(For the Six Months ended September 30, 2011)

Mizuho Financial GroupA financial partner that helps
customers shape their future andachieve their dreams.

We aim to become “the most trusted financial institution.”
This slogan conveys Mizuho's unified commitment to implementing the reforms necessary for us to achieve
this goal.

We want to work with our customers to help them build a brighter future.
The following ideals are represented by the term “One MIZUHO”:

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

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

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 approximately 58,000 staff working in approximately 960 offices inside and outside Japan, and total assets of over
US$2.1 trillion (as of September 2011).
The group was created in September 2000 through the establishment of a holding company of our three predecessor banks, The
Dai-Ichi Kangyo Bank (DKB), The Fuji Bank (Fuji) and The Industrial Bank of Japan (IBJ). Under the umbrella of the holding company
Mizuho Financial Group, our major group companies include Mizuho Corporate Bank (MHCB), Mizuho Bank (MHBK), Mizuho Trust &Banking (MHTB), Mizuho Securities (MHSC) and Mizuho Investors Securities (MHIS).
MHSC and MHIS plan to merge in the second half of fiscal 2012. Moreover, MHCB and MHBK will merge (transformation into“one bank”) by around the end of the first half of fiscal 2013.** Both mergers are based on the assumptions that filings will have been made to, and permission obtained from, the relevant authorities in Japan and any
foreign countries.

Ratings
As of December 31, 2011

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–

—
—
—
—
J–1+
J–1+

Moody'sLong Term Short Term

—
A1
A1
A1
A2*
—

P—1
P—1
P—1
P—1
P—1*
—

Standard & Poor's
Long Term Short Term

A
A+
A+
A+
—
—

—
A—1
A—1
A—1
—
—

Fitch
Long Term Short Term

A
A
A
A
—
—

F1
F1
F1
F1
—
—

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

2011 Mizuho Financial Group Interim Review

Contents
A Message from the Group CEO

2

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

4

Summary of Financial Results for the First Half of Fiscal 20116

Progress in Mizuho’s Transformation Program

8

Integrated Group Management and Synergy Effects

10Management Structure

13

Business Outline

14

Office Network

15

Business Approaches Adopted by Each Global Group16

CSR Activities

29

Location of Overseas Offices

30

Investor Information

33

Disclosure Policy

35

Privacy Policy Regarding Customer Information

36

Contact Information

37

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

Forward-Looking Statements
This Interim Review contains statements that constitute forward-looking statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee
by management of future performance.
In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,”“probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify
forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements
reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.
We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes ininterest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to ourpension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure
to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Management Policy, realize the synergy effects of the transformation into “one bank,” and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general
economic conditions in Japan and elsewhere; and changes to applicable laws and regulations. Further information regarding factors that could
affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors,” and “Item 5. Operating and
Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”). In addition, information regarding market developments after September 30, 2011 and their effects on our financial condition and results of operations is includedin the report on Form 6-K furnished to the SEC on January 31, 2012 containing financial information for the third quarter of this fiscal year underaccounting principles generally accepted in Japan. These reports are available in the Financial Information section of our web page at
www.mizuho-fg.co.jp/english/ and also at the SEC's website at www.sec.gov.
The contents of this Interim Review were prepared prior to the announcement of our financial results for the third quarter of fiscal 2011.
We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter ourforward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of theTokyo Stock Exchange.

1

A Message from the Group CEO

Reviewing the recent economic environment, there is
instability in the financial system against the backdrop of
the fiscal problems experienced by the United States andcertain countries in Europe, which is gradually impacting
the real economy. Thus, the economic growth in developed countries has started to slow, and the debt problem
in the euro area, which was formerly described as “sovereign debt problem in peripheral euro area countries,”
has become the “financial problem in major EU countries.” It is beginning to have an impact on the U.S.
money and capital markets and is casting a dark shadow
on the global economy as a whole. Although in Asia, theexpansion of domestic demand in China has been underpinning the strong economic growth of neighboring
nations, concerns about the slowdown of western
nations has brought signs of a slowdown in economic
growth in the region.

I would like to begin by expressing my deepest thanks to
our customers and other members of the domestic andIn Japan, despite the continuing recovery from theinternational communities for their support and warm

sharp decline in the economy resulting from the impact

words of encouragement following the Great East Japanof the Great East Japan Earthquake, the downward swing

Earthquake in March 2011. Along with the rest of thein the overseas economies, the prolonged appreciation ofbusiness community in Japan, we are working to over-the value of the yen against other currencies, and othercome this unprecedented crisis by providing our full sup-factors, are leading to rising uncertainty in Japan andport to our customers and contributing to the recovery ofoverseas that will necessitate increased attention.
Looking ahead, external factors such as the prolonga-

the affected regions.

tion of the European debt problem and the economic
Taking this opportunity, I would like to reiterate ourslowdown in developed countries, as well as a failure to

deepest apologies to all of our customers and to every-

solve domestic issues, such as the constraints created by

one who has experienced any inconvenience caused byelectricity shortages, are likely to increase the risk of athe computer system failures of our group in March of

downward swing in Japanese economy. In addition tolast year. Regarding our Business Improvement Plans

these changes in economic conditions, the environment

which were submitted in June 2011, we have developed

for financial institutions is changing along with the ongo-“countermeasures regarding system functions,” including

ing revision of financial regulations around the world andthe reorganization of large volume data processing capa-

other factors.

bilities. Together with these measures, we have also conducted a comprehensive inspection of systems risk at all

Progress in “Mizuho's Transformation Program”

group banks to prevent the recurrence of similar failures,

Amid this environment, we are taking aggressive initia-

and are working to further substantially enhance our sys-

tives to strengthen the three areas cited in “Mizuho's

tems risk management capabilities. We are also in theTransformation Program,” which was announced in May

midst of reviewing and making major “improvements of2010. Although certain issues still remain to be addressed,

the response mechanism upon the occurrence of a crisis.”

we believe we have made a steady progress in enhancing

We will continue to bear in mind a lasting understanding“profitability” and “financial base.”of the public mission of financial institutions that bear

Under our “Program for Improving Profitability,” weresponsibilities for the settlement system and take all nec-

have compiled a favorable record of accomplishments inessary measures to ensure the stable operations.

international operations, especially in Asia, which we

2

A Message from the Group CEO

have positioned as a strategic region. Overall, consolidat-

functional financial services to both banks' customers,

ed net income for the first half of fiscal 2011 amounted

utilizing the current “strengths” and “advantages” of theto ¥254.6 billion. Thus, our progress ratio was approxi-

two banks, and to further enhance group collaboration

mately 110% against our planned net income for the firstamong the banking, trust and securities functions. At thehalf of fiscal 2011. Under our “Program for Enhancing

same time, we aim to enhance further the consolidation

the Financial Base,” we made major progress in strength-of group-wide business operations and optimization ofening the quality and quantity of capital. Our consolidat-

management resources, such as the workforce anded Tier 1 capital ratio was 11.89% as of September 30,

branch network, by strengthening group governance and2011, effectively achieving our medium-term goal of a

improving group management efficiency, leading to the

12% level. We plan to make a cash dividend payment of

maximization of group profitability.

¥6 per share of common stock for fiscal 2011, unchanged

While consummating the merger by around the end

from our existing estimate, as well as making a dividendof the first half of fiscal 2013, we plan to start the “sub-payment on preferred stock as prescribed. Meanwhile, westantive one bank” structure beginning in April 2012,

started to pay an interim dividend from fiscal 2011. Underprior to the effective date, in order to pursue the merger

our “Program for Strengthening Front-Line Businesssynergies in advance of the merger. We will also consider

Capabilities,” we have implemented various measures,the possibility of an integration that includes Mizuho

including streamlining and rationalizing our corporate

Trust & Banking.

management functions, reforming the structure of our IT
costs, and consolidating our operational processing divi-

Mizuho is determined to make a fresh start by return-sions. Furthermore, in view of recent changes in the oper-

ing to the basics of our “customer first policy” as the core

ating environment, we will further continue to take steps

principle of our management. In order to become the mostto increase management efficiency.

trusted financial institution, serving society at large, thegroup will work as one under our new subslogan—“OneEstablishing the Advanced GroupManagement Structure

MIZUHO: Building the future with you.” Furthermore, we

We have decided to establish the “advanced group man-institution, and, in the facilitation of financing, we willagement structure.” Under this initiative, we aim tocontinue to devote our efforts in providing our customers

establish a new corporate structure and strengthen cor-with a smooth supply of funds.

will endeavor to fulfill our social mission as a financial

porate governance, with which we will be able to utilize

We sincerely appreciate your continuing support for

the following functions most effectively as the only finan-

these endeavors.

cial group in Japan with banks, trust banks and securities
companies under one umbrella, and thereby to further

January 2012

improve customer convenience. Prior to the decision, we
had already turned our trust banking and two securities
subsidiaries into wholly-owned subsidiaries of Mizuho
Financial Group and announced the merger of the two

Yasuhiro Satosecurities companies to be implemented in the second

President & CEO (Group CEO)half of fiscal 2012.

Mizuho Financial Group, Inc.

The merger of Mizuho Corporate Bank and Mizuho
Bank, for which Mizuho Financial Group, Mizuho
Corporate Bank and Mizuho Bank signed a memorandumof understanding in November 2011, constitutes the coreof the establishment of the advanced group management structure. Through the merger, we aim to position
the group to provide directly and promptly diverse and3

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

Mizuho Corporate Bank
We are serving major corporations (such as those listed on the first section of domestic stock exchanges) and their group companies, financial institutions, public sector
entities, and Japanese and foreign companies overseas.
We are collaborating with group companies to strengthen and combine commercial banking and traditional investment banking, including M&A advisory services,and the underwriting of bonds and equities, as well as sales and trading activities.
This is enabling us to take our place as a “top corporate finance provider” and offer
Yasuhiro Sato
President & CEO
Mizuho Corporate Bank, Ltd.

optimal global financial solutions that meet the needs of our customers in Japanand overseas.
Our overseas strategy is to fully utilize our overseas network, which comprises 68
offices located in 30 countries and regions, to meet the needs not only of Japanese
corporations but also non-Japanese companies in a timely manner. Especially in Asia,
we now have 33 offices outside Japan, and we will continue to strengthen our network in the years ahead.
By mobilizing our knowledge and understanding of industries and all of our capabilities, we aim to be the financial institution as the “best possible partner” to workwith our customers in implementing their strategies and to fulfill our social mission
as a supplier of global industrial finance to facilitate the development of corporations
and industries.

Mizuho Bank
Working in cooperation with group companies, we offer comprehensive financial
services primarily to SMEs and middle-market corporations and their owners, as wellas individuals.
To satisfy customers throughout their lives, we apply a consulting-style approach
in offering membership-based services, asset management products, loan products,
and other services appropriate for each customer's life stage and needs. In addition,
through the establishment of joint branches with Mizuho Trust & Banking and
Takashi Tsukamoto
President & CEO
Mizuho Bank, Ltd.

Mizuho Investors Securities, we are offering diversified services while enhancing customer convenience.
At the same time, we develop various types of products to meet a broad range ofcorporate customers' financing needs and actively engage in disaster recovery support and consulting on business matching, business inheritance, overseas businessdevelopment, and other core management matters.
We would like to take this opportunity to reiterate our deepest apologies to all of
our customers who have experienced inconvenience caused by the computer system
failures of Mizuho Bank in March of last year. With a strong resolution to prevent its
recurrence, we are implementing countermeasures regarding system functions to
our fullest.
By putting our “customer first policy” into action throughout our business, every
member of the management and all officers and employees will work together as
one and focus on relentlessly challenging for change and speedy results aiming tobecome the “most trusted financial institution.”
4

Profile of Mizuho Corporate Bank, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities andMizuho Investors Securities

Mizuho Trust & Banking
While promoting our initiatives to provide trust products and services to the customers of group companies, we enhance our expertise and productivity by focusing
our resources on unique fields where we can exercise our strength in trusts.
For individual customers, we offer asset management services applying money
trusts and other products, testamentary trusts and other asset inheritance services,and real estate and other wealth management services. For corporate customers, weoffer cutting-edge trust solutions based on our consulting functions by leveraging
Takashi Nonaka

our strengths in asset management and custody, pension, real estate, asset securiti-

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

zation, stock transfer agency services, and other asset management businesses.
In our quest to become “the best and the most excellent trust bank, placingemphasis on the trust business,” we will focus our energies on providing high-quality
trust products and services that accurately respond to customer needs.

Mizuho Securities
Striving to be “the most reliable investment bank with global reach,” we are working in close collaboration with Mizuho Corporate Bank and other group companies
to provide optimal solutions that meet the wide-ranging needs of domestic andoverseas customers, including institutional investors, corporations, financial institutions, public-sector entities and individuals.
In our investment banking business, we offer equities, bond and other securities
underwriting operations, support for IPOs, advisory services for various types ofHiroshi Motoyama
President
Mizuho Securities Co., Ltd.

financial matters and capital management, M&A advisory, structured finance, andother services. In our products provision and sales business, we engage in sales andtrading operations of equities, bonds and other securities, and offer investment
products and research.

Mizuho Investors Securities
Aiming to be “the securities company that customers trust most to be close tothem,” we are collaborating with other group companies to respond to our customers' broad array of needs.
For individual customers, we offer asset management and investment services in atimely and appropriate manner through such measures as expanding joint brancheswith Mizuho Bank and Mizuho Trust & Banking. Meanwhile, for corporate customers, we offer multidimensional services, including the proposal of asset manageKatsuyoshi Ejima

ment approaches, IPO support and advice on capital management, and consulting

President
Mizuho Investors Securities
Co., Ltd.

services such as M&A and IR activities.

5

Summary of Financial Results for the First Half of Fiscal 2011

Summary of Income Analysis

Credit-related costs of the Three Banks amounted to a

Consolidated gross profits for the first half of fiscal 2011

net reversal of ¥8.4 billion, primarily due to improved

decreased by ¥106.1 billion on a year-on-year basis toobligor classifications through our business revitalization¥990.5 billion.

support to corporate customers and other factors.

Gross profits of Mizuho Corporate Bank, Mizuho Bank

Consolidated credit-related costs also amounted to a net

and Mizuho Trust & Banking (the Three Banks) decreased

reversal of ¥13.2 billion, an improvement of ¥4.6 billionby ¥88.6 billion on a year-on-year basis to ¥792.3 billion.

on a year-on-year basis.

This is mainly due to a decrease of ¥83.6 billion in

Net losses related to stocks of the Three Banks amount-income from Trading and Others. Income from Customer

ed to ¥67.2 billion. This was mainly due to recording

Groups, including domestic business, decreased by ¥5.0

impairment losses for certain stocks reflecting a decline inbillion in total, despite an increase in income from over-stock prices.
Due to the above-mentioned factors and the ¥77.4

seas business, particularly from Asia.
General & administrative (G&A) expenses of the Threebillion impact of turning the three listed subsidiaries,

Banks decreased by ¥3.0 billion on a year-on-year basis

Mizuho Trust & Banking, Mizuho Securities and Mizuho

to ¥432.7 billion with our continued overall cost reduc-

Investors Securities, into wholly-owned subsidiaries, con-tion efforts and other factors.

solidated net income for the first half of fiscal 2011
amounted to ¥254.6 billion, a year-on-year decrease ofAggregated consolidated gross profits (net operating
revenues) of our two securities subsidiaries (Mizuho¥87.0 billion.

Securities and Mizuho Investors Securities) decreased by• Net Interest Income

The average loan balance of the Three Banks for the first¥38.4 billion to ¥110.8 billion on a year-on-year basis.
As a result, consolidated net business profits*1 for thehalf of fiscal 2011 decreased by ¥0.3 trillion to ¥60.8 tril-first half of fiscal 2011 amounted to ¥351.4 billion, alion from that for the second half of fiscal 2010. This was

year-on-year decrease of ¥113.5 billion.

due to a decrease in domestic loans, particularly those to*1. Consolidated net business profits = consolidated gross profits –G&A expenses (excluding non-recurring losses) + equity in income
from investments in affiliates and certain other consolidation
adjustments

the Japanese Government, offset in part by an increase inoverseas loans.
The period end loan balance of the Three Banks as ofLoan Balance
Average loan balance (*2)

Loan-and-deposit rate margin (*3)

Loan balance as of the period end (*2)(Loan balance: trillions of ¥)100(Loan-and-deposit rate margin: %)
1.50

80

1.40

60

1.30

40

1.20

0

Averageloan balance
Loan balance asof the period end

Loan-anddeposit rate
margin (*4)

Fiscal 2007
(first half)

Fiscal 2007(second half)

Fiscal 2008
(first half)

Fiscal 2008
(second half)

Fiscal 2009
(first half)

Fiscal 2009(second half)

Fiscal 2010
(first half)

Fiscal 2010(second half)

Fiscal 2011
(first half)¥65.1 tn.

¥64.3 tn.

¥65.8 tn.

¥68.0 tn.

¥66.7 tn.

¥63.0 tn.

¥61.0 tn.

¥61.1 tn.

¥60.8 tn.

¥64.9 tn.

¥64.6 tn.

¥66.6 tn.

¥69.7 tn.

¥63.5 tn.

¥61.5 tn.

¥61.3 tn.

¥62.2 tn.

¥60.8 tn.

1.44%

1.47%

1.44%

1.46%

1.41%

1.39%

1.36%

1.36%

1.32%

1Q 1.44%
2Q 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%

3Q 1.40%
4Q 1.39%

1Q 1.38%
2Q 1.35%

3Q 1.35%
4Q 1.37%

1Q 1.32%
2Q 1.31%0*2. Aggregate of the Three Banks, excluding Trust Account and loans to Mizuho Financial Group. Balance for overseas branches includes foreignexchange translation impact.
*3. Aggregate figures of domestic operations of Mizuho Corporate Bank and Mizuho Bank after excluding loans to Mizuho Financial Group, Deposit
Insurance Corporation of Japan and the Japanese Government.
*4. 1Q: the first quarter, 2Q: the second quarter, 3Q: the third quarter, 4Q: the fourth quarter

6

Summary of Financial Results for the First Half of Fiscal 2011

September 30, 2011 decreased by ¥1.4 trillion comparedbasis* 6 amounted to ¥145.2 billion, mainly due to awith that as of March 31, 2011 mainly due to a decrease

decline in stock prices.

of ¥1.0 trillion in loans to the Japanese Government.

*6. The base amount to be recorded directly to net assets after tax andother necessary adjustments.

The domestic loan-and-deposit rate margin of Mizuho
Corporate Bank and Mizuho Bank for the first half of fiscal 2011 was 1.32%, a decrease of 0.04% from that for

Disciplined Capital Management

the second half of fiscal 2010.

We continue to pursue “strengthening of stable capital•base” and “steady returns to shareholders” as our “disci-

Non-interest Income
Non-interest income from Customer Groups of the Three
Banks (on a managerial accounting basis) for the first halfof fiscal 2011 increased by ¥2.7 billion on a year-on-yearbasis to ¥192.2 billion.
This mainly resulted from a year-on-year increase in
non-interest income from overseas business, particularly
from Asia.

plined capital management” policy. However, considering the ongoing global discussions with respect to capital, uncertainty over the economy and market trends,
and other factors, we are placing a higher priority on the“strengthening of stable capital base.”
Amid the ongoing global discussions on the revision ofcapital regulations, we aim to increase, as our mediumterm target, our consolidated Tier 1 capital ratio (under

Non-interest Income (Customer Groups of the Three Banks)

Basel II) to 12% or above and our common equity capital(billions of ¥)200

ratio*7 (under Basel III) as of the end of fiscal 2012, when
the new capital regulations are scheduled to be implemented, to the mid-8% level.

100

We will strive to strengthen further our financial basemainly by accumulating retained earnings and improving asset efficiency through our initiatives such as the0

Non-interest
incomeFiscal 2009
(first half)

Fiscal 2010
(first half)

Fiscal 2011
(first half)

steady implementation of Mizuho's Transformation¥163.2 bn.

¥189.6 bn.*5¥192.2 bn.*5

Program that we announced in May 2010, and the realization in advance of the synergy effects of the integrat-*5. Certain items in expenses regarding stock transfer agency businessand pension management business, which had been recorded as
G&A expenses until the previous period, have been included in
non-interest Income beginning with this period, and reclassificationof the figure for the first half of fiscal 2010 has been made accordingly. The impact of the reclassification is -¥4.4 billion for the firsthalf of fiscal 2010 and -¥4.0 billion for the first half of fiscal 2011,
respectively.

ed group-wide business operations including the transformation into “one bank.” Accordingly, we believe wewill be able sufficiently to meet the new capital regulations including the framework to identify G-SIFIs.
*7. The calculation of our common equity capital ratio includes theoutstanding balance of the Eleventh Series Class XI Preferred Stockthat will be mandatorily convertible into common stock in July
2016. Meanwhile, as of the end of December 31, 2011, details(such as the calculation method for the capital adequacy ratio under
the new capital regulations) have yet to be determined. Therefore,
our common equity capital ratio is the estimated figure that
Mizuho Financial Group calculates based on the publicly-available
materials that have been issued to date.

Financial Soundness
Our consolidated capital adequacy ratio was 14.92% asof September 30, 2011, a decline of 0.38% from that asof March 31, 2011.
The balance of disclosed claims of the Three Banks
under the Financial Reconstruction Law decreased by(Note)¥41.9 billion from that as of March 31, 2011 to ¥1,166.0

The outstanding balance of the Eleventh Series Class XI

billion. NPL ratio remained at a low level of 1.70%.

Preferred Stock as of September 30, 2011 (excluding

The balance of consolidated net deferred tax assets

treasury stock) amounted to ¥383.4 billion (59.3% of thedecreased by ¥32.9 billion from that as of March 31,

initial amount issued of ¥943.7 billion had already been

2011 to ¥438.2 billion, and the ratio to Tier 1 capitalconverted into common stock as of such date).

was 7.2%.
Unrealized losses on other securities on a consolidated

7

Progress in Mizuho’s Transformation Program

Mizuho's Transformation Program(1)
Improving
Profitability

Mizuho's
Transformation
Program(2)
Enhancing
Financial Base

(3)
Strengthening Front-line
Business Capabilities

Fiscal 2012
(Targets)*1

First Half of Fiscal 2011
(Actual)*1

Consolidated net business profits*2¥900 billion¥351.4 billion

Consolidated net income¥500 billion¥254.6 billion

Lower 50% level

54.6%

ROE*4

10% level

11.4%

Tier 1 capital ratio*5

12% level

11.89%

Prime capital ratio*6

8% or above

8.19%

Expense ratio*3

Stock portfolio (From Mar. 2010)

Reduce by ¥1 trillion

Reduced by ¥201.4 billion(Sold: Approx. ¥170.0 billion)*1. Figures above are on a consolidated basis, except for expense ratio and stock portfolio which are on the Three Banks basis*2. Consolidated gross profits – General and administrative (G&A) expenses (excluding non-recurring losses) + equity in income from investments inaffiliates and certain other consolidation adjustments*3. G&A expenses (excluding non-recurring losses) / gross profits (the Three Banks)
net income (adjusted to annual basis)x 100*4. ROE=((total shareholders' equity + total accumulated other comprehensive income)<at the beginning of the calculated period> +(total shareholders' equity + total accumulated other comprehensive income)<at the end of the calculated period>) / 2*5. Basel II basis*6. Prime capital = Tier 1 capital – preferred debt securities – preferred stock (excluding mandatory convertible preferred stock)

Improving Profitability

for Foreign Trade of Vietnam (Vietcombank), one of theBusiness Strategy in Focused Business Areas
Asia Region

largest commercial banks in Vietnam, in September•

2011. While MHCB has branches in Hanoi and Ho Chi

Making the most of its advantages in terms of solid cus-

Minh City, we will further strengthen supporting thetomer base, global network of offices and businessbusiness development of our customers in Vietnam byalliances, advanced solution delivery capabilities, and richproviding services through leveraging various information

public-private partnership know-how, we are actively

as well as the domestic office network of Vietcombank.

moving ahead with business development initiatives in• Tokyo Metropolitan Area and Large Corporate

Asia, a focused business area. As these efforts have led to

Customers
In the Tokyo metropolitan area, we emphasize a consultingstyle business promotion approach carried out by financial consultants to meet the needs of individual customers. We introduce new investment trust and insurance products to these customers, and have developed
branch network that suits local market characteristics andtaken steps to strengthen remote channel functions. In
the area of housing loans, we have worked to strengthen
it primarily through business promotion activities aimed
at employees of corporate customers and major housingdevelopers channels. For SME and middle-market corporate customers, we are actively working to meet theirfunding demands and support their efforts for overseas
expansion, particularly in Asia, by collaborating with ouroverseas offices.
In our business with large corporate customers, weoffer a diverse array of solutions tailored to each customer's
business strategy, and are working to expand “deepening global marketing through customers headquarters.”

exceptional results in cross-border M&A and infrastructure projects, Mizuho is also pursuing opportunities toparticipate in joint public-private projects and expanding
local currency transactions denominated in Chinese yuan
and Indian rupees.
In addition to our organic business approach, weapply flexible non-organic business approaches, including
strategic alliances and investment. MHBK entered into a
cooperation agreement with Imora Motor and Balimor
Finance in Indonesia in August 2011 and continues tostrengthen its retail finance business in the Asian market.
On another front, MHCB agreed to enter into a capitaland business alliance with Joint Stock Commercial BankMHFG: Mizuho Financial GroupMHCB: Mizuho Corporate BankMHBK: Mizuho BankMHTB: Mizuho Trust & Banking
MHSC: Mizuho Securities
M H I S : Mizuho Investors Securities

8

Progress in Mizuho’s Transformation Program

We offer a wide range of solutions ranging from routine

the first half of fiscal 2011, our Tier 1 capital ratio wasfinancing to M&A finance, project finance, and real

11.89% and prime capital ratio was 8.19% at the end of

estate finance, and, in syndicated loans, stood atop the

September 2011.

Thomson Reuters' domestic bookrunner league table,

We will strive to strengthen further our financial basewith a 45.5% share, in the first half of fiscal 2011.

mainly by accumulating retained earnings and improving•

asset efficiency through our initiatives such as the steady

Asset Management BusinessIn our asset management business, we are enhancing
business promotion that integrates group capabilities in
the area of pensions, and are moving ahead with efforts
to strengthen collaboration between our banking andsecurities arms in retail business.
Eurekahedge, which became our subsidiary in March
2011, launched the Mizuho-Eurekahedge Index, a hedge
fund index, to respond to the needs of investors including pension funds and financial institutions.
And through our business alliance with BlackRock, wehave begun to introduce and sell investment products forindividuals and pension funds, with concrete results toshow for our efforts.
Collaboration among Banking, Trust Banking
and Securities Functions
To provide more extensive and comprehensive financial
services to our customers, we are strengthening collaboration among group companies. As joint branches ofbanking, trust banking and securities function, MHTB has
continued to establish “Trust Lounges” to provide uniquetrust services including asset inheritance, real estaterelated business, and MHIS has also increased the numberof “Planet Booths,” joint branches of MHBK and MHIS.
As of September 30, 2011, number of “Trust Lounges”
and “Planet Booths” are 11 and 157, respectively.
Meanwhile, MHBK and MHTB, in an effort to both
unify operating infrastructure and offer customers awider array of more convenient services, started services
which allowed MHTB customers to use MHBK ordinary
deposit, IC cash card, and ATMs in January 2012.

implementation of Mizuho's Transformation Program andthe realization in advance of the synergy effects of theintegrated group-wide business operations including thetransformation into “one bank.” Accordingly, we believe
we will be able sufficiently to meet the new capital regulations including the framework to identify G-SIFIs.

Improvement of the Asset Portfolio
We strategically reallocated risk-weighted assets as we
worked toward the “improvement of asset efficiency”
and “further strengthening of risk management.” In parallel with these activities, at the end of the first half of fiscal 2011, we reduced our stock portfolio by ¥201.4 bil-•lion from the end of fiscal 2009.

Strengthening Front-line Business
Capabilities
We have launched various initiatives, including downsizing and rationalization of corporate management functions, reforming the structure of IT cost and consolidating operation. With regard to the redeployment ofapproximately 1,000 personnel to the marketing frontline, 547 people were transferred by the end of the firsthalf of 2011.

Further Acceleration of Mizuho's
Transformation Program and Establishmentof Advanced Group Management Structure
Bearing the recent computer system failures in mind, andwith a strong resolution to prevent its recurrence, actions
have been implemented by Mizuho as acceleration initia-

Enhancing the Financial Basetives of the Transformation Program in order to restore

Strengthening of the Capital Basecustomer confidence from May 2011. Along these lines,

We continue to pursue the “strengthening of stable capi-

we decided to adopt “advanced & integrated grouptal base” and “steady returns to shareholders” as ourmanagement (transformation into ‘one bank etc.’).” We“disciplined capital management” policy. However, con-

aim to establish a new corporate structure and corporate

sidering the ongoing global discussions with respect togovernance structure, with which we will be able to uti-

capital, uncertainty over the economy and market trends,

lize the following functions most effectively as the only

and other factors, we are placing a higher priority on thefinancial group in Japan with banks, trust banks and“strengthening of stable capital base.” Due mainly tosecurities companies under one umbrella, and thereby torecording consolidated net income of ¥254.6 billion in

improve further customer convenience.
9Integrated Group Management and Synergy Effects

Towards Advanced & Integrated Group Management
Enhance Customer Convenience
1 Transformation of banking

operations into “one bank”
Substantive “one bank”(Starting Apr. 2012)

2 Integrated managementof banks, trust banks andsecurities companies

Improve Group Management Efficiency

Merger of MHCB & MHBK
by around the first halfof fiscal 2013

Turning MHTB, MHSC, andMHIS into wholly-owned
subsidiaries/Mergerof MHSC and MHIS

3 Strengthen group governance
Strategic
Focus

Improve group management efficiency
Consolidation of group-wide business operations andoptimization of management resources, such as
workforce and branch network

Competitive advantage of having a group of banks,
trust banks and securities functions under one umbrella

Pursue Maximum Group Profitability
1. Revenue (Top-line) Growth

2. Cost Reduction

Enhance group collaboration to enhance“strengths” and “advantages”

Reduce expenses through overcoming“weaknesses” and “challenges”(1) Take an integrated approach to customers to
invigorate our business activities(2) Develop financial know-how and industrial expertise
within the group(3) Pursue group synergy effects through the integrated
management of banking, trust and securities functions

Synergy
Effects(1) Downsize personnel (3,000 staff) by integrating groupfunctions(2) Unify peripheral systems among group companies,
reduce office space(3) Further reduce costs associated with the merger of
MHSC and MHIS, implement Operation Base
Restructuring Program at MHSC, etc.

Establishing an Advanced GroupManagement Structurebanks and by further enhancing group collaboration

We aim to establish a new corporate structure andsame time, we aim to enhance further the consolidation

strengthen corporate governance, with which we will beof group-wide business operations and optimization ofable to utilize the following functions most effectively as

management resources, such as workforce and branch

the only financial group in Japan with banks, trust banks

network, by strengthening group governance and improv-

and securities companies under one umbrella, and there-

ing group management efficiency, leading to the maxi-

by to improve further customer convenience.

mization of group profitability.

among the banking, trust and securities functions. At the

In September 2011, we turned MHTB, MHSC andMHIS into our wholly-owned subsidiaries to strengthen

Business Strategies

our “group capabilities.” MHSC and MHIS plan to merge

In order to realize the synergy effects of the merger ofin the second half of fiscal 2012, on the assumption

MHCB and MHBK in advance of its consummation, wethat filings will have been made to, and permission

will invigorate business activity through coordinatedobtained from, the relevant authorities in Japan and any

approach to customers and develop financial know-how

foreign countries.

within the group.

Furthermore, in November 2011, MHCB and MHBK

Under the relationship management units, the trans-announced that they had determined to conduct a merg-

formation into “one bank” will remove the barriers

er between them. Through the merger, which constitutes

between MHCB and MHBK. Accordingly, by taking an

the core of the establishment of the advanced group

integrated approach to Mizuho's customers and thor-

management structure, we aim to become able to pro-oughly developing the financial know-how and industrial

vide directly and promptly diverse and functional financial

expertise of both MHCB and MHBK within the group, we

services to both MHCB and MHBK customers, by utilizing

will further invigorate our business activities and provide

the current “strengths” and “advantages” of the two

financial services to meet all the customer needs through10Integrated Group Management and Synergy Effects

Organization and Structure

the unified efforts of the group.
Specifically, we will further promote businesses related

While consummating the merger by around the end of

to the employees of MHCB's customers, taking advan-

the first half of fiscal 2013, we plan to start the “substan-tage of MHBK's retail marketing expertise, and enhance

tive one bank” structure beginning April 2012, prior to

support for the overseas businesses of MHBK's customers

the effective date, in order to pursue the merger syner-by utilizing MHCB's overseas network. Also, we will, ingies in advance of the merger.

relation to MHBK's customers, actively utilize MHCB's

The five new project teams (PTs) that launched in Julyknow-how for businesses related to large corporate cus-

2011(PT for Advanced Group Structure, PT for

tomers and capability to provide comprehensive propos-

Substantive One Bank, PT for HRM Structure Reform, PT

als for business solutions. Through those activities, wefor Operations Platform Unification and The Next-

will further enhance business promotions that meet cus-

Generation IT Systems Promotion Office) have been mak-tomer needs. At the same time, we will strive to pursue

ing steady progress, and organization design of the “sub-group synergy effects through the integrated manage-

stantive one bank” is in progress in accordance with thement of banking, trust and securities functions throughfollowing policies.
In the corporate planning and management units, we

further collaboration among such functions.
Under the markets units, we will strive to strengthen

will promote the unification of MHFG, MHCB and MHBK

the efficiency of our market operations in respect of bothin order to strengthen group governance and improveuse of funds and source of funds and will aim to strength-group management efficiency, and, in principle, an exec-

en profits through the effective utilization of risk capitalutive officer/general manager of either company inand the enhanced risk management.

charge will concurrently assume the corresponding postat the other two companies. In the relationship management units and the products units, based on customer

Synergy Effects by “One Bank”(Estimation)(billions of ¥)Revenue Synergies
Banking Operations
Relationship Management Units

Synergy EffectFiscal 2015 comparedto fiscal 2011

+60
+45
+25

Retail+5Corporate+20

Markets Units+20

Revenue Synergies (Top-line Growth)
Retail- Promote asset management products and personal loans to employees of
MHCB customers / Approach new hires of MHCB customers- Promote housing loans via major housing developers and contractors thatare MHCB customers

Corporate- Utilize financial know-how and industrial expertise for MHBK customers, which
MHCB has developed through transactions with its large corporate customers(M&A, a variety of financial solutions)- Enhance support for the overseas businesses of MHBK customers by fully
utilizing MHCB's overseas network and services- Mutually utilize relationships with customers' group companies and thosebetween suppliers and buyers (Support customers to expand their supply
chains, business matching, etc.)

Collaboration among group companies+15

Market: Improve the efficiency of market operations, utilize risk capitalefficiency and strengthen risk management

Trust function collaboration+8.5

Collaboration among group companies

Securities function collaboration+6.5

Cost Synergies

Cost Synergies+40

Downsizing of personnel+22

Unification of peripheral systems, etc.

+10

Cost reduction at MHSC and MHIS

+8

Total

- Securities (MHSC+MHIS): promote securities products to MHBK customers- Trust bank (MHTB), asset management companies: pension, stock transfer
agency services, testamentary trusts and investment trusts+100

Integration of group functions: downsizing personnel (3,000 staff)
Unification of independent information systems of each entity: avoid
duplicate investments
Effective usage of vacant office space in accordance with thedownsizing of personnel
Reduce expenses through the merger between MHSC and MHIS,
Operation Base Restructuring Program (MHSC)
Expense Ratio: Aiming at the level of less than 50%

11Integrated Group Management and Synergy Effects

characteristics, we will establish a business promotion
structure that applies across MHCB and MHBK in order toprovide advanced solutions that meet the needs of thecustomers of each segment. We will also consider the
possibility of an integration that includes MHTB.
With the above-mentioned establishment of theorganization and structure upon the transformation into
the “substantive one bank” followed by the legal transformation into “one bank,” Mizuho will aim to downsize
by 3,000 personnel by consolidating common functions
across entities and improving productivity.
We will also aim to decrease the number of management personnel by approximately 20% by the time of
the merger.
In addition, MHSC will steadily implement the Operation Base Restructuring Program, which contains a downsizing of approximately 700 personnel, and will strive to
reduce expenses further through streamlining associatedwith the merger of MHSC and MHIS.

