(For the Six Months ended September 30, 2009)

Profile
The Mizuho Financial Group is one of the largest financial institutions in the world, offering a broad range of financial services
including banking, securities, trust and asset management, credit card, private banking, venture capital through its group companies.
The group has over 58,000 staff working in approximately 950 offices inside and outside Japan, and total assets of over $1.5 trillion(as of September 2009). The group was created in September 2000 through the establishment of a holding company of our threepredecessor banks, The Dai-Ichi Kangyo Bank (DKB), The Fuji Bank (Fuji) and The Industrial Bank of Japan (IBJ). Under the umbrella ofthe holding company Mizuho Financial Group, our principal group companies include Mizuho Corporate Bank, Mizuho Bank, Mizuho
Securities* and Mizuho Trust & Banking.
*The former Shinko Securities and the former Mizuho Securities merged as of May 7, 2009 (the new company name: Mizuho Securities).

Ratings
As of December 31, 2009

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

R&I
Long Term Short Term

A
A+
A+
A+
A+
A+

a—1
a—1
a—1
a—1
a—1
—

JCR
Long Term Short Term

—
AA–
AA–
AA–
AA–
AA–

Moody'sLong Term Short Term

—
—
—
—
J–1+
J–1+

—
Aa3
Aa3
Aa3
Aa3*
—

Standard & Poor's
Long Term Short Term

P—1
P—1
P—1
P—1
P—1*
—

A
A+
A+
A+
—
—

Fitch
Long Term Short Term

—
A—1
A—1
A—1
—
—

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

Brand Slogan

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

A
A
A
A
—
—

F1
F1
F1
F1
—
—

2009 Mizuho Financial Group Interim Review

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

2

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

6

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

8

Management Structure

10

Business Outline

11

Office Network

12

Business Approaches Adopted by Each Global Group13

Initiatives to Strengthen Cooperation among Group Companies

25

CSR Activities

26

Location of Overseas Offices

28

Investor Information

31

Disclosure Policy

33

Privacy Policy Regarding Customer Information

34

Contact Information

35

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

Forward-Looking Statements
This Interim Review contains statements that constitute forward-looking statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Such forward-looking statements do not represent any guarantee by management of future performance.
In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,”“plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to
identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.
We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: the incurrence of significant credit-related costs; declines in the value of our securities portfolio, including as a result of the declines in stock markets and the impact of the dislocation in the global financial markets stemming from U.S. subprime loan
issues; changes in interest rates; foreign exchange rate fluctuations; decrease in the market liquidity of our assets; revised assumptions or otherchanges related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and othersimilar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; the effect of changes in general economic conditions in Japan and elsewhere; our ability to avoid reputational harm; and the effectiveness of our operation, legal and other risk management policies.
Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key
Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our latest annual report on Form 20-F filed with the
U.S. Securities and Exchange Commission (“SEC”), which is available in the Financial Information section of our web page at www.mizuhofg.co.jp/english/ and also at the SEC's web site at www.sec.gov.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter ourforward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of theTokyo Stock Exchange.

1

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

by maximizing our capabilities as a comprehensive financial group through promoting collaboration amonggroup companies.

Financial Results for the First Half of Fiscal 2009
Income Analysis
Consolidated gross profits for the first half of fiscal 2009
increased by ¥87.8 billion on a year-on-year basis to¥1,005.1 billion.
Gross profits of Mizuho Corporate Bank, Mizuho Bankand Mizuho Trust & Banking (the Three Banks) increasedby ¥24.9 billion on a year-on-year basis to ¥790.6 billion,
due to an increase in income derived from flexible andtimely operations in the Trading segment and other factors partly offset by a decrease in income from Customer
Groups mainly due to a decline in deposit income reflecting the drop in market interest rates. General and administrative (G&A) expenses of the Three Banks decreased by¥4.2 billion on a year-on-year basis to ¥452.3 billion due
to our overall cost reduction efforts, despite a year-onLooking back over the recent economic conditions thatyear increase of ¥18.6 billion in expenses associated withhave followed the financial crisis, economies around theemployee retirement benefits.

world have passed through the worst phase of theAggregated consolidated gross profits (net operating

downturn. Signs of gradual improvement are now

revenues) of our two securities subsidiaries (Mizuho

emerging, due to the positive effects of initiatives taken

Securities*1 and Mizuho Investors Securities) increased byin countries around the world to achieve economic recov-¥103.4 billion on a year-on-year basis to ¥168.6 billion,

ery. Nevertheless, the risks of deflation, an increase inmainly due to, in addition to an increase in commission

unemployment and other factors remain, and sustainabil-income, the effect of the merger with Shinko Securities.
As a result, consolidated net business profits* 2

ity of the recovery in the world economy going forward isamounted to ¥359.5 billion, a year-on-year increase ofstill uncertain.

¥42.0 billion.

Amid this economic environment, we have positioned

should make continuous efforts to enhance profitability.

*1. Our financial results for the first half of fiscal 2008 did not include
the income of Shinko Securities (net operating revenues of ¥55.2
billion and ordinary profits of ¥0.2 billion), since Shinko Securities
was an affiliate under the equity method of our group at that time.
*2. Consolidated net business profits = consolidated gross profits –G&A expenses (excluding non-recurring losses) + equity in income
from investments in affiliates and certain other consolidation
adjustments.

With the growing importance of “returning to the basics

Consolidated credit-related costs amounted to ¥161.7

of our business,” to fulfill our roles and missions as abillion, and credit cost ratio*3 of the Three Banks was 32

financial institution, which are to “contribute to increas-

basis points (bps), an improvement from 69 bps for theing customers' value,” we have adopted the keywords

full fiscal 2008. Net gains and losses related to stocks

customer-oriented, frontline-oriented, and future-

recovered to net gains of ¥20.2 billion, a year-on-yearminded in addressing the principal issues we confront.

improvement of ¥59.8 billion, as a consequence ofWe are endeavoring to provide the highest-quality finan-

recording gains on sales in our efforts to reduce our stock

cial services to respond to the full range of customer needs

portfolio, despite recording losses in the amount of ¥29.0

fiscal 2009 as a year to solidify our foothold and worked
on initiatives to manage risks, strengthen our capitalbase, and enhance profitability. We believe we haveachieved steady results in managing risks and strengthening our capital base, while we are aware that we2

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

billion on equity derivatives entered into for hedging pur-year basis to ¥581.0 billion, with an increase in net inter-

poses at the Three Banks. As for credit derivatives trans-

est income in the Trading segment and other factors.

actions entered into for credit risk hedging purposes at• Non-Interest Income
Net fee and commission income of the Three Banks forthe first half of fiscal 2009 amounted to ¥136.0 billion, a
year-on-year decrease of ¥10.3 billion. This was primarily
due to, in a business environment where the impact of
the financial market turmoil still remained on the real
economy, a decrease in fee and commission income
from solution-related business and overseas businesswith corporate customers as well as a decrease in profits
from trust and asset management business of Mizuho
Trust & Banking.
Meanwhile, as for our business with individual customers, fee income associated with sales of investment
trusts and individual annuities for the first half of fiscal 2009
increased from that for the second half of fiscal 2008.

the Three Banks, we recognized valuation losses of ¥76.8
billion related to such hedging transactions due to theimprovement in the credit markets.
As a consequence, consolidated net income for the
first half of fiscal 2009 amounted to ¥87.8 billion, a yearon-year decrease of ¥6.7 billion.
*3. Credit cost ratio = Credit-related costs for the first half of fiscal
2009 x 2 / Total claims under the Financial Reconstruction Law asof September 30, 2009 (aggregated amount of banking accountand trust account).

• Net Interest Income
The average loan balance of the Three Banks for the firsthalf of fiscal 2009 increased by ¥0.9 trillion on a year-onyear basis, while it decreased by ¥1.3 trillion comparedwith the second half of fiscal 2008. This was mainly due
to a decrease of ¥1.1 trillion in loans to Deposit Insurance
Corporation of Japan and the Japanese Government.
The domestic loan-and-deposit rate margin for thesame period increased by 0.15% at Mizuho Corporate
Bank from that for the first half of fiscal 2008.
Meanwhile, the aggregate figure of domestic operationsof Mizuho Corporate Bank and Mizuho Bank decreasedslightly by 0.03% to 1.41% from that for the first half offiscal 2008.
Net interest income on a consolidated basis for the firsthalf of fiscal 2009 increased by ¥57.6 billion on a year-on-

Net Fee and Commission Income (The Three Banks)(billions of ¥)
200

150

100

50

0

Net Fee andCommission
IncomeFiscal 2008
(first half)

Fiscal 2008
(second half)

Fiscal 2009
(first half)¥146.3 bn.

¥152.8 bn.

¥136.0 bn.

Loan Balance
Loan balance (*4)

Loan-and-deposit rate margin (*5)(Loan balance: trillions of ¥)75.0(Loan-and-deposit rate margin: %)
1.50

70.0

1.40

65.0

1.30

60.0

1.20

0

Fiscal 2006
(first half)

Fiscal 2006(second half)

Fiscal 2007
(first half)

Fiscal 2007(second half)

Fiscal 2008
(first half)

Fiscal 2008
(second half)

Fiscal 2009
(first half)

Loan balance¥63.5 tn.

¥65.0 tn.

¥65.1 tn.

¥64.3 tn.

¥65.8 tn.

¥68.0 tn.

¥66.7 tn.

Loan-anddeposit rate
margin(*5)

1.31%

1.37%

1.44%

1.47%

1.44%

1.46%

1.41%

1Q 1.29%
2Q 1.32%

3Q 1.35%
4Q 1.39%

1.44%
1.44%

3Q 1.47%
4Q 1.48%

1Q 1.46%
2Q 1.43%

3Q 1.45%
4Q 1.46%

1Q 1.44%
2Q 1.39%

1Q
2Q

3

0

*4. Loan balance: Aggregate averagebalance of the Three Banks for theperiod, excluding trust account andloans to Mizuho Financial Group.
Balance for overseas branches includes
foreign exchange translation impact.
*5. Loan-and-deposit rate margin: Basedon aggregate figures of domestic
operations of Mizuho Corporate
Bank and Mizuho Bank after excluding loans to Mizuho Financial Group,
Deposit Insurance Corporation ofJapan and the Japanese Government.

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

• Increase of Our Prime CapitalIn the first half of fiscal 2009, we issued common stock(the number of shares issued: 3 billion shares, total
amount paid: ¥529.2 billion) for the purpose of increasing
our prime capital. The issuance was made aiming at securing a solid and sufficient capital buffer in preparation fora further adverse business environment and ensuring theflexibility to capture business opportunities leading to our
future growth and to respond to customer needs.
• Strengthening of Our Capital Base throughIssuance of “Non-Dilutive” Preferred Securities
We issued preferred debt securities for a total of ¥237.0
billion in the first half of fiscal 2009 through our overseas
special purpose subsidiary, so as to further increase ourgroup's capital base in light of the recent financial market
turmoil on top of securing the agility and improving theflexibility of our capital strategy. Meanwhile, we made afull redemption of ¥176.0 billion of preferred debt securities which became redeemable at the issuer's option inJune 2009.
• Conversion of Mandatory Convertible Preferred
Stock into Common Stock
During the first half of fiscal 2009, the number of sharesof common stock increased by 1,002 million throughrequests for conversion of 317 million shares (¥317.6 billion) of Eleventh Series Class XI Preferred Stock. The outstanding balance of such preferred stock as of September
30, 2009 was ¥594.2 billion.

Financial Soundness
With respect to our financial soundness, although thenon-performing loan ratio for the Three Banks increased
by 0.24% from March 31, 2009, it remained at a low
level of 2.01%.
Unrealized gains (losses) on other securities on a consolidated basis improved by ¥732.6 billion from March
31, 2009 to ¥160.2 billion.
Our consolidated capital adequacy ratio was 12.89%, an
improvement of 2.36% from that as of March 31, 2009.
As of September 30, 2009, the balance of securitization products for the group in total amounted to ¥3.0
trillion, of which the balance of foreign currency denominated securitization products amounted to ¥0.5 trillion.
While a severe business environment still continues,
we plan to make cash dividend payments of ¥8 per shareof common stock for fiscal 2009, also from the standpoint of providing steady returns to shareholders, andplan to make dividend payments on preferred stock asprescribed (both unchanged from the original estimates).

Disciplined Capital Management
We are pursuing “strengthening of stable capital base”
and “steady returns to shareholders” under our “disciplined capital management.” However, in light of factors
including the financial market turmoil and global economic downturn, we have been putting more priority on“strengthening of stable capital base” since the second
half of fiscal 2008.

Mizuho Initiatives

More specifically, our medium-term target is toincrease our consolidated Tier 1 capital ratio to 8% level,

Our group is further proactively engaged in facilitating

and we aim to maintain our prime capital*6 at a level ofcorporate finance and others, based on our strong

more than half of our Tier 1 capital. As of September 30,

awareness of the financial institution's public nature and2009, our consolidated Tier 1 capital ratio and our primerole, while working to increase efficiency and strengthen

capital ratio*7 were 8.69% and 5.36%, respectively.

our capabilities for risk management. At the same time,

While closely monitoring the ongoing global discus-

our three global groups are steadily implementing busi-

sions with respect to capital, we will continue to consider

ness strategies by leveraging their respective strengths

various options and take appropriate measures in antici-

and promoting close collaboration to offer financial serv-

pation of a revision of capital regulations to be globally

ices that meet customer needs.
First, in the Global Corporate Group, Mizuho

agreed.

Corporate Bank is working to make the most of its*6. Prime capital: Tier 1 capital – preferred securities – preferred stock(excluding mandatory convertible preferred stock). It represents
capital items of Tier 1 with a stronger ability to absorb losses.

strengths as a professional of corporate finance andoffering optimal financial solutions. In the syndicated*7. Prime capital divided by Risk-weighted assets

loan business, Mizuho Corporate Bank is endeavoring
to provide a smooth supply of funds through offering
4

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

syndicated loans that replace corporate bonds. Moreover,group synergies in major businesses through further pro-with the aim of further strengthening its global capabili-

moting collaboration among group companies.

ties, Mizuho Corporate Bank entered into a businessIn the area of internal controls, we are implementing

cooperation agreement with a leading financial institu-

initiatives to enhance internal control systems in compli-

tion in Brazil and promoted building of cooperative rela-ance with Japan's Financial Instruments and Exchangetionships with leading local partners in China and Russia.

Law and strengthening our customer protection andIn the securities business, in May 2009, former Mizuho

compliance frameworks.

Securities and Shinko Securities merged to form the new

In order to pursue corporate social responsibility (CSR),

Mizuho Securities. Also, in July 2009, we introduced a

we are working to promote activities including reducing“double-hat” structure at certain business promotion

the environmental burden of our operations, providing

departments allowing relationship managers to holdsupport for financial education, maintaining and preserv-

posts concurrently in Mizuho Corporate Bank anding the natural environment through our financial servic-

Mizuho Securities.

es, and creating barrier-free layouts in our offices.

Going forward, in addition to materializing merger

All the management and employees of our group are

effects at Mizuho Securities, we will offer optimal solu-

striving to realize the goal of being “A financial partner

tions through further strengthening and deepening col-that helps customers shape their future and achieve theirlaboration between banking and securities businesses

dreams” under the group's brand slogan “Channel tounder a stringent compliance framework.

Discovery,” and are working to further increase ourIn the Global Retail Group, Mizuho Bank conducted agroup's corporate value while fulfilling our social respon-

major revision of the services offered through thesibilities and accomplishing our public mission.

“Mizuho Mileage Club.” The number of members signed
up for the service exceeded seven million in October

January 20102009. In addition, Mizuho Bank is striving to enhance
consulting services with a view to offering high convenience to individual customers through deployment offinancial consultants at each of its branches in addition toestablishment of “Mizuho Personal Square,” branches

Takashi Tsukamotowith a greater focus on individual customers, and “Planet

President & CEO

Booth,” consulting booths jointly set up with Mizuho

Mizuho Financial Group, Inc.

Investors Securities. Also, for corporate customers, withsincerely regarding a smooth supply of funds to small
and medium-sized enterprises and middle-market corpo-

Note: The above message, which was prepared prior to the announcement of our financial results for the third quarter of fiscal 2009,
contains statements that constitute forward-looking statements
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. See the disclaimer at the bottomof page 1 of this Interim Review for information regarding factors that could cause actual results to differ from those in theforward-looking statements.

rations as part of its roles in society as a financial institution, Mizuho Bank is responding proactively to their funding needs, and creating its framework for offering abroad spectrum of solutions associated with businessstrategies of each customer.
In the Global Asset & Wealth Management Group,
centering around Mizuho Trust & Banking, we are moving
ahead with offering a wide range of asset management
and administration services through the development of
new products and services that draw on trust functions.
In addition, we are providing full-scale private banking
services as well as high-quality asset management services. Moreover, we are making steady achievements of5

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

Aiming to Be a Top Corporate Finance Provider

trust business services to offer our customers global solutions to the issues they face.

• Offering Solutions Aligned with Customer Needs
In May 2009, the former Mizuho Securities, with its
strengths in the wholesale securities business, and theformer Shinko Securities, with its strengths in the middleretail market, merged to create a full-scale securities
company Mizuho Securities offering comprehensive services. Also, along with the revision of Japan's Financial
Instruments and Exchange Law, the firewall restrictions
between banking and securities activities have beenreviewed and revised. Following the revision of firewall
regulations in Japan that made possible holding concurrent posts between banks and securities companies, inJuly 2009, Mizuho Corporate Bank and Mizuho Securities
introduce a “double-hat” structure at certain businesspromotion departments, further promoting cooperation
between them.
In implementing our overseas business strategies, weare drawing on our broad network of 71 offices inapproximately 30 countries/regions to offer timely
responses to customer needs. Especially in Asia outside
Japan, we have 32 offices, located mainly in China andIndia, and, as we work together with Mizuho Securities,
we are moving forward with business development inthis region. Moreover, to strengthen our capabilities formeeting the needs of our customers who are entering
overseas markets, we have established cooperative relationships with governmental and other institutions inthese countries.
In addition, we have positioned the creation of strong
and reliable risk management systems as well as compliance frameworks as major management tasks and willcontinue to make substantial enhancements in these systems going forward.

Our objective at Mizuho Corporate Bank is to become a“top corporate finance provider” that offers financial
solutions to our customers and other business partners inJapan and around the world. We are endeavoring toreach this objective by working with other group companies of Mizuho to combine and strengthen our commercial banking businesses with our traditional investmentbanking businesses, which include M&A advisory, bondand stock underwriting, as well as sales and trading.
At present, the market environment shows a mixtureof signs of recovery and uncertainties. Amid these conditions, the initiatives of our customers include stepping up
their drive to focus more sharply on their core businesses,
strengthening their business bases, and expanding theiroverseas operations. At the same time, our customers aretaking steps toward strengthening their financial strategies, including adopting measures to enhance the stability of their fund-raising bases. In parallel with this, thefinancial needs of our customers are becoming significantly more diverse, sophisticated, and global in scope. It
has become increasingly important for us to be on top ofthese developments and respond quickly and accurately
to customer needs.

Trends in the world economy are still uncertain andOur business promotion, research, and other divisions

will warrant close monitoring. However, we believe thatare organized by industry, and our industry experts in

now is the time for us to reaffirm our “reason for being”

these units keep up with changes in the industrial struc-as a financial institution, which is to fulfill our mission inture and identify emerging customer needs. Based on thissociety by “providing financial support to Japanese indus-

information, they also mobilize the specialized capabilities

try and industry around the world.” Accordingly, we willof Mizuho, including expertise in banking, securities, andwork to offer a smooth supply of financial resources and6

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

Aiming to Be a Top Corporate Finance Provider

provide a diverse range of high-quality, sophisticatedfinancial solutions. Our aim is to secure our position as abank that wins strong support, based on the trust of ourcustomers in Japan and overseas, as well as the confidence of financial markets.
We look forward to your continuing support going
forward.
January 2010

Yasuhiro Sato
President & CEO
Mizuho Corporate Bank, Ltd.

7

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

Returning to the Origins of Commercial Banking: Putting the Customer First

corporations is one of the social missions of financial
institutions. Accordingly, we are continuing to meet thefund-raising needs of these companies and offer solutions to assist them in addressing the management issues
they face.
To facilitate fund-supply to these companies, we areproviding a range of loan products, including those that
respond to the intent of Japan's Emergency Guarantee
Program, those that support the environment-related initiatives of SMEs, and loan products that do not rely
excessively on real estate collateral and personal guarantees for security.
In April 2009, we established our Credit Supervision
Division IV, which provides strong support to companies
for continuing and revitalizing their operations throughMizuho Bank has returned to the origins of commercial

the preparation of revitalization plans and the provisionbanking and, based on the spirit of “putting the customerof advice.

first,” is striving to deepen our relationships of trust with

Also, for customers in need of assistance in solving

individuals as well as small and medium-sized enterprises

management problems, we have made arrangements,(SMEs), middle-market corporations and the manage-

including the assignment of staff specializing in thesements of these companies. We are focusing on respond-

matters, to offer optimal solutions for addressing various

ing to the “true needs of our customers” and working tobusiness issues. We are continuing to work to enhancedevelop together with them.

customer satisfaction by offering comprehensive consulting capabilities that combine business-related consulting,• Services for Individual Customers
In individual customer business, to reflect the true needsof our customers in the products and services we offer
even more accurately than in the past, in April 2009, weformed the Personal Marketing Division. We have also
thoroughly reviewed the services offered to Mizuho
Mileage Club members, and, in October 2009, with thesupport of a wide range of customers, the number ofclub members exceeded 7.0 million persons. We are also
taking initiatives to respond to an increasingly diverse
range of customer needs. These initiatives include
expanding and improving our remote channel services,
including the commencement of “docomo Keitai
Soukin™,” a mobile phone funds transfer service, in July
2009. We have also deployed financial consultants to allof our branches to promote consulting-based business.

private banking services, and services that draw on collaboration with the trust business functions within thegroup. Also, we are working with Mizuho Trust &Banking, Mizuho Investors Securities, and other groupcompanies to offer comprehensive financial services, aiming to increase customer satisfaction.
In view of the substantially stronger requests fromsociety for providing financing smoothly, we have put
into place the necessary systems in keeping with theintent of Japan's Small and Medium-Sized Enterprise
Finance Facilitation Low. We are responding proactively
and speedily to supply smooth financing to individual andcorporate customers.
All of these initiatives are focused on having our customers think, “We are glad we chose Mizuho.”
All the management and staff of Mizuho Bank are• Services for Corporate Customers
In corporate customer business, we continue to beaware that supplying funding to SMEs and middle-market

working on a day-to-day basis to proactively build evenstronger relationships of trust with our customers andenhancing their satisfaction with our services by continuing

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

Returning to the Origins of Commercial Banking: Putting the Customer First

to speedily address the challenges of continuing innovation.
We, therefore, look forward to your continuing support.
January 2010

Satoru Nishibori
President & CEO
Mizuho Bank, Ltd.

9

Management Structure

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

Mizuho Financial Group, Inc. (MHFG)

Global Corporate Group

Mizuho Corporate Bank, Ltd. (MHCB)

Mizuho Securities Co., Ltd. (MHSC)*

Global Retail Group

Mizuho Investors Securities Co., Ltd.
(MHIS)

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

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

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

Group Strategy Affiliates
Mizuho Financial Strategy Co., Ltd.
(MHFS)
Mizuho Research Institute Ltd. (MHRI)
Mizuho Information & ResearchInstitute, Inc. (MHIR)*MHSC and Shinko Securities merged as of May 7, 2009 (new company name: Mizuho Securities).

10

Business Outline

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

Banking
Business

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

Mizuho Bank(MHBK)

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

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

Mizuho Securities(MHSC)

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

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

Mizuho Trust & Banking(MHTB)

Trust & Custody
Services Bank(TCSB)

Defined Contribution
Plan Services(DCPS)

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

A highly specialized trustbank focusing on
the custody business.

An entity that specializes inmanaging defined contribution
pension plans.

MizuhoAsset Management(MHAM)DIAM

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

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

UC CardMizuho Private
Wealth Management(MHPW)

MizuhoTrust Realty Company

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

A wealth management
services company.

A real estate agency.

MizuhoCredit Guarantee

Mizuho CapitalMizuho Factors

A credit guarantee andreal estate research company.

A principal venture capitalcompany.

A factoring company.

MizuhoResearch Institute(MHRI)

Mizuho Information& Research Institute(MHIR)

Mizuho-DL
Financial Technology

MizuhoFinancial Strategy(MHFS)

A think tank.

A company in charge ofIT strategy.

A research and development
company of financial technology.

An advisory company
for financial institutions.

Securities
Business

Trust and AssetManagement
Business

Other
Businesses

11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, 2009)
MHCB

MHSC

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

DIAM

Overseas subsidiary

Overseas subsidiaryBeijing

Amsterdam

TianjinDüsseldorf
Frankfurt
DalianLuxembourg
Moscow

Brussels

TorontoQingdao
Seoul

Vienna

Paris

Wuxi

Nanjing

Vancouver
Chicago

Wuhan

MadridXiamenZurichTehranMilan

Los Angeles

Shenzhen

New Delhi

BahrainRiyadhDubai

New York

San Jose

ShanghaiTaipeiTaichung
Kaohsiung

Guangzhou
Hong Kong
Mumbai
Hanoi

NassauHoustonCaymanMexico City

Atlanta
ManilaBangkok

Network in Japan (As of December 31, 2009)
MHCB

Ho Chi Minh City

Head Office and Branches: 18

MHBK
Head Office and Branches: 411
Sub-branches: 37
Agencies: 45

Kuala Lumpur

MHSC

Singapore

Head Office and Departments: 3
Business Promotion Offices: 97

SydneyMHTBJakarta

Head Office and Branches: 35
Sub-branches: 2

LabuanMHISHead Office and Branches: 56
Planet Booths*: 149*MHSC established an overseas subsidiary Mizuho Saudi Arabia Company in the city of Riyadh in the Kingdomof Saudi Arabia and commenced securities business related operations effective as of November 2, 2009.

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

12São PauloBusiness Approaches Adopted by Each Global Group

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

Promptly Responding to Changes in the Market Environment
Despite the severe global economic conditions, customers' needs are becoming increasingly diverse, sophisticated and global,
requiring financial institutions to offer comprehensive, high-level, innovative solutions.
As a corporate finance professional, MHCB provides optimal solutions on a global basis by dynamically combining its richexperience in overseas markets with its powerful overseas network and its cutting-edge financial products while focusing on
stable funding for its customers.
By adopting diverse and sophisticated portfolio management and hedging methods, it is also building a solid risk management structure that allows prompt responses to changes in the market environment.

Further Progress in Globalization
Among Japanese banks, MHCB has established one of the largest overseas networks centered in Asia with a view to realizing
more timely responses to the needs of domestic and foreign customers engaged in global business activities.
MHCB continues to strengthen its strategic alliances with leading local partners around the world to satisfy customers'
needs in situations where Mizuho's network does not provide adequate coverage in certain regions or for certain products.
During the first half of 2009, it signed a Memorandum of Understanding for Business Cooperation with the Brazilian bank Itaú
Unibanco Holding in August, and concluded collaborative agreements with partners in China and Russia. MHCB is also building cooperative relationships with government agencies and other entities in various countries to strengthen its support forcustomers' overseas business expansion.

Providing Solutions to Customers' Needs
Drawing on its robust, long-term relationships with customers, MHCB is focusing on its solutions business to help raise its customers' corporate value over the medium- to long-term by strengthening and combining its commercial banking operations
with its M&A advisory services and other aspects of its traditional investment banking business.
It makes maximum use of banking, securities, trust and other specialist functions within the group to satisfy customers'
funding, managerial and financial strategy needs by offering a full lineup of financial solutions on a global basis.

Deep Understanding of Industry
Based on its deep understanding of industry, MHCB's Industry Research Division provides customers with proposals for comprehensive solutions centered on business and financial strategies. MHCB is also strengthening its structure as a global partnerby expanding the division's global operations, setting up offices in London, New York and Singapore.

13

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Approach to Banking and Securities Cooperation
MHCB cooperates with MHSC in providing specialized, sophisticated solutions such as funding, M&A and securitization in linewith customers' capital policies and business and financial strategies.
MHCB already leverages its financial holding company (FHC) status in the United States, offering full-scale banking andsecurities services centered on underwriting corporate bonds issued by blue-chip European and American companies.
Following the revision of firewall regulations in Japan that made possible holding concurrent posts between banks and securities companies, in July 2009, MHCB and MHSC introduce a “double-hat” structure at certain business promotion departments, further promoting cooperation between them.
Conceptual Image of Corporate Finance— Combining and Strengthening CB (Commercial Banking) and Traditional IB (Investment Banking) Functions
Strategic advisory functions based on robust relationships

Support for global operations(CB business)
Lending, settlement

Identify andshare customers'
global growthstrategies

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

Use the IB business to create and supplement CB business

Sophisticated Financial Services to Match Customers' Needs
MHCB is a world-class player in the field of project finance (PF) arrangement and the financial advisory (FA) business.
In fiscal 2009, it has arranged finance and given financial advice in connection with a copper mine in Chile, a desalination
project in Australia, projects for wind electricity in Japan and other forms of power generation over the world, domestic andoverseas PFI projects, and other projects involving resources development and social infrastructure improvements.
From an environmental awareness perspective, it is also putting considerable effort into renewable energy projects, adopting a proactive approach to PF for wind and solar power generation projects at home and overseas. In August 2009, MHCB
absorbed the consulting functions of MHIR's emissions credit business to enable it to offer global warming countermeasures,
including support for purchases of emissions credits, on a centralized basis.
In the area of business finance, it arranges finance backed by the future cash flow to be generated by specific businesses
and tailored to the needs of each customer.

Promoting Value-Added and Globalization in the Syndication Business
MHCB has been engaged in developing the syndicated loan market since its inception. In fiscal 2008, deals in Japan's domestic
syndicated loan market amounted to ¥27.8 trillion, an increase of ¥1.6 trillion over the preceding fiscal year. Against thebackground of changes in the financial environment, syndicated loans thus play an important role in ensuring a smooth supplyof funds.
As part of these efforts to facilitate the flow of funds and offer value-added products, MHCB offers syndicated loans that
replace corporate bonds, and cooperates with the Japan Bank for International Cooperation and Nippon Export andInvestment Insurance in arranging deals for Japanese exporters and the overseas subsidiaries of Japanese firms.

14

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —It has also strengthened its global syndication system

Trends in Japan's Syndicated Loan Market andMizuho's Sharethrough tie-ups the world over by deploying syndication spe-

(Trillions of ¥)cialists at its offices in the United States, Europe and Asia. In

Arrangement ofSyndicated Loans in Japan(first half of fiscal 2009)

August 2009, Mizuho's group performance in the global syndication market and its contributions to the development of

30

China's syndicated loan market were recognized when25

Mizuho Corporate Bank (China) became the first foreign

Mizuho's
Share:
Approx. 32%

20

financial institution to be appointed as an executive member

15bank of the Loan Syndications and Trading Association (LSTA)
10

under the China Banking Association.

5
0

Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
(first half)
Sources: Fiscal 2000 – Fiscal 2002: Thomson Reuters
Fiscal 2003 – Fiscal 2009: “Loans Syndicated and Loans Transferred”
from Japanese Bankers Association(Market share calculated by MHCB)

Promoting the Global Market BusinessIn the sales and trading business, MHCB offers optimal financial solutions that use cutting-edge financial technologies to satisfy customers' financial and business risk control needs.
It has expanded its range of products from basic areas such as interest rates and foreign exchange to oil, metals, weather
and other commodity derivatives and local currency transactions as well as the product lineup.
In August 2009, MHCB, Mizuho-DL Financial Technology and MHIR were jointly granted a patent for key systems relating
to “dynamic foreign exchange hedging,” a statistical/probabilistic exchange risk hedging method that eliminates market views
and arbitrariness.

Promoting the Global Transaction Business
MHCB is expanding its foreign exchange, trade finance and settlement businesses in cooperation with specialist divisions andbranches in Japan and overseas.
It provides exchange risk hedges, securitization of account receivables, trade finance using letters of credit, and ECA finance(finance provided in cooperation with Export Credit Agencies around the world). It also provides sophisticated cash management services to customers with overseas offices through Mizuho Global CMS and Mizuho Global Cash Pooling Service.

Global Portfolio Management Diversifies and Becomes more Sophisticated
MHCB has been proactively engaged in global portfolio management as part of its efforts to promote its “originate to distribute” business model.
It is working to respond dynamically and flexibly to its customers' finance needs by agile controlling credit risk through thecredit market in response to the status of the bank's entire credit portfolio and environmental changes including the macroeconomic situation. In doing so, it also maintains and enhances the soundness and profitability of its global credit portfolio.
Specifically, MHCB is expanding its efforts in loan sales, credit derivatives, securitization and other forms of risk hedging, targeting the credit of domestic and foreign companies. It is also working to upgrade and diversify its operations to deal withcredit price fluctuation risk.
15

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Approaches to the Global Alternative Investment Business
MHCB is engaged in the “alternative” asset management business aimed at pension funds and other institutional investors.
The CTA Fund managed by its US-based asset management subsidiary Mizuho Alternative Investments invests primarily infutures contracts traded on exchanges worldwide. It continues to perform well by, among other things, securing US$75 million in funds from overseas investors in the first half of fiscal 2009.
Demand for alternative investments that have a relatively low correlation with equities, bonds and other traditional investment assets is expected to continue growing among pension funds and other institutional investors. For this reason, MHCB ismoving ahead with preparations for establishing and launching a domestic asset management company with a view to creating and offering more attractive investment products, and thus expand its business still further.

Realizing Synergies from the Merger
MHSC got off to a new start when its former entity merged with the former Shinko Securities on May 7, 2009. It is using themerger as an opportunity to quickly realize synergies in the wholesale, middle-market and retail sectors, while implementing a
profit model centered on customer business and streamlining its cost structure.
MHSC is also working to improve and strengthen its internal control systems in line with global trends in financial supervision regulations, all with a view to creating a management structure that is highly responsive to environmental changes.

Investment Banking Business
MHSC has secured its position as a market leader in bond underwriting operations through its powerful bond selling capabilities and its ability to set prices to reflect customer demand with precision while responding rapidly to changes in the market. It
has grown into a major player in the equities underwriting business, winning mandates in large finance deals.
MHSC has compiled a top-class performance record and earned a first-class reputation both in the area of M&A advisory
services, where it draws on its advanced sectoral knowledge and know-how to provide advice that suits customers' management strategies, and in securitizing real estate and monetary claims, and other segments of the finance arrangement business.

Product Provision and Sales Business
Having carved out a position as a market leader in the bond business, MHSC provides products that suit its customers' investment strategies, engaging proactively in market making and offering high-quality information. In the equities business, it isalso responding appropriately to its customers' increasingly sophisticated needs by making the most of the expanded resources
resulting from the merger.
Looking ahead, it is continually expanding its market presence at home and overseas, and enhancing its ability to respondto customers' needs in areas that include selling to overseas investors, trading in overseas stocks, and arranging and offering avariety of high value-added products.
MHSC is working to expand its services, adopting two different transaction approaches that allow individual customers tomake a choice according to their preferred investment styles. It is also putting considerable effort into giving advice to company owners, and proactively engaging in financial instruments intermediary (securities sales agency) services through regional
financial institutions.

16

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Further Strengthening Global Operations

Total SB League Table

MHSC has established securities subsidiaries in the United*Underwriting amount basis. Total amount of issues: ¥8,481.6 billion.
(April to September 2009)

Kingdom, the United States, Hong Kong, Singapore,

Rank Company name

Switzerland and other overseas major financial markets,

Share
(%)
21.5
21.0
19.2

and selling equities, government bonds and corporate bonds,

123

and engaging in the M&A advisory business. Mizuho Securities

Source: Calculated by MHSC, based on data from I-N Information Systems*Aggregated figures of the former Shinko Securities and the former MHSC.

strengthening its global operating structure for underwriting

Nomura Securities
Mizuho Securities*
Mitsubishi UFJ Securities

Amount(billions of ¥)1,828.6
1,787.8
1,628.2

USA has been offering a full range of securities services in the
United States since MHCB acquired FHC status there, and is

Aggregated Domestic Equity League Table

steadily compiling an excellent performance track record in*Underwriting amount basis. Total amount of issues: ¥1,525.1 billion.
(April to September 2009, contract date basis)

underwriting US corporate bonds and equities. As part ofRank Company nameongoing efforts to expand its business in Asia in 2009, MHSC

1
2
3

opened a representative office in Mumbai in February and a
subsidiary in the city of Riyadh, in the Kingdom of Saudi

Nomura Securities
Daiwa Securities SMBC
Mizuho Securities*

Amount(billions of ¥)
466.3
401.7
182.6

Share
(%)
30.5
26.3
11.9

Source: Calculated by MHSC, based on data from I-N Information Systems*Aggregated figures of the former Shinko Securities and the former MHSC.
Aggregated figures of public offering, IPO, convertible bonds (incl. REIT, excl.
private offering).

Arabia in November.

M&A Advisory Ranking*Announced deals which Japanese companies involved in (excl. realestate deals), based on no. of transactions.
(April to September 2009)

Rank Advisor
12
3

Mizuho Financial Group*
Nomura Securities
Mitsubishi UFJ Financial GroupNo. of
deals
59
51
35

Amount (millions
of US dollars)
17,175
19,44914,474

Source: Calculated by MHSC, based on data from Thomson Reuters (AD19a)*Including figures of the former Shinko Securities.

17

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —Through the Global Retail Group, MHBK works together with MHTB, MHIS and other top brandcompanies at home and overseas to satisfy individual customers’ needs for deposit, settlement,
loan, asset management and other services.
In addition to responding proactively and swiftly to the funding needs of SMEs and middlemarket corporations, MHBK cooperates with other group companies to actively support customer
growth by responding to their various business needs.

