The above table shows the exposure on resecuritizations based on the risk weight after taking into consideration the effectof method to mitigate credit risk.
─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the Consolidated
Capital Adequacy Ratio Notice─(Billions of yen)
As of September 30,
As of September 30,
2011
2012
Credit risk-weighted assets calculated pursuant to Article 15 ofSupplementary Provisions of the Consolidated Capital Adequacy Ratio
NoticeIn addition to the above, within the provision of credit in
the form of eligible servicer cash advance, set forth in
Article 246 of the Notice, there was an undrawn portion towhich no required capital is allocated.

The balances of such portion as of September 30, 2011 and2012 were ¥62.7 billion and ¥87.0 billion, respectively.

○ Securitization exposure as originator (for calculation of market risk equivalent amounts)(F) Information by type of underlying assets
Creditcards
Traditional securitizations
Amount of underlying assets (a)Amount of exposures
securitized during the six-month
periodGains and losses recognized onsales during the six-month
periodSecuritization subject to early
amortization treatment
Synthetic securitizations
Amount of underlying assets (b)Amount of exposures
securitized during the six-month
periodGains and losses recognized onsales during the six-month
periodTotal amount of underlying assets(a)+(b)(Billions of yen)
As of, or for the six months ended, September 30, 2012
SecuritiLease
Residential
zationpayment CorporRealmortgage Auto
Total
receivablesloans loans
ate estate products

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,040.0---

1,040.0
-

-

-

-

-

-

-

-

-

-

-

-

-

1,040.0--

1,040.0

Note:
Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction.
─Exposure intended to be securitized ─Exposure intended to be
securitized

Creditcards-(Billions of yen)
Residential
mortgage
loans
-

45

Auto
loans
-

As of September 30, 2012
Lease
payment CorporReal
receivables
ate estate-

Securitization
products
-

Total
-

(G) Information of securitization exposure retained or purchased
─Exposure by type of underlying asset─

On-balance sheet
Exposure on resecuritizations
Off-balance sheet
Exposure on resecuritizations
Total
Exposure on resecuritizations
Exposure on securitizations
deducted from capital
Exposure whose underlying
assets are overseas assets(Billions of yen)
As of September 30, 2012
Lease
payment
Real
receivables Corporate
estate
5.8
17.9
23.8
-

Creditcards-

Residential
mortgage
loans
-

Auto
loans
-

-

-

-

-

0.0

-

-

-

-

0.0

Securitization
products
-

Total
5.8
17.9
23.8
-

-

-

0.0

-

-

0.0

Notes:
1. Classification based on type of underlying asset is conducted according to the principal underlying asset type for eachtransaction.
2. “Exposure whose underlying assets are overseas assets” is classified based on the principal underlying asset type foreach transaction.
─Exposure by risk capital charge category─(Billions of yen)
As of September 30, 2012

Risk
capitalchargeOn-balance
sheet
3.5
2.3
0.0

Exposure on
resecuritizations-

Off-balance
sheet
4.8
9.7
3.3
-

Exposure on
resecuritizations
-

Total
8.4
12.0
3.3
0.0

Exposure on
resecuritizations
-

Total

5.8

-

17.9

-

23.8

-

Up to 1.6%
Up to 4%Up to 8%Up to 20%
Up to 52%
Over 52%
Deduction from capital

─Amount of required capital by risk capital charge category─(Billions of yen)
As of September 30, 2012

Up to 1.6%
Up to 4%Up to 8%Up to 20%
Up to 52%
Over 52%
Deduction from capital
Total
Risk
capitalchargeOn-balance
sheet
0.1
0.1
0.0
0.3

Exposure on
resecuritizations-

─Subject to Comprehensive Risk Measure─

Off-balance
sheet
0.1
0.5
0.3
1.1

Exposure on
resecuritizations
-

Total
0.3
0.7
0.3
0.0
1.4

Exposure on
resecuritizations-(Billions of yen)
As of September 30, 2012
Securitizations
Resecuritizations-

Total amount of securitization
exposure
Total amount of required capital

-

46

-

─Capital increase due to securitization transactions─
Residential
mortgageloans-

Creditcards-

Capital increase due tosecuritization transactions(Billions of yen)
Auto
loans
-

As of September 30, 2012
Lease
payment
receivables Corporate-

Securitization
products-

Realestate-Total-○ Securitization exposure as sponsor of securitization programs (ABCP/ABL) (for calculation of market risk
equivalent amounts)(H) Information by type of underlying assets

Amount of underlying assets
Estimated loss amountrelated to underlying assets
during the six-month period
Amount of exposures
securitized during the sixmonth period

Creditcards-(Billions of yen)
As of, or for the six months ended, September 30, 2012
Lease
Account
payment
and note
Residential
mortgage Auto receivable receivableRealss
OthersTotalloans loans
estate
-

-

-

-

-

-

-

(I) Information of securitization exposure retained or purchased
─Exposure by type of underlying asset─