12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 GroupTo respond to the needs of large enterprise, global corporation, and other entity customers, theGlobal Corporate Group provides highly specialized, innovative products and solutions by integrating
and reinforcing its corporate banking business and securities business and leveraging Mizuho's comprehensive financial capabilities.

Mizuho Corporate Bank, Ltd. (MHCB)

Mizuho Securities Co., Ltd. (MHSC)

Global Retail Group
With the close cooperation of the group companies of Mizuho, the Global Retail Group provides toplevel financial services to the needs of individuals, SMEs, and middle-market corporation customers.

Mizuho Investors Securities Co., Ltd.
(MHIS)

Mizuho Bank, Ltd. (MHBK)Global Asset & Wealth Management GroupThe Global Asset & Wealth Management Group provides world-class products and services to meet
diversified and sophisticated customer needs in trust, asset management, and private banking business areas.

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)

13

Business Outline

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

Banking
Business

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

Mizuho Bank(MHBK)

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

A trust bank that possesses
strengths in both the 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 Life
Insurance and Mizuho bothhave equity holdings.

MizuhoResearch Institute(MHRI)

Mizuho Information& Research Institute(MHIR)

Mizuho Private
Wealth Management(MHPW)

A think tank.

A company in charge ofIT strategy.

A wealth management
services company.

Mizuho Factors

Mizuho CapitalMizuhoTrust Realty Company

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

A principal venture capitalcompany.

A real estate agency.

MizuhoFinancial Strategy(MHFS)

Mizuho-DL
Financial Technology

Orient Corporation

UC CardAn advisory company
for financial institutions.

A research and development
company of financial technology.

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

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

Securities
Business

Trust and AssetManagement
Business

Other
Businesses

MizuhoCredit Guarantee
Guarantees housing
and other loans.

14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, 2011)
MHCB

MHTB

Overseas branch or relevant office
Overseas representative office
Major overseas subsidiary

MHSC

Overseas subsidiary

DIAM

Overseas subsidiary
Overseas representative office

Overseas subsidiary

AmsterdamDüsseldorf

LondonFrankfurt

Beijing

Luxembourg
Moscow

Brussels
ViennaParis

ChicagoBostonDalianNanjing

Vancouver

TehranMilan

New York

San Francisco

Wuhan

Zurich

Hoboken

Seoul

Wuxi

MadridTorontoTianjin

QingdaoAtlanta

Xiamen

New Delhi

Bahrain

HoustonShenzhen
Guangzhou

SuzhouDubai

NassauShanghaiHong Kong

RiyadhLos Angeles

CaymanTaipeiTaichung
Kaohsiung

Hanoi

Mumbai

Mexico City

ManilaBangkok

Network in Japan (As of December 31, 2011)
MHCB

Ho Chi Minh City

Head Office and Branches: 18

Kuala Lumpur

MHBK
LabuanSingapore

Head Office and Branches: 395
Sub-branches: 37
Agencies: 42

Jakarta

MHTB
Head Office and Branches: 36
Sub-branches: 12

SydneyMHSCHead Office and Departments: 3
Business Promotion Offices: 98

MHIS*Mizuho Corporate Bank (Malaysia), a wholly-owned subsidiary of Mizuho Corporate Bank, started business operations in September 2011.
*Mizuho Investment Consulting (Shanghai), a wholly-owned subsidiary of Mizuho Securities, established Beijing Branch and started its
business operations in September 2011.

15

Head Office and Branches: 56
Planet Booths*: 146*Planet Booths are the consulting boothsof MHIS located in MHBK's BranchesSão PauloBusiness Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Approaches to Corporate FinanceLarge Corporate Business• RMs for Large Corporation and Financial Institutions and Public Sector Entities
Acting as relationship managers (RMs) for the entire group, MHCB's RMs are focusing on its solution business by making useof the specialist functions embodied within the group to support customers as financial advisors, helping them realize theirbusiness, financial, global, and other growth strategies. Bearing in mind the objective of facilitating finance, RMs make themost of their consulting functions to accurately identify customers' management issues and offer diversified solutions tostrengthen their competitiveness at home and overseas through support for fund raising, business reorganization in Japan,
cross border M&A, overseas business expansion by Japanese companies and other strategies.
With regard to the needs of customers among financial institutions and public sector entities, RMs offer comprehensive
financial services. Examples include the best-performing public debt entrustment and underwriting services in Japan, and otherforms of capital procurement support; PFI/PPP, securitization of business receivables and sales of asset management products.

• Initiatives Aimed at Reviving Industry
MHCB draws on its deep understanding of industry and the know-how it has accumulated in various areas of finance, including joint initiatives between the public and private sectors, and makes proactive use of its financial intermediation and consulting functions in tackling the revival of industries that have been affected by the Great East Japan Earthquake.
More specifically, it is tackling the revival of industry and the region centered on Iwate, Miyagi and Fukushima Prefecturesby setting up the Tohoku Fukko Desk (the Tohoku reconstruction desk) in Sendai and bringing Mizuho's knowledge together.
In August 2011, MHCB and MHBK jointly invested in the Mizuho Tohoku Industry Development Fund, which was establishedto develop industry via share acquisitions and other forms of capital provision. MHCB and MHBK invested in this fund to contribute to the recovery and medium-to-long term growth of the above three prefectures and other parts of the Tohoku Region.

• Industry Research
Changes in global industrial structures and diversification of corporate strategies appear to be gaining momentum. Against
this background, MHCB's Industry Research Division acts as the research team, proposing global and comprehensive solutions
to customers on the basis of its deep understanding of industry. Its activities focus on three areas: (1) the “sector-specific analyst function,” which offers wide-ranging information and analysis concerning industry; (2) the “sector-specific strategist function,” which works on future business strategy proposals; and (3) the “corporate finance function,” which supports the formulation of customers' financial and management strategies.

• Banking and Securities Collaboration
MHCB collaborates with MHSC at home and overseas in establishing global securities business strategies and strengthening
the operation system to provide solutions such as capital management, business and financial strategy of customers. Around50 staff members have started working in some of the business promotion divisions at both MHCB and MHSC in Japan, further promoting collaboration between them.

Strengthening Global Expansion
Mizuho offers optimal solutions for the various needs of its customers engaged in global business activities by seamlessly combining its rich experience in overseas markets with its powerful overseas network and cutting-edge financial products.
In the first half of fiscal 2011, MHCB took steps to provide even more detailed support to its customers in Asia. These
include the division of its Asia Unit into the East Asia Unit and Asia & Oceania Unit to significantly strengthen business promotion and management systems in the strategically important Asian region, the opening of Mizuho Corporate Bank (Malaysia)
in September, and other measures aimed at building up MHCB's overseas network. Also in September, MHCB entered into a
capital and business alliance with Joint Stock Commercial Bank for Foreign Trade of Vietnam, which is one of the largest

16Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —national commercial banks in Vietnam, as well as embarking on other initiatives to strengthen its support framework in emerging economies that are expected to experience rapid growth. At the same time, MHCB is moving forward with efforts to bolster its global development initiatives in other regions, such as its September signing of a general business cooperation agreement with Sberbank of Russia, Russia's largest commercial bank.

Finance Business• M&A FinanceIn order to enhance corporate value of its customers, MHCB offers sophisticated M&A solutions. In recent years, Mizuho has
supported its customers' M&A strategies by strengthening cooperation with group offices and companies at home and overseas to respond to a growing need for cross-border M&A deals. In the area of MBOs and LBOs, Mizuho has arranged large
LBO deal for Bellsystem24.

• Project Finance
MHCB is a top global player in the arrangement of, and performance of advisory services for, project finance (PF) deals thatenable the procurement of long-term capital for natural resource development abroad, the building of electric power generation projects in Japan and overseas, and the construction of public infrastructure.
In the first half of fiscal 2011, MHCB was proactively arranging environment-related PF deals mainly in the area of renewable energy. Two examples are deals put together for a Coram Energy Corporation wind-power project in the U.S. and awaste-to-energy power plant in South Tyne, U.K. MHCB has also built a substantial track record in the development of natural
resources in growing demand, including the construction of a chemical alumina plant in the Tayan District of Indonesia andthe development of the Caserones copper mine in Chile. On a different front, MHCB is putting together PF deals for public
infrastructure, like a new high-speed rail line in southwestern France.
In Japan, followed by the revised PFI Law and the Act on Special Measures concerning the Procurement of Renewable
Electric Energy by Operators of Electric Utilities, MHCB is taking on PFI/PPP deals across a wide range of transportation andother types of public infrastructure, and for disaster reconstruction projects.

Wind turbines in Tehachapi, California• Asset FinanceBy arranging customers' asset securitization, MHCB satisfies their demands such as diversification of funding sources andimprovement of financial indices through removing assets from their balance sheet. MHCB supports customers' financial
strategies by offering sophisticated solutions that use wide-ranging assets such as securitization arranged in both domestic andoverseas markets, inventory finance and whole business securitization.

• Real Estate Finance
MHCB has arranged financing for many real estate-related projects. Making the most of its rich experience and know-how, it
not only arranges financing but also offers optimal solutions for customers' management issues, including financial and business strategies responding to IFRS, CRE strategies (strategies for corporate real estate management and investment), and project feasibility assessments in connection with real estate holdings.

17

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Syndication Business
MHCB has put a great deal of effort into using syndicatedroutine financing to M&A finance, project finance and real

Trends in Japan'sSyndicated Loan Market
and Mizuho's Shareestate finance.

(Trillions of ¥)loans that employ a wide and varied range of schemes, fromIn the first half of fiscal 2011, MHCB arranged a number of

45.5%

30

major deals, including a term loan for SOFTBANK, as well as

25deals like a subordinated loan for Oriental Land. As a result,20

the group maintained its overwhelming presence, accounting

15

for a 45.5% share of the market according to Thomson

Mizuho's Share(first half offiscal 2011)10

Reuters' domestic book runners league table. In the global

5

bookrunner league tables, the group took the fifth place, the0highest among the Japanese banks.
It is poised to tie-up with MHCB's overseas offices

Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
(first half)[Trends in Japan's Syndicated Loan Market]
Sources: Fiscal 2002 : Thomson Reuters
Fiscal 2003 – First half of fiscal 2011
: “Loans Syndicated and Loans Transferred”
from Japanese Bankers Association[Share of Japan's Syndicated Loans (first half of fiscal 2011, bookrunner basis)]
Source: Thomson Reuters

throughout the world to respond to global syndicated loan
needs from Asian and western companies and international
institutions, including such needs of Ninja loans (syndicatedloans extended by Japanese financial institutions to overseas
firms) to a US power company.

Global Transaction Business• e-Business
MHCB responds to customers' needs on a global basis by offering sophisticated cash management services. In Japan, theseinclude zero balancing services and payment factoring, often in combination with Mizuho Advanced CMS. It also offers
Mizuho Global CMS and the Mizuho Global Cash Pooling Service abroad.

• Foreign Exchange and Trade BusinessIn addition to offering cross-border settlement services for the Chinese yuan and various other emerging currencies, hedges
against foreign exchange risk and issuing guarantees for foreign exchange transactions, MHCB provides cutting-edge solutions
including securitization of overseas accounts receivable, trade finance using letters of credit, and ECA finance (finance provided in cooperation with governmental export credit agencies around the world).

• Yen Settlement and Custody Services
MHCB offers various cash and securities clearing & settlement services, including correspondent yen settlement services andcustody services for non-residents. It has enhanced its services by establishing a dual office system that allows operations to be
carried out in parallel at two office locations, thereby strengthening its business continuity capabilities. In the area of custodyoperations, it also has acquired a business model patent for managing assets deposited by investors. In the area of correspondent yen settlements, it has also acquired SSAE16 external certification in respect of internal controls.

18

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Asset Management Business
MHCB makes the most of the synergies between planning, development, and sales in the asset management-related businessthrough seamless management, thus providing customers such as pension funds, financial institutions, and other institutional
investors with products and services that match their needs.

• Pensions Business
MHCB has the top performance record in the field of defined contribution pension plan entrustments in Japan and offers comprehensive pension services through the specialist division.

• Global Alternative Investment Business
MHCB provides optimal products responding to the needs of customers in collaboration with US asset management company
Mizuho Alternative Investments and Tokyo asset management company Mizuho Global Alternative Investments which selects
and provides alternative products such as hedge funds. In October 2011, Eurekahedge, which is the MHCB's subsidiary in
Singapore and offers hedge fund research and information, launched Mizuho-Eurekahedge Index, the new hedge fund index.

Promoting the Global Market BusinessIn the sales and trading business, MHCB offers optimal financial solutions that use cutting-edge financial technologies to satisfy customers' increasingly diverse and sophisticated global financial and business risk control needs.
It has expanded its product lineup from basic areas such as interest rates and foreign exchange to oil, metals, weather, andother commodity derivatives, and local currency transactions. In the field of Asian currencies in particular, it responds to customers' needs through cooperation between its team of experts, who are thoroughly familiar with the market's or country
characteristics, and its network of overseas offices. MHCB is responding to demand for offshore RMB, which is drawing growing interest as a result of Chinese deregulation, and various other customer needs.
Through its tie-up with Mizuho-DL Financial Technology, which is a group company specializing in the development offinancial technology, MHCB developed “dynamic foreign exchange hedging”—a statistical/probabilistic exchange risk hedging
method that eliminates market views and arbitrariness. Many customers have made use of “dynamic foreign exchange hedging.”

Approaches to Securities Business
MHSC is endeavoring to strengthen collaboration with group companies of Mizuho while “focusing on a customer-oriented
business model” and “establishing a strong business management base resilient to changes in the business environment.”
Based on the realization of these twin pillars, it aspires to become “the most reliable investment bank with global reach.”

Investment Banking Business
MHSC maintains its sector-leading performance in the area of bond underwriting operations through its powerful bond sales
capabilities, its ability to set prices to reflect investor demand with precision, and its ability to propose solutions that suit themarket environment and match issuers' needs. In the equities underwriting business, it draws on its superior stock underwriting know-how and its enormous equity selling power in Japan and overseas to achieve sector-leading performance by serving
as lead underwriter in a steadily increasing number of large finance deals. MHSC has compiled a top-class performance recordand 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.

19

Business Approaches Adopted by Each Global Group

Global Corporate Group— Approaches to Large and Global Corporations, and Other Entities —Products 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. MHSC is expanding market presence both in Japan and overseas by further reinforcing its execution capabilities,
offering a variety of high-value-added products, and strengthening its research functions as a means of better responding to
the sophisticated needs of global institutional investors.
In retail operations, it is working to provide products that better match customers' needs with a view to increasing its assets
under management while simultaneously expanding the functions of its call centers and services provided by the Mizuho
Securities Net Club. It is also putting considerable effort into giving advice to company owners, and proactively engaging in
financial instruments intermediary service through regional financial institutions.

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

Total SB League Table

financial markets in Europe, the United States, Asia, and the*Underwriting amount basis, including samurai bonds, municipal bonds
and preferred securities. (April to September 2011, pricing date basis)

Middle East, strengthening its global management framework

Amount(billions of ¥)Mizuho Securities
1,432.0
Nomura Securities
1,412.0
Mitsubishi UFJ Morgan Stanley Securities 1,365.6

Rank Company namefor underwriting and selling equities, government bonds, andcorporate bonds, and engaging in the M&A advisory business.
In Europe, Mizuho International is expanding its customer

1
2
3

Share
(%)
19.7
19.4
18.8

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

oriented business lineup by strengthening its business basecentered on its investment banking business and sales & trad-

Japan Equity and Equity Related

ing business. Mizuho Securities USA has been offering a full

*Underwriting amount basis.
(April to September 2011, pricing date basis)

range of securities services in the United States leveraging

Rank Company name

MHCB's FHC status there, and is steadily compiling a track

1
2
3

record especially in underwriting US corporate bonds andequities. MHSC has positioned Mizuho Securities Asia as theMizuho Financial Group
Daiwa Securities Group
Sumitomo Mitsui Financial Group

Amount(billions of ¥)
88.4
79.6
78.6

Share
(%)
20.4
18.4
18.2

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

hub of its Asian business and is strengthening collaboration
between its Asia Division, which was established in April 2011,

M&A Advisory Ranking

Mizuho Securities Asia and other Mizuho group companies.

*Number of transactions which Japanese companies were involved in(excl. real estate deals), based on no. of transactions.
(January to September 2011)

Rank Advisor
1
2
3

Nomura Securities
Mizuho Financial Group
Sumitomo Mitsui Financial GroupNo. of Share
Amountdeals(%) (billions of ¥)92
4.9 3,930.8
76
4.1 2,570.8
75
4.0 2,346.3

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

20

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs, and Middle-Market Corporations —Approaches to Individual Customers
In order to meet the needs of individual customers throughout their lives, MHBK offers diversified products and services which
are appropriate for the life stages and scenes of each individual.

Mizuho Mileage ClubAt the end of September 2011, over 8.5 million people signed up for the MHBK's Mizuho Mileage Club service. In addition
to offering attractive benefits such as discounts on commissions, MHBK is working to expand its services through initiatives
like the Mizuho Autumn Present Campaign 2011 in which customers can receive various product prizes, including Takarakuji
lottery tickets and those from Mizuho Mileage Club partner companies, based on customers' credit card usage embodied in
Mizuho Mileage Club Cards.

Mizuho Direct
As of the end of September 2011, about 9.1 million people had signed up for MHBK's Mizuho Direct, which makes it possible
to take advantage of MHBK's services and execute transactions through Internet banking and other channels.
To add even more convenience, in May 2011, along with renewing the transaction screen, MHBK puts procedures for reissuing ‘Mizuho Direct card’ and unsuspeding accounts on its website.

Loan Services Aimed at Individuals
MHBK has established a variety of loan consultation channels, such as consultations at branches, by telephone or via theInternet. In addition, it holds housing loan consultations on weekends and holidays, and during the evening on weekdays.
MHBK also has made its Mizuho Bank Card Loan more convenient by expanding its services to allow customers to borrow ormake repayments through ATMs, the Internet and other channels.
It also supports customers' efforts to preserve the environment by purchasing CO2 emission credits and donating them tothe government according to the number of contracts concluded when customers use housing loans and other loans to transform their homes into eco-friendly dwellings.
MHBK is taking inquiries at branches, on its website, and by phone regarding negotiations on changing housing loan repayment conditions and other matters based on the Financing Facilitation Act for SMEs.

Mizuho’s Consulting Services
As the closest advisers to individual customers, financial consultants (FCs) at MHBK respond to the customers' various needs
with consultations on various kinds of loans, future money plans, asset management of retirement allowances, life insurancesand other financial products and services.
It devotes a great deal of effort to training FCs through its own FC training scheme. It is also improving tools to simulate customers' future money plans and their asset portfolios, and is increasing seminars and consultations on weekends and holidays.

Expanding Product Lineup of Investment Products
To support customers' asset investment needs, MHBK is endeavoring to expand its product lineup in such areas as investment
trusts, individual annuities and foreign currency deposits.
It prepares products which pursue stable profits for customers who prefer stability and other products to meet various
customers' needs.
Some branches of MHBK handle Chochiku no Tatsujin (Expert Saver), results-based dividend-type money trust product.

21

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs, and Middle-Market Corporations —Improvements of Branches and ATM Installations
Making efforts to expand its branch and ATM network, MHBK opened Tamagawa Gakuenmae Branch and Kawanishi Branchin the first half of fiscal 2011.
In order to provide further enhanced, comprehensive financial services, it has also set up Trust Lounges which specialize inconsultations and offer unique trust services, including asset inheritance and real estate-related business, and Planet Booths,
MHIS's consulting booths.
In addition, MHBK began in May 2011 to offer the ATM/Branch Search smartphone app, which uses Augmented Reality
technology to provide the directions and distance to a branch, and can be used to call a branch and view branch information.

Initiatives to Support the Recovery from the Great East Japan Earthquake
MHBK offers Disaster Recovery Loans for Great East Japan Earthquake Victims with a view to being as useful as possible to therecovery efforts of customers who were hit by the earthquake disaster.
In addition, through a campaign directed at individual customers, MHBK, for example, donated flowers, seedlings, andschool supplies to disaster areas, and provided financial support for summer festivals in the Tohoku region.

Initiatives to Strengthen Retail Finance Business in Asia
MHBK, together with Credit Saison and UC Card, entered a basic agreement for a business partnership in the area of retail business with China UnionPay*1. The four companies aim primarily at providing high added-value products and services withgreater convenience to Chinese travelers to Japan and Japanese travelers to China by partnering the strong customer bases andnetworks of Mizuho, Credit Saison, and UC Card with the 117 country- and region-wide settlement network and the international brand competitiveness of China UnionPay.
In addition, MHBK reached an agreement with Imora Motor and Balimor Finance in Indonesia in August 2011*2.
MHBK continues to strengthen its retail finance business in the rapidly growing Asian market to expand its global retail presence.
*1. China UnionPay is the operating company for China's only interbank settlement network.
*2. Imora Motor is an automobile sales company and Balimor Finance is a finance company focusing on automobile loans and leases.

Signing ceremony of basic agreement by MHBK, Credit
Saison, UC Card and China UnionPay

Signing ceremony by MHBK, Imora Motor and Balimor
Finance22

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
Being more conscious than ever of the role that financial institutions must play in responding smoothly to customers' funding
demands, MHBK is strengthening its ability to meet their fund-raising needs.
It also takes advantage of the group's information functions and network to provide business consultation for customers
and to support their management by proactively fulfilling consulting functions according to the customer's life cycle (businessestablishment, new business, management issues, business revitalization, and business inheritance).

Approach to Funding Needs
In July 2010, MHBK announced its plan for activities in growth areas and is supporting expansion of business operations inthese areas. In addition to Mizuho Eco-assist, Mizuho Eco Private Placement, and Interest Subsidy Delivery Project developed by
the Ministry of Environment which supports funding for customers who adopt a positive approach to environmental issues,
MHBK launched Mizuho Eco-assist Plus which evaluates, based on MHBK's own standards, the state of a company's
environmentally-conscious management and provides financing in March 2011.
In response to Japan's aging population and falling birthrate, MHBK provides Mizuho Heartful Loans and Mizuho
Heartful Private Placement to support customers who are proactively involved in promoting employment among the elderly
and the disabled.

Initiatives to Support the Recovery from the Great East Japan Earthquake
MHBK offers Disaster Relief Support Funding and handles various policy loans provided by public institutions. The goal is tohelp the disaster reconstruction efforts of corporate customers whose head offices, business or sales offices, factories andother buildings, machinery, equipment and other commercial facilities, or products have suffered damage from the disaster. In
May 2011, MHBK also set up the Business Reconstruction Assistance Fund of ¥200.0 billion to facilitate financing.
In addition to financing, MHBK is supporting business recovery by providing customers with a variety of business and management support such as introducing new sales, purchasing, and other business partners, and also by supporting customers'
overseas expansion by transferring production locations.

Approach to Management Issues
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.

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.
For the food-specially supermarket industry, in particular, we sponsored the Business Matching Forum for Food-SpeciallySupermarkets in October 2011. The purpose of this event was to match customers needing to reconstruct a supply chain,develop a BCP, or find ways to cut electricity consumption in the wake of the Great East Japan Earthquake with other customers offering solutions.

23

Business Approaches Adopted by Each Global Group

Global Retail Group— Targeting Individuals, SMEs, and Middle-Market Corporations —Consultations on Business InheritanceBusiness inheritance is one of the most important management issues for SME customers because it simultaneously raises succession issues pertaining to the company's ownership and the owner's own assets.
MHBK brought corporate consulting functions regarding business and asset inheritance and private banking functions
regarding asset management for corporate owners and high-net-worth customers, as well as trust business collaboration promotion functions into the Consulting Division. This division makes comprehensive proposals that respond to the needs of corporate owners as both management and individuals, and offers the latest information through holding Mizuho Top Owners
Seminars with MHTB.

Using Electronically Recorded Monetary Claims in the Finance Business
Mizuho has established the wholly-owned specialist subsidiary Mizuho Electronic Monetary Claim Recording as an electronicmonetary claim recording institution and offers the Mizuho Electronically Recorded Claims Settlement Service, e-Noteless, andthe Mizuho Loan Electronic Recording Service—original Mizuho products using electronically recorded monetary claims.
Mizuho is also preparing to offer services via Densai Net, an electronic monetary claim recording institution the Japanese
Bankers Association is considering establishing.
To promote better understanding of electronically recorded monetary claims Mizuho held seminars in June and November
2011 in Tokyo, Osaka, and Nagoya. Going forward, Mizuho will use electronically recorded monetary claims to gradually introduce highly convenient products and services to its customers.

Support for Overseas Business Expansion
In order to satisfy Japanese companies' diversified needs relating to overseas business expansion, specialist staff in Japan andoverseas who are well versed in overseas business provide the best possible information and services accurately and quickly
according to the needs of the business in question and its development stage—local feasibility study, overseas business strategy formulation, establishment of overseas subsidiary, post-establishment business management, and so on through utilizing
the group's Asian network, which is one of the most extensive among any Japanese bank.

IPO Support
MHBK responds to the needs of customers planning IPOs through organized collaboration with other group companies: 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.

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

24

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Customers’ Demands for Asset Management and Administration —Approaches to Trust Business
Providing Mizuho's Customers with Trust Functions
MHTB works with the group companies to provide the group customers with trust functions.

Developing Trust Products
MHTB is proactively developing trust products that use new assets and trust schemes. These products include security trusts, atrust scheme to secure language school tuition fees by segregating advances received and e-Noteless, a new settlement
scheme using electronically recorded monetary claims.
In August 2011, MHTB developed a new money trust that uses subordinated loans to regional banks to manage funds.
These money trusts were developed for regional banks and their customers.
It also offers a variety of solutions to match customers' needs by developing a leveraged trust beneficiary rights scheme
which enhances the convenience of asset finance for real estate investments and by launching discretionary investment services in connection with real estate trust beneficiary rights.

Trust Products and Services Targeting Individual Customers• Personal Assets under Management
MHTB offers a selection of financial products that make the most of the features of trusts such as results-based dividend-typemoney trusts Chochiku no Tatsujin (Expert Saver). Some branches of MHBK started handling Chochiku no Tatsujin from
December 2010, and the number of such branches has increased to 209 as of the end of December 2011.
<Asset Management Trusts>
MHTB's Asset Management Trust is a trust product which is separately established and managed for each customer, primarily
by accepting their stocks, bonds, and other securities. Making the most of the know-how it has accumulated through its asset
management business as a trust bank, it is responding to customers' various needs ranging from support for asset management and investment to methods for dealing with acquisition or disposal of treasury stocks, which require special care.

•Sharing the Deposit Accounts and ATMs of Mizuho BankMHBK and MHTB have launched the Mizuho Group Account Service, which allows MHTB customers to use MHBK's
ordinary deposit accounts and ATMs beginning in January 2012. Under this service, MHTB customers are able to use
MHBK's extensive branch and ATM network.

• Testamentary Trusts
Sooner or later, everyone faces the important question of how to ensure their invaluable assets are properly passed on to theirheirs. MHTB provides assistance with asset inheritance using the know-how it has built up over many years and the types ofservices that only trust banks can offer. As of the end of December 2011, MHTB had signed trust agency contracts for testamentary trust business with a total of 25 financial institutions, including MHBK.
Its testamentary trust business offers three services: “consent to undertake the execution of wills service,” a comprehensive
service for handling everything to do with wills, from consultation for drafting to execution; “will safe-keeping service” to holdwills in safe custody; and “inheritance distribution service” to act as agent for heirs in executing the procedures necessary
when an inheritance arises.

25

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Customers’ Demands for Asset Management and Administration —• Lending Business
MHTB offers the Produce rental condominium and apartment loan product to customers who want to make more effective
use of their real estate. Produce, a dedicated loan product for rental condos and apartments, offers loans of up to ¥1 billion
with a maximum repayment period of 35 years (for reinforced concrete construction) in the Tokyo metropolitan area and the
Kinki region. MHTB provides lease business consulting services to help customers with their life planning or inheritancearrangements for the future.

• Real Estate BusinessIn cooperation with Mizuho Trust Realty Company, MHTB provides assistance for purchasing or changing family homes, trading in investment real estate, and making more efficient use of idle land.

Trust Products and Services Targeting Corporate Customers• Corporate Assets under Management
In addition to results-based dividend-type money trusts such as Super Highway, MHTB has prepared a wide-range of products
to satisfy individual customers' needs, including privately placed investment trusts.

• Lending BusinessIn addition to offering traditional bank lending services, MHTB's lending business makes use of its trust know-how in meeting
funding needs by focusing on the value and earning potential of money claims, real estate and other assets.

• Securitization of Monetary and Other Claims
In its services for securitizing monetary and other claims, MHTB, using its trust banking know-how, transforms the creditworthiness and cash flows of monetary claims, such as sales and bills receivables held by companies and loans, into asset management products which it offers to individual and corporate customers.

• Stock Transfer Agency Services
The stock transfer agency business involves handling various operations associated with stocks on behalf of the stock issuer. As ashareholder registry manager, MHTB manages shareholder registers,
calculates dividends, mails notices convening general meetings ofshareholders, and counts voting rights. It also 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

Number of Shareholders Managed under the
Stock Transfer Agency Business (except forOverseas Stocks)(Millions of person)
8.5
8.0
7.5
7.0
6.5

Concerning Book-Entry Transfer of Corporate Bonds, etc., and otherchanges in the external environment. Since the introduction of the

0.0

March 2010

March 2011

September 2011

Electronic Share Certificate System in 2009, it has also acted as a
special account management institution, handling various proceMHTB's Securitized Assets (Real Estate) under
Administration as Trustee

dures concerning stocks recorded in special accounts.

• Real Estate Business(Billions of ¥)4,800

In its real estate business, MHTB helps to resolve customers' needs
and issues in the areas of corporate finance, asset inheritance and therearrangement and effective use of asset portfolios by quickly andeffectively devising solutions through its consultation functions and

4,790
4,780
4,770
4,760

by providing wide-ranging services, such as real estate brokerage,
real estate securitization, appraisals and land trusts.

026

September 2010

March 2011

September 2011

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Customers’ Demands for Asset Management and Administration —<Proactive Response to Real Estate Securitization-related Business>
Real estate securitization schemes and real estate fund schemes are widely used as profit-earning real estate investment
methods. MHTB is actively engaged in the real estate trustee business, the asset management business, trustee business inthe area of J-REIT asset custody and accounting, and other areas of real estate securitization-related business to respond to
customers' needs.

• Pensions Business
MHTB offers the services and product packages needed for corporate pension schemes, which range from corporate pension
plan design and the management of pension policyholders and recipients to asset management and custody. Pension
Consulting Department presents proposals from the perspectives of both pension schemes and asset management in order to
respond to the full-scale introduction of the IFRS international accounting standards, changes in the investment environment,
and diversifying corporate pension needs.
<Defined Contribution Pension Services>As sweeping reviews of corporate pension schemes move forward,
there is growing interest in introducing and managing defined contribution pension schemes among companies of all sizes. MHTB not

Defined Contribution Pension Fund under
Administration as Trustee(Trillions of ¥)1.5

only provides support for the introduction of such schemes, but also

1.4offers asset management services that are the first in the business1.3

world to acquire ISO9001 certification, and trust products.

1.2<Initiatives to Meet New Needs>

1.1

In the area of J-ESOPs (Japanese-style employee stock ownershipplans; a new employee welfare service that uses treasury stocks),

0.0

March 2010

March 2011

September 2011

MHTB strives to meet the needs of a variety of customers througha product lineup that includes retirement benefits developed along
the lines of US ESOP schemes, as well as disposition-type ESOPs.

• Asset Management Business
Through its asset management business, MHTB offers funds with various investment strategies to a wide range of customers,from public institutions that handle pension management to corporate pension funds. Other services catering to customers'
needs include advice pertaining to basic asset allocation and combinations of investment strategies that take pension liabilities
into consideration.
MHTB has been offering products using various new investment targets and methods, including hedge funds, J-REITs, andprivately placed real estate investment funds. It also makes the funds offered by external investment institutions in Japan andoverseas available to customers, but makes sure they are subjected to thoroughgoing due diligence and rigorous monitoring.

• Asset Custody Services
MHTB provides highly specialized services in the area of asset custody
as one of its core businesses, and is engaged in complicated, high-Investment Trust Balance(Trillions of ¥)13.5

volume custodial services covering specified money trusts (tokkin
13.0

funds), pecuniary trusts other than money trusts, and entrustment of
12.5

securities trusts and investment trusts.
12.0
11.5

0.0

27

March 2010

March 2011

September 2011

Business Approaches Adopted by Each Global Group

Global Asset & Wealth Management Group— Dealing with Customers’ Demands for Asset Management and Administration —• Global Custody Business
To better satisfy the diversified needs of customers, MHTB has created a global custody business network through tie-ups with
TCSB, and its own overseas subsidiaries, Mizuho Trust & Banking (USA) and Mizuho Trust & Banking (Luxembourg).
In order to respond to the recently growing need for investment in emerging economies in Asia and South America in particular, these three offices, serving as regional hubs, cover the markets of Asia, Europe/Africa and the Americas, and collaborate
with each other to create a system that offers seamless global custody services around the clock. As the only Japanese bankcapable of arranging and managing offshore trusts in its two offices in Europe and the United States, it is able to deal withinvestment schemes that are managed overseas by overseas investment companies.

Mizuho’s Trust Bank Specializing in Asset Administration
In collaboration with the group companies of Mizuho, TCSB has worked to expand its transactions with customers among
financial institutions and institutional investors. As a result, the balance of assets under management reached ¥333 trillion asof the end of September 2011. In the area of domestic fund and securities settlement services, it became the first institution in
the Japanese banking sector to acquire certification (BS25999-2:2007) for its business continuity management system (BCMS)
in February 2011. As a trust bank specializing in asset administration, it will continue to provide high-quality, high-value-added
trust, and custody services that match the needs of its customers.

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

Full-Fledged Wealth Management Services
Mizuho offers the best solutions to individual customers' diversified needs. MHPW is providing ultra-high-net-worth customers* with comprehensive, integrative, and continued services similar to those available in the United States and Europe tothe 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 services of thehighest 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.
*Customers who have entrusted Mizuho with extremely large amounts of investment assets.

28

CSR Activities

Strengthening CSR Activities
Mizuho places CSR initiatives at the core of corporate activities for creating new corporate value and achieving sustainablegrowth. We shall therefore promote CSR activities in five key areas: Intrinsic Business Responsibilities, Environmental Initiatives,
Support for Financial Education, Enhance Corporate Governance and Highly Responsive Communications.
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

Support for Financial Education
Lectures and Courses for Universities
We dispatch officers with ample hands-on expertise to give lectures on cutting-edge financial practices and other topics.
Lectures are held at Kyoto University, Keio University, the University of Tokyo, Hitotsubashi University, and Waseda
University.

Practical Financial Education at Elementary and Secondary Schools
We newly developed a textbook and a DVD to be used practically in lessons through joint research with Tokyo Gakugei
University, and Mizuho employees also participate in lessons.

Environmental Initiatives through Financial Services
In addition to promoting greenhouse gas reductions, Mizuho is working to strengthen its environmental initiatives
through its financial services.
MHBK offers Mizuho Eco–assist plus with terms based on the results of Mizuho Eco Grade, which is MHBK's own
standard to evaluate the status of environmentally conscious management at customer companies. In addition, MHCB has
strengthened its initiatives through participating in financing wind and solar power generation and other environmentrelated projects.