Approaches to Individual Customers“Mizuho Mileage Club” Membership Services Enhanced
After taking customers' opinions into consideration, MHBK conducted a rigorous review of the services offered by the“Mizuho Mileage Club” in April 2009 and upgraded them to make them more attractive.
More specifically, it relaxed the requirements for the Club members to achieve the specific benefits including commissionfree use of ATMs after banking hours by reducing the required balance.
MHBK's “Mizuho Mileage Club” has won the support of a great many customers, and in October 2009, the number ofpeople signed up for the service exceeded 7.0 million.

docomo Keitai Soukin™ (docomo Mobile Remittance)
In July 2009, MHBK and NTT DOCOMO (hereinafter “DOCOMO”) launched the DOCOMO remittance service to allow
individual subscribers to use their DOCOMO mobile phones to remit money. DOCOMO acts as a bank agent on behalfof MHBK.
DOCOMO's remittance service does not require the payer and the payee to open a new bank account or register forthe service, but enables the payer to remit money from his or her mobile phone by simply specifying the payee's mobile
phone number.

Improving Loan Services for Individuals
In the area of housing loans, MHBK is improving its interest rate on plans so that customers can select the repayment schemesthat best suit their needs and life plans.
From July 2009, it has also started handling “Mizuho Bank New Car Loan,” “Mizuho Bank Educational Loan,” and“Mizuho Bank Remodeling Loan.” These deeds-type loans allow much lower interest rates than conventional loans.
MHBK will cater to customers' specific borrowing needs by among other things allowing the use of mobile banking to borrow and repay “Mizuho Bank Card Loan.”18

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —Mizuho's Consulting Services
MHBK deploys financial consultants at each of its branches, using training programs and various trainee systems to reinforce
their education.
It is also strengthening its products and services to better satisfy its customers' varied asset management needs.
It is improving its “Mizuho Asset Consulting Sheet” and other tools it uses for preparing easier to understand proposals
tailored to individual customers' life stages, and offers the “Special Consulting Program for Retirees,” which provides comprehensive retirement allowance management proposals to members of the generation who are starting a new life following retirement.

Expanding Comprehensive Financial Services through Cooperation with Group Companies
MHBK uses its ties with group companies to offer comprehensive financial services.
To make life more convenient for customers who wish to engage in securities transactions when they visit MHBK branches,the number of “Planet Booth” set up by MHIS in MHBK branch lobbies had reached 149 as of the end of November 2009.
Using the agent system for trust banking business, MHBK offers MHTB testamentary trust service and inheritance distribution service at its head office and all of its branches.

Strengthening Services and Networks for the Greater Convenience of Individual Customers
Consultation Services via Seminars, Consultations on Holidays and via Telephone
In addition to running seminars at its head office and branches, MHBK provides consultations on asset management and housing loans on weekends and holidays for customers who are too busy to visit the bank on weekdays and couples who want
weekend consultation services sparing enough time.*
Looking ahead, it will proactively strengthen its consultation services concerning housing loans and asset management via
telephone and the Internet.
*Not all branches offer such consultations, and consultations may also be held on different days depending on the branch.

Individual Customer-Centered Improvements to Branches and ATM Installations
MHBK remains proactive in establishing what are popularly called “Mizuho Personal Square”—branches with a greater focus
on individual customers.
In fiscal 2009, MHBK opened three “Mizuho Personal Squares,” a new type of space designed primarily to offer asset management consulting service: two, including “Mizuho Personal Square Oyamadai Lounge,” in the Tokyo Metropolitan Area
(TMA) and one in the Kansai region as of December. MHBK plans to open two more in the TMA by the end of March 2010.
To make ATMs more convenient, the time during which deposits can be made at night, at weekends and on holidays, wasextended from May 2009, while in October 2009, the number of ATM corners that can be used 365 days a year including
weekends and holidays was further increased to 1,273 locations.

19Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —Targeting SMEs and Middle-Market Corporations
Efforts to Facilitate Financing for Corporations
As a result of the severe economic environment, MHBK is now more conscious than ever of the role that financial institutions
must play in responding smoothly to customers' funding demands. To this end, it is working to expand its product and service
lineup still further, and strengthening its ability to respond to customers' funding requirements. At the same time, it is devisingmore sophisticated solutions to provide appropriate support for its customers who are tackling their management issues.

Approach to Funding Needs
Taking into consideration the intent behind the Emergency Guarantee Scheme introduced in August 2008 to deal with the cash
flow problems faced by SMEs, MHBK is proactively promoting loans with guarantees from the Credit Guarantee Corporation.
It is strengthening its lineup of products that can meet its customers' needs with precision, including “Mizuho Eco-special”
and “Mizuho Eco-assist,” which support customers who adopt a positive approach to environmental issues.
It is also using a variety of financing schemes to provide proactive funding support for SMEs and middle-market corporations, including “Mizuho Movables-backed Loan,” which use movables such as machinery and equipment as collateral, andasset-based loans, which use accounts receivable or inventories and other operating revenue assets as collateral.

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

Approach to Management Issues and Needs
Further Promoting the Solutions Business
MHBK has deployed solutions support experts at head office to work closely with its branches in assisting SMEs and middlemarket corporations with a wide range of management issues, including business and financial strategies.
More specifically, the solutions offered are very diverse, ranging from financing deals in areas like structured finance andsyndicated loans to solutions associated with business strategies such as business inheritance, M&As and business matching,
and advisory services on overseas business expansion.
In April 2009, it adopted a proactive approach to the issue of business revitalization by setting up a division to specialize inrevitalizing SMEs and staffing it with highly competent experts who provide support tailored to the customer's specific business characteristics.

•Business Matching
MHBK is proactively engaged in business matching services, introducing customers of Mizuho who best satisfy the businessneeds of other customers. These services include introducing new sales and purchasing partners, and partners who can help in
the area of cost reduction.
Since October 2007, MHBK has been holding the “Mizuho Save the Earth Project—Business Matching Program” to introduce the most appropriate environmental equipment manufacturers and other environmental business entities to customers
among SMEs and middle-market corporations who are interested in environmental-conscious operations.

20Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —•Support for Overseas Business Expansion
To satisfy customers with various needs related to overseas business expansion, specialist staff in Japan and overseas who are
well-versed in overseas business provide the best possible information and services accurately and quickly using the group's
Asian network, which is one of the most extensive of any Japanese bank.
Mizuho proactively provides solutions in response to customers' wide-ranging overseas business needs, from managing
funds at foreign subsidiaries to operational support for imports and exports and exchange risk mitigation. The bank draws on
Mizuho's collective group strengths to provide powerful backup for customers' global strategies.

•Initiatives in the Agricultural Sector
Since December 2008, MHBK has been proactively supporting corporate farming entities, agriculture-related businesses andother firms engaged in the agricultural sector, and promoting initiatives to encourage regional revitalization.
More specifically, it set up an Agriculture Support Desk specializing in consultation within the bank and is strengthening
support in areas such as fund procurement and sales route expansion by concluding business tie-ups with specified nonprofit
corporations established for the purpose of training and supporting professional farmers.

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

Using Electronically Recorded Monetary Claims in the Finance Business
The Electronically Recorded Monetary Claims Act came into force in December 2008 with the aim of facilitating thefinancing activities of companies by creating “Electronically Recorded Monetary Claims,” a new type of claim that differs from purchase receivables and other nominative claims, and bills/notes receivable.
Since Electronically Recorded Monetary Claims can be used in various types of financial business, Mizuho is moving
ahead with studies with a view to establishing its own electronic monetary claim recording institution to offer a lumpsum settlement service for electronically recorded monetary claims. This would complement the service envisaged forthe recording institution that the Japanese Bankers Association is preparing to set up, which is based on the premisethat transactions in electronically recorded monetary claims will be handled in a similar manner to notes and bills.

21

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs and Middle-Market Corporations —Providing Services that Transcend the Boundaries between Corporate and Individual Customers
Promoting the Comprehensive Proposal Approach
The needs of customers in the SME, middle-market corporation and individual segments are constantly diversifying, obliging financial institutions to respond more flexibly to needs that transcend the boundaries between corporate and individual customers.
For example, one of the most important management issues is business inheritance because it simultaneously raises succession issues pertaining to the company's ownership and the owner's own assets.
MHBK brought together the corporate consulting functions for companies and corporate owners as well as private banking
functions for high net worth customers, and trust business cooperation promotion functions into “Consulting Division” which
was established In April 2008. This division offers comprehensive consulting services that respond to the needs of corporate
and individual customers, and comprehensive financial services in cooperation with MHTB, MHIS and other group companies
aiming to increase customer satisfaction.

Promoting Business Aimed at Employees of Corporate Customers
MHBK provides products and services that satisfy the various needs of senior executives and employees of its own and MHCB's
corporate customers as they face various life events. These include creating accounts for receiving salary remittances when taking up employment, offering comprehensive proposals on post-retirement lifestyle planning and managing retirement
allowances, and consultations on housing loans for new house purchases.
Five offices have been established around the country to specialize in improving services and providing speedy and courteous responses to the diverse needs of these senior executives and employees.

22Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Customers’ Demands for Asset Management and Administration —In order to respond to the diversified and advanced needs of customers in the business areas oftrust and custody, and private banking, the Global Asset & Wealth Management Group provides
top-level products and services on a global scale in cooperation with group companies such as
MHTB, TCSB, MHAM, DIAM and MHPW.

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

Testamentary Trusts
Sooner or later, everyone faces the important question of how toensure their invaluable assets are properly passed on to their heirs.
MHTB provides assistance with asset inheritance using the know-how
it has built up over many years and the types of services that only
trust banks can offer. Its testamentary trust business offers three

MHTB's Testamentary Trusts Entrusted(No. of deals)
14,00013,00012,000services: “consent to undertake the execution of wills service,” acomprehensive service for handling everything to do with wills, fromconsultation for drafting to execution; “will safe-keeping service” to0March 2008

March 2009

September 2009

hold wills in safe custody; and “inheritance distribution service” toact as agent for heirs in executing the procedures necessary when an
inheritance arises.

Securitization of Monetary and Other Claims
MHTB is constantly aware of the importance of its social responsibility and public mission as a financial institution. In addition
to proactively offering support through loans, it utilizes the trust know-how that only trust banks can offer to provide assistance in customers' procuring funds by securitizing monetary and other claims.
One product that has been very well-received for its merchantability is the “Noteless” lump-sum accounts payable trust
scheme, whereby accounts receivable are accepted in trust from SMEs who have transactions with large corporations. Not only
do these trusts obviate the need for collecting bills or managing cash, but they facilitate conversion into funds even before thematurity date because trust beneficiary rights can be sold to investors. As of the end of September 2009, over 130,000 companies were making use of the service.

23

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Customers’ Demands for Asset Management and Administration —Stock Transfer Agency Services
The stock transfer agency business involves handling various opera-

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

tions associated with stocks on behalf of the stock issuer. As a shareholder registry manager, MHTB manages shareholder registers, calcu-(Millions of person)
7.0

lates dividends, mails notices convening general meetings of shareholders, counts voting rights, purchases from holders of shares less6.5

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

6.0

offers various services and consulting in line with progress in computerization, the increase in M&A, the enforcement of the Companies
Act and the Law Concerning Book-Entry Transfer of Corporate

0

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

March 2008

March 2009

September 2009

Note: Includes foreign shareholders

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

Pensions Business
MHTB offers the services and product packages needed for corporate

Retirement Benefit Funds under Administrationas Trustee

pension schemes, which range from corporate pension plan design
and the management of pension policyholders and recipients to asset(Trillions of ¥)investment and management. In response to customers' increasingly

1.2

1.0

diverse and sophisticated needs, it also provides comprehensive consulting services in connection with pension schemes in cooperation

0.8

with the Mizuho Pension Research Institute—the first such institute inJapan to specialize in pensions.
0March 2008

March 2009

September 2009

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

24

Initiatives to Strengthen Cooperation among Group Companies

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

• MHTB meets funding needs of customers of MHBK and
Promoting Cooperation among Group Companies

other group companies by offering the “Noteless” lumpsum accounts payable trust scheme.

MHBK

MHCB

Approach to Large and Global Corporations andOther Entities—Providing advanced solutions by making the most

MHIS

MHTB

MHSC

of comprehensive financial capabilities—• MHSC works together with MHCB to satisfy customers'
needs in such areas as equity and bond issuance, andM&A.
• MHCB leverages its financial holding company (FHC) sta-

Approach to Individual Customers—Responding to customers' asset management andtus in the United States to cooperate with MHSC's over-administration needs—seas subsidiary in offering the full range of banking andsecurities services.

• In cooperation with MHIS, MHBK has set up joint• Following the revision of firewall regulations in Japan

branches known as “Planet Booth” at its head officethat made possible holding concurrent posts between

and over one-third of its branches.

banks and securities companies, MHCB and MHSC• MHBK offers testamentary trusts, asset management
trusts, and other trust banking services as an agent for

introduce a “double-hat” structure at certain business

MHTB at its head office and all its branches.

promotion departments, further promoting cooperation
between them.

• MHTB has opened a new type of business promotion• MHTB cooperates with MHCB in providing trust solu-

office known as a “Trust Lounge” to specialize in consultations and offer unique trust services. It is strength-

tions such as pensions, trust schemes for asset securitiza-

ening its cooperation with MHBK, MHIS and Mizuho

tion and making effective use of real estate.

Trust Realty Company in the vicinity of these Lounges.

Approach to SMEs and Middle-Market
Corporations

Promoting Cooperation that Transcends theBoundaries between Corporate and Individual
Customers—Responding to customers' funding needs and solu-• MHBK has established a Business Promotion Division fortion needs for management issues—

Employees of Corporate Customers to offer products• MHBK utilizes MHCB's overseas network to supportand services to MHCB customer employees.
• MHBK has also established a Consulting Division (Trustcustomers who are expanding overseas.

Promotion Department) and, by strengthening coopera-• MHIS cooperates with MHBK to respond to its customers' fund management needs through financial instru-

tion with MHTB, responds to needs in the area of busi-

ments intermediary and introduction services.

ness inheritance.

• In order to support customers' smooth fund procurement in the area of public stock offerings, MHIS supports IPOs as a securities company; Mizuho Capital provides advice on investments and IPOs; and MHTB offers
advisory and stock transfer agency services.

25

CSR Activities

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

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

Support for Financial Education• Maintain trust and protect depositors.

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

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

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

issues they will face in their daily lives.

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

Enhance Corporate Governancethrough sound and appropriate management.

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

Environmental Initiatives

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

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

Highly Responsive Communications

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

greater transparency in corporate activities.

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

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

26

CSR Activities

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

• Finance for Environment-Related Businesses
MHBK has strengthened its Mizuho Eco-Special loan product, which provides interest rate support for SME
customers who have adopted environmental programs.
MHCB is involved in financing wind and solar power generation and other environment-related projects,
and its loan balance amounted to ¥88.3 billion as of the end of March 2009.

• Environmentally Friendly Products and Services
MHBK offers financial products and services to support customers' initiatives for dealing with environmental
issues. These include business matching services for customers tackling environment-related management
issues, and making donations to natural environment protection organizations according to customers' usageof J-Debit card services.

• Reducing Greenhouse GasesFour group companies—MHBK, MHCB, MHTB and MHIR—are working on initiatives in the emissions tradingbusiness from various angles. In August 2009, Mizuho Bank initiated the “Mizuho Eco-cycle” for businessaimed at large corporations, SMEs and middle-market corporations, and individuals. As part of its efforts topromote Japan's Clean Development Mechanism (CDM), it offers products and services that encourage greater
environmental awareness, thereby contributing to the reduction of domestic greenhouse gas emissions.

Multifaceted Barrier-Free Initiatives
MHBK is promoting multifaceted barrier-free initiatives in the form of the Heartful Project to enable anyone to use its
facilities and services easily, regardless of age, gender or disability.
It has brought in experts in universal design to spearhead initiatives in creating barrier-free branches, facilities andequipment, design product pamphlets and websites that are easy to understand, and promote education aimed at
improving interaction with customers.
Development of Barrier-Free Facilities (Work completed at 426 manned branches as of September 30, 2009.)
Automatic entrance doors

414

Step-free design

383

424
401

Wider corridors

358

421

Guidance facilities for the visually impaired

352

414

Parking spaces for wheelchair users

171 171

Customer elevators*

186 186
125 125

Installation of wheelchair accessible elevators*
Customer toilets

298 298

Multifunction/wheelchair toilets

174 174
412

ATMs equipped for visually impaired users0

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

100

200

300

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

27

424

400
500
(Number of Branches)Location of Overseas Offices(As of December 31, 2009)

Network of Mizuho Corporate Bank

Asia and Oceania(Country/Region)
China

Mizuho Corporate Bank (China), Ltd.
Head OfficeNanjing Representative Office
Room 801, Nanjing Grand Hotel,
208 Guangzhou Road. Nanjing,
Jiangsu Province 210024,
The People's Republic of China
TEL 86-25-8332-9379

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

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

Hong Kong Branch

Mizuho Corporate Bank (China), Ltd.
Beijing Branch

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

8th Floor, Chang-Fu-Gong Office Building, Jia 26,
Jianguomenwai Street, Chaoyang District,
Beijing 100022, The People's Republic of China
TEL 86-10-6525-1888

Kowloon Sub-Branch

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

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

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

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

Mizuho Corporate Bank (China), Ltd.
Tianjin Branch
E2ABC-5F, East Wing Binhai Finance Zone, No.20
Xinchengdong Road, TEDA, Tianjin, 300457,
The People's Republic of China
TEL 86-22-6622-5588

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

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

Hong Kong

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

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

India

Philippines

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

Singapore

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

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

Taichung Branch
8th Floor, No.169, Fuhui 2nd Street,
Taichung 407, Taiwan
TEL 886-4-2374-6300

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

Thailand

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

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

Indonesia

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

Korea

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

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

VietnamHanoi Branch
Suite 403~407, 63 LTT Building,
63 Ly Thai To Street, Hanoi,
Socialist Republic of Vietnam
TEL 84-4-3936-3123/3124

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

Australia

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

Malaysia

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

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

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

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

Europe and the Middle East(Country/Region)
AustriaMizuho Corporate Bank-BA
Investment Consulting GmbH

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

Landhausgasse 4/7, 1010 Vienna, Austria
TEL 43-1-5355868

22nd Floor, Gugeng International Business
Building No.138 Jin Ma Road,
Economic and Technological Development Area
Dalian, Liaoning Province 116600,
The People's Republic of China
TEL 86-411-8793-5670

28

Location of Overseas Offices

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

U.A.E

U.S.A.

Dubai Branch

Chicago 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

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

New York Branch

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

Düsseldorf Branch

Moscow Representative Office

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

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

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

Italy

Milan Branch
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, U.K.
TEL 44-20-7012-4000

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

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

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

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

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

The Americas(Country/Region)

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

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

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

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

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

Mizuho Corporate Bank (USA)Atlanta Representative Office

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

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

Vancouver OfficeMizuho Corporate Bank (USA)
Chicago Representative Office

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

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

Mizuho Corporate Bank (Canada)

Mizuho Corporate Bank (USA)
Houston Representative Office

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

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

Cayman Islands

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

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

Mizuho Alternative Investments, LLC

Mizuho Investment Management(UK) Ltd.

Cayman Branch

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

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

Bahrain1251 Avenue of the Americas,
New York, NY 10020, U.S.A.
TEL 1-212-282-3000

MexicoBahrain Representative Office

Mexico Representative Office

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

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

Iran

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

291251 Avenue of the Americas, New York, NY
10020, U.S.A.
TEL 1-212-282-3871

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

Location of Overseas Offices

Mizuho Desk(Country/Region)
Asia and Oceania

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

Europe and the Middle East

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

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

Network of Mizuho Securities

Network of Mizuho Trust & Banking

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

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

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

Mumbai Representative OfficeMizuho Trust & Banking Co. (USA)

Unit 94, 9th Floor, Free Press House,
215 Free Press Journal Marg, Nariman Point,
Mumbai, 400021, India
TEL 91-22-6747-7600

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

Shanghai Representative Office
24th Floor, Shanghai World Financial Center,No.100, Century Ave., Pudong New Area,
Shanghai 200120, The People's Republic of China
TEL 86-21-6877-8000

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

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

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

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

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

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

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

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

30

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, U.K.
TEL 44-207-329-3777

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

Investor Information

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

January 8, 2003

Paid-in Capital¥1,805,565 million

The Dai-ichi Mutual Life Insurance
Company

27,000,000

2.83

Issued Shares

Meiji Yasuda Life Insurance Company

25,000,000

2.62

16,132,808,260 shares
Common Stock: 15,181,366,260 shares
Preferred Stock:951,442,000 shares

UBS AG LONDON A/C IPB SEGREGATEDCLIENT ACCOUNT (Standing proxy agent:
Citibank Japan Ltd.)
20,625,000

2.16

Sompo Japan Insurance Inc.

19,000,000

1.99

Number of Shareholders

Marubeni Corporation

14,500,000

1.52

Common Stock:
Preferred Stock:

ITOCHU Corporation

10,000,000

1.05

Shiseido Company, Limited

10,000,000

1.05

SHIMIZU CORPORATION

10,000,000

1.05Electric Power Development Co., Ltd.

10,000,000

1.05

The Tokyo Electric Power Company,
Incorporated

10,000,000

1.05

NIPPON EXPRESS CO., LTD.

10,000,000

1.05

FUKOKU MUTUAL LIFE INSURANCECOMPANY

10,000,000

1.05

672,908
1,726

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

Japan Trustee Services Bank, Ltd.
(Trustee account)

727,567,100

4.79

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

480,141,100

3.16

The Dai-ichi Mutual Life Insurance
Company

209,950,000

1.38Japan Trustee Services Bank, Ltd.
(Trustee account 4)

167,681,400

1.10(As of September 30, 2009)

Trust & Custody Services Bank, Ltd.
(Meiji Yasuda Life Insurance Company
Retirement Benefit Trust Accountre-entrusted by Mizuho Trust &Banking Co., Ltd.)
137,000,000

0.90

SSBT OD05 OMNIBUS ACCOUNT CHINA
TREATY CLIENTS (Standing proxy agent:
HSBC, Limited)
134,916,262

0.88Japan Trustee Services Bank, Ltd.
(Trustee account 9)

133,868,100

0.88

Nippon Life Insurance Company

132,630,760

0.87

THE CHASE MANHATTAN BANK, N.A.
LONDON SECS LENDING OMNIBUS
ACCOUNT (Standing proxy agent: Mizuho
Corporate Bank, Ltd.)
121,933,680

0.80Mitsubishi UFJ Securities Co., Ltd.

0.74

112,929,300

Notes:1. The numbers of Preferred Stock above are the total shares of theEleventh Series Class XI and Thirteenth Series Class XIII Preferred Stock.
2. Mizuho Financial Group, Inc. holds 320,466,000 shares of theEleventh Series Class XI Preferred Stock as treasury shares. These sharesare not included in the above table.

31Investor Information

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

ADR* Information
Accounting Auditors

Outline of Mizuho Financial Group's ADR

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

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

Share Unit
100 sharesFiscal Year
April 1 to March 31

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

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

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

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

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

32

Disclosure Policy

Basic Principles

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

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

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

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

33

Privacy Policy Regarding Customer Information

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

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

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

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

Continuous Improvement

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

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

Purpose of Use

Procedures to Request Disclosure

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

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

Limitation on Providing Personal Information to a
Third Party

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

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

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

34

Contact Information

Mizuho Financial Group, Inc.

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

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

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

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

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

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

35

Interim Review (Financial Information)
For the Six Months ended September 30, 2009

<Under Japanese GAAP>

Mizuho Financial Group, Inc.

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

For the Six Months ended September 30, 2009 and 2008,
and for the Fiscal Year ended March 31, 2009

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

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

Millions of yen
March 31, 2009
3,514,428(395,131)(405,877)(588,814)
131,015￥

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

Thousands of U.S. dollars
September 30, 2009$
16,461,950
1,150,536
1,598,309
973,356-

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

Thousands of U.S. dollars
September 30, 2009$
1,727,722,765
420,557,181
712,418,622
830,030,183$
62,143,502

September 30, 2008

U.S. dollars
September 30, 2009

*Non-consolidated basis

As of September 30, 2009 and 2008, and March 31, 2009

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

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

Millions of yen
March 31, 2009
152,723,070
30,173,632
70,520,224
77,179,540
4,186,606￥￥*Deposits does not include Negotiable Certificates of Deposit.

For the Six Months ended September 30, 2009 and 2008,
and for the Fiscal Year ended March 31, 2009

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, 2009

September 30, 2009
￥

￥

6.89

(54.14)￥

8,373.41

$

-

10

-

-

-

20
30

-

-

September 30, 200912.89%March 31, 200910.53%

September 30, 2008
11.45%*Non-consolidated basis

As of September 30, 2009 and 2008, and March 31, 2009

Consolidated Capital Adequacy Ratio (BIS Standard)

0.08

Note: The rate of ¥ 90.21=US$ 1.00, the foreign exchange rate on September 30, 2009, has been used for translation.

CONTENTS

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

I. CONSOLIDATED FINANCIAL STATEMENTS

See above Notes

Page

1. Consolidated Balance SheetCON

1

2. Consolidated Statement of IncomeCON

2

3. Consolidated Statement of Changes in Net Assets

CON

3

4. Consolidated Statement of Cash FlowsCON

5

II. FINANCIAL DATA

See above Notes

Page

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

CON

6

2. Assets and Liabilities

NON(B)

3. Income Analysis

CON

NON(B)

7

NON(B)

12

NON(B)

6

4. Breakdown of Income

CON

5. Interest Margins (Domestic Operations)

NON(B)

13

6. Use and Source of Funds

NON(B)

14

7. Net Gains/Losses on Securities

NON(B)

8. Unrealized Gains/Losses on Securities

CON

9. Projected Redemption Amounts for Securities

NON(B)

10. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON(B)

11. Employee Retirement Benefits

NON(B)

12. Capital Adequacy Ratio

CON

III. REVIEW OF CREDITS

19
21

NON(B)

23
24
25

CON

27

See above Notes

Page

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

NON(B)

29

2. Status of Reserves for Possible Losses on LoansCON

NON(B)

31

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

NON(B)

32

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

NON(B)

33

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

35

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

NON(B)

38

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

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

NON(B)

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

NON(B)

45(1) Balance of Housing and Consumer Loans

NON(B)

47(2) Loans to SMEs and Individual Customers

NON(B)

47(1) Balance of Loans to Restructuring Countries

NON(B)

48(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Region

NON(B)

48

8. Status of Loans by Industry

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

10. Status of Loans by Region

IV. OTHERS

See above Notes

1. Breakdown of Deposits (Domestic Offices)

NON(B)

2．Number of Directors and Employees

HC

3．Number of Branches and Offices

NON(B)

V. Segment Information by Global Group

Page

49
NON(B)

See above Notes

50
51
Page

52

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

Page

53

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

Mizuho Financial Group, Inc.

I. CONSOLIDATED FINANCIAL STATEMENTS
1. CONSOLIDATED BALANCE SHEETAS OF SEPTEMBER 30, 2009
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

74,877,022
9,073,581
1,917,442
6,316,744
14,007,069
5,773,990
8,845,953
9,366,974
200,046
494,095
4,721,679
1,045,344
6,475,620
3,188,466
39,78433,333
1,841
27,66615,112
14,3719,760
2,187
10,585
103,6813,689,546
150,251,905

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

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

Total Net Assets
Total Liabilities and Net Assets

4,921,251
119,8218,726,629
5,654,671
2,329,381
15,565,593
114,708
37,938,463
64,267,283
539,477
7,329,310
3,670,516
914,016
398,120
625,718
3,689,546(942,063)(4,576)
155,857,870\

1,805,565
552,135
696,088(5,183)
3,048,605
116,406
69,733
145,447(93,230)
238,357
2,307
2,316,695
5,605,965
155,857,870*Amounts less than one million yen are rounded down.

1

Mizuho Financial Group, Inc.

2. CONSOLIDATED STATEMENT OF INCOME
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2009
Millions of yen

Ordinary Income\

Interest Income

1,485,032
816,397

Interest on Loans and Bills Discounted

553,527

Interest and Dividends on Securities

171,872

Fiduciary Income

24,150Fee and Commission Income

269,596

Trading Income

197,911

Other Operating Income

73,294

Other Ordinary Income

103,681

Ordinary Expenses

1,381,242

Interest Expenses

235,319

Interest on Deposits*

93,535Interest on Debentures

6,714

Fee and Commission Expenses

47,571

Trading Expenses-

Other Operating Expenses

93,261

General and Administrative Expenses

657,751

Other Ordinary Expenses

347,338

Ordinary Profits (Losses)

103,789

Extraordinary Gains

98,649Extraordinary Losses

58,255

Income (Loss) before Income Taxes and Minority Interests

144,183

Income Taxes:
Current

15,542

Refund of Income Taxes(3,897)

Deferred(10,773)

Total Income Taxes

871

Net Income before Minority Interests

143,312

Minority Interests in Net Income

55,505Net Income (Loss)\

87,806*Amounts less than one million yen are rounded down.
*Interest on Deposits does not include Interest on Negotiable Certificates of Deposit.

2

Mizuho Financial Group, Inc.

3. CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETSFOR THE SIX MONTHS ENDED SEPTEMBER 30, 2009
Millions of yen

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

1,540,965

Changes during the period
Issuance of New Shares

264,600

Total Changes during the period

264,600

Balance as of the end of the period

1,805,565

Capital Surplus
Balance as of the end of the previous period

411,318

Changes during the period
Issuance of New Shares
Transfer from Capital Surplus to Retained Earnings
Caused by Coping with a Loss of a Subsidiary
Total Changes during the period

271,729(130,913)
140,816

Balance as of the end of the period

552,135

Retained Earnings
Balance as of the end of the previous period

608,053

Changes during the period
Cash Dividends(131,015)

Net Income (Loss)

87,806

Disposition of Treasury Stock
Transfer from Capital Surplus to Retained Earnings
Caused by Coping with a Loss of a Subsidiary
Transfer from Revaluation Reserve for Land, net of Taxes

130,913

Total Changes during the period

88,035

Balance as of the end of the period

696,088

(661)

992

Treasury Stock
Balance as of the end of the previous period(6,218)Changes during the period
Repurchase of Treasury Stock(3)

Disposition of Treasury Stock

1,037

Total Changes during the period

1,034

Balance as of the end of the period(5,183)

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

2,554,119

Changes during the period
Issuance of New Shares

536,329

Cash Dividends(131,015)

Net Income (Loss)

87,806

Repurchase of Treasury Stock(3)

Disposition of Treasury Stock
Transfer from Capital Surplus to Retained Earnings
Caused by Coping with a Loss of a Subsidiary
Transfer from Revaluation Reserve for Land, net of Taxes

376
992

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

494,486\*Amounts less than one million yen are rounded down.

3

3,048,605

Mizuho Financial Group, Inc.
Millions of yen

Valuation and Translation Adjustments
Net Unrealized Gains on Other Securities, net of Taxes
Balance as of the end of the previous period\(519,574)

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

635,980

Total Changes during the period

635,980

Balance as of the end of the period

116,406

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

67,525

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

2,208

Total Changes during the period

2,208

Balance as of the end of the period

69,733

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

146,447

Changes during the period
Net Changes in Items other than Shareholders' Equity(999)

Total Changes during the period(999)

Balance as of the end of the period

145,447

Foreign Currency Translation Adjustments
Balance as of the end of the previous period(114,765)

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

21,535

Total Changes during the period

21,535

Balance as of the end of the period(93,230)

Total Valuation and Translation Adjustments
Balance as of the end of the previous period(420,367)

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

658,725

Total Changes during the period

658,725

Balance as of the end of the period

238,357

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

1,187

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

1,119

Total Changes during the period

1,119Balance as of the end of the period

2,307

Minority Interests
Balance as of the end of the previous period

2,051,667

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

265,027

Total Changes during the period

265,027

Balance as of the end of the period

2,316,695

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

4,186,606

Changes during the period
Issuance of New Shares

536,329

Cash Dividends(131,015)

Net Income (Loss)

87,806

Repurchase of Treasury Stock(3)

Disposition of Treasury Stock
Transfer from Capital Surplus to Retained Earnings
Caused by Coping with a Loss of a Subsidiary
Transfer from Revaluation Reserve for Land, net of Taxes

376
992

Net Changes in Items other than Shareholders' Equity

924,872

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

1,419,358\*Amounts less than one million yen are rounded down.

45,605,965

Mizuho Financial Group, Inc.

4. CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE SIX MONTHS ENDED SEPTEMBER 30, 2009
Millions of yen
I. Cash Flow from Operating Activities
Income (Loss) before Income Taxes and Minority Interests\

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

Increase (Decrease) in Reserve for Frequent Users Services
Increase (Decrease) in Reserve for Reimbursement of Deposits
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
Losses (Gains) on Securities Contribution to Employees' Retirement Benefits Trust
Decrease (Increase) in Trading Assets
Increase (Decrease) in Trading Liabilities
Decrease (Increase) in Derivatives other than for Trading Assets
Increase (Decrease) in Derivatives other than for Trading Liabilities
Decrease (Increase) in Loans and Bills Discounted
Increase (Decrease) in Deposits
Increase (Decrease) in Negotiable Certificates of Deposit
Increase (Decrease) in Debentures
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)
Decrease (Increase) in Call Loans, etc.
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions
Increase (Decrease) in Call Money, etc.
Increase (Decrease) in 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

144,183
76,3302,719
468(67,916)(1,446)
46,697
4,573(1,699)(5,443)(10,750)
1,140
(597)
(12,555)766
786(816,397)
235,319(26,157)
151
191,015
3,157(6,731)(1,094,822)
221,024
512,706(1,068,742)
6,173,173(2,192,857)(249,545)(383,017)
187,903(49,100)(2,494,927)
996,585
4,994,960
917,918
441,084(391,297)(13,889)
197,716
59,196851,151(248,340)
150,3887,274,886
64,7187,339,605

II. Cash Flow from Investing Activities(33,778,966)
19,274,009
6,167,677(48,120)
14,190(69,766)(35,591)173
0(8,476,394)

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

IX. Cash and Cash Equivalents at the end of the period\(34,044)
267,400(346,342)
536,329
238,050(177,518)(130,112)(52,243)(3)
3
301,518
8,123(827,147)
5,048,671
116,777
4,338,302*Amounts less than one million yen are rounded down.

5

Mizuho Financial Group, Inc.

II. FINANCIAL DATA
1. Differences between Consolidated Figures and Aggregated Figures of the 3 Banks
Consolidated and Non-Consolidated(Billions of yen, %)First Half of Fiscal 2009
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)First Half of Fiscal 2008
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)6

1,005.1
581.0
24.1
222.0
197.9
(19.9)

790.6
560.6
23.7
136.0
94.2
(24.0)

214.5
20.4
0.3
85.9
103.6
4.1

78.6
96.4
98.5
61.2
47.6
120.6

917.3
523.4
29.7
200.1
52.9
111.1

765.6
467.5
28.9
146.3
8.0
114.7

151.6
55.8
0.7
53.7
44.8
(3.6)

83.4
89.3
97.3
73.1
15.1
103.2

7

(161.7)(116.9)(44.8)

72.2(142.8)(130.4)(12.3)

91.3

Ordinary Profits

8

Net Income

9

Net Business Profits

10

103.7
87.8
359.5

94.5
128.1
338.3

9.2
(40.3)
21.1

91.0
145.9
94.1

56.7
94.5
317.4

9.8
169.4
309.0

46.9
(74.8)
8.3

17.2
179.1
97.3

Gross Profits

1

Net Interest Income

2

Fiduciary Income

3

Net Fee and Commission Income

4

Net Trading Income

5

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

As of September 30, 2009
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)
Total Assets

11

Securities

12

Loans and Bills Discounted

13

155,857.8
37,938.4
64,267.2

149,538.9
38,171.4
64,275.6(b) / (a)6,318.9(233.0)
(8.3)

95.9
100.6
100.0

(Billions of yen, %)As of March 31, 2009
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)(b) / (a)Three Banks(a)(b)

152,723.0
30,173.6
70,520.2

150,731.1
30,728.8
70,477.5

2. Assets and Liabilities
Non-Consolidated

Aggregated Figures of the 3 Banks(Billions of yen)
As of September 30, 2009

Shareholders' Equity

13

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

Valuation and Translation
Adjustments

14

372.5

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 31,2009

As of March
31, 2009

As of
September 30,
2008(1,192.1)(644.5)(124.7)
7,442.6(6,201.9)(2,747.9)(2,162.3)(278.4)(389.2)(232.0)1,555.7
895.3

150,731.1
6,892.7
8,902.030,728.8
70,477.5
147,819.2
77,885.2
9,654.5
2,306.6
14,639.6
2,911.8
3,199.3

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

660.2(287.6)126.6

Stock Acquisition Rights
15
0.2
0.1
0.1
*“Loans and Bills Discounted” includes loans to MHFG as follows:
As of September 30, 2009 : \700.0 billion (from MHBK)As of March 31, 2009 : \700.0 billion (from MHBK)As of September 30, 2008 : \720.0 billion (from MHBK \360.0 billion; from MHCB \360.0 billion)

6

1,991.9(555.2)
42.6

98.6
101.8
99.9

Mizuho Financial Group, Inc.

3. Income Analysis
Consolidated(Millions of yen)First Half of Fiscal 2009First Half of Fiscal 2008

Change11

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

87,87557,674(5,599)21,892
144,990(131,082)(53,282)(56,433)
1,299
1,851

917,322523,403
29,749200,132
52,920111,115(604,469)(275,860)(301,156)(27,453)

12(190,788)(34,577)(156,211)

Losses on Write-offs of Loans

13(69,568)

40,494(110,063)

Reversal of (Provision for) Reserves for Possible Losses on Loans

14(111,922)(69,300)(42,621)

Net Gains (Losses) related to Stocks

15

Equity in Income from Investments in Affiliates

16

59,821(901)(11,935)
47,001
39,853
15,617(0)86,854650(52,367)
35,137(41,908)(6,770)(39,596)
2,347(62,605)
56,788540
13,381057,328(12,295)
63,141
108,174(13,597)
94,577

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

26

Net Income

27

20,225
1,446(74,540)
103,789
40,39328,998144,183(11,644)
10,773
143,312(55,505)
87,80628(161,789)(18,959)(142,829)29

359,516

42,056

317,459

17
1

147
22

Other

17

Ordinary Profits

18

Net Extraordinary Gains (Losses)

19

Reversal of Reserves for Possible Losses on Loans, etc.

