2013 Annual Review

Contents

pageMessage from the Management

2

Mizuho's Group Companies

6

Office Network

10

Summary of Financial Results for Fiscal 201212

One MIZUHO New Frontier Plan—Stepping up to the Next Challenge—

15

Business Approaches

21

Initiatives to Support the Recovery from the Great East Japan Earthquake

34

CSR Initiatives

35

Corporate Governance, Profit Management System, Human Resources System

38

Internal Control Systems

44

Senior Executives

64

Location of Overseas Offices

66

Investor Information

69

Disclosure Policy, Privacy Policy Regarding Customer Information

71

Financial Analysis [Under Japanese GAAP]
Financial Data of Mizuho Financial Group, Inc. [Under Japanese GAAP]
Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries [Under Japanese GAAP]
Status of Capital Adequacy

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

Forward-Looking Statements
This Annual 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 bymanagement of future performance.
In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,”“probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forwardlooking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.
We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible
reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; 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
Business Plan, realize the synergy effects of the transformation into “one bank” and “One MIZUHO,” and implement other strategic initiatives andmeasures 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 March 31, 2013 and their effects on our financial condition and results of operations is included in the report on Form 6-K furnished to the SEC
on July 31, 2013 containing financial information for the first quarter of this fiscal year under accounting 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 atwww.sec.gov.
The contents of this Annual Review were prepared prior to the announcement of our financial results for the first quarter of fiscal 2013.
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 the Tokyo
Stock Exchange.

1Message from the Management

public investments. In China, the pace of recovery is slow
because of lingering inventory adjustment pressures andthe weakness of recovery in the major industrialized countries. Going forward, real estate prices and trends inexports, in particular, will require careful monitoring.
In Japan, although the economy was not showing
much improvement due to decreases in exports and production and other circumstances, it is experiencing a gradual recovery. As for the future direction of the economy,
while there are causes for some concern, such as the
downturn in overseas economies that pose the risk of acting as a drag on economic growth, there are prospects forthe economy to be back on course for recovery due tothe improved export situation following the depreciationof the yen against other currencies and the effects ofeconomic measures and monetary policies known as
Abenomics as well as other factors.

Review of Mizuho's Transformation Program

I would like to express my sincerest thanks for your continued interest in and support of our group.
Reviewing the recent economic environment, despite
the continuing weakness in the recovery of the global
economy and the further economic slowdown being felt
particularly in Europe and China last summer, there arevisible signs of recovery.
In the United States, gradual recovery in the economy
continues on the basis of improvement in the housing
market and increased consumer spending due to an
improvement in employment conditions and other factors,
although the risk of a slackening in the economy remains
owing to austerity measures. In Europe, the economies of
the region are gradually slowing down, with the fiscal
problems experienced by certain countries impacting thereal economy. In the meantime, the circumstances underwhich reduced budgets may result in an economic slowdown or political instability are expected to continue, particularly among southern European countries, and it is difficult to predict the effects of the slowdown of theEuropean economy on the global economy. On the other
hand, in Asia, although the economies of the region as awhole are slowing because of the impact of the decline inexports to Europe, among other factors, they are showing
signs of recovery especially in ASEAN countries, mainly
due to domestic stimulus measures, such as increased
2

Amid this environment, we have been devoting our fullest
efforts to consummating our drive to deal with the threeareas cited in Mizuho's Transformation Program, which
was originally announced in May 2010. Reviewing the initiatives that we took over the past three years, nearly all
the targets have been achieved, including consolidated
net income of ¥500.0 billion.
First, regarding our Program for Improving Profitability,
consolidated net income for fiscal 2012 amounted to¥560.5 billion, with an achievement ratio of approximately 112% against our planned net income for fiscal 2012.
This was due to favorable results in our overseas businessand Trading and Others, Mizuho Securities' return to positive net income, and our group-wide efforts to reformthe cost structure drastically. Under our Program for
Enhancing the Financial Base, we made major progressin strengthening the quality and quantity of our capitaland achieved our consolidated Tier 1 capital ratio targetof 12% (Basel II basis). As regards our Program forStrengthening Front-Line Business Capabilities, we havesteadily implemented various measures, including streamlining our corporate management functions, reforming
the structure of our IT costs and consolidating operations.
We plan to make a cash dividend payment of ¥6 pershare of common stock for fiscal 2012 (including an interim dividend of ¥3 per share) as well as make dividend
payments on preferred stock as prescribed.