Multifaceted Barrier-free Initiatives
MHBK promotes multifaceted barrier-free initiatives through the Heartful Project to enable anyone to use its facilities
and services easily. To move these initiatives forward still further, MHBK has launched the Mizuho Heartful Business initiative to support corporate and individual customers who are making proactive efforts to respond to the problems offalling birthrates and an aging society by offering services, such as Mizuho Heartful Loans to corporate customers whoare proactive in hiring elderly/disabled people.

Social Contribution Activities
Mizuho supports disaster-stricken areas by the Great East Japan Earthquake through various initiatives. These include
donation of funds, children's books collected by the management, officers, and employees, and flowers and seedlings toschools and facilities, as well as employees' volunteer activities.

29

Location of Overseas Offices(As of December 31, 2011)

Network of Mizuho Corporate Bank

Mizuho Corporate Bank (China), Ltd.
Wuxi Branch

Labuan Branch, Kuala Lumpur
Marketing Office

Asia and Oceania

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

Level 27, Menara Maxis, Kuala Lumpur City
Centre, 50088 Kuala Lumpur, Malaysia
TEL 60-3-2070-6880(Country/Region)
Mizuho Corporate Bank (China), Ltd.

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

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

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

Mizuho Corporate Bank (China), Ltd.
Beijing Branch

Nanjing Representative Office

China

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

Mizuho Corporate Bank (China), Ltd.
Dalian Branch
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,
Tianhe District, Guangzhou,
Guangdong Province 510623,
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, Shinan District,
Qingdao, Shandong Province 266071,
The People's Republic of China
TEL 86-532-8097-0001

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

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

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

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

Room 710, 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,
Siming District, Xiamen, Fujian Province 361003,
The People's Republic of China
TEL 86-592-239-5571

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

Philippines

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

Singapore

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

TaiwanKaohsiung Branch

Hong Kong

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

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

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

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

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

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

Thailand

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

India

Mumbai Branch
Maker Chamber III, 1st Floor, Jamnalal Bajaj Road,
Nariman Point, Mumbai, 400 021, 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

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

Ho Chi Minh City BranchIndonesia

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

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

Seoul Branch
19th Floor, Seoul Finance Center, 84, Taepyungro
1-ka, Chung-ku, Seoul, Korea
TEL 822-3782-8500

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

Mizuho Corporate Australia Ltd.
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

30

Location of Overseas Offices

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

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

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

Germany

Duesseldorf Branch

Iran

U.S.A.

Tehran Representative Office

Chicago Branch

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

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

New York Branch

U.A.E

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

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

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

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

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, UK
TEL 44-20-7012-4000

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

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

Bahrain

Bahrain Representative Office

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

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

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

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

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

Frankfurt Branch

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

Mizuho Corporate Bank (USA)Atlanta Representative Office

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

3353 Peachtree Road NE, Atlanta Financial Center,
Suite 500, Atlanta, GA 30326, USA
TEL 1-404-364-1550

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

Mizuho Corporate Bank (USA)
Houston Representative OfficeBrazilSão Paulo Representative Office
Avenida Paulista, 1274- 11andar, Bela Vista,São Paulo, SP, CEP. 01310-925, Brazil
TEL 55-11-3251-4199

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

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

2700 Post Oak Blvd., Suite 1350, Houston,
TX 77056, USA
TEL 1-713-499-4800

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

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

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

Cayman Islands

Cayman Branch
c/o Intertrust Bank (Cayman) Limited,
P.O. Box 1034, Harbour Place, 4th Floor,
103 South Church Street,
Grand Cayman KY1-1102, Cayman Islands

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

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

31

Location of Overseas Offices

Mizuho Desk(Country/Region)
Austria

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

U.A.E

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

Network of Mizuho Trust & Banking
Mizuho Trust & Banking(Luxembourg) S.A.
1B, rue Gabriel Lippmann, L-5365 Munsbach,Grand Duchy of Luxembourg
TEL 352-4216171

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

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

Shanghai Representative Office
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 Investment Consulting(Shanghai) Co., Ltd.
Beijing Branch
6th Floor, Chang-Fu-Gong Office Building, Jia 26,
Jianguomenwai Street, Chaoyang District,
Beijing 100022, The People's Republic of China
TEL 86-10-6526-7577

Mizuho Securities Asia Limited
12th Floor, Chater House, 8 Connaught Road,
Central, Hong Kong
TEL 852-2685-2000

Mizuho Securities India Private Limited
Unit No.94, 9th Floor, Free Press House,
215 Free Press Journal Marg, Nariman Point,
Mumbai, 400021, India
TEL 91-22-6121-7600

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

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

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

Mizuho International plc
Frankfurt Office
An der Welle 4,60322 Frankfurt am Main, F.R. Germany
TEL 49-69-4272-93001

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

32

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

Mizuho Securities USA Inc.
Hoboken Office
Waterfront Corporate Center,
111 River Street, Suite 1100,
Hoboken, NJ 07030-5777, USA
TEL 1-201-626-1000

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

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

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

Mizuho Securities USA Inc.
Boston Office
125 High Street, 21st Floor,
Boston, MA 02210, USA
TEL 1-617-273-8274

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

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

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

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

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

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

Investor Information

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

January 8, 2003

Paid-in Capital¥2,254,972 million

Marubeni Corporation

14,500,000

3.78

SHIMIZU CORPORATION

10,000,000

2.60

Issued Shares

Electric Power Development Co., Ltd.

10,000,000

2.60

24,964,992,567 shares
Common Stock: 24,013,550,567 shares
Preferred Stock:951,442,000 shares

NIPPON EXPRESS CO., LTD.

10,000,000

2.60

JFE Steel Corporation

6,000,000

1.56

NIPPON STEEL CORPORATION

6,000,000

1.56

Number of Shareholders

ALL NIPPON AIRWAYS CO., LTD.

6,000,000

1.56

Common Stock:
Preferred Stock:

DAIICHI SANKYO COMPANY, LIMITED

6,000,000

1.56

CANON INC.

5,000,000

1.30

Kyushu Electric Power Company,
Incorporated

5,000,000

1.30

939,545
1,587

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

Japan Trustee Services Bank, Ltd.
(Trustee account)

1,333,407,600

5.55

The Master Trust Bank of Japan, Ltd.
(Trustee account)853,274,800

3.55

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

590,933,127

2.46

Japan Trustee Services Bank, Ltd.
(Trustee account 9)334,508,700

1.39

Barclays Capital Japan Limited

329,168,100

1.37Japan Trustee Services Bank, Ltd.
(Trustee account 4)287,941,500

1.19

The Dai-ichi Life Insurance
Company, Limited

255,691,025

1.06

Nomura Securities Co., Ltd.

248,196,278

1.03

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

206,225,800

0.85Japan Trustee Services Bank, Ltd.
(Trustee account 6)

199,809,300

0.83

Notes:1. Figures for the percentage of shares outstanding are rounded down to
the nearest second decimal place.
2. Percentages of shares outstanding of Preferred Stock are calculated by
excluding the treasury stock (531,281,200 shares). Furthermore, the531,281,200 shares of the treasury stock are not included in theabove list of major shareholders.

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

Notes:1. Figures for the percentage of shares outstanding are rounded down to
the nearest second decimal place.
2. The percentages of shares outstanding of Common Stock are calculated by excluding the treasury stock (5,167,180 shares).

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

16.35

Shiseido Company, Limited

5,000,000

13.62

SHARP FINANCE CORPORATION

5,000,000

13.62

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

5,000,000

13.62

NISSIN FOODS HOLDINGS CO., LTD.

3,000,000

8.17

OBAYASHI CORPORATION

2,000,000

5.45

YANMAR Co., Ltd.

2,000,000

5.45

KOSE Corporation

1,000,000

2.72

FUJI MEDIA HOLDINGS, INC.

1,000,000

2.72

KURABO INDUSTRIES LTD.

500,000

1.36

Notes:1. Figures for the percentage of shares outstanding are rounded down to
the nearest second decimal place.
2. There is no treasury stock pertaining to the Thirteenth Series Class XIII
Preferred Stock.
(As of September 30, 2011)33

Investor Information

Stock Listing(Common Stock)

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

Tokyo Stock Exchange
Osaka Securities Exchange

Accounting Auditors
Ernst & Young ShinNihon LLC

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

Share Unit
ADR* Information

100 shares

Outline of Mizuho Financial Group's ADR

Fiscal Year
April 1 to March 31

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

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

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

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

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

34

Disclosure Policy

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

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

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

Disclosure Controls and Procedures(1) Establishment and Implementation of Disclosure
Controls and Procedures
Our Disclosure Controls and Procedures are established toobserve applicable domestic and international laws andregulations as well as stock exchange rules and to implement fair, timely and appropriate corporate disclosure.
The Disclosure Controls and Procedures are the processcarried out by directors, officers and employees ofMizuho Financial Group and include internal controls
designed to provide reasonable assurance regarding thereliability of Financial Reporting and the Preparation of
Financial Statements. We have established the basic principles underlying our Disclosure Controls and Procedures
as well as our internal rules related to Disclosure Controls
and Procedures that govern the management framework
for the entire Mizuho Financial Group including groupcompanies, and we endeavor to establish, implement andcontinuously improve our Disclosure Controls andProcedures. Our Disclosure Committee is the principal
management body that is responsible for discussing andexploring matters relating to Disclosure Controls andProcedures.
(2) Evaluation of Effectiveness of Disclosure Controls
and Procedures
Our Disclosure Controls and Procedures are documented,
and evaluation of the overall effectiveness of our
Disclosure Controls and Procedures is conducted regularly
by reviewing the contents of such documentation andtheir implementation. In addition, evaluation of the effectiveness and appropriateness of Disclosure Controls andProcedures is conducted through internal audits.
(3) Others
We established a “Code of Ethics for Financial
Professionals” to be observed by all directors and executive officers, as well as all managers and other employees
within Mizuho Financial Group who engage in financial
reporting, accounting or disclosure. We have also developed the “Internal Controls and Audit Hotline”, a systemdesigned for obtaining concerns regarding questionable35

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.

36

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

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

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

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

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

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

37

Interim Review (Financial Information)
For the Six Months ended September 30, 2011

<Under Japanese GAAP>

Mizuho Financial Group, Inc.

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

For the Six Months ended September 30, 2011 and 2010,
and for the Fiscal Year ended March 31, 2011

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

September 30, 2011
1,344,326
256,467
343,634
254,665
76,410￥Millions of yen
March 31, 2011
2,716,791
588,498
635,425
413,228140,097￥

September 30, 2010
1,449,871
423,829451,076
341,759-

Thousands of U.S. dollars
September 30, 2011$
17,543,081
3,346,832
4,484,330
3,323,319
997,132

September 30, 2010
157,754,464
44,159,283
62,069,897
75,612,075
6,689,256

Thousands of U.S. dollars
September 30, 2011$
2,104,748,517
620,572,857
805,580,151
1,009,172,274$
85,070,203

September 30, 2010

U.S. dollars
September 30, 2011

*Non-consolidated basis

As of September 30, 2011 and 2010, and March 31, 2011

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

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

Millions of yen
March 31, 2011
160,812,006
44,782,067
62,777,757
79,233,922
6,623,999￥￥*Deposits does not include Negotiable Certificates of Deposit.

For the Six Months ended September 30, 2011 and 2010,
and for the Fiscal Year ended March 31, 2011

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, 2011

September 30, 2011
￥

11.28

￥

20.47

￥

19.15

$

3

6

-

0.04

10
15

20
30

-

0.13
0.20

September 30, 201114.92%March 31, 201115.30%

September 30, 201015.40%*Non-consolidated basis

As of September 30, 2011 and 2010, and March 31, 2011

Consolidated Capital Adequacy Ratio (BIS Standard)

0.15

Note: The rate of ¥ 76.63=US$ 1.00, the foreign exchange rate on September 30, 2011, has been used for translation.

CONTENTS

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

I. CONSOLIDATED FINANCIAL STATEMENTS

See above Notes

Page

1. Consolidated Balance SheetCON

1

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

2

3. Consolidated Statement of Changes in Net Assets

CON

4

4. Consolidated Statement of Cash FlowsCON

6

II. FINANCIAL DATA

See above Notes

Page

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

7

2. Assets and Liabilities

NON

3. Income Analysis

CON

NON

8

NON

13

NON

7

4. Breakdown of Income

CON

5. Interest Margins (Domestic Operations)NON

6. Use and Source of Funds

CON

7. Net Gains/Losses on Securities

NON

8. Unrealized Gains/Losses on Securities

CON

9. Projected Redemption Amounts for Securities

NON

10. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON

11. Employee Retirement Benefits

NON

CON

26

12. Capital Adequacy Ratio

CON

NON

28

III. REVIEW OF CREDITS

14
15

NON

20
22

NON

24
25

See above Notes

Page

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

CON

NON

30

2. Status of Reserves for Possible Losses on Loans

CON

NON

32

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

CON

NON

33

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

CON

NON

34

5. Coverage on Disclosed Claims under the FRL

NON

36

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

NON

39

7. Results of Removal of NPLs from the Balance Sheet

NON

40

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

NON

42

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

NON

44

(1) Balance of Housing and Consumer Loans

NON

45

(2) Loans to SMEs and Individual Customers

NON

45

(1) Balance of Loans to Restructuring Countries

NON

46

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

NON

46

8. Status of Loans by Industry

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

10. Status of Loans by Region

IV. OTHERS

See above Notes

1. Breakdown of Deposits (Domestic Offices)

NON

2．Number of Directors and Employees

HC

3．Number of Branches and Offices

NON

Page

47
NON

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

48
49

Page

50

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

Mizuho Financial Group, Inc.

I. CONSOLIDATED FINANCIAL STATEMENTS
1. CONSOLIDATED BALANCE SHEETAS OF SEPTEMBER 30, 2011
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

77,332,871
11,160,993
25,932
5,426,361
11,505,439
8,698,140
348,164
9,155,347
12,299,213
170,441
570,796
4,908,393
997,173
4,942,866
3,333,057
29,72236,312
1,993
686
14,81316,08915,245
1,212
12,71996,625
3,667,333
154,767,949

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

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

Total Net Assets
Total Liabilities and Net Assets

6,163,627
270,6087,512,195
6,118,870
1,564,197
15,504,498
75,02847,554,498
61,731,606
1,022,902
5,685,544
3,261,898
931,819
491,172
450,982
3,667,333(719,893)(11)
161,286,878\

2,254,972
1,109,779
1,249,339(12,712)4,601,378(152,381)
87,230135,088(103,281)(33,343)
1,019
1,949,875
6,518,929
161,286,878*Amounts less than one million yen are rounded down.

1

Mizuho Financial Group, Inc.

2. CONSOLIDATED STATEMENT OF INCOME ANDCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2011
【CONSOLIDATED STATEMENT OF INCOME 】
Millions of yen

Ordinary Income\

1,344,326

Interest Income

693,324

Interest on Loans and Bills Discounted

435,294

Interest and Dividends on Securities

167,052

Fiduciary Income

24,507

Fee and Commission Income

267,300

Trading Income

87,688Other Operating Income

187,294

Other Ordinary Income

84,210Ordinary Expenses

1,087,858

Interest Expenses

158,175

Interest on Deposits*

49,672

Interest on Debentures339

Fee and Commission Expenses

55,968Other Operating Expenses

55,429General and Administrative Expenses

636,777

Other Ordinary Expenses

181,507

Ordinary Profits

256,467

Extraordinary Gains

91,443
4,277

Extraordinary Losses

343,634

Income before Income Taxes and Minority Interests
Income Taxes:
Current

21,043

Deferred

25,991

Total Income Taxes

47,034
296,599

Net Income before Minority Interests

41,933

Minority Interests in Net Income
Net Income\

254,665*Amounts less than one million yen are rounded down.
*Interest on Deposits does not include Interest on Negotiable Certificates of Deposit.

2

Mizuho Financial Group, Inc.

【CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME】

Millions of yen
296,599(119,070)(136,627)
18,788(516)

Income before Minority Interests¥
Other Comprehensive Income
Net Unrealized Gains (Losses) on Other Securities
Deferred Gains or Losses on Hedges
Foreign Currency Translation Adjustments
Share of Other Comprehensive Income of Associates Accounted
for Using Equity Method
Comprehenshive Income
Comprehensive Income Attributable to Owners of the Parent
Comprehensive Income Attributable to Minority Interests(714)
177,529
143,034
34,495*Amounts less than one million yen are rounded down.

3

Mizuho Financial Group, Inc.

3. CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETSFOR THE SIX MONTHS ENDED SEPTEMBER 30, 2011
Millions of yen

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

2,181,375

Changes during the period
Issuance of New Shares

350

Increase in Stock due to Share Exchange

73,247

Total Changes during the period

73,597

Balance as of the end of the period

2,254,972

Capital Surplus
Balance as of the beginning of the period

937,680

Changes during the period
Issuance of New Shares

350

Increase in Stock due to Share Exchange

171,575

Disposition of Treasury Stock173

Total Changes during the period

172,099

Balance as of the end of the period

1,109,779

Retained Earnings
Balance as of the beginning of the period

1,132,351

Changes during the period
Cash Dividends(140,097)

Net Income

254,665

Disposition of Treasury Stock(199)

Transfer from Revaluation Reserve for Land

2,618

Total Changes during the period

116,987

Balance as of the end of the period

1,249,339

Treasury Stock
Balance as of the beginning of the period(3,196)

Changes during the period
Increase in Stock due to Share Exchange(13,318)

Repurchase of Treasury Stock(2)

Disposition of Treasury Stock3,804

Total Changes during the period(9,515)

Balance as of the end of the period(12,712)

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

4,248,209

Changes during the period
Issuance of New Shares

701

Increase in Stock due to Share Exchange

231,504

Cash Dividends(140,097)

Net Income

254,665

Repurchase of Treasury Stock(2)

Disposition of Treasury Stock

3,779

Transfer from Revaluation Reserve for Land

2,618

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

353,168¥*Amounts less than one million yen are rounded down.

4

4,601,378

Mizuho Financial Group, Inc.
Millions of yen

Accumulated Other Comprehensive Income
Net Unrealized Gains (Losses) on Other Securities
Balance as of the beginning of the period¥(21,648)

Changes during the period
Net Changes in Items other than Shareholders' Equity(130,732)

Total Changes during the period(130,732)

Balance as of the end of the period(152,381)

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

68,769Changes during the period
Net Changes in Items other than Shareholders' Equity

18,461

Total Changes during the period

18,461

Balance as of the end of the period

87,230

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

137,707

Changes during the period
Net Changes in Items other than Shareholders' Equity(2,618)

Total Changes during the period(2,618)

Balance as of the end of the period

135,088

Foreign Currency Translation Adjustments
Balance as of the beginning of the period(103,921)

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

640

Total Changes during the period

640

Balance as of the end of the period(103,281)

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

80,906

Changes during the period
Net Changes in Items other than Shareholders' Equity(114,250)

Total Changes during the period(114,250)

Balance as of the end of the period(33,343)

Stock Acquisition Rights
Balance as of the beginning of the period

2,754

Changes during the period
Net Changes in Items other than Shareholders' Equity(1,735)

Total Changes during the period(1,735)

Balance as of the end of the period

1,019

Minority Interests
Balance as of the beginning of the period

2,292,128

Changes during the period
Net Changes in Items other than Shareholders' Equity(342,253)

Total Changes during the period(342,253)

Balance as of the end of the period

1,949,875

Total Net Assets
Balance as of the beginning of the period

6,623,999

Changes during the period
Issuance of New Shares

701

Increase in Stock due to Share Exchange

231,504

Cash Dividends(140,097)

Net Income

254,665

Repurchase of Treasury Stock(2)

Disposition of Treasury Stock

3,779

Transfer from Revaluation Reserve for Land

2,618

Net Changes in Items other than Shareholders' Equity(458,238)

Total Changes during the period
Balance as of the end of the period(105,069)¥*Amounts less than one million yen are rounded down.

56,518,929

Mizuho Financial Group, Inc.

4. CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE SIX MONTHS ENDED SEPTEMBER 30, 2011
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 (Gain) from Investments in Affiliates
Increase (Decrease) in Reserves for Possible Losses on Loans
Increase (Decrease) in Reserve for Possible Losses on Investments
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans
Increase (Decrease) in Reserve for Contingencies
Increase (Decrease) in Reserve for Bonus Payments
Increase (Decrease) in Reserve for Employee Retirement Benefits
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits
Increase (Decrease) in Reserve for Reimbursement of Deposits
Increase (Decrease) in Reserve for Reimbursement of Debentures
Interest Income - accrual basis
Interest Expenses - accrual basis
Losses (Gains) on Securities
Losses (Gains) on Money Held in Trust
Foreign Exchange Losses (Gains) - net
Losses (Gains) on Disposition of Fixed Assets
Losses (Gains) on Securities Related 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

343,634
79,7461,029
1,201(91,180)(82)(28,605)
(14)
288
(206)
(8,915)
674
(245)
860
1,901
(693,324)
158,175(24,277)
6
396,334
1,873
1,416(2,276,859)
1,669,403(667,559)
432,528
438,776(1,358,266)
1,668,990(715,000)(3,629,024)(82,744)(516,068)
422,641
1,102,081
137,378
3,209,555(81,349)
3,257(14,700)(44,351)(48,425)
720,145(163,790)(362,049)(15,142)(13,002)(28,145)

II. Cash Flow from Investing Activities(51,337,820)
38,313,708
9,751,477(17,335)
64,495(18,554)(46,466)
4,478
0
(294)
14,838(3,271,471)

Payments for Purchase of Securities
Proceeds from Sale of Securities
Proceeds from Redemption of Securities
Payments for Increase in Money Held in Trust
Proceeds from Decrease in Money Held in Trust
Payments for Purchase of Tangible Fixed Assets
Payments for Purchase of Intangible Fixed Assets
Proceeds from Sale of Tangible Fixed Assets
Proceeds from Sale of Intangible Fixed Assets
Payments for Purchase of Stocks of Subsidiaries
Proceeds from Sales of Stocks of Subsidiaries
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. Cash and Cash Equivalents at the end of the period

\

8,000
(34,015)
65,000(188,990)
701
238(52,020)(139,653)(66,369)(2)
1,718(405,394)
1,894(3,703,116)
9,182,461
5,479,344*Amounts less than one million yen are rounded down.

6

Mizuho Financial Group, Inc.

II. FINANCIAL DATA
1. Differences between Consolidated Figures and Aggregated Figures of the 3 Banks
Consolidated and Non-Consolidated(Billions of yen, %)First Half of Fiscal 2011
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)First Half of Fiscal 2010
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)(b) / (a)

6

990.5
535.1
24.5
211.3
87.6
131.8

792.3
484.0
24.2
135.4
31.5
117.0

198.2
51.0
0.2
75.9
56.1
14.8

79.9
90.4
98.9
64.0
35.9
88.7

1,096.7
553.5
24.0
214.9
177.6
126.5

880.9
511.0
23.8
139.2
90.2
116.6

215.7
42.5
0.2
75.7
87.3
9.9

80.3
92.3
98.9
64.7
50.8
92.1

7

13.2

8.4

4.7

64.0

8.5

25.2

(16.7)

295.3

Ordinary Profits

8

Net Income

9

Net Business Profits

10

256.4
254.6
351.4

219.4
152.4
359.5

37.0
102.1
(8.1)

85.5
59.8
102.3

423.8
341.7
464.9

355.2
355.0
445.1

68.5
(13.2)
19.8

83.8
103.8
95.7

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)* Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as General and Administrative Expenses (excluding Non-Recurring Losses)
in MHTB until the fiscal 2010, have been included in "Net Fee and Commission Income"as Fee and Commission Expenses beginning with this interim period, and reclassification of figures
for first half of fiscal 2010 has been made accordingly.
* 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, 2011
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)Three Banks(a)(b)
Total Assets

11

Securities

12

Loans and Bills Discounted

13

161,286.8
47,554.4
61,731.6

151,730.5
48,278.1
61,593.4(b) / (a)9,556.3(723.6)
138.1

94.0
101.5
99.7

(Billions of yen, %)As of March 31, 2011
Aggregated
MHFG
Figures of the(Consolidated)(a) - (b)(b) / (a)Three Banks(a)(b)

160,812.0
44,782.0
62,777.7

153,135.2
45,294.9
62,993.7

2. Assets and Liabilities
Non-Consolidated

Aggregated Figures of the 3 Banks(Billions of yen)
As of September 30, 2011

Shareholders' Equity

13

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

Valuation and Translation
Adjustments

14

147.2

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 31,2011

As of March
31, 2011

As of
September 30,
2010(1,404.6)(3,703.7)(55.6)
2,983.2(1,400.2)(1,457.1)(2,053.2)
1,506.6(715.0)
295.1
52.4
147.9

153,135.2
10,802.9
8,937.6
45,294.9
62,993.7
147,419.6
80,023.9
9,965.7
740.9
13,269.3
5,715.5
5,472.7

150,726.1
4,761.7
8,870.3
44,741.3
62,043.9
145,723.8
76,207.0
11,598.5
1,127.5
13,615.8
5,002.2
4,628.8(95.1)

242.4

372.9

Stock Acquisition Rights
15
(0.3)
0.3
0.3
*“Loans and Bills Discounted” does not include the following loans to MHFG:
As of September 30, 2011 : \738.3 billion (from MHBK \700.0 billion; from MHCB \38.3 billion)
As of March 31, 2011 : \741.5 billion (from MHBK \700.0 billion; from MHCB \41.5 billion)
As of September 30, 2010 : \700.0 billion (from MHBK)

7

7,676.8(512.8)(215.9)

95.2
101.1
100.3

Mizuho Financial Group, Inc.

3. Income Analysis
Consolidated(Millions of yen)First Half of Fiscal
2011

11

(106,159)(18,394)449(3,643)(89,923)
5,353(1,578)(3,638)
2,600
(540)

1,096,701
553,544
24,058214,974
177,612
126,511(635,198)(312,781)(295,733)(26,683)12(19,954)

10,027(29,982)

13(19,326)
33,198(60,616)82(50,007)
256,467
87,166
91,18010,10233,198(50,049)(2,421)(50,379)(167,361)
59,91891,180(38,543)(7)(107,442)(9,807)
21,258(95,991)
8,898(87,093)(29,429)

1

Net Interest Income

2

Fiduciary Income

3

Credit Costs for Trust Accounts

4

Net Fee and Commission Income *1

5

Net Trading Income

6

Net Other Operating Income

78Personnel Expenses

9

Non-Personnel Expenses*1

10

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

Change990,542535,149
24,507211,331
87,688131,864(636,777)(316,420)(293,132)(27,223)

Consolidated Gross Profits

General and Administrative Expenses

First Half of Fiscal
2010

Reversal of Reserves for Possible Losses on Loans, etc.*2

14

Net Gains (Losses) related to Stocks*3

15Equity in Income from Investments in Affiliates

16

Other

17

Ordinary Profits

18

Net Extraordinary Gains (Losses)

19

Gains on Negative Goodwill Incurred

20

Reversal of Reserves for Possible Losses on Loans, etc.*2

21

Reversal of Reserve for Possible Losses on Investments*3

22

Income before Income Taxes and Minority Interests

23

Income Taxes - Current

24- Deferred25

Net Income before Minority Interests

26

Minority Interests in Net Income

27

Net Income

28

343,634(21,043)(25,991)
296,599(41,933)
254,665(10,567)2,503
372
423,829
27,24738,5437451,076(11,236)(47,250)
392,590(50,831)
341,759*1. Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as "Non-Personnel Expenses" [10]until the previous period, have been included in "Net Fee and Commission Income" [5] as "Fee and Commission Expenses" beginning with this period, and reclassificationof prior period figures has been made accordingly.
*2. "Reversal of Reserves for Possible Losses on Loans, etc. " [21], which had been included in "Net Extraordinary Gains (Losses)" until the previous period, has been presented as"Reversal of Reserves for Possible Losses on Loans, etc. " [14] beginning with this period. (Please refer to page 1-10 of this release for more information.)*3. "Reversal of Reserve for Possible Losses on Investments" [22], which had been included in "Net Extraordinary Gains (Losses)" until the previous period, has been included in"Net Gains (Losses) related to Stocks"[15] beginning with this period.

Credit-related Costs

29

13,244

4,683

8,561

(113,564)

464,991(including Credit Costs for Trust Accounts)* Credit-related Costs [29] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans) [12]+ Reversal of Reserves for Possible Losses on Loans, etc. [14] , [21] + Credit Costs for Trust Accounts [4](Reference)

Consolidated Net Business Profits30

351,426* Consolidated Net Business Profits [30] = 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

31

Number of affiliates under the equity method

32

8

153
23

(10)
2

163
21

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks
Non-Consolidated(Millions of yen)First Half of Fiscal 2011

Gross Profits

382,218
341,751
264,893347,734
132,20395,506

19

61,662
2,755
12,44040,467
7,750
5,252
25,4402,023(276,263)
72.2%(95,439)(164,892)(23,191)(15,932)

25,607
6,043
5,046
215,530
94,53533,844(3,743)90,893(116,834)
33.5%(44,026)(66,999)(3,705)(5,807)62,35456,524
19,48524,242
9,117
1,856
1,822
5,830
1,902
(59)
(826)
4,814
(39,676)
63.6%(17,889)(20,579)(1,208)(1,207)792,307
530,478
379,885
24,242
96,387
10,654
19,309261,828
104,188
39,037
20,87097,732(432,774)
54.6%(157,355)(252,471)(28,105)(22,947)(88,668)(65,045)(20,544)435(9,949)(3,283)(31,705)(23,622)(6,389)6,108(55,485)
32,143
3,099
5.1%(5,769)
8,732
55
136

880,976595,524400,429
23,806
106,336
13,93751,014285,451
110,577
32,92976,356
65,588(435,873)
49.4%(151,585)(261,204)(28,161)(23,083)20

105,954

230,899

22,677359,532(85,569)

445,102318,8212

Net Interest Income

3

Fiduciary Income

4

Credit Costs for Trust Accounts*1

5

Net Fee and Commission Income*2

6

Net Trading Income

78International Gross Profits

9

Net Interest Income

10

Net Fee and Commission Income

11

Net Trading Income

12

General and Administrative Expenses (excluding Non-Recurring Losses)

13
14

Expense Ratio

15

Personnel Expenses

16

Non-Personnel Expenses*2
Premium for Deposit Insurance
Miscellaneous Taxes
Net Business Profits (before Reversal of (Provision for) General
Reserve for Possible Losses on Loans)First Half of
Fiscal 2010

MHTB

1

Net Other Operating Income

ChangeMHCB

Domestic Gross Profits

Net Other Operating Income

AggregatedFigures

MHBK

17
18

21

88,980172,617

16,182

277,780(41,040)

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

22-(7,040)-(7,040)(7,545)504

Net Business Profits23

105,954

223,859

22,677352,492(93,115)445,607

Excluding Net Gains (Losses) related to Bonds

24

16,97458,281

6,495

81,751(44,529)

126,28125(51,749)(72,889)(8,432)(133,071)(42,753)(90,317)Net Gains (Losses) related to Stocks*326(5,192)(59,440)(2,641)(67,274)(52,245)(15,029)

Expenses related to Portfolio Problems

27(13,899)

6,150

(169)

(7,918)22,961(30,879)

Reversal of Reserves for Possible Losses on Loans, etc.*4

28

21,393

1,576

477

23,44723,447Other

29(54,050)(21,176)(6,098)(81,325)(36,917)(44,408)30

54,205150,969

14,245

219,420(135,868)

355,289

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

Ordinary Profits31(29,487)

(622)

(28)

(30,139)(74,930)

44,790Net Gains (Losses) on Disposition of Fixed Assets

32

(918)

(437)

(25)

(1,381)179(1,560)Losses on Impairment of Fixed Assets

33

(841)

(185)

(2)

(1,029)1,421(2,451)

Reversal of Reserves for Possible Losses on Loans, etc.*4

34(55,662)

55,662

Reversal of Reserve for Possible Losses on Investments*3

35

Net Extraordinary Gains (Losses)

Income before Income Taxes

36

24,718150,346

14,217

189,281(93)

93(210,798)

400,080

Income Taxes - Current

37

(219)

(11,756)(4)(11,980)(7,058)(4,922)- Deferred

38(6,894)(13,466)(4,451)(24,812)

15,336(40,148)

39

17,604125,123

9,760

152,488(202,521)

355,009

Net 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. Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as "Non-Personnel Expenses" [17] in MHTB until the previous period,
have been included in "Net Fee and Commission Income" [6] as "Fee and Commission Expenses" beginning with this period, and reclassification of prior period figures has been made accordingly.
*3. "Reversal of Reserve for Possible Losses on Investments" [35], which had been included in "Net Extraordinary Gains (Losses)" until the previous period, has been presented as "Net Gains (Losses)
related to Stocks" [26] beginning with this period.
*4. "Reversal of Reserves for Possible Losses on Loans, etc." [34], which had been included in "Net Extraordinary Gains (Losses)" until the previous period, has been presented as "Reversal of Reserves
for Possible Losses on Loans, etc." [28] beginning with this period. (Please refer to page 1-10 of this release for more information.)

Credit-related Costs

40

7,493

686

308

8,488

(16,799)

25,2886,515(1,136)
3,961
1
(101)
(751)
8,488

(28,513)
4,466
7,907
(160)
(742)
243
(16,799)

35,029(5,602)(3,946)
161
641
(995)
25,288*Credit-related Costs [40] = 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. [28], [34] + Credit Costs for Trust Accounts [5](Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts

41

Reversal of (Provision for) General Reserve for Possible Losses on Loans 42

Losses on Write-offs of Loans

43

Reversal of (Provision for) Specific Reserve for Possible Losses on Loans 44
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

45
46
47
48

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

9

(7,040)
1,090
6,778
1
(110)
(32)
686

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

Mizuho Financial Group, Inc.

Mizuho Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2011

First Half of Fiscal 2010

Change1

382,218(39,474)

421,693

Domestic Gross Profits

2

Net Interest Income

3341,751
264,893(18,308)(8,644)360,060
273,537

Net Fee and Commission Income

461,662(6,699)68,361Net Trading Income

5

2,755

889

1,865

Net Other Operating Income

612,440(3,855)

16,295International Gross Profits

7

Net Interest Income

840,467
7,750(21,165)(4,597)

61,633
12,347Gross Profits

Net Fee and Commission Income

9

5,252

(274)

5,526

Net Trading Income

10

25,440(15,357)

40,798

11

17

2,023
(276,263)
72.2%(95,439)(164,892)(23,191)(15,932)

(936)
3,104
6.0%
(1,626)
4,891
39
(160)

2,960
(279,368)
66.2%(93,812)(169,783)(23,231)(15,771)18

105,954(36,370)

142,32519

88,980105,954
16,974(51,749)(5,192)(13,899)
21,393(54,050)
54,205(29,487)
(918)
(841)

(24,471)(36,370)(11,898)
1,292
1,066
11,406
21,393(32,573)(35,077)(54,799)(185)
792(28,113)(9)(89,877)28(19,563)(109,412)

113,452
142,325
28,872(53,041)(6,258)(25,306)

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

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)

22
23

Net Gains (Losses) related to Stocks*1

24

Expenses related to Portfolio Problems

25

Reversal of Reserves for Possible Losses on Loans, etc.*2

26

Other

27

Ordinary Profits
Net Extraordinary Gains (Losses)

28
29

Net Gains (Losses) on Disposition of Fixed Assets

30

Losses on Impairment of Fixed Assets

31

Reversal of Reserves for Possible Losses on Loans, etc.*2

32

Reversal of Reserve for Possible Losses on Investments*1

33

Income before Income Taxes

34

Income Taxes - Current

35- Deferred

36

Net Income

37

24,718(219)(6,894)
17,604(21,476)
89,28325,312(732)(1,633)
28,113
9
114,595(247)
12,669127,017*1. "Reversal of Reserve for Possible Losses on Investments" [33], which had been included in "Net Extraordinary Gains (Losses)" until the previous period, has been included in "Net Gains (Losses) related to Stocks"[24] beginning with this period.
*2. "Reversal of Reserves for Possible Losses on Loans, etc." [32], which had been included in "Net Extraordinary Gains (Losses)" until the previous period, has been presented as "Reversal of Reserves for Possible
Losses on Loans, etc." [26] beginning with this period. (Please refer to page 1-10 of this release for more information.)