20

Reversal of Reserve for Possible Losses on Investments

21

Income before Income Taxes and Minority Interests

22

Income Taxes - Current *23- Deferred

24

Net Income before Minority Interests

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

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

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

Number of consolidated subsidiaries

30

Number of affiliates under the equity method

31

7

164
23

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks
Non-Consolidated(Millions of yen)First Half of Fiscal 2009
MHBK

MHCB

AggregatedFigures

MHTB

First Half of
Fiscal 2008

Change1408,224

318,646

63,778790,648

24,988765,659

Domestic Gross Profits2368,198

150,236

59,131

577,566(45,093)622,660

Net Interest Income

3

296,535

109,417

20,905426,858

14,925411,932

Fiduciary Income

423,797

23,797(5,165)28,962Credit Costs for Trust Accounts

5

-

-

-

-

Net Fee and Commission Income

663,572

28,38412,007

103,965(6,470)110,435

Net Trading Income

7

2,718

14,568

1,655

18,942(48,354)

67,296Net Other Operating Income

8

5,371

(2,133)

765

4,003

(28)

4,032

International Gross Profits

940,026

168,409

4,646

213,082

70,082

142,999

Net Interest Income

10

15,224116,245

2,299

133,769

78,17655,592Net Fee and Commission Income

11

Net Trading Income

12

Net Other Operating Income

13

4,982
42,145(22,326)

27,16032,871(7,866)

(32)
274
2,105

32,10975,291(28,088)(3,832)
134,556(138,818)

35,942(59,264)
110,729

Gross Profits

14(285,005)(121,415)(45,880)(452,301)

4,260(456,562)

Expense Ratio

15

Personnel Expenses

16

Non-Personnel Expenses

17
18

69.8%
(98,060)(172,112)(22,595)

38.1%(43,569)(72,084)(3,240)71.9%(17,616)(26,885)(1,402)57.2%(159,247)(271,082)(27,239)(2.4%)(17,989)
20,456(336)

59.6%(141,257)(291,538)(26,902)19(14,831)(5,761)(1,378)(21,971)

1,794(23,766)

20

123,218

197,230

17,897338,347

29,249309,09721

120,684

186,176

15,131

321,992

34,678287,313

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

22

2,368

24,347(1,213)25,50260,517(35,015)

Net Business Profits23

125,587

221,577

16,684363,849

89,767274,08124

2,534

11,054

2,765

16,354(5,428)21,783(264,274)

General and Administrative Expenses (excluding Non-Recurring Losses)

Premium for Deposit Insurance
Miscellaneous Taxes
Net Business Profits (before Reversal of (Provision for) General
Reserve for Possible Losses on Loans) *1
Excluding Net Gains (Losses) related to Bonds

Net Gains (Losses) related to Bonds

25(106,512)(154,029)(8,790)(269,333)(5,058)Net Gains (Losses) related to Stocks

26(6,562)30,545

122

24,10464,886(40,781)

Expenses related to Portfolio Problems

27(68,730)(94,553)(6,499)(169,783)(31,879)(137,903)(85,589)

Net Non-Recurring Gains (Losses)

28(31,219)(90,022)(2,413)(123,654)(38,064)

Ordinary Profits

29

19,07467,547

7,894

94,51684,7099,806

Net Extraordinary Gains (Losses)

30

15,137

8,622

60

23,820(88,963)

112,783

Net Gains (Losses) on Disposition of Fixed Assets

31(1,569)

(665)

(112)

(2,347)(344)(2,002)Losses on Impairment of Fixed Assets

32

(301)

(1,861)(556)(2,719)(1,739)(980)

Reversal of Reserves for Possible Losses on Loans, etc.

33

16,501

10,79425

27,322(15,135)

42,458

Reversal of Reserve for Possible Losses on Investments

Other

34

-

-

-

-

(83,623)

83,623

Income before Income Taxes

35

34,211

76,170

7,954

118,336(4,254)

122,590

Income Taxes - Current *2

36

(271)

(502)

(6)

(780)

(471)

(308)

- Deferred37

19,892(7,666)(1,647)

10,579(36,562)

47,141

38

53,83368,001

6,300

128,135(41,288)

169,423Net Income*1. Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) of MHTB excludes the amounts of Credit Costs for Trust Accounts [5].
*2. Income Taxes - Current [36] includes Refund of Income Taxes.

Credit-related Costs(49,860)

39(59,411)(7,686)(116,958)

13,502(130,461)

5,954
55,675(42,482)
64
3,018(8,727)
13,502

19,548(98,880)(48,502)62(1,744)(945)(130,461)* Credit-related Costs [39] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [22]+ Reversal of Reserves for Possible Losses on Loans, etc. [33] + Credit Costs for Trust Accounts [5](Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts

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

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

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

824,347(17,244)(60,148)
126
1,249(7,742)(59,411)(1,213)(2,240)(4,258)0
25(7,686)25,502(43,205)(90,984)
126
1,274(9,672)(116,958)

Mizuho Financial Group, Inc.

Mizuho Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2009First Half of Fiscal 2008

Change1408,224(18,281)426,505

Domestic Gross Profits

2

Net Interest Income

3368,198
296,535

2,129
5,551

366,068
290,983

Net Fee and Commission Income

463,572(6,744)70,316

Net Trading Income

5

2,718

(982)

3,700

Net Other Operating Income

6

5,371

4,303

1,067

International Gross Profits

7

Net Interest Income

840,026
15,224(20,410)
9,712

60,436
5,512

Gross Profits

Net Fee and Commission Income

9

4,982

(2,187)

7,170

Net Trading Income

10

42,14551,350(9,204)

11(22,326)(285,005)
69.8%(98,060)(172,112)(22,595)(14,831)(79,285)
1,732
2.5%(16,367)
16,433(440)
1,665

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

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

12

Expense Ratio

13

Personnel Expenses

14

Non-Personnel Expenses

15

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

16
17
18

123,218(16,548)

139,767

19

120,684
2,368
125,5872,534(106,512)(6,562)(68,730)(31,219)
19,074
15,137(1,569)(301)
16,501
34,211(271)
19,892
53,833(13,211)
37,383
20,834(3,337)42,556
31,244
18,795(7,483)63,391(69,560)(2,298)(127)
9,717(83,623)(6,169)6(19,998)(26,161)

133,895(35,015)
104,752
5,871(149,068)(37,807)(87,526)(23,735)(44,316)
84,698
728
(173)
6,784
83,62340,381(277)
39,89079,994

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

20

Net Business Profits

21

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

22
23
24

Expenses related to Portfolio Problems

25

Other

26

Ordinary Profits
Net Extraordinary Gains (Losses)

27
28

Net Gains (Losses) on Disposition of Fixed Assets

29

Losses on Impairment of Fixed Assets

30

Reversal of Reserves for Possible Losses on Loans, etc.

31

Reversal of Reserve for Possible Losses on Investments

32

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

33
34
35
36

Credit-related Costs
37(49,860)
65,897* Credit-related Costs [37] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20]+ Reversal of Reserves for Possible Losses on Loans, etc. [31](Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans
Losses on Write-offs of Loans
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries

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

38
39
40
41
42
43
44

9

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

37,38331,000(1,228)(1,258)65,897(115,757)(35,015)(54,721)(25,349)(671)(115,757)

Mizuho Financial Group, Inc.

Mizuho Corporate Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2009First Half of Fiscal 2008

Change1318,646

50,001

268,645

Domestic Gross Profits2

150,236(41,889)

192,125

Net Interest Income

3

109,417

12,87096,547

Net Fee and Commission Income

428,384(285)

28,670Net Trading Income

5

14,568(49,521)64,089Net Other Operating Income

6(2,133)(4,952)

2,818International Gross Profits7

168,409

91,89076,519Net Interest Income

8116,245

68,20648,038Net Fee and Commission Income

927,160(1,652)

28,812

Net Trading Income

10

32,871

84,150(51,279)

Net Other Operating Income

11(7,866)(58,814)50,947(123,400)

Gross Profits

12(121,415)

1,984

Expense Ratio

13

38.1%

(7.8%)

45.9%

Personnel Expenses

14(43,569)(174)(43,395)

General and Administrative Expenses (excluding Non-Recurring Losses)

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

15(72,084)

2,188(74,272)

16(3,240)51(3,292)

17(5,761)(29)(5,732)

18

197,230

51,985145,244
132,79719

186,176

53,378

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

20

24,347

24,347-

Net Business Profits21

221,577

76,333

145,244

Excluding Net Gains (Losses) related to Bonds

22

11,054(1,392)

12,44723(154,029)(58,832)(95,197)24

30,54529,2391,305

Expenses related to Portfolio Problems

25(94,553)(57,132)(37,421)

Other

26

(90,022)(30,940)(59,081)27

67,547

17,50050,047

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

Ordinary Profits

28

8,622

(16,022)

24,644

Net Gains (Losses) on Disposition of Fixed Assets

29

(665)

1,812

(2,477)

Losses on Impairment of Fixed Assets

30(1,861)(1,087)(774)

Reversal of Reserves for Possible Losses on Loans, etc.

31

10,794(20,960)

31,755

Reversal of Reserve for Possible Losses on Investments

32

-

-

-

33

76,1701,478

74,692Net Extraordinary Gains (Losses)

Income before Income Taxes
Income Taxes - Current *

34

(502)

(483)

(19)

- Deferred35(7,666)(18,736)

11,06936

68,001(17,741)

85,743

37(59,411)(53,745)(5,665)Net Income* Income Taxes - Current [34] includes Refund of Income Taxes.

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

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

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

38
39
40
41
42
43
44

24,347(17,244)(60,148)
126
1,249(7,742)(59,411)

10(24,837)
13,959(38,486)
64
3,023(7,468)(53,745)

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

Mizuho Financial Group, Inc.

Mizuho Trust & Banking
Non-Consolidated(Millions of yen)First Half of Fiscal 2009First Half of Fiscal 2008

Change1

63,778(6,731)70,509Domestic Gross Profits259,131(5,333)64,465Net Interest Income

320,905(3,496)

24,401

Fiduciary Income

423,797(5,165)28,962Credit Costs for Trust Accounts

5

-

-

-

Net Fee and Commission Income

6

12,007559

11,448

Net Trading Income

7

1,655

2,148

(493)

Net Other Operating Income

8

765

619

146

International Gross Profits

9

4,646

(1,397)

6,043

Net Interest Income

10

2,299

257

2,041

Net Fee and Commission Income

11

(32)

7

(40)

Net Trading Income

12

274

(944)

1,219

Gross Profits

13

2,105

(717)

2,823

14

(45,880)543(46,424)

15

71.9%

6.0%

65.8%

Personnel Expenses

16(17,616)(1,448)(16,168)

Non-Personnel Expenses

17(26,885)

1,834(28,719)

18(1,402)52(1,455)19(1,378)157(1,536)20

17,897(6,187)24,08421

15,131(5,488)

20,620

Reversal of (Provision for) General Reserve for Possible Losses on Loans22(1,213)(1,213)-

Net Business Profits23

16,684(7,400)24,084

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

Expense Ratio

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

24

2,765

(698)

3,464

25

(8,790)11,218(20,008)

Net Gains (Losses) related to Stocks

26

122

4,402

(4,279)

Expenses related to Portfolio Problems

27(6,499)6,456(12,955)

Other

28

(2,413)359(2,772)

Ordinary Profits

29

7,894

3,817

4,076

Net Extraordinary Gains (Losses)

30

60(3,380)3,440

Net Gains (Losses) on Disposition of Fixed Assets

31

(112)

140

(253)

Losses on Impairment of Fixed Assets

32

(556)

(524)

(32)

Reversal of Reserves for Possible Losses on Loans, etc.

33

25

(3,892)

3,917

Reversal of Reserve for Possible Losses on Investments

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

34

-

-

-

Income before Income Taxes

35

7,954

437

7,517

Income Taxes - Current

36

(6)

4

(11)

- Deferred37(1,647)2,171(3,819)

38

6,300

2,614

3,686

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

39(7,686)

1,351(9,038)* Credit-related Costs [39] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [22]+ Reversal of Reserves for Possible Losses on Loans, etc. [33] + Credit Costs for Trust Accounts [5](Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts
Reversal of (Provision for) General Reserve for Possible Losses on Loans

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

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

40
41
42
43
44
45
46
47

(1,213)(2,240)(4,258)0
25(7,686)11(6,591)
10,715(2,767)
0
(4)
1,351

5,378
(12,955)(1,491)(0)
30(9,038)Mizuho Financial Group, Inc.

4. Breakdown of Income(1) Breakdown of Net Fee and Commission Income
Consolidated(Billions of yen)First Half of
Fiscal 2009

222.0
269.5
54.9
52.7
53.7
14.8
2.9
14.4
18.3
47.5
18.3

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

21.8
14.9
1.3
(5.3)
24.7
(2.2)
0.0
(3.4)
(0.4)
(6.9)
(0.2)

Non-Consolidated

First Half of
Fiscal 2008

200.1
254.6
53.6
58.0
29.0
17.1
2.8
17.9
18.8
54.4
18.5
(Billions of yen)

Aggregated Figures of the 3 BanksFirst Half of
Fiscal 2009

136.0
184.9
54.8
52.5
11.7
10.9
2.9
15.6
48.8
18.0

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(10.3)(15.2)
(0.1)
(5.0)
(1.8)
(1.4)
0.0
(3.0)
(4.9)
(0.4)

First Half of
Fiscal 2008

146.3
200.1
55.0
57.6
13.6
12.4
2.8
18.7
53.8
18.5

(2) Breakdown of Net Other Operating Income
Non-Consolidated
Aggregated Figures of the 3 Banks(Billions of yen)First Half of
Fiscal 2009(24.0)
4.0
9.8(28.0)(19.3)
6.5

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

12

Change(138.8)(0.0)(0.7)(138.8)(109.3)(4.6)

First Half of
Fiscal 2008

114.7
4.0
10.5
110.7
89.9
11.1

Mizuho Financial Group, Inc.

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

Aggregated Figures of MHBK and MHCB
Return on Interest-Earning Assets
Return on Loans and Bills Discounted
Return on Securities
Cost of Funding (including Expenses)
Cost of Deposits and Debentures (including Expenses)
Cost of Deposits and Debentures
Cost of Other External Liabilities
Net Interest Margin
Loan and Deposit Rate Margin (including Expenses)
Loan and Deposit Rate MarginFirst Half of Fiscal
2009

Change

1.12
1.45
0.68
0.97
1.13
0.19
0.39
0.14
0.32
1.25

(0.19)(0.20)(0.19)(0.22)(0.14)(0.15)(0.36)
0.03(0.05)(0.05)

1.31
1.65
0.88
1.19
1.27
0.34
0.75
0.11
0.37
1.30

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
11
1.61
Loan and Deposit Rate Margin (including Expenses)(11)-(5)12
0.48
Loan and Deposit Rate Margin(11)-(6)13
1.41(0.18)(0.03)(0.03)

1.79
0.51
1.44

1.19
1.58
0.56
1.06
1.12
0.17
0.25
0.12
0.45
1.40

(0.17)(0.25)(0.12)(0.20)(0.14)(0.11)(0.49)
0.03(0.10)(0.14)

1.36
1.83
0.68
1.27
1.26
0.28
0.74
0.09
0.56
1.54

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
24
1.83
Loan and Deposit Rate Margin (including Expenses)(24)-(18) 25
0.70
Loan and Deposit Rate Margin(24)-(19) 26
1.65(0.20)(0.06)(0.09)

2.03
0.77
1.75

1.00
1.21
0.82
0.81
1.15
0.25
0.42
0.19
0.06
0.96

(0.21)(0.11)(0.30)(0.25)(0.16)(0.28)(0.32)
0.03
0.04
0.16

1.22
1.33
1.12
1.06
1.31
0.53
0.75
0.15
0.01
0.79

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
37
1.26
Loan and Deposit Rate Margin (including Expenses)(37)-(31) 38
0.10
Loan and Deposit Rate Margin(37)-(32) 39
1.00(0.12)
0.04
0.15

1.38
0.06
0.84

(0.31)(0.20)(0.72)(0.15)(0.14)(0.15)(0.06)

1.53
1.78
1.40
0.62
0.56
0.90
1.21

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

1
2
3
4
5
6
7
8
9
10

First Half of Fiscal
2008* Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
* Deposits and Debentures include Negotiable Certificates of Deposit ("NCDs").

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

14
15
16
17
18
19
20
21
22
23

* Deposits and Debentures include NCDs.

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

27
28
29
30
31
32
33
34
35
36

* Deposits and Debentures include NCDs.

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

40
41
42
43
44
45
46

1.21
1.57
0.67
0.46
0.42
0.74
1.14

* Return on Loans and Bills Discounted excludes loans to financial institutions.
* 3 domestic accounts = banking accounts (domestic operations) + trust accounts with contracts indemnifying the principal amounts (loan trusts + jointly-managed money trusts).
* Deposits include NCDs.
13

Mizuho Financial Group, Inc.

6. Use and Source of Funds
Consolidated(Billions of yen)First Half of Fiscal 2009(a)Use of Funds

Change (a)-(b)Interest
Interest
816.3(401.2)First Half of
Fiscal 2008(b)Interest
Interest
2,144.4
1,217.6

Fiscal 2008

Loans and Bills Discounted

553.5(170.1)

1,367.3

723.6

Securities

171.8(90.7)

466.7

262.5

Call Loans and Bills Purchased

1.6

(3.5)

8.2

5.2

Receivables under Resale Agreements

19.7(107.1)

149.0

126.8

Guarantee Deposits Paid under
Securities Borrowing Transactions

4.9(19.4)

37.8

24.4

4.9

(26.1)

36.3

31.0

Source of Funds

Due from Banks

235.3(458.8)1,075.5

694.2

Deposits

93.5(142.5)

390.1

236.1

Negotiable Certificates of Deposit

17.2(34.4)

87.0

51.7

Debentures

6.7

(2.7)

17.5

9.4

Call Money and Bills Sold

7.7

(22.8)

46.3

30.5

Payables under Repurchase Agreements

19.3(150.4)

196.5

169.8

Guarantee Deposits Received under
Securities Lending Transactions

6.1(18.6)

41.4

24.7

Commercial Paper

0.0

0.0

0.0

0.0

Borrowed Money

19.9(14.3)

74.0

34.2

14

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of MHBK and MHCB(Millions of yen, %)First Half of Fiscal 2009
(Total)Use of Funds
Loans and Bills Discounted

First Half of Fiscal 2008

Average Balance
116,813,547

Rate
1.37

ChangeAverage Balance
1,688,900

63,879,022

1.54

545,538(0.50)

Rate(0.43)

Average Balance
115,124,646

Rate
1.80

63,333,483

2.05

Securities

33,897,319

1.21

919,529(0.28)

32,977,789

1.49

Source of Funds

119,772,613

0.44

3,325,872(0.59)

116,446,741

1.03

Deposits

72,645,535

0.23

87,601(0.39)

72,557,933

0.63

NCDs

9,584,506

0.33(1,129,950)(0.57)

10,714,457

0.91

Debentures

2,135,847

0.62(841,458)(0.00)

2,977,306

0.63

Call Money

14,453,888

0.45

3,636,615(0.36)

10,817,273

0.81

Payables under Repurchase Agreements

5,511,285

0.30(558,966)(2.18)

6,070,252

2.49

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

8,548,320

1.69

2,719,001(1.01)

5,829,318

2.70(Domestic Operations)
Use of Funds

97,452,945

1.12

5,808,292(0.19)

91,644,652

1.31

Loans and Bills Discounted

54,090,214

1.44

1,555,338(0.20)

52,534,875

1.65

Securities

27,869,261

0.68

3,211,307(0.19)

24,657,954

0.88

Source of Funds

99,891,877

0.28

7,102,410(0.18)

92,789,466

0.46

Deposits

62,701,764

0.16

2,390,720(0.11)

60,311,043

0.28

NCDs

8,558,409

0.27(1,207,127)(0.38)

9,765,537

0.65

Debentures

2,135,847

0.62(841,458)(0.00)

2,977,306

0.63

Call Money

14,116,003

0.42

3,743,416(0.22)

10,372,586

0.65

Payables under Repurchase Agreements

2,091,515

0.13

1,277,911(0.47)

813,604

0.61-

Bills Sold

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

5,137,490

0.39

2,502,567(0.61)

2,634,923

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

21,651,118

2.39(4,729,827)(1.02)

26,380,946

3.42

9,788,808

2.10(1,009,799)(1.91)

10,798,608

4.01
3.32

Securities

6,028,057

3.67(2,291,778)

0.34

8,319,835

Source of Funds

22,171,253

1.15(4,386,973)(1.84)

26,558,226

2.99

Deposits

9,943,770

0.68(2,303,119)(1.67)

12,246,889

2.35

NCDs

1,026,096

77,177(2.74)

948,919

Debentures
Call Money
Payables under Repurchase Agreements

0.86
-

-

-

-

3.61
-

-

337,885

1.62(106,801)(2.98)

444,686

4.61

3,419,769

0.41(1,836,878)(2.37)

5,256,648

2.79

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

3,410,829

216,433(0.46)

3,194,395

3.64

15

4.10

Mizuho Financial Group, Inc.

Mizuho Bank(Millions of yen, %)First Half of Fiscal 2009First Half of Fiscal 2008

Average Balance
62,871,040

Rate
1.25

ChangeAverage Balance
2,420,120

Loans and Bills Discounted

35,003,892

1.56

1,164,860(0.26)

33,839,032

1.82

Securities

16,104,737

0.81

1,104,062(0.08)

15,000,674

0.89(Total)Use of Funds

Rate(0.18)

Average Balance
60,450,919

Rate
1.43

Source of Funds

64,977,708

0.25

3,214,801(0.19)

61,762,906

0.45

Deposits

55,178,427

0.17

1,481,304(0.13)

53,697,123

0.31

NCDs

2,004,419

0.30

10,952(0.23)

1,993,466

0.54

Debentures

874,155

0.38(79,495)0.07

953,651

0.31

Call Money

1,967,726

0.09

188,586(0.38)

1,779,139

0.47

Payables under Repurchase Agreements

1,140,712(0.50)

33,564

Bills Sold
Commercial Paper
Borrowed Money0.12-

1,107,147
-

-

-

-

-

-

0.63
-

-

-

-

-

2,174,368

1.64

1,052,553(1.65)

1,121,814

3.29

60,153,401

1.19

2,388,889(0.17)

57,764,512

1.36

Loans and Bills Discounted

34,536,090

1.56

1,087,518(0.25)

33,448,572

1.81

Securities

15,014,173

0.56

1,313,070(0.12)

13,701,102

0.68(Domestic Operations)
Use of Funds

Source of Funds

62,478,194

0.19

3,312,289(0.15)

59,165,904

0.35

Deposits

54,179,752

0.16

1,546,846(0.10)

52,632,906

0.27

NCDs

2,002,066

0.30

11,142(0.23)

1,990,923

0.54

Debentures

874,155

0.38(79,495)0.07

953,651

0.31

Call Money

1,967,726

0.09

188,586(0.38)

1,779,139

0.47

Payables under Repurchase Agreements

1,140,712(0.50)

33,5640.12

1,107,147

0.63

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

1,509,192

0.54

1,110,991(1.42)

398,200

1.96

2,728,850

2.61(1,091,915)

0.32

3,820,765

2.28(International Operations)
Use of Funds

467,802

1.58

77,342(0.71)

390,460

2.29

Securities

Loans and Bills Discounted

1,090,564

4.16(209,007)

1.05

1,299,571

3.10

Source of Funds

2,510,725

1.62(1,220,634)(0.41)

3,731,359

2.04

Deposits

998,675

0.56(65,542)(1.50)

1,064,217

2.07

NCDs

2,353

0.64

(190)

(0.17)

2,543

0.81

Debentures

-

-

-

-

-

-

Call Money

-

-

-

-

-

-

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

665,176

4.12(58,437)

0.09

723,61416

4.03

Mizuho Financial Group, Inc.

Mizuho Corporate Bank(Millions of yen, %)First Half of Fiscal 2009
(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2008

ChangeRate

Average Balance

Rate

Average BalanceRate

53,942,507

1.50(731,219)(0.70)

54,673,727

2.21

Loans and Bills Discounted

28,875,130

1.53(619,321)(0.78)

29,494,451

2.32
2.00

Securities

17,792,581

1.58(184,533)(0.41)

17,977,115

Source of Funds

54,794,905

0.66

111,071(1.02)

54,683,834

1.69

Deposits

17,467,107

0.44(1,393,702)(1.10)

18,860,810

1.54

NCDs

7,580,087

0.34(1,140,903)(0.65)

8,720,990

1.00

Debentures

1,261,692

0.79(761,962)

0.01

2,023,654

0.78

Call Money

12,486,162

0.51

3,448,028(0.37)

9,038,133

0.88

Payables under Repurchase Agreements

4,370,573

0.35(1,666,114)(2.15)

6,036,688

2.50

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

6,373,951

1.71

1,666,447(0.85)

4,707,503

2.56(Domestic Operations)
Use of Funds

37,299,543

1.00

3,419,403(0.21)

33,880,140

1.22

Loans and Bills Discounted

19,554,123

1.25

467,820(0.11)

19,086,303

1.36

Securities

12,855,088

0.82

1,898,237(0.30)

10,956,851

1.12

Source of Funds

37,413,682

0.42

3,790,120(0.24)

33,623,561

0.66

Deposits

8,522,012

0.16

843,874(0.15)

7,678,137

0.32

NCDs

6,556,343

0.26(1,218,270)(0.41)

7,774,614

0.68

Debentures

1,261,692

0.79(761,962)

0.01

2,023,654

0.78

Call Money

12,148,276

0.47

3,554,829(0.20)

8,593,446

0.68

950,8030.14

170,763(0.46)

780,040

-

-

-

-

Payables under Repurchase Agreements

Bills Sold
Commercial Paper

-

-

-

-

Borrowed Money

3,628,298

0.33

1,391,575(0.50)

0.61--

2,236,722

0.83(International Operations)
Use of Funds

18,922,268

2.36(3,637,912)(1.25)

22,560,181

3.61

Loans and Bills Discounted

9,321,006

2.12(1,087,141)(1.95)

10,408,148

4.07

Securities

4,937,493

3.56(2,082,770)

0.19

7,020,263

3.36

Source of Funds

19,660,528

1.09(3,166,338)(2.05)

22,826,867

3.15

Deposits

8,945,095

0.70(2,237,577)(1.68)

11,182,672

2.38

NCDs

946,376

1,023,743

0.86

77,367(2.74)

Debentures

-

-

-

-

Call Money

337,885

1.62(106,801)(2.98)

444,686

4.61

3,419,769

0.41(1,836,878)(2.37)

5,256,648

2.79

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold

3.61-

Commercial Paper

-

-

-

-

-

Borrowed Money

2,745,652

3.53

274,871(0.60)

2,470,781

17

-

4.13

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)(Millions of yen, %)First Half of Fiscal 2009
(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2008

ChangeRate

Average Balance

Rate

Average BalanceRate

6,072,305

1.26

390,584(0.36)

5,681,721

1.62

Loans and Bills Discounted

3,562,198

1.57

128,293(0.22)

3,433,904

1.79
1.53

Securities

2,020,163

0.81

544,015(0.72)

1,476,147

Source of Funds

6,023,265

0.50

449,773(0.20)

5,573,492

0.71

Deposits

2,758,185

0.48

20,143(0.08)

2,738,042

0.57

NCDs

749,7760.37(18,386)(0.36)

768,163

0.73

Debentures

-

-

-

-

-

-

Call Money733,257

0.24

129,805(0.45)

603,452

0.69

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

517,5430.22

344,059(0.52)

173,483

0.74(Domestic Operations)
Use of Funds

5,807,165

1.22

254,780(0.31)

5,552,385

1.54

Loans and Bills Discounted

3,509,787

1.56

132,089(0.20)

3,377,698

1.77

Securities

1,613,565

0.65

422,459(0.75)

1,191,105

1.40

Source of Funds

5,754,200

0.51

313,606(0.16)

5,440,593

0.67

Deposits

2,743,303

0.48

13,556(0.08)

2,729,747

0.56

NCDs

0.73

749,7760.37(18,386)(0.36)

768,163

Debentures

-

-

-

-

-

-

Call Money713,0370.21

135,196(0.36)

577,840

0.58

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

514,4540.21

340,970(0.53)

173,483

0.74(International Operations)
Use of Funds

651,593

1.18(74,894)(0.31)

726,488

1.50

Loans and Bills Discounted

52,4102.03(3,795)(1.03)

56,206

3.07

Securities

406,598

1.46

121,555(0.60)

285,042

2.07

Source of Funds

655,5190.47(74,531)(0.45)

730,051

0.93

Deposits

14,881

0.54

6,587

(0.92)

8,294

1.46

NCDs

-

-

-

-

-

-

Debentures

-

-

-

-

-

-

Call Money

20,2201.22(5,391)(2.12)

25,611

3.34

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

3,089

1.21

3,089

1.21

-

-

18

Mizuho Financial Group, Inc.

7. Net Gains/Losses on Securities

Non-Consolidated(Millions of yen)

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2009First Half of Fiscal 2008

ChangeNet Gains (Losses) related to Bonds

16,354(5,428)21,783

Gains on Sales and Others

53,527(7,885)61,413Losses on Sales and Others(31,809)(3,058)(28,751)

Impairment (Devaluation)(6,558)2,005(8,563)

-

-

-

1,194

3,509

(2,314)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2009
Net Gains (Losses) related to Stocks

First Half of Fiscal 2008

Change24,104(18,736)

42,841

Gains on Sales

67,678370

67,307

Losses on Sales(2,457)(1,412)(1,044)

Impairment (Devaluation)(6,483)89,096(95,579)

Reversal of (Provision for) Reserve for Possible Losses on Investments(5,590)(89,213)83,623

Gains (Losses) on Derivatives other than for Trading(29,043)(17,578)(11,464)Mizuho BankFirst Half of Fiscal 2009First Half of Fiscal 2008

ChangeNet Gains (Losses) related to Bonds

2,534(3,337)

5,871

Gains on Sales and Others

21,023

5,757

15,266

Losses on Sales and Others(17,915)(7,699)(10,215)

Impairment (Devaluation)

-

-

-

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

-

-

-

(573)

(1,394)820

Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2009
Net Gains (Losses) related to Stocks

First Half of Fiscal 2008

Change(6,562)(52,378)

45,816

Gains on Sales

19,150(10,857)

30,007

Losses on Sales(1,308)

(467)

(841)

Impairment (Devaluation)(4,528)62,734(67,262)(16)(83,639)

83,623(19,860)(20,149)

289

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading

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

19

Mizuho Financial Group, Inc.

(Millions of yen)Mizuho Corporate BankFirst Half of Fiscal 2009First Half of Fiscal 2008

ChangeNet Gains (Losses) related to Bonds

11,054(1,392)

12,447

Gains on Sales and Others

29,139(12,044)

41,183Losses on Sales and Others(12,750)

4,394(17,144)

Impairment (Devaluation)(6,548)1,945(8,494)

-

-

-

1,213

4,310

(3,096)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2009
Net Gains (Losses) related to Stocks

First Half of Fiscal 2008

Change30,54529,2391,305

Gains on Sales

47,678

11,26736,411

Losses on Sales(1,093)

(971)

(121)

Impairment (Devaluation)(1,328)21,902(23,230)

Reversal of (Provision for) Reserve for Possible Losses on Investments(5,573)(5,573)-

Gains (Losses) on Derivatives other than for Trading(9,138)2,615(11,754)

Mizuho Trust & Banking

First Half of Fiscal 2009

Net Gains (Losses) related to Bonds

2,765

(698)

3,464

Gains on Sales and Others

3,364(1,598)4,963

Losses on Sales and Others(1,144)

246(1,390)

Impairment (Devaluation)

(9)

59

(69)

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

-

-

-

554

593

(39)

Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2009
Net Gains (Losses) related to Stocks

First Half of Fiscal 2008

ChangeFirst Half of Fiscal 2008

Change122

4,402(4,279)Gains on Sales

849

(39)

888

Losses on Sales

(55)

26

(82)

Impairment (Devaluation)

(626)

4,459

(5,085)

-

-

-

(44)

(44)

-

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading20

Mizuho Financial Group, Inc.

8. Unrealized Gains/Losses on Securities
Consolidated(1) Other Securities (which have readily determinable fair value)
As of September 30, 2009
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
LossesOther Securities
36,569,127
206,556
728,668
522,112
Japanese Stocks
2,981,748
322,408
540,826
218,418
Japanese Bonds
25,700,539
84,434
95,90011,465
Japanese Government Bonds 24,437,217
85,36088,0892,729
Other
7,886,838(200,285)
91,942292,228(Millions of yen)
As of March 31, 2009
Unrealized Gains/Losses
Gains
Losses(509,625)
393,202902,827(183,701)
284,982
468,683
11,51843,69832,17924,001
41,624
17,622(337,442)
64,521
401,964

As of September 30, 2008
Unrealized Gains/Losses
Gains
Losses
175,723
1,006,677
830,953
768,496
977,618
209,122(182,493)
3,290
185,783(175,107)
1,506
176,614(410,279)
25,768436,048* 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 \46,346 million, \62,770 million and \50,163 million, which were recognized in the statement of income for Septemter 30, 2009, March 31, 2009 and
September 30, 2008, 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, 2009, March 31, 2009 and September 30, 2008 are \160,210 million,\(572,395) million and \125,560 million, respectively.
* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income
by applying the fair-value hedge method and others, including translation differences regarding securities which do not have readily determinable fair value) as of September 30, 2009, March 31,
2009 and September 30, 2008 are \116,406 million, \(519,574) million and \48,718 million, respectively.

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

Bonds Held to Maturity

As of September 30, 2009
Unrealized Gains/Losses
Book Value
Gains
Losses411,171
2,928
2,928
0

(Millions of yen)
As of March 31, 2009
Unrealized Gains/Losses
Gains
Losses1,571
1,571

As of September 30, 2008
Unrealized Gains/Losses
Gains
Losses
2,133
239
1,893

As of March 31, 2009
Unrealized Gains/Losses
Gains
Losses(506,515)
373,034
879,549(213,363)
262,980
476,343
11,003
43,16432,16023,486
41,106
17,620(304,155)
66,889371,044

As of September 30, 2008
Unrealized Gains/Losses
Gains
Losses122,866
954,676
831,810694,065
924,470
230,404(182,614)
3,147
185,762(175,217)
1,364
176,582(388,584)
27,058415,642

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

As of September 30, 2009
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
Losses35,791,380
199,763
703,166
503,402
Other Securities
2,932,410
288,606
515,376
226,770
Japanese Stocks
25,061,803
83,69995,136
11,436
Japanese Bonds
Japanese Government Bonds 23,843,237
84,63687,342
2,705
Other
7,797,167(172,542)
92,653
265,195

Mizuho Bank
Other Securities
Japanese Stocks
Japanese Bonds

17,005,918
736,163
13,532,598
Japanese Government Bonds 12,683,765
Other
2,737,155

43,572
19,197
48,861
51,244(24,486)

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

136,969
83,035
7,184
123
46,749(142,115)(101,842)
13,077
21,593(53,350)

97,56351,18026,65725,95819,726239,678
153,022
13,5794,364
73,076(96,459)
48,396(83,166)(78,917)(61,689)

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

244,535
93,89784,52779,71966,110117,897
220,183
26,93325,824(129,220)452,626
353,697
30,324
27,586
68,604

334,729
133,513
3,390
1,762
197,824(345,994)(120,956)
(495)
3,166
(224,542)

242,171
181,579
14,57813,35046,013588,165
302,535
15,074
10,184
270,555

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

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

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

38,292
49,225
7,903
7,567(18,836)

69,99759,446
8,765
8,387
1,785

31,704
10,221861
820
20,621(18,405)
9,434(1,578)(1,273)(26,262)

33,29930,220
1,928
1,797
1,149

51,704
20,785
3,506
3,071
27,411

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

93,79393,065406
205
322

56,606
8,818
32,95432,705
14,833

Mizuho Corporate Bank
Other Securities
Japanese Stocks
Japanese Bonds

16,986,301
1,982,003
10,532,750
Japanese Government Bonds 10,205,461
Other
4,471,547

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

Other

1,799,161
214,243996,454954,010
588,463* 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 \70,781 million, \91,450 million and \68,604 million, which were recognized in the statement of income for Septemer 30, 2009, March 31, 2009 and September
30, 2008, 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, 2009, March 31, 2009 and September 30, 2008 are ￥128,981 million, \(597,965)
million and \54,261 million, respectively.
* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fairvalue hedge method and others, including translation differences regarding securities which do not have readily determinable fair value) as of September 30, 2009, March 31, 2009 and September
30, 2008 are as follows:(Millions of yen)
Aggregated Figures
Mizuho Bank
Mizuho Corporate Bank
Mizuho Trust & Banking

As of September 30, 2009
104,721(402)
74,851
30,27321

As of March 31, 2009
As of September 30, 2008
(536,755)
1,757(190,725)(148,053)(331,657)
118,875(14,373)
30,934

Mizuho Financial Group, Inc.
(2) Bonds Held to Maturity (which have readily determinable fair value)
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2009
Unrealized Gains/Losses

Book Value

As of September 30, 2008

As of March 31, 2009Gains

Unrealized Gains/Losses
LossesGains

Unrealized Gains/Losses
Losses

Gains

LossesAggregated Figures404,528

2,914

2,914

-

1,571

1,571

-

1,893

2,133

239

Mizuho Bank

404,528

2,914

2,914

-

1,571

1,571

-

1,893

2,133

239

Mizuho Corporate Bank

-

-

-

-

-

-

-

-

-

-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

(3) Investment in Subsidiaries and Affiliates (which have readily determinable fair value)
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2009

As of March 31, 2009

Unrealized Gains/Losses

Book Value

Gains

As of September 30, 2008
Unrealized Gains/Losses

Unrealized Gains/Losses
Losses

Gains

Losses

Gains

LossesAggregated Figures426,314(32,651)-

32,651(55,003)-

55,003(13,215)

9,185

22,401

Mizuho Bank

88,274(23,238)-

23,238(36,164)-

36,164(22,401)-

22,401

Mizuho Corporate Bank

338,039(9,412)-

9,412(18,838)-

18,838

9,185

9,185

-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

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

137,171

224,278(Millions of yen)

224,278-

175,028

175,028-

387,362

387,362(Reference)
Unrealized Gains/Losses on Other Securities(the base amount to be recorded directly to Net Assets after tax and other necessary adjustments)
For certain Other Securities (which have readily determinable fair value), Unrealized Gains/Losses were recognized in the statement of income by
applying the fair-value hedge method and others. They were excluded from Unrealized Gains (Losses) on Other Securities. These adjusted
Unrealized Gains/Losses were the base amount, which was to be recorded directly to Net Assets after tax and other necessary adjustments.
The base amount was as follows:

Consolidated(Millions of yen)
As of
September 30,
2009

As of
March 31,
2009

As of
September 30,
2008

Unrealized Gains/Losses
Change fromMarch 31,2009

Change from
September 30,
2008

Unrealized
Unrealized
Gains/Losses Gains/Losses

Other Securities

160,210732,605

34,649(572,395)

Japanese Stocks

322,408

506,109(446,088)(183,701)

768,496

Japanese Bonds

40,161

94,957

268,189(54,795)(228,027)

Japanese Government Bonds
Other

125,560

46,287

81,858

263,739(35,571)(217,452)(202,359)

131,539

212,548(333,898)(414,908)

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of
September 30,
2009

As of
March 31,
2009

As of
September 30,
2008

Unrealized Gains/Losses
Change fromMarch 31,2009

Change from
September 30,
2008

Unrealized
Unrealized
Gains/Losses Gains/Losses

Other Securities

128,981

726,947

74,719(597,965)

54,261

Japanese Stocks

288,606

501,970(405,459)(213,363)

694,065

Japanese Bonds
Japanese Government Bonds
Other

39,426

94,737

267,575(55,310)(228,149)

45,56381,650263,125(36,087)(217,562)(199,051)

130,240

212,602(329,291)(411,654)

22-

Mizuho Financial Group, Inc.