On-balance sheet
Exposure on
resecuritizations
Off-balance sheet
Exposure on
resecuritizations
Total
Exposure on
resecuritizations
Exposure on
securitizations deductedfrom capital
Exposure whose
underlying assets areoverseas assets--(Billions of yen)
As of September 30, 2012
Lease
Account
payment
and note
receivables receivables-

Creditcards-

Residential
mortgage
loans
-

Auto
loans
-

-

-

-

-

-

-

-

-

-

-

-

Real
estate-Others
-

Total
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

─Exposure by risk capital charge category─(Billions of yen)
As of September 30, 2012

Up to 1.6%
Up to 4%Risk
Up to 8%
capital
Up to 20%
chargeUp to 52%
Over 52%
Deduction from capital
Total

On-balance
sheet-

Exposure on
resecuritizations-

47

Off-balance
sheet-

Exposure on
resecuritizations
-

Total
-

Exposure on
resecuritizations-

─Amount of required capital by risk capital charge category─(Billions of yen)
As of September 30, 2012

Up to 1.6%
Up to 4%Risk
Up to 8%
capital
Up to 20%
chargeUp to 52%
Over 52%
Deduction from capital
Total

On-balance
sheet-

Exposure on
resecuritizations-

Off-balance
sheet-

Exposure on
resecuritizations
-

Total
-

Exposure on
resecuritizations-○ Securitization exposure as investor (for calculation of market risk equivalent amounts)(J) Information of securitization exposure retained or purchased
─Exposure by type of underlying asset─
(Billions of yen)
As of September 30, 2012
Residential
Leasemortgagepayment
Credit
Auto
Real
loans
cards
loans receivables Corporate
estateOthersTotal
On-balance sheet
0.1
2.8
8.1
0.0
16.0
6.2
2.8
36.4
Exposure on
resecuritizations
0.2
0.2
Off-balance sheet
Exposure on
resecuritizations
Total
0.1
2.8
8.1
0.0
16.0
6.2
2.8
36.4
Exposure on
resecuritizations
0.2
0.2
Exposure on
securitizations
deducted from capital
0.0
1.3
0.0
8.2
1.1
0.2
11.1
Exposure whose
underlying assets areoverseas assets
0.1
2.5
8.1
0.0
0.0
0.6
11.5
Notes:
1. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
2. “Credit cards” include shopping credit receivables, card loans, etc.
3. The classification of transactions of which the underlying assets are overseas assets is conducted according to theprincipal underlying assets of each transaction.
4. “Exposure on resecuritizations” are classified following Article 1, Paragraph 2-2 of the Consolidated Capital Adequacy
Ratio Notice (hereinafter the same).
─Exposure by risk capital charge category─(Billions of yen)
As of September 30, 2012

Up to 1.6%
Up to 4%Risk
Up to 8%
capital
Up to 20%
chargeUp to 52%
Over 52%
Deduction from capital
Total

On-balance
sheet
12.0
2.1
5.5
5.5
11.1
36.4

Exposure on Off-balance
sheet
resecuritizations
0.2
0.2
-

48

Exposure on
resecuritizations
-

Total
12.0
2.1
5.5
5.5
11.1
36.4

Exposure on
resecuritizations
0.2
0.2

─Amount of required capital by risk capital charge category─
As of September 30, 2012

Up to 1.6%
Up to 4%Risk
Up to 8%
capital
Up to 20%
chargeUp to 52%
Over 52%
Deduction from capital
Total

On-balance
sheet
0.1
0.0
0.4
1.5
11.1
13.4

Exposure on Off-balance
sheet
resecuritizations
0.2
0.2
-

─Subject to Comprehensive Risk Measure─(Billions of yen)

Exposure on
resecuritizations
-

Total
0.1
0.0
0.4
1.5
11.1
13.4

Exposure on
resecuritizations
0.2
0.2(Billions of yen)
As of September 30, 2012
Securitization Resecuritiation-

Total amount of securitization
exposure
Total amount of required capital

-

49

-

■ Market risk
○ Trading activities
The following table shows VaR (Value at Risk) figures of our trading activities:
For the six months
ended September 30,
2011
3.9
4.5
3.1
3.8
1

For the fiscal year
ended March 31,
2012
3.0
4.8
2.8
3.8
2

(Billions of yen)
For the six months
ended September 30,
2012
3.3
4.3
2.6
2.8
1

End of period
Maximum
Minimum
Average
The number of cases where assumptive losses
exceeded VaR during the period
Notes:
1. Amount of market risk (VaR) is calculated based on the internal model.
2. The multiplication factor for the calculation of market risk equivalent (internal models approach) is determined by
the number of cases where assumptive losses exceeded VaR during the period.
3. Our group companies which conduct trading activities are Mizuho Bank, Mizuho Corporate Bank, Mizuho Trust &Banking and Mizuho Securities, etc.
VaR method:
Linear risk:
Non-linear risk:
VaR:
Quantitative standard:variance co-variance model
Monte-Carlo simulation
Simple aggregation of linear risk and non-linear risk
1. confidence interval: one-tailed 99.0%;
2. holding period: 1 day; and3. historical observation period of one year (265 business days)