Credit-related Costs

38

7,493

4,685

2,807

(3,985)
6,381
2,143
146
4,685

16,341(8,439)(4,229)
(865)
2,807

* Credit-related Costs [38] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20]+ Reversal of Reserves for Possible Losses on Loans, etc. [26], [32](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

39
40
41
42
43
44
45

10

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

Mizuho Financial Group, Inc.

Mizuho Corporate Bank
Non-Consolidated(Millions of yen)First Half of Fiscal 2011

First Half of Fiscal 2010

Change1347,734(49,486)

397,221

Domestic Gross Profits2132,203(45,414)

177,617Net Interest Income

395,506(13,144)

108,651

Net Fee and Commission Income

425,607(3,456)29,064

Net Trading Income

5

6,043

(3,370)9,413

Net Other Operating Income

6

5,046

(25,442)

30,488International Gross Profits7

215,530(4,072)

219,603

Net Interest Income

8

94,535(1,650)96,185Net Fee and Commission Income

933,844

6,418

27,426

Net Trading Income

10(3,743)(40,523)

36,779Net Other Operating Income

11

90,89331,682

59,211(116,517)

Gross Profits

12(116,834)(317)

Expense Ratio

13

33.5%

4.2%

29.3%

Personnel Expenses

14(44,026)(3,232)(40,794)

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(66,999)

2,691(69,691)

16(3,705)(125)(3,579)17(5,807)224(6,031)

18

230,899(49,803)

280,703
190,876

19

172,617(18,258)

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

21

223,859(56,844)

280,70322

58,281(31,545)

89,826

23(72,889)(42,665)(30,224)

Net Gains (Losses) related to Stocks

24(59,440)(51,574)(7,865)

Expenses related to Portfolio Problems

25

6,150

9,807

(3,656)

Reversal of Reserves for Possible Losses on Loans, etc.*

26

1,576

1,576

Other

27

(21,176)(2,474)(18,701)

Ordinary Profits28

150,969(99,510)

250,479

Net Extraordinary Gains (Losses)

29

(622)

(19,652)

19,029Net Gains (Losses) on Disposition of Fixed Assets

30

(437)

347

(785)

Losses on Impairment of Fixed Assets

31

(185)

628

(814)

Reversal of Reserves for Possible Losses on Loans, etc.*

32(27,513)27,513

Reversal of Reserve for Possible Losses on Investments

33

(83)

83
269,508

Excluding Net Gains (Losses) related to Bonds

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

Income before Income Taxes

34

150,346(119,162)

Income Taxes - Current

35(11,756)(7,085)(4,670)- Deferred36(13,466)

35,676(49,142)37

125,123(90,572)

215,695

Net Income* "Reversal of Reserves for Possible Losses on Loans, etc." [32], which had been included in "Net Extraordinary Gains (Losses)" until the previous period, has been presented as "Reversal of
Reserves for Possible Losses on Loans, etc." [26] beginning with this period. (Please refer to page 1-10 of this release for more information.)

Credit-related Costs

686

38

(23,170)

23,856(25,223)(3,154)
5,987
(160)
(716)
97
(23,170)

18,183
4,244
791
161
606
(129)
23,856* Credit-related Costs [38] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20]+ Reversal of Reserves for Possible Losses on Loans, etc. [26], [32](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

39
40
41
42
43
44
45

(7,040)
1,090
6,778
1
(110)
(32)
686

11

Mizuho Financial Group, Inc.

Mizuho Trust & Banking
Non-Consolidated(Millions of yen)First Half of Fiscal 2011

Gross Profits

1

Domestic Gross Profits

2First Half of Fiscal 2010

Change62,35456,524292(1,322)62,061
57,847

1,245
435
206

18,24023,806
8,910

Net Interest Income

3

Fiduciary Income

4

Credit Costs for Trust Accounts*1

5

Net Fee and Commission Income*2

6

19,48524,242
9,117

Net Trading Income

7

1,856

(802)

2,659

Net Other Operating Income

8

1,822

(2,407)4,230International Gross Profits

9

5,830

1,615

4,214

Net Interest Income

10

Net Fee and Commission Income

11

1,902
(59)

(141)
(35)

2,043
(23)

Net Trading Income

12

(826)

394

(1,221)Net Other Operating Income

13

4,814

1,398

3,416

14

(39,676)311(39,988)

General and Administrative Expenses (excluding Non-Recurring Losses)

Expense Ratio

15

63.6%

(0.8%)

64.4%

Personnel Expenses

16(17,889)(911)(16,978)

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

17(20,579)

1,150(21,729)

18(1,208)141(1,350)19(1,207)72(1,280)20

22,677604

22,073
14,492

21

16,182

1,690

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

22

-

(504)

504

Net Business Profits

23

22,67799

22,57824

6,495(1,085)7,581

25(8,432)(1,380)(7,051)Net Gains (Losses) related to Stocks*3

26(2,641)(1,737)(904)

Expenses related to Portfolio Problems

27

(169)

1,747

(1,916)

Excluding Net Gains (Losses) related to Bonds

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

Reversal of Reserves for Possible Losses on Loans, etc.*4

28

477

477

Other

29

(6,098)(1,868)(4,230)Ordinary Profits30

14,245(1,281)

15,526Net Extraordinary Gains (Losses)

31

(28)

(478)

449

32

(25)

17

(43)

(2)

Net Gains (Losses) on Disposition of Fixed Assets
Losses on Impairment of Fixed Assets

33

Reversal of Reserves for Possible Losses on Loans, etc.*434

Reversal of Reserve for Possible Losses on Investments*3

35

Income before Income Taxes

14,217

36

0

(2)

(35)

35

-

-

(1,759)15,976

Income Taxes - Current

37

(4)

(0)

(4)

- Deferred

38(4,451)(776)(3,675)39

9,760(2,536)

12,297Net Income*1. Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) excludes the amounts of "Credit Costs for Trust Accounts" [5].
*2. Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as "Non-Personnel Expenses" [17] until the previous period,
have been included in "Net Fee and Commission Income" [6] as "Fee and Commission Expenses" beginning with this period, and reclassification of prior period figures has been made accordingly.
*3. "Reversal of Reserve for Possible Losses on Investments" [35], which had been included in "Net Extraordinary Gains (Losses)" until the previous period, has been included in "Net Gains (Losses)
related to Stocks" [26] beginning with this period.
*4. "Reversal of Reserves for Possible Losses on Loans, etc." [34], which had been included in "Net Extraordinary Gains (Losses)" until the previous period, has been presented as "Reversal of
Reserves for Possible Losses on Loans, etc." [28] beginning with this period. (Please refer to page 1-10 of this release for more information.)

Credit-related Costs

40

308

1,684

(1,376)

695
1,238
(222)
(0)
(26)
1,684

504
(1,408)(508)
035(1,376)* Credit-related Costs [40] = 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. [28] , [34] + 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

41
42
43
44
45
46
47
48

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

12

Mizuho Financial Group, Inc.

4. Breakdown of Income(1) Breakdown of Net Fee and Commission Income
Consolidated(Billions of yen)First Half of
Fiscal 2011

211.3
267.3
57.1
52.9
58.2
14.0
2.7
12.0
18.9
55.9
19.1

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

(3.6)
(3.8)
1.4
(1.0)
(2.2)
(0.3)
(0.0)
(0.7)
(0.1)
(0.2)
(0.5)

First Half of
Fiscal 2010

214.9
271.1
55.6
54.0
60.5
14.3
2.8
12.8
19.0
56.1
19.7

* Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as General and
Administrative Expenses until the fiscal 2010, have been included in "Net Fee and Commission Income" as "Fee and Commission Expenses"
beginning with this interim period, and reclassification of figures for first half of fiscal 2010 has been made accordingly.

Non-Consolidated
Aggregated Figures of the 3 Banks(Billions of yen)First Half of
Fiscal 2011

135.4
188.7
56.9
52.8
16.6
9.5
2.7
12.7
53.3
18.9

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

(3.8)
(4.8)
1.1
(1.0)
(1.3)
(0.5)
(0.0)
(1.1)
(0.9)
(0.5)

First Half of
Fiscal 2010

139.2
193.6
55.7
53.8
17.9
10.0
2.8
13.9
54.3
19.4

* Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as General and
Administrative Expenses (excluding Non-Recurring Losses) in MHTB until the fiscal 2010, have been included in "Net Fee and Commission Income"as "Fee and Commission Expenses" beginning with this interim period, and reclassification of figures for first half of fiscal 2010 has been made accordingly.

(2) Breakdown of Net Other Operating Income
Non-Consolidated
Aggregated Figures of the 3 Banks(Billions of yen)First Half of
Fiscal 2011

117.0
19.3
22.8
97.7
29.7
58.8

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

13

Change0.4(31.7)(30.4)
32.1
35.8(14.0)First Half of
Fiscal 2010

116.6
51.0
53.3
65.5
(6.0)
72.9

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
2011

Change

0.87
1.26
0.49
0.81
0.97
0.07
0.25
0.05
0.29
1.18

(0.12)(0.07)(0.11)(0.06)(0.04)(0.04)(0.06)(0.05)(0.03)(0.03)

0.99
1.34
0.61
0.88
1.01
0.12
0.32
0.11
0.32
1.22

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
11
1.39
Loan and Deposit Rate Margin (including Expenses)(11)-(5)12
0.42Loan and Deposit Rate Margin(11)-(6)13
1.32(0.09)(0.05)(0.04)

1.49
0.47
1.36

0.93
1.41
0.43
0.91
0.99
0.06
0.19
0.01
0.42
1.34

(0.11)(0.08)(0.05)(0.07)(0.04)(0.04)(0.05)(0.03)(0.03)(0.03)

1.04
1.49
0.48
0.99
1.04
0.11
0.25
0.05
0.45
1.38

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
24
1.61
Loan and Deposit Rate Margin (including Expenses)(24)-(18) 25
0.61
Loan and Deposit Rate Margin(24)-(19) 26
1.54(0.09)(0.04)(0.04)

1.70
0.66
1.59

0.77
0.98
0.57
0.64
0.89
0.09
0.28
0.12
0.08
0.88

(0.13)(0.07)(0.18)(0.05)(0.02)(0.05)(0.05)(0.08)(0.05)(0.02)

0.90
1.05
0.76
0.69
0.92
0.15
0.34
0.21
0.13
0.90

(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted
37
1.02
Loan and Deposit Rate Margin (including Expenses)(37)-(31) 38
0.12
Loan and Deposit Rate Margin(37)-(32) 39
0.93(0.09)(0.06)(0.03)

1.12
0.19
0.96

(0.11)(0.12)
0.12(0.08)(0.08)(0.02)(0.04)

1.09
1.41
0.54
0.34
0.26
0.74
1.14

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

1
2
3
4
5
6
7
8
9
10

First Half of Fiscal
2010* 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

0.97
1.28
0.67
0.26
0.18
0.71
1.10

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

14

Mizuho Financial Group, Inc.

6. Use and Source of Funds
Consolidated(Billions of yen)First Half of Fiscal 2011(a)First Half of
Fiscal 2010(b)Interest
Interest
1,457.6
733.4

Fiscal 2010

Interest
693.3

Change (a)-(b)Interest(40.1)

Loans and Bills Discounted

435.2(18.8)

900.0

454.1

Securities

Use of Funds

167.0(12.4)

356.5

179.4

Call Loans and Bills Purchased

3.1

0.6

5.0

2.4

Receivables under Resale Agreements

13.0

(4.4)

38.9

17.4

Guarantee Deposits Paid under
Securities Borrowing Transactions

5.0

0.6

9.4

4.4

8.9

4.3

10.9

4.5

Source of Funds

Due from Banks

158.1(21.7)

348.2

179.9

Deposits

49.6

(8.7)

108.8

58.3

Negotiable Certificates of Deposit

11.9

0.0

24.2

11.8

Debentures

0.3

(3.6)

6.5

3.9

Call Money and Bills Sold

4.1

(0.3)

8.5

4.5

Payables under Repurchase Agreements

15.3

(9.2)

47.8

24.5

Guarantee Deposits Received under
Securities Lending Transactions

6.4

(0.7)

14.0

7.1

Commercial Paper

0.2

0.2

0.1

-

Borrowed Money

17.8

2.8

30.6

15.0

15

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of MHBK and MHCB(Millions of yen, %)First Half of Fiscal 2011
(Total)Use of Funds

Average Balance
121,568,775

Rate
1.05

ChangeAverage Balance
4,074,228

First Half of Fiscal 2010
Rate
(0.11)

Average Balance
117,494,547

Rate
1.16

Loans and Bills Discounted

58,233,820

1.33(89,282)(0.06)

58,323,103

1.40

Securities

44,390,483

0.72

2,580,975(0.12)

41,809,508

0.84

Source of Funds

121,478,561

0.29

2,793,951(0.03)

118,684,609

0.32

Deposits

74,772,805

0.11

1,862,398(0.03)

72,910,406

0.14

NCDs

10,459,104

0.21(138,178)

0.00

10,597,283

0.21

Debentures

156,330

0.43(1,187,512)(0.15)

1,343,842

0.59

Call Money

13,252,635

0.27(264,848)(0.04)

13,517,483

0.31

Payables under Repurchase Agreements

4,148,690

0.23(516,960)

0.00

4,665,651

0.23

-

-

-

-

-

-

Bills Sold
Commercial Paper

-

-

-

-

-

-

Borrowed Money

10,460,538

1.05

3,323,145(0.54)

7,137,393

1.59

101,696,701

0.87

3,849,547(0.12)

97,847,154

0.99

Loans and Bills Discounted

48,682,694

1.26(1,166,710)(0.07)

49,849,405

1.33

Securities

37,372,106

0.49

2,999,830(0.11)

34,372,275

0.61

Source of Funds

101,485,940

0.16

2,168,915(0.04)

99,317,025

0.21

Deposits

64,435,131

0.06

833,661(0.04)

63,601,470

0.10

NCDs

8,838,638

0.10(438,109)(0.02)

9,276,747

0.13

Debentures

156,330

0.43(1,187,512)(0.15)

1,343,842

0.59

Call Money

12,931,962

0.25(374,269)(0.04)

13,306,231

0.30(Domestic Operations)
Use of Funds

566,499

0.12(199,930)(0.00)

766,429

0.12

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

7,867,741

0.26

3,345,414(0.13)

4,522,327

0.40

22,913,963

1.72

1,647,124(0.14)

21,266,839

1.86

Loans and Bills Discounted

9,551,125

1.71

1,077,428(0.04)

8,473,697

1.76

Securities

7,018,377

1.90(418,855)

0.01

7,437,232

1.88

Source of Funds

23,034,509

0.82

2,047,479(0.03)

20,987,030

0.86

Deposits

10,337,673

0.42

1,028,737(0.00)

9,308,936

0.42

NCDs

1,620,466

0.80

299,930

0.01

1,320,535

0.79

Payables under Repurchase Agreements(International Operations)
Use of Funds

Debentures

-

-

-

-

-

-

Call Money320,672

0.83

109,420(0.15)

211,251

0.98

3,582,191

0.25(317,030)

0.00

3,899,222

0.25

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

2,592,796

3.42(22,268)(0.22)

2,615,065

3.64

Payables under Repurchase Agreements

16

Mizuho Financial Group, Inc.

Mizuho Bank(Millions of yen, %)First Half of Fiscal 2011
(Total)Use of Funds

Average Balance
65,716,082

Rate
0.96

ChangeAverage Balance
2,455,953

First Half of Fiscal 2010
Rate
(0.12)

Average Balance
63,260,129

Rate
1.08

Loans and Bills Discounted

32,348,280

1.38(437,122)(0.08)

32,785,402

1.46

Securities

21,761,229

0.52

2,341,663(0.06)

19,419,565

0.58

Source of Funds

66,600,417

0.13

1,275,636(0.04)

65,324,781

0.18

Deposits

55,979,288

0.06

878,698(0.04)

55,100,590

0.10

NCDs

0.14

1,537,526

0.08(580,214)(0.06)

2,117,741

Debentures

156,3300.43(646,369)

0.03

802,700

0.39

Call Money

1,288,123

0.08(139,627)(0.00)

1,427,750

0.09

659

0.09

(171,338)(0.02)

171,997--

Payables under Repurchase Agreements

Bills Sold

-

-

0.11
-

-

Commercial Paper

-

-

-

Borrowed Money

5,283,295

0.57

2,154,115(0.38)

3,129,179

0.96-

62,997,094

0.93

2,653,637(0.11)

60,343,457

1.04

Loans and Bills Discounted

31,559,111

1.39(619,062)(0.08)

32,178,173

1.47

Securities

20,320,943

0.43

2,468,617(0.05)

17,852,326

0.48(Domestic Operations)
Use of Funds

Source of Funds

63,935,266

0.09

1,489,012(0.04)

62,446,254

0.14

Deposits

54,892,699

0.06

824,830(0.04)

54,067,869

0.10

NCDs

1,536,294

0.08(579,198)(0.06)

2,115,493

0.14

Debentures

156,3300.43(646,369)

0.03

802,700

0.39

Call Money

1,287,659

0.08(140,090)(0.00)

1,427,750

0.09

171,997(171,338)(0.02)

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Payables under Repurchase Agreements

Borrowed Money

659

0.09

0.11

4,756,175

0.22

2,185,059(0.12)

2,571,115

0.35

3,164,531

1.39(61,329)(0.34)

3,225,861

1.74(International Operations)
Use of Funds

789,168

1.10

181,939(0.16)

607,229

1.26

Securities

Loans and Bills Discounted

1,440,286

1.81(126,953)

0.04

1,567,239

1.77

Source of Funds

3,110,695

0.92(77,021)(0.06)

3,187,717

0.99

Deposits

1,086,589

0.28

53,867(0.03)

1,032,721

0.32

1,232

0.27

(1,015)(0.09)

2,248

0.36

NCDs
Debentures-

Call Money

463

0.17

463

0.17

-

-

-

-

Payables under Repurchase Agreements

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

(30,944)(0.07)

Borrowed Money

527,1193.65

17558,064

3.73

Mizuho Financial Group, Inc.

Mizuho Corporate Bank(Millions of yen, %)First Half of Fiscal 2011
(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2010

ChangeRate

Average Balance

Rate

Average BalanceRate

55,852,693

1.15

1,618,274(0.09)

54,234,418

1.25

Loans and Bills Discounted

25,885,540

1.27

347,840(0.03)

25,537,700

1.31
1.06

Securities

22,629,254

0.91

239,312(0.15)

22,389,942

Source of Funds

54,878,143

0.48

1,518,315(0.02)

53,359,828

0.50

Deposits

18,793,516

0.25

983,700(0.01)

17,809,815

0.27

NCDs

8,921,578

0.24

442,0360.00

8,479,542

0.23(541,142)(0.87)

541,1420.87

Debentures--

Call Money

11,964,511

0.29(125,221)(0.04)

12,089,733

0.34

Payables under Repurchase Agreements

4,148,031

0.23(345,622)(0.00)

4,493,653

0.23-

Bills Sold

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

5,177,243

1.54

1,169,030(0.54)

4,008,213

2.08(Domestic Operations)
Use of Funds

38,699,606

0.77

1,195,910(0.13)

37,503,696

0.90

Loans and Bills Discounted

17,123,583

1.02(547,648)(0.07)

17,671,232

1.09

Securities

17,051,163

0.57

531,213(0.18)

16,519,949

0.76

Source of Funds

37,550,674

0.28

679,903(0.04)

36,870,771

0.33

Deposits

9,542,432

0.08

8,831

(0.05)

9,533,600

0.13

NCDs

7,302,344

0.11

0.12

141,089(0.01)

7,161,254(541,142)(0.87)

541,142

0.87

0.27

(234,178)(0.05)

11,878,481

0.33

565,840

0.12(28,591)(0.00)

594,431

0.12

-

-

-

-

-

-

Debentures-

Call Money

11,644,302

Payables under Repurchase Agreements

Bills Sold-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

3,111,566

0.32

1,160,354(0.13)

1,951,212

0.46(International Operations)
Use of Funds

19,749,431

1.77

1,708,453(0.11)

18,040,977

1.89

Loans and Bills Discounted

8,761,957

1.77

895,489(0.02)

7,866,467

1.80

Securities

5,578,090

1.92(291,901)

0.01

5,869,992

1.91

Source of Funds

19,923,813

0.81

2,124,500(0.02)

17,799,312

0.83

Deposits

9,251,084

0.43

974,8690.00

8,276,215

0.43

NCDs

0.79

1,619,233

0.80

300,9460.01

1,318,287

Debentures

-

-

-

-

-

-

Call Money320,209

0.83

108,957(0.15)

211,251

0.98

3,582,191

0.25(317,030)

0.00

3,899,222

0.25

-

-

-

-

-

-

Payables under Repurchase Agreements

Bills Sold
Commercial Paper

-

-

-

-

-

-

Borrowed Money

2,065,677

3.36

8,675

(0.26)

2,057,001

3.62

18

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)(Millions of yen, %)First Half of Fiscal 2011
(Total)Use of Funds

Average BalanceFirst Half of Fiscal 2010

ChangeRate

Average Balance

Rate

Average BalanceRate

5,947,519

1.01

412,707(0.10)

5,534,812

1.11

Loans and Bills Discounted

3,311,687

1.28(102,162)(0.13)

3,413,849

1.41
0.65

Securities

2,054,451

0.75

419,076

0.10

1,635,374

Source of Funds

5,840,134

0.30

387,718(0.09)

5,452,416

0.39

Deposits

2,198,682

0.22(168,743)(0.11)

2,367,426

0.33

NCDs

887,550

0.13

88,869(0.03)

798,680

0.17

-

-

-

-

101,481(0.02)

557,494

0.14

-

-

-

-

Debentures-

Call Money658,975

Payables under Repurchase Agreements

0.12

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money785,794

433,022(0.06)

352,772

0.21

0.15

(Domestic Operations)
Use of Funds

5,635,502

0.98

442,760(0.10)

5,192,741

1.09

Loans and Bills Discounted

3,259,912

1.28(101,743)(0.12)

3,361,656

1.41

Securities

1,644,248

0.67

469,898

0.19

1,174,349

0.47

Source of Funds

5,526,036

0.30

418,943(0.09)

5,107,092

0.40

Deposits

2,182,207

0.22(174,539)(0.11)

2,356,747

0.33

NCDs

887,550

0.13

88,869(0.03)

798,680

0.17

-

-

-

-

105,883(0.02)

541,877

0.13

Debentures-

Call Money

647,760

0.11

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper-

Borrowed Money785,794

-

-

-

-

0.15

-

433,062(0.06)

352,732

0.21(International Operations)
Use of Funds

905,933

0.65

122,906(0.16)

783,026

0.81

Loans and Bills Discounted

51,774

1.19

(419)

(0.40)

52,193

1.60

Securities

410,203

1.08(50,822)(0.00)

461,025

1.08

Source of Funds

908,0140.23

121,734(0.06)

786,279

0.29

Deposits

16,474

0.29

5,796

0.08

10,678

0.21
-

NCDs

-

-

-

-

-

Debentures

-

-

-

-

-

-

Call Money

11,215

15,6170.50

0.64(4,401)

0.13

Payables under Repurchase Agreements

-

-

-

-

-

-

Bills Sold

-

-

-

-

-

-

Commercial Paper

-

-

-

-

-

-

Borrowed Money

-

-

(40)

(1.17)

40

1.17

19

Mizuho Financial Group, Inc.

7. Net Gains/Losses on Securities

Non-Consolidated(Millions of yen)

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2011

First Half of Fiscal 2010

ChangeNet Gains (Losses) related to Bonds

81,751(44,529)

126,281

Gains on Sales and Others

123,482(39,900)

163,383

Losses on Sales and Others(23,185)

5,837(29,022)

Impairment (Devaluation)(14,994)(11,530)(3,464)---(3,551)

1,064(4,615)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2011
Net Gains (Losses) related to Stocks

First Half of Fiscal 2010

Change(67,274)(52,339)(14,935)

Gains on Sales

16,058(10,873)

26,932Losses on Sales(20,308)(1,624)(18,683)

Impairment (Devaluation)(61,565)(37,248)(24,317)

(87)

(181)

93

(1,371)(2,410)

1,038

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading*Figures for First Half of Fiscal 2010 include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho BankFirst Half of Fiscal 2011

First Half of Fiscal 2010

ChangeNet Gains (Losses) related to Bonds

16,974(11,898)

28,872

Gains on Sales and Others

27,587(12,602)40,189Losses on Sales and Others(8,100)(906)(7,194)

Impairment (Devaluation)(1,652)

1,223(2,875)

-

-

-

(860)

386

(1,246)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2011
Net Gains (Losses) related to Stocks

First Half of Fiscal 2010

Change(5,192)

1,056(6,248)

Gains on Sales

5,510

3,300

2,209

Losses on Sales

(513)

1,883

(2,397)(10,210)(2,961)(7,248)

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

1

(8)

9

Gains (Losses) on Derivatives other than for Trading

19(1,157)

1,177

Impairment (Devaluation)*Figures for First Half of Fiscal 2010 include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

20

Mizuho Financial Group, Inc.

(Millions of yen)Mizuho Corporate BankFirst Half of Fiscal 2011

First Half of Fiscal 2010

ChangeNet Gains (Losses) related to Bonds

58,281(31,545)

89,826

Gains on Sales and Others

89,381(25,646)

115,028

Losses on Sales and Others(14,622)

6,531(21,154)

Impairment (Devaluation)(13,340)(12,757)

(582)

-

-

-

(3,136)327(3,464)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2011
Net Gains (Losses) related to Stocks

First Half of Fiscal 2010

Change(59,440)(51,658)(7,782)

Gains on Sales

8,962(12,389)

21,351

Losses on Sales(17,061)(1,213)(15,847)

Impairment (Devaluation)(49,933)(36,702)(13,230)

(89)

(173)

83

(1,318)(1,180)(138)

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading*Figures for First Half of Fiscal 2010 include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho Trust & Banking

First Half of Fiscal 2011

Net Gains (Losses) related to Bonds

6,495(1,085)

7,581

Gains on Sales and Others

6,513(1,651)

8,165

Losses on Sales and Others

(461)

211

(673)

Impairment (Devaluation)

(1)

4

(6)

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

-

-

-

445

349

95

Gains (Losses) on Derivatives other than for TradingFirst Half of Fiscal 2011
Net Gains (Losses) related to Stocks

First Half of Fiscal 2010

ChangeFirst Half of Fiscal 2010

Change(2,641)(1,737)(904)

Gains on Sales

1,586(1,785)

3,371

Losses on Sales(2,733)(2,294)(438)

Impairment (Devaluation)(1,422)

2,415(3,837)

0

0

-

(72)

(72)

-

Reversal of (Provision for) Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading21

8. Unrealized Gains/Losses on Securities

Mizuho Financial Group, Inc.

■ Securities for which it is deemed to be extremely difficult to determine the fair value are excluded.

Consolidated(1) Other Securities(Millions of yen)

As of September 30, 2011
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
Losses46,487,757(157,709)
535,704
693,414
Other Securities
Japanese Stocks
2,299,485(45,717)
318,177
363,895
Japanese Bonds
35,028,768
48,062
95,67047,607
Japanese Government Bonds 30,899,299
40,09747,7807,683
Other
9,159,503(160,054)
121,856
281,911
7,138,588
13,976
77,41563,438Foreign Bonds

As of March 31, 2011
Unrealized Gains/Losses
Gains
Losses(632)
651,510652,143
205,734
456,414250,680(11,334)
92,186
103,520
1,078
52,16451,085(195,033)
102,909297,943(107,202)
31,936
139,139

As of September 30, 2010
Unrealized Gains/Losses
Gains
Losses
96,879668,632
571,753
86,813377,325
290,512118,012
146,096
28,084
79,337
81,135
1,798(107,946)
145,210
253,156
33,11592,27059,154* 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 \(12,484) million, \(1,242) million and \(5,562) million, which were recognized in the statement of income for September 30, 2011, March 31, 2011 and September
30, 2010, 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, 2011, March 31, 2011 and September 30, 2010 are \(145,225) million,\609 million and \102,441 million, respectively.
* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by
applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2011, March 31,
2011 and September 30, 2010 are \(152,381) million, \(21,648) million and \32,505 million, respectively.

(2) Bonds Held to Maturity(Millions of yen)
As of September 30, 2011
Unrealized Gains/Losses
Gains
Losses11,913
12,027113

As of March 31, 2011
Unrealized Gains/Losses
Gains
Losses
7,365
1,268
6,097

As of September 30, 2010
Unrealized Gains/Losses
Gains
Losses12,402
12,402-As of September 30, 2011
Unrealized Gains/Losses
Book Value(=Fair Value)
Gains
LossesOther Securities
45,959,020(159,379)
528,333
687,713
Japanese Stocks
2,269,336(70,605)
311,602382,207
Japanese Bonds
34,711,112
47,40894,99547,587
Japanese Government Bonds 30,635,129
39,53947,216
7,676
Other
8,978,571(136,182)
121,735
257,918
7,061,246
30,92378,89047,967
Foreign Bonds

As of March 31, 2011
Unrealized Gains/Losses
Gains
Losses(15,216)
635,040
650,256
181,725
447,585
265,859(12,124)
91,337
103,462476
51,551
51,075(184,817)
96,116
280,934(88,413)34,816123,230

As of September 30, 2010
Unrealized Gains/Losses
Gains
Losses89,673656,279
566,605
59,239363,542304,302117,248
145,298
28,05078,55980,354
1,795(86,813)
147,438
234,252
52,894
94,486
41,592

Book Value

Bonds Held to Maturity

1,501,670

Non-Consolidated(1) Other Securities
Aggregated Figures of the 3 Banks(Millions of yen)Mizuho Bank
Other Securities
Japanese Stocks
Japanese Bonds
Japanese Government Bonds

Other
Foreign Bonds

22,238,040
633,963
18,670,011
15,748,638
2,934,066
2,009,706(54,812)(63,068)
20,01130,824(11,756)
8,137

166,636
72,494
53,121
32,24941,02021,610221,449
135,562
33,1101,424
52,776
13,472(44,682)(8,101)(1,996)25,381(34,584)(19,726)

163,689
96,53247,01835,52820,1373,318

208,371
104,634
49,014
10,14754,721
23,045(636)(38,483)
48,88048,080(11,033)
6,395

178,274
67,62073,407
48,847
37,246
17,242

178,910
106,103
24,526
767
48,28010,846

21,559,661
1,469,599
14,526,202
13,411,782
5,563,858
4,742,996(119,402)(23,228)
20,684
2,822(116,858)
19,636314,371
203,833
35,007
8,996
75,52953,595433,773
227,062
14,323
6,174
192,387
33,9593,834
154,118(15,248)(29,701)(135,036)(60,600)

414,419
304,667
36,4008,627
73,351
31,498410,585
150,548
51,64838,329208,388
92,09855,53368,71356,775
19,207(69,955)
41,077416,219
253,923
60,054
20,225102,241
71,260360,686
185,2103,279
1,017
172,197
30,183

2,161,318
165,773
1,514,898
1,474,708
480,646
308,544

14,835
15,691
6,712
5,892(7,568)3,150

47,32535,274
6,866
5,971
5,184
3,684

32,49019,583
153
78
12,753534

25,63035,708
5,119
4,796(15,197)(8,086)56,93046,385
7,917
7,395
2,627
-

31,29910,6762,798
2,598
17,824
8,086

34,77729,00911,592
11,270(5,824)
5,420

61,78541,997
11,836
11,281
7,950
5,983

27,007
12,988244
1013,774562

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

Other
Foreign Bonds

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

Other
Foreign Bonds* In addition to "Securities" indicated on the balance sheets, NCDs in "Cash and Due from Banks" and certain items in "Other Debt Purchased" are also included.
* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the balance sheet date.
Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the balance sheet date.
* The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the balance sheets
and the acquisition costs.
* Unrealized Gains/Losses include \3,961 million, \11,874 million and \10,591 million, which were recognized in the statement of income for September 30, 2011, March 31, 2011 and September 30,
2010, 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, 2011, March 31, 2011 and September 30, 2010 are \(163,341) million, \(27,091) million and\79,082 million, respectively.
* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value
hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2011, March 31, 2011 and September 30,
2010 are as follows:(Millions of yen)
As of September 30, 2011
(163,355)(63,297)(111,665)
11,607Aggregated Figures
Mizuho Bank
Mizuho Corporate Bank
Mizuho Trust & Banking

22

As of March 31, 2011
As of September 30, 2010
(33,231)
22,076(58,823)(16,891)
3,011
12,483
22,58026,484

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity(Millions of yen)

Aggregated Figures of the 3 Banks
As of September 30, 2011
Book Value

As of March 31, 2011

Unrealized Gains/Losses
Gains

As of September 30, 2010

Unrealized Gains/Losses
LossesGains

Unrealized Gains/Losses
Losses

Gains

LossesAggregated Figures

1,500,667

11,91012,024

113

6,091

7,360

1,268

12,391

12,391-

Mizuho Bank

1,500,667

11,91012,024

113

6,091

7,360

1,268

12,391

12,391-

Mizuho Corporate Bank

-

-

-

-

-

-

-

-

-

-

Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

(3) Investment in Subsidiaries and Affiliates(Millions of yen)

Aggregated Figures of the 3 Banks
As of September 30, 2011
Book Value

As of March 31, 2011

Unrealized Gains/Losses
Gains

As of September 30, 2010

Unrealized Gains/Losses
LossesGains

Unrealized Gains/Losses
Losses

Gains

LossesAggregated Figures

-

-

-

-

(157,081)-

157,081(189,704)-

189,704

Mizuho Bank

-

-

-

-

(35,614)-35,614(34,339)-

34,339Mizuho Corporate Bank

-

-

-

-

(121,466)-

121,466(155,364)-

155,364Mizuho Trust & Banking

-

-

-

-

-

-

-

-

-

-

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

-

-

-

143,629

143,629-

108,730

108,730(Reference)
Unrealized Gains/Losses on Other Securities(the base amount to be recorded directly to Net Assets after tax and other necessary adjustments)
For certain Other Securities, Unrealized Gains/Losses were recognized in the statement of income by applying the fair-value hedge method andothers. They were excluded from Unrealized Gains (Losses) on Other Securities. These adjusted Unrealized Gains/Losses were the base amount,which was to be recorded directly to Net Assets after tax and other necessary adjustments.
The base amount was as follows:

Consolidated(Millions of yen)
As of
September 30,
2011

As of
March 31,
2011

As of
September 30,
2010

Unrealized Gains/Losses
Change fromMarch 31,2011

Change from
September 30,
2010

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities(145,225)(145,835)(247,667)

609

Japanese Stocks(45,717)(251,452)(132,530)

205,734

86,813

Japanese Bonds

46,47659,399(71,571)(12,923)

118,048

38,511

39,021(40,861)(510)

79,372(145,984)

46,217(43,564)(192,201)(102,419)

Japanese Government Bonds
Other

102,441

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of
September 30,
2011

As of
March 31,
2011

As of
September 30,
2010

Unrealized Gains/Losses
Change fromMarch 31,2011

Change from
September 30,
2010

Unrealized Unrealized
Gains/Losses Gains/Losses

Other Securities(163,341)(136,250)(242,424)(27,091)

Japanese Stocks(70,605)(252,331)(129,845)

181,725

59,239Japanese Bonds

45,82259,535(71,461)(13,713)

117,283

37,95339,066(40,641)(1,112)78,594(138,558)

56,544(41,117)(195,103)(97,441)

Japanese Government Bonds
Other

23

79,082-

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, 2011

Japanese Bonds
Japanese Government Bonds

ChangeWithin1 year

1-5years

5 - 10years

Over
10 yearsWithin1 year

1-5
years

13,477.4

18,231.1

2,926.6

1,395.4(1,404.6)

3,079.6

12,623.4

16,411.9

2,573.4

382.7(1,442.5)

3,238.0

Maturity as of March 31, 2011

5 - 10years

Over
10 yearsWithin1 year

1-5years

5 - 10years

Over
10 years(29.8)

203.2

14,882.1

15,151.5

2,956.5

1,192.1

43.5

62.5

14,065.9

13,173.9

2,529.9

320.2

Japanese Local Government Bonds

11.6

164.0

57.9

0.8

2.1

6.5

(2.2)

(0.0)

9.5

157.5

60.2

0.9

Japanese Corporate Bonds

842.3

1,655.2

295.2

1,011.8

35.6(164.8)(71.1)

140.8

806.6

1,820.1

366.3

871.0

1,087.0

3,251.3

1,190.8

2,521.1(97.5)

269.4

189.8

603.3

1,184.5

2,981.9

1,000.9

1,917.8

8,182.7

10,055.2

1,076.5

789.0

2,011.7

552.2(110.0)52.1

6,170.9

9,502.9

1,186.6

736.9
194.2

Other

Mizuho BankJapanese Bonds

7,385.5

8,735.5

901.0

161.7

1,965.5

630.8(89.0)(32.5)

5,420.0

8,104.7

990.0

Japanese Local Government Bonds

11.3

150.2

19.6

-

2.4

14.3

9.6

-

8.8

135.9

10.0

-

Japanese Corporate Bonds

785.7

1,169.4

155.9

627.3

43.7

(92.9)(30.7)

84.6

742.0

1,262.3

186.6

542.7

87.1

1,290.0257.9

1,179.0(26.8)

529.1

100.5

138.9

113.9

760.8

157.3

1,040.1

5,006.4

7,415.0

1,429.8

571.3(3,363.3)

2,438.3

130.0

136.1

8,369.7

4,976.6

1,299.7

435.2
106.0

Japanese Government Bonds

Other

Mizuho Corporate BankJapanese Bonds

4,952.8

6,946.4

1,257.4

186.0(3,360.5)

2,529.7

180.0

80.0

8,313.4

4,416.7

1,077.4

Japanese Local Government Bonds

0.3

12.8

35.6

0.8

(0.0)

(7.9)

(12.0)

(0.0)

0.3

20.8

47.7

0.9

Japanese Corporate Bonds

53.2

455.7

136.7

384.4

(2.7)

(83.3)(37.8)

56.1

56.0

539.1

174.6

328.2

957.6

1,710.3

854.1

1,341.7(57.2)(329.4)

84.8

464.5

1,014.8

2,039.7

769.2

877.1

288.2

760.9

420.1

35.0

(53.1)

89.0(49.8)

15.0

341.4

671.9

470.0

20.0

285.0

730.0

415.0

35.0

(47.5)

77.5(47.5)

15.0

332.5

652.5

462.5

20.0

-

0.9

2.5

-

(0.3)

0.1

0.1

-

0.3

0.8

2.4

-

3.2

30.0

2.5

-

(5.3)

11.4

(2.5)

-

8.5

18.6

5.0

-

42.2

250.9

78.7

0.2

(13.4)

69.7

4.4

(0.2)

55.7

181.2

74.3

0.4

Japanese Government Bonds

Other

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

Japanese Corporate Bonds
Other

24

Mizuho Financial Group, Inc.