Commencement of the New Medium-term
Business Plan
We have commenced our new medium-term businessplan, “One MIZUHO New Frontier Plan—Stepping Up to
the Next Challenge—,” as of April this year. The new business plan has its sights set 10 years into the future. It takes
into consideration the more than decade-long history ofMizuho and is designed to address structural changes inthe economy and society both in Japan and overseas, aswell as changes in the regulatory environment. The new
business plan also clearly reflects our thinking about whata financial institution should be as well as Mizuho's reason for existence and our responsibility to society. Under
our business strategy as set forth in the plan, we aim to
maximize our differentiating features and our competitive
advantages as the only financial group in Japan with banking, trust and securities functions under one umbrella and,
thereby, further improve customer convenience. On theother hand, in our financial strategy, we aim to convert
to a business portfolio and profit structure that combines
stability and growth, centered on customer business. At
the same time, we will focus on establishing a position
for solid profitability through our actions to reform our
expense structure.

Establishment of an Advanced GroupManagement Structure and the New Mizuho Bank
Furthermore, we have set the course of our management policy to establish a new corporate structure andstrengthen corporate governance. More specifically, we
have implemented a set of measures, starting with turning our trust banking and two securities subsidiaries into
our wholly-owned subsidiaries in September 2011. We
also merged Mizuho Securities and Mizuho Investors
Securities in January 2013, and turned the new Mizuho
Securities into a directly-held subsidiary of the Mizuho
Financial Group in April. Thus, we have moved to a newgroup capital structure, which places banking, trust banking, securities, and other core group companies under the
direct control of the holding company.
In addition, we conducted a merger between Mizuho
Corporate Bank and Mizuho Bank in July 2013.
By making optimal use of the strengths and advantages that the two banks have cultivated to date, the new
Mizuho Bank will provide multifaceted and seamless
financial services to all individual and corporate customers. Also, as Japan's leading bank with one of thelargest customer bases in the country, it will draw on thegroup's comprehensive capabilities, our group's biggest
competitive advantage, to implement and act as a driving
force for our strategy of integrated management of banking, trust, and securities functions.
The birth of the new Mizuho Bank completed the basic
structure for integrated group management. Going forward, we will continue to develop even more advanced
and sophisticated group management approaches andstrengthen corporate governance of the group.
In addition, by accelerating the integrated management of banking, trust and securities functions and combining these functions seamlessly, we will strengthen our
structure for responding to our customers' varying needs
more precisely and in a timely manner. This will enable us
to further improve customer convenience and offer significantly higher-value-added financial services, which will
position Mizuho to become “the most trusted financial
services group,” ”the best financial services provider,”and ”the most cohesive financial services group.”“One MIZUHO: Building the Future with You”
Along with our actions toward forming a new, common
corporate culture as we push forward toward the new
Mizuho as a unified group, we have developed a new
brand slogan, “One MIZUHO: Building the future withyou,” from the perspective of building the optimal brandfor the new Mizuho. In the spirit of One MIZUHO, we will
aim to become the most trusted financial services groupwith a global presence and a broad customer base, contributing to the prosperity of the world, Asia, and Japan.
Furthermore, we will endeavor to fulfill our social mission
as a financial institution, and continue to devote ourefforts to providing our customers with a smooth supplyof funds.
We sincerely appreciate your continuing support forthese endeavors.

July 2013

Yasuhiro Sato
President & Group CEO
Mizuho Financial Group, Inc.
President & CEO
Mizuho Bank, Ltd.