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

Aggregated Figures of the 3 Banks
Maturity as of September 30, 2009

Japanese Bonds
Japanese Government Bonds

ChangeMaturity as of March 31, 2009

Within1 year

1-5years

5 - 10years

Over
10 yearsWithin1 year

1-5years

5 - 10years

Over
10 yearsWithin1 year

1-5years

5 - 10years

Over
10 years

11,201.2

12,257.1

2,121.7

1,661.2

3,590.0

2,514.3

24.2

(1.7)

7,611.1

9,742.8

2,097.5

1,663.0

10,805.8

10,584.4

1,737.6

1,065.6

3,572.02,430.1

106.3(275.6)

7,233.7

8,154.2

1,631.2

1,341.3

Japanese Local Government Bonds

12.8

59.9

40.0

1.0

(1.9)

26.1

8.5

(0.0)

14.8

33.7

31.4

1.0

Japanese Corporate Bonds

382.4

1,612.7

344.0

594.5

19.9

57.9

(90.7)

273.9

362.5

1,554.7

434.7

320.6

1,091.8

3,511.5

984.2

1,717.5(284.1)

1,100.7(10.0)(183.3)

1,376.0

2,410.8994.2

1,900.8

6,531.4

7,071.0

580.5

934.4

1,469.0

2,338.3

41.3

66.7

5,062.3

4,732.6

539.2

867.6
722.1

Other

Mizuho BankJapanese Bonds

6,184.6

5,863.3

335.3

650.7

1,443.1

2,255.9

51.0(71.4)

4,741.4

3,607.4

284.3

Japanese Local Government Bonds

11.4

48.5

30.2

-

(2.1)

34.2

22.9

-

13.6

14.3

7.2

-

Japanese Corporate Bonds

335.3

1,159.0

214.9

283.6

28.0

48.1

(32.6)

138.1

307.2

1,110.8

247.6

145.4

133.2

1,058.8435.8

1,081.5(70.7)

225.1(76.5)(160.1)

203.9

833.6

512.4

1,241.6

4,370.7

5,063.4

1,087.9583.0

2,503.2

318.3(113.7)(13.4)

1,867.4

4,745.0

1,201.6

596.4
438.5

Japanese Government Bonds

Other

Mizuho Corporate BankJapanese Bonds

4,333.8

4,622.1

961.6

287.8

2,510.0

304.1(42.3)(150.6)

1,823.8

4,317.9

1,004.0

Japanese Local Government Bonds

0.3

9.0

7.2

1.0

(0.0)

(7.4)

(14.6)

(0.0)

0.3

16.4

21.8

1.0

Japanese Corporate Bonds

36.5

432.3

119.0

294.1

(6.7)

21.6

(56.7)

137.3

43.2

410.6

175.7

156.8

915.4

2,047.5

429.2

605.0

(203.3)

676.7

23.5

(14.4)

1,118.8

1,370.8

405.6

619.5

299.1

122.6

453.3

143.7

(382.2)(142.4)

96.6(55.1)

681.3

265.0

356.6

198.9

Japanese Government Bonds

287.3

98.9

440.6

127.0

(381.1)(129.8)97.7(53.5)

668.5

228.8

342.9

180.6

Japanese Local Government Bonds

1.1

2.3

2.5

-

0.3

(0.6)

0.2

-

0.8

3.0

2.3

-

Japanese Corporate Bonds

10.5

21.3

10.0

16.7

(1.4)

(11.8)

(1.3)

(1.5)

12.0

33.2

11.4

18.2

43.1

405.1

119.1

30.9

(10.0)

198.8

43.0

(8.7)

53.2

206.3

76.1

39.6

Japanese Government Bonds

Other

Mizuho Trust & Banking
Japanese Bonds

Other

23

Mizuho Financial Group, Inc.

10. Overview of Derivative Transactions Qualifying for Hedge Accounting
Non-Consolidated■Notional Amounts of Interest Rate Swaps (qualifying for hedge accounting (deferred method)) by Remaining Contractual Term
Aggregated Figures of the 3 Banks(Billions of yen)

As of September 30, 2009
Within1-5Over
1 yearyears
5 years

Total

Within1 yearChange
1-5
Over
years
5 years

Total

Within1 yearAs of March 31, 2009
1-5
Over
years
5 years

Total

Receive Fixed / Pay Float

4,474.9

11,840.3

3,710.3

20,025.5(2,595.1)

489.2(103.9)(2,209.8)

7,070.0

11,351.0

3,814.2

22,235.4

Receive Float / Pay Fixed

1,966.3

2,201.9

1,641.2

5,809.4(303.4)(844.5)(624.0)(1,772.0)

2,269.7

3,046.5

2,265.3

7,581.5

Receive Float / Pay Float

126.6

25.7

30.0

182.3

(52.0)

0.0-(51.9)

178.6

25.7

30.0

234.3

Receive Fixed / Pay Fixed
Total

-

-

-

-

-

-

-

-

-

-

-

-

6,567.8

14,068.0

5,381.5

26,017.4(2,950.5)(355.3)(727.9)(4,033.9)

9,518.3

14,423.3

6,109.5

30,051.3

Mizuho Bank
Receive Fixed / Pay Float

703.5

5,750.0

447.5

6,901.1(3,684.7)

380.1(163.6)(3,468.2)

4,388.2

5,369.9

611.2

10,369.3

Receive Float / Pay Fixed

-

-

246.0

246.0

-

(60.0)(420.9)(480.9)

-

60.0

666.9

726.9

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

703.5

5,750.0

693.5

7,147.1(3,684.7)

320.1(584.5)(3,949.1)

4,388.2

5,429.9

1,278.1

11,096.2

Receive Fixed / Pay Float

3,771.4

5,990.2

3,092.7

12,854.4

1,089.5

9.0(100.2)998.3

2,681.8

5,981.1

3,193.0

11,856.0

Receive Float / Pay Fixed

1,766.3

2,021.9

1,330.2

5,118.4(403.4)(674.5)(183.1)(1,261.1)

2,169.7

2,696.5

1,513.4

6,379.6

Receive Float / Pay Float

126.6

25.7

30.0

182.3

(52.0)

0.0-(51.9)

178.6

25.7

30.0

234.3

Receive Fixed / Pay Fixed

5,664.3

8,037.9

4,453.0

18,155.3

634.1(665.4)(283.4)(314.7)5,030.1

8,703.4

4,736.4

18,470.1

Total
Mizuho Corporate Bank

Total
Mizuho Trust & Banking
Receive Fixed / Pay Float

-

100.0

170.0

270.0

-

100.0

160.0

260.0

-

-

10.0

10.0

Receive Float / Pay Fixed

200.0

180.0

65.0

445.0

100.0

(110.0)(20.0)(30.0)

100.0

290.0

85.0

475.0

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed
Total

-

-

-

-

-

-

-

-

-

-

-

-

200.0

280.0

235.0

715.0

100.0

(10.0)

140.0

230.0

100.0

290.0

95.0

485.0

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

As of September 30, 2009
Deferred Hedge Gains/Losses

ChangeDeferred Hedge Gains/Losses

As of March 31, 2009
Deferred Hedge Gains/Losses

Gains

Gains

Gains

LossesAggregated Figures

902.7

696.5

Mizuho Bank

118.3

101.1

Mizuho Corporate Bank

724.7

525.8

Mizuho Trust & Banking

59.6

69.5

(9.9)

206.1

Losses

Losses(43.5)(76.7)

33.2

946.2

773.3

17.1

(7.6)

(21.6)

14.0

126.0

122.8

3.1

198.9

(41.9)(63.4)

21.4

766.6

589.2

177.4

6.1

8.3

(2.1)

53.4

61.1

(7.7)

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

24

172.8

Mizuho Financial Group, Inc.

11. Employee Retirement Benefits
Non-Consolidated
Projected Benefit Obligations(Millions of yen)First Half of Fiscal 2009

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2008
ChangeProjected Benefit Obligation (at the beginning of the fiscal year)(A)

Discount Rate (%)

1,085,066(13,995)

2.5-

1,099,061
2.5

Fair Value of Plan Assets (at the beginning of the fiscal year)(B)998,511(294,933)

1,293,444

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(C)658,887

270,782

388,104(46,721)(16,555)(30,165)(D)

583,858(9,482)

593,340

11,526673

10,852

636,393(4,835)641,229

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)(A)-(B)-(C)+(D)Mizuho Bank
Projected Benefit Obligation (at the beginning of the fiscal year)
(A)

2.5

-

2.5

Fair Value of Plan Assets (at the beginning of the fiscal year)(B)584,386(174,189)

758,575

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

418,393

155,345

263,047(29,839)(9,773)(20,065)

366,386(14,007)380,393---

327,730(7,953)335,684

Discount Rate (%)

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)(D)(A)-(B)-(C)+(D)Mizuho Corporate Bank
Projected Benefit Obligation (at the beginning of the fiscal year)
(A)

2.5

-

2.5

Fair Value of Plan Assets (at the beginning of the fiscal year)(B)311,240(92,987)404,228

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

178,61390,027

88,586(11,892)(5,173)(6,719)162,123

4,993

157,129---

120,941(1,206)

122,148

Discount Rate (%)

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)(D)(A)-(B)-(C)+(D)Mizuho Trust & Banking
Projected Benefit Obligation (at the beginning of the fiscal year)
(A)

2.5

-

2.5

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

102,884(27,757)

130,641

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

61,88025,40936,471(4,989)(1,608)(3,380)55,349(468)

55,817

11,526673

10,852

Discount Rate (%)

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)(D)(A)-(B)-(C)+(D)25

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits(Millions of yen)First Half of Fiscal 2009

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

First Half of Fiscal 2008

Change(8,238)(13,563)6,300(46,721)(2,337)(64,560)(230)
174(18,547)(16,555)(298)(35,457)(8,008)(13,738)
24,847(30,165)(2,038)(29,102)(5,281)(7,954)
1,660(29,839)(1,662)(43,077)(142)
60(9,863)(9,773)(109)(19,829)(5,139)(8,015)
11,523(20,065)(1,552)(23,248)(1,841)(4,096)
3,411(11,892)(537)(14,956)(44)
99(6,745)(5,173)(146)(12,010)(1,797)(4,196)
10,157(6,719)(390)(2,945)(1,115)(1,511)
1,228(4,989)(137)(6,525)(43)
15(1,938)(1,608)(42)(3,617)(1,072)(1,526)
3,166(3,380)(94)(2,908)Mizuho Bank
Service Cost
Interest Cost
Expected Return on Plan Assets
Accumulation (Amortization) of Unrecognized Actuarial Differences
Other
Total

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

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

(Millions of yen)First Half of Fiscal 2009

Consolidated
Projected Benefit Obligation (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 2008
Change

(A)
(B)
(C)
(D)

(A)-(B)-(C)+(D)Income (Expenses) related to Employee Retirement Benefits

26

1,156,667
998,778
680,451(48,100)
558,891
36,329(14,605)(296,441)
274,892(16,975)(6,633)309

1,171,273
1,295,219
405,558(31,124)565,524
36,019(71,310)(36,813)(34,497)

Mizuho Financial Group, Inc.

12. Capital Adequacy Ratio
Consolidated(%, Billions of yen)Mizuho Financial GroupAs of September 30, 2009

As ofMarch 31, 2009

Change fromMarch 31, 2009

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

12.89

2.36

8.69

2.32

10.53
6.37

5,147.4

1,382.3

3,765.0

1,805.5

264.6

1,540.9

552.1

140.8

411.3

696.0

88.0

607.9

5.1

(1.0)

6.2

-

(131.0)131.0-(516.0)516.0(93.2)

21.5(114.7)

2,296.4

259.5

2,036.8

1,937.1

50.2

1,886.8(104.3)(40.3)(63.9)

2,733.4(146.4)2,879.9

2,733.4(59.7)

2,793.1

73.1

73.1

-

112.1

(0.7)

112.8

5.6

(2.2)

7.9

2,542.5(216.5)2,759.0

629.6(160.2)789.8

1,912.8(56.3)

1,969.2

250.8(83.7)

334.5

7,630.0

1,406.3

6,223.6

59,170.0

113.8

59,056.2

53,869.9(361.6)54,231.6

44,084.7

455.3

43,629.3

9,785.2(817.0)10,602.3

1,384.1

41.9

1,342.1

3,915.8433.4

3,482.3

-

-

-

5.36

2.25

3.11

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

(%, Billions of yen)Mizuho Bank

As of September 30, 2009

Change fromMarch 31, 2009

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, 2009

12.77

1.00

11.77

7.49
1,836.2

0.84
139.7

6.65
1,696.5

1,355.963.0
3,129.2(26.7)(14.3)
127.3

1,382.6
77.3
3,001.8

24,493.7(1,004.1)

25,497.9

14.53
11.44
3,784.5

2.64
2.96
1,086.7

11.89
8.48
2,697.8

1,205.3
184.3(139.9)(77.0)

1,345.3
261.3

4,805.6
33,072.0

1,023.7
1,281.1

3,781.8
31,790.8

13.60
8.62
268.1
163.6
8.5
423.3
3,110.9

0.28
0.44
17.2
0.8
2.9
15.0
46.6

13.32
8.18
250.9
162.8
5.5
408.2
3,064.2

12.75

2.19

10.56

7.45
1,836.2

1.63
328.0

5.82
1,508.2

1,366.965.6

1,301.2

63.1
3,140.0
24,625.6(11.7)
405.4(1,260.2)

74.8
2,734.6
25,885.9

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

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

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

28

Mizuho Financial Group, Inc.

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

Consolidated(Millions of yen, %)As of September 30, 2009

As of March 31, 2009

Change fromMarch 31,2009%

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

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

0.15

Total Loans

64,267,283

100.00

1.29
0.02
0.66
2.15

%

Change from
September
30, 2008(10,164) (0.00)
134,567 0.30
(390) 0.00
(51,454) (0.01)
72,558 0.29

29,961315,007
10,091(97,319)
257,741(6,252,940)%

As of September 30, 2008

%

0.05
0.52
0.01
(0.11)
0.48(3,323,415)%

112,197
700,358
18,764
480,118
1,311,439

0.15

0.10

1.85

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

70,520,224

100.0067,590,699

100.00

0.99
0.02
0.68

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
498,91033,98380,035464,927

0.76
0.01
0.77
1.66

418,875

Trust Account
As of September 30, 2009%

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, 2009

Change fromMarch 31,
2009

%

3,122

10.05

(14)
(14)

31,051100.00(2,362)(5,096)

Change fromMarch 31,2009%

Change from
September
30, 2008(10,164) (0.00)
134,553 0.30
(390) 0.00
(51,454) (0.01)
72,544 0.29

29,961
314,982
10,091(97,319)
257,715

3,122-

Change from
September
30, 2008

10.05

-

-

0.66

0.66

(25)
(25)

%

As of September 30, 2008

%

1.34

3,136

1.34

%

9.38

-

3,147

-

8.70

-

-

3,136

9.38

3,147

8.70

33,414100.0036,148100.00Consolidated + Trust Account
As of September 30, 2009%

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

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

0.15
1.30
0.02
0.66
2.15

As of March 31, 2009

Total Loans
64,298,335 100.00 (6,255,303)(3,328,512)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

29

%
0.05
0.52
0.01
(0.11)
0.48

As of September 30, 2008%

112,197
703,495
18,764
480,118
1,314,575

0.15

70,553,638

%
0.10

1.86

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

100.0067,626,848

100.00

0.99
0.02
0.68

0.77
0.01
0.77
1.67

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen, %)(Banking Account + Trust Account)
As of September 30, 2009%

Loans to Bankrupt Obligors
99,050
Non-Accrual Delinquent Loans
818,012Loans Past Due for 3 Months or More
18,373
Restructured Loans
400,081
Total
1,335,518
Total Loans

64,306,708

0.15
1.27
0.02
0.62
2.07

100.00

As of March 31, 2009

Change fromMarch 31,2009%

(9,702) (0.00)
134,777 0.30
(390) 0.00
(58,007) (0.02)
66,676 0.27
(6,204,297)

Change from
September
30, 2008%

30,943 0.05
312,001 0.52
10,261 0.01
(97,531) (0.11)
255,674 0.47
(3,107,123)

As of September 30, 2008%

108,753
683,235
18,764
458,088
1,268,841

0.15

70,511,005

%
0.10

1.79

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

100.0067,413,831

100.00

0.96
0.02
0.64

0.75
0.01
0.73
1.60

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
459,130
24,82474,957434,305
384,172

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

68,141
511,295
17,735232,554829,7270.20

33,305,979

100.00

1.53
0.05
0.69
2.49

(14,880) (0.01)(2,433) 0.15
4,221 0.01
7,203 0.09
(5,889) 0.24
(3,820,633)

21,164 0.06
86,114 0.28
9,987 0.03
(54,951) (0.14)
62,314 0.23
(698,555)

83,022513,729
13,513
225,350
835,616

46,977425,181
7,748
287,506
767,4130.13

37,126,612 100.00 34,004,534

100.00

0.22
1.38
0.03
0.60
2.25

1.25
0.02
0.84
2.25

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
285,007
8,193
64,344
276,813220,662

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

20,828269,665
148,511
439,005

0.07

27,352,921

100.00

0.98

0.54
1.60

13,021 0.05
121,364 0.49
(4,605) (0.01)(74,537) (0.20)
55,241 0.32
(2,558,466)

5,240 0.02
208,726 0.78
(52,867) (0.12)
161,100 0.67
(2,575,740)

7,807
148,301
4,605
223,049
383,764

15,58860,938201,378
277,905

0.05

29,911,387 100.00 29,928,662

100.00

0.02
0.49
0.01
0.74
1.28

0.20

0.67
0.92

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
152,351
13,473
6,554
138,878
145,796

Mizuho Trust & Banking(Banking Account)

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

10,07933,929638
19,01563,6630.27

3,616,756

100.00

0.93
0.01
0.52
1.76

(7,843) (0.24)
15,861 0.41
(6) (0.00)
9,327 0.24
17,338 0.41

4,538
17,185273
10,28732,284

177,164

172,269

0.11
0.45
0.00
0.27
0.84

17,92318,068644
9,688
46,324

0.16

1.34

5,541
16,744364
8,727
31,3783,439,591 100.00

3,444,486

100.00

0.52
0.52
0.01
0.28

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
21,771
3,156
4,058
18,614

0.48
0.01
0.25
0.91

17,713(Trust Account)

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

3,122
3,122

Total Loans

31,051

-

10.05

(14)
(14)

100.00(2,362)

10.05

-

0.66

0.66

(25)
(25)

1.34

1.34

(5,096)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

30

3,136
3,136

-

9.38

3,147
3,147

33,414 100.00

36,148

9.38

-

8.70

8.70

100.00Mizuho Financial Group, Inc.

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

As of September 30, 2009
Change fromMarch 31,2009

Change from
September 30,
2008

As of
March 31,2009

Reserves for Possible Losses on Loans

942,063
52,484
254,362
889,579
584,565
1,270
100,652
583,295
357,082
51,387
153,319
305,694
Reserve for Possible Losses on Loans to Restructuring Countries
415
(173)
390
589
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
37,944
109,426
Amount of Partial Direct Write-offs
577,944
540,000
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2008

687,701
483,913203,76324
468,518

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2009
Change fromMarch 31,2009

Change from
September 30,
2008

As of
March 31,2009

Reserves for Possible Losses on Loans

837,655
18,063247,349
819,592
553,725(25,502)
101,096579,227
283,51443,739145,862
239,774
Reserve for Possible Losses on Loans to Restructuring Countries
415
(173)
390
589
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
536,404
28,857104,019
507,546
Amount of Partial Direct Write-offs
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2008

590,306
452,629
137,65224
432,384

Mizuho Bank
Reserves for Possible Losses on Loans

639
75,608464,301(2,368)37,149334,753
3,008
38,458
129,547
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
345,376
12,31293,434333,064
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

464,940
332,385
132,555

389,332
295,236
94,096
251,942

Mizuho Corporate Bank
Reserves for Possible Losses on Loans

345,566
14,614
164,718
330,952
202,347(24,347)
61,549226,694
142,804
39,134
102,777
103,669
Reserve for Possible Losses on Loans to Restructuring Countries
415
(173)
390
589
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
165,713
13,206
6,918
152,507
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

180,848
140,797
40,026
24
158,795

Mizuho Trust & Banking
Reserves for Possible Losses on Loans

27,1482,809
7,023
24,33818,993
1,213
2,397
17,780
8,154
1,596
4,626
6,558
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
25,313
3,338
3,666
21,975General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

20,124
16,5953,528
021,647* Reserve for Indemnification of Impairment and Reserve for Possible Losses on Entrusted Loans (\336 million, \407 million and \527 million for
September 30, 2009, March 31, 2009 and September 30, 2008, respectively) are not included in the above figures for Trust Account.

31

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans
Consolidated(%)
As of September 30, 2009
Change fromMarch 31, 2009

Mizuho Financial Group

68.06

Change from
September 30, 2008

0.23

As of
March 31,
2009

7.00

As of
September 30,
2008
67.83

61.06

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

Non-Consolidated(%)
As of September 30, 2009
Change fromMarch 31, 2009

Total

Change from
September 30, 2008

As ofMarch 31,
2009

As of
September 30,
2008

62.86

(1.88)

8.04

64.75

54.82

Mizuho Bank

56.03

0.47

5.30

55.56

50.73

Mizuho Corporate Bank

78.71

(7.52)

13.64

86.23

65.07

Mizuho Trust & Banking (Banking Account)

42.64(9.89)(21.49)

52.53

64.13

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

32

Mizuho Financial Group, Inc.

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

As of September 30, 2009
Change fromMarch 31, 2009

As ofMarch 31,2009

Change from
September 30, 2008

As of
September 30,
2008

Claims against Bankrupt and Substantially Bankrupt Obligors

297,974(22,060)

72,327320,035

225,646

Claims with Collection Risk

739,453

138,567

301,813600,886

437,639447,265(52,725)(87,110)

499,991

534,376

1,484,693

63,780287,0311,420,912

1,197,662

108,812535,935

464,790

Claims for Special Attention
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

573,60237,666

Trust Account
As of September 30, 2009
Change fromMarch 31, 2009-

Claims against Bankrupt and Substantially Bankrupt Obligors

Claims with Collection Risk

3,122

Claims for Special Attention
Total

As of
September 30,
2008

(6)

(6)

6

6

(8)

(18)

3,130

3,141

3,122

As of
March 31,2009

Change from
September 30, 2008

-

-

(14)

(25)

3,136

3,147

Consolidated + Trust Account
As of September 30, 2009
Change fromMarch 31, 2009

Change from
September 30, 2008

As ofMarch 31,
2009

As of
September 30,
2008

Claims against Bankrupt and Substantially Bankrupt Obligors

297,974(22,066)

72,321

320,041

225,652

Claims with Collection Risk

742,575

138,558

301,794

604,016

440,780

Claims for Special Attention

447,265(52,725)(87,110)

499,991

534,376

1,487,815

63,766

287,005

1,424,049

1,200,809

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

33

Mizuho Financial Group, Inc.
Non-Consolidated(Millions of yen, %)As of September 30, 2009

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 31,2009%

Change from
September 30,
2008%

As of March 31, 2009

As of September 30, 2008

%

%

%

278,758

0.39(30,037)(0.00)

73,4540.12

308,7960.39

205,304

0.26

733,767
418,682

1.03

135,730(59,278)

0.26

299,038(87,153)0.46

598,036
477,960

0.76

434,729505,835

0.57

1,431,208
69,561,244

2.01

1,384,793
76,767,661

1.77

97.98

46,415(7,206,416)

70,992,453

100.00(7,160,001)(5,112,873)

78,152,454

103,705

504,353

0.58

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
532,921(0.02)
0.24(0.24)

28,568285,339(5,398,212)(0.07)
0.51(0.51)

0.61

0.66

98.22

1,145,869
74,959,457

98.49

100.0076,105,326

100.001.50

429,216

Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors

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

200,1150.56(19,306)

0.00

51,3480.15

219,4210.55

148,7660.40

420,305
250,289
870,711

1.17

5,600
11,425(2,280)0.13

71,526(44,964)
77,911

0.22

1.04

0.28

872,991

2.19

348,779
295,254792,800

0.94(0.10)

414,705
238,864

34,799,375
35,670,087

97.55(4,041,473)(4,043,753)(0.24)(0.28)

38,840,848

97.80

97.84

39,713,840

100.0035,949,165
36,741,965

0.70
2.44

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
345,2670.10
0.24

12,205(1,149,789)(1,071,878)
93,3280.60

333,0610.80
2.15

100.00251,938

Mizuho Corporate Bank
Claims against Bankrupt and Substantially Bankrupt Obligors

33,887

0.10

1,260

0.01

12,0900.04

32,6260.09

21,7960.06

Claims with Collection Risk

283,139

0.89

109,2480.39

215,557

0.70

173,890

0.49

67,581

0.18

Claims for Special Attention
Sub-total

148,511465,538
31,097,877
31,563,415

0.47(79,143)
31,365(0.18)(52,867)
174,781(0.09)

0.65

201,378
290,757

0.56(3,323,792)(3,292,427)(0.22)(4,379,532)(4,204,750)(0.66)

227,655
434,173
34,421,669

98.75

99.18

34,855,842

100.0035,477,409
35,768,166

Normal Claims
Total

1.47
98.52
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
165,703

0.22

13,206

0.66

6,920

1.24

152,4970.81

100.00158,782

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

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

44,755

1.20(11,985)(0.39)

10,0210.22

56,741

1.59

34,7340.97

27,19919,8800.72

20,8898,440
17,344
161,197
178,5420.55

11,972
10,67832,671
136,180
168,852

0.30

6,310
11,44074,492
3,474,864
3,549,356

0.17

15,227
9,202
59,164
3,499,881
3,559,046

0.42

0.53

91,836
3,636,062

2.46
97.53

3,727,899
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
21,950100.000.21
0.36(0.36)

3,156

0.27
0.80
(0.80)

3,455

0.32
2.09
97.90
100.0018,794

0.25
1.66
98.33
100.0018,494(Trust Account)-

Claims against Bankrupt and Substantially Bankrupt Obligors

Claims with Collection Risk
Claims for Special Attention
Sub-total

3,122

-

(6)

(0.01)(6)(0.01)

6

0.01

6

0.01

(18)
(25)

1.36

3,130
3,136

9.36

3,141
3,147

8.68

-

(8)
(14)

0.68

(2,348)(2,362)(0.66)(5,071)(5,096)(1.34)

10.05

3,122
27,92910.05

31,051* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

100.00Normal Claims
Total

89.94

34

0.66

1.34

30,27733,4149.38
90.61
100.0033,00136,1488.70
91.29
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, 2009

Aggregated Figures of the 3 Banks (Banking Account)

Change fromMarch 31, 2009

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

As ofMarch 31, 2009

Change from
September 30, 2008

As of
September 30, 2008

278.7

(30.0)

73.4

308.7

205.2

251.3

(28.4)

68.2

279.8

183.1

27.4

(1.5)

5.2

28.9

22.1

730.6

135.7

299.0

594.9

431.5

Collateral, Guarantees, and equivalent

329.6

69.5

88.6

260.1

240.9

Reserve for Possible Losses

261.4

45.1

137.4

216.2

123.9

418.6

(59.2)(87.1)

477.9

505.8

104.4

(8.4)

(36.6)

112.8

141.0

Reserve for Possible Losses

Claims with Collection Risk

Claims for Special Attention
Collateral, Guarantees, and equivalent

98.8(20.5)

(0.2)

119.4

99.1

1,428.0

46.4

285.3

1,381.6

1,142.7

Collateral, Guarantees, and equivalent

685.3

32.5

120.2

652.7

565.0

Reserve for Possible Losses

387.7

23.0

142.4

364.6

245.3

Reserve for Possible Losses

Total

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

200.1(19.3)

51.3

219.4

148.7

191.9

(18.6)

50.0

210.6

141.8

8.1

(0.6)

1.2

8.8

6.9

420.3

5.6

71.5

414.7

348.7

Collateral, Guarantees, and equivalent

226.6

(0.9)

14.1

227.5

212.4

Reserve for Possible Losses

124.3

3.6

37.1

120.7

87.1

250.2

11.4

(44.9)

238.8

295.2

Collateral, Guarantees, and equivalent

72.0

11.7

(21.1)

60.2

93.1

Reserve for Possible Losses

60.8

10.0

10.9

50.8

49.9

870.7

(2.2)

77.9

872.9

792.8

Reserve for Possible Losses

Claims with Collection Risk

Claims for Special Attention

Total
Collateral, Guarantees, and equivalent

490.5

(7.8)

43.0

498.4

447.4

Reserve for Possible Losses

193.3

13.0

49.3

180.3

144.0

33.8

1.2

12.0

32.6

21.7

28.2

(0.8)

9.4

29.0

18.7

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

Claims with Collection Risk

5.6

2.1

2.5

3.5

3.0

283.1

109.2

215.5

173.8

67.5

Collateral, Guarantees, and equivalent

85.2

56.6

67.6

28.5

17.6

Reserve for Possible Losses

131.0

36.9

97.0

94.0

33.9

148.5

(79.1)(52.8)

227.6

201.3

Collateral, Guarantees, and equivalent

24.1(22.7)(20.0)

46.8

44.1

Reserve for Possible Losses

34.6(32.0)(13.2)

66.6

47.8

465.5

31.3

174.7

434.1

290.7

Collateral, Guarantees, and equivalent

137.5

33.0

57.0

104.4

80.5

Reserve for Possible Losses

171.3

7.0

86.4

164.3

84.9

Claims for Special Attention

Total

Mizuho Trust & Banking(Banking Account)
44.7(11.9)

10.0

56.7

34.7

Collateral, Guarantees, and equivalent

31.1

(8.9)

8.6

40.1

22.5

Reserve for Possible Losses

13.5

(3.0)

1.4

16.6

12.1

27.1

20.8

11.9

6.3

15.2

17.7

13.7

6.9

3.9

10.8
2.7

Claims against Bankrupt and Substantially Bankrupt Obligors

Claims with Collection Risk
Collateral, Guarantees, and equivalent
Reserve for Possible Losses

Claims for Special Attention
Collateral, Guarantees, and equivalent

6.0

4.6

3.2

1.4

19.8

8.4

10.6

11.4

9.2

8.2

2.5

4.6

5.7

3.6

3.4

1.4

1.9

1.9

1.4

91.8

17.3

32.6

74.4

59.1

Collateral, Guarantees, and equivalent

57.2

7.3

20.1

49.8

37.1

Reserve for Possible Losses

23.0

3.0

6.6

20.0

16.3

Reserve for Possible Losses
Total(Reference) Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent

Claims with Collection Risk
Collateral, Guarantees, and equivalent

Claims for Special Attention
Collateral, Guarantees, and equivalent

Total
Collateral, Guarantees, and equivalent

-

(0.0)

(0.0)

0.0

0.0

-

(0.0)

(0.0)

0.0

0.0

3.1

(0.0)

(0.0)

3.1

3.1

3.1

(0.0)

(0.0)

3.1

3.1

-

-

-

-

-

-

-

-

-

-

3.1

(0.0)

(0.0)

3.1

3.1

3.1

(0.0)

(0.0)

3.1

3.1

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

35

Mizuho Financial Group, Inc.

(2) Coverage Ratio(Billions of yen)
As of September 30, 2009

As ofMarch 31,
2009

As of
September 30,
2008

Change fromMarch 31, 2009

Change from
September 30, 2008

1,073.1
387.7
685.3

55.6
23.0
32.5

262.7
142.4
120.2

1,017.4
364.6
652.7

810.3
245.3
565.0

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

75.1
100.0
80.8
48.5
50.0

1.5

4.2

0.8
(0.0)
(0.9)

(3.6)
1.0
1.8

73.6
100.0
80.0
48.6
51.0

70.9
100.0
84.5
47.4
48.2

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

100.0
65.1
31.4
33.0

0.5
(1.2)
(0.5)

0.1
4.2
5.9

100.0
64.5
32.7
33.5

100.0
65.0
27.1
27.0

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

24.64
4.74
0.23

(0.06)(0.08)
0.01

5.44(1.37)
0.10

24.71
4.83
0.21

19.20
6.11
0.13

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

683.9
193.3
490.5

5.1
13.0
(7.8)

92.4
49.3
43.0

678.7
180.3
498.4

(Billions of yen)
591.4
144.0
447.4

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

78.5
100.0
83.4
53.0
53.8

0.7

3.9

(0.4)
6.6
3.8

(2.4)
4.6
6.0

77.7
100.0
83.9
46.4
50.0

74.6
100.0
85.9
48.4
47.8

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
64.1
34.1
34.3

(0.3)
5.6
4.9

0.2
9.4
9.6

100.0
64.5
28.4
29.4

100.0
63.9
24.7
24.7

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

24.17
4.94
0.27

3.30
(0.11)(0.00)

7.00(1.42)
0.07

20.87
5.06
0.27

17.16
6.36
0.19

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

308.8
171.3
137.5

40.0
7.0
33.0

143.4
86.4
57.0

268.8
164.3
104.4

(Billions of yen)
165.4
84.9
80.5

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

66.3
100.0
76.3
39.5
43.7

4.4

9.4

5.8
(10.3)
(7.5)

0.0
(6.1)
(4.9)

61.9
100.0
70.5
49.8
51.2

56.8
100.0
76.3
45.6
48.6

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

100.0
66.2
27.8
31.8

1.4
(9.0)
(6.2)

(1.8)
(2.6)
0.6

100.0
64.7
36.8
38.0

100.0
68.0
30.4
31.1

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

26.26
4.45
0.18

(3.71)(0.02)
0.03

3.02(1.20)
0.11

29.98
4.47
0.15

23.24
5.66
0.06

Aggregated Figures of the 3 Banks (Banking Account)
Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

(%)

(%)

(%)

Mizuho Bank

(%)

(%)

(%)

Mizuho Corporate Bank

(%)

(%)

(%)

36

Mizuho Financial Group, Inc.

(Billions of yen)
As of September 30, 2009

Mizuho Trust & Banking (Banking Account)

Change fromMarch 31, 2009

Change from
September 30, 2008

As ofMarch 31,
2009

As of
September 30,
2008

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

80.3
23.0
57.2

10.4
3.0
7.3

26.8
6.6
20.1

69.9
20.0
49.8

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

87.4
100.0
87.6
59.0
53.0

(6.3)

(2.9)

-

-

1.7
(8.7)
(18.2)

(1.8)
3.2
(4.6)

93.8
100.0
85.8
67.7
71.3

53.4
16.3
37.1
(%)
90.4
100.0
89.4
55.8
57.6

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
64.1
29.6
27.0

-

-

2.6
(5.1)
(10.5)

0.8
3.5
0.0

100.0
61.5
34.8
37.5

(%)
100.0
63.3
26.1
26.9

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

17.37
4.58
0.21

0.14
(0.48)(0.00)

1.73(1.08)
0.09

17.23
5.07
0.22

(%)
15.63
5.67
0.11

37

Mizuho Financial Group, Inc.

6. Overview of Non-Performing Loans ("NPLs")
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account)(Billions of yen)

2.

3.

Disclosed Claims under
the Financial
Reconstruction Law

Non-Accrual, Past Due& Restructured Loans

1.
SELF-ASSESSMENT
Categorization
Non-Categorization

ObligorCategory II

Bankrupt and Substantially Bankrupt
Obligors
278.7
278.7

Category III

Category IV(NonCollateralized)

Reserve
Ratio
100%

DirectWrite-offs

Collateral, Guarantees, etc.: 251.3
Reserves for Possible Losses: 27.4

Claims against Bankrupt
and Substantially
Bankrupt Obligors
278.7

99.0

Coverage Ratio
100%

Intensive Control Obligors
730.6

Loans to Bankrupt
Obligors

591.0

Non-Accrual
Delinquent Loans

139.5

Collateral, Guarantees, etc.:
329.6
Reserves for Possible Losses: 261.4

Reserve
Ratio
65.1%

Amounts forreserves arerecorded under
NonCategorization

Claims with Collection
Risk
730.6
Coverage Ratio

814.8

80.8%
95.6 (Note 2)

Watch Obligors
Claims for Special
Attention

Reserve Ratio against
Uncovered Portion
31.4%

Claims for Special
Attention (Note 1)

Loans Past Due for 3
Months or More
18.3

418.6
Collateral, Guarantees, etc.:
104.4
Reserves for Possible Losses:
98.8

418.6

Restructured Loans

Coverage Ratio
48.5%

400.0

（Note 2）

Special Attention Obligors
Total Coverage Ratio
75.1%

Other Watch Obligors

Claims against Special Attention Obligors-Coverage Ratio: 50.0%-Reserve Ratio for Uncovered Portion: 33.0%-Reserve Ratio against Total Claim: 24.6%

Normal Obligors

Reserve Ratio against Total Claims
・Other Watch Obligors 4.74%
・Normal Obligors
0.23%

Total

Total
1,428.0

70,961.4

Notes: 1.