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

As of September 30, 2011
Within1-5Over
1 yearyears
5 years

Total

Within1 yearChange
1-5
Over
years
5 years

Total

Within1 yearAs of March 31, 2011
1-5
Over
years
5 years

Total

Receive Fixed / Pay Float

11,025.4

14,321.9

3,856.4

29,203.8

1,892.6

950.3

323.3

3,166.3

9,132.8

13,371.6

3,533.1

26,037.5

Receive Float / Pay Fixed

1,354.6

2,270.3

2,626.9

6,251.9(85.7)(260.7)120.8(225.6)

1,440.4

2,531.0

2,506.1

6,477.6

Receive Float / Pay Float

-

154.8

30.0

184.8

-

-

-

-

-

154.8

30.0

184.8

Receive Fixed / Pay Fixed
Total

-

-

-

-

-

-

-

-

-

-

-

-

12,380.1

16,747.0

6,513.4

35,640.6

1,806.8

689.6

444.1

2,940.6

10,573.2

16,057.4

6,069.2

32,699.9

9,201.0

6,065.8

372.8

15,639.8

2,572.0

(1.3)

110.3

2,681.1

6,629.0

6,067.1

262.4

12,958.6

666.9

-

-

53.0

53.0

-

-

613.9

613.9
-

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

-

-

666.9

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

9,201.0

6,065.8

1,039.7

16,306.7

2,572.0

(1.3)

163.3

2,734.1

6,629.0

6,067.1

876.3

13,572.5

Receive Fixed / Pay Float

1,824.3

8,241.0

3,388.6

13,454.0(679.4)

936.6

132.9

390.1

2,503.8

7,304.4

3,255.7

13,063.9

Receive Float / Pay Fixed(135.7)(160.7)77.8(218.6)

1,380.4

2,346.0

1,852.2

5,578.7

30.0

184.8

Total
Mizuho Corporate Bank

1,244.6

2,185.3

1,930.0

5,360.0

Receive Float / Pay Float

-

154.8

30.0

184.8

-

-

-

-

-

154.8

Receive Fixed / Pay Fixed

-

-

-

-

-

-

-

-

-

-

-

-

3,069.0

10,581.1

5,348.7

18,998.9(815.1)

775.9

210.7

171.4

3,884.2

9,805.2

5,137.9

18,827.4

Receive Fixed / Pay Float

-

15.0

95.0

110.0

-

15.0

80.0

95.0

-

-

15.0

15.0

Receive Float / Pay Fixed

110.0

85.0

30.0

225.0

50.0

(100.0)(10.0)(60.0)

60.0

185.0

40.0

285.0

Receive Float / Pay Float

-

-

-

-

-

-

-

-

-

-

-

-

Total
Mizuho Trust & Banking

Receive Fixed / Pay Fixed
Total

-

-

-

-

-

-

-

-

-

-

-

-

110.0

100.0

125.0

335.0

50.0

(85.0)

70.0

35.0

60.0

185.0

55.0

300.0

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

Aggregated Figures

As of September 30, 2011
Deferred Hedge Gains/Losses

ChangeDeferred Hedge Gains/Losses

As of March 31, 2011
Deferred Hedge Gains/Losses

Gains

Gains

Gains

861.8

Losses
565.9

295.9

77.4

Losses
14.0

63.4

784.3

Losses
551.8

232.5

Mizuho Bank

80.3

81.6

(1.2)

(3.2)

4.9

(8.1)

83.6

76.7

6.9

Mizuho Corporate Bank

715.5

411.1

304.4

82.2

12.0

70.2

633.2

399.0

234.2

Mizuho Trust & Banking

65.9

73.1

(7.2)

(1.5)

(2.8)

1.3

67.4

76.0

(8.5)

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

25

Mizuho Financial Group, Inc.

11. Employee Retirement Benefits
Non-Consolidated
Projected Benefit Obligations(Millions of yen)First Half of Fiscal 2011

Aggregated Figures of the 3 BanksFirst Half of Fiscal 2010
ChangeProjected Benefit Obligations (at the beginning of the fiscal year)(A)

1,078,952(719)

1,079,671

2.5

-

2.5

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

1,152,516(62,609)

1,215,125

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(C)406,149

34,429371,720(35,830)

1,204(37,034)

479,713(27,460)

507,174

638,227

2,086

636,141

Discount Rate (%)

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)(B)+ (C) - (A)Mizuho Bank
Projected Benefit Obligations (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)682,026(30,335)

712,361

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(C)249,470

11,158238,312(22,592)

1,226(23,818)

293,269(21,262)

314,532

319,742(3,357)323,100

2.5

-

2.5

Discount Rate (%)

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)(B)+ (C) - (A)Mizuho Corporate Bank
Projected Benefit Obligations (at the beginning of the fiscal year)(A)

Discount Rate (%)
Fair Value of Plan Assets (at the beginning of the fiscal year)(B)342,004(25,877)

367,882

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

117,862

19,014

98,847

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)(B)+ (C) - (A)(9,457)(363)(9,093)140,124(3,505)

143,629

120,982552

120,430Mizuho Trust & Banking
Projected Benefit Obligations (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)

128,485(6,396)

134,881

Unrecognized Actuarial Differences (at the beginning of the fiscal year)(C)38,816

4,256

34,560Discount Rate (%)

Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)(B)+ (C) - (A)26(3,781)340(4,122)

46,319(2,692)49,011

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits(Millions of yen)First Half of Fiscal 2011

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

First Half of Fiscal 2010

Change(8,792)(13,486)
12,595(35,830)(27,728)(1,925)(75,168)(392)
8(6,095)
1,204(27,728)126(32,876)(8,399)(13,495)
18,690(37,034)(2,051)(42,291)(5,572)(7,977)
6,138(22,592)(27,728)(1,259)(58,991)

(158)
(26)
(3,014)
1,226(27,728)
213(29,487)(5,413)(7,951)
9,153(23,818)(1,473)(29,503)(2,055)(3,996)4,850(9,457)(466)(11,125)(210)
41(2,375)(363)(35)(2,941)(1,845)(4,038)7,225(9,093)(430)(8,183)(1,164)(1,512)
1,606(3,781)(199)(5,051)

(23)
(6)
(705)
340
(52)
(447)

(1,141)(1,505)
2,311(4,122)(147)(4,604)

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

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

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

(Millions of yen)First Half of Fiscal 2011

Consolidated
Projected Benefit Obligations (at the beginning of the fiscal year)(A)
Fair Value of Plan Assets (at the beginning of the fiscal year)(B)
Unrecognized Actuarial Differences (at the beginning of the fiscal year) (C)Amount accumulated (amortized) during the period
Prepaid Pension Cost (at the beginning of the fiscal year)(D)
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)

First Half of Fiscal 2010
Change(A)-(B)-(C)+(D)Income (Expenses) related to Employee Retirement Benefits

27

1,207,229
1,215,987
420,438(37,190)
464,81235,6156,260(51,212)35,772
942(20,346)
1,352

1,200,969
1,267,199
384,665(38,132)
485,159
34,263(56,945)(7,421)(49,524)

Mizuho Financial Group, Inc.

12. Capital Adequacy Ratio
Consolidated(%, Billions of yen)Mizuho Financial GroupAs of September 30, 2011

As ofMarch 31, 2011

Change fromMarch 31, 2011

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

14.92(0.38)

11.89(0.04)

11.93

6,069.8(100.4)

6,170.2

2,254.973.5

2,181.3

1,109.7

172.0

937.6

1,249.3

116.9

1,132.3

12.7

9.5

3.1

76.4

(63.6)

140.0

143.9

136.9

7.0

(103.2)0.6(103.9)1,938.0(331.6)2,269.6

1,851.6(68.2)

1,919.8(145.9)(49.3)(96.5)

1,895.8(207.5)2,103.4

1,895.8(207.5)2,103.4-

Dated Subordinated Debt and Redeemable Preferred Stock(4) Deductions for Total Risk-based Capital(5) Total Risk-based Capital (2)+(3)-(4)(6) Risk-weighted Assets
Credit Risk Assets
On-balance-sheet Items
Off-balance-sheet Items
Market Risk Equivalent Assets
Operational Risk Equivalent Assets
Adjusted Amount for Credit Risk-weighted Assets
Adjusted Amount for Operational Risk Equivalent

15.30

-

-

104.2

(1.9)

4.7

(0.1)

106.2
4.9

1,786.8(205.4)

1,992.2

300.5(43.1)

343.6

1,486.3(162.3)

1,648.6

350.4(12.2)

362.6

7,615.2(295.7)7,910.9

51,037.6(656.1)

51,693.8

46,119.9(877.1)

46,997.1

38,033.8(924.1)

38,958.0

8,086.1

47.0

8,039.0

1,373.1(16.0)

1,389.2

3,544.5

237.0

3,307.4

-

-

-

-

-

-

8.19

0.04

8.15

(Reference)Prime Capital Ratio ** Prime Capital (Tier1 Capital (2) - preferred securities - preferred stock (excluding mandatory convertible preferred stock))
divided by Risk-weighted Assets (6)28Mizuho Financial Group, Inc.

(%, Billions of yen)Mizuho Bank

As of September 30, 2011

Change fromMarch 31, 2011

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, 2011

15.05

0.14

14.91

10.69
2,388.6

0.31
13.8

10.38
2,374.7

1,075.6
100.9
3,363.3(53.9)
7.4(47.4)

1,129.5
93.4
3,410.8

22,342.6(526.1)

22,868.8

18.11
15.80
4,372.3(0.69)(0.30)(156.4)

18.80
16.10
4,528.8

745.8
107.4

(135.3)(15.5)

881.2
122.9

5,010.8
27,666.8(276.3)(454.8)5,287.1
28,121.6

16.69
12.55
311.6
105.8
3.0
414.4
2,481.7

0.35
0.44
14.7
(4.9)
(4.1)
14.0
32.1

16.34
12.11
296.8
110.8
7.2
400.4
2,449.6

14.73

0.13

14.60

10.39
2,334.4

0.29
9.8

10.10
2,324.5

1,075.6(53.9)

1,129.5

101.1
3,308.9
22,451.8

7.3(51.4)(550.3)93.8
3,360.3
23,002.1

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

29

Mizuho Financial Group, Inc.

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

Consolidated(Millions of yen, %)As of September 30, 2011

As of March 31, 2011

Change fromMarch 31,2011%

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

32,992
614,401
20,534
566,532
1,234,460

0.05

1.99

(13,123)(46,316)(4,499)69,541
5,600

Total Loans

61,731,606

100.00(1,046,150)

0.99
0.03
0.91

Change from
September
30, 2010%(0.02)(0.05)(0.00)
0.12
0.04(35,240)(107,986)(7,406)56,501(94,131)%

As of September 30, 2010%

(0.05)(0.16)(0.01)
0.09(0.14)(338,290)

46,116
660,718
25,034496,991
1,228,859%

68,232
722,387
27,940510,031
1,328,591

0.07
1.05
0.03
0.79
1.95

62,777,757 100.00

0.10
1.16
0.04
0.82
2.14

62,069,897 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
326,220(17,206)(96,217)
343,426

422,437

Trust Account
As of September 30, 2011%

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, 2011

Change fromMarch 31,2011

Change from
September
30, 2010

%

12.21

(8)
(8)

25,270 100.00(818)(2,430)Change fromMarch 31,2011

Change from
September
30, 2010

3,086

12.21

3,086

-

0.34
0.34

(17)
(17)

%

As of September 30, 2010

%

-

-

3,095

1.00

1.00

3,095

-

-

3,104

11.86

-

-

%

-

11.86

11.20

3,104

11.20

26,089 100.00

27,701 100.00

As of March 31, 2011

As of September 30, 2010

Consolidated + Trust Account
As of September 30, 2011%

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

32,992
617,488
20,534
566,532
1,237,547(13,123)(46,325)(4,499)69,541
5,591

0.05
0.99
0.03
0.91
2.00

%
(0.02)(0.05)(0.00)
0.12
0.04(35,240)(108,003)(7,406)56,501(94,148)

Total Loans
61,756,877 100.00 (1,046,969)(340,721)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

30%(0.05)(0.16)(0.01)
0.09(0.14)%

46,116
663,813
25,034496,991
1,231,955

0.07
1.05
0.03
0.79
1.96

62,803,846 100.00%

68,232
725,492
27,940510,031
1,331,696

0.10
1.16
0.04
0.82
2.14

62,097,598 100.00

Mizuho Financial Group, Inc.

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen, %)(Banking Account + Trust Account)
As of September 30, 2011

Change fromMarch 31,2011%

Loans to Bankrupt Obligors
30,787
Non-Accrual Delinquent Loans
593,452
Loans Past Due for 3 Months or More
20,534
Restructured Loans
449,286
Total
1,094,060
Total Loans

Change from
September
30, 2010%(12,776) (0.01)(53,492) (0.06)(4,499) (0.00)
51,082 0.09
(19,686) 0.00

0.04
0.96
0.03
0.72
1.77

61,618,697

As of March 31, 2011

(1,401,093)

100.00%

As of September 30, 2010%%

(34,794) (0.05)(117,913) (0.18)(7,406) (0.01)
32,155 0.05
(127,959) (0.19)

43,563646,944
25,034398,204
1,113,746(452,915)

63,019,790 100.00 62,071,613 100.00

0.06
1.02
0.03
0.63
1.76

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
296,780(20,290)(91,828)
317,071

65,581
711,365
27,940417,131
1,222,019

0.10
1.14
0.04
0.67
1.96

388,609

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

20,828486,811
20,415
287,403815,458

0.06

31,977,021

100.00(8,172) (0.02)(32,183) (0.03)(4,522) (0.01)
42,701 0.16
(2,176) 0.10

1.52
0.06
0.89
2.55

(1,399,256)(19,239) (0.05)(17,621) 0.00
(6,851) (0.01)
36,706 0.14
(7,005) 0.07
(1,301,987)

29,000518,994
24,937244,701
817,635

0.08
1.55
0.07
0.73
2.44

40,067504,432
27,266250,696
822,464

0.12
1.51
0.08
0.75
2.47

33,376,277 100.00 33,279,008 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
196,337(6,307)(40,641)
202,645236,979

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

8,644
80,705

0.03
0.30

-

-

150,110
239,461

0.57

26,273,753

100.000.91(4,320) (0.01)(9,041) (0.03)
10,141 0.04
(3,220) (0.00)(13,229) (0.05)(88,881) (0.35)(688) (0.02)(102,799) (0.43)(94,023)

847,052

12,96589,746
139,969
242,681

0.04
0.34
0.53
0.92

21,874
169,587
150,798342,261

0.08
0.66
0.59
1.34

26,367,776 100.00 25,426,700 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
88,600(13,970)(46,175)
102,571

134,776

Mizuho Trust & Banking(Banking Account)

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

1,313
22,848119
11,772
36,0530.03

3,342,652

100.00(282) (0.00)(12,258) (0.39)
22 0.00(1,761) (0.06)(14,280) (0.47)

0.68
0.00
0.35
1.07

93,005(2,325) (0.06)(11,392) (0.34)(554) (0.01)(3,863) (0.11)(18,136) (0.54)
4,449

1,596
35,10796
13,53350,334

0.04
1.08
0.00
0.41
1.54

3,249,647 100.00

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
11,842(12)(5,010)11,854

3,639
34,240673
15,63654,190

0.10
1.02
0.02
0.46
1.62

3,338,203 100.00

16,853(Trust Account)

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

3,086
3,086

Total Loans

25,270

12.21

(8)
(8)

100.00

(818)

12.21
-

0.34
0.34

(17)
(17)
(2,430)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

31

1.00
1.00

3,095
3,095

11.86

3,104 11.20
3,104 11.20

26,089 100.00

27,701 100.00

11.86
-

Mizuho Financial Group, Inc.

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

As of September 30, 2011
Change fromMarch 31,2011

Change from
September 30,
2010

As of
March 31,2011

Reserves for Possible Losses on Loans

719,893(40,869)(123,771)
760,762492,257(9,193)(41,042)
501,450
227,626(31,674)(82,728)
259,301
Reserve for Possible Losses on Loans to Restructuring Countries
9
(1)
(0)
10
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
(18,478)(99,406)
Amount of Partial Direct Write-offs
397,834
416,313
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2010

843,664
533,299
310,3559497,241

Non-Consolidated
Aggregated Figures of the 3 Banks(Millions of yen)
As of September 30, 2011
Change fromMarch 31,2011

Change from
September 30,
2010

As of
March 31,2011

Reserves for Possible Losses on Loans

604,551(28,657)(117,083)
633,209456,651(6,515)(39,936)
463,167
147,890(22,140)(77,146)
170,031
Reserve for Possible Losses on Loans to Restructuring Countries
9
(1)
(0)
10
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
367,403(21,735)(95,050)
389,139
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

As of
September 30,
2010

721,634
496,588
225,037
9462,454

Mizuho Bank
Reserves for Possible Losses on Loans(25,719)(38,131)403,089(12,356)(31,242)
284,166(13,363)(6,888)
118,923
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
248,442(9,488)(45,574)
257,930
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

377,370
271,810
105,560

415,501
303,052
112,448
294,016

Mizuho Corporate Bank
Reserves for Possible Losses on Loans

209,803(2,188)(74,427)
211,992
171,238
7,040(4,431)
164,197
38,556(9,228)(69,995)
47,784
Reserve for Possible Losses on Loans to Restructuring Countries
8
(1)
(0)
10
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
99,503(14,895)(47,203)
114,399
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

284,231
175,670
108,551
9
146,706

Mizuho Trust & Banking
Reserves for Possible Losses on Loans

17,377(749)(4,525)
18,127
13,602(1,200)(4,262)14,802
3,774
450
(262)
3,324
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
19,4582,648(2,272)
16,809General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans

21,902
17,8654,037
021,731* Reserve for Indemnification of Impairment and Reserve for Possible Losses on Entrusted Loans \( 76 million, ¥132 million and ¥211 million for
September 30, 2011, March 31, 2011 and September 30, 2010, respectively) are not included in the above figures for Trust Account.

32

Mizuho Financial Group, Inc.

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans
Consolidated(%)
As of September 30, 2011
Change fromMarch 31, 2011

Mizuho Financial Group

58.31(3.59)

Change from
September 30, 2010(5.18)

As ofMarch 31,
2011
61.90

As of
September 30,
2010
63.50

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

Non-Consolidated(%)
As of September 30, 2011
Change fromMarch 31, 2011

Change from
September 30, 2010

As ofMarch 31,
2011

As of
September 30,
2010

Total

55.41

(1.59)(3.78)

57.01

59.20

Mizuho Bank

46.27

(3.02)(4.24)

49.29

50.51

Mizuho Corporate Bank

87.61

0.26

4.56

87.35

83.04

Mizuho Trust & Banking (Banking Account)

48.19

12.18

7.78

36.01

40.41

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

33

Mizuho Financial Group, Inc.

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

As of September 30, 2011
Change fromMarch 31, 2011

Change from
September 30, 2010

As ofMarch 31,
2011

As of
September 30,
2010

Claims against Bankrupt and Substantially Bankrupt Obligors

195,597(51,690)(63,688)247,287

259,285

Claims with Collection Risk

530,048(29,367)(86,682)559,415

616,730

Claims for Special Attention

587,154

65,02649,084522,127

538,070

1,312,800(16,030)(101,285)

1,328,830

1,414,086

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

390,010(21,149)(101,977)

411,159

491,988

As ofMarch 31,
2011

As of
September 30,
2010

Trust Account
As of September 30, 2011
Change fromMarch 31, 2011

Change from
September 30, 2010

-

-

-

-

Claims with Collection Risk

3,086

-

(8)

(17)

3,095

3,104

Claims for Special Attention

-

-

-

-

-

3,086

(8)

(17)

3,095

3,104

Claims against Bankrupt and Substantially Bankrupt Obligors

Total

Consolidated + Trust Account
As of September 30, 2011
Change fromMarch 31, 2011

Change from
September 30, 2010

As ofMarch 31,
2011

As of
September 30,
2010

Claims against Bankrupt and Substantially Bankrupt Obligors

195,597(51,690)(63,688)247,287

259,285

Claims with Collection Risk

533,135(29,375)(86,699)562,511619,835

Claims for Special Attention
Total

587,154

65,02649,084522,127

538,070

1,315,887(16,039)(101,303)

1,331,926

1,417,190* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

34

Mizuho Financial Group, Inc.

Non-Consolidated(Millions of yen, %)As of March 31, 2011 As of September 30, 2010

As of September 30, 2011

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 31,2011%

Change from
September 30,
2010

%

%

%

175,840

0.25(55,585)(0.07)(69,973)(0.10)

520,327
469,909
1,166,076
67,203,134
68,369,210

0.76(32,915)
46,567(41,933)(1,425,443)(1,467,377)(0.03)(90,768)
24,738(136,002)
219,52283,519(0.13)

0.68
1.70
98.29
100.000.08(0.02)
0.02

0.03(0.20)
0.20

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
359,965(24,397)(97,789)

231,426%

245,8130.33

553,243 0.79
423,341 0.60
1,208,010 1.72
68,628,577 98.27
69,836,587 100.00

0.35

611,095 0.89
445,170 0.65
1,302,079 1.90
66,983,611 98.09
68,285,691 100.00

384,363457,754

Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt
Obligors

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

125,343

0.36(50,451)(0.12)(55,233)(0.14)

407,129
307,818
840,292

1.19

2,673
38,179(9,598)

0.05

8,769
29,855(16,608)

0.07

33,210,489
34,050,781

97.53(1,493,216)(1,502,814)(0.07)(1,426,955)(1,443,564)(0.05)

0.90
2.46

100.00

0.14
0.07

0.12
0.05

Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs
248,442(9,488)(45,574)

175,795

0.49

180,5770.50

404,455 1.13
269,639 0.75
849,890 2.39
34,703,705 97.60
35,553,596 100.00

398,359
277,963
856,900

1.12
0.78
2.41

34,637,445 97.58
35,494,345 100.00

257,930

294,016

Mizuho Corporate Bank
Claims against Bankrupt and Substantially Bankrupt
Obligors

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

12,8330.04(4,706)(0.01)(18,053)(0.06)

17,5400.05

30,886

0.10

95,983150,110
258,927
30,573,219
30,832,146

0.31(23,475)
10,141(18,041)(0.07)(82,546)(688)(101,288)(0.29)

178,530
150,798
360,2150.60(45,621)(63,662)0.05

1,619,292
1,518,004

0.38

119,458 0.38
139,969 0.45
276,968 0.89
30,618,840 99.10
30,895,808 100.00

0.48
0.83
99.16
100.000.03(0.05)(0.02)(0.38)

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
99,503(14,895)(47,203)

0.51
1.22

28,953,926 98.77
29,314,141 100.00

114,399

146,706

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

37,662

(427)

1.08

(0.04)

3,313

38,0900.09

Claims with Collection Risk
Claims for Special Attention
Sub-total

0.40
14,127(12,105) (0.37)(16,972) (0.49)
0.34
11,979(1,753) (0.06)(4,428) (0.12)
1.84(0.47)
63,770(14,285)(18,087) (0.53)
98.15
0.47
0.53
Normal Claims
3,397,242
114,204
29,598
Total
3,461,012 100.00
99,918
11,510Above 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
12,019(12)(5,011)34,3491.13

26,232 0.78
13,733 0.40
78,056 2.32
3,283,037 97.67
3,361,093 100.00

0.99

31,100 0.90
16,408 0.47
81,858 2.37
3,367,643 97.62
3,449,502 100.00

12,032

17,031(Trust Account)
Claims against Bankrupt and Substantially Bankrupt
Obligors--(8) 0.34
3,086 12.21(8) 0.34
Normal Claims
22,183 87.78(810) (0.34)
Total
25,270 100.00(818)* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

(17)
(17)
(2,413)(2,430)Claims with Collection Risk
Claims for Special Attention
Sub-total

3,086

-

12.21

-

-

35

1.00

1.00
(1.00)

3,095 11.86
3,095 11.86
22,993 88.13
26,089 100.00-

3,104 11.20
3,104 11.20
24,596 88.79
27,701 100.00-

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, 2011

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

Change fromMarch 31, 2011

As ofMarch 31, 2011

Change from
September 30, 2010

As of
September 30, 2010

175.8

(55.5)(69.9)

231.4

245.8

159.3

(53.3)(63.1)

212.6

222.5

Reserve for Possible Losses

16.4

(2.2)

(6.8)

18.7

23.2

Claims with Collection Risk

517.2

(32.9)(90.7)

550.1

607.9

Collateral, Guarantees, and equivalent

298.2

(0.7)

(16.9)

299.0

315.1

Reserve for Possible Losses

143.1(19.8)(66.0)

162.9

209.1

Claims for Special Attention

469.9

46.5

24.7

423.3

445.1

111.9

1.5

5.1

110.4

106.8

Collateral, Guarantees, and equivalent

104.2

11.4

0.5

92.7

103.6

1,162.9(41.9)(135.9)1,204.9

1,298.9

Collateral, Guarantees, and equivalent

569.5(52.5)(74.9)

622.1

644.4

Reserve for Possible Losses

263.8(10.6)(72.3)

274.4

336.1

Reserve for Possible Losses

Total

Mizuho Bank
125.3

(50.4)(55.2)

175.7

180.5

121.6

(48.4)(52.5)

170.1

174.2

Reserve for Possible Losses

3.7

(1.9)

(2.6)

5.6

6.3

Claims with Collection Risk

407.1

2.6

8.7

404.4

398.3

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

245.6

14.3

10.1

231.3

235.5

Reserve for Possible Losses

101.7(11.4)

(4.2)

113.1

106.0

Claims for Special Attention

307.8

38.1

29.8

269.6

277.9

Collateral, Guarantees, and equivalent

91.4

5.2

14.5

86.2

76.9

Reserve for Possible Losses

62.0

8.3

(0.3)

53.6

62.4

840.2

(9.5)

(16.6)

849.8

856.9

Collateral, Guarantees, and equivalent

458.8(28.9)(27.8)

487.7

486.6

Reserve for Possible Losses

167.5

(4.9)

(7.2)

172.5

174.8

Total

Mizuho Corporate Bank
12.8

(4.7)

(18.0)

17.5

30.8

12.1

(4.3)

(13.9)

16.4

26.1

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

0.7

(0.3)

(4.0)

1.0

4.7

Claims with Collection Risk

95.9

(23.4)(82.5)

119.4

178.5

Collateral, Guarantees, and equivalent

42.9

(3.7)

(11.7)

46.6

54.6

Reserve for Possible Losses

37.6

(8.8)

(61.7)

46.5

99.4

Claims for Special Attention

150.1

10.1

(0.6)

139.9

150.7

Collateral, Guarantees, and equivalent

17.3

(2.3)

(7.5)

19.6

24.8

Reserve for Possible Losses

40.1

3.3

1.5

36.8

38.6

258.9

(18.0)(101.2)

276.9

360.2

Collateral, Guarantees, and equivalent

72.3(10.4)(33.2)

82.8

105.6

Reserve for Possible Losses

78.5

(5.8)

(64.2)

84.4

142.8

Total

Mizuho Trust & Banking(Banking Account)
37.6

(0.4)

3.3

38.0

34.3

Collateral, Guarantees, and equivalent

25.6

(0.4)

3.4

26.0

22.2

Reserve for Possible Losses

12.0

(0.0)

(0.0)

12.0

12.1

Claims with Collection Risk

14.1

(12.1)(16.9)

26.2

31.1

9.6

(11.3)(15.3)

20.9

24.9

Claims against Bankrupt and Substantially Bankrupt Obligors

Collateral, Guarantees, and equivalent
Reserve for Possible Losses

3.6

0.4

0.0

3.2

3.6

Claims for Special Attention

11.9

(1.7)

(4.4)

13.7

16.4

Collateral, Guarantees, and equivalent

3.1

(1.3)

(1.8)

4.5

4.9

Reserve for Possible Losses

1.9

(0.2)

(0.7)

2.2

2.6

63.7

(14.2)(18.0)

78.0

81.8

Collateral, Guarantees, and equivalent

38.3(13.1)(13.7)

51.5

52.1

Reserve for Possible Losses

17.6

0.1

(0.7)

17.4

18.4

-

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

-

-

-

-

-

-

-

-

-

3.0

(0.0)

(0.0)

3.0

3.1

3.0

(0.0)

(0.0)

3.0

3.1

-

-

-

-

-

-

-

-

-

-

3.0

(0.0)

(0.0)

3.0

3.1

3.0

(0.0)

(0.0)

3.0

3.1

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

36

Mizuho Financial Group, Inc.

(2) Coverage Ratio(Billions of yen)
As of September 30, 2011
Change fromMarch 31, 2011

Aggregated Figures of the 3 Banks (Banking Account)

Change from
September 30, 2010

As ofMarch 31,
2011

As of
September 30,
2010

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

833.3
263.8
569.5

(63.2)(10.6)(52.5)(147.2)(72.3)(74.9)

896.6
274.4
622.1

980.6
336.1
644.4

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

71.7
100.0
85.3
46.0
48.8

(2.7)
1.3
(1.9)
(2.9)

(3.8)
(0.9)
(1.2)
(0.6)

74.4
100.0
83.9
48.0
51.8

75.5
100.0
86.2
47.2
49.5

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

100.0
65.3
29.1
30.3

0.4
(0.5)
(0.9)

(6.0)
(1.5)
(1.6)

100.0
64.8
29.6
31.3

100.0
71.4
30.6
32.0

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

22.25
4.23
0.17

0.29
(0.11)(0.02)(1.50)
0.04(0.04)

21.96
4.34
0.20

23.76
4.18
0.22

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

626.3
167.5
458.8

(33.9)(4.9)(28.9)(35.0)(7.2)(27.8)

660.3
172.5
487.7

661.4
174.8
486.6

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

74.5
100.0
85.3
49.8
52.7

(3.1)
0.1
(2.0)
(3.6)

(2.6)
(0.3)
(0.2)
0.4

77.6
100.0
85.1
51.8
56.3

77.1
100.0
85.7
50.1
52.2

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

100.0
63.0
28.6
29.5

(2.3)
(0.5)
(1.5)

(2.0)
(2.3)
(2.1)

100.0
65.4
29.2
31.0

100.0
65.1
31.0
31.7

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

19.79
3.92
0.19

0.13
(0.35)(0.03)(2.35)(0.21)(0.06)

19.65
4.28
0.23

22.15
4.13
0.26

(%)

(%)

(%)

(Billions of yen)Mizuho Bank

(%)

(%)

(%)

(Billions of yen)Mizuho Corporate Bank
Coverage AmountReserves for Possible Losses on Loans
Collateral, Guarantees, and equivalent

150.9
78.5
72.3

(16.3)(5.8)(10.4)(97.5)(64.2)(33.2)

167.2
84.4
82.8

248.5
142.8
105.6

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

58.3
100.0
83.9
38.3
42.1

(2.0)
5.9
(2.0)
(1.7)

(10.6)
(2.3)
(3.7)
(3.8)

60.3
100.0
78.0
40.3
43.8

68.9
100.0
86.3
42.1
45.9

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

100.0
70.9
30.2
32.3

7.0
(0.3)
(0.5)

(9.2)
(0.4)
(1.3)

100.0
63.9
30.6
32.8

100.0
80.2
30.6
33.6

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

27.68
4.72
0.15

0.14
0.26
(0.00)

0.24
0.46(0.02)

27.53
4.45
0.16

27.43
4.25
0.18

(%)

(%)

(%)

37

Mizuho Financial Group, Inc.

(Billions of yen)
As of September 30, 2011
Change from
September 30,
2010

Change fromMarch 31, 2011

Mizuho Trust & Banking (Banking Account)

As ofMarch 31,
2011

As of
September 30,
2010

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

56.0
17.6
38.3

(12.9)
0.1(13.1)(14.5)(0.7)(13.7)

69.0
17.4
51.5

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

87.9
100.0
94.2
42.5
39.9

(0.5)

1.6

-

-

1.8
(6.5)
(2.3)

2.0
(4.0)
(2.3)

88.4
100.0
92.3
49.1
42.2

70.6
18.4
52.1
(%)
86.3
100.0
92.1
46.5
42.3

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
81.9
22.0
21.3

-

-

20.2
(1.9)
(0.4)

21.7
(1.1)
(0.7)

100.0
61.7
23.9
21.8

(%)
100.0
60.1
23.2
22.1

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

16.29
4.28
0.19

0.18
0.12
(0.01)(0.07)(0.05)(0.03)

16.10
4.15
0.21

(%)
16.36
4.33
0.23

38

Mizuho Financial Group, Inc.

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

2.

3.