3

Message from the Management

Mizuho Trust & Banking

Initiatives of Mizuho Trust & Banking
As Mizuho's sole trust bank providing trust functions, we
endeavor to meet the various needs of our customers
through offering products and services that make use of
the special features of trusts. At the same time, we arepromoting integrated management of banking, trust andsecurities functions.
For individual customers, we offer solutions unique totrust banks based on our sophisticated expertise. Ourservices range from asset management services, including
money trusts and other products, to consulting on asset
and business inheritance.
For corporate customers, we provide the best trustrelated solutions to address their management needs
through trust services, including real estate-related trusts,
securitization, and other services where we have strengths
as well as our financial consulting services.
We are establishing joint branches offering banking,trust and securities functions and are also setting up Trust
Lounges that specialize in offering consultation services,to provide unique trust services, including asset inheritance and real estate-related business. Furthermore, we
endeavor to provide services only Mizuho can provide byleveraging the branch networks and sales channels of ourgroup companies. These services include selling money
trusts Chochiku no Tatsujin (Expert Saver), at all branchesof Mizuho Bank, consolidating ordinary deposit accounts
and ATMs with Mizuho Bank, and deploying inheritanceconsultants well versed in inheritance arrangements tosome branches of Mizuho Bank.

To become the “Trust Bank that is Most Trusted
by Customers”
To realize our group's medium-term business plan, “OneMIZUHO New Frontier Plan—Stepping Up to the Next
Challenge—,” we launched our own medium-term
4business plan beginning in fiscal 2013. We will thoroughly
pursue integrated management of banking, trust andsecurities functions and endeavor to enhance our trust
functions and services to provide comprehensive financial
services to group customers.
In addition, to offer advanced and specialized services
in the areas of asset and business inheritance, we will
enhance our consulting functions.
Moreover, we will open new frontiers in the trust business and develop new products and services. The range ofareas where trust functions can be utilized is expanding
along with changes in the economic environment andsocial conditions. Mizuho is aiming to contribute to economic, social and regional development by confronting
the challenges of developing new trust products and services that respond to a broad spectrum of customer needs.
Under the spirit of One MIZUHO, we aim to become
the “trust bank that is most trusted by customers.”
We sincerely appreciate your continuing patronage.

July 2013

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

Mizuho Securities' Medium-term Business Plan

Mizuho Securities

Mizuho Securities and Mizuho Investors Securities conducted a merger on January 4, 2013, becoming the solefull-line securities company of the Mizuho Financial
Group. Under the slogan of “One MIZUHO: Building thefuture with you,” we will promote seamless collaboration
between banking, trust and securities businesses andthereby provide high-value-added securities services to
Mizuho's customers.

Based on Mizuho's new medium-term business plan, we
have prepared our own medium-term business plan covering the period from fiscal 2013 through fiscal 2015. In
this business plan, we have set two goals and future
vision for the company.
The first of these is as a participant of financial andcapital markets, to strive to provide growth capital throughmarkets and contribute to the economic growth of Japan,
Asia, and the world through sound development of markets. The second is to become a company which supports
its customers to build up their assets and enhance theircorporate value, and shares joy with them.
To reach these two objectives, we will build on ourcurrent strengths and raise our capabilities to the nextlevel as we substantially enhance our collaboration with
Mizuho's banking and trust banking arms, to offer evenhigher-value-added products and services.
We sincerely appreciate your continuing support.

Mizuho Securities' Services
By collaborating with other group companies, we offer
the best solutions to meet the diverse needs of our customers among individuals, corporations, financial institutions, public-sector entities and institutional investors.
For individual customers, we provide financial products
including equities, bonds and investment trusts as well as
timely research information, by leveraging our industryleading level branch network and other channels such as
the Internet and call centers. Going forward, we will continue to further strengthen our branch network throughsignificantly closer collaboration with Mizuho Bank andMizuho Trust & Banking and expand our lineup of investment products and services.
For corporate customers, we offer equities, bonds andother securities underwriting operations, support for listing stocks, advisory services for various types of financial
matters and capital management, M&A advisory, structured finance and other solutions that respond appropriately to the business strategies of our customers.
For customers among institutional investors, in addition
to providing products and various research reports thatsuit our customers' investment strategies, we are further
reinforcing our execution capabilities, thus meeting theincreasingly sophisticated needs of our customers.