VaR (Value at Risk)
The VaR method measures the maximum possible loss that could be incurred due to market movements within a certain time
period (or holding period) and degree of probability (or confidence interval).
Back testing
The Back testing is one of the methods to evaluate the effectiveness of market risk measurements calculated using the VaR
method that compares VaR and amount of losses (we compare VaR with assumptive profits and losses). The number ofcases where assumptive losses exceeded VaR is the number of times in which losses exceeded VaR during the corresponding
period.
The following table shows stressed VaR figures of our trading activities:
For the fiscal year
ended March 31,
2012
6.8
10.5
5.0
7.4

(Billions of yen)
For the six months
ended September 30,
2012
6.2
8.2
4.0
5.2

End of period
Maximum
Minimum
Average
Notes:
1. The disclosure of Stressed VaR figures started as of, or for the fiscal year ended, March 31, 2012.
2. Maximum, minimum and average for the fiscal year ended March 31, 2012 were calculated for theperiod between October 1, 2011 to March 31, 2012.
Stressed VaR method:
Linear risk:
Non-linear risk:
Stressed VaR:
Quantitative standard:variance co-variance model
Monte-Carlo simulation
Simple aggregation of linear risk and non-linear risk
1. confidence interval: one-tailed 99.0%;
2. holding period: 1 day; and3. historical observation period of one year of significant financial stress (265 business days)

Stressed VaR
The stressed VaR measurement is based on a continuous 12-month period of significant financial stress.

50

○ Outlier criteria
The following table shows results of calculations under the outlier framework:
Amount of loss
As of September 30, 2011
As of March 31, 2012
As of September 30, 2012
Effect of yen interest rate
Effect of dollar interest rate
Effect of euro interest rate

568.6
483.2
427.4
119.4
258.9
29.1

Broadly-defined
capital7,615.2
7,775.0
7,665.1
n.a.
n.a.
n.a.

(Billions of yen)
Loss ratio
to capital
7.4%
6.2%
5.5%
n.a.
n.a.
n.a.

Outlier criteria
As part of the capital adequacy requirements under Basel II, the losses arising from a banking book in hypothetical interest
rate shock scenarios under certain stress conditions are calculated and compared with the sum of Tier I and Tier II capital. If
the interest rate risk of the banking book leads to an economic value decline of more than 20% of the sum of Tier I and Tier
II capital, we will be deemed an “outlier” and may be required to reduce the banking book risk or adopt other responses.
Interest rate shock scenario under stress conditions in outlier criteria
For the interest rate shock scenario used in connection with the calculations under the outlier framework, we generate annual
rate fluctuation data for five years derived from daily raw historical interest rate data of the past six years and then apply theactual fluctuation data at a 99.0% confidence level to the shock scenario.

51

■ Equity exposure in banking book(7) Status of equity exposure in banking book(A) Amounts stated in consolidated balance sheet
As of September 30, 2011
Consolidatedbalance sheet
amountFair value
Exposure of listed stock, etc.
2,373.3
2,373.3
Other equity exposure
263.6
n.a.
Total
2,637.0
n.a.
Note: The above figures include only Japanese and foreign stocks.

(Billions of yen)
As of September 30, 2012
Consolidatedbalance sheet
amountFair value
2,171.9
2,171.9
246.2
n.a.
2,418.1
n.a.

(B) Gains and losses on sales related to equity exposure(Billions of yen)
For the six months ended September 30 ,For the six months ended September 30,
2011
2012
Gains and
Gains andlosses on
losses on
Gains onLosses on
Gains onLosses on
sales
sales
sales
sales
sales
sales
10.0
38.1
28.0
20.5
26.3
5.8
Sale of equity exposure
Note: The above figures represent gains and losses on sales of stocks in our consolidated statement of income.
(C) Gains and losses from write-offs related to equity exposure(Billions of yen)
For the six months ended
For the six months ended
September 30, 2011
September 30, 2012
Gains and losses from
Gains and losses fromwrite-offs
write-offs(69.3)(247.2)
Write-offs of equity exposure
Note: The above figures represent gains and losses on devaluation of stocks in our consolidated statement of income.
(D) Unrealized gains and losses recognized in the consolidated balance sheet and not recognized in the consolidated
statement of income(Billions of yen)
As of September 30, 2011
As of September 30, 2012
Net
Net
unrealized
unrealized
Unrealized
Unrealized
Unrealized
Unrealized
lossesgains
gains
lossesgains
losses(53.2)
330.2
383.5
17.9
332.6
314.6
Equity exposure
Note: The above figures include only Japanese and foreign stocks.
(E) Unrealized gains and losses not recognized in the consolidated balance sheet or in the consolidated statement ofincomeNone as of September 30, 2011 and 2012.
(F) Equities exposure by portfolio classification
PD/LGD approach
Market-based approach (simple risk weight method)
Market-based approach (internal models approach)Transitional measure applied
Total

As of September 30, 2011
883.5
265.1
1,964.7
3,113.4

52(Billions of yen)
As of September 30, 2012
856.6
244.2
1,786.7
2,887.5