Disclosed Claims under
the Financial
Reconstruction Law

Non-Accrual, Past Due& Restructured Loans

1.
SELF-ASSESSMENT
Categorization
Non-Categorization

ObligorCategory II

Bankrupt and Substantially Bankrupt
Obligors
175.8
175.8

Category III

Reserve
Ratio
100%

Category IV

DirectWrite-offs

Collateral, Guarantees, etc.: 159.3
Reserves for Possible Losses: 16.4

Claims against Bankrupt
and Substantially
Bankrupt Obligors
175.8

441.3

Collateral, Guarantees, etc.: 298.2
Reserves for Possible Losses: 143.1

30.7

Coverage Ratio
100%

Intensive Control Obligors
517.2

Loans to Bankrupt
Obligors

Non-Accrual
Delinquent Loans

75.8

Reserve
Ratio
65.3%

Amounts forreserves arerecorded under
NonCategorization

Claims with Collection
Risk
517.2
Coverage Ratio

590.3

85.3%
72.0 (Note 2)

Watch Obligors
Claims for Special
Attention

Reserve Ratio against
Uncovered Portion
29.1%

Claims for Special
Attention (Note 1)

Loans Past Due for 3
Months or More
20.5

469.9
Collateral, Guarantees, etc.: 111.9
Reserves for Possible Losses: 104.2

469.9

Restructured Loans

Coverage Ratio
46.0%

449.2

（Note 2）

Special Attention Obligors
Total Coverage Ratio
71.7%

Other Watch Obligors

Claims against Special Attention Obligors-Coverage Ratio: 48.8%-Reserve Ratio for Uncovered Portion: 30.3%-Reserve Ratio against Total Claim: 22.2%

Normal Obligors

Reserve Ratio against Total Claims
・Other Watch Obligors 4.23%
・Normal Obligors
0.17%

Total

Total
1,162.9

68,343.9

Notes: 1.

2.

Total
1,090.9

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

39

7. Results of Removal of NPLs from the Balance Sheet

Mizuho Financial Group, Inc.

Non-Consolidated(1) Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk
(under the FRL)
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)

Fiscal 2008

Fiscal 2010

Fiscal 2009

Up to
As of
First Half of March 31,
Fiscal 2008
2009

As of
September
30, 2009

As ofMarch 31,
2010

As of
September
30, 2010

Fiscal 2011
As of September 30, 2011

As ofMarch 31,2011

MizuhoBank

MizuhoCorporate
Bank

MizuhoAggregatedTrust & Figures of the Change fromMarch 31,
3 Banks
Banking
2011

Claims against Bankrupt and Substantially Bankrupt Obligors

2,575.4

181.9

152.8

123.7

110.6

93.9

42.7

4.0

27.9

74.6

(19.2)

Claims with Collection Risk

8,697.9

261.0

203.6

147.8

117.7

104.1

80.0

6.2

5.0

91.3

(12.7)

11,273.3

443.0

356.4

271.5

228.3

198.1

122.7

10.2

33.0

166.0

(32.0)

1,198.7

131.7

106.2

76.5

68.9

55.2

35.1

2.9

0.3

38.4

(16.8)(10.2)

Amount Categorized as above up to First Half of Fiscal 2008of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

126.8

82.2

61.9

46.2

29.9

13.3

6.2

0.0

19.6

Claims with Collection Risk

336.9

184.7

100.0

62.1

42.7

26.5

6.8

0.6

34.0

(8.7)

463.8

267.0

161.9

108.3

72.7

39.8

13.0

0.7

53.6

(19.0)

96.5

72.6

55.7

40.7

25.9

12.4

5.2

0.0

17.6

(8.2)

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
Claims against Bankrupt and Substantially Bankrupt Obligors

43.6

36.6

32.2

21.4

9.9

1.3

1.2

12.5

(8.9)

Claims with Collection Risk

345.3

210.7

166.0

49.3

27.6

5.3

0.5

33.5

(15.8)

389.0

247.4

198.3

70.8

37.5

6.6

1.7

46.0

(24.7)

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

31.5

28.9

20.8

10.2

1.3

1.2

12.8

(8.0)

Claims against Bankrupt and Substantially Bankrupt Obligors

35.7

24.8

29.3

11.1

0.8

7.0

19.1

(10.2)

Claims with Collection Risk

173.4

124.4

87.6

48.7

7.4

0.3

56.6

(31.0)

209.1

149.3

117.0

59.9

8.3

7.4

75.7

(41.2)

32.0

21.9

20.0

11.1

-

1.0

12.2

(7.8)

Claims against Bankrupt and Substantially Bankrupt Obligors

31.9

24.8

12.8

0.3

13.1

(11.6)

Claims with Collection Risk

140.6

86.7

53.4

0.6

5.4

59.6

(27.1)

172.5

111.6

66.3

0.6

5.8

72.8

(38.7)

28.8(11.5)

Amount Newly Categorized as above during theSecond Half of Fiscal 2009of which the amount which was in the process of
being removed from the balance sheet

Amount Newly Categorized as above during theFirst Half of Fiscal 2010of which the amount which was in the process of
being removed from the balance sheet

-

24.7

12.8

-

0.3

13.1

Claims against Bankrupt and Substantially Bankrupt Obligors

31.8

13.4

-

0.4

13.9

(17.9)

Claims with Collection Risk

182.5

75.1

30.8

4.3

110.3

(72.1)

214.4

88.6

30.8

4.8

124.3

(90.0)

30.5

13.4

-

0.4

13.8

(16.6)

Amount Newly Categorized as above during theSecond Half of Fiscal 2010of which the amount which was in the process of
being removed from the balance sheet
Claims against Bankrupt and Substantially Bankrupt Obligors

21.9

0.3

0.4

22.7

22.7

Claims with Collection Risk

95.5

38.5

0.7

134.7

134.7

117.4

38.8

1.1

157.4

157.4

Amount Newly Categorized as above during theFirst Half of Fiscal 2011of which the amount which was in the process of
being removed from the balance sheet

21.9

0.3

0.4

22.7

22.7

278.7

258.0

245.8

231.4

125.3

12.8

37.6

175.8

(55.5)

598.0

733.7

632.0

611.0

553.2

407.1

95.9

17.2

520.3

(32.9)

906.8

1,012.5

890.1

856.9

784.6

532.4

108.8

54.8

696.1

(88.5)

228.3

218.1

195.8

189.4

177.3

117.1

9.8

3.9

131.0

(46.3)

Claims against Bankrupt and Substantially Bankrupt Obligors

308.7

Claims with Collection Risk
Totalof which the amount which was in the process of
being removed from the balance sheet**

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

(2) Progress in Removal of NPLs from the Balance Sheet (Accumulated Removal Amount and Removal Ratio)
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)AmountNewly
Categorized

(%)

(%)

Balance as ofAccumulated
Accumulated
September 30,
Removal Amount Removal Ratio
2011

ModifiedAccumulated
RemovalRatio*Up to First Half of Fiscal 2008

11,273.3

166.0

11,107.3

98.5

98.8

Second Half of Fiscal 2008

463.8

53.6

410.1

88.4

92.2

First Half of Fiscal 2009

389.0

46.0

342.9

88.1

91.4

Second Half of Fiscal 2009

209.1

75.7

133.4

63.7

69.6

First Half of Fiscal 2010

172.5

72.8

99.7

57.8

65.4

Second Half of Fiscal 2010

214.4

124.3

90.0

42.0

48.4

First Half of Fiscal 2011

157.4

157.4

12,879.8

696.1

Total

12,183.7

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

Mizuho Financial Group, Inc.

(3) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2011
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)
Newly Categorized
Fiscal 2009

Fiscal 2008
Up toFirst Half

Second HalfFirst Half

Amount Removed
from B/S in theFirst Half of
Fiscal 2011

Fiscal 2010

Second HalfFirst Half

Second Half

Liquidation(10.3)

(3.2)

(2.2)

(1.7)

(0.2)

(0.0)

(17.9)

Restructuring

(3.3)

(0.3)

-

(8.2)

-

(0.0)

(11.9)

-

(0.0)

-

(6.4)

(0.0)

(0.0)

(6.5)

(2.2)

(1.2)

(0.3)

(0.3)

(2.5)

(2.4)

(9.2)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off

16.5

2.0

1.5

2.7

(1.7)

(2.8)

18.1

Other

(32.5)(16.2)(23.6)(27.2)(34.1)(84.6)(218.6)

Debt recovery(23.0)

(9.2)

(7.2)

(7.6)

(7.8)

(21.1)(76.2)

Improvement in Business Performance

(9.4)

(7.0)

(16.4)(19.5)(26.3)(63.5)(142.3)(32.0)(19.0)(24.7)(41.2)(38.7)(90.0)(245.9)Total

Mizuho Bank
Liquidation

(4.1)

(3.2)

(1.8)

(1.7)

(0.2)

(0.0)

(11.3)

Restructuring

(3.1)

(0.3)

-

(8.2)

-

(0.0)

(11.6)

-

-

-

(6.4)

-

-

(6.4)

(2.2)

(1.2)

(0.3)

(0.3)

(0.7)

(0.3)

(5.2)

Improvement in Business Performance due to Restructuring

Loan Sales
Direct Write-off
Other

4.7

2.1

0.2

2.7

(2.0)

(4.4)

3.4

(24.9)(13.1)(17.9)(18.5)(25.3)(34.2)(134.0)(55.5)

Debt recovery(15.4)

(6.1)

(3.5)

(5.8)

(6.9)

(17.7)

Improvement in Business Performance

(9.4)

(6.9)

(14.3)(12.6)(18.3)(16.5)(78.4)(29.7)(15.7)(19.8)(32.5)(28.3)(39.0)(165.1)

Total

Mizuho Corporate Bank
Liquidation

(6.1)

-

(0.4)

-

-

-

(6.6)

Restructuring

(0.2)

-

-

-

-

-

(0.2)

Improvement in Business Performance due to Restructuring

-

-

-

-

-

-

-

Loan Sales

-

-

-

-

(1.8)

(2.1)

(3.9)

Direct Write-off

12.0

(0.0)

1.3

(0.0)

0.2

1.5

15.0

Other

(7.5)

(2.7)

(3.4)

(8.5)

(0.6)

(48.4)(71.3)

(7.5)

(2.7)

(3.4)

(1.8)

(0.6)

(2.0)

(18.2)

-

-

-

(6.7)

-

(46.3)(53.1)

(1.8)

(2.8)

(2.5)

(8.5)

(2.2)

(48.9)(67.0)-

Debt recovery
Improvement in Business Performance

Total

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

-

-

-

-

-

-

Restructuring

-

-

-

-

-

-

-

Improvement in Business Performance due to Restructuring

-

(0.0)

-

-

(0.0)

(0.0)

(0.0)

Loan Sales
Direct Write-off
Other

-

-

-

(0.0)

-

-

(0.0)

(0.2)

(0.0)

(0.0)

0.0

(0.0)

(0.0)

(0.3)
(13.2)

(0.1)

(0.3)

(2.3)

(0.1)

(8.1)

(2.0)

Debt recovery

(0.1)

(0.3)

(0.2)

(0.0)

(0.2)

(1.3)

(2.4)

Improvement in Business Performance

(0.0)

(0.0)

(2.0)

(0.1)

(7.9)

(0.7)

(10.8)

(0.4)

(0.4)

(2.3)

(0.1)

(8.2)

(2.0)

(13.7)

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

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)
Amount Removed
Up to Second
Half of Fiscal
2008*

In First Half of
Fiscal 2009

In Second Half of
Fiscal 2009In First Half of
Fiscal 2010

In Second Half of
Fiscal 2010

In First Half of
Fiscal 2011

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

Liquidation(1,640.0)(15.0)(16.0)(19.2)(52.2)(17.9)(1,760.6)

Restructuring(1,844.4)(4.0)(16.6)(12.8)(76.2)(11.9)(1,966.0)

Improvement in Business Performance due to Restructuring

Loan Sales(181.7)

(0.0)

(2.9)

(0.1)

(0.1)

(6.5)

(191.6)(4,341.9)(40.2)(61.6)(72.3)(43.1)(9.2)(4,568.5)

Direct Write-off

3,406.8

(7.4)

(2.1)

68.2

78.8

18.1

3,562.5

Other(6,228.8)(216.5)(232.0)(169.3)(193.8)(218.6)(7,259.1)

Debt recovery(133.3)(156.7)(109.7)(161.8)(76.2)

Improvement in Business Performance(83.2)(75.2)(59.6)(32.0)(142.3)(283.3)(331.5)(205.8)(286.6)(245.9)

Total(10,830.4)* From the Second Half of Fiscal 2000 to the Second Half of Fiscal 2008.

41(12,183.7)

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, 2011

As of March 31, 2011

Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

55,225.7

Change from March 31, 2011

Change from September 30, 2010

As of September 30, 2010

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

1,040.6(2,226.2)(5.2)(2,309.7)(96.1)

57,451.9

1,045.9

57,535.4

1,136.8

7,223.8

247.3

3.8

0.5

(187.5)23.6

7,220.0

246.7

7,411.3

223.7

Agriculture & Forestry

27.4

0.3

3.9

(0.2)

4.3

(0.0)

23.5

0.6

23.1

0.4

Fishery

1.0

0.0

0.3

-

0.0

-

0.7

0.0

0.9

0.0

Mining, Quarrying Industry &Gravel Extraction Industry

159.0

-

5.0

-

5.8

-

154.0

-

153.1

-

Construction

885.9

43.6

(41.7)(15.3)(78.6)(16.6)

927.6

59.0

964.5

60.2

Utilities

1,514.5

4.0

97.5

3.5

619.8

3.0

1,416.9

0.4

894.6

0.9

Communication

1,130.2

35.8(421.1)5.1(541.6)4.9

1,551.3

30.7

1,671.9

30.8

Transportation & Postal Industry

2,867.1

44.4(32.9)

15.0(29.1)(58.9)

2,900.0

29.4

2,896.2

103.4

Wholesale & Retail

4,714.0

170.3(128.8)14.5(68.7)

24.7

4,842.9

155.8

4,782.8

145.6

Finance & Insurance

6,290.4

10.1(552.5)7.2(783.6)(5.2)

6,842.9

2.9

7,074.0

15.4

Real Estate

6,254.5

156.6(96.5)(25.3)(346.6)(64.3)

6,351.0

182.0

6,601.1

221.0

Commodity Lease

1,536.6

2.2(52.3)

0.5(86.1)(14.5)

1,588.9

1.6

1,622.7

16.7

Service Industries

2,745.1

110.1

46.0

4.6

(213.4)(26.0)

2,699.0

105.4

2,958.5

136.2

Local Governments

1,193.8

2.9(38.1)

(0.0)

94.4

(0.0)

1,231.9

2.9

1,099.4

2.9

Governments

4,897.9-(958.6)-(721.7)-

5,856.6-

5,619.7-

Other

13,783.8

212.3(60.0)(15.5)

23.0

33.3

13,843.8

227.8

13,760.7

179.0

7,462.8

53.3

295.9

(14.3)

1,060.7(31.7)

7,166.8

67.7

6,402.1

85.1

339.0

-

(17.2)

-

41.9

-

356.2

-

297.0

-

Financial Institutions

2,536.7

-

212.2

(2.0)

689.3

(8.7)

2,324.4

2.0

1,847.3

8.7

Other

4,587.1

53.3

100.9

(12.3)

329.3(23.0)

4,486.1

65.7

4,257.7

76.4

62,688.6

1,094.0(1,930.2)(19.6)(1,249.0)(127.9)64,618.8

1,113.7

63,937.6

1,222.0

Domestic Total (excluding Loans
Booked Offshore)
Manufacturing

Overseas Total (including Loans
Booked Offshore)
Governments

Total* Loans to Finance & Insurance sector includes loans to MHFG as follows:
As of September 30, 2011: \738.3 billion (from MHBK ¥700.0 billion; from MHCB ¥38.3 billion)
As of March 31, 2011: \741.5 billion (from MHBK \700.0 billion; from MHCB \41.5 billion)
As of September 30, 2010: \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.

42

Mizuho Financial Group, Inc.
(Billions of yen)
As of September 30, 2011
Outstanding
Balance

Non-Accrual,
Past Due &Restructured
Loans

31,977.0
2,754.7
27.0
1.0Mizuho Bank
Domestic Total(excluding Loans Booked Offshore)
Manufacturing
Agriculture & Forestry
Fishery
Mining, Quarrying Industry &Gravel Extraction Industry
Construction
Utilities
Communication
Transportation & Postal Industry
Wholesale & Retail
Finance & Insurance
Real Estate
Commodity Lease
Service Industries
Local Governments
Governments
Other
Overseas Total(including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

As of March 31, 2011
Change from March 31, 2011

Change from September 30, 2010

As of September 30, 2010

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

815.4

(1,399.2)(2.1)(1,301.9)(7.0)

33,376.2

817.6

33,279.0

822.4

166.4
0.3
0.0

(35.4)
3.9
0.3

5.7
(0.2)
-

(115.6)
4.4
0.0

16.5
(0.0)
-

2,790.1
23.1
0.7

160.7
0.6
0.0

2,870.3
22.6
0.9

149.9
0.4
0.0

5.3

-

(0.6)

-

(0.4)

-

5.9

-

5.7

-

495.2
60.2
313.4
1,166.4
3,406.7
2,006.7
3,148.7
182.9
2,022.7
1,032.6
3,772.8
11,580.0

27.9
0.1
29.9
35.5
167.2
10.1
106.1
2.2
103.8
165.4

(34.4)(6.8)(17.0)(20.8)(77.8)(67.5)(107.3)(2.9)
38.9(37.6)(904.6)(129.0)(16.3)
(0.1)
6.4
8.2
16.9
7.2
(8.8)
0.5
(0.3)
(21.2)(14.7)(1.2)(18.2)
116.8(75.7)(298.5)(200.0)(13.8)(173.7)82.9(523.9)(70.1)(17.6)
(0.2)
5.6
9.1
31.1
3.0
(28.4)
0.8(27.0)
(0.0)

529.7
67.0
330.4
1,187.2
3,484.5
2,074.3
3,256.1
185.9
1,983.8
1,070.2
4,677.5
11,709.1

44.3
0.2
23.4
27.3
150.2
2.9
115.0
1.6
104.2
186.7

509.9
61.4
331.6
1,049.5
3,482.5
2,305.3
3,348.7196.8
2,196.4
949.7
4,296.7
11,650.1

45.5
0.3
24.2
26.4
136.0
7.1
134.5
1.3
130.8
165.4

-

-

-

-

-

-

-

-

-

-

31,977.0

815.4(1,399.2)(2.1)(1,301.9)(7.0)

33,376.2

817.6

33,279.0

822.4

18,816.5

186.0(390.7)11.1(214.7)(71.0)

19,207.3

174.8

19,031.3

257.0

3,903.9
0.3
-

75.3
-

(2.0)
-

(3.6)
-

(102.1)
(0.1)
-

9.1
-

3,905.9
0.3
-

79.0
-

4,006.0
0.4
-

66.2
-

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

148.4

-

4.6

-

6.0

-

143.7

-

142.3

-

310.8
1,291.0468.2
1,487.4
1,116.2
3,929.2
2,142.2
1,152.4
614.8
124.9
825.9
1,300.2

15.5
3.8
5.3
8.8
2.2
30.1
4.8
39.9

(4.4)
86.6
83.1
(4.9)
(40.3)(406.3)16.0(42.8)(25.0)
0.9(142.3)
85.9

1.3
3.6
(1.2)
7.8
(1.9)
(4.7)
3.8
6.1

(48.4)
556.8
98.9(136.2)23.2(282.5)(124.2)(48.8)(59.6)
12.6(247.2)
136.8

1.3
3.2
(0.5)
(68.0)(5.7)(8.3)(20.2)(15.4)
1.3
32.1

315.2
1,204.4
385.0
1,492.3
1,156.5
4,335.5
2,126.1
1,195.3
639.9
124.0
968.2
1,214.2

14.2
0.2
6.5
1.0
4.2
34.8
0.9
33.8

359.3
734.1
369.2
1,623.7
1,092.9
4,211.8
2,266.4
1,201.3
674.4
112.3
1,073.1
1,163.3

14.1
0.6
5.8
76.9
7.9
8.3
50.3
15.4
3.4
7.7

7,457.2

53.3

296.7

(14.3)

1,061.8(31.7)

7,160.4

67.7

6,395.3

85.1

338.4
2,536.7
4,582.0
26,273.7

53.3
239.4

(16.9)
212.2
101.5(94.0)(2.0)(12.3)
(3.2)

42.2
689.3
330.2
847.0

(8.7)
(23.0)(102.7)355.4
2,324.4
4,480.5
26,367.7

2.0
65.7
242.6

296.1
1,847.3
4,251.8
25,426.7

8.7
76.4
342.2

Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total
4,432.1
39.1(436.2)(14.2)(792.9)(18.1)
4,868.3
53.4
5,225.1
57.2(excluding Loans Booked Offshore)
Manufacturing
565.2
5.5
41.2
(1.4)
30.2
(2.0)
523.9
6.9
535.0
7.5
Agriculture & Forestry
0.0
(0.0)
(0.0)
0.0
0.0
Fishery
Mining, Quarrying Industry &
5.3
1.0
0.2
4.3
5.1
Gravel Extraction Industry
Construction
79.8
0.1
(2.8)
(0.4)
(15.4)
(0.3)
82.6
0.5
95.3
0.4
Utilities
163.2
17.7
(0.0)
64.2
(0.0)
145.5
0.0
99.0
0.0
Communication
348.5
0.6
(487.3)(0.0)(622.3)
(0.1)
835.9
0.6
970.9
0.7
Transportation & Postal Industry
213.3
0.0
(7.1)
(1.0)
(9.6)
220.4
1.0
223.0
0.0
Wholesale & Retail
191.1
0.9
(10.6)(0.4)(16.1)
(0.6)
201.8
1.3
207.2
1.5
Finance & Insurance
354.4(78.6)(202.5)433.0
556.9
Real Estate
963.4
20.3
(5.2)
(11.7)(22.4)(15.6)
968.7
32.1
985.8
36.0
Commodity Lease
201.1
(6.5)
(23.4)
(0.0)
207.7
224.6
0.0
Service Industries
107.4
1.5
32.1
1.2
19.8
(0.3)
75.2
0.2
87.5
1.8
Local Governments
36.1
2.9
(1.4)
(0.0)
(1.1)
(0.0)
37.6
2.9
37.3
2.9
Governments
299.1
88.3
49.4
210.7
249.7
Other
903.4
6.9
(16.9)(0.3)(43.7)
1.1
920.4
7.3
947.2
5.8
Overseas Total
5.6
(0.7)
(1.1)
6.4
6.7
(including Loans Booked Offshore)
Governments
0.6
(0.2)
(0.2)
0.8
0.9
Financial Institutions
Other
5.0
(0.5)
(0.8)
5.6
5.8
Total
4,437.8
39.1(437.0)(14.2)(794.1)(18.1)
4,874.8
53.4
5,231.9
57.2* Amounts of outstanding loans are aggregated figures of banking and trust accounts, and amounts of non-accrual, past due & restructured loans are aggregated figures of banking
and trust accounts with contracts indemnifying the principal amounts

43Mizuho Financial Group, Inc.

(2) Disclosed Claims under the FRL and Coverage Ratio by Industry
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen, %)As of March 31, 2011 As of September 30, 2010

As of September 30, 2011
Change from March 31, 2011 Change from September 30, 2010
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

1,099.4

72.9(27.1)(3.0)(112.8)(3.9)

1,126.6

75.9

1,212.2

76.9

254.1

56.4

(3.5)

(1.4)

19.1

(3.7)

257.7

57.8

235.0

60.1

Agriculture & Forestry

0.3

87.5

(0.2)

(5.1)

(0.0)

10.4

0.6

92.7

0.4

77.1

Fishery

0.0

100.0

(0.0)

-

(0.0)

-

0.0

100.0

0.0

100.0

Mining, Quarrying Industry &Gravel Extraction Industry

0.0

100.0

(0.0)

-

(0.0)

-

0.0

100.0

0.0

100.0

Construction

44.5

68.3

(29.4)(6.0)(16.9)

(9.4)

74.0

74.4

61.5

77.8

Utilities

4.0

18.4

3.5

(38.9)

2.5(42.7)

0.4

57.3

1.4

61.1

Communication

36.3

66.4

5.0

0.1

4.8

2.4

31.2

66.2

31.4

63.9

Transportation & Postal Industry

45.5

68.0

14.1

(15.8)(65.6)(24.7)

31.4

83.8

111.2

92.7

Wholesale & Retail

180.4

65.4

15.9

(1.8)

26.5

(2.1)

164.5

67.2

153.9

67.5

Finance & Insurance

10.1

29.4

6.5

(23.0)(6.8)(30.0)

3.6

52.4

16.9

59.4

Real Estate

157.5

87.3

(25.6)

0.7(65.2)

1.8

183.1

86.5

222.7

85.4

Commodity Lease

2.2

81.5

0.5

(5.9)

(14.8)

3.6

1.6

87.4

17.0

77.8

Service Industries

113.3

65.9

3.5

(5.0)

(27.2)

3.2

109.7

71.0

140.5

62.7

Local Governments

30.6

100.0

(0.0)

-

(0.0)

-

30.6

100.0

30.6

100.0

Other

220.0

93.5

(17.4)

(0.1)

30.9

(2.7)

237.5

93.6

189.1

96.2

66.6

52.0

(14.7)(1.6)(23.1)

(4.9)

81.3

53.7

89.7

56.9

Governments

-

-

-

-

-

-

-

-

-

-

Financial Institutions

-

-

(2.0)

-

(8.7)

-

2.0

100.0

8.7

63.8

66.6

52.0

(12.6)(0.4)(14.4)

(4.1)

79.2

52.4

81.0

56.2

1,166.0

71.7(41.9)(2.7)(136.0)(3.8)

1,208.0

74.4

1,302.0

75.5

Domestic Total(excluding Loans Booked Offshore)
Manufacturing

Overseas Total(including Loans Booked Offshore)

Other
Total

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

44

Mizuho Financial Group, Inc.

9. Housing and Consumer Loans & Loans to Small and Medium-Sized
Enterprises ("SMEs") and Individual Customers(1) Balance of Housing and Consumer Loans
Non-Consolidated(Billions of yen)

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)
As of September 30, 2011
Change from
September 30,
2010

Change fromMarch 31,2011

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

As of
September 30,
2010

As of
March 31,2011

12,179.0
10,374.4(204.8)(114.0)(188.8)(19.1)

12,383.8
10,488.4

12,367.9
10,393.6

11,940.1
11,024.5
10,166.0
915.6(190.5)(159.9)(102.0)(30.5)(159.8)(102.2)
4.8(57.6)

12,130.6
11,184.4
10,268.1
946.2

12,100.0
11,126.7
10,161.2
973.3

-

-

-

-

-

238.8
208.4

(14.2)(11.9)(28.9)(23.9)

253.1
220.3

267.8
232.4

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

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

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

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

As of September 30, 2011

As of
September 30,
2010

Change from
September 30,
2010

57.4

1.7

1.4

55.7

56.0

31,741.4(291.1)(482.1)

32,032.6

32,223.6

70.8

2.4

2.0

68.4

68.8

22,670.7(170.6)(240.6)

22,841.4

22,911.3

37.4

0.2

(0.3)

37.2

37.8

7,051.5(106.3)(156.4)

7,157.9

7,207.9

45.5

3.7

5.2

41.7

40.2

2,019.2(14.0)(85.0)

2,033.3

2,104.3

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

As ofMarch 31,2011

Change fromMarch 31,
2011

*The following Loans to MHFG are not included:
As of September 30, 2011: \738.3 billion (from MHBK¥700.0 billion; from MHCB ¥38.3 billion) )As of March 31, 2011: ¥741.5 billion (from MHBK¥700.0 billion; from MHCB ¥41.5 billion)
As of September 30, 2010: \700.0 billion (from MHBK)

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

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

Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total
Domestic Loans
Loans to SMEs and Individual Customers* Above figures are aggregated banking and trust account amounts.
* Above figures do not include loans booked at overseas offices and offshore loans.
* The definition of "Small and Medium-sized Enterprises" is as follows:Enterprises of which the capital is \300 million or below (\100 million or below for the wholesale industry, and\50 million or below for the retail 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.)45

Mizuho Financial Group, Inc.

10. Status of Loans by Region(1) Balance of Loans to Restructuring Countries
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen, Number of countries)

As of September 30, 2011

Loan amount
Number of Restructuring Countries*

As ofMarch 31,
2011

As of
September 30,
2010

0.0

0.0

0.0

1

3

2

Change fromMarch 31,2011

Change from
September 30,
2010

0.0

(0.0)

3

-

* Number of Restructuring Countries refers to the countries of obligors' residence.

(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Region
Non-Consolidated
Aggregated Figures of the 3 Banks (Banking Account + Trust Account)(Billions of yen)

As of September 30, 2011

As of March 31, 2011
Change from March 31, 2011

As of September 30, 2010

Change from September 30, 2010

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

2,701.5

13.0

271.7

3.0

648.9

Hong Kong

619.4

1.4

62.2

(0.1)

Korea

349.2

(13.4)

Singapore

366.4

3.6

Thailand

373.0

Central and South America

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
Loans

(2.8)

2,429.7

9.9

2,052.5

15.8

138.9

(1.2)

557.2

1.6

480.4

2.7

(0.8)

36.2

(1.2)

362.6

0.8

312.9

1.2

45.1

(0.3)

84.6

(0.9)

321.2

3.9

281.7

4.5

5.5

19.5

5.0

62.7

3.6

353.4

0.5

310.3

1.8

2,589.1

52.5(86.0)

18.8

168.1

43.0

2,675.1

33.6

2,420.9

9.4

North America

2,177.3

4.7

66.1

1.9

340.0

1.7

2,111.1

2.8

1,837.2

2.9

Eastern Europe

32.1

7.0

(7.8)

(2.1)

(23.5)

(3.9)

39.9

9.1

55.6

10.9

Western Europe

2,014.4

37.7

94.3

(9.9)

67.8

(3.7)

1,920.0

47.6

1,946.6

41.4

706.8

0.5

(95.1)(4.1)(83.3)(18.6)

801.9

4.6

790.1

19.1

10,221.3

115.5

243.2

7.6

1,118.1

15.6

9,978.0

107.9

9,103.2

99.8

Asia

Other
Total

-

46

Outstanding
Balance

Non-Accrual,
Past Due andRestructured
LoansMizuho Financial Group, Inc.

IV. OTHERS
1. Breakdown of Deposits (Domestic Offices)
Non-Consolidated(Billions of yen)
As of September 30, 2011
Change fromMarch 31, 2011

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, 2010

As ofMarch 31,
2011

As of
September 30,
2010

69,485.6
36,465.2
27,745.5
5,274.8(2,327.2)
842.2(2,681.6)(487.8)1,134.2
1,304.9(142.7)(27.9)

71,812.8
35,622.9
30,427.1
5,762.7

68,351.3
35,160.2
27,888.2
5,302.8

56,166.9
34,935.5
18,488.1
2,743.3(40.2)
913.1(545.8)(407.5)

1,518.2
1,431.2(25.5)
112.5

56,207.2
34,022.3
19,034.0
3,150.8

54,648.7
33,504.2
18,513.7
2,630.7

11,172.4
10.6
8,723.1
2,438.6(2,128.4)
5.7(2,076.8)(57.3)(212.9)6.9(94.1)(125.7)

13,300.9
4.8
10,800.0
2,496.0

11,385.3
3.6
8,817.3
2,564.3

2,146.2
1,519.0
534.2
92.9(158.4)(76.5)(58.9)(22.9)(171.0)(133.2)(23.0)(14.8)

2,304.6
1,595.6
593.1
115.8

2,317.2
1,652.3
557.2
107.7

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

47

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, 2011
Change fromMarch 31,2011

Change from
September 30,
2010

2
132

2
237

14
6
543

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

As ofMarch 31,
2011

As of
September 30,
2010

14
4
411

14
4
306

* Three members of the Board of Directors and Auditors double as directors of the banking subsidiaries and one member of the Board of Directors
and Auditors doubles as an executive officer of the banking subsidiary.
Three members of Executive Officers double as executive officers of the banking subsidiaries.

Non-Consolidated
As of September 30, 2011
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)

29
95
31,314

Change fromMarch 31,2011

Change from
September 30,
2010

(1)
6
706

(2)
4
118

As of
March 31,
2011

As of
September 30,
2010

30
89
30,60831
91
31,196* The numbers have been adjusted for Members of the Board of Directors and Auditors and Executive Officers 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
35
19,698

1
4
729

1
4
180

10
31
18,9691031
19,518

10
41
8,341

1
2
34

51

9
39
8,307

10
41
8,290

10
21
3,275

(3)
2
(57)

(3)
2
(113)

13
19
3,332

13
19
3,388

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

Mizuho Trust & Banking
Members of the Board of Directors and Auditors
Executive Officers (excluding those doubling as directors)
Employees (excluding Executive Officers)48

Mizuho Financial Group, Inc.

3. Number of Branches and Offices
Non-Consolidated
Aggregated Figures of the 3 Banks

As of September 30, 2011
Change fromMarch 31,2011

Head Offices and Domestic Branches
Overseas Branches
Domestic Sub-Branches
Overseas Sub-Branches
Overseas Representative Offices

451
22
48
11
5

2
2
(1)

Change from
September 30,
2010

As of
March 31,
2011

5
7
(1)

As of
September 30,
2010

449
22
46
11
6

446
22
41
11
6

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (42),branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1)and pension plan advisory offices (1).

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

397
38
-

2
-

5
1
-

395
38
-

392
37
-

* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (18),
branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1)and pension plan advisory offices (1).

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

18
22
11
5

(1)

(1)

18
22
11
6

18
22
11
6

36
8
-

36
4
-

* Head Office and Domestic Branches do not include branches and offices for remittance purposes only (24).

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

36
10
-

49

2
-

6
-

Mizuho Financial Group, Inc.