July 2013

Hiroshi Motoyama
President & CEO
Mizuho Securities Co., Ltd.

5

Mizuho's Group Companies

On April 1, 2013, we commenced our new medium-term business plan, “One MIZUHO New Frontier Plan—Stepping Up to the
Next Challenge—.”Along with this, we moved to a new group capital structure, placing banking, trust banking, securities and other core groupcompanies under the direct control of the holding company.
By bringing together our various financial functions including banking, trust and securities functions, we endeavor to meet thediverse needs of our customers.

Mizuho's Group Structure
Mizuho Financial Group

Mizuho Private Wealth Management

Mizuho Financial Strategy

Mizuho Information & Research InstituteMizuho Research InstituteDIAM

Mizuho Asset Management

Trust & Custody Services Bank

Mizuho Securities

Mizuho Trust & Banking

Mizuho Bank

Ratings (As of July 31, 2013)
R&I
Long Term Short Term

Mizuho Financial Group
Mizuho Bank
Mizuho Trust & Banking
Mizuho Securities

A
A+
A+
A+

a–1
a–1
a–1
a–1

JCR
Long Term Short Term

Moody'sLong Term Short Term

—
AA–

—

—

P–1

—

A1

AA–
AA–

—
J–1+

Standard & Poor's
Long Term Short Term

Fitch
Long Term Short Term

A–1

A–
A–

F1

A+

A–1

A–

F1

—

—

—

—

P–1

A
A+

A1

P–1

A2*

P–1*

—

F1

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

6

Profiles of Group Companies(As of March 31, 2013 except for Mizuho Bank, which is as of July 1, 2013. However, the number of employees for Mizuho Bank is as of March 31, 2013.)

Mizuho Financial Group (MHFG)
Date of Establishment:
Capital:Issued Shares:

January 8, 2003
¥2,254,972 million
25,116,306,477 shares
Common Stock: 24,164,864,477 shares
Preferred Stock: 951,442,000 shares
Location of Head Office: Marunouchi 2-chome Building, 2-5-1, Marunouchi, Chiyoda-ku, Tokyo 100-8333, Japan
Tel. +81-(0)3-5224-1111
Representative:
Yasuhiro Sato, President & CEO (concurrently assumes President & CEO of Mizuho Bank)
Number of Employees: 1,061

Mizuho Bank (MHBK)
Date of Establishment: July 1, 2013
Capital:¥1,404,065 million
Location of Head Office: 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210, Japan
Tel. +81-(0)3-3214-1111
Representative:
Yasuhiro Sato, President & CEO
Number of Employees: 26,564*
Domestic Network
Head Office and Branches: 420 Sub-branches: 39
Overseas Network
Branches or Relevant Offices: 34 Representative Offices: 6*Aggregate figures of former Mizuho Corporate Bank and former Mizuho Bank as of March 31, 2013.

Mizuho Trust & Banking (MHTB)
Date of Establishment: March 12, 2003
Capital:¥247,369 million
Location of Head Office: 1-2-1, Yaesu, Chuo-ku, Tokyo 103-8670, Japan
Tel. +81-(0)3-3278-8111
Representative:
Takeo Nakano, President & CEO (Appointed on April 1, 2013)
Number of Employees: 3,117
Domestic Network
Head Office and Branches: 36 Sub-branches: 16 (Trust Lounges: 15)
Overseas Network
Subsidiaries: 2

Mizuho Securities (MHSC)
Date of Establishment: January 4, 2013
Capital:¥125,167 million
Location of Head Office: Otemachi First Square, 1-5-1, Otemachi, Chiyoda-ku, Tokyo 100-0004, Japan
Tel. +81-(0)3-5208-3210
Representative:
Hiroshi Motoyama, President & CEO
Number of Employees: 7,295
Domestic Network
Head Office and Departments: 3 Branches and Sales Offices: 118
Planet Booths: 168 Financial Advisors Sales Department: 1
Overseas Network
Subsidiaries: 8 Representative Offices: 2