2.

Total
1,332.3

Claims for Special Attention is denoted on an individual loans basis.
Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.
The difference between total Non-Accrual, Past Due & Restructured Loans and total Disclosed Claims under the FRL represents the amount ofclaims other than loans included in Disclosed Claims under the FRL.

38

Mizuho Financial Group, Inc.

7. Results of Removal of NPLs from the Balance Sheet
Non-Consolidated(1) Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk
(under the FRL)
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account + Trust Account)(Billions of yen)

Fiscal 2006

Fiscal 2008

Fiscal 2007

Fiscal 2009
As of September 30, 2009

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,
2007
2008
Fiscal 2006
2009
2007
2008

MizuhoBank

MizuhoCorporate
Bank

AggregatedMizuhoChange fromTrust & Figures of the
March 31,
3 Banks
Banking
2009

Claims against Bankrupt and Substantially Bankrupt Obligors

2,383.1

103.1

90.7

71.3

63.4

62.4

22.8

5.1

27.7

55.8

(6.5)

Claims with Collection Risk

7,585.5

212.2

159.2

103.7

88.6

75.8

47.7

12.4

4.1

64.4

(11.4)

Amount Categorized as above up to First Half of Fiscal 2006

9,968.7

315.4

249.9

175.1

152.1

138.2

70.6

17.6

31.9

120.2

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

1,047.4

2.7

59.7

46.5

32.1

25.0

23.2

17.5

0.1

20.3

(2.8)

Claims against Bankrupt and Substantially Bankrupt Obligors

19.1

12.4

8.8

7.3

6.5

5.6

-

0.1

5.8

(0.6)

Claims with Collection Risk

386.1

65.3

39.9

29.0

20.6

17.8

-

0.2

18.1

(2.4)

405.3

77.8

48.8

36.3

27.1

23.5

-

0.4

23.9

(3.1)

17.9

Amount Newly Categorized as above during theSecond Half of Fiscal 2006of which the amount which was in the process of
being removed from the balance sheet

12.4

8.8

7.2

5.6

4.9

-

0.1

5.1

(0.5)

Claims against Bankrupt and Substantially Bankrupt Obligors

57.9

22.2

17.7

11.1

9.8

-

0.0

9.8

(1.2)

Claims with Collection Risk

374.3

69.6

45.1

36.4

27.8

-

0.2

28.1

(8.3)

432.2

91.9

62.9

47.5

37.6

-

0.2

37.9

(9.6)

26.4

17.7

15.2

9.9

8.9

-

0.0

8.9

(0.9)

Amount Newly Categorized as above during theFirst Half of Fiscal 2007of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

34.7

36.2

34.3

26.9

3.5

0.0

30.5

(3.8)

Claims with Collection Risk

162.1

82.1

42.8

22.3

4.9

0.5

27.8

(14.9)

196.9

118.3

77.1

49.2

8.5

0.6

58.3

(18.8)

31.2

31.1

31.5

23.3

3.5

0.0

26.9

(4.5)

Amount Newly Categorized as above during theSecond Half of Fiscal 2007of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

80.4

67.5

43.7

0.0

6.9

50.7

(16.7)

Claims with Collection Risk

189.7

85.3

42.7

21.4

0.8

65.0

(20.2)

270.1

152.9

86.4

21.5

7.8

115.8

(37.0)(16.5)

Amount Newly Categorized as above during theFirst Half of Fiscal 2008of which the amount which was in the process of
being removed from the balance sheet

61.3

41.0

0.0

3.7

44.8

Claims against Bankrupt and Substantially Bankrupt Obligors

75.7

126.8

56.5

18.9

6.7

82.2

(44.5)

Claims with Collection Risk

336.9

119.0

61.2

4.4

184.7

(152.1)

463.8

175.6

80.2

11.2

267.0

(196.7)96.5(23.9)

Amount Newly Categorized as above during theSecond Half of Fiscal 2008of which the amount which was in the process of
being removed from the balance sheet

52.6

13.1

6.7

72.6

Claims against Bankrupt and Substantially Bankrupt Obligors

34.5

6.1

2.9

43.6

43.6

Claims with Collection Risk

142.6

182.9

19.7

345.3

345.3

177.1

189.1

22.7

389.0

389.0

34.5

4.2

0.4

39.2

39.2

Amount Newly Categorized as above during theFirst Half of Fiscal 2009of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

122.2

161.0

137.3

205.3

308.7

200.1

33.8

44.7

278.7

(30.0)

Claims with Collection Risk

598.4

598.9

375.5

434.7

598.0

420.3

283.1

30.3

733.7

135.7

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

720.7

760.0

512.8

640.0

906.8

620.4

317.0

75.0

1,012.5

105.6

77.7

85.4

89.9

154.3

228.3

183.0

23.6

11.4

218.1

(10.1)**

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

(2) Progress in Removal of NPLs from the Balance Sheet (Accumulated Removal Amount and Removal Ratio)
Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account + Trust Account)(Billions of yen)AmountNewly
Categorized

(%)

(%)

Balance as ofAccumulated
Accumulated
September 30,
Removal Amount Removal Ratio
2009

ModifiedAccumulated
RemovalRatio*Up to First Half of Fiscal 2006

9,968.7

120.2

9,848.4

98.7

98.9

Second Half of Fiscal 2006

405.3

23.9

381.3

94.0

95.3

First Half of Fiscal 2007

432.2

37.9

394.2

91.2

93.2

Second Half of Fiscal 2007

196.9

58.3

138.5

70.3

84.0

First Half of Fiscal 2008

270.1

115.8

154.3

57.1

73.7

Second Half of Fiscal 2008

463.8

267.0

196.7

42.4

58.0

First Half of Fiscal 2009

389.0

389.0

12,126.2

1,012.5

Total

11,113.7

39* 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 2009
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)
Newly Categorized
Fiscal 2007

Fiscal 2006
Up toFirst Half

Second HalfFirst Half

Amount Removed
from B/S in theFirst Half of
Fiscal 2009

Fiscal 2008

Second HalfFirst Half

Second Half

Liquidation(10.6)

(0.4)

(1.9)

(1.2)

(0.5)

(0.2)

(15.0)

Restructuring

(0.0)

(0.3)

-

(0.4)

(0.9)

(2.2)

(4.0)

-

-

-

-

(0.0)

-

(0.0)

(3.5)

(2.1)

(4.1)

(3.5)

(5.3)

(21.5)(40.2)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

13.6

2.1

5.9

0.6

(1.1)

(28.7)

(7.4)

Other

(17.4)

(2.3)

(9.4)

(14.2)(29.1)(144.0)(216.5)

Debt recovery(12.5)

(1.5)

(3.7)

(8.3)

(20.0)(87.0)(133.3)

Improvement in Business Performance

(4.8)

(0.7)

(5.7)

(5.9)

(9.0)

(56.9)(83.2)(17.9)

(3.1)

(9.6)

(18.8)(37.0)(196.7)(283.3)

Total

Mizuho Bank
Liquidation(10.2)

(0.4)

(1.9)

(1.2)

(0.5)

(0.2)

(14.6)

Restructuring

-

(0.3)

-

(0.4)

(0.3)

(0.3)

(1.4)

Improvement in Business Performance due to Restructuring

-

-

-

-

-

-

-

(3.5)

(2.1)

(4.1)

(3.5)

(4.3)

(0.6)

(18.3)

Loan Sales
Direct Write-off

11.2

2.2

5.3

0.9

(0.6)

(32.8)(13.8)

Other(10.9)

(2.2)

(8.7)

(14.1)(26.9)(79.4)(142.5)

Debt recovery

(6.1)

(1.5)

(3.0)

(8.2)

(18.0)(48.4)(85.4)

Improvement in Business Performance

(4.8)

(0.7)

(5.7)

(5.8)

(8.8)

(30.9)(57.0)(13.5)

(3.0)

(9.5)

(18.4)(32.8)(113.4)(190.8)Total

Mizuho Corporate Bank
Liquidation

-

-

-

-

-

-

-

(0.0)

-

-

-

-

(1.9)

(1.9)

Improvement in Business Performance due to Restructuring

-

-

-

-

-

-

-

Loan Sales

-

-

-

-

(0.9)

(20.8)(21.8)

Restructuring

Direct Write-off

2.0

(0.0)

0.6

(0.2)

0.3

6.8

9.6

Other

(6.2)

0.0

(0.6)

(0.0)

1.0

(58.7)(64.5)(6.2)

0.0

Debt recovery

(0.6)

(0.0)

1.2

(32.8)(38.5)

-

-

-

-

(0.1)

(25.8)(26.0)

(4.2)

-

-

(0.2)

0.4

(74.6)(78.6)

Improvement in Business Performance

Total

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

(0.4)

-

-

-

-

-

(0.4)

Restructuring

-

-

-

-

(0.6)

-

(0.6)

Improvement in Business Performance due to Restructuring

-

-

-

-

(0.0)

-

(0.0)

Loan Sales

-

-

-

-

-

(0.0)

(0.0)

Direct Write-off

0.3

-

-

(0.0)

(0.8)

(2.7)

(3.2)

Other

(0.2)

(0.0)

(0.1)

(0.0)

(3.2)

(5.8)

(9.5)

Debt recovery

(0.2)

(0.0)

(0.0)

(0.0)

(3.2)

(5.7)

(9.3)

Improvement in Business Performance

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.1)

(0.2)

(0.2)

(0.0)

(0.1)

(0.0)

(4.6)

(8.6)

(13.8)

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

Total

(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet
Amount Removed
Up to Second
Half of Fiscal
2006*

In First Half of In Second Half of
Fiscal 2007
Fiscal 2007

In First Half of In Second Half of
Fiscal 2008
Fiscal 2008

In First Half of
Fiscal 2009

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

Liquidation(1,382.7)(30.0)(35.8)(142.1)(49.2)(15.0)(1,655.1)

Restructuring(1,828.8)(11.0)

(2.6)

(1.8)

(0.0)

(4.0)

(1,848.4)(180.5)

(1.0)

(0.0)

-

(0.0)

(0.0)

(181.7)(4,195.8)(26.2)(60.9)(19.4)(39.5)(40.2)(4,382.2)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

3,174.1

46.5

27.8

135.4

22.9

(7.4)

3,399.3

Other(5,239.4)(371.0)(372.5)(114.9)(130.9)(216.5)(6,445.3)

Debt recovery(67.9)(138.8)(77.5)(92.5)(133.3)

Improvement in Business Performance(303.0)(233.6)(37.3)(38.3)(83.2)(392.9)(444.1)(142.9)(197.0)(283.3)

Total(9,653.3)* From the Second Half of Fiscal 2000 to the Second Half of Fiscal 2006.

40(11,113.7)

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, 2009
Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

59,257.5

1,182.4

7,972.1

164.5

Agriculture & Forestry

24.0

0.3

Fishery

1.4

-

144.8

0.0

1,084.1

72.0

919.1

2.3

Communication

1,807.2

63.9

Transportation & Postal Industry

2,949.2

103.7

Wholesale & Retail

5,160.3

134.0

Finance & Insurance

7,627.5

34.9

Real Estate

7,129.3

288.7

Commodity Lease

1,885.1

23.7

Service Industries

3,293.7

161.1

Local Governments

872.2

3.0

Governments

4,919.9-

Other

13,467.0

129.7

7,242.8

153.0

211.7

-

Financial Institutions

1,793.0

11.7

Other

5,238.0

141.3

66,500.3

1,335.5

Domestic Total (excluding Loans
Booked Offshore)
Manufacturing

Mining, Quarrying Industry &Gravel Extraction Industry
Construction
Utilities

Overseas Total (including Loans
Booked Offshore)
Governments

Total* Loans to Finance & Insurance sector includes loans to MHFG as follows:
As of September 30, 2009: \700.0 billion (from MHBK)* Amounts of Outstanding Balances are aggregated figures of banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are aggregated figures ofbanking and trust accounts with contracts indemnifying the principal amounts.
* According to the revision of the Japan Standardized Industrial Classification (November 2007), partial amendment has been made to classification of the industry beginningwith this interim period.
* Loans by Industry categorized by the previous method as of September 30, 2009 is as shown on page 43 (Reference).

41

Mizuho Financial Group, Inc.
(Billions of yen)
As of September 30, 2009
Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

33,305.9

829.7

3,124.7
23.5
0.9

110.1
0.3
-

Mizuho Bank
Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture & Forestry
Fishery
Mining, Quarrying Industry &Gravel Extraction Industry
Construction
Utilities
Communication
Transportation & Postal Industry
Wholesale & Retail
Finance & Insurance
Real Estate
Commodity Lease
Service Industries
Local Governments
Governments
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

6.8

0.0

570.6
74.8
351.0
1,016.2
3,636.5
2,570.6
3,591.7189.9
2,216.8
741.1
3,699.3
11,490.9

51.3
2.0
34.4
24.3
123.8
12.0
191.5
1.5
153.6
124.3

-

-

33,305.9

829.7

20,121.9285.9

4,285.4
0.4
0.5

49.4
-

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

132.4

-

395.9
752.5
278.8
1,697.2
1,300.2
4,364.0
2,465.6
1,455.2
986.0
94.5
920.5
992.2

18.4
0.0
26.3
79.4
8.8
13.7
62.0
22.2
4.4
0.7

7,230.9

153.0

210.7
1,793.0
5,227.2
27,352.9

11.7
141.3
439.0

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total
5,829.6
66.7(excluding Loans Booked Offshore)
Manufacturing
561.9
4.9
Agriculture & Forestry
0.0
Fishery
Mining, Quarrying Industry &5.5
Gravel Extraction Industry
Construction
117.5
2.2
Utilities
91.8
0.3
Communication
1,177.3
3.1
Transportation & Postal Industry
235.6
Wholesale & Retail
223.5
1.3
Finance & Insurance
692.7
9.1
Real Estate
1,071.9
35.0
Commodity Lease
240.0
0.0
Service Industries
90.8
3.0
Local Governments
36.5
3.0
Governments
300.0
Other
983.8
4.5
Overseas Total
11.8(including Loans Booked Offshore)
Governments
1.0
Financial Institutions
Other
10.8
Total
5,841.4
66.7* Amounts of outstanding loans are aggregated figures of banking and trust accounts, and amounts of non-accrual, past due & restructured loans are aggregated figures of banking
and trust accounts with contracts indemnifying the principal amounts.

42

Mizuho Financial Group, Inc.

(Reference)

Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)
As of September 30, 2009

As of March 31, 2009

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

59,257.5

Manufacturing

Change from March 31, 2009

Change from September 30, 2008

As of September 30, 2008

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

1,182.4(4,934.9)

26.8(1,073.8)

178.4

64,192.4

1,155.6

60,331.3

1,004.0

7,972.1

164.5(511.6)

8.1

653.2

21.0

8,483.8

156.4

7,318.9

143.5

Agriculture

23.1

0.3

(6.1)

(0.0)

(9.9)

(0.5)

29.3

0.3

33.1

0.9

Forestry

0.8

-

(0.0)

-

(0.0)

-

0.8

-

0.8

-

Fishery

1.4

-

(0.9)

(0.0)

(1.5)

(0.1)

2.3

0.0

2.9

0.1

Mining

144.8

0.0

7.1

(0.0)

50.6

(0.0)

137.7

0.0

94.1

0.0

1,084.1

72.0(253.7)(1.4)(210.6)

3.6

1,337.8

73.5

1,294.8

68.3

919.1

2.3

64.8

0.3

94.2

(0.2)

854.3

2.0

824.9

2.6

Communication

1,807.2

63.9(131.9)26.6(98.7)

43.0

1,939.2

37.2

1,905.9

20.8

Transportation

2,949.2

103.7

78.8

2.0

191.9

(11.5)

2,870.3

101.6

2,757.2

115.3

Wholesale & Retail

5,160.3

134.0(454.3)1.3(394.3)(20.4)

5,614.7

132.6

5,554.6

154.4

Finance & Insurance

7,627.5

34.9(1,041.5)

9.5(514.3)

1.7

8,669.0

25.4

8,141.8

33.1

Real Estate

7,129.3

288.7

852.4

9.0

496.9

126.3

6,276.8

279.6

6,632.4

162.4

Service Industries

5,178.8

184.9(244.7)(15.0)(278.2)23.7

5,423.6

199.9

5,457.1

161.2

Local Governments

872.2

3.0

186.0

(0.0)

407.0

(0.0)

686.1

3.0

465.1

3.0

Governments

4,919.9-(2,959.8)-(1,208.1)-

7,879.8-

6,128.1-

Other

13,467.0

129.7(519.3)(13.8)(252.0)(8.1)

13,986.3

143.5

13,719.0

137.8

7,242.8

153.0(1,303.2)

39.8(2,149.5)

77.2

8,546.1

113.2

9,392.4

75.8

211.7

-

(43.1)-(111.3)

-

254.9

-

323.1

-

Financial Institutions

1,793.0

11.7(197.4)10.6(615.1)8.8

1,990.4

1.0

2,408.1

2.8

Other

5,238.0

141.3(1,062.6)

29.1(1,423.0)

68.4

6,300.7

112.1

6,661.0

72.9

66,500.3

1,335.5(6,238.2)

66.6(3,223.4)

255.6

72,738.5

1,268.8

69,723.7

1,079.8

Domestic Total (excluding Loans
Booked Offshore)

Construction
Utilities

Overseas Total (including Loans
Booked Offshore)
Governments

Total* Loans to Finance & Insurance sector includes loans to MHFG as follows:
As of September 30, 2009: \700.0 billion (from MHBK)As of March 31, 2009: \700.0 billion (from MHBK)As of September 30, 2008: \720.0 billion (from MHBK \360.0 billion; from MHCB \360.0 billion)* Amounts of Outstanding Balances are aggregated figures of banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are aggregated figuresof banking and trust accounts with contracts indemnifying the principal amounts.
* Loans to private lessors of \1,011.6 billion which was categorized by the industries of obligors is now categorized in Real Estate from September 30, 2009.
If the same change of categorization is applied to the data as of March 31, 2009 and as of September 30, 2008, change from March 31, 2009 is \(234.1) billion
and change from September 30, 2008 is \(582.9) billion in Loans to Real Estate43

Mizuho Financial Group, Inc.
(Billions of yen)
As of September 30, 2009
Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

33,305.9
3,124.7
22.6
0.8
0.9
6.8
570.6
74.8
351.0
1,016.2
3,636.5
2,570.6
3,591.7
2,406.7
741.1
3,699.3
11,490.9

Change from March 31, 2009

Change from September 30, 2008

As of September 30, 2008

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

829.7

(3,820.6)(5.8)(698.5)

62.3

37,126.6

835.6

34,004.5

767.4

110.1
0.3
0.0
51.3
2.0
34.4
24.3
123.8
12.0
191.5
155.2
124.3

(163.3)
(5.8)
(0.0)
(0.4)
(0.2)
(70.2)(7.1)(26.0)(20.4)(321.9)(51.5)
605.8(342.0)181.7(3,252.9)(345.9)

(0.5)
(0.0)
(0.0)
(0.0)
(6.4)
0.3
11.0
1.5
5.7
1.9
5.2
(12.2)(12.5)

26.8
(9.6)
(0.0)
(0.8)
(0.5)
(70.3)(15.9)
15.4
15.0(272.3)718.8
512.9(538.6)384.3(1,297.7)(166.0)

3.5
(0.5)
(0.1)
(0.0)
(4.6)
1.3
14.5
(3.5)
(17.3)
3.3
45.6
26.7
(6.6)

3,288.1
28.5
0.8
1.3
7.0
640.8
82.0
377.0
1,036.7
3,958.5
2,622.2
2,985.9
2,748.7
559.3
6,952.2
11,836.9

110.7
0.3
0.0
0.0
57.7
1.6
23.3
22.7
118.1
10.0
186.3
167.4
136.9

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

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

-

-

-

-

-

-

-

-

-

-

33,305.9

829.7(3,820.6)(5.8)(698.5)

62.3

37,126.6

835.6

34,004.5

767.4

20,121.9

285.9(1,256.5)

15.4(428.5)

83.8

21,378.4

270.5

20,550.4

202.0

4,285.4
0.4
0.5
132.4
395.9
752.5
278.8
1,697.2
1,300.2
4,364.0
2,465.6
2,441.2
94.5
920.5
992.2

49.4
18.4
0.0
26.3
79.4
8.8
13.7
62.0
26.7
0.7

(289.8)
(0.3)
0.5
7.7
(159.6)70.6(53.1)
51.1(130.6)(1,009.0)(49.9)
129.9
4.5
(6.9)
178.6

4.7
4.4
(0.0)
12.9
0.5
(1.3)
(1.5)
(0.6)
(3.2)
(0.4)

578.2
(0.3)
0.2
50.8
(109.9)112.5(19.5)
127.8(122.8)(1,211.6)(214.9)266.5
22.1(210.4)
302.5

13.4
6.5
(1.9)
25.8
(6.7)
1.8
(8.9)
58.1
(3.6)
(0.6)

4,575.3
0.7
124.7
555.5
681.8
332.0
1,646.1
1,430.8
5,373.1
2,515.6
2,311.2
89.9
927.5
813.5

44.6
13.9
0.0
13.4
78.9
10.1
15.3
62.7
30.0
1.1

3,707.1
0.7
0.2
81.5
505.8
640.0
298.3
1,569.4
1,423.0
5,575.6
2,680.6
2,174.7
72.3
1,131.0
689.6

36.0
11.9
1.9
0.5
86.1
6.9
22.7
3.9
30.4
1.4

7,230.9

153.0(1,301.9)

39.8(2,147.2)

77.2

8,532.9113.2

9,378.1

75.8

210.7
1,793.0
5,227.2
27,352.9

11.7
141.3
439.0

(43.0)(197.4)(1,061.4)(2,558.4)

10.6
29.1
55.2

(111.1)(615.1)(1,420.9)(2,575.7)

8.8
68.4
161.1

253.7
1,990.4
6,288.7
29,911.3

1.0
112.1
383.7

321.8
2,408.1
6,648.1
29,928.6

2.8
72.9
277.9

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

As of March 31, 2009

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

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total
5,829.6
66.7
142.2
17.3
53.2
32.2
5,687.4
49.4
5,776.3(excluding Loans Booked Offshore)
Manufacturing
561.9
4.9
(58.4)
3.9
48.1
4.1
620.3
1.0
513.8
Agriculture
0.0
(0.0)
(0.0)
0.0
0.0
Forestry
Fishery
(1.0)
(1.0)
1.0
1.0
Mining
5.5
(0.3)
0.3
5.9
5.2
Construction
117.5
2.2
(23.9)
0.5(30.4)
1.7
141.4
1.7
148.0
Utilities
91.8
0.3
1.3
(0.0)
(2.2)
0.3
90.4
0.3
94.0
Communication
1,177.3
3.1(52.8)
2.7(94.6)
2.6
1,230.1
0.4
1,271.9
Transportation
235.6
48.1
49.0
(1.2)
187.4
186.6
Wholesale & Retail
223.5
1.3
(1.7)
(2.9)
0.8
(4.9)
225.2
4.2
222.6
Finance & Insurance
692.7
9.1
19.1
9.1
(21.5)
7.4
673.6
714.3
Real Estate
1,071.9
35.0
296.6
4.4
198.9
22.4
775.2
30.6
872.9
Service Industries
330.9
3.0
(32.6)
0.4
(6.1)
0.6
363.6
2.5
337.0
Local Governments
36.5
3.0
(0.2)
(0.0)
0.4
(0.0)
36.8
3.0
36.1
Governments
300.0
300.0
300.0
Other
983.8
4.5
(352.0)(0.8)(388.5)(0.8)
1,335.8
5.4
1,372.3
Overseas Total
11.8
(1.3)
(2.3)
13.1
14.2
(including Loans Booked Offshore)
Governments
1.0
(0.1)
(0.2)
1.1
1.3
Financial Institutions
Other
10.8
(1.2)
(2.1)
12.0
12.9
Total
5,841.4
66.7
140.8
17.3
50.8
32.2
5,700.5
49.4
5,790.5* Amounts of outstanding loans are aggregated figures of banking and trust accounts, and amounts of non-accrual, past due & restructured loans are aggregated figures ofbanking and trust accounts with contracts indemnifying the principal amounts

44

34.5
0.8
0.5
0.5
1.2
6.2
1.6
12.5
2.4
3.0
5.3
34.5

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 September 30, 2009

Disclosed Claims
under the FRL

Coverage
Ratio

1,262.2

76.6

174.6

62.4

Agriculture & Forestry

0.3

93.5

Fishery

0.0

100.0

Mining, Quarrying Industry &Gravel Extraction Industry

0.0

100.0

Construction

73.6

71.7

Utilities

2.3

70.8

Communication

65.0

56.8

Transportation & Postal Industry

106.8

69.7

Wholesale & Retail

146.5

71.3

Finance & Insurance

35.5

67.0

Real Estate

293.3

90.3

Commodity Lease

25.3

75.2

Service Industries

164.9

68.9

Local Governments

30.6

100.0

Other

142.8

94.6

168.9

64.4

-

-

Financial Institutions

12.5

97.3

Other

156.4

61.8

1,431.2

75.1

Domestic Total(excluding Loans Booked Offshore)
Manufacturing

Overseas Total(including Loans Booked Offshore)
Governments

Total* Trust account denotes trust accounts with contracts indemnifying the principal amounts.
* According to the revision of the Japan Standardized Industrial Classification (November 2007), partial amendment has been
made to classification of the industry beginning with this interim period.
* Disclosed Claims under the FRL and Coverage Ratio by Industry categorized by the previous method as of September 30, 2009is as shown on page 46 (Reference).

45

Mizuho Financial Group, Inc.

(Reference)
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen, %)As of March 31, 2009 As of September 30, 2008

As of September 30, 2009
Change from March 31, 2009 Change from September 30, 2008
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

1,262.2

76.6

20.9

1.2

194.2

5.4

1,241.3

75.4

1,067.9

71.1

Manufacturing

174.6

62.4

9.4

(7.5)

27.0

(4.4)

165.1

69.9

147.5

66.9

Agriculture

0.3

93.5

(0.0)

(5.9)

(0.5)

37.3

0.3

99.4

0.9

56.2

Forestry

-

-

-

-

-

-

-

-

-

-

Fishery

0.0

100.0

(0.0)

-

(0.1)

7.6

0.0

100.0

0.1

92.3

Mining

0.0

100.0

(0.0)

-

(0.0)

84.3

0.0

100.0

0.0

15.6

Construction

73.6

71.7

(1.1)

1.2

3.5

(7.1)

74.7

70.4

70.1

78.8

Utilities

2.3

70.8

0.3

(2.2)

(0.2)

(23.0)

2.0

73.0

2.6

93.8

Communication

65.0

56.8

26.3

7.7

42.6

2.0

38.7

49.1

22.3

54.7

Transportation

106.8

69.7

2.4

17.0

(11.3)

22.5

104.4

52.7

118.2

47.2

Wholesale & Retail

146.5

71.3

2.7

0.3

(14.8)

10.3

143.7

71.0

161.4

61.0

Finance & Insurance

35.5

67.0

25.1

14.8

19.0

13.4

10.3

52.2

16.4

53.6

Real Estate

293.3

90.3

8.1

1.2

129.0

4.2

285.2

89.1

164.2

86.0

Service Industries

190.3

69.7

(29.1)

4.4

8.3

5.5

219.4

65.2

181.9

64.1

Local Governments

30.6

100.0

(0.0)

-

(0.0)

-

30.6

100.0

30.6

100.0

Other

142.8

94.6

(23.2)

0.5

(8.3)

2.8

166.1

94.0

151.1

91.8

168.9

64.4

25.4

5.6

91.0

(4.0)

143.4

58.7

77.8

68.5

-

-

-

-

-

-

-

-

-

-

Financial Institutions

12.5

97.3

11.4

(18.8)

9.5

42.4

1.0

116.1

2.9

54.8

Other

156.4

61.8

13.9

3.4

81.4

(7.2)

142.4

58.3

74.9

69.0

1,431.2

75.1

46.4

1.5

285.3

4.2

1,384.7

73.6

1,145.8

70.9

Domestic Total(excluding Loans Booked Offshore)

Overseas Total(including Loans Booked Offshore)
Governments

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

46

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, 2009
Change fromMarch 31,2009

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

Change from
September 30,
2008

As of
March 31,
2009

As of
September 30,
2008

12,273.6
10,143.0(34.1)
66.2

103.2
265.4

12,307.7
10,076.8

12,170.3
9,877.5

11,983.8
10,947.8
9,894.0
1,036.0(24.7)
23.8
72.8(48.6)

119.9
178.9
276.4
(59.0)

12,008.6
10,924.0
9,821.2
1,084.6

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

-

-

-

-

-

289.7
248.9

(9.3)
(6.6)

(16.6)(10.9)

299.0
255.5

306.3
259.9

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

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

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

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

As of September 30, 2009

As of
September 30,
2008

Change from
September 30,
2008

55.5

2.0

(1.7)

53.4

57.2

32,891.4(1,423.4)(1,627.6)

34,314.8

34,519.0

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

As ofMarch 31,2009

Change fromMarch 31,2009

* Loans to MHFG are included as follows:
As of September 30, 2009: \700.0 billion (from MHBK)As of March 31, 2009: \700.0 billion (from MHBK)As of September 30, 2008: \720.0 billion (from MHBK \360.0 billion; from MHCB \360.0 billion)

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

71.4

5.4

0.9

65.9

70.5

23,802.2(691.1)(187.6)24,493.4

23,989.9

34.3

(0.9)

(5.2)

35.2

39.5

6,906.5(633.6)(1,221.9)

7,540.2

8,128.5

37.4

(2.6)

(4.1)

40.1

41.5

2,182.5(98.6)(218.0)2,281.1

2,400.5

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

Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total
Domestic Loans
Loans to SMEs and Individual Customers* Above figures are aggregated banking and trust account amounts.
* Above figures do not include loans booked at overseas offices and offshore loans.
* The definition of "Small and Medium-sized Enterprises" is as follows:Enterprises of which the capital is \300 million or below (\100 million or below for the wholesale industry, and \50 million or below for the retail andservice industries), or enterprises with full-time employees of 300 or below (100 or below for the wholesale industry, 50 or below for the retail industry, and100 or below for the service industry.)47

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, 2009

Loan amount
Number of Restructuring Countries*

As ofMarch 31,
2009

As of
September 30,
2008

2.4

3.7

0.1

1

4

3

Change fromMarch 31,2009

Change from
September 30,
2008

2.5

(1.2)

4

-

* Number of Restructuring Countries refers to the countries of obligors' residence.

(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Region
Non-Consolidated
Aggregated Figures of the three Banks (Banking Account + Trust Account)(Billions of yen)

As of September 30, 2009

As of March 31, 2009
Change from March 31, 2009

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

1,663.7

18.1(276.9)0.9Hong Kong

357.4

2.3

(102.7)

Korea

229.8

0.3

Singapore

266.2

Thailand

Change from September 30, 2008
Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans(421.4)7.4

1,940.6

17.2

2,085.1

10.6

0.5(113.0)

(1.5)

460.1

1.8

470.4

3.9

(18.4)

0.3(87.1)

0.3

248.2

-

317.0

-

6.4

(33.1)(0.6)(37.1)

6.2

299.4

7.0

303.3

0.1

240.2

2.4

(25.1)

0.5(28.3)

1.4

265.4

1.8

268.6

0.9

Central and South America

2,352.6

2.6(210.7)2.5(310.1)2.5

2,563.3

0.1

2,662.8

0.1

North America

2,251.6

53.8(330.7)32.0(434.4)40.5

2,582.3

21.7

2,686.1

13.2

Eastern Europe

70.3

6.4

(15.6)

0.4(24.1)

6.4

86.0

5.9

94.5

-

Western Europe

2,605.3

65.2(406.0)6.7(742.4)25.1

3,011.3

58.4

3,347.8

40.1

834.8

7.8

(19.6)(1.7)(165.5)

(4.9)

854.5

9.5

1,000.4

12.8

9,778.6

154.1(1,259.6)

41.0(2,098.2)

77.1

11,038.3

113.1

11,876.9

76.9

Asia

Other
Total

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

As of September 30, 2008

Outstanding
Balance* The above figures do not include the outstanding balance of loans by Mizuho Corporate Bank (China), Ltd. established in June 2007.

48

Mizuho Financial Group, Inc.

IV. OTHERS
1. Breakdown of Deposits (Domestic Offices)
Non-Consolidated(Billions of yen)
As of September 30, 2009
Change fromMarch 31, 2009

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, 2008

As ofMarch 31,
2009

As of
September 30,
2008

68,078.6
34,902.5
28,198.2
4,977.8(1,444.9)
138.7(956.4)(627.2)

1,316.9501.8
1,624.1(809.0)69,523.6
34,763.8
29,154.6
5,605.1

66,761.7
34,400.6
26,574.1
5,786.9

54,335.5
33,105.5
18,750.9
2,479.0(985.2)191.0(405.3)(770.9)

458.1
565.3
571.6
(678.9)55,320.8
32,914.4
19,156.3
3,250.0

53,877.4
32,540.1
18,179.3
3,157.9

11,175.0
3.0
8,899.2
2,272.7(111.4)(0.4)(358.1)247.0

1,083.9(3.3)
1,153.9(66.6)

11,286.5
3.5
9,257.4
2,025.6

10,091.0
6.4
7,745.3
2,339.3

2,567.9
1,793.9
547.9
226.0

(348.1)(51.8)(192.9)(103.4)(225.1)(60.1)(101.4)(63.5)

2,916.1
1,845.8
740.8
329.4

2,793.1
1,854.0
649.4
289.6

* 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.

49

Mizuho Financial Group, Inc.

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

Mizuho Financial Group, Inc. (Non-Consolidated)
As of September 30, 2009
Change fromMarch 31,
2009

14
4
299

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

Change from
September 30,
2008

16

As of
September 30,
2008

As of
March 31,
2009

31

14
4
283

14
4
268

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

Non-Consolidated
As of September 30, 2009
Change fromMarch 31,2009

Aggregated Figures of the 3 Banks
Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)

31
90
31,095

1
(1)
1,912

Change from
September 30,
2008

As of
March 31,
2009

As of
September 30,
2008

(2)
1,301

30
91
29,18331
92
29,794* The numbers have been adjusted for Members of the Board of Directors and Auditors doubling other positions.

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

11
32
19,489

1,344

(1)
838

11
32
18,14511
33
18,651

11
40
8,228

1
1
328

1
283

10
39
7,900

11
39
7,945

11
18
3,378

(2)
240

(2)
180

11
20
3,138

11
20
3,198

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)

50

Mizuho Financial Group, Inc.

3. Number of Branches and Offices
Non-Consolidated
Aggregated Figures of the 3 Banks

As of September 30, 2009
Change fromMarch 31,2009

Head Offices and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

441
22
39
10
6

1
1
(2)

Change from
September 30,
2008

As of
September 30,
2008

As of
March 31,
2009

3
1
1
(3)

440
22
38
10
8

438
22
38
9
9

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (32),
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

388
37
-

1
1
-

3
1
-

387
36
-

385
36
-

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (14),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
6

(1)

1
(2)

18
22
10
7

18
22
9
8

35
2
1

35
2
1

* Head Office and Domestic Branches do not include branches and offices for remittance purposes only (18).

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

35
2
-

(1)

51

(1)

V. Segment Information by Global Group
Billions of yen

Consolidated
Total of the Global Corporate Group
MHCB
Domestic International
First Half of Fiscal 2009

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

476.6 ¥
236.3
240.3
234.0
(4.7)
237.9 ¥

318.6
225.7
92.9
121.4
0.0
197.2

¥

¥

135.4
85.4
50.0
49.4
0.0
86.0

¥

¥

52.4
43.0
9.4
27.2
0.0
25.2

MHSC

OthersTotal of the Global Retail Group
MHBK

Tradingand others

¥

¥

130.8
97.3
33.5
44.8
0.0
86.0

¥

¥

93.0 ¥
(5.8)
98.8
72.1
0.0
20.9 ¥

65.0
16.4
48.6
40.5
(4.7)
19.8

¥

¥

448.1
324.9
123.2
308.1
0.0
140.0

¥

¥

408.2
311.8
96.4
285.0
0.0
123.2

¥

¥

MHIS
Retailbanking

Corporatebanking

Tradingand others

142.9
135.1
7.8
122.8
0.0
20.1

¥

¥

¥

194.5
132.5
62.0
114.8
0.0
79.7

¥

70.8
44.2
26.6
47.4
0.0
23.4

¥

¥

24.1
0.2
23.9
19.6
0.0
4.5

Others

¥

¥

15.8
12.9
2.9
3.5
0.0
12.3

Total of the Global Asset & Wealth Management GroupMHTB
Others¥¥86.2 ¥
24.0
62.2
65.4
(1.8)
19.0 ¥

63.8
23.2
40.6
45.9
0.0
17.9

¥

¥

22.4
0.8
21.6
19.5
(1.8)
1.1

¥

¥

OthersFigures of
MHFG

(5.7)
(4.1)
(1.6)
(1.9)
(33.6)(37.4)¥ 1,005.2
581.1
424.1
605.6
(40.1)¥
359.5

Notes: 1. Credit-related costs for Trust Accounts are excluded from Gross Profits.
2. Figures for the first half of fiscal 2009 are in accordance with the managerial accounting rules of MHBK for fiscal 2009.
Billions of yen

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

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

357.2 ¥ 268.6
184.0
144.6
173.2
124.0
192.8
123.4
(21.9)
0.0
142.5 ¥ 145.2

¥

¥

143.9
88.8
55.1
47.6
0.0
96.3

¥

¥

61.8
44.6
17.2
33.7
0.0
28.1

MHSC

OthersTotal of the Global Retail Group
MHBK

Tradingand others

¥

¥

62.9
11.2
51.7
42.1
0.0
20.8

¥

¥

35.1 ¥
(5.0)
40.1
30.8
0.0
4.3 ¥

53.5
44.4
9.1
38.6
(21.9)(7.0)¥¥

462.7 ¥ 426.5
318.4
296.5
144.3
130.0
309.1
286.7
(8.3)
0.0
145.3 ¥ 139.8

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

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

52

¥

¥

Retailbanking

Corporatebanking

Tradingand others

175.4
162.1
13.3
119.5
0.0
55.9

¥

¥

¥

224.6
151.7
72.9
117.6
0.0
107.0

¥

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

Others

17.0 ¥
0.1
16.9
22.9
0.0
(5.9) ¥

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

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

70.5
26.4
44.1
46.4
0.0
24.1

¥

¥

25.0 ¥
0.8
24.2
21.5
(0.5)
3.0 ¥

Others

1.9
(6.2)
8.1
2.4
3.1
2.6

Figures of
MHFG

¥

¥

917.3
523.4
393.9
572.2
(27.6)
317.5

VI. The Impact of the Dislocation in Global Financial Markets Stemmingfrom US Subprime Loan Issues
The following is an excerpt from information (managerial accounting basis) that we disclosed in presentation materials used in our IR
presentation regarding our financial results for the first half of fiscal 2009 ended September 30, 2009 that we held on November 24, 2009
regarding the detailed status of our holdings of securitization products, etc. The presentation materials can be found under “IR
Presentations” on our website.