V. Gross profits (excluding the amounts of credit costs of trust accounts) and Net business profits or losses (excluding the amountsof credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) by reportable segment(Millions of yen)First Half of Fiscal 2010
Global Corporate Group
MHCB

MHSC
Domestic

Gross profits:(excluding the amounts of credit costsof trust accounts)
Net interest income (expense)
Net noninterest income
Total
General and administrative expenses(excluding Non-Recurring Losses)
OthersNet business profits(excluding the amounts of credit costsof trust accounts, before reversal of(provision for) general reserve for losses
on loans)Global Asset &WealthManagement Group

Global Retail GroupMHBK

OthersInter- Trading
national
andothers①②③

230,378
321,081551,460

204,836
192,384
397,22188,50055,800144,300

Retailbanking④⑤⑥

41,700 74,636
22,900 113,684
64,600 188,321(4,494)
95,623
91,12830,036 307,261 285,885
33,074 163,495 135,807
63,110 470,756 421,693

80,692

38,138 303,860 279,368

235,348

116,51744,90032,80038,817(28,257)

-

-

-

-

287,854

280,703

99,40010,436⑧

MHTB

Others⑬⑭

Others

Total

⑨

⑩

⑪

⑫

123,100
16,200139,300

133,500
62,800196,300

29,28556,80786,093287
24,38524,672

21,0883,302
24,39020,78964,03584,82520,284
41,77762,061505 (4,886)
22,258 (5,455)
22,764 (10,341)

20,301

4,191

59,98739,98819,998(6,452)592,743- (8,031)

(930)

-

(930)

(1,746)(38,966)

23,90822,073

1,834(5,635)464,991

120,800

112,700

45,868---(3,284) 158,864 142,325

18,50083,60040,225(8,031)OthersCorporate Tradingbankingandothers-- (28,257)

31,800 149,503

⑦

MHIS

4,371

12,167⑮

553,544543,157
1,096,701

Notes: 1. Gross profits (excluding the amounts of credit costs of trust accounts) are reported instead of sales reported by general corporations.
2. “Others ⑥”, “Others ⑫”, and “Others ⑭” include elimination of transactions between companies within the Global Corporate Group, the Global Retail Group andthe Global Asset & Wealth Management Group, respectively. “Others ⑮” includes elimination of transactions between the Global Groups.
3. Calculating method of “Gross profits (excluding the amounts of credit costs of trust accounts)” has been changed from April 1, 2011.
In the above table, reclassification which reflects the change has been made accordingly.
(Millions of yen)First Half of Fiscal 2011
Global Corporate Group
MHCB

MHSC
Domestic

Gross profits:(excluding the amounts of credit costsof trust accounts)
Net interest income (expense)
Net noninterest income
Total
General and administrative expenses(excluding Non-Recurring Losses)
OthersNet business profits(excluding the amounts of credit costsof trust accounts, before reversal of(provision for) general reserve for losses
on loans)Global Asset &WealthManagement Group

Global Retail GroupMHBK

OthersInter- Trading
national
andothers①②③

227,284
244,493471,777

190,041
157,692
347,734

83,40057,800141,200

Retailbanking④⑤⑥

44,700 61,941
29,800 70,092
74,500 132,034(2,865)63,78860,923

40,107 291,690 272,644
23,011 135,029 109,574
63,119 426,720 382,218

76,79835,611 303,063 276,263

229,244

116,834

44,80032,30039,734(26,210)

-

-

-

-

216,322230,899

96,40042,200⑧

MHTB

Others⑬⑭⑮(5,718)
11,416
5,698

Total

⑨

⑩

⑪

⑫

121,300
15,400136,700

128,600
58,200186,800

22,74435,97458,718380
21,04021,42018,666
4,415
23,081

21,89264,45386,346

21,38740,96662,354504
23,48623,991

20,5696,230

59,55039,676

19,874

6,933

598,792- (7,403)

(933)

-

(933)

(5,775)(40,322)

25,861

22,677

3,184(7,011)

351,426

120,100

110,300

45,863---

1,297 116,253 105,954

16,60076,50012,854(7,403)

OthersCorporate Tradingbankingandothers-- (26,210)

92,299 (15,874)⑦

OthersMHIS

Notes: 1. Gross profits (excluding the amounts of credit costs of trust accounts) are reported instead of sales reported by general corporations.
2. “Others ⑥”, “Others ⑫”, and “Others ⑭” include elimination of transactions between companies within the Global Corporate Group, the Global Retail Group andthe Global Asset & Wealth Management Group, respectively. “Others ⑮” includes elimination of transactions between the Global Groups.

50

850

9,447

535,149455,392
990,542Interim Review (Status ｏｆ Capital Adequacy)
For the Six Months ended September 30, 2011

<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 2012. The capital adequacy disclosure and otherfinancial information included herein are based on Japanese GAAP pursuant to Japanese regulatory requirements.
In this report, “we,” “us,” and “our” refer to Mizuho Financial Group, Inc. and, unless the context indicates otherwise, itsconsolidated subsidiaries. “Mizuho Financial Group” refers to Mizuho Financial Group, Inc.

Status of Capital Adequacy

Capital adequacy ratio highlights.........................................................................................................................2■ Capital adequacy ratio highlights
Status of Mizuho Financial Group’s consolidated capital adequacy....................................................................4■ Consolidated capital adequacy ratio .................................................................................................4(1) Summary table of consolidated capital adequacy ratio (BIS standard)■ Risk-based capital.............................................................................................................................15(2) Required capital by portfolio classification■ Credit risk .........................................................................................................................................17(3) Credit risk exposure, etc.
■ Methods for credit risk mitigation ....................................................................................................32(4) Credit risk mitigation by portfolio classification■ Counterparty risk in derivatives transactions and long-settlement transactions................................33(5) Status of counterparty risk in derivatives transactions and long-settlement transactions■ Securitization exposure.....................................................................................................................35(6) Quantitative disclosure items for securitization exposure■ Market risk .......................................................................................................................................41■ Equity exposure in banking book .....................................................................................................42(7) Status of equity exposure in banking book1

Capital adequacy ratio highlights
The Basel II Framework, based on the “International
Convergence of Capital Measurement and CapitalStandards: A Revised Framework” issued by the BaselCommittee on Banking Supervision, requires the disclosureof capital adequacy information to ensure the enhanced
effectiveness of market discipline. Our disclosure is madeunder the “Matters Separately Prescribed by theCommissioner of the Financial Services Agency Regarding
Capital Adequacy Conditions, etc. pursuant to Article 19-2,
Paragraph 1, Item 5, Subitem (d), etc. of the Ordinance for

Enforcement of the Banking Law (Ministry of FinanceOrdinance No. 10 of 1982)” (FSA Notice No. 15 of2007).
As a method to calculate the amount of credit riskweighted assets under the Basel II Framework, we haveadopted the advanced internal ratings-based approach. In
addition, as a method to calculate the amount equivalent
to the operational risk, we have adopted the advanced
measurement approach.

■ Capital adequacy ratio highlights
As of September 30, 201015.40%
11.78%
6,260.1
2,262.9342.4
8,180.7
53,121.1(Billions of yen)
As of September 30, 201114.92％
11.89％
6,069.8
1,895.8350.4
7,615.2
51,037.6

As of September 30, 201017.15%
14.38%
4,128.3
926.9
134.1
4,921.1
28,694.0(Billions of yen)
As of September 30, 201118.11%
15.80%
4,372.3
745.8
107.4
5,010.8
27,666.8

As of September 30, 201018.87%
14.15%
3,624.0
1,259.2
49.6
4,833.7
25,608.9(Billions of yen)
As of September 30, 201120.08%
15.98%
4,018.0
1,074.4
43.9
5,048.5
25,134.8

As of September 30, 201013.01%
8.40%
1,972.8
1,174.0
90.5
3,056.4
23,482.6
12.91%(Billions of yen)
As of September 30, 201115.05%
10.69%
2,388.6
1,075.6
100.9
3,363.3
22,342.6
14.73%

As of September 30, 2010
13.09%
8.52%
1,931.5
1,173.3
136.2
2,968.6
22,670.0
12.97%(Billions of yen)
As of September 30, 201115.25%
10.91%
2,346.3
1,075.2
141.8
3,279.8
21,494.3
14.90%

As of September 30, 201016.88%
11.21%
291.0
155.2
8.0

(Billions of yen)
As of September 30, 201116.69%
12.55%
311.6
105.8
3.0

Mizuho Financial Group (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference)
Mizuho Corporate Bank (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets

Mizuho Corporate Bank (Non-consolidated)
Non-consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets

Mizuho Bank (Consolidated)
Consolidated capital adequacy ratio (Domestic standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference) Consolidated capital adequacy ratio (BIS standard)

Mizuho Bank (Non-Consolidated)
Non-consolidated capital adequacy ratio (Domestic standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets(Reference) Non-consolidated capital adequacy ratio (BIS standard)

Mizuho Trust & Banking (Consolidated)
Consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital2

Total risk-based capital
Risk-weighted assets

438.2
2,594.9414.4
2,481.7

As of September 30, 201017.12%
11.36%
290.0
154.6
7.7
436.9
2,551.1(Billions of yen)
As of September 30, 201116.86%
12.68%
310.2
105.4
3.2
412.4
2,445.5

Mizuho Trust & Banking (Non-Consolidated)
Non-consolidated capital adequacy ratio (BIS standard)
Tier 1 capital ratio
Tier 1 capital
Tier 2 capital
Deductions for total risk-based capital
Total risk-based capital
Risk-weighted assets

3

Status of Mizuho Financial Group’s consolidated capital adequacy■ Consolidated capital adequacy ratio(1) Summary table of consolidated capital adequacy ratio (BIS standard)Common stock and preferred stock
Non-cumulative perpetual preferred stock
Advance payment for new shares
Capital surplus
Retained earnings
Less: Treasury stock
Advance payment for treasury stock
Less: Dividends (estimate), etc
Less: Unrealized losses on other securities
Foreign currency translation adjustments
Stock acquisition rights
Tier 1 capital

Tier 2
capitalTier 3 capital
Deductions
for total riskbased capital
Total riskbased capital

Minority interest in consolidated subsidiaries
Preferred securities issued by overseas SPCs
Less: Goodwill equivalent
Less: Intangible fixed assets recognized as a result of a merger
Less: Capital increase due to securitization transactions
Less: 50% of excess of expected losses relative to eligible reserves by banks
adopting internal ratings-based approach
Total of Tier 1 capital before deduction of deferred tax assets (total of theabove items)
Deduction for deferred tax assets
Total
(A)
Preferred securities with a step-up interest rate provision(B)
Ratio to Tier 1 = (B) / (A) X 100
45% of unrealized gains on other securities
45% of revaluation reserve for land
General reserve for possible losses on loans
Excess of eligible reserves relative to expected losses by banks adoptinginternal ratings-based approach
Debt capital, etc.
Perpetual subordinated debt and other debt capital
Dated subordinated debt and redeemable preferred stock
Total
Tier 2 capital included as qualifying capital(C)
Short-term subordinated debt
Tier 3 capital included as qualifying capital
(D)

As of
September
30, 2010
2,181.3
937.6
1,060.6
3.1(100.3)
2.7(Billions of yen)
As of
September
30, 2011
2,254.9
1,109.7
1,249.3
12.7
76.4
143.9
(103.2)1.0

2,279.7
1,919.1
40.4
5.9

1,938.0
1,851.6
60.1
37.3
4.8

52.0

44.5

6,260.1
6,260.1
524.0
8.37%
48.4
106.4
4.5

6,069.8
6,069.8
524.0
8.63%
104.2
4.7

2,103.4366.0
1,737.4
2,262.9
2,262.9-

1,786.8300.5
1,486.3
1,895.8
1,895.8-

Deductions for total risk-based capital

(E)

342.4

350.4

(A) + (C) + (D) – (E)(F)

8,180.7

7,615.2(G)48,297.1
39,658.3
8,638.7
1,335.3
106.8
3,488.7
279.1
53,121.1
15.40%
11.78%

46,119.9
38,033.8
8,086.1
1,373.1
109.8
3,544.5
283.5
51,037.6
14.92%
11.89%

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

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

Notes:
1. The above figures are calculated based on the BIS standard applied on a consolidated basis under the “Standards for
Determining the Status of Capital Adequacy in consideration of assets held by a bank holding company and by its
subsidiaries, in accordance with Banking Law Article 52-25” (FSA Notice No. 20 of 2006 (the “Notice”)). For the
figures as of September 30, 2010 and 2011, we did not apply the exception to the Notice (FSA Notice No. 79 of 2008).
2. As it is not possible to break down Mizuho Financial Group’s common stock and preferred stock according to classesof stock, non-cumulative perpetual preferred stock is not stated separately from capital.
3. In calculating the consolidated capital adequacy ratio, we underwent an examination following the procedures agreed
with Ernst & Young ShinNihon LLC, on the basis of “Treatment in implementing examination by agreed-uponprocedures for calculating capital adequacy ratio” (Industry Committee Practical Guideline No. 30 of the JapaneseInstitute of Certified Public Accountants). Note that this is not a part of the accounting audit performed on ourconsolidated financial statements. This consists of an examination under agreed-upon procedures performed by Ernst

4

& Young ShinNihon LLC on a portion of the internal control structure concerning the calculation of the capital
adequacy ratio and a report of the results to us. As such, they do not represent an opinion regarding the capital
adequacy ratio itself nor the internal controls related to the calculation of the capital adequacy ratio.
4. The amounts of net deferred tax assets as of September 30, 2010 and 2011 were ¥447.0 billion and ¥438.2 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, 2010 and 2011 were ¥1,252.0
billion and ¥1,213.9 billion, respectively.
5. The “adjusted amount for credit risk-weighted assets” is the amount obtained by multiplying (i) 12.5 by (ii) the excess,if any, of the required capital under the foundation internal ratings-based approach multiplied by the rate prescribed in
the Notice over the required capital under the advanced internal ratings-based approach; and the “adjusted amount for
operational risk equivalent” is the amount obtained by multiplying (i) 12.5 by (ii) the excess, if any, of the required
capital under the basic indicator approach multiplied by the rate prescribed in the Notice over the required capital
under the advanced measurement approach.
6. Among our group companies that were subject to the calculation of consolidated capital adequacy ratio pursuant to
Article 3 of the Notice, the numbers of consolidated subsidiaries were 163 and 153 as of September 30, 2010 and 2011,
respectively. There was no company that was subject to the deductions for total risk-based capital forth in Article 8,
Paragraph 1, Item 2, Subitem (a) through (c) of the Notice as of September 30, 2010 and 2011.

5

Summary of preferred securities
We have included each of the following preferred securities issued by our overseas special purpose companies as Tier 1
capital for the purposes of our consolidated capital adequacy ratios.
Preferred securities issued by SPCs of Mizuho Financial Group
Mizuho 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)

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
None

Dividends

Floating dividend rate (No dividend rate step-up.
As stated in “Dividend suspension events” below,
dividend payments that are suspended are noncumulative.)

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsLast business day of June in each year

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 (althougha floating dividend rate is applied with respect todividend payment dates after June 2016. No
dividend rate step-up. Dividend payments that aresuspended are non-cumulative.)
June 30th and December 30th of each year

¥171.0 billion

US$600 million

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.

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(12) 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 thedividend 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.

Mandatory
dividend
event

Distributableamounts
limitation
Dividend
limitations

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 theextent 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).
When dividends on Mizuho Financial Group’s
Preferred Stock(2) are reduced, dividends on Parity
Preferred Securities(6) are also reduced by an equal
percentage.

6

Dividends for the MCI (USD) 1 Preferred
Securities are paid to the extent of Mizuho
Financial Group’s Available Distributable
Amounts(11).
When dividends on Mizuho Financial Group’s
Preferred Stock(12) are reduced, dividends on MCI(USD) 1 Preferred Securities are also reduced byan equal percentage.

Claims on
residual assets

Same priority as Mizuho Financial Group’s
Preferred Stock(2)7Same priority as Mizuho Financial Group’s
Preferred Stock(12)IssuerMizuho Capital Investment(JPY) 1 Limited (“MCI (JPY) 1,”
and the preferred securities
described below are referred toas “MCI (JPY) 1 Preferred
Securities.”)Mizuho Capital Investment(JPY) 2 Limited (“MCI (JPY)2,” and the preferred securities
described below are referred toas “MCI (JPY) 2 Preferred
Securities.”)

Type ofsecurities
Mandatory
redemption
date
Optional
redemption

Non-cumulative perpetual
preferred securities
None

Non-cumulative perpetual
preferred securities
None

Mizuho Capital Investment(JPY) 3 Limited (“MCI (JPY)3,” and the preferred securities
described below (Series A and
Series B) are collectively
referred to as “MCI (JPY) 3
Preferred Securities.”)Non-cumulative perpetual
preferred securities
None

Starting from the dividend
payment date falling in June
2016, optionally redeemable oneach dividend payment date infive -year intervals (subject toprior approval from regulatory
authorities)
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2016. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Starting from the dividend
payment date falling in June
2018, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Starting from the dividend
payment date falling in June
2019, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2018. Dividendrate step-up is applied.
Dividend payments that aresuspended are non-cumulative.)

Series A
Fixed dividend rate for the firstten years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2019. Dividendrate step-up is applied.
Dividend payments that aresuspended are non-cumulative.)

Dividends

Dividend
payment date
Total amountissuedIssue date
Dividendsuspension
eventsJune 30th and December 30th ofeach year¥400 billion

June 30th and December 30th ofeach year¥274.5 billion

January 12, 2007
(Mandatory dividend suspension
or reduction event)(1) When a Liquidation Event(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(13) isinsufficient, or dividends on
its preferred stock(12) 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(14) isinsufficient, or dividends on
its preferred stock(12) 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 and8Series 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(15) isinsufficient, or dividends on
its preferred stock(12) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 3 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 3; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andMandatory
dividend event

Distributableamounts
limitation

Dividend
limitations

Claims forresidual assets

issues a dividend suspension
notice to MCI (JPY) 1
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 1
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal year;
provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 1
Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(13).
When dividends on Mizuho
Financial Group’s Preferred
Stock(12) 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(14).
When dividends on Mizuho
Financial Group’s Preferred
Stock(12) 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(15).
When dividends on Mizuho
Financial Group’s Preferred
Stock(12) are reduced, dividends
on MCI (JPY) 3 Preferred
Securities are also reduced by anequal percentage.

Same priority as Mizuho
Financial Group’s Preferred
Stock(12)Same priority as Mizuho
Financial Group’s Preferred
Stock(12)Same priority as Mizuho
Financial Group’s Preferred
Stock(12)9IssuerMizuho Capital Investment(JPY) 4 Limited (“MCI (JPY)4,” and the preferred securities
described below are referred toas “MCI (JPY) 4 Preferred
Securities.”)Mizuho Capital Investment(USD) 2 Limited (“MCI (USD)
2,” and the preferred securities
described below are referred toas “MCI (USD) 2 Preferred
Securities.”)

Type ofsecurities

Non-cumulative perpetual
preferred securities

Non-cumulative perpetual
preferred securities

Mizuho Capital Investment(JPY) 5 Limited (“MCI (JPY)5,” and the preferred securities
described below (Series A,
Series B and Series C) arecollectively referred to as “MCI(JPY) 5 Preferred Securities.”)Non-cumulative perpetual
preferred securities

Mandatory
redemption
date

None

None

None

Optional
redemption

Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Starting from the dividend
payment date falling in June
2014, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Series A
Starting from the dividend
payment date falling in June
2014, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)
Series B
Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)

Dividends

Fixed dividend rate for the firstseven years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Fixed dividend rate for the first
five years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2014. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Series C
Starting from the dividend
payment date falling in June
2015, optionally redeemable oneach dividend payment date
(subject to prior approval from
regulatory authorities)
Series A
Fixed dividend rate for the first
five years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2014. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)
Series B
Fixed dividend rate for the firstsix years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)
Series C
Fixed dividend rate for the firstsix years (although a floating
dividend rate is applied withrespect to dividend payment
dates after June 2015. No
dividend rate step-up. Dividend
payments that are suspended are
non-cumulative.)

Dividend
payment date

March 31, 2009 and June 30thand December 30th of each year

June 30th and December 30th ofeach year

10

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(16) isinsufficient, or dividends on
its preferred stock(12) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 4 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 4; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 4
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 4
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 4
Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(16).
When dividends on Mizuho
Financial Group’s Preferred
Stock(12) are reduced, dividends
on MCI (JPY) 4 Preferred
Securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(12)(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(12) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (USD) 2 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (USD) 2; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (USD) 2
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (USD) 2
Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (USD) 2
Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(17).
When dividends on Mizuho
Financial Group’s Preferred
Stock(12) are reduced, dividends
on MCI (USD) 2 Preferred
Securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(12)(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(12) aresuspended or reduced;(Optional dividend suspension or
reduction event)(3) when the capital adequacy
ratio of Mizuho Financial
Group or its Tier 1 capitalratio fails to meet theminimum requirement, or
would fall short as a result of
the dividend payments on the
MCI (JPY) 5 Preferred
Securities and when Mizuho
Financial Group issues adividend suspension notice to
MCI (JPY) 5; and(4) when Mizuho Financial
Group fails to pay dividends
on its common stock andissues a dividend suspension
notice to MCI (JPY) 5
If Mizuho Financial Group pays
any dividends on its common
stock to holders of record as of aprescribed record date in theimmediately preceding fiscal
year, dividend payments for thefull amount of MCI (JPY) 5Preferred Securities must be
made on dividend payment dates
during the subsequent fiscal
year; provided thatno event for the mandatory
suspension or reduction ofdividends has occurred and thatno dividend suspension notice
has been issued in conjunction
with the occurrence of an
optional dividend suspension or
reduction event.
Dividends for the MCI (JPY) 5Preferred Securities are paid tothe extent of Mizuho Financial
Group’s Available Distributable
Amounts(18).
When dividends on Mizuho
Financial Group’s Preferred
Stock(12) are reduced, dividends
on MCI (JPY) 5 Preferred
Securities are also reduced by anequal percentage.
Same priority as Mizuho
Financial Group’s Preferred
Stock(12)Mandatory
dividend event

Distributableamounts
limitation

Dividend
limitations

Claims forresidual assets

11Notes:(1) Loss Absorption Certificate
Refers to a certificate that Mizuho Financial Groupdelivers to the issuer (in case of the loss absorption
event set forth in clause (iv) below, the issuancethereof is at our discretion) upon any of the following
events with respect to Mizuho Financial Group: (i)liquidation event that shall be deemed to occur wherea liquidation proceeding is commenced by or against
Mizuho Financial Group or a competent court inJapan shall have (a) adjudicated Mizuho Financial
Group to be subject to bankruptcy proceedings or (b)approved a preparation of a reorganization plan for
abolishment of all business of Mizuho Financial
Group; (ii) reorganization event that shall be deemed
to occur if a competent court in Japan shall haveadjudicated (a) the commencement of a corporate
reorganization proceeding of Mizuho Financial Group
under the Corporate Reorganization Law or (b) thecommencement of a civil rehabilitation proceeding ofMizuho Financial Group under the Civil
Rehabilitation Law; (iii) governmental action thatshall be deemed to occur if the government authority
in Japan (a) publicly declares Mizuho Financial Groupis not able to pay its debts as they become due, (b)publicly declares Mizuho Financial Group’s liabilities
exceed its assets, (c) publicly declares Mizuho
Financial Group to be under public management or (d)issues an order that Mizuho Financial Group betransferred to a third party; (iv) inadequate ratio eventthat shall be deemed to occur if capital adequacy ratio
or Tier 1 capital ratio fails to meet the minimum
requirement or would fall short as a result of adividend payment on the relevant preferred securities;(v) default event that shall be deemed to occur if
Mizuho Financial Group is not able to pay its debts asthey become due or would not be able to do so as aresult of a dividend payment on the relevant preferred
securities; or (vi) insolvency event shall be deemed tooccur if the liabilities of Mizuho Financial Groupexceeds its assets or would exceed its assets as a resultof a dividend payment on the relevant preferred
securities.
(2) Preferred Stock
Refers to preferred stock of Mizuho Financial Groupqualifying as Tier 1 capital and ranking most seniorcompared to other preferred stock of Mizuho
Financial Group as to dividend payments. It includes
such preferred stocks that are issued in the future.
(3) Available Distributable Amounts
Refers to the maximum amount available fordividends (“Distributable Amounts”) calculated basedon the immediately preceding fiscal year’s financial
statements, less the aggregate amount of dividends
paid previously during the current fiscal year andscheduled to be paid thereafter in respect of such
fiscal year in respect of any Preferred Stock (provided
that each interim dividend payment on Preferred
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
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(12)(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

12(“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(12)(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) 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.
(13) Available Distributable Amounts for the MCI (JPY)
1 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(12)(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(12)(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.
(14) 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(12)(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(12)(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.
(15) Available Distributable Amounts for the MCI (JPY)
3 Preferred Securities(i) Amount available in June
Refers to Distributable Amounts of Mizuho Financial
Group calculated based on the financial statements forthe immediately preceding fiscal year, less the amountof dividend payments on Preferred Stock(12)(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(12)(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(12)(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 be13

paid from the day after June 30, 2008 up to thedividend payment date falling in December 2008.
(16) 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(12)(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(12)(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.
(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(12)(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.
(17) 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(12)(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(12)(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.
(18) 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(12)(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(12)(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(12)(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.

.

14

■ Risk-based capital(2) Required capital by portfolio classification
As of September 30, 2010
EAD
Requiredcapital154,714.2
5,347.8
146,497.4
5,080.6
48,548.0
2,940.0
2,707.1
316.9
62,418.9
57.5
4,934.9
144.7
13,835.1
649.8
10,743.4
425.4
345.5
30.7
2,746.1
193.6
3,461.6
365.6
941.5
99.4
274.6
75.8

(Billions of yen)
As of September 30, 2011
EAD
Requiredcapital162,844.0
4,953.8
155,064.7
4,704.2
49,342.9
2,658.2
2,452.6
305.2
71,557.3
52.1
5,230.8
139.6
13,712.5
657.4
10,621.4
443.3
347.5
30.3
2,743.5
183.7
3,113.4
335.8
883.5
95.9
265.1
73.3

Credit risk
Internal ratings-based approach
Corporate (except specialized lending)Corporate (specialized lending)
SovereignBank
RetailResidential mortgage
Qualifying revolving loan
Other retail
Equities
PD/LGD approach
Market-based approach (simple risk
weight method)
Market-based approach (internal
models approach)Transitional measure applied
2,245.4
190.4
1,964.7
166.6
Regarded-method exposure
1,114.9287.8
1,052.9
257.2
Purchas receivables
1,959.9
65.4
1,778.3
56.0
Securitizations
4,503.0
79.5
4,070.2
73.7
Others3,013.4
172.9
2,753.3
168.5
8,216.8
267.1
Standardized approach
7,779.3
249.5
Sovereign
3,817.9
3.7
3,841.4
4.4
Bank
1,587.1
27.7
1,226.0
24.2
Corporate
2,208.8
167.3
2,135.7
161.2
Residential mortgage
0.0
0.0
0.0
0.0
Securitizations
40.9
35.4
37.7
27.3
Others
562.0
32.9
538.2
32.3
Market risk
n.a.
106.8
n.a.
109.8
n.a.
79.1
n.a.
Standardized approach
75.0Interest rate risk
n.a.
55.9
n.a.
53.0
Equities risk
n.a.
14.2
n.a.
15.8
Foreign exchange risk
n.a.
2.9
n.a.
2.3
Commodities risk
n.a.
6.0
n.a.
3.7
Option transactions
n.a.
n.a.
n.a.
27.6
n.a.
Internal models approach
34.8
Operational risk
n.a.
279.1
n.a.
283.5
Advanced measurement approach
n.a.
230.0
n.a.
237.4
Basic indicator approach
n.a.
49.0
n.a.
46.1
Total required capital (consolidated)n.a.
4,249.6
n.a.
4,083.0
Notes:
1. EAD: Exposure at default.
2. PD: Probability of default.
3. LGD: Loss given default.
4. Required capital: For credit risk, the sum of (i) 8% of credit risk-weighted assets, (ii) expected losses and (iii)
deductions from capital. For market risk, the market risk equivalent amount. For operational risk, the operational risk
equivalent amount.
5. Total required capital (consolidated): 8% of the denominator of the capital adequacy ratio.
6. The major exposures included in each portfolio classification of internal ratings-based approach are as follows:
Corporate (excluding
specialized lending)Credits to corporations and sole proprietors (excluding credits to retail customers)

Corporate (specialized
lending)

Credits which limit interest and principal repayment sources to cash flow derived from specific realestate, chattel, businesses, etc., including real estate non-recourse lone, ship finance and project finance,
etc.

SovereignCredits to central governments, central banks and local governmental entities

Bank

Credits to banks and securities companies, etc.

RetailHousing loans (residential mortgage), credit card loans (qualifying revolving retail loan) and otherindividual consumer loans and loans to business enterprises with total credit amount of less than ¥100
million, etc. (other retail).

Equities

Capital stock, preferred securities, perpetual subordinated debt, etc. (excluding trading assets)* The transitional measure applies to those held from September 30, 2004 or earlier, and others areapplied either the PD/LGD approach or the market-based approach.

Regarded-method
exposure

Investment trusts and funds, etc.

Purchase receivables

Receivables purchased from third parties excluding securities (excluding securitizations)15Securitizations

Transactions in the form of “non-recourse” and having a “senior/subordinated structure,” etc. (excluding
specialized lending).

7. EAD calculated using the standardized approach for credit risk represents the amount before the deduction of specificreserve for possible losses on loans, reserve for possible losses on loans to restructuring countries and partial direct
write-offs.

16

■ Credit risk
(3) Credit risk exposure, etc.
We exclude regarded-method exposure and securitization exposure from the amount of credit risk exposure.
The outstanding balance is based on exposure at default.
No significant difference exists between period-end credit risk position and the average credit risk position during thetwelve months ended September 30, 2010 and 2011.
○ Status of credit risk exposure(A) Breakdown by geographical area

(Billions of yen)
As of September 30, 2010

Domestic
Overseas
Asia
Central andSouth America
North America
EasternEuropeWesternEuropeOther areas
Total
Exempt portion

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
73,774.3
13,594.2
3,024.6
1,870.9

Securities
34,547.9
7,171.9
554.2
165.5

OTC
derivatives
2,385.9
2,157.4
125.7
248.5

Others5,176.1
2,071.0
577.8
2.8

Total
115,884.3
24,994.7
4,282.5
2,287.9

4,343.7
60.5

4,331.5
-

648.3
0.1

1,067.7
1.6

10,391.3
62.2

3,199.9

1,977.6

1,022.7

326.1

6,526.5

1,094.4
87,368.6
n.a.

142.9
41,719.8
n.a.

111.9
4,543.4
n.a.

94.8
7,247.2
n.a.

1,444.1
140,879.1
8,175.9(Billions of yen)

As of September 30, 2011
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
75,849.7
15,100.0
3,845.8
2,082.3

Securities
38,294.4
6,678.2
735.1
147.4

OTC
derivatives
2,144.4
2,163.7
140.5
250.0

Others
Total
Domestic
6,369.4
122,658.0
Overseas3,341.3
27,283.4
Asia
989.2
5,710.8
Central and
5.1
2,484.9South
America
5,167.4
4,888.8624.9
2,042.8
12,724.1
North
America
Eastern
44.1
0.2
8.6
53.0
EuropeWestern
2,886.3
761.6
1,021.6
194.5
4,864.1
EuropeOther areas
1,073.9
145.1
126.3
100.9
1,446.3
Total
90,949.8
44,972.6
4,308.2
9,710.7
149,941.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
7,741.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using the standardized
approach for business units and asset classes that are immaterial for the purpose of calculating credit risk-weighted
assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

17

(B) Breakdown by industry(Billions of yen)
As of September 30, 2010

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Japanese Government;
Bank of Japan
Total
Exempt portion

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures

Securities

OTC
derivatives

OthersTotal

13,248.3
1,475.5
6,943.9
4,004.9
7,056.3
9,634.0
12,092.8
13,400.7

2,146.0
186.1
521.3
1,872.4
586.3
1,808.1
5,809.2

683.9
24.7
64.2
188.0
736.6
2,075.0
0.3
761.0

215.2
3.5
45.0
88.2
426.9
889.9
14.4
4,629.0

16,293.5
1,689.9
7,574.6
6,153.7
8,806.3
14,407.1
12,107.5
24,600.0

19,511.7

28,790.2

9.2

934.7

49,246.0

87,368.6

41,719.8

4,543.4

7,247.2

n.a.

n.a.

n.a.

n.a.

140,879.1
8,175.9(Billions of yen)
As of September 30, 2011
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures

Securities

OTC
derivatives

OthersTotal
13,388.3
1,968.9623.9
225.8
16,207.0
Manufacturing
1,351.2
194.6
21.7
3.3
1,571.0
Construction
6,542.8
511.3
53.7
34.6
7,142.5
Real estate
3,701.1
1,808.9
165.7
43.8
5,719.8
Service industries
7,179.0
560.0
650.7
479.7
8,869.5
Wholesale and retail
9,607.5
2,283.7
2,001.0
1,028.8
14,921.1
Finance and insurance
11,961.2
0.1
13.2
11,974.7
Individuals
14,835.5
4,891.0
777.5
5,442.6
25,946.7
Other industries
Japanese Government;
22,382.8
32,753.9
13.4
2,438.5
57,588.7
Bank of Japan
Total
90,949.8
44,972.6
4,308.2
9,710.7
149,941.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
7,741.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.

18

(C) Breakdown by residual contractual maturity(Billions of yen)
As of September 30, 2010

Less than one year
From one year to lessthan three years
From three years to lessthan five years
Five years or more
Other than above
Total
Exempt portion

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
29,157.4

Securities
15,044.1

OTC
derivatives
498.0

Others1,358.5

Total
46,058.1

14,570.6

9,091.1

1,787.2

15.6

25,464.7

8,668.2
23,625.0
11,347.2
87,368.6
n.a.

7,720.8
6,495.6
3,368.1
41,719.8
n.a.

1,147.3
1,026.8
83.8
4,543.4
n.a.

24.9
0.1
5,847.8
7,247.2
n.a.

17,561.4
31,147.6
20,647.0
140,879.1
8,175.9(Billions of yen)

As of September 30, 2011
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
29,422.3

Securities
14,181.2

OTC
derivatives
539.9

Others
Total
Less than one year
1,693.3
45,836.9
From one year to lessthan three years
12,733.3
11,810.4
1,585.4
14.6
26,143.8
From three years to less
10,067.7
9,323.2
1,197.3
28.2
20,616.5
than five years
Five years or more
26,916.8
6,637.7
899.1
0.8
34,454.6
Other than above
11,809.5
3,019.8
86.3
7,973.7
22,889.4
Total
90,949.8
44,972.6
4,308.2
9,710.7
149,941.4
Exempt portion
n.a.
n.a.
n.a.
n.a.
7,741.5
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets,other assets, etc.

19

○ Status of exposure past due three months or more or in default(D) Breakdown by geographical area

(Billions of yen)
As of September 30, 2010

Domestic
Overseas
Asia
Central and SouthAmerica
North America
Eastern Europe
Western Europe
Other areas
Total
Exempt portion

Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
1,719.5
191.2
34.0

Securities
38.4
2.0
0.0

OTC
derivatives
52.5
1.2
0.1

Others
80.6
21.2
3.9

Total
1,891.1
215.7
38.2

12.3
25.3
10.8
63.3
45.2
1,910.8
n.a.

1.5
0.5
40.4
n.a.

0.7
0.0
0.2
0.0
53.7
n.a.

0.0
15.1
0.0
1.7
0.3
101.8
n.a.

14.5
41.0
10.8
65.3
45.6
2,106.9
3.1(Billions of yen)

As of September 30, 2011
Loans,
commitments andother non-OTC
derivative offbalance-sheet
exposures
1,531.4
173.3
25.7

Securities
25.3
1.9
0.0

OTC
derivatives
100.3
7.8
0.2

Others
Total
Domestic
68.3
1,725.5
Overseas
19.5
202.6
Asia
3.8
29.8
Central and South
53.3
1.5
6.2
0.0
61.2
America
North America
19.2
0.4
13.8
33.5
Eastern Europe
6.6
0.0
6.6
Western Europe
49.8
1.3
1.5
52.6
Other areas
18.4
0.3
18.7
Total
1,704.7
27.3
108.2
87.9
1,928.1
Exempt portion
n.a.
n.a.
n.a.
n.a.
1.1
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. Exposure to non-Japanese residents is included in “Overseas.”
3. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

20

(E) Breakdown by industry(Billions of yen)
As of September 30, 2010

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Total
Exempt portion

Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
414.9
96.5
323.2
239.9
264.5
46.8
241.8
282.9
1,910.8
n.a.

Securities
9.2
10.3
7.9
3.3
3.0
1.8
4.6
40.4
n.a.

OTC
derivatives
14.1
0.4
0.4
5.2
26.8
0.5
6.1
53.7
n.a.

Others
17.0
1.4
5.2
7.0
37.7
17.5
1.6
14.1
101.8
n.a.

Total
455.4
108.7
336.8
255.5
332.1
66.6
243.4
307.9
2,106.9
3.1(Billions of yen)

As of September 30, 2011
Loans, commitments
and other non-OTC
derivative offbalance-sheet
exposures
386.2
68.6
265.8
207.0
281.3
28.4
250.1
217.0
1,704.7
n.a.

Securities
7.3
2.9
5.3
4.5
1.8
1.8
3.5
27.3
n.a.

OTC
derivatives
48.2
0.5
0.1
3.5
44.5
0.1
0.0
10.9
108.2
n.a.

Others
Total
Manufacturing
18.3
460.1
Construction
1.2
73.4
Real estate
1.9
273.2
Service industries
6.1
221.1
Wholesale and retail
36.6
364.3
Finance and insurance
16.2
46.7
Individuals
1.4
251.6
Other industries
5.8
237.3
Total
87.9
1,928.1
Exempt portionn.a.
1.1
Notes:
1. Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reservefor possible losses on loans to restructuring countries and partial direct write-offs, calculated using thestandardized approach for business units and asset classes that are immaterial for the purpose of calculating credit
risk-weighted assets.
2. “Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, otherassets, etc.