7

Mizuho's Group Companies

Trust & Custody Services Bank (TCSB)As Mizuho's trust bank specializing in asset administration, TCSB will continue to provide high-quality, high-value-added trust andcustody services to customers including large institutional investors. As of March 31, 2013, the balance of assets under management was approximately ¥358 trillion, the largest scale in Japan.
Date of Establishment: January 22, 2001
Capital:¥50,000 million
Location of Head Office: Tower Z, Harumi Triton Square,
1-8-12, Harumi, Chuo-ku, Tokyo
Representative:
Hitoshi Maeda, President & CEO
Number of Employees: 477

Key Indicators
Ordinary Income
Net Business Profits
Ordinary Profits
Net Income(Millions of ¥)Fiscal 2012 Fiscal 2011 Fiscal 2010
21,526
21,93921,825
1,333
1,005
1,113
1,296
984
1,078
794
557
527

Mizuho Asset Management (MHAM)
MHAM's core businesses are investment trust business, mainly for individuals and financial institutions, and investment advisorybusiness, principally for public and private pensions, financial institutions and corporations. MHAM's asset management products
and services cover a wide range from equities and bonds to alternative investments.
Date of Establishment: May 26, 1964
(Date of Merger:
July 1, 2007)
Capital:¥2,045 million
Location of Head Office: 3–5–27, Mita, Minato–ku, Tokyo
Representative:
Shinichiro Tanaka, President
Number of Employees: 283

Key Indicators
Operating Revenue
Ordinary Profits
Net Income(Millions of ¥)Fiscal 2012 Fiscal 2011 Fiscal 2010
18,14017,81918,723
731
882
1,111
469
716
640

DIAM
DIAM is an asset management company in which The Dai-ichi Life Insurance and Mizuho both have equity holdings. DIAM collaborates with its offices in Europe, the United States and Asia to offer investment trust products to individuals and corporate customers, as well as provide investment advisory services to customers including Japanese and overseas pension funds.
Date of Establishment: July 1, 1985
(Date of Merger:
October 1, 1999)
Capital:¥2,000 million
Location of Head Office: New Tokyo Building 5th Floor, 3-3-1,
Marunouchi, Chiyoda-ku, Tokyo
Representative:
Norio Nakajima, President & CEO
Number of Employees: 409
Overseas Network
Subsidiaries: 4

Key Indicators
Operating Revenue
Ordinary Profits
Net Income(Millions of ¥)Fiscal 2012 Fiscal 2011 Fiscal 2010
30,34930,63529,815
6,335
7,259
6,310
3,894
4,454
3,411

Mizuho Research Institute (MHRI)MHRI is a think tank with high-level research and solution-development divisions as well as its own corporate membership organization. MHRI's missions are working to contribute to the prosperity of its customers and the development of society through its
research activities.
Date of Establishment: December 2, 1967
(Date of Merger:
October 1, 2002)
Capital:¥900 million
Location of Head Office: 1-2-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative:
Mitsuaki Tsuchiya, President & CEO
Number of Employees: 280

8

Key Indicators
Operating Revenue
Ordinary Profits
Number of Corporate
Members(Millions of ¥)Fiscal 2012 Fiscal 2011 Fiscal 2010
7,155
7,141
6,765
538
320
280
27,376

27,74328,574

Mizuho Information & Research Institute (MHIR)
With IT as its core technology, MHIR is a professional organization with more than 4,000 employees that provides assistance tocorporations in increasing their corporate value through its consulting, system integration and outsourcing services.
Date of Establishment: May 11, 1970
(Date of Merger:
October 1, 2004)
Capital:¥1,627 million
Location of Head Office: 2-3 Kanda-Nishikicho, Chiyoda-ku, Tokyo
Representative:
Junichi Nishizawa, President & CEO(Appointed on April 1, 2013)
Number of Employees: 4,259