 Summary
Income Statement Impact of the Dislocation in Global Financial Markets
Managerial accounting basis, billions of yen, round figures

First Half of Fiscal 2009(A)+(B)

Total Realized Gains/Losses¥ (3)Banking Subsidiaries: 3 Banks (including Overseas Subsidiaries)(1) Gains/Losses on Sales of Securitization Products, etc. (including Devaluation)(of which Foreign Currency Denominated)

82(2) Net Gains/Losses on Provision of Reserve for Possible Losses on Sales of Loans

0(3) Gains/Losses associated with ABCP Programs

0(4) Profits/Losses from Hedging by CDS related to Securitization Products

(13)
(A)

Subtotal(4)

Securities Subsidiaries: Mizuho Securities (including Overseas Subsidiaries)*1(5) Trading Gains/Losses on Securitization Products, Net of Hedges(of which Foreign Currency Denominated)

1
1
(B)

Subtotal¥*1. Does not include reserves for counterparty risks associated with the amount to be claimed at the settlement of the CDS related to securitization products described in “CDS
related to Securitization Products” on page 58.

53

1 Banking Subsidiaries
Foreign Currency Denominated Securitization Products
3 Banks (incl. Overseas Subsidiaries) = Banking AccountManagerial accounting basis, billions of yen, round figures

Balances Marks (%)
Changes in 1H FY09
Balances Marks (%) Unrealized
Realized (Reference)
as of
as of Gains/Losses
as of
as of
Gains
Gains
HedgedForex
Sales,
Mar.09*1,2
Mar.09(Realized
Rates
etc. Sep.09*1,2
Sep.09/Losses/Losses
Propor(Fair Value) (=Fair Value+Changes(Fair Value) (=Fair Valueas offor 1H FY09
tions*3*2*1,2/Face Value) in Unrealized)/Face Value)
Sep.09 (Apr.-Sep.09)

1 Foreign Currency
Denominated
Securitization Products
2

¥ 540

ABSCDOs, CDOs

62%

¥ 36

¥ (10) ¥ (35)

¥ 532

64%

¥ (19)¥ 2

approx.
60%

49

23

4

(0)

(14)

38

19

1

1

approx.
40%

3

CDOs backed by RMBS

5

3

1

(0)

(1)

4

3

1

0

—

4

CDOs backed by Claims
against Corporations(Securitization Products
backed by Original Assets(Non-Securitized Assets))

44

55

4

(0)

(13)

34

52

0

1

approx.
40%

5

RMBS*4 (Underlying Assets
outside US, mainly in Europe)

188

68

16

3

(2)

206

74

(6)

1

approx.
70%

6ABS, CLOs and others

303

79

15

(13)

(19)

288

81

(14)

0

approx.
50%

7

CLOs

182

90

11

(14)

(4)

176

92

(10)

0

approx.
50%

8

ABS

69

77

7

0

(14)

62

80

(1)

3

approx.
50%

9

CMBS

52

76

(2)

1

(1)

50

75

(3)

(3)

approx.
70%*1. Except for the securitization products which were the reference assets of our securitization schemes for transferring credit risk to third parties (hedged portion), a Reserve for
Possible Losses on Investments has been provided against unrealized losses on securitization products related to the discontinuation of business regarding credit investments primarily in Europe, which had been made as an alternative to loans. The balance of reserve was approx. ¥23 billion as of Sep. 30, 2009. Since securities were recognized at fairvalue on the consolidated balance sheet, the relevant balances as of Mar. 31, 2009 and Sep. 30, 2009 were those after being offset by the amount of Reserve for Possible Losses
on Investments*2. With respect to the vast majority of credit investments in securitization products made as an alternative to loans by the European, North American, and other offices, we changed
the calculation method for fair value and applied reasonably calculated prices based on the reasonable estimates of our management as fair value (The book value of the relevant
securitization products after the aforementioned change: approx. ¥521 billion as of Sep. 30, 2009. Please refer to page 1-29 of our Financial Statements for the Second Quarter of
Fiscal 2009)(Impact in 1H FY2009) Balance as of Sep. 30, 2009: approx. +¥133 billion, Unrealized Gains/Losses as of Sep.30, 2009: approx. +¥8 billion,
P&L impact for 1H FY2009: approx. +¥15 billion*3. The proportions of balances (fair value) of the securitization products, as of Sep. 30, 2009, which were the reference assets of our securitization schemes (with CDS and othermeans) for transferring credit risk to third parties until maturity. In some of the securitization schemes, a portion of credit risk of the reference assets remained with Mizuho
Financial Group through our retaining a small first loss position and a portion of senior tranches<Reference> CDS counterparties†1: Financial services subsidiary (A- rating) of a multi-line insurance company: approx. ¥158 billion
Government-affiliated financial institution (AA- rating): approx. ¥89 billion†1: Notional amount basis. Ratings were based on the lowest external ratings as of Sep. 30, 2009
*4. Excluded US government-owned corporation bonds and government-sponsored enterprises bonds—The total balance (fair value) of the US government-owned corporation (Ginnie Mae) bonds and government-sponsored enterprises (GSE) (Fannie Mae, Freddie Mac) bonds
held as of Sep. 30, 2009 was approx. ¥610 billion (almost all of the total balance was RMBS guaranteed by Ginnie Mae), with approx. ¥13 billion of unrealized gains)—There was no holding of stocks of these entities

Note: Please refer to P59 for details of breakdown by credit rating and geographic distribution and P60 for details of Yen denominatedsecuritization products

54

Overseas ABCP Program/US Monoline/Loans Held for Sale/Others (Managerial accounting basis, rounded figures)
Overseas ABCP Program Related (Sep. 09)<Assets Acquired by Overseas ABCP Conduits>• Balance as of Sep. 30, 2009: approx. ¥84 billion• Breakdown of Acquired Assets








*1. The above included approx. ¥33 billion of securitization products backed bymarked assets. The change in balance of the above-mentioned securitization
products from Mar. 31, 2009 (approx. -¥49 billion) was primarily due to theredemption at maturity                  

(Note) No US subprime mortgage loan-related assets were included

Securitization Products and Loans Guaranteed by US Monolines (Sep. 09)<Securitization Products Guaranteed by US Monolines>• Nil(approx. ¥4 billion of securitization products held by Mizuho Corporate Bank, which were backed by auto lease receivables, were soldin the 2nd quarter of FY2009. Gains on sales: approx. ¥2 billion)<Loans Guaranteed by US Monolines>• Approx. ¥15 billion of Mizuho Corporate Bank's loan commitments to overseas infrastructure projects (of which approx. ¥7 billion was
drawn down)
No US subprime mortgage loan-related exposures were included• There were no particular concerns about the credit conditions of the aforementioned projects as of Sep. 30, 2009

Loans to Mortgage Lenders in US (Working Capital, etc.) (Sep. 09)• Approx. ¥28 billion (Approx. 20% of the lenders concerned had external ratings in the “A” range*2, and the rest had ratings in the“BB” range*2)*2. Based on the lowest external ratings as of Sep. 30, 200955

Loans Held for Sale
<Balances of Loans Held for Sale including Overseas LBO Transactions>(for which Reserve for Possible Losses on Sales of Loans was Recorded)Managerial accounting basis, billions of yen, round figures

Mar. 09

Loans Held for Sale

Reserve for Possible
Losses on Sales of Loans

Reserve Ratio¥ approx. 105

¥ 28

27.2%

Forex Rate Impact

approx. 2——

New Underwritten

—

—

—

Sales, etc.
Sep. 09

approx. (9)——* approx. 98

27

28.1%

*Of which approx. ¥5 billion was unused commitments(Additional Explanation)• The figures shown above exclude those related to Intensive Control Obligors or
below. The reserve ratio would be 34.3%, if including the balances of loans held forsale to such obligors and the amounts of both Reserves for Possible Losses on Loans
and Reserve for Contingencies in relation to the relevant balances• Out of the above-mentioned ¥98 billion, the LBO/MBO related loans held for saleamounted to approx. ¥85 billion, and the relevant reserve ratio was 29.6% (The figures exclude those related to Intensive Control Obligors or below. The reserve ratio
would be 35.9%, if including the balances of loans held for sale to such obligors andthe amounts of both Reserves for Possible Losses on Loans and Reserve forContingencies in relation to the relevant balances)• Reserve for Possible Losses on Sales of Loans was provided based on the priority of
the following valuation methods:(1) market prices(2) indicative prices in the market, market prices of similar transactions(3) prices calculated by proprietary model reflecting factors relative to each local
market conditions• Top 5 transactions accounted for approx. 90%<(Reference) Leveraged Loans (Held for Sale + Own Loan Portfolio)>
Balances as of Sep. 30, 2009: approx. ¥1.1 trillion(of which held for sale: approx. ¥0.1 trillion)

By Geographic Distribution (Sep. 09)

3% 8%

89%
Americas

Asia

By Geographic Distribution (Sep. 09)
9%

15%

10%

(Additional Explanation)• Balances primarily include LBO financing and MBO financing• Includes commitments that had not been drawn but the documentations had
been concluded

56

Europe67%
Americas

Europe

Asia

Japan

 Securities Subsidiaries
Foreign Currency Denominated Securitization Products
Mizuho Securities (including Overseas Subsidiaries) = Trading AccountManagerial accounting basis, billions of yen, round figures

Balances
Marks (%)
as of
as of
Mar.09Mar.09(Fair Value) (=Fair Value/Face Value)

1 Foreign Currency Denominated
Securitization Products¥ 39

Changes in 1H FY09
Realized
Forex
Gains
Rates
/Losses

Sales,
etc.

12%

¥ 1

¥ (3)

¥ (2)

2 ABSCDOs, CDOs

6

2

(0)

(1)

(4)

3

CDOs backed by RMBS

6

2

(0)

(1)

(4)

4

CDOs backed by CMBS

Balances
Marks (%)
Realized
as of
as of Gains/Losses
Sep.09Sep.09 for 1H FY09
(Fair Value) (=Fair Value (Apr.-Sep.09)/Face Value)

¥ 35
*1

12%

¥ 1

1

0

(0)

1

0

(0)

—

—

0

—

—

—

—

0

5 RMBS

1

1

0

(0)

(1)

0

0

0

6

RMBS backed by US
Subprime Mortgage Loans

0

2

(0)

(0)

0

0

0

(0)

7

RMBS except above*2(RMBS backed by Mid-Prime
Loans, Prime Loans and others)

1

1

0

(0)

(1)

0

0

0

8 ABS, CLOs and others

32

79

1

(3)

3

34

81

1

9

CLOs

24

83

(1)

(2)

(0)

22

79

(1)

10

CMBS

0

14

(0)

(0)

0

14

(0)

12

86

2

11

SIV-related

*3

8

72

2

(1)

0
*3

3

*3

*1. The proportion of US subprime mortgage loan-related assets to the total underlying assets was approx. 20%
Approx. 30% of the balance (fair value) consisted of Super Senior tranche*2. Excluded US government-owned corporation bonds and government-sponsored enterprises bonds—As of Sep. 30, 2009, approx. ¥34 billion of RMBS issued or guaranteed by Ginnie Mae or GSE (Fannie Mae, Freddie Mac) and approx. ¥107 billion of corporate bonds issued
by Fannie Mae or Freddie Mac were held for the purpose of, among other things, market-making activities in the US—All the bonds mentioned above were subject to mark-to-market accounting so that there were no unrealized losses—There was no holding of stocks of these entities*3. Obtained senior bonds issued by a SIV, in settlement of CDS transactions where such bonds were treated as collateral. These CDS transactions were related to CDO
structuring businessNote: Please refer to P59 for details of breakdown by credit rating and geographic distribution and P61 for details of Yen denominatedsecuritization products

57

CDS related to Securitization Products
By Credit Ratings of Counterparties*1 and Reference Assets
Managerial accounting basis, billions of yen, round figures

Notional
Amount(A)

Fair Valueof Reference
Asset
(B)

¥ 172
19

¥ 139
16

3 AAA

—

—

—

—

4

RMBS CDOs

—

—

—

—

5

Other CDOs (backed by Claims against Corporations)

—

—

—

—

104

97

7

1

As of Sep. 09

1 Total2 of which Counterparties are US Monolines

6 AA

Amount to be
Reserves for
Claimed at the
NPV
Settlement (NPV) (Counterparty Risks)
(C)
(D)

¥

33
3

¥

4
1

7

RMBS CDOs

—

—

—

—

8

Other CDOs (backed by Claims against Corporations)

104

97

7

1

19

16

3

1

10 A-BBB

68

42

26

3

11

RMBS CDOs

19

7

11

0

12

Other CDOs (backed by Claims against Corporations)

49

35

15

3

13 Non-Investment Grade or No Ratings
14 RMBS CDOs

—
—

—
—

—
—

—
—

15

—

—

—

—

9

of which Counterparties are US Monolines

Other CDOs (backed by Claims against Corporations)*1. Categorized by the lowest grade (external credit ratings as of Sep. 30, 2009) in case of crossover credit. When the counterparty was guaranteed by third parties, categorized by thehigher grade of either of them. In case of SPVs which do not have issuer ratings, categorized by the parties with which final risk resided or the estimated ratings based on referencing to subordinated bonds ratings and similar transactions<CDS Transactions with Monolines, etc. (Concept Chart)>(A)

Decline in value of the reference assets

Notional
Amount of
CDS

Amount to be
Claimed at the
Settlement
(NPV)
(C)

（

ProvideReserves
if necessary(D)）

Fair Value of
the Reference
Asset
(B)

58

 Other Supplemental Information
Foreign Currency Denominated Securitization Products by Credit Rating and Geographic Distribution
Foreign Currency Denominated Securitization Products by Credit Rating and Geographic Distribution(Banking Subsidiaries)
Managerial accounting basis, billions of yen, round figures

Balance as of Sep. 09 (Fair Value)

RMBS CDOs

CDOs
backed by
Claims against
Corporations

¥

¥

4

3 Banks (including Overseas Subsidiaries)
RMBS
CLOs
ABS

34

¥

206

¥

176

¥

62

CMBS

¥

Total

50

¥

532

By Credit Rating
AAA

0%

10%

10%

26%

25%

19%

18%

AA

0%

18%

37%

63%

7%

32%

40%

A

0%

31%

33%

7%

41%

32%

25%

BBB

0%

24%

16%

0%

21%

8%

11%

BB or Lower, No Ratings

100%

17%

4%

3%

6%

9%

6%

Total

100%

100%

100%

100%

100%

100%

100%

100%

3%

0%

90%

0%

0%

31%

Europe

0%

97%

91%

10%

100%

100%

66%

Asia

0%

0%

9%

0%

0%

0%

3%

Total

100%

100%

100%

100%

100%

100%

100%

By Geography
US*1*1: By country
UK
45%
Netherlands
24%
Spain
15%
Others16%*1: Vintage
2004
5%
2005
40%
2006
36%
2007
17%

*2

*2: Major underlying assets
Credit card receivables
Lease/Auto loan receivables
Others

28%
48%
24%

Foreign Currency denominated Securitization Products by Credit Rating and Geographic Distribution(Securities Subsidiaries)
Managerial accounting basis, billions of yen, round figures

RMBS CDOs US Subprime
RMBS

Balance as of Sep. 09 (Fair Value)

¥

1

¥

Mizuho Securities (including Overseas Subsidiaries)
Other
CLOs
CMBS
SIV
RMBS
-related

0

¥

0

¥

22

¥

0

¥

12

Total

¥

35

By Credit Rating
AAA

0%

0%

0%

45%

0%

0%

29%

AA

0%

0%

0%

21%

0%

0%

13%

A

0%

0%

0%

0%

0%

100%

34%

BBB

0%

6%

0%

0%

100%

0%

0%

BB or Lower, No Ratings

100%

94%

100%

33%

0%

0%

24%

Total

100%

100%

100%

100%

100%

100%

100%
79%

By Geography
US

100%

100%

100%

67%

100%

100%

Europe

0%

0%

0%

0%

0%

0%

0%

Asia

0%

0%

0%

32%

0%

0%

20%

Total

100%

100%

100%

100%

100%

100%

100%

Vintage
2006
33%
2007
46%

59

Yen Denominated Securitization Products
Yen Denominated Securitization Products (Banking Subsidiaries)
Managerial accounting basis, billions of yen, round figures

3 Banks (including Overseas Subsidiaries)
Balances as of Sep. 09
Unrealized Gains/Losses(Fair Value)
as of Sep. 09

1 Yen Denominated Securitization Products

¥

2,301

*1

¥

(19)

2 ABSCDOs, CDOs

91

3

3

CDOs backed by RMBS

—

—

4

CDOs except above

91

3

90

3

1

(0)

5

CDOs backed by Claims against Corporations

6

CDOs backed by CMBS

7 RMBS*2

1,040

(3)

8 ABS, CLOs and others

1,170

(19)
(19)

9

CMBS

810

10

ABS

315

1

11

CLOs

45

(1)

*1. Realized gains for banking subsidiaries in 1H FY2009: approx. ¥6 billion*2. Represented RMBS originated by Japanese financial institutions and others (Japan Housing Finance Agency Bonds were excluded)<Reference> Balance of Japan Housing Finance Agency Bonds as of Sep. 30, 2009
Balance: approx. ¥352 billion, Unrealized gains: approx. ¥2 billion<Reference>Managerial accounting basis, billions of yen, round figures

3 Banks (including Overseas Subsidiaries)
Balances as of Sep. 09
Unrealized Gains/Losses(Fair Value)
as of Sep. 09

12 Foreign Currency Denominated Securitization Products¥

13 Total Securitization Products (Yen and Foreign Currency Denominated)

60

532
2,833

¥

(19)
(38)

Yen Denominated Securitization Products (Securities Subsidiaries)
Managerial accounting basis, billions of yen, round figures

Mizuho Securities (including Overseas Subsidiaries)
Balances as of Sep. 09
Realized Gains/Losses(Fair Value)for 1H FY09

1 Yen Denominated Securitization Products

¥

135

¥

0

2 ABSCDOs, CDOs

10

4

3

CDOs backed by RMBS

1

(0)

4

CDOs except above

9

4

5

CDOs backed by Claims against Corporations

9

4

6

CDOs backed by CMBS——

7 RMBS*1

6(0)

8 ABS, CLOs and others

119

(4)

9

CMBS

13

(0)

10

ABS

102

(4)

11

CLOs

5

(0)

*1. Represented RMBS originated by Japanese financial institutions and others (Japan Housing Finance Agency Bonds were excluded)<Reference> Balance of Japan Housing Finance Agency Bonds as of Sep. 30, 2009
Balance: approx. ¥2 billion, Realized gains/losses: negligible<Reference>Managerial accounting basis, billions of yen, round figures

Mizuho Securities (including Overseas Subsidiaries)
Balances as of Sep. 09
Realized Gains/Losses(Fair Value)for 1H FY09

12 Foreign Currency Denominated Securitization Products¥

13 Total Securitization Products (Yen and Foreign Currency Denominated)

61

35
170

¥

1
1

Interim Review (Status ｏｆ Capital Adequacy)
For the Six Months ended September 30, 2009

<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 2010. The capital adequacy disclosure and otherfinancial information included herein are based on Japanese GAAP pursuant to Japanese regulatory requirements.
In this report, “we,” “us,” and “our” refer to Mizuho Financial Group, Inc. and, unless the context indicates otherwise, itsconsolidated subsidiaries. “Mizuho Financial Group” refers to Mizuho Financial Group, Inc.

Status of Capital Adequacy
Capital adequacy ratio highlights■ Capital adequacy ratio highlights

2

Status of Mizuho Financial Group’s consolidated capital adequacy3■ Consolidated capital adequacy ratio(1) Summary table of consolidated capital adequacy ratio (BIS standard)3■ Risk-based capital(2) Required capital by portfolio classification

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

16

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

31■ Counterparty risk in derivatives transactions and long-settlement transactions
32(5) Status of counterparty risk in derivatives transactions and long-settlement transactions■ Securitization exposure(6) Quantitative disclosure items for securitization exposure

34■ Market risk

41

■ Operational risk

41

■ Equity exposure in banking book(7) Status of equity exposure in banking book44

1

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 of 2007).
As a method to calculate the amount of credit risk-weighted
assets under the Basel II Framework, we have adopted theadvanced internal ratings-based approach since March 31,
2009 in place of the foundation internal ratings-based
approach that we had been using previously. In addition,
as a method to calculate the amount equivalent to theoperational risk, we have adopted the advanced
measurement approach since September 30, 2009 inplace of the gross profit allocation approach (thestandardized approach). The figures disclosed herein are
therefore based on the foundation internal ratings-based
approach and the gross profit allocation approach for thesix months ended September 30, 2008 and the advanced
internal ratings-based approach and the advanced
measurement approach for the six months ended
September 30, 2009.

■ Capital adequacy ratio highlights
As of September 30, 2008
11.45%
7.36%
4,747.0
2,971.4
337.3
7,381.2
64,464.8(Billions of yen)
As of September 30, 200912.89%
8.69%
5,147.4
2,733.4
250.8
7,630.0
59,170.0

As of September 30, 200811.68%
8.43%
3,011.4
1,437.0
280.2
4,168.1
35,685.7(Billions of yen)
As of September 30, 200914.53%
11.44%
3,784.5
1,205.3
184.3
4,805.6
33,072.0

As of September 30, 200812.62%
7.60%
2,641.1
1,812.0
67.2
4,385.8
34,750.5(Billions of yen)
As of September 30, 200915.60%
10.39%
3,136.8
1,659.5
89.4
4,707.030,165.4

As of September 30, 2008
11.58%
6.79%
1,865.8
1,379.6
61.5
3,183.8
27,478.9
11.51%(Billions of yen)
As of September 30, 200912.77%
7.49%
1,836.2
1,355.963.0
3,129.2
24,493.7
12.75%

As of September 30, 2008
11.48%
6.75%
1,796.1
1,352.0
93.0
3,055.1
26,600.2
11.43%(Billions of yen)
As of September 30, 200912.99%
7.64%
1,797.3
1,355.0
99.2
3,053.1
23,502.3
12.93%

Mizuho Financial Group (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference)
Mizuho Corporate Bank (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets
Mizuho Corporate Bank (Non-consolidated)
Non-consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets
Mizuho Bank (Consolidated)
Consolidated capital adequacy ratio (Domestic standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference) Consolidated capital adequacy ratio (BIS standard)
Mizuho Bank (Non-Consolidated)
Non-consolidated capital adequacy ratio (Domestic standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference) Non-consolidated capital adequacy ratio (BIS standard)2

Status of Mizuho Financial Group’s consolidated capital adequacy■ Consolidated capital adequacy ratio(1) Summary table of consolidated capital adequacy ratio (BIS standard)Common stock and preferred stock
Non-cumulative perpetual preferred stock
Advance payment for new shares
Capital surplus
Retained earnings
Less: Treasury stock
Advance payment for treasury stock
Less: Dividends (estimate), etc
Less: Unrealized losses on other securities
Foreign currency translation adjustments
Stock acquisition rights
Tier 1 capital

Tier 2
capitalTier 3 capital
Deductions
for total riskbased capital
Total riskbased capital

Minority interest in consolidated subsidiaries
Preferred securities issued by overseas SPCs
Less: Goodwill equivalent
Less: Intangible fixed assets recognized as a result of a merger
Less: Capital increase due to securitization transactions
Less: 50% of excess of expected losses relative to eligible reserves by banks
adopting internal ratings-based approach
Total of Tier 1 capital before deduction of deferred tax assets (total of theabove items)
Deduction for deferred tax assets
Total
(A)
Preferred securities with a step-up interest rate provision(B)
Ratio to Tier 1 = (B) / (A) X 100
45% of unrealized gains on other securities
45% of revaluation reserve for land
General reserve for possible losses on loans
Excess of eligible reserves relative to expected losses by banks adoptinginternal ratings-based approach
Debt capital, etc.
Perpetual subordinated debt and other debt capital
Dated subordinated debt and redeemable preferred stock
Total
Tier 2 capital included as qualifying capital(C)
Short-term subordinated debt
Tier 3 capital included as qualifying capital
(D)

As of
September
30, 2008
1,540.9411.2
1,290.1
6.2(83.5)-(Billions of yen)
As of
September
30, 2009
1,805.5
552.1
696.0
5.1
(93.2)
2.3

1,636.4
1,461.2
10.6

2,296.4
1,937.1
42.9
7.1

31.2

56.5

4,747.0
4,747.0
524.0
11.03%
56.9
113.0
7.0

5,147.4
5,147.4
524.0
10.17%
73.1
112.1
5.6

2,794.4681.8
2,112.5
2,971.4
2,971.4-

2,542.5
629.6
1,912.8
2,733.4
2,733.4-

Deductions for total risk-based capital

(E)

337.3

250.8

(A) + (C) + (D) – (E)(F)

7,381.2

7,630.0(G)59,136.6
48,689.8
10,446.7
1,753.0
140.2
3,575.1
286.0
64,464.8
11.45%
7.36%

53,869.9
44,084.7
9,785.2
1,384.1
110.7
3,915.8
313.2
59,170.0
12.89%
8.69%

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

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

Notes:
1. The above figures are calculated based on the BIS standard applied on a consolidated basis under the “Standards for
Determining the Status of Capital Adequacy in consideration of assets held by a bank holding company and by its
subsidiaries, in accordance with Banking Law Article 52-25” (FSA Notice No. 20 of 2006 (the “Notice”)). For the
figures as of September 30, 2009, 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, no value for non-cumulative perpetual preferred stock is stated separately from capital.
3. In calculating the consolidated capital adequacy ratio, we underwent an examination following the procedures agreed
with Ernst & Young ShinNihon LLC, on the basis of “Treatment in implementing examination by agreed-uponprocedures for calculating capital adequacy ratio” (Industry Committee Report No. 30 of the Japanese Institute ofCertified Public Accountants). Note that this is not a part of the accounting audit performed on our consolidated
financial statements. This consists of an examination under agreed-upon procedures performed by Ernst & Young
ShinNihon LLC on a portion of the internal control structure concerning the calculation of the capital adequacy ratio

3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, 2008 and 2009 were ¥841.0 billion and ¥615.1 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, 2008 and 2009 were ¥949.4
billion and ¥1,029.4 billion, respectively.
5. The “adjusted floor amount” as of September 30, 2008 is the amount obtained by multiplying (i) 12.5 by (ii) the excess,if any, of the required capital under Basel I multiplied by the rate prescribed in the Notice over the required capital
under the foundation internal ratings-based approach and the gross profit allocation approach. The “adjusted floor
amount” as of September 30, 2009 is the amount obtained by multiplying (i) 12.5 by (ii) the excess, if any, of therequired capital under the advanced internal rating-based approach and the gross profit allocation approach multipliedby the rate prescribed in the Notice over the required capital under the advanced internal ratings-based approach andthe 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 147 and 164 as of September 30, 2008 and 2009,
respectively. There was no company that was subject to the deductible items set forth in Article 8, Paragraph 1, Item 2,
Subitem (a) through (c) of the Notice as of September 30, 2008 and 2009.

4

Summary of preferred securities
We have included each of the following preferred securities issued by our overseas special purpose companies as Tier 1
capital for the purposes of our consolidated capital adequacy ratios.
Preferred securities issued by SPCs of Mizuho Financial Group
Mizuho Preferred Capital (Cayman) 1 Limited (asIssuer“MPC1,” and the preferred securities described
below are referred to as the “MPC1 Preferred
Securities.”)Non-cumulative perpetual preferred securities
Type ofsecurities
None
Mandatory
redemption
date
Optionally redeemable on each dividend payment
Optional
date falling in or after June 2012 (subject to priorredemption
approval from regulatory authorities)
Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsMandatory
dividend
event

Distributableamounts
limitation

Floating dividend rate (No dividend rate step-up.
As stated in “Dividend suspension events” below,
dividend payments that are suspended are noncumulative.)
Last business day of June in each year
¥171.0 billion
February 14, 2002
If any of the following events arise, dividend
payments are suspended on a non-cumulativebasis:(1) when Mizuho Financial Group issues to MPC
1 a Loss Absorption Certificate(1);(2) when dividends on Mizuho Financial Group’s
Preferred Stock(2) are suspended;(3) when Mizuho Financial Group issues to MPC
1 a Distributable Amounts Limitation
Certificate(4) stating that there are no Available
Distributable Amounts(3); and(4) when the dividend payment date is not a
Mandatory Dividend Payment Date(5), andMizuho Financial Group issues to MPC 1 a
dividend instruction instructing it not to pay
any dividends on such dividend payment date.
If Mizuho Financial Group pays any dividends on
its common stock with respect to a fiscal year,
full dividends must be paid on Parity Preferred
securities(6) in June of the calendar year in whichsuch fiscal year ends. However, it is subject to thefollowing conditions: (1) no Loss Absorption
Certificate(1) has been issued; (2) no preferredstock dividend limitation has arisen with respect
thereto (partial dividend payments are made to
the extent applicable); and (3) no Distributable
Amounts Limitation Certificate(4) has been issued
with respect thereto (partial dividends are paid tothe extent applicable).
When Mizuho Financial Group issues aDistributable Amounts Limitation Certificate(4) to
MPC1, dividends are limited to the Available
Distributable Amounts(3).

Dividend
limitations

When dividends on Mizuho Financial Group’s
Preferred Stock(2) are reduced, dividends on
Parity Preferred Securities(6) are also reduced byan equal percentage.

Claims on
residual assets

Same priority as Mizuho Financial Group’s
Preferred Stock(2)5Mizuho Capital Investment (USD) 1 Limited(“MCI (USD) 1,” and the preferred securities
described below are referred to as “MCI (USD) 1
Preferred Securities.”)Non-cumulative perpetual preferred securities

Mizuho Capital Investment (EUR) 1 Limited(“MCI (EUR) 1,” and the preferred securities
described below are referred to as “MCI (EUR) 1
Preferred Securities.”)Non-cumulative perpetual preferred securities

None

None

Starting from the dividend payment date falling in
June 2016, optionally redeemable on eachdividend payment date in five-year intervals(subject to prior approval from regulatory
authorities)
Fixed dividend rate for the first ten years(although a floating dividend rate is applied withrespect to dividend payment dates after June
2016. No dividend rate step-up. Dividend
payments that are suspended are non-cumulative.)
June 30th and December 30th of each year
US$600 million

Starting from the dividend payment date falling in
June 2011, optionally redeemable on eachdividend payment date in five-year intervals(subject to prior approval from regulatory
authorities)
Fixed dividend rate for the first five years(although a floating dividend rate is applied withrespect to dividend payment dates after June
2011. No dividend rate step-up. Dividend
payments that are suspended are non-cumulative.)
June 30th of each year until June 2011, and June
30th and December 30th of each year thereafter€500 million

March 13, 2006
(Mandatory dividend suspension or reduction
event)(1) When a Liquidation Event(7), Reorganization
Event(8), Insolvency Event(9) or Governmental
Action(10) has occurred to Mizuho Financial
Group;(2) when Mizuho Financial Group’s Available
Distributable Amounts(11) is insufficient, or
dividends on its preferred stock(13) aresuspended or reduced;(Optional dividend suspension or reduction event)(3) when the capital adequacy ratio of Mizuho
Financial Group or its Tier 1 capital ratio fails
to meet the minimum requirement, or would
fall short as a result of the dividend paymentson the MCI (USD) 1 Preferred Securities, andMizuho Financial Group issues a dividend
suspension notice to MCI (USD) 1; and(4) when Mizuho Financial Group fails to pay
dividends on its common stock and issues adividend suspension notice to MCI (USD) 1.
If Mizuho Financial Group pays any dividends on
its common stock with respect to a fiscal year,
dividend payments for the full amount of MCI(USD) 1 Preferred Securities must be made on
the dividend payment dates during the subsequentfiscal year; provided thatno event for the mandatory suspension or
reduction of dividends has occurred and that nodividend suspension notice has been issued inconjunction with the occurrence of an optional
dividend suspension or reduction event.
Dividends for the MCI (USD) 1 preferred
securities are paid to the extent of Mizuho
Financial Group’s Available Distributable
Amounts(11).

March 13, 2006
(Mandatory dividend suspension or reduction
event)(1) When a Liquidation Event(7), Reorganization
Event(8), Insolvency Event(9) or Governmental
Action(10) has occurred to Mizuho Financial
Group;(2) when Mizuho Financial Group’s Available
Distributable Amounts(12) is insufficient, or
dividends on its preferred stock(13) aresuspended or reduced;(Optional dividend suspension or reduction event)(3) when the capital adequacy ratio of Mizuho
Financial Group or its Tier 1 capital ratio fails
to meet the minimum requirement, or would
fall short as a result of the dividend paymentson the MCI (EUR) 1 Preferred Securities, andMizuho Financial Group issues a dividend
suspension notice to MCI (EUR) 1; and(4) when Mizuho Financial Group fails to pay
dividends on its common stock and issues adividend suspension notice to MCI (EUR) 1
If Mizuho Financial Group pays any dividends on
its common stock with respect to a fiscal year,
dividend payments for the full amount of MCI(EUR) 1 Preferred Securities must be made on
dividend payment dates during the subsequentfiscal year; provided that no event for the
mandatory suspension or reduction of dividends
has occurred and that no dividend suspension
notice has been issued in conjunction with theoccurrence of an optional dividend suspension or
reduction event.
Dividends for the MCI (EUR) 1 preferred
securities are paid to the extent of Mizuho
Financial Group’s Available Distributable
Amounts(12).

Dividend
limitations

When dividends on Mizuho Financial Group’s
Preferred Stock(13) are reduced, dividends on MCI(USD) 1 Preferred Securities are also reduced byan equal percentage.

When dividends on Mizuho Financial Group’s
Preferred Stock(13) are reduced, dividends on MCI(EUR) 1 Preferred Securities are also reduced byan equal percentage.

Claims forresidual assets

Same priority as Mizuho Financial Group’s
Preferred Stock(13)Same priority as Mizuho Financial Group’s
Preferred Stock(13)IssuerType ofsecurities
Mandatory
redemption
date
Optional
redemption

Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsMandatory
dividend event

Distributableamounts
limitation

6

IssuerMizuho Capital Investment(JPY) 1 Limited (“MCI (JPY)
1,” and the preferred securities
described below are referred toas “MCI (JPY) 1 Preferred
Securities.”)Mizuho Capital Investment(JPY) 2 Limited (“MCI (JPY)2,” and the preferred securities
described below are referred toas “MCI (JPY) 2 Preferred
Securities.”)

Type ofsecurities
Mandatory
redemption
date
Optional
redemption

Non-cumulative perpetual
preferred securities
None

Non-cumulative perpetual
preferred securities
None

Mizuho Capital Investment(JPY) 3 Limited (“MCI (JPY)3,” and the preferred securities
described below (Series A and
Series B) are collectively
referred to as “MCI (JPY) 3
Preferred Securities.”)Non-cumulative perpetual
preferred securities
None

Starting from the dividend
payment date falling in June
2016, optionally redeemable oneach dividend payment date infive -year intervals (subject toprior approval from regulatory
authorities)
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2016. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)

Starting from the dividend
payment date falling in June
2018, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Starting from the dividend
payment date falling in June
2019, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2018. Dividendrate step-up is applied.
Dividend payments that aresuspended are non-cumulative.)

Series A
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2019. Dividendrate step-up is applied.
Dividend payments that aresuspended are non-cumulative.)

Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsJune 30th and December 30th ofeach year¥400 billion

June 30th and December 30th ofeach year¥274.5 billion

January 12, 2007
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(14) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 1 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 1; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andJanuary 11, 2008
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(15) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 2 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 2; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock and7

Series B
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2019. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)
June 30th and December 30th ofeach year
Series A ¥249.5 billion
Series B ¥53.5 billion
July 11, 2008
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(16) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 3 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 3; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 1
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 1
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 1
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(14).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 1 Preferred
securities are also reduced by anequal percentage.

issues a dividend suspension
notice to MCI (JPY) 2
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 2
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 2
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(15).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 2 Preferred
securities are also reduced by anequal percentage.

issues a dividend suspension
notice to MCI (JPY) 3
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 3
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 3
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(16).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 3 Preferred
securities are also reduced by anequal percentage.

Claims forresidualassetsSame priority as Mizuho
Financial Group’s Preferred
Stock(13)Same priority as Mizuho
Financial Group’s Preferred
Stock(13)Same priority as Mizuho
Financial Group’s Preferred
Stock(13)IssuerMizuho Capital Investment(JPY) 4 Limited (“MCI (JPY)4,” and the preferred securities
described below are referred toas “MCI (JPY) 4 Preferred
Securities.”)Mizuho Capital Investment(USD) 2 Limited (“MCI (USD)
2,” and the preferred securities
described below are referred toas “MCI (USD) 2 Preferred
Securities.”)