21

○ Status of reserves for possible losses on loans
The amounts associated with regarded-method exposure and securitization exposure are excluded.
(F) Period-end balances of reserves for possible losses on loans and changes during the six-month period(after partial direct write-offs)(Billions of yen)
As of, or for
As of, or forthe six months ended, the six months ended,
September 30, 2010
September 30, 2011
General reserve for possible
Beginning balance
563.8
501.4
losses on loans
Increase during the six-month
period533.2
492.2
Decrease during the six-month
period563.8
501.4
Ending balance
533.2
492.2
Beginning balance
317.7
259.1
Specific reserve for possible
losses on loans
Increase during the six-month
period306.0
227.4
Decrease during the six-month
period317.7
259.1
Ending balance
306.0
227.4
Reserve for possible losses on
Beginning balance
0.1
0.0
loans to restructuring countries
Increase during the six-month
period0.0
0.0
Decrease during the six-month
period0.1
0.0
Ending balance
0.0
0.0
Total
Beginning balance
881.8
760.5
Increase during the six-month
839.3
719.7
periodDecrease during the six-month
881.8
760.5
periodEnding balance
839.3
719.7
Note:
General reserve for possible losses on loans in the above table represents the amount recorded in our consolidatedbalance sheet, and the amounts associated with regarded-method exposure and securitization exposure are notexcluded.

22

(G) Specific reserve for possible losses on loans by geographical area and industry

Domestic
Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
OthersOverseas
Exempt portion
Total

As of March 31, 2010
274.8
24.7
6.4
30.2
22.5
29.0
9.4
71.1
81.2
36.2
6.7
317.7

As of September 30, 2010
272.8
25.5
6.8
27.1
16.4
31.8
6.5
78.7
79.6
27.7
5.4
306.0

(Billions of yen)
Change
(2.0)
0.8
0.4
(3.0)
(6.1)
2.8
(2.8)
7.5
(1.6)
(8.5)
(1.2)
(11.7)

As of March 31, 2011
220.0
27.0
18.6
19.7
17.0
39.0
0.5
84.2
13.5
34.2
4.8
259.1

As of September 30, 2011
187.0
17.9
7.1
21.2
15.0
39.6
0.4
75.4
10.2
35.3
5.0
227.4

(Billions of yen)
Change(32.9)(9.1)(11.5)
1.5
(2.0)
0.5
(0.1)
(8.8)
(3.2)
1.0
0.1
(31.6)

Domestic
Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
OthersOverseas
Exempt portion
Total
Note:
Exempt portion represents the amount calculated using the standardized approach for business units and asset classes
that are immaterial for purposes of calculating credit risk-weighted assets.

(H) Write-offs of loans by industry
For the six months ended
September 30, 2010
5.7
1.2
2.3
4.6
9.5
0.3
0.5
4.7
0.0
29.4

(Billions of yen)
For the six months ended
September 30, 2011
2.6
0.4
1.3
2.2
5.1
0.3
6.1
0.8
0.0
19.3

Manufacturing
Construction
Real estate
Service industries
Wholesale and retail
Finance and insurance
Individuals
Other industries
Exempt portion
Total
Notes:
1. The above table represents the breakdown of losses on write-offs of loans recorded in our consolidated statementof income after excluding the amounts associated with regarded-method exposure and securitization exposure.
2. Exempt portion represents the amount calculated using the standardized approach for business units and asset
classes that are immaterial for purposes of calculating credit risk-weighted assets.
3. “Other industries” include overseas and non-Japanese resident portions.

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, 2010

On-balance sheet

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%
625%
937.5%
1,250%

Total

459.9
0.7
351.5
0.0
17.2
1,970.3
0.4
2,800.2

Off-balance
sheet
3,285.4
1,217.9
5.4
866.8
0.0
0.0
5,375.6(Billions of yen)

Total

With externalrating3,745.3
0.7
1,569.4
0.0
22.7
2,837.2
0.4
0.0
0.0
8,175.9

73.3
2.8
8.5
35.3
120.0
(Billions of yen)

As of September 30, 2011

On-balance sheet

Risk weight

0%
10%
20%
35%
50%
100%
150%
350%
625%
937.5%
1,250%

555.5
0.8
311.6
0.0
8.3
1,992.9
0.0
2,869.3

Off-balance
sheet
3,227.4
0.1
846.2
0.4
797.8
0.0
0.0
0.0
4,872.1

Total

With externalrating3,783.0
1.0
1,157.8
0.0
8.7
2,790.7
0.0
0.0
0.0
0.0
7,741.5

112.8
5.1
1.7
51.7
171.5

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, 2010
34.9

Deduction from capital

24(Billions of yen)
As of September 30, 201124.8

○ 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, 2010 As of September 30, 2011
50%
191.7
287.6
70%
704.0
556.2
90%
266.8
123.2
95%
0.2
4.1
Risk weight
115%
156.6
152.4
120%
15.6
140%
15.0
3.7
250%
425.0
378.4
Default
48.2
86.7
Total
1,823.6
1,592.7(L) Equity exposure under simple risk weight method of market-based approach by risk weight category(Billions of yen)
As of September 30, 2010 As of September 30, 2011
Risk weight
300%
204.4
196.1
400%
70.1
69.0
Total
274.6
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, etc.)(Billions of yen, except percentages)

Corporate
Investment
grade zone
Noninvestment
grade zone
Default
Sovereign
Investment
grade zone
Noninvestment
grade zone
Default
Bank
Investment
grade zone
Noninvestment
grade zone
Default
Equityexposure
under
PD/LGDapproach
Investment
grade zone
Noninvestment
grade zone
Default
Total
Investment
grade zone
Noninvestment
grade zone
Default

As of September 30, 2010
Risk
weight(EAD
EAD
Onweighted(Billionsbalanceaverage)of yen)
sheet
(%)
48.33
50,979.5
37,185.9

Offbalance
sheet
13,793.5

Amountofundrawn
commitments
10,023.8

Weighted
average ofcreditconversion
factor
(%)
75.11

18,689.7

10,149.8

8,176.6

75.13

20,528.9

16,992.8

3,536.1

1,805.5

75.02

40.26
1.14

1,610.9
62,716.8

1,503.3
48,197.1

107.5
14,519.6

41.6
113.4

75.53
79.82

n.a.

1.02

62,637.9

48,120.1

14,517.7

113.1

79.83

38.77

n.a.

93.43

78.7

76.9

1.8

0.3

75.00

100.00
0.80

68.75
37.67

64.06
n.a.

62.13
28.40

0.0
5,049.1

0.0
1,946.2

3,102.9

248.6

78.22

0.11

37.17

n.a.

24.66

4,643.6

1,806.8

2,836.7

187.1

79.28

1.59

39.19

n.a.

74.64

376.4

110.7

265.7

61.4

75.00

100.00

98.89

96.78

27.92

29.0

28.5

0.4

-

-

0.60

90.00

n.a.

125.33

941.5

941.5

-

-

-

0.08

90.00

n.a.

108.55

831.0

831.0

-

-

-

1.79

90.00

n.a.

258.61

107.5

107.5

-

-

-

100.00
2.04

90.00
37.80

90.00
n.a.

23.37

3.0
119,687.0

3.0
88,270.9

31,416.1

10,385.9

75.24

0.04

38.54

n.a.

10.03

96,952.3

69,447.8

27,504.4

8,476.9

75.29

3.56

32.95

n.a.

83.38

21,091.7

17,288.0

3,803.6

1,867.3

75.02

100.00

56.15

53.13

39.97

1,643.0

1,534.9

108.0

41.6

75.53

PD
(EAD
weighted
average)
(%)
4.68

LGD
(EAD
weighted
average)
(%)
35.64

EL
default(EAD
weighted
average
(%)
n.a.

0.12

36.77

n.a.

24.41

28,839.6

3.61

32.52

n.a.

82.58

100.00
0.01

55.31
38.78

52.28
n.a.

0.00

38.78

2.24

26

(Billions of yen, except percentages)
PD(EAD
weighted
average)
(%)
3.98

LGD
(EAD
weighted
average)
(%)
35.38

EL
default(EAD
weighted
average)(%)
n.a.

As of September 30, 2011
Risk
weight(EAD
EAD
Onweighted(Billionsbalanceaverage)of yen)
sheet
(%)
46.31
51,611.937.806.1

Offbalance
sheet
13,805.8

Amountofundrawn
commitments
10,349.5

Weighted
average ofcreditconversion
factor
(%)
75.07

Corporate
Investment
0.11
36.73
n.a.
23.85
29,759.5
19,440.5
10,318.9
8,508.5
75.06
grade zone
Noninvestment
3.09
32.44
n.a.
79.49
20,464.4
17,122.7
3,341.6
1,815.2
75.13
grade zone
Default
100.00
49.75
46.84
38.57
1,388.0
1,242.8
145.2
25.6
75.00
0.00
38.73
n.a.
0.89
71,842.9
53,458.3
18,384.5
122.1
75.11
Sovereign
Investment
0.00
38.73
n.a.
0.81
71,772.3
53,389.5
18,382.8
121.9
75.11
grade zone
Noninvestment
2.18
38.72
n.a.
88.78
70.4
68.7
1.7
0.2
75.00
grade zone
Default
100.00
62.14
57.33
63.77
0.1
0.1
0.87
36.64
n.a.
25.34
5,314.3
2,500.2
2,814.1
291.7
75.48
Bank
Investment
0.11
36.30
n.a.
21.20
4,803.5
2,280.1
2,523.3
234.7
75.59
grade zone
Non1.51
36.56
n.a.
66.67
476.6
186.0
290.5
56.9
75.00
investment
grade zone
Default
100.00
86.52
84.19
30.93
34.1
33.9
0.1
Equityexposure
0.64
90.00
n.a.
128.50
883.5
883.5
under
PD/LGDapproach
Investment
0.07
90.00
n.a.
108.49787.6
787.6
grade zone
Noninvestment
2.53
90.00
n.a.
301.53
93.1
93.1
grade zone
Default
100.00
90.00
90.00
2.7
2.7
1.63
37.66
n.a.
20.84
129,652.8
94,648.3
35,004.5
10,763.4
75.08
Total
Investment
0.04
38.44
n.a.
8.91
107,123.1
75,897.9
31,225.2
8,865.2
75.07
grade zone
Noninvestment
3.05
32.81
n.a.
80.21
21,104.6
17,470.7
3,633.9
1,872.4
75.13
grade zone
Default
100.00
50.71
47.82
38.31
1,425.0
1,279.6
145.4
25.6
75.00
Notes:
1. Investment grade zone includes obligor ratings A1 through B2, non-investment grade zone includes C1 through E2 (excluding
E2R), and default includes E2R through H1.
2. “Corporate” does not include specialized lending exposure under supervisory slotting criteria.
3. Each asset class includes purchased receivables.
4. The commitments that can be terminated at any time without condition or terminated automatically are not included in theamount of undrawn commitments and weighted average of credit conversion factor.

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.

Classification

Investment grade zone

D1–D3
E1

E2

F1

Obligors whose current certainty of debt fulfillment poses no problems,
however, their resistance to future changes in business environment is
Non-investment grade zone
low.
Obligors who require close watching going forward because there areproblems with their borrowing conditions, such as reduced orsuspended interest payments, problems with fulfillment such as de facto
postponements of principal or interest payments, or problems with theirfinancial positions as a result of their poor or unstable businessR*
conditions.
Obligors who are not yet bankrupt but are in financial difficulties andare deemed to be very likely to go bankrupt in the future because they
are finding it difficult to make progress in implementing their
management improvement plans (including obligors who are receiving
Default
ongoing support from financial institutions).

G1

Obligors who have not yet gone legally or formally bankrupt but whoare substantially bankrupt because they are in serious financial
difficulties and are not deemed to be capable of restructuring.

H1

Obligors who have already gone bankrupt, from both a legal and/or
formal perspective.

* Including restructured loans and loans past due for three months of more

28

(N) Portfolio by asset class and ratings segment (Retail)(Billions of yen, except percentages)
As of September 30, 2010

Residential
mortgage
Non-default
Default
Qualifying
revolving loan
(retail)
Non-default
Default
Other retailNon-default
Default
Total
Non-default
Default

PD(EAD
weighted
average)
(%)

LGD
(EAD
weighted
average)(%)

EL
default(EAD
weighted
average)(%)

Riskweight(EAD
weighted
average)(%)

EAD(Billionsof yen)Onbalance
sheet

Weighted
Amount of average ofcreditundrawn
Offcommit- conversion
balancements factor (%)
sheet

2.95

41.93

n.a.

32.83

10,743.4

10,387.8

355.5

8.7

75.00

0.82
100.00

41.78
48.96

n.a.
46.44

32.83
33.17

10,512.4
230.9

10,164.4
223.4

348.0
7.5

8.7
-

75.00
-

3.72

83.85

n.a.

72.38

345.5

239.6

105.8

1,426.8

7.42

3.26
100.005.81
2.28
100.003.54
1.17
100.00

83.85
83.37
52.64
52.61
53.59
45.11
44.97
50.51

n.a.
79.53
n.a.
n.a.
50.80
n.a.
n.a.
47.91

72.48
50.43
52.34
52.92
36.92
37.69
37.78
34.38

343.8
1.6
2,746.1
2,647.1
99.0
13,835.1
13,503.5
331.6

238.3
1.3
2,716.3
2,620.5
95.7
13,343.8
13,023.3
320.5

105.5
0.2
29.8
26.5
3.2
491.2
480.2
11.0

1,424.5
2.2
25.6
22.6
3.0
1,461.3
1,455.9
5.3

7.41
12.86
72.13
69.12
94.39
8.96
8.78
59.66

(Billions of yen, except percentages)
As of September 30, 2011

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 ofcreditundrawn
Offcommit- conversion
balancements factor (%)
sheet

Residential
3.06
41.66
n.a.
34.99
10,621.4
10,315.4
306.0
6.7
75.00
mortgage
Non-default
0.90
41.51
n.a.
35.16
10,389.2
10,089.6
299.6
6.7
75.00
Default
100.00
48.28
46.22
27.28
232.2
225.7
6.4
Qualifying
3.90
79.63
n.a.
70.44
347.5
239.3
108.2
1,430.5
7.56
revolving loan
(retail)
Non-default
3.37
79.63
n.a.
70.60
345.6
237.7
107.8
1,428.1
7.55
Default
100.00
78.84
75.69
41.62
1.9
1.6
0.3
2.3
14.29
5.88
51.53
n.a.
49.53
2,743.5
2,715.3
28.2
24.2
73.85
Other retailNon-default
1.90
51.63
n.a.
50.23
2,632.1
2,608.1
24.0
19.8
69.57
Default
100.00
49.15
46.66
33.01
111.3
107.1
4.2
4.3
93.55
3.65
44.60
n.a.
38.80
13,712.6
13,270.1
442.5
1,461.4
8.97
Total
Non-default
1.16
44.49
n.a.
39.04
13,367.0
12,935.5
431.5
1,454.8
8.71
Default
100.00
48.73
46.53
29.21
345.5
334.5
10.9
6.6
65.74
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, 2009 throughSeptember 30, 2010
Actual losses
45.2
0.3
(3.1)
36.6
0.2
22.4
101.8

(Billions of yen)
For the period from
October 1, 2010 throughSeptember 30, 2011
Actual losses
41.1
0.2
0.0
13.3
0.2
4.6
59.5

Corporate
SovereignBank
Residential mortgage
Qualifying revolving loan (retail)
Other retail
Total
Note:
Actual losses are the sum of the net increase (decrease) in the amount of partial direct write-offs, specific reserve forpossible losses on loans and general reserve for possible losses on loans (for claims against special attention obligors
or below), etc., as well as tax-qualified direct write-offs, losses from sales of non-performing loans, losses from debt
forgiveness and losses from debt-equity swaps during the relevant period. Equity exposure under the PD/LGD
approach is not included in the amount of actual losses.
<Analysis>
Actual losses for the period from October 1, 2010 through September 30, 2011 decreased by ¥42.3 billion from theperiod from October 1, 2009 through September 30, 2010 to ¥59.5 billion. The decrease was due mainly to improved
obligor classifications through our business revitalization support to corporate customers, decrease in losses fromresidential mortgage exposure and other factors.

30

(P) Comparison of estimated and actual losses by asset class
For the period from October 1, 2007
through September 30, 2008
Estimated losses(expected losses as of
September 30, 2007)
After
deduction
Actualof reserves
lossesCorporate
1,060.5
202.0
28.2
Sovereign
2.2
(9.3)
0.7
Bank
8.0
4.2
34.4
Residential mortgage
85.8
18.6
16.9
Qualifying revolving loan (retail)
7.4
2.5
0.0
Other retail
50.1
12.6
4.3
Total
1,214.3
230.7
84.8(Billions of yen)
For the period from October 1, 2008
through September 30, 2009
Estimated losses(expected losses as of
September 30, 2008)
After
deduction
Actualoflossesreserves
998.6
390.4
433.9
1.6
(10.7)
0.0
18.9(18.4)
0.0
96.4
22.9
21.3
8.0
3.1
2.2
53.2
16.0
6.2
1,176.9
403.3
463.9

For the period from October 1, 2009
through September 30, 2010
Estimated losses(expected losses as of
September 30, 2009)
After
Actualdeduction
lossesof reserves
1,377.8
503.2
45.2
4.1
(8.3)
0.3
42.7
5.6
(3.1)
107.8
26.5
36.6
10.4
3.6
0.2
54.6
15.8
22.4
1,597.7
546.6
101.8

(Billions of yen)
For the period from October 1, 2010
through September 30, 2011
Estimated losses(expected losses as of
September 30, 2010)
After
Actualdeduction
lossesof reserves
1,151.1
406.3
41.1
1.4
(11.5)
0.2
32.0
3.9
0.0
143.2
38.8
13.3
10.7
3.8
0.2
78.6
25.1
4.6
1,417.2
466.5
59.5

Corporate
SovereignBank
Residential mortgage
Qualifying revolving loan (retail)
Other retail
Total
Notes:
1. Estimated losses after deduction of reserve are the amount after deductions of partial direct write-offs, specificreserves for possible losses on loans and general reserves for possible losses on loans (for claims against special
attention obligors or below), etc., as of the beginning of each period. Equity exposure under the PD/LGD approachis not included in the amount of estimated losses.
2. Actual losses are the sum of the net increase (decrease) in the amount of partial direct write-offs, specific reserves
for possible losses on loans and general reserves for possible losses on loans (for claims against special attention
obligors or below), etc., as well as tax-qualified direct write-offs, losses from sales of non-performing loans, losses
from debt forgiveness and losses from debt-equity swaps during the relevant period. Equity exposure under the
PD/LGD approach is not included in the amount of actual losses.

31

■ Methods for credit risk mitigation(4) Credit risk mitigation by portfolio classification
The amounts of exposure to which the method of credit risk mitigation through collateral and guarantees is applied are as
follows:(Billions of yen)
As of September 30, 2010
Financial
Other
Creditcollateralcollateralderivatives
Guarantees
Total
Internal ratings-based
2,355.6
4,728.7
5,247.2
44.1
12,375.7
approach
1,981.9
4,508.6
3,281.5
34.4
9,806.5
Corporate
0.2
23.1
669.3
692.6
Sovereign
343.0
21.8
295.6
9.6
670.2
Bank
30.5
175.1
1,000.7
1,206.3
Retail
262.6
262.6
Residential mortgage
Qualifying revolving
0.6
0.6
loan
30.5
175.1
737.4
943.0
Other retail
Othersn.a.
2,864.7
2,864.7
Standardized approachn.a.
2,747.7
2,747.7
Sovereign
n.a.
4.1
4.1
Bank
112.9
n.a.
112.9
Corporaten.a.
Residential mortgagen.a.
Securitizations
n.a.
Others5,220.4
4,728.7
5,247.2
44.1
15,240.5
Total(Billions of yen)
FinancialcollateralInternal ratings-based
approachCorporate
SovereignBank
RetailResidential mortgage
Qualifying revolving
loan
Other retail
OthersStandardized approach
Sovereign
Bank
Corporate
Residential mortgage
Securitizations
OthersTotal

As of September 30, 2011
Other
collateral
Guarantees

Creditderivatives

Total

2,388.3

4,750.4

5,422.5

39.1

12,600.6

1,991.2
0.1
368.7
28.2
-

4,527.1
21.9
28.3
172.9
-

3,405.4
611.5
384.4
1,021.1
239.3

39.1
-

9,963.0
633.7
781.4
1,222.3
239.3

-

-

0.4

-

0.4

28.2
2,963.0
2,845.6
0.9
116.5
5,351.4

172.9
-

781.3
5,422.5

39.1

982.6
2,963.0
2,845.6
0.9
116.5
15,563.6

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

4,750.432

■ 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

Current exposure
methodForeign exchangerelated transactions
Interest rate-relatedtransactions
Gold-relatedtransactions
Equity-relatedtransactions
Transactions related toprecious metals(other than gold)
Other commodityrelated transactions
Credit derivatives
transactions
Subtotal
Less: Netting benefits
by close-out netting
settlement contracts
Subtotal
Less: Effect of credit
risk mitigation bycollateral
Total

As of September 30, 2010
Gross
Gross
Creditreplacement add-on equivalentcostamount2,887.5 1,760.1
4,647.7(Billions of yen)
As of September 30, 2011
Gross
Gross
Creditreplacement add-on equivalentcostamount2,710.6 1,686.4
4,397.1

8,231.7

2,363.4

10,595.1

6,647.7

2,695.9

9,343.6

0.0

-

0.0

0.0

0.0

0.0

100.7

101.2

201.9

73.6

75.1

148.8

0.0

0.0

0.0

0.0

0.0

0.1

92.1

75.8

168.0

63.5

55.9

119.5

104.7

607.7

712.5

86.8

469.4

556.2

11,417.0
n.a.

4,908.5
n.a.

16,325.5
10,923.9

9,582.6
n.a.

4,982.9
n.a.

14,565.6
9,488.8(C)=(A)+(B)
(D)

n.a.
n.a.

n.a.
n.a.

5,401.6
463.5

n.a.
n.a.

n.a.
n.a.

5,076.7349.2(C)+(D)

n.a.

n.a.

4,938.0

n.a.

n.a.

4,727.5(A)(B)

Creditequivalentamount260.4

Creditequivalentamount215.6

Standardized method
Total
Note:
The current exposure method and standardized method are used as the method to calculate credit equivalent amounts.
Long-settlement transactions
As of September 30, 2010
Gross
Gross addCredit
replacementonequivalentcostamount6.9
0.3
7.3(Billions of yen)
As of September 30, 2011
Gross
Gross addCredit
replacementonequivalentcostamount
28.3
1.1
29.4

Long-settlementtransactions
Notes:
1. The current exposure method is used as the method to calculate credit equivalent amounts.
2. Neither the “netting benefits by close-out netting settlement contracts” nor the “effect of credit risk mitigation bycollateral” applies to long-settlement transactions.

(B) Amounts of credit risk mitigation by type
As of September 30, 2010
60.9
67.8
17.2
146.0

Financial collateral
Other collateral
Guarantees, others
Total

33

(Billions of yen)
As of September 30, 2011
54.7
129.9
18.1
202.8

(C) Notional amount of credit derivatives subject to credit equivalent amount calculations(Billions of yen)
As of September 30, 2010
As of September 30, 2011
Notional amount
Notional amountCredit derivatives type:
Credit default swap
Protection bought
4,529.4
3,488.7
Protection sold4,310.6
3,574.0
Total return swap
Protection bought
Protection sold
Total
Protection bought
4,529.4
3,488.7
Protection sold4,310.6
3,574.0
Note: Credit derivatives used for credit risk mitigation are as follows:
As of September 30, 2010
93.4

Credit derivatives used for credit risk mitigation

34(Billions of yen)
As of September 30, 201192.9

■ Securitization exposure(6) Quantitative disclosure items for securitization exposure○ Securitization exposure as originator(A) Information by type of underlying assets

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

214.9
4.1

-

0.5

-

CorporateRealestateSecuritization
products

Total

-

-

-

-

214.9
4.1

-

-

-

-

-

0.5

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

870.3

46.4

-

-

916.8

-

-

-

-

-

-

-

-

-

-

-

50.0

12.8

-

62.8

214.9

-

-

870.3

46.4

-

1,131.7

Creditcards

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, 2010

-

-

-

35

(Billions of yen)
As of, or for the six months ended, September 30, 2011
Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

183.1
2.6

-

0.4

-

CorporateRealestateSecuritization
products

Total

-

-

-

-

183.1
2.6

-

-

-

-

-

0.4

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

763.7
-

34.4
-

-

798.2

-

-

-

-

-

-

-

-

-

-

63.6

-

-

63.6

183.1

-

-

763.7

34.4

Creditcards

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)

-

-

-

-

981.4

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September
30, 2010 and 2011.
2. “Amount of underlying assets” and “Losses during the six-month period” include those related to, in addition to
exposure originated by us, exposure to assets originated by other financial institutions if they are contained in the same
securitization program.
3. “Default exposure” and “Losses during the six-month period” with respect to synthetic securitization transactions are
based on the definition of default as set forth in the respective transactions.
4. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction.
5. “Credit cards” include shopping credit receivables, card loans, etc.
6. The effects of risk mitigation, in the context of calculating capital adequacy ratio, of transfers (hedges) of risk throughsynthetic securitization transactions are reflected in “Required capital” of “(B) Information of securitization exposure
retained or purchased.”
7. Of the securitization exposure retained or purchased whose risk has been transferred (hedged) through securitization
schemes, we have categorized securitization exposure as investor if the risk transfer (hedge) effects are not reflected in
the calculation of capital adequacy ratio, following the definition for classification of securitization exposure set forthin the Consolidated Capital Adequacy Ratio Notice, etc.

36

(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, 2010
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Corporate

-

38.1
-

-

-

824.0
24.7
21.6
0.6

38.1

-

-

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from
capital
Total

-

871.0

(Billions of yen)RealestateSecuritization
products

Total

Requiredcapital

36.3
3.0
1.5

-

824.0
36.3
3.0
38.1
24.7
23.1

5.0
0.9
0.1
3.0
0.2
0.6

5.5

-

6.1

0.6

46.4

-

955.6

10.9

(Billions of yen)
As of September 30, 2011
Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Corporate

-

36.9
-

-

-

-

36.9

-

-

Up to 20%
Up to 50%
Risk
Up to 100%weightUp to 250%
Up to 650%
Over 650%
Deduction from
capitalTotal

RealestateSecuritization
products

Total

Requiredcapital

704.7
12.4
1.0
34.4
7.9
3.2

24.3
3.0
2.5

-

704.7
36.8
41.0
34.4
10.4

4.2
0.9
2.6
0.2
0.1

4.5

-

7.7

-

763.7

34.4

-

835.2

8.2

─Capital increase due to securitization transactions─(Billions of yen)
As of September 30, 2010

Capital increase due tosecuritization transactions

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

4.7

-

-

CorporateRealestateSecuritization
products

Total

-

-

-

4.7

(Billions of yen)
As of September 30, 2011

Capital increase due tosecuritization transactions

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

-

3.8

-

-

CorporateRealestateSecuritization
products

Total

-

-

-

3.8

Notes:
1. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction.
2. “Credit cards” include shopping credit receivables, card loans, etc.
─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, 2010 As of September 30, 2011
Credit risk-weighted assets calculated pursuant to Article
15 of Supplementary Provisions of the FSA Capital
Adequacy Ratio Notice37

○ 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
during the six-month period
Amount of exposures
securitized during the sixmonth period(Billions of yen)
As of, or for the six months ended, September 30, 2010

-

Auto
loans
92.0
-

Lease
payment
receivables
234.1
0.3

Account
and note
receivables
390.2
6.8

Real
estate-Others
12.0
0.2

Total
821.7
7.4

0.2

-

0.6

1.1

3.9

-

0.1

6.0

601.1

-

376.6

1,388.6

1,181.9-106.8

3,655.1

Credit
cards
93.1
-

Residential
mortgageloans-(Billions of yen)
As of, or for the six months ended, September 30, 2011

Amount of underlying assets
Default exposure
Estimated loss amountrelated to underlying assets
during the six-month period
Amount of exposures
securitized during the sixmonth period

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

RealestateOthers

Total

84.4
-

-

107.2
-

146.5
0.1

389.3
7.8

-

12.0
0.0

739.6
8.0

0.3

-

0.8

0.6

4.0

-

0.0

5.9

293.4

-

263.5

943.8

1,298.6-

42.0

2,841.4

Notes:
1. Items that refer to “during the six-month period” show amounts accumulated during the six months ended September 30,
2010 and 2011.
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.

38

(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, 2010

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 areoverseas assets

Credit
cards
120.1

-

Residential
mortgage
loans

-

Auto
loans
100.3

-

Lease
payment
receivables
228.0
7.7

-

Account
and note
receivables
338.6
34.0
0.1
0.6
1.8

Real
estate--(Billions of yen)

Others
32.6

-

Total
819.7
41.8
0.1
0.6
1.8

Requiredcapital
5.2
0.9
0.0
0.0
0.4

-

-

-

-

-

-

-

-

100.3

235.7

375.2

-

-

120.1

32.6

864.1

6.6

14.6

-

-

8.3

32.0

-

23.0

78.1

n.a.

(Billions of yen)
As of September 30, 2011

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 areoverseas assets

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

Account
and note
receivables

129.4
-

-

122.8
-

148.4
-

377.5
24.6
0.0
1.9
-

129.4

-

122.8

148.4

44.0

-

57.4

15.3

Real
estate Others

Total

Requiredcapital

-

27.0
-

805.2
24.6
0.0
1.9
-

5.2
0.5
0.0
0.1
-

404.1

-

27.0

831.8

5.9

87.2

-

21.0

225.1

n.a.

Notes:
1. Securitization exposure retained or purchased includes unused portions of securitization programs that are subject toallocation of required capital.
2. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
3. “Credit cards” include shopping credit receivables, card loans, etc.
4. The classification of transactions of which the underlying assets are overseas assets is conducted according to theprincipal underlying assets of each transaction.
─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, 2010
As September 30, 2011
Credit risk-weighted assets calculated pursuant to Article 15of Supplementary Provisions of the FSA Capital Adequacy
Ratio Notice-39

○ 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, 2010

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 overseas assets
Exposure on
resecuritizations(Billions of yen)

Residential
mortgageloans
1,442.3
7.2
14.7
1.8
1.5

Auto
loans
187.9
0.2
0.6

Lease
payment
receivables
140.9
2.6
0.9
0.7

Corporate
215.1
40.7
8.5
1.1
1.2

Real
estate
137.3
234.2
32.9
3.2
13.7

Others
108.2
9.2
3.3
-

Total
2,268.9
294.1
65.0
6.2
17.8

Requiredcapital
19.0
7.5
4.4
1.3
7.4

-

-

-

-

-

-

-

-

-

7.6

-

0.3

14.1

41.2

8.3

71.8

57.5

41.1
28.5

1,475.5
154.0

188.7
7.4

145.6
21.6

280.9
202.7

462.8
40.6

129.2
10.6

2,724.1
465.7

97.4
n.a.

-

0.4

-

-

6.9

0.0

3.2

10.6

n.a.

Credit
cards
36.8
4.2

-

(Billions of yen)
As of September 30, 2011

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 overseas assets
Exposure on
resecuritizations

Creditcards

Residential
mortgage
loans

Auto
loans

Lease
payment
receivables

CorporateRealestateOthers

Total

Requiredcapital26.8-

1,511.7
7.3
6.3
0.1
0.7
-

132.7
0.5
0.3
-

72.7
0.3
2.0
0.8
-

152.7
26.3
7.5
0.9
0.0
-

87.9
175.3
40.5
2.6
9.9
-

100.0
1.7
3.0
7.5
-

2,084.9
211.7
59.4
4.9
18.3
-

16.0
6.0
4.1
1.0
7.4
-

-

8.8

0.0

0.3

7.3

41.1

3.9

61.6

52.1

26.8

1,535.1

133.7

76.3

195.0

357.5

116.2

2,441.0

86.9

16.5
-

79.7
0.3

12.7
-

26.5
-

159.4
6.5

22.2
1.0

13.5
3.0

330.7
10.9

n.a.
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., as of September 30, 2010 and 2011 were ¥5.7 billionand ¥0.6 billion, respectively (treated as deduction from capital for purpose of capital adequacy ratio calculation).
2. Classification based on type of underlying assets is conducted according to the principal underlying asset type for eachtransaction. Transactions that are difficult to classify are included under “Others.”
3. “Credit cards” include shopping credit receivables, card loans, etc.
4. The classification of transactions of which the underlying assets are overseas assets is conducted according to theprincipal underlying assets of each transaction.
5. Securitization exposure retained or purchased whose risk transfer (hedge) effects are reflected in the calculation ofcapital adequacy ratio is categorized as securitization exposure as originator.
6. Securitization exposure as investor as of September 30, 2010 and 2011 includes ¥2.1 billion and ¥1.6 billion liquidity
facilities, respectively, 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.”─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, 2010
As of September 30, 2011
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, 2010 and2011 were ¥40.9 billion and ¥62.7 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,
2010
2.6
3.4
2.2
2.9
no caseFor the fiscal year
ended March 31,
2011
3.6
3.8
2.2
2.9
no case(Billions of yen)
For the six months
ended September 30,
2011
3.9
4.5
3.1
3.8
1

End 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 (265 business days).
○ Outlier criteria
As part of the capital adequacy requirements under Basel II, the losses arising from a banking book in hypothetical interest
rate shock scenarios under certain stress conditions are calculated and compared with the sum of Tier I and Tier II capital. If
the interest rate risk of the banking book leads to an economic value decline of more than 20% of the sum of Tier I and Tier
II capital, we will be deemed an “outlier” and may be required to reduce the banking book risk or adopt other responses.
The following table shows results of calculations under the outlier framework.
Amount of loss

Broadly-defined
capital8,180.7
7,910.9
7,615.2
n.a.
n.a.
n.a.

(Billions of yen)
Loss ratio
to capital
11.4%
9.9%
7.4%
n.a.
n.a.
n.a.

As of September 30, 2010936.1
As of March 31, 2011784.9
As of September 30, 2011
568.6
Effect of yen interest rate
372.2
Effect of dollar interest rate
170.8
Effect of euro interest rate
15.9
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.

41

■ Equity exposure in banking book(7) Status of equity exposure in banking book(A) Amounts stated in consolidated balance sheet
As of September 30, 2010
Consolidatedbalance sheet
amountFair value
Exposure of listed stock, etc.
2,647.0
2,647.0
Other equity exposure
317.5
n.a.
Total
2,964.6
n.a.
Note: The above figures include only Japanese and foreign stocks.

(Billions of yen)
As of September 30, 2011
Consolidatedbalance sheet
amountFair value
2,373.3
2,373.3
263.6
n.a.
2,637.0n.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,
2010
2011
Gains and
Gains andlosses on
losses on
Gains onLosses on
Gains onLosses on
sales
sales
sales
sales
sales
sales
17.3
36.2
18.8
10.0
38.1
28.0
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, 2010
September 30, 2011
Gains and losses from
Gains and losses fromwrite-offs
write-offs
Write-offs of equity exposure(28.6)(69.3)
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, 2010
As of September 30, 2011
Net
Net
unrealized
unrealized
Unrealized
Unrealized
Unrealized
Unrealized
gains
lossesgains
lossesgains
lossesEquity exposure
103.8
393.8
290.0
(53.2)
330.2
383.5
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, 2010 and 2011.

(F) Equities exposure by portfolio classification
PD/LGD approach
Market-based approach (simple risk weight method)
Market-based approach (internal models approach)Transitional measure applied
Total

As of September 30, 2010
941.5
274.6
2,245.4
3,461.6

42(Billions of yen)
As of September 30, 2011
883.5
265.1
1,964.7
3,113.4