Key Indicators
Sales
Ordinary Profits (Losses)
Net Income (Losses)(Millions of ¥)Fiscal 2012 Fiscal 2011 Fiscal 2010
151,841
186,063
146,682
3,950
2,505
(75)
2,414
1,325
(47)

Mizuho Financial Strategy (MHFS)
MHFS offers research and advisory services relating to matters such as establishment of holding companies, smooth implementation of group management and building group information security management systems.
Date of Establishment: September 29, 2000
Capital:¥10 million
Location of Head Office: 2-5-1, Marunouchi, Chiyoda-ku, Tokyo
Representative:
Hideyuki Takahashi, President
Number of Employees: 41

Mizuho Private Wealth Management (MHPW)MHPW offers consulting services tailored to the needs of its customers. These services range from consulting on customers' financial matters such as wealth management, arranging for business inheritance to advice on customers' individual matters, including
health of the customers themselves as well as family members and children's education.
Date of Establishment: October 3, 2005
Capital:¥500 million
Location of Head Office: 1-1-5, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative:
Nobutake Nishijima, President (Appointed on April 1, 2013)
Number of Employees: 25

Notes: 1. The representatives of each company have representation rights.
2. The figures for key indicators are rounded down to the nearest million yen.
3. The numbers of employees do not include each company's employees dispatched outside each company while it includes employees dispatchedfrom outside each company. This figure also includes overseas local staff but excludes executive officers and temporary employees.

9Office Network

We utilize our office network, which covers every prefecture in Japan as well as major overseas cities, to respond to ourcustomers' diversified and globalizing financial needs while supporting the smooth progress of economic activities.

International Network (As of July 1, 2013)
MHBK

MHTB

Overseas branch or relevant office
Overseas representative office
Overseas subsidiary

MHSC

Overseas subsidiary

DIAM
Overseas subsidiary

Overseas subsidiary
Overseas representative office

AmsterdamDüsseldorf
Frankfurt

LondonBeijing

Luxembourg

Moscow

Brussels
ViennaParis
MadridDalianQingdao

Seoul

Nanjing
Wuxi
Hefei*3
Wuhan
XiamenIstanbul
ZurichTehranMilan

TianjinSuzhouNew Delhi

BahrainRiyadhDubai

Shenzhen
Guangzhou
Hong Kong
Hanoi

ShanghaiTaipeiTaichung
Kaohsiung

MumbaiBangalore-Devanahalli
YangonBangkokPhnom Penh*1
Ho Chi Minh City

ManilaKuala Lumpur
LabuanSingapore
Jakarta

Sydney• MHBK established the Bangalore-Devanahalli Branch and started its business operations in April 2013.
• MHBK received approval from the Reserve Bank of India to establish a new branch in Chennai, India in November 2012 and is making preparations toopen the new branch by the end of November 2013.
*1. MHBK opened the Phnom Penh Representative Office on July 8, 2013.
*2. Banco Mizuho do Brasil, a wholly-owned subsidiary of MHBK, started its business operations on July 31, 2013.
*3. Mizuho Corporate Bank (China) established the Hefei Branch and started its business operations on August 9, 2013.

10

Chicago

TorontoBostonVancouver

Hoboken
New York

San Francisco

Atlanta
HoustonNassauCaymanLos Angeles

Mexico City

Network in Japan(As of July 1, 2013)

MHBK
Head Office and Branches: 420
Sub-branches: 39

MHTB
Head Office and Branches: 36
Sub-branches: 16São Paulo

*2

MHSC
Head Office and Departments: 3
Branches and Sales Offices: 118
Planet Booths: 168
Financial Advisors Sales Department: 1*Planet Booths are the consulting boothsof MHSC located in MHBK's Branches