Type ofsecurities

Non-cumulative perpetual
preferred securities

Non-cumulative perpetual
preferred securities

Mizuho Capital Investment(JPY) 5 Limited (“MCI (JPY)5,” and the preferred securities
described below (Series A,
Series B and Series C) arecollectively referred to as “MCI(JPY) 5 Preferred Securities.”)Non-cumulative perpetual
preferred securities

Mandatory
redemption
date

None

None

None

Optional
redemption

Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Starting from the dividend
payment date falling in June
2014, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Series A
Starting from the dividend
payment date falling in June
2014, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Mandatory
dividend
event

Distributableamounts
limitation
Dividend
limitations

Series B
Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)
Series C
Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

8Dividends

Fixed dividend rate for the firstseven years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)

Fixed dividend rate for the first
five years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2014. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Series A
Fixed dividend rate for the first
five years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2014. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)
Series B
Fixed dividend rate for the firstsix years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)
Series C
Fixed dividend rate for the firstsix years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up.
Dividend payments that aresuspended are non-cumulative.)

Dividend
payment date

March 31, 2009 and June 30thand December 30th of each year

June 30th and December 30th ofeach year

June 30th and December 30th ofeach year

Total amountissued¥355 billion$850 million

Series A ¥139.5 billion
Series B ¥72.5 billion
Series C ¥25.0 billion

Issue date

December 29, 2008

February 27, 2009

Series A June 30, 2009
Series B August 31, 2009
Series C September 29, 2009

Dividendsuspension
events(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(17) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 4 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 4; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 4(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(18) is
insufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (USD) 2 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (USD) 2; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (USD) 2(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(7),Reorganization Event(8),Insolvency Event(9) or
Governmental Action(10) has
occurred to Mizuho Financial
Group;(2) when Mizuho Financial
Group’s Available
Distributable Amounts(19) isinsufficient, or dividends on
its preferred stock(13) aresuspended or reduced;(Optional dividend suspension
or reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 5 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 5; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 5

9

Mandatory
dividend
event

Distributableamounts
limitation
Dividend
limitations

Claims forresidualassetsIf Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 4
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 4
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(17).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 4 Preferred
securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(13)

If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (USD) 2
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (USD) 2
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(18).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (USD) 2 Preferred
securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(13)Notes:(1) Loss Absorption Certificate
Refers to a certificate that Mizuho Financial Groupdelivers to the issuer (in case of the loss absorption
event set forth in clause (iv) below, the issuancethereof is at our discretion) upon any of the following
events with respect to Mizuho Financial Group: (i)liquidation event that shall be deemed to occur wherea liquidation proceeding is commenced by or against
Mizuho Financial Group or a competent court inJapan shall have (a) adjudicated Mizuho Financial
Group to be subject to bankruptcy proceedings or (b)approved a preparation of a reorganization plan for
abolishment of all business of Mizuho Financial
Group; (ii) reorganization event that shall be deemed
to occur if a competent court in Japan shall haveadjudicated (a) the commencement of a corporate
reorganization proceeding of Mizuho Financial Group
under the Corporate Reorganization Law or (b) thecommencement of a civil rehabilitation proceeding ofMizuho Financial Group under the Civil
Rehabilitation Law; (iii) governmental action thatshall be deemed to occur if the government authority
in Japan (a) publicly declares Mizuho Financial Groupis not able to pay its debts as they become due, (b)publicly declares Mizuho Financial Group’s liabilities
exceed its assets, (c) publicly declares Mizuho
Financial Group to be under public management or (d)issues an order that Mizuho Financial Group betransferred to a third party; (iv) inadequate ratio eventthat shall be deemed to occur if capital adequacy ratio
or Tier 1 capital ratio fails to meet the minimum
requirement or would fall short as a result of adividend payment on the relevant preferred securities;(v) default event that shall be deemed to occur if
Mizuho Financial Group is not able to pay its debts asthey become due or would not be able to do so as aresult of a dividend payment on the relevant preferred
securities; or (vi) insolvency event shall be deemed tooccur if the liabilities of Mizuho Financial GroupIf Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 5Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 5
preferred securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(19).
When dividends on Mizuho
Financial Group’s Preferred
Stock(13) are reduced, dividends
on MCI (JPY) 5 Preferred
securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(13)exceeds its assets or would exceed its assets as a resultof a dividend payment on the relevant preferred
securities.
(2) Preferred Stock
Refers to preferred stock of Mizuho Financial Groupqualifying as Tier 1 capital and ranking most seniorcompared to other preferred stock of Mizuho
Financial Group as to dividend payments. It includes
such preferred stocks that are issued in the future.
(3) Available Distributable Amounts
Refers to the maximum amount available fordividends (“Distributable Amounts”) calculated basedon the immediately preceding fiscal year’s financial
statements, less the aggregate amount of dividends
paid previously during the current fiscal year andscheduled to be paid thereafter in respect of such
fiscal year in respect of any Preferred Stock (provided
that each interim dividend payment on Preferred
Stock to be paid during such current Fiscal Year shallbe excluded in calculating Available Distributable
Amounts). Notwithstanding the foregoing, if there are
securities issued by a company other than Mizuho
Financial Group of which the rights to dividends andthe rights at the time of liquidation, etc., aredetermined by reference to the financial condition andresults of operation of Mizuho Financial Group andwhich rank, in relation to MPC1, equal in point ofsubordination as the Parity Preferred Securities(6)(“Parallel Preferred Securities”), the Available
Distributable Amounts are adjusted as follows:
Available Distributable Amounts after the
adjustment = Available Distributable
Amounts x (Total of full dividend
payment amount for Parity Preferred
Securities(6) in such fiscal year) / (Total offull dividend payment amount for Parity
Preferred Securities(6) in such fiscal year
+ Total amount of full dividend payment

10

amount for Parallel Securities in such
fiscal year)(4) Distributable Amounts Limitation Certificate
Refers to a certificate issued by Mizuho Financial
Group on or before the annual general meeting ofshareholders to issuers if Available Distributable
Amounts falls short of total dividends to be paid on
the dividend payment date, which shall set forth the
Available Distributable Amounts of such fiscal year.
(5) Mandatory Dividend Payment Date
Refers to a dividend payment date in June of acalendar year when a fiscal year of Mizuho Financial
Group ends with respect to which it paid dividends on
its common stock.
(6) Parity Preferred Securities
Refers to the collective designation for preferred
securities and MPC1 Preferred Securities issued by
MPC1 which are perpetual and the dividend payment
dates and the use of proceeds are the same as that of
the relevant MPC1 Preferred Securities. (As to MPC1,
for example, Parity Preferred Securities are thecollective designation of MPC1 Preferred Securities
as well as other preferred securities that satisfy theabove conditions if newly issued in the future.)(7) Liquidation Event
Shall be deemed to occur where a liquidation
proceeding is commenced by or against Mizuho
Financial Group or a competent court in Japan shallhave (i) adjudicated Mizuho Financial Group to be
subject to bankruptcy proceedings or (ii) approved a
preparation of a reorganization plan for abolishmentof all business of Mizuho Financial Group.
(8) Reorganization Event
Shall be deemed to occur if a competent court inJapan shall have adjudicated (i) the commencement ofa corporate reorganization proceeding of Mizuho
Financial Group under the Corporate Reorganization
Law or (ii) the commencement of a civil rehabilitation
proceeding of Mizuho Financial Group under the
Civil Rehabilitation Law.
(9) Insolvency Event
Shall be deemed to occur if (i) Mizuho Financial
Group is not able to pay its debts as they become due
or would not be able to do so as a result of a dividend
payment on the relevant preferred securities, or (ii) if
the liabilities of Mizuho Financial Group exceeds its
assets or would exceed its assets as a result of adividend payment on the relevant preferred securities.
(10) Governmental Action
Shall be deemed to occur if the government authority
in Japan (i) publicly declares Mizuho Financial Groupis not able to pay its debts as they become due, (ii)publicly declares Mizuho Financial Group’s liabilities
exceed its assets, (iii) publicly declares Mizuho
Financial Group to be under public management or(iv) issues an order that Mizuho Financial Group betransferred to a third party.
(11) Available Distributable Amounts for MCI (USD) 1
Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (USD) 1
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (USD) 1 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (USD) 1
Preferred Securities.
(ii) Amount available in December

Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (USD) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date falling in June, pro-rated between full
dividends on MCI (USD) 1 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (USD) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(12) Available Distributable Amounts for MCI (EUR) 1
Preferred Securities(Up to the dividend payment date falling in June
2011)
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend payment amount on MCI(EUR) 1 Preferred Securities and the full dividend
payment amount on preferred securities for the thencurrent fiscal year that are equivalently subordinatedin nature with MCI (EUR) 1 Preferred Securities(“Equivalent Securities”).
(From the dividend payment date falling in December
2011)(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend payment amount on MCI(EUR) 1 Preferred Securities and the full dividend
amount on Equivalent Securities to which dividends
are paid in whole or in part or declared to be paid onor prior to the relevant dividend payment date of MCI(EUR) 1 Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Sock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (EUR) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date falling in June, pro-rated between full
dividends on MCI (EUR) 1 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (EUR) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(13) Preferred Stocks
Refers to preferred stock of Mizuho Financial Groupqualifying as Tier 1 capital and ranking most seniorcompared to other preferred stock of Mizuho
Financial Group as to dividend payments and claims
to residual assets.
(14) Available Distributable Amounts for the MCI (JPY)
1 Preferred Securities11

of dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 3
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (JPY) 3 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 3
Preferred Securities.
(ii) Amount available in December (except for theamount available in December 2008)
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 3
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 3 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 3 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(iii) Amount available in December 2008
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments) and (B) the
dividends on Equivalent Securities paid or declared tobe paid from April 1, 2008 to June 30, 2008, pro-rated
between full dividends on MCI (JPY) 3 Preferred
Securities for the dividend payment date falling in
December 2008 and full dividends on Equivalent
Securities paid in whole or in part or declared to be
paid from the day after June 30, 2008 up to thedividend payment date falling in December 2008.
(17) Available Distributable Amounts for the MCI (JPY)
4 Preferred Securities(i) Amount available in March 2009
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe fiscal year ended March 31, 2008, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments) and (B) the
dividends on Equivalent Securities paid or declared tobe paid from April 1, 2008 to December 30, 2008,
pro-rated between the full dividend amount on MCI(JPY) 4 Preferred Securities and the full dividend
amount on preferred securities that are equivalently
subordinated in nature with MCI (JPY) 4 Preferred
Securities (“Equivalent Securities”) to which
dividends are paid in whole or in part or declared tobe paid from the day after December 30, 2008 up to
the dividend payment date falling in March 2009.
(ii) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 4
Preferred Securities and the full dividend amount on
Equivalent Securities to which dividends are paid inwhole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 4
Preferred Securities.

(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 1
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (JPY) 1 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 1
Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 1
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 1 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 1 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(15) Available Distributable Amounts for the MCI (JPY)
2 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 2
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (JPY) 2 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 2
Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 2
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 2 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 2 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(16) Available Distributable Amounts for the MCI (JPY)
3 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amount12

(iii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 4
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 4 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 4 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(18) Available Distributable Amounts for the MCI(USD) 2 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (USD) 2
Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (USD) 2 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (USD) 2
Preferred Securities.
(ii) Amount available in December
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (USD) 2
Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (USD) 2 Preferred Securities forthe dividend payment date falling in December andfull dividends on Equivalent Securities paid in whole
or in part or declared to be paid from the day after thedividend payment date of MCI (USD) 2 Preferred

Securities falling in June up to the dividend payment
date falling in December.
(19) Available Distributable Amounts for the MCI (JPY)5 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(13)(excluding interim dividend payments), pro-rated
between the full dividend amount on MCI (JPY) 5Preferred Securities and the full dividend amount on
preferred securities that are equivalently subordinatedin nature with MCI (JPY) 5 Preferred Securities(“Equivalent Securities”) to which dividends are paid
in whole or in part or declared to be paid on or prior to
the relevant dividend payment date of MCI (JPY) 5Preferred Securities.
(ii) Amount available in December (except for theamount available in December 2009)
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments), (B) theamount of dividend payments on MCI (JPY) 5Preferred Securities made or declared to be made onor prior to the dividend payment date falling in Juneand (C) the dividends on Equivalent Securities paid or
declared to be paid on or prior to the dividend
payment date in June, pro-rated between full
dividends on MCI (JPY) 5 Preferred Securities for thedividend payment date falling in December and full
dividends on Equivalent Securities paid in whole or inpart or declared to be paid from the day after thedividend payment date of MCI (JPY) 5 Preferred
Securities falling in June up to the dividend payment
date falling in December.
(iii) Amount available in December 2009
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe fiscal year ended March 31, 2009, less (A) theamount of dividend payments on Preferred Stock(13)(excluding interim dividend payments) and (B) the
dividends on Equivalent Securities paid or declared tobe paid from April 1, 2009 to June 30, 2009, pro-rated
between full dividends on MCI (JPY) 5 Preferred
Securities for the dividend payment date falling in
December 2009 and full dividends on Equivalent
Securities paid in whole or in part or declared to be
paid from the day after June 30, 2009 up to thedividend payment date falling in December 2009.

.

13

■ Risk-based capital(2) Required capital by portfolio classification
As of September 30, 2008
EAD
Requiredcapital150,194.6
5,979.7
141,591.5
5,652.0
54,967.3
3,312.7
2,969.4
281.0
44,925.5
67.5
8,118.1
157.3
12,996.7
564.5
10,388.6
394.9
327.6
23.1
2,280.4
146.3
4,797.7
539.2
1,097.1
175.0
264.6
72.8

(Billions of yen)
As of September 30, 2009
EAD
Requiredcapital153,459.9
5,981.0
145,097.7
5,714.1
52,284.2
3,444.0
2,880.1
324.8
55,956.0
65.7
5,441.8
190.5
13,147.3
568.2
10,590.0
381.1
336.1
30.0
2,221.0
157.0
3,830.5
455.1
899.8
155.6
265.1
73.4

Credit risk
Internal ratings-based approach
Corporate (except specialized lending)Corporate (specialized lending)
SovereignBank
RetailResidential mortgage
Qualifying revolving loans
Other retail
Equities, etc.
PD/LGD approach
Market-based approach (simple risk weight
method)Market-based approach (internal models
approach)Transitional measure applied
3,435.9291.3
2,665.5
226.0
Regarded-method exposure
1,302.0
336.3
988.1
306.9
Purchased receivables
2,595.4
104.9
2,081.6
99.7
Securitizations
5,635.4
91.5
5,200.0
74.2
Others3,283.6
196.7
3,287.5
184.7
Standardized approach
8,603.0
327.6
8,362.2
266.9
Sovereign
2,433.1
2.2
3,787.5
5.7
Bank2,934.3
52.5
1,614.6
28.8
Corporate
2,503.0
187.4
2,341.4
162.8
Residential mortgage
0.0
0.0
0.0
0.0
Securitizations
47.0
31.4
35.5
34.5
Others
685.4
54.0
583.0
34.9
Market risk
n.a.
140.2
n.a.
110.7
n.a.
n.a.
Standardized approach
93.8
77.4
Interest rate risk
n.a.
66.7
n.a.
54.9
Equities risk
n.a.
18.6
n.a.
13.4
Foreign exchange risk
n.a.
2.0
n.a.
2.5
Commodities risk
n.a.
6.4
n.a.
6.4
Option transactions
n.a.
n.a.
n.a.
n.a.
Internal models approach
46.4
33.3
Operational risk
n.a.
286.0
n.a.
313.2
Advanced measurement approach
n.a.
n.a.
n.a.
248.5
Gross profit allocation approach
n.a.
286.0
n.a.
n.a.
Basic indicator approach
n.a.
n.a.
n.a.
64.6
Total required capital (consolidated)n.a.
5,157.1
n.a.
4,733.6
Notes:
1. EAD: Exposure at default.
2. PD: Probability of default.
3. LGD: Loss given default.
4. Required capital: For credit risk, the sum of (i) 8% of credit risk-weighted assets, (ii) expected losses and (iii) deduction
from capital. For market risk, the market risk equivalent amount. For operational risk, the operational risk equivalentamount.
5. Total required capital (consolidated): 8% of the denominator of the capital adequacy ratio.
6. The major exposures included in each portfolio classification of internal ratings-based approach are as follows:
Corporate (excluding
specialized lending)Credit to corporations and sole proprietors (excluding credit to retail customers)

Corporate (specialized lending)Credit that limits interest and principal repayment sources to cash flow derived from specific realestate, chattel, businesses, etc.

SovereignCredit to central governments, central banks and local governmental entities

Bank

Credits to banks and securities companies, etc.

RetailHousing loans (residential mortgage), credit card loans (qualifying revolving retail loans) andother individual consumer loans and loans to business enterprises with total credit amount of lessthan ¥100 million (other retail), etc.

Equities, etc.

Capital stock, preferred securities, perpetual subordinated debt, etc. (excluding trading assets)* The transitional measure applies to those held from September 30, 2004 or earlier, and others
are applied either the PD/LGD approach or the market-based approach.

Regarded-method exposure

Investment trusts and funds, etc.

Purchased receivables

Receivables purchased from third parties excluding securities (excluding securitizations)14Securitizations

Transactions in the form of “non-recourse” or having a “senior/subordinated structure” (excluding
specialized lending)

7. Since September 30, 2009, cash has been added to calculate “Others” under internal ratings-based approach. In addition,such change is also reflected in the figures as of September 30, 2008 in the above table. Further, due to this change, thetables titled (A) Breakdown by geographical area, (B) Breakdown by industry and (C) Breakdown by residual
contractual maturity in (3) Credit risk exposure, etc., as of September 30, 2008 and 2009, as set forth below, reflect
such change.
8. 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 exposure and the average credit risk position during thetwelve months ended September 30, 2008 and 2009.
○ Status of credit risk exposure(A) Breakdown by geographical area

(Billions of yen)
As of September 30, 2008

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
72,759.2
18,283.5
3,332.7
2,032.5

Securities
24,517.0
5,283.5
452.9
107.5

OTC
derivatives
2,228.6
3,389.8
146.8
161.0

Others
Total
Domestic
6,909.6
106,414.4
Overseas
1,282.7
28,239.6
Asia
449.0
4,381.6
Central and South6.7
2,307.8
America
North America
6,321.2
2,870.4
1,055.6
156.3
10,403.6
Eastern Europe
89.7
0.1
2.7
92.6
Western Europe
5,016.4
1,673.8
1,938.3
495.6
9,124.2
Others1,490.7
178.8
87.7
172.3
1,929.6
Total
91,042.7
29,800.5
5,618.4
8,192.3
134,654.0
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,556.0
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.
(Billions of yen)
As of September 30, 2009
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
75,327.1
14,661.8
2,609.4
1,895.8

Securities
30,428.3
4,888.8
474.4
147.7

OTC
derivatives
2,504.2
2,696.7
119.7
224.0

Others
Total
Domestic
5,893.4
114,153.2
Overseas2,508.8
24,756.2
Asia
467.0
3,670.7
Central and South
4.2
2,271.9
America
North America
5,158.2
2,316.6
814.7
1,684.3
9,974.0
Eastern Europe
65.2
0.4
1.0
66.7
Western Europe
3,637.1
1,788.3
1,441.6
278.7
7,145.9
Others1,295.7
161.6
96.0
73.3
1,626.7
Total
89,988.9
35,317.2
5,200.9
8,402.2
138,909.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,326.6
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using the standardized
approach for business units and asset classes that are immaterial for the purpose of calculating credit risk-weighted
assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

16

(B) Breakdown by industry(Billions of yen)
As of September 30, 2008
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
14,964.4
1,884.4
8,334.5
5,230.4
8,374.9
9,674.8
11,692.1
15,015.5
15,871.2

Securities
2,817.1
189.7
604.5
428.7
720.1
1,834.2
5,675.0
17,530.9

OTC
derivatives
607.4
19.3
39.6
188.3
737.3
3,514.6
0.2
507.5
3.8

Others
Total
Manufacturing
254.7
18,643.7
Construction
7.7
2,101.3
Real estate
69.3
9,048.0
Service industries
19.6
5,867.2
Wholesale and retail
440.9
10,273.3
Finance and insurance
2,050.9
17,074.7
Individuals
17.4
11,709.8
Others
4,048.5
25,246.7
Japanese Government;
1,282.9
34,688.9
Bank of Japan
Total
91,042.7
29,800.5
5,618.4
8,192.3
134,654.0
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,556.0
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.
3. According to the revision of the Japan Standardized Industrial Classification in November 2007, partial
amendment has been made to the industry classification since September 30, 2009, and such amendment is also
reflected in the figures as of September 30, 2008.
(Billions of yen)
As of September 30, 2009
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
14,374.2
1,647.5
7,581.9
4,661.2
7,491.3
10,053.7
11,970.2
14,071.3
18,137.3

Securities
2,350.0
235.2
561.7
1,263.1
605.6
1,312.3
4,581.2
24,407.7

OTC
derivatives
704.4
22.1
56.4
219.5
827.7
2,637.9
0.3
725.7
6.5

Others
Total
Manufacturing
157.2
17,586.0
Construction
9.7
1,914.6
Real estate
52.4
8,252.5
Service industries
93.0
6,237.0
Wholesale and retail
350.5
9,275.4
Finance and insurance
829.0
14,833.1
Individuals
15.5
11,986.0
Others5,419.2
24,797.6
Japanese Government;
1,475.3
44,026.8
Bank of Japan
Total
89,988.9
35,317.2
5,200.9
8,402.2
138.909.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,326.6
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.
3. According to the revision of the Japan Standardized Industrial Classification in November 2007, partial
amendment has been made to the industry classification.
4. As a result of the partial amendment to our method of calculating industry breakdown applicable since March 31,
2009, ¥233.1 billion was recategorized from “Service industries” to “Finance and insurance” as of September 30,
2009.

17

(C) Breakdown by residual contractual maturity(Billions of yen)
As of September 30, 2008

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
31,872.3
13,277.4

Securities
9,599.8
5,804.1

OTC
derivatives
526.6
2,479.1

Others
Total
Less than one year
2,645.6
44,644.4
From one year to less
47.0
21,607.7than three years
From three years to less
12,641.9
4,188.6
1,552.3
12.7
18,395.7
than five years
Five years or more
22,009.4
5,395.4
960.2
25.3
28,390.5
Others
11,241.4
4,812.5
100.1
5,461.5
21,615.5
Total
91,042.7
29,800.5
5,618.4
8,192.3
134,654.0
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,556.0
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.
(Billions of yen)
As of September 30, 2009
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
29,765.1
15,389.9

Securities
11,954.0
9,961.6

OTC
derivatives
536.7
2,237.5

Others
Total
Less than one year
1,192.8
43,448.8
From one year to less
26.8
27,616.0
than three years
From three years to less
9,779.3
4,998.3
1,297.2
6.5
16,081.4
than five years
Five years or more
21,450.44,550.6
1,041.6
25.9
27,068.7
Others13,604.1
3,852.4
87.7
7,150.1
24,694.4
Total
89,988.9
35,317.2
5,200.9
8,402.2
138,909.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
8,326.6
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.

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, 2008

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
1,529.3
176.3
37.2
0.4

Securities
66.5
0.0
0.0
0.0

OTC
derivatives
25.3
1.6
0.0
-

Others
Total
Domestic
42.7
1,664.0
Overseas
23.5
201.5
Asia
4.2
41.5
Central and South
0.0
0.4
America
North America
50.0
0.0
0.0
18.4
68.4
Eastern Europe
0.5
0.5Western Europe
73.7
1.3
0.7
75.8
Others
14.3
0.2
0.0
14.6
Total
1,705.6
66.5
26.9
66.3
1,865.5
Exempt portion
n.a.
n.a.
n.a.
n.a.
4.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.
(Billions of yen)
As of September 30, 2009
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
1,756.1
295.9
47.8
20.9

Securities
67.4
0.6
0.0
0.0

OTC
derivatives
38.0
0.1
0.0
-

Others
Total
Domestic
81.1
1,942.7
Overseas
25.9
322.7
Asia
4.4
52.4
Central and South
0.0
20.9
America
North America
86.5
0.6
0.0
16.1
103.4
Eastern Europe
6.3
0.0
6.3
Western Europe
103.1
0.0
4.5
107.8
Others
31.0
0.0
0.6
31.6
Total
2,052.0
68.1
38.2
107.0
2,265.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
5.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

19

(E) Breakdown by industry(Billions of yen)
As of September 30, 2008
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
284.0
105.7
320.3
254.4
265.4
55.9
131.2
288.3
17,05.6
n.a.

Securities
6.2
13.2
1.5
4.4
9.2
0.0
31.8
66.5
n.a.

OTC
derivatives
4.3
0.5
1.5
0.7
12.9
0.3
6.4
26.9
n.a.

Others
Total
Manufacturing
12.2
306.9
Construction
1.6
121.1
Real estate
3.4
326.8
Service industries
6.6
266.2
Wholesale and retail
16.0
303.7
Finance and insurance
19.4
75.8
Individuals
1.4
132.7
Others
5.3
332.0
Total
66.3
1,865.5
Exempt portion
n.a.
4.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.
3. According to the revision of the Japan Standardized Industrial Classification in November 2007, partial
amendment has been made to the industry classification since September 30, 2009, and such amendment is also
reflected in the figures as of September 30, 2008.
(Billions of yen)
As of September 30, 2009
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
397.8
118.3
423.7
274.9
262.5
98.4
149.7
326.4
2,052.0
n.a.

Securities
6.1
10.9
2.4
4.7
10.4
0.9
32.3
68.1
n.a.

OTC
derivatives
5.5
0.7
0.7
3.6
12.8
0.5
14.1
38.2
n.a.

Others
Total
Manufacturing
21.4
430.9
Construction
2.9
132.9
Real estate
11.1
438.0
Service industries
7.7
291.1
Wholesale and retail
34.9
320.8
Finance and insurance
17.8
117.8
Individuals
1.4
151.2
Others
9.4
382.4
Total
107.0
2,265.4
Exempt portion
n.a.
5.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.
3. According to the revision of the Japan Standardized Industrial Classification in November 2007, partial
amendment has been made to the industry classification.
4. As a result of the partial amendment to our method of calculating industry breakdown applicable since March 31,
2009, ¥12.9 billion was recategorized from “Service industries” to “Finance and insurance” as of September 30,
2009.

20

○ Status of reserves for possible losses on loans
The amounts associated with regarded-method exposure and securitization exposure are not 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, 2008
September 30, 2009
General reserve for possible
Beginning balance
510.9
583.2
losses on loans
Increase during the six-month
483.9
584.5
periodDecrease during the six-month
510.9
583.2
periodEnding balance
483.9
584.5
Specific reserve for possible
Beginning balance
173.4
305.6
losses on loans
Increase during the six-month
203.7
357.0
periodDecrease during the six-month
173.4
305.6
periodEnding balance
203.7
357.0
Reserve for possible losses on
Beginning balance
0.0
0.5
loans to restructuring countries
Increase during the six-month
0.0
0.4
periodDecrease during the six-month
0.0
0.5
periodEnding balance
0.0
0.4
Total
Beginning balance
684.4
889.5
Increase during the six-month
687.7
942.0
periodDecrease during the six-month
684.4
889.5
periodEnding balance
687.7
942.0
Note:
The above table shows the breakdown of general reserve for possible losses on loans, specific reserve for possible
losses on loans and reserve for possible losses on loans to restructuring countries in our consolidated balance sheet.

21

(G) Specific reserve for possible losses on loans by geographical area and industry
As of March 31, 2008
144.6
12.0
5.3
11.9
24.1
24.8
4.3
55.4
6.4
24.7
3.9
173.4

As of September 30, 2008
154.9
16.1
4.2
19.0
22.3
25.0
3.2
57.9
6.8
42.6
6.1
203.7

(Billions of yen)
Change
10.2
4.0
(1.0)
7.0
(1.7)
0.1
(1.0)
2.4
0.3
17.8
2.1
30.3

As of March 31, 2009
218.7
16.1
5.4
51.8
34.2
35.0
2.8
58.7
14.4
80.5
6.4
305.6

As of September 30, 2009
286.1
14.4
6.2
50.7
26.0
36.9
11.3
61.3
78.8
60.9
9.9
357.0

(Billions of yen)
Change
67.4
(1.6)
0.7
(1.0)
(8.2)
1.9
8.5
2.6
64.4
(19.6)
3.5
51.3

Domestic
Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
OthersOverseas
Exempt portion
Total
Notes:
1. The above table shows the breakdown of specific reserve for possible losses on loans in our consolidated balance
sheet.
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. Partial amendment has been made to the industry classification since September 30, 2009, and such amendment isalso reflected in the figures as of March 31, 2008 and September 30, 2008.

Domestic
Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
OthersOverseas
Exempt portion
Total
Notes:
1. The above table shows the breakdown of specific reserve for possible losses on loans in our consolidated balance
sheet.
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. According to the revision of the Japan Standardized Industrial Classification in November 2007, partial amendment
has been made to the industry classification and such amendment is reflected in the figures as of March 31, 2009
and September 30, 2009.

22

(H) Write-offs of loans by industry
For the six months ended
September 30, 2008
6.6
12.9
20.0
5.8
12.2
16.9
1.1
33.9
0.2
110.0

(Billions of yen)
For the six months ended
September 30, 2009
6.3
1.3
11.9
3.5
15.8
0.2
1.0
28.9
0.3
69.5

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
OthersExempt portion
Total
Notes:
1. The above table shows the breakdown of losses on write-offs of loans in our consolidated statement of income.
2. Exempt portion represents the amount calculated using the standardized approach for business units and asset
classes that are immaterial for purposes of calculating credit risk-weighted assets.
3. “Others” include overseas and non-Japanese resident portions.
4. According to the revision of the Japan Standardized Industrial Classification in November 2007, partial
amendment has been made to the industry classification, and such amendment is reflected in the figures for the six
months ended September 30, 2008 and 2009.

23

○ 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, 2008
On-balance sheet

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%
625%
937.5%
1,250%

Off-balance
sheet
1,865.9
2,242.8
4.7
781.2
4,894.7

456.3
39.3
621.6
0.0
55.7
2,487.6
0.3
3,661.2(Billions of yen)

Total

With externalrating2,322.3
39.3
2,864.5
0.0
60.5
3,268.8
0.3
8,556.0

70.0
3.2
0.0
16.6
90.0

Total
Notes:
1. The amounts in the above table are before the deduction of specific reserve for possible losses on loans, reserve forpossible losses on loans to restructuring countries and partial direct write-offs.
2. Off-balance-sheet exposure shows credit equivalent amount.

(Billions of yen)
As of September 30, 2009

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%
625%
937.5%
1,250%

On-balance sheet
791.7
2.7
347.4
0.0
32.7
2,069.7
0.0
3,244.6

Off-balance sheet
2,872.4
1,260.5
20.3
928.7
0.0
0.0
0.0
5,082.0

Total
3,664.1
2.7
1,608.0
0.0
53.0
2,998.4
0.0
0.0
0.0
8,326.6

With externalrating
75.1
33.9
16.2
50.0
0.0
175.3

Total
Notes:
1. The amounts in the above table are before the deduction of specific reserve for possible losses on loans, reserve forpossible losses on loans to restructuring countries and partial direct write-offs.
2. Off-balance-sheet exposure shows credit equivalent amount.
(J) Deduction from capital
As of September 30, 2008
30.6

Deduction from capital

24(Billions of yen)
As of September 30, 200934.3

○ 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, 2008 As of September 30, 2009
50%
283.8
253.5
70%
843.8
695.9
90%
121.5
159.3
95%
112.7
70.6
Risk weight
115%
352.5
388.8
120%
7.1
15.0
140%
12.2
13.0
250%
256.4
397.5
Default
11.4
32.6
Total
2,002.0
2,026.5(L) Equity exposure under simple risk weight method by risk weight category(Billions of yen)
As of September 30, 2008 As of September 30, 2009
Risk weight
300%
199.6
194.4
400%
65.0
70.7
Total
264.6
265.1
Note: Of the equity exposure under the simple risk weight method, 300% risk weight is applied for listed equities and 400%
for unlisted equities.

25

(M) Portfolio by asset class and ratings segment (Corporate)
PD(EAD
weighted
average)
(%)
3.83
0.11

LGD
(EAD
weighted
average)
(%)
43.02
43.00

EL
default(EAD
weighted
average
(%)
n.a.
n.a.

(Billions of yen, except percentages)

As of September 30, 2008
Risk
weight(EAD
EAD
weighted
On(Billions
average)balanceof yen)
(%)
sheet
53.52
58,293.0
43,424.0
26.25
33,001.0
22,074.7

Offbalance
sheet
14,868.9
10,926.2

Amountofundrawn
commitments
n.a.
n.a.

Weighted
average ofcreditconversion
factor
(%)
n.a.
n.a.

Corporate
Investment
grade zone
Non2.83
43.02
n.a.
94.83
23,767.7
19,886.8
3,880.9
n.a.
n.a.
investment
grade zone
Default
100.0043.31
n.a.
1,524.2
1,462.4
61.7
n.a.
n.a.
0.01
44.77
n.a.
1.86
44,984.3
34,031.4 10,952.9
n.a.
n.a.
Sovereign
Investment
0.00
44.77
n.a.
1.58
44,854.0
33,903.7 10,950.3
n.a.
n.a.
grade zone
Non1.46
44.93
n.a.
98.56
130.0
127.4
2.6
n.a.
n.a.
investment
grade zone
Default
100.00
45.00
n.a.
0.2
0.2
n.a.
n.a.
0.52
42.61
n.a.
21.76
8,296.4
3,333.6
4,962.8
n.a.
n.a.
Bank
Investment
0.07
42.63
n.a.
18.64
7,848.5
3,187.2
4,661.3
n.a.
n.a.
grade zone
Non1.72
42.03
n.a.
82.07
417.3
122.4
294.9
n.a.
n.a.
investment
grade zone
Default
100.00
45.00
n.a.
30.5
23.9
n.a.
n.a.
6.6
n.a.
n.a.
3.08
90.00
n.a.
164.79
1,097.1
1,097.1
Equityexposure
under
PD/LGDapproach
Investment
0.05
90.00
n.a.
114.67
769.4
769.4
n.a.
n.a.
grade zone
Non4.3490.00
n.a.
300.84
307.6
307.6
n.a.
n.a.
investment
grade zone
Default
100.00
90.00
n.a.
20.0
20.0
n.a.
n.a.
2.05
44.14
n.a.
31.64
112,670.9
81,886.2 30,784.6
n.a.
n.a.
Total
Investment
0.05
44.30
n.a.
13.55
86,473.0
59,935.1 26,537.8
n.a.
n.a.
grade zone
Non2.82
43.60
n.a.
97.21
24,622.9
20,444.4
4,178.4
n.a.
n.a.
investment
grade zone
Default
100.0043.94
n.a.
1,575.0
1,506.6
68.3
n.a.
n.a.
Notes:
1. Investment grade zone includes obligor ratings A1 to B2, non-investment grade zone includes C1 to E2 (excluding E2R), anddefault includes E2R to H1.
2. “Corporate” does not include specialized lending exposure under supervisory slotting criteria.
3. Each asset class includes purchased receivables.

26

(Billions of yen, except percentages)
PD(EAD
weighted
average)
(%)
5.14
0.14

LGD
(EAD
weighted
average)
(%)
35.87
36.67

EL
default(EAD
weighted
average)
(%)
n.a.
n.a.

As of September 30, 2009
Risk
weight(EAD
EAD
weighted
On(Billions
average)balanceof yen)
(%)
sheet
51.80
54,862.3
40,452.0
26.37
29,242.2
19,082.1

Offbalance
sheet
14,410.2
10,160.1

Amountofundrawn
commitments
10,008.7
7,846.9

Weighted
average ofcreditconversion
factor
(%)
75.20
75.21

Corporate
Investment
grade zone
Non3.94
33.19
n.a.
83.73
23,778.3
19,608.3
4,170.0
2,143.5
75.10
investment
grade zone
Default
100.00
57.78
54.52
43.24
1,841.7
1,761.5
80.1
18.1
81.06
0.01
39.15
n.a.
1.39
56,174.0
42,076.9
14,097.1
86.0
75.00
Sovereign
Investment
0.00
39.14
n.a.
1.18
56,029.8
41,937.3
14,092.5
85.6
75.00
grade zone
Non1.28
39.13
n.a.
83.38
141.3
139.5
1.8
0.4
75.00
investment
grade zone
Default
100.00
99.04
96.85
29.09
2.8
0.1
2.7
1.01
37.30
n.a.
33.91
5,581.0
1,758.9
3,822.0
356.9
77.23
Bank
Investment
0.14
36.46
n.a.
26.86
4,767.9
1,345.4
3,422.5
270.9
78.18
grade zone
Non1.61
39.53
n.a.
77.41
775.5
376.5
398.9
86.0
74.24
investment
grade zone
Default
100.00
98.07
95.79
30.27
37.5
36.9
0.5
4.07
90.00
n.a.
176.70899.8
899.8
Equityexposure
under
PD/LGDapproach
Investment
0.08
90.00
n.a.
116.67644.9
644.9
grade zone
Non5.4590.00
n.a.
361.97231.3
231.3
investment
grade zone
Default
100.00
90.00
90.00
23.5
23.5
2.48
37.92
n.a.
27.81
117,517.3
85,187.8
32,329.4
10,451.7
75.27
Total
Investment
0.06
38.57
n.a.
11.48
90,684.9
63,009.8
27,675.1
8,203.6
75.31
grade zone
Non3.86
33.95
n.a.
86.12
24,926.7
20,355.8
4,570.9
2,229.9
75.07
investment
grade zone
Default
100.00
59.03
55.83
42.43
1,905.5
1,822.1
83.4
18.1
81.06
Notes:
1. Investment grade zone includes obligor ratings A1 to B2, non-investment grade zone includes C1 to E2 (excluding E2R), anddefault includes E2R to H1.
2. “Corporate” does not include specialized lending exposure under supervisory slotting criteria.
3. Each asset class includes purchased receivables.
4. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

27

(Reference) Obligor ratings
Obligor ratings(major category)Definition of ratings

A1–A3

Obligors whose certainty of debt fulfillment is very high, hence theirlevel of credit risk is excellent.

B1–B2

Obligors whose certainty of debt fulfillment poses no problems for theforeseeable future, hence their level of credit risk is sufficient.

C1–C3

Obligors whose certainty of debt fulfillment and their level of credit
risk pose no problems for the foreseeable future.

D1–D3
E1
E2

F1

Classification

Investment grade zone

Obligors whose current certainty of debt fulfillment poses no problems,
however, their resistance to future changes in business environment is
Non-investment grade zone
low.
Obligors who require close watching going forward because there areproblems with their borrowings, such as reduced or suspended interest
payments, problems with fulfillment such as de facto postponements ofprincipal or interest payments, or problems with their financial
R* positions as a result of their poor or unstable business conditions.
Obligors who are not yet bankrupt but are in financial difficulties andare deemed to be very likely to go bankrupt in the future because they
are finding it difficult to make progress in implementing their
management improvement plans (including obligors who are receiving
ongoing support from financial institutions).
Default

G1

Obligors who have not yet gone legally or formally bankrupt but whoare substantially bankrupt because they are in serious financial
difficulties and are not deemed to be capable of restructuring.

H1

Obligors who have already gone bankrupt, from both a legal and/or
formal perspective.

* Including restructured loans and loans past due for three months of more

28

(N) Portfolio by asset class and ratings segment (Retail)(Billions of yen, except percentages)
As of September 30, 2008

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
1.89
46.38
n.a.
35.92
10,388.6
9,920.2
468.4
9.4
100.00
mortgage
Non-default
0.83
46.29
n.a.
35.96
10,277.9
9,814.7463.2
9.4
100.00
Default
100.00
54.75
51.22
32.34
110.7
105.5
5.1
Qualifying
revolving loans
3.49
69.87
n.a.
57.70
327.6
231.1
96.5
1,411.5
6.82(retail)
Non-default
3.00
69.83
n.a.
57.70
326.0
229.7
96.2
1,409.2
6.81
Default
100.00
77.94
73.65
56.80
1.6
1.3
0.2
2.3
11.10
4.37
49.77
n.a.
51.04
2,280.4
2,233.5
46.9
55.3
77.27
Other retailNon-default
1.78
49.62
n.a.
51.31
2,220.2
2,177.9
42.3
50.4
75.63
Default
100.00
55.42
51.67
41.18
60.2
55.6
4.6
4.9
94.19
2.37
47.57
n.a.
39.12
12,996.8
12,384.8
611.9
1,476.3
10.05
Total
Non-default
1.05
47.47
n.a.
39.17
12,824.2
12,222.3
601.8
1,469.0
9.77
Default
100.00
55.20
51.59
35.65
172.5
162.5
10.0
7.2
67.41
Notes:
1. Each asset class includes purchased receivables.
2. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

(Billions of yen, except percentages)
As of September 30, 2009PD
(EAD
weighted
average)
(%)

LGD
(EAD
weighted
average)(%)

EL
default(EAD
weighted
average)(%)

Riskweight(EAD
weighted
average)(%)

EAD(Billionsof yen)Onbalance
sheet

Weighted
Amount of average ofundrawn
creditOffcommit- conversion
balancements factor (%)
sheet

Residential
2.18
41.79
n.a.
32.26
10,590.0
10,178.4
411.5
9.6
75.00
mortgage
Non-default
0.87
41.65
n.a.
32.26
10,449.4
10,044.2
405.1
9.6
75.00
Default
100.00
52.30
49.85
32.45
140.6
134.1
6.4
Qualifying
revolving loans
3.64
85.55
n.a.
73.13
336.1
233.9
102.2
1,413.4
7.23(retail)
Non-default
3.22
85.55
n.a.
73.24
334.7
232.7
101.9
1,411.1
7.23
Default
100.00
85.32
81.73
47.66
1.4
1.2
0.2
2.2
11.64
4.50
57.01
n.a.
57.58
2,221.0
2,196.8
24.2
28.9
71.36
Other retailNon-default
1.84
57.09
n.a.
58.22
2,161.0
2,139.6
21.3
25.7
69.02
Default
100.00
54.37
51.76
34.59
60.0
57.1
2.8
3.1
90.33
2.61
45.48
n.a.
37.58
13,147.3
12,609.2
538.0
1,451.9
8.96
Total
Non-default
1.09
45.36
n.a.
37.65
12,945.1
12,416.6
528.4
1,446.5
8.78
Default
100.00
53.15
50.65
33.20
202.1
192.5
9.5
5.4
57.73
Notes:
1. Each asset class includes purchased receivables.
2. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

29

(O) Actual losses by asset class
For the period from
October 1, 2007 throughSeptember 30, 2008
Actual losses
934.9
0.0
28.9
83.2
4.9
42.2
1,094.3(Billions of yen)
For the period from
October 1, 2008 throughSeptember 30, 2009
Actual losses
1,066.1
0.0
37.5
93.6
7.0
43.5
1,247.9

Corporate
SovereignBank
Residential mortgage
Qualifying revolving loans (retail)
Other retail
Total
Notes:
1. Actual losses are the sum of tax-qualified direct write-offs, losses from sales of non-performing loans, losses fromdebt forgiveness, losses from debt-equity swaps and partial direct write-offs during the period, as well as specificreserves for possible losses on loans, general reserves for possible losses on loans (for claims for special attention
and lower), etc., as of the end of each period based on the consolidated financial statements. The amounts
associated with regarded-method exposure and securitization exposure are not excluded.
2. The data of actual losses by asset class has been accumulated since the fiscal year ended March 31, 2007.
3. Equity exposure under the PD/LGD approach is not included within the amount of actual losses because losses
related thereto are not recorded as a credit-related cost and it is difficult to determine whether the losses are due tocredit risk.
<Analysis>
Actual losses increased by ¥153.6 billion from the period from October 1, 2007 through September 30, 2008 to¥1,247.9 billion in the period from October 1, 2008 through September 30, 2009. The increase was due mainly to theincrease in losses from corporate exposure reflecting the deterioration of obligor ratings as a result of the continued
downturn of the domestic economy.

(P) Comparison of estimated and actual losses by asset class(Billions of yen)
For the period from
For the period from
For the period from
October 1, 2006 through October 1, 2007 throughOctober 1, 2008 throughSeptember 30, 2007
September 30, 2008
September 30, 2009
Estimated
ActualEstimated
ActualEstimated
ActuallosseslosseslosseslosseslosseslossesCorporaten.a.
1,094.0
1,060.5
934.9
998.6
1,066.1
Sovereign
n.a.
0.0
2.2
0.0
1.6
0.0
Bank
n.a.
3.7
8.0
28.9
18.9
37.5
Residential mortgage
n.a.
95.3
85.8
83.2
96.4
93.6
Qualifying revolving loans (retail)
n.a.
5.1
7.4
4.9
8.0
7.0
Other retail
n.a.
52.5
50.1
42.2
53.2
43.5
n.a.
Total
1,251.2
1,214.3
1,094.3
1,176.9
1,247.9
Notes:
1. Estimated losses are expected losses as of September 30, 2007and September 30, 2008.
2. We began estimating expected losses by asset class from March 31, 2007.
3. Actual losses are the sum of tax-qualified direct write-offs, losses from sales of non-performing loans, losses fromdebt forgiveness, losses from debt-equity swaps and partial direct write-offs during the period, as well as specificreserves for possible losses on loans, general reserves for possible losses on loans (for claims for special attention andlower), etc., as of the end of each period based on the consolidated financial statements. The amounts associated withregarded-method exposure and securitization exposure are not excluded.
4. The data of actual losses by asset class has been accumulated since the fiscal year ended March 31, 2007.
5. Equity exposure under the PD/LGD approach is not included within the amount of estimated and actual losses
because losses related thereto are not recorded as a credit-related cost and it is difficult to determine whether thelosses are due to credit risk.

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. Note that, with respect to amounts as of September 30, 2009, with the adoption of the advanced internal ratingsbased approach, the items that reflect the effects of credit risk mitigation were partially changed.
(Billions of yen)
As of September 30, 2008
Eligible Other eligible
financial
IRB
Creditcollateralcollateral
Guarantees
derivatives
Total
Internal ratings-based
2,634.0
4,405.3
3,792.0
509.0
11,340.5
approachCorporate
2,073.1
4,309.2
1,950.0
482.7
8,815.2
Sovereign
0.3
26.3
812.9
839.7
Bank
535.8
5.4
241.7
26.3
809.3
Retail
24.7
64.2
787.2
876.2
Residential mortgage
314.0
314.0
Qualifying revolving
0.9
0.9
loans
Other retail
24.7
64.2
472.2
561.2
Othersn.a.
Standardized approach
1,420.9
149.6
14.2
1,584.8
Sovereign
1,354.0
n.a.
39.1
1,393.2
Bank
5.2
n.a.
2.6
7.8
Corporate
60.9
n.a.
107.7
14.2
183.0
Residential mortgagen.a.
Securitizations
0.6
n.a.
0.6
Others
0.0
n.a.
0.0
Total
4,055.0
4,405.3
3,941.6
523.3
12,925.4(Billions of yen)Internal ratings-based
approachCorporate
SovereignBank
RetailResidential mortgage
Qualifying revolving
loans
Other retail
OthersStandardized approach
Sovereign
Bank
Corporate
Residential mortgage
Securitizations
Others
Total

Financialcollateral
3,014.9

As of September 30, 2009
Other
collateral
Guarantees
4,939.0
5,427.9

Creditderivatives
174.1

Total
13,556.0

2,484.1
0.5
517.0
13.2
-

4,864.0
25.7
1.8
47.4
-

2,890.6
1,482.5
238.2
816.5
286.7

154.4
19.7
-

10,393.1
1,508.8
776.8
877.2
286.7

13.2
2,494.5
2,260.0
1.7
232.7
5,509.4

47.4
-

0.9
528.8
87.6
2.1
85.5
5,515.6

174.1

0.9
589.5
2,582.2
2,262.2
1.7
318.2
16,138.2

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

4,939.031

■ 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, 2008
Gross
Gross
Creditreplacement add-on equivalentcostamount2,570.0 2,372.0
4,942.0(Billions of yen)
As of September 30, 2009
Gross
Gross
Creditreplacement add-on equivalentcostamount3,237.1 2,064.6
5,301.8

Foreign exchangerelated transactions
Interest rate-related
6,986.0 4,955.0
11,941.0
13,060.6 3,752.8
transactions
Gold-related
0.1
0.0
0.1
0.0
0.0
transactions
Equity-related
147.5
94.7
242.2
92.8
67.7
transactions
Transactions related to
0.5
0.2
0.7
0.0
0.0
precious metals(other than gold)
Other commodity221.0
132.6
353.7
149.5
107.1
related transactions
Credit derivatives
296.6 1,502.9
1,799.6
213.4
683.2
transactions(A)
10,221.9 9,057.7
19,279.6
16,753.6 6,675.7
Subtotal
(B)
n.a.
n.a.
11,610.0n.a.
n.a.
Effect of credit
equivalent amounts
mitigation by closeout netting settlement
contracts(C)=(A)+(B)
n.a.
n.a.
7,669.6
n.a.
n.a.
Subtotal(D)
Effect of credit risk
n.a.
n.a.
515.3
n.a.
n.a.
mitigation bycollateral(C)+(D)n.a.
n.a.
7,154.3
n.a.
n.a.
Total
Note: The current exposure method is used as the method of calculating credit equivalent amounts.
Long-settlement transactions
As of September 30, 2008
Gross
Gross addCredit
replacementonequivalentcostamount
13.2
0.2
13.5

16,813.5
0.0
160.6
0.0
256.6
896.6
23,429.4
16,464.7

6,964.6
970.0
5,994.6(Billions of yen)
As of September 30, 2009
Gross
Gross addCredit
replacementonequivalentcostamount5.4
0.7
6.2

Long-settlementtransactions
Notes:
1. The current exposure method is used as the method to calculate credit equivalent amounts.
2. Neither the “effect of credit equivalent amounts mitigation by close-out netting settlement contracts” nor the “effectof credit risk mitigation by collateral” applies to long-settlement transactions.
(B) Amounts of credit risk mitigation by type
As of September 30, 2008
44.5
59.2
5.5
109.3

Financial collateral
Other collateral
Guarantees, others
Total

32

(Billions of yen)
As of September 30, 2009
65.6
72.4
19.8
157.9

(C) Notional amount of credit derivatives subject to credit equivalent amount calculations(Billions of yen)
As of September 30, 2008
As of September 30, 2009
Notional amount
Notional amountCredit derivatives type:
Credit default swap
Bought10,322.9
5,327.1
Sold
9,166.0
4,739.9
Total return swap
BoughtSold
Total
Bought10,322.9
5,327.1
Sold
9,166.0
4,739.9
Note: Credit derivatives used for credit risk mitigation are as follows:
As of September 30, 2008
648.2

Credit derivatives used for credit risk mitigation

33(Billions of yen)
As of September 30, 2009254.1

■ Securitization exposure
See pages 50 to 58 in the Financial Section for the status of our group’s securitization products (based on a definition thereof
pursuant to our managerial accounting which differs from the definition set forth in the Consolidated Capital Adequacy
Ratio Notice, etc.), including those held in our banking and trading accounts and the status of our overseas ABCP programs,
etc.
(6) Quantitative disclosure items for securitization exposure○ Securitization exposure as originator(A) Information by type of underlying assets

Conventional securitizations
Amount of underlying assets (a)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodGains and losses recognized onsales during the six-month
periodSecuritization subject to early
amortization treatment
Synthetic securitizations
Amount of underlying assets (b)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodTotal amount of underlying assets(a)+(b)(Billions of yen)
As of, or for the six months ended, September 30, 2008

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateSecuritization
products

Total

-

291.7
2.7
0.1

-

-

22.0
0.9
0.1

12.4
-

-

326.2
3.6
0.2

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

524.5
-

-

224.6
-

749.1
-

-

-

-

-

255.0

-

19.6

274.6

-

291.7

-

-

546.5

12.4

224.6

1,075.4

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2008.
2. “Amount of underlying assets” and “Losses during the six-month period” include those related to, in addition to
exposure originated by us, exposure to assets originated by other financial institutions if they are contained in the same
securitization program.
3. “Default exposure” and “Losses during the six-month period” with respect to synthetic securitization transactions are
based on the definition of default as set forth in the respective transactions.
4. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction.
5. “Credit cards” include shopping credit receivables, card loans, etc.
6. The risk mitigating effects, in the context of calculating capital adequacy ratio, of transfers (hedges) of risk throughsynthetic securitization transactions are reflected in “Required capital” of “(B) Information of securitization exposure
retained or purchased.”
7. Of ¥224.6 billion in synthetic securitization transactions with underlying assets classified as “Securitization products,”
the underlying assets of such securitization products that are subject to transfers (hedges) of risk consist mainly of“residential mortgage loans” and also include “real estate” and “corporate loans,” etc.

34

(Billions of yen)
As of, or for the six months ended, September 30, 2009

Conventional securitizations
Amount of underlying assets (a)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodGains and losses recognized onsales during the six-month
periodSecuritization subject to early
amortization treatment
Synthetic securitizations
Amount of underlying assets (b)Default exposure
Losses during the six-month
periodAmount of exposures
securitized during the six-month
periodTotal amount of underlying assets(a)+(b)Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateSecuritization
products

Total

-

252.1
2.7
0.2

-

-

8.1
1.2
0.0

1.7
-

-

261.9
3.9
0.3

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

741.4
-

20.2
-

-

761.6

-

-

-

-

158.7

-

-

158.7

-

252.1

-

-

749.6

21.9

-

1,023.6-

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2009.
2. “Amount of underlying assets” and “Losses during the six-month period” include those related to, in addition to
exposure originated by us, exposure to assets originated by other financial institutions if they are contained in the same
securitization program.
3. “Default exposure” and “Losses during the six-month period” with respect to synthetic securitization transactions are
based on the definition of default as set forth in the respective transactions.
4. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction.
5. “Credit cards” include shopping credit receivables, card loans, etc.
6. The risk mitigating effects, in the context of calculating capital adequacy ratio, of transfers (hedges) of risk throughsynthetic securitization transactions are reflected in “Required capital” of “(B) Information of securitization exposure
retained or purchased.”
7. Of the securitization exposure retained or purchased whose risk has been transferred (hedged) through securitization
schemes, we have categorized as securitization exposure as investor if the risk transfer (hedge) effects are not reflectedin the calculation of capital adequacy ratio, following the definition for classification of securitization exposure set
forth in the Consolidated Capital Adequacy Ratio Notice, etc. In making such categorization, classification based ontype of underlying assets is conducted according to the principal underlying asset type for each transaction, andtransactions that are difficult to classify are included under “Others.”

35

(B) Information of securitization exposure retained or purchased
─Exposure by risk weight category and underlying asset type and amount of required capital─
As of September 30, 2008
CorporateRealestateSecuritization
products

Total

Requiredcapital

-

487.2
13.4
18.0
5.9
2.9

3.0
-

212.8
11.1
0.6

703.1
13.4
42.1
29.1
5.9
3.6

4.5
0.3
4.8
0.1
1.4

-

527.4

3.0

224.6

797.3

11.4

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

42.1
0.0

-

-

42.1

-

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from
capital
Total(Billions of yen)(Billions of yen)
As of September 30, 2009
CorporateRealestateSecuritization
products

Total

Requiredcapital

-

703.5
5.0
32.9
2.8

14.1
3.0
1.5
3.0

-

703.5
14.1
3.0
42.0
5.0
32.9
5.8

4.3
0.4
0.1
3.5
0.5
0.7

-

744.3

21.7

-

806.6

9.8

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

40.5
0.0

-

-

40.5

-

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from
capitalTotal

─Capital increase due to securitization transactions─(Billions of yen)
As of September 30, 2008

Capital increase due tosecuritization transactions

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

8.8

-

-

CorporateRealestateSecuritization
products

Total

-

-

-

8.8

(Billions of yen)
As of September 30, 2009

Capital increase due tosecuritization transactions

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

5.7

-

-

CorporateRealestateSecuritization
products

Total

-

-

-

5.7

─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice─(Billions of yen)
As of September 30, 2008 As of September 30, 2009
Credit risk-weighted assets calculated pursuant to Article
15 of Supplementary Provisions of the FSA Capital
Adequacy Ratio Notice36

○ Securitization exposure as sponsor of securitization programs (ABCP/ABL)(C) Information by type of underlying assets

Amount of underlying assets
Default exposure
Estimated loss amountrelated to underlying assets
Amount of exposures
securitized during the sixmonth period(Billions of yen)
As of, or for the six months ended, September 30, 2008

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

RealestateOthers

Total

148.9
1.3

-

131.5
1.1

242.2
2.6
1.2

676.3
9.4
5.7

-

49.5
0.1

1.248.6
12.1
9.6

417.1

-

454.5

1,005.7

1,946.3-

250.5

4,074.4

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2008.
2. Securitization exposure that is acquired in securitization of customer’s claims other than as sponsor (in the form ofasset-backed securities, trust beneficiary rights and other transferable instruments) is categorized as securitization
exposure as investor.
3. The amount of default exposure is the amount of the underlying assets recognized as default in the calculation ofcapital adequacy ratio.
4. Estimated loss amount related to underlying assets is based on the amount of the underlying assets as of the relevant
date and the following parameters that are used in the calculation of capital adequacy ratio:
・ parameters used in the calculation of required capital for an underlying asset when applying the supervisory
formula (e.g., PD); and・ with respect to underlying assets classified as securitization exposure, the conservative application of risk weights
used in the ratings-based approach.
5. Classification based on type of underlying assets is conducted according to the principal underlying asset type foreach transaction. Transactions that are difficult to classify are included under “Others.”
6. “Credit cards” include shopping credit receivables, card loans, etc.
(Billions of yen)
As of, or for the six months ended, September 30, 2009

Amount of underlying assets
Default exposure
Estimated loss amountrelated to underlying assets
Amount of exposures
securitized during the sixmonth period

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

178.2
0.8

-

132.5
1.2

368.7
0.8
1.2

774.7

-

534.0

2,045.4

RealestateOthers

Total

434.9
5.6
4.4

-

55.3
0.1
0.4

1,169.9
6.6
8.3

1,302.3-

186.9

4,843.5

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September 30,
2009.
2.Securitization exposure that is acquired in securitization of customer’s claims other than as sponsor (in the form of assetbacked securities, trust beneficiary rights and other transferable instruments) is categorized as securitization exposure as
investor.
3. The amount of default exposure is the amount of the underlying assets recognized as default in the calculation of capital
adequacy ratio.
4. Estimated loss amount related to underlying assets is based on the amount of the underlying assets as of the relevant date
and the following parameters that are used in the calculation of capital adequacy ratio:
・ parameters used in the calculation of required capital for an underlying asset when applying the supervisory formula(e.g., PD); and・ with respect to underlying assets classified as securitization exposure, the conservative application of risk weights
used in the ratings-based approach.
5. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
6. “Credit cards” include shopping credit receivables, card loans, etc.

37

(D) Information of securitization exposure retained or purchased
─Exposure by risk weight category and underlying asset type and amount of required capital─
As of September 30, 2008

Up to 20%
Up to 50%
Risk
Up to 100%weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets areforeign assets(Billions of yen)

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

RealestateOthers

Total

Requiredcapital

112.8
60.0
12.1
1.6
-

-

21.4
36.7
63.3
-

108.3
96.1
24.1
-

435.0
22.8
128.5
21.3
22.8
-

-

47.4
4.1
1.6
-

725.1
219.9
229.8
22.9
22.8
-

5.0
5.0
12.3
2.7
7.8
-

186.6
83.1

-

121.5
-

228.7
51.6

630.6
97.4

-

53.2
51.5

1,220.6
283.7

33.0
n.a.

Notes:
1. Securitization exposure retained or purchased includes unused portions of securitization programs that are subject toallocation of required capital.
2. The classification of transactions of which the underlying assets are foreign assets is conducted according to theprincipal underlying assets of each transaction.
(Billions of yen)
As of September 30, 2009

Up to 20%
Up to 50%
Risk
Up to 100%weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets areforeign assets

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

161.1
10.5
0.9
-

-

95.4
38.8
-

364.4
0.3
5.2
-

351.3
39.8
1.2
0.5
1.9
-

-

172.5
26.3

-

134.2
-

370.0
9.0

394.9
36.8

-

Real
estate Others

Total

Requiredcapital

53.6
8.1
-

1,026.0
39.8
59.1
6.6
1.9
-

6.7
1.0
3.4
0.7
0.4
-

61.7
40.1

1,133.6
112.3

12.3
n.a.

Notes:
1. Securitization exposure retained or purchased includes unused portions of securitization programs that are subject toallocation of required capital.
2. The classification of transactions of which the underlying assets are foreign assets is conducted according to theprincipal underlying assets of each transaction.

─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice─(Billions of yen)
As of September 30, 2008
As September 30, 2009
Credit risk-weighted assets calculated pursuant to Article 15of Supplementary Provisions of the FSA Capital Adequacy
Ratio Notice-38

○ Securitization exposure as investor(E) Information of securitization exposure retained or purchased
─Exposure by risk weight category and underlying asset type and amount of required capital─
As of September 30, 2008

Up to 20%
Up to 50%
Risk
Up to 100%weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets
are foreign assets
Exposure on
resecuritizations(Billions of yen)

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers

Total

Requiredcapital

94.8
29.6
-

1,492.2
14.3
14.0
1.4
-

316.7
0.2
-

321.8
2.0
1.3
-

334.0
36.4
8.0
0.2
-

597.6
157.0
19.2
-

150.4
11.2
1.6
-

3,307.8
221.1
74.2
0.2
1.4
-

31.3
5.8
4.8
0.0
0.3
-

124.5
53.5

4.3
1,526.3
122.5

316.9
82.1

325.2
16.2

26.0
404.8
261.4

21.2
795.2
38.3

7.8
171.1
17.1

59.4
3,664.4
591.3

36.0
78.5
n.a.

-

2.3

-

-

8.6

0.0

3.4

14.5

n.a.

Notes:
1. Subordinated contributions for managed collateralized loan obligations (“CLO”), etc., are included in the above table
as exposure as investor even when the assets underlying those CLOs, etc., include exposures that were originated by us.
Our subordinated contributions for those managed CLOs, etc., were ¥7.4 billion (treated as deduction from capital for
purpose of capital adequacy ratio calculation), and our sale of assets to such managed CLOs, etc., during the six
months ended September 30, 2008 was ¥1.1 billion.
2. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
3. “Credit cards” include shopping credit receivables, card loans, etc.
4. The classification of transactions of which the underlying assets are foreign assets is conducted according to theprincipal underlying assets of each transaction.
5. Securitization exposure retained or purchased whose risk transfer (hedge) effects are reflected in the calculation ofcapital adequacy ratio is categorized as securitization exposure as originator.
6. Securitization exposure as investor includes ¥70.7 billion liquidity facilities that we provide to ABCP programs
sponsored by other companies.
7. We classify securitization products whose principal underlying assets are securitization products such as ABS, etc.
(e.g., ABS CDO) as “resecuritizations.”(Billions of yen)
As of September 30, 2009

Up to 20%
Up to 50%
Risk
Up to 100%weight Up to 250%
Up to 650%
Over 650%
Deduction from
capital
Total
Exposure whose
underlying assets
are foreign assets
Exposure on
resecuritizations

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers

Total

Requiredcapital

31.6
0.9
4.3
2.8
-

1,455.5
16.6
25.7
1.4
3.7
-

304.4
1.0
0.2
-

241.7
5.0
1.3
-

259.3
39.0
13.7
1.2
4.2
-

445.9
215.6
21.4
1.7
2.8
-

123.0
12.2
1.0
-

2,861.7
290.6
67.9
4.4
13.8
-

26.9
7.7
4.6
0.9
5.4
-

39.8
17.0

4.5
1,507.6
210.5

305.7
50.1

248.2
16.7

12.6
330.1
234.3

30.9
718.6
52.6

8.6
145.0
17.8

56.7
3,295.3
599.3

40.8
86.6
n.a.

-

0.1

-

-

7.4

0.0

3.1

10.6

n.a.

Notes:
1. Subordinated contributions for managed collateralized loan obligations (“CLO”), etc., are included in the above table
as exposure as investor even when the assets underlying those CLOs, etc., include exposures that were originated by us.
Our subordinated contributions for those managed CLOs, etc., were ¥6.6 billion (treated as deduction from capital for
purpose of capital adequacy ratio calculation).
2. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
3. “Credit cards” include shopping credit receivables, card loans, etc.
4. The classification of transactions of which the underlying assets are foreign assets is conducted according to theprincipal underlying assets of each transaction.
5. Securitization exposure retained or purchased whose risk transfer (hedge) effects are reflected in the calculation ofcapital adequacy ratio is categorized as securitization exposure as originator.

39

6. Securitization exposure as investor includes ¥39.6 billion liquidity facilities that we provide to ABCP programs
sponsored by other companies. Note that such transactions are not included in the amounts disclosed in pages 50 to 58
in the Financial Section.
7. We classify securitization products whose principal underlying assets are securitization products such as ABS, etc.
(e.g., ABS CDO) as “resecuritizations.”─Credit risk-weighted assets calculated pursuant to Article 15 of Supplementary Provisions of the FSA
Capital Adequacy Ratio Notice─(Billions of yen)
As of September 30, 2008
As of September 30, 2009
Credit risk-weighted assets calculated pursuant to Article
15 of Supplementary Provisions of the FSA Capital
Adequacy Ratio NoticeNote that, in addition to the above, within the provision of
credit in the form of eligible servicer cash advance, set
forth in Article 246 of the Notice, there was an undrawn
portion to which no required capital is allocated.

The balances of such portion as of September 30, 2008 and2009 were ¥38.6 billion and ¥30.4 billion, respectively.

40

■ Market risk
○ Trading activities
The following table shows VaR (Value at Risk) figures of our trading activities.
For the six months
ended September 30,
2008
4.2
7.7
3.5
5.1
no caseFor the fiscal year
ended March 31,
2009
3.8
7.7
3.3
4.7
1

(Billions of yen)
For the six months
ended September 30,
2009
3.7
4.3
2.6
3.4
no caseEnd of period
Maximum
Minimum
Average
The number of cases where assumptive losses
exceeded VaR during the period
Notes:
1. The multiplication factor for the calculation of market risk equivalent (internal models approach) is determined by
the number of cases where assumptive losses exceeded VaR during the period.
2. Our group companies which conduct trading activities are Mizuho Bank, Mizuho Corporate Bank, Mizuho Trust &Banking and Mizuho Securities, etc.

VaR (Value at Risk)
The VaR method measures the maximum possible loss that could be incurred due to market movements within a certain time
period (or holding period) and degree of probability (or confidence interval).
VaR related to our trading activities is based on the following:• variance co-variance model for linear risk and monte-carlo simulation for non-linear risk;• VaR: simple aggregation of linear risk and non-linear risk;• confidence interval: one-tailed 99.0%;• holding period of one day; and• historical observation period of one year.
○ Outlier criteria
As part of the new capital adequacy requirements under Basel II, the losses arising from a banking book in hypotheticalinterest rate shock scenarios under certain stress conditions are calculated and compared with the sum of Tier I and Tier II
capital. If the interest rate risk of the banking book leads to an economic value decline of more than 20% of the sum of Tier I
and Tier II capital, we will be deemed an “outlier” and may be required to reduce the banking book risk or adopt other
responses.
The following table shows results of calculations under the outlier framework.
Amount of loss

Broadly-defined
capital7,381.2
6,223.6
7,630.0
n.a.
n.a.
n.a.

(Billions of yen)
Loss ratio
to capital
6.2%
8.5%
9.1%
n.a.
n.a.
n.a.

As of September 30, 2008
461.5
As of March 31, 2009532.4
As of September 30, 2009695.3
Effect of yen interest rate
495.6
Effect of dollar interest rate
120.8
Effect of euro interest rate
69.6
Note:
For the interest rate shock scenario used in connection with the calculations under the outlier framework, we generate annual
rate fluctuation data for five years derived from daily raw historical interest rate data of the past six years and then apply theactual fluctuation data at a 99.0% confidence level to the shock scenario.

■ Operational risk
1. Basic approach
We define operational risk as the risk of loss that we may incur resulting from inadequate or failed internal processes, people
and systems or from external events. We recognize that operational risk includes information technology risk, operations risk,
legal risk, human resources risk, tangible asset risk, regulatory change risk and reputational risk. We have determined risk
management policies concerning risk management structures and methods for each kind of risk. MHCB, MHBK, MHTB,MHSC, MHIS and TCSB respectively manage operational risk in an appropriate manner pursuant to risk management
policies determined by MHFG.
2. Operational risk management structure
MHFG, MHCB, MHBK, MHTB, MHSC, MHIS and TCSB share common rules for data gathering, and we measure
operational risk on a regular basis, taking into account possible future loss events and the changes in the businessenvironment and internal management.
We have established and are strengthening management methods and systems to appropriately identify, assess, measure,monitor and control the operational risks which arise from the growing sophistication and diversification of financial

41

operations and developments relating to information technology by utilizing control self-assessment and improving
measurement methods.
3. Measurement of operational risk equivalent(1) Implementation of advanced measurement approach
We have been implementing the Advanced Measurement Approach (AMA) from September 30, 2009, in place of the grossprofit allocation approach (The Standardized Approach (TSA)) that we had been using previously, for the calculation ofoperational risk equivalent in association with capital adequacy ratios based on Basel II. However, we use the Basic
Indicator Approach (BIA) for entities that are deemed to be less important in the measurement of operational risk equivalentand for entities that are preparing to implement the AMA. The measurement results under the AMA are used not only as theoperational risk equivalent in the calculation of capital adequacy ratios but also as Operational VAR for internal risk
management purposes for implementing action plans to reduce operational risk, etc.
(2) Outline of the AMA● Outline of measurement system
We have established the model by taking account of four elements: internal loss data; external loss data; scenario
analysis and business environment; and internal control factors (BEICFs). A statistical approach (one year holding
period / one-tailed 99.9 percentile confidence interval) is taken for the calculation of operational risk equivalent,
employing both internal loss data (i.e., actually experienced operational loss events) and scenario data to reflect
unexperienced potential future loss events in the measurement.
In the measurement of operational risk equivalent as of September 30, 2009, we did not exclude expected losses andalso did not recognize the risk mitigating impact of insurance. In addition, we did not take into account the events
related to credit risk in measuring operational risk equivalent.
● Outline of measurement model
Operational risk equivalent is calculated as a simple sum of those related to the seven loss event types defined byBasel II, large-scale natural disasters and litigation. In the measurement of operational risk equivalent as of
September 30, 2009, we did not reflect the correlation effects among operational risk related to each of the seven loss
event types.
● Operational risk by the loss event type
Loss Distribution (Compound Poisson Distribution) Approach (LDA) is adopted for the calculation of operationalrisk. LDA is based on the assumption that Poisson Distribution applies to the occurrence frequency of operationalrisk events, and loss severity is expressed through a separate distribution. Operational risk is calculated for each of
the seven loss event types employing both internal loss data, based on our actual experience as operational loss eventsand scenario data. Scenario data, expressed as numerical values of occurrence frequency and loss severity, reflects
external loss data and BEICFs, in order to estimate unexperienced potential future loss events (of low frequency andhigh severity).
“Frequency Distribution” and “Severity Distribution” are estimated employing the above mentioned internal loss dataand scenario data, and Monte-carlo simulations are then applied to these distributions to measure operational risk.
The detailed steps of creation of scenario data are explained later in “(3) Scenario Analysis”.
● Estimation of “Frequency Distribution” and “Loss Severity Distribution”“Frequency Distribution” is estimated by applying information on occurrence frequency of both internal loss data andscenario data to Poisson Distribution. “Loss Severity Distribution” is generated as the result of combining, through astatistical approach (Extreme Value Theory), of the actual distribution for the low severity distribution portion
created by internal loss data and another loss distribution (Log-normal Distribution or Generalized Pareto
Distribution) for the high severity distribution portion created by scenario data.
● Operational risk of large-scale natural disasters
Monte-carlo simulation is applied to the datasets expressed as a combination of the probability of occurrence of largescale natural disasters and the probable loss amount in case of such occurrence, as opposed to estimating “Frequency
Distribution” and “Loss Severity Distribution”.
● Operational risk of litigation
Each litigation is converted into data according to the profile of the individual litigation to which Monte-carlo
simulation is applied, as opposed to estimating “Frequency Distribution” and “Loss Severity Distribution”. In themeasurement process, we assume that final decisions will be made on all litigation within one year.
● Verification
We confirm the appropriateness of the measurement model by verifying it, in principle, semi-annually.
(3) Scenario analysis● Outline of scenario analysis
In the process of scenario analysis, scenario data is created as numerical values of occurrence frequency and loss
severity reflecting external loss data and BEICFs, in order to estimate unexperienced potential future operational risk
events (of low frequency and high severity).
As for external loss data, we refer to data publicly reported by domestic and overseas media, and such data arereflected in the estimation of occurrence frequency and loss severity distribution in the process of scenario analysis.
In addition, BEICFs are utilized as indices to adjust occurrence frequency and loss severity distribution in the processof scenario analysis.

42

We categorize scenario analysis into four approaches in accordance with the characteristics of each loss event typeand risk management structures. The detailed process of Approach A is explained below. At Mizuho Financial Group,
loss event types to which Approach A is applied accounts for a considerable amount of operational risk.
ApproachA
B
C
D

Loss event type(s) to be applied
Internal fraud / External fraud / Clients, products & business practices /Execution, delivery & process management
Employment practices and workplace safety
Damage to physical assets
Business disruption and system failure● Setting units for scenario analysis
In order to ensure completeness and sufficiency, we set units that are commonly applied across group entities that
adopt AMA (the “Group Entities”) by referencing and categorizing risk scenarios recognized through control selfassessment, internal loss data of the Group Entities and external loss data, etc. Then each of the Group Entities selects
the unit on which scenario analysis is conducted from the units established on a groupwide basis in accordance withits business activities and operational risk profile.
● Estimation of occurrence frequency
Basic occurrence frequency (once a year) is calculated for each scenario analysis unit. If a certain scenario analysis
unit has relative internal loss data of a pre-determined threshold amount or above, its basic occurrence frequency is
calculated based on such data, and if not, the basic occurrence frequency (the occurrence frequency per year of losses
at or above a pre-determined threshold) is calculated with reference to the situation of occurrence of internal loss dataof less than the threshold amount and/or external loss data. The basic occurrence frequency is then adjusted within a
pre-determined range for the purpose of reflecting the most recent BEICF to determine the final occurrence frequency.
● Estimation of loss severity distribution
In order to estimate loss severity distribution, we use a pre-determined series of severity ranges. Basic loss severity
distribution is calculated for each scenario analysis unit as an occurrence ratio (in percentile figures) of loss at eachseverity range when losses at or above a pre-determined threshold occurred, with reference to transaction amount data,
external loss data, etc. Then the basic severity distribution is adjusted, if necessary, from the viewpoint of statistical
data processing to determine the final loss severity distribution.
● Creation of scenario data
For each scenario analysis unit, scenario data is generated as a series of combinations of occurrence frequency per
year at each severity range, based on the final occurrence frequency and the final loss severity distribution.

43

■ Equity exposure in banking book(7) Status of equity exposure in banking book(A) Amounts stated in consolidated balance sheet
As of September 30, 2008
Consolidatedbalance sheet
amountFair value
Exposure of listed stock, etc.
3,901.7
3,901.7
Other equity exposure
556.6
n.a.
Total
4,458.4
n.a.
Note: The above figures include only Japanese and foreign stocks.

(Billions of yen)
As of September 30, 2009
Consolidatedbalance sheet
amountFair value
3,012.8
3,012.8466.7
n.a.
3,479.6n.a.

(B) Gains and losses on sales related to equity exposure(Billions of yen)
For the six months ended September 30 ,For the six months ended September 30,
2008
2009
Gains and
Gains andlosses on
losses on
Gains onLosses on
Gains onLosses on
sales
sales
sales
sales
sales
sales
68.6
72.3
3.6
68.2
72.7
4.5
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, 2008
September 30, 2009
Gains and losses from
Gains and losses fromwrite-offs
write-offs
Write-offs of equity exposure(96.8)(14.3)
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, 2008
As of September 30, 2009
Net
Net
unrealized
unrealized
Unrealized
Unrealized
Unrealized
Unrealized
gains
gains
gains
lossesgains
lossesEquity exposure
770.5
987.8
217.3
339.9
558.7
218.8
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, 2008 and 2009.
(F) Equity exposure by portfolio classification
PD/LGD approach
Market-based method (simple risk weight method)
Market-based method (internal models approach)Transitional measure applied
Total

As of September 30, 2008
1,097.1
264.6
3,435.9
4,797.7

44(Billions of yen)
As of September 30, 2009
899.8
265.1
2,665.5
3,830.5