11Summary of Financial Results for Fiscal 2012

Consolidated

Summary of Income Statement

Consolidated net business profits for fiscal 2012 amounted to ¥912.1 billion, a year-on-year increase of ¥193.0
billion.
• Gross profits of Mizuho Corporate Bank, Mizuho Bank andMizuho Trust & Banking (the Three Banks) increased by¥78.5 billion year-on-year to ¥1,686.1 billion. Comparedto fiscal 2011, total income from Customer Groups including domestic business increased by ¥26.4 billion, with anincrease in income from overseas business, particularly
from Asia. In addition, income from Trading & Others
increased by ¥52.2 billion.
• General & administrative (G&A) expenses of the Three
Banks decreased by ¥39.6 billion year-on-year to ¥839.7
billion.
• Consolidated gross profits (net operating revenues) of
Mizuho Securities increased by ¥80.9 billion year-on-year to¥294.7 billion and selling, general and administrative(SG&A) expenses decreased by ¥1.9 billion year-on-year to¥260.1 billion (simple aggregate figures for Mizuho
Investors Securities, before the merger with Mizuho
Securities conducted on January 4, 2013, and Mizuho
Securities).
Consolidated net income amounted to ¥560.5 billion, a
year-on-year increase of ¥75.9 billion. This was a 112%
achievement against the earnings plan for fiscal 2012of ¥500.0 billion in consolidated net income. When
excluding the previous fiscal year's special item (¥77.4
billion impact of turning the three listed subsidiaries
into wholly-owned subsidiaries), it recorded a year-onyear increase of ¥153.4 billion.
• Consolidated credit-related costs amounted to ¥111.8 billion with a year-on-year increase in costs of ¥139.5 billion.
• Consolidated net gains (losses) related to stocks decreasedby ¥44.7 billion year-on-year to net losses of ¥82.9 billion,
mainly due to recording impairment losses for certain
stocks reflecting a decline in stock prices.
• Mizuho Securities returned to the black for the first time ona full year basis since fiscal 2009, with consolidated net
income of ¥25.9 billion (simple aggregate figures for
Mizuho Investors Securities, before the merger with Mizuho
Securities conducted on January 4, 2013, and Mizuho
Securities).

12(billions of ¥)Fiscal 2012
Change from fiscal 2011

Consolidated gross profits
2,171.7+168.6
Consolidated net business profits*1
912.1+193.0Credit-related costs(111.8)(139.5)
Net gains (losses) related to stocks(82.9)(44.7)
Ordinary profits
750.3+101.8
Consolidated net income
560.5
+75.9
*1. Consolidated gross profits - G&A expenses (excluding non-recurring
losses) + equity in income from investments in affiliates and certain
other consolidation adjustments(Reference) Three Banks(billions of ¥)Gross profits
Customer Groups
Trading & Others
G&A expenses (excluding non-recurring losses)
Net business profits
Credit-related costs
Net gains (losses) related to stocks
Ordinary profits
Net income

Fiscal 2012
Change from fiscal 2011

1,686.1
1,280.2
405.8(839.7)846.3(114.1)(131.2)
569.7
511.2

+78.5
+26.4
+52.2
+39.6
+118.2(138.9)(80.9)(7.8)+83.0

Loan Balance and Domestic Loan-and-Deposit
Rate Margin
Average loan balance*2 of the Three Banks for the second half of fiscal 2012 amounted to ¥66.5 trillion.
Compared to the first half of fiscal 2012, average loanbalance of domestic branches increased by approximately ¥0.6 trillion, excluding the impact of a decreasein loans to the Japanese Government, whereas that ofoverseas branches increased by approximately ¥0.6 trillion, excluding the foreign exchange translation impact.
Domestic loan-and-deposit rate margin of Mizuho
Corporate Bank and Mizuho Bank (the Two Banks) for
the second half of fiscal 2012 decreased from the firsthalf of fiscal 2012, due to a decline in return on loans
and bills discounted.

Domestic Loan-and-Deposit Rate Margin(*3) (Two Banks)

Average Loan Balance(*2) (Three Banks, banking account)
Domestic branches(trillions of ¥)70

Return on loans and bills discounted: aOverseas branches(*4)

Loan-and-deposit rate margin: a-b

Costs of deposits and debentures: b
(%)
1.8

65

1.6

60

1.4

55

1.2

50

1.0

10

0.4

5

0.2

0

Fiscal 2008
(first half)

Average loan balance ¥65.8 tn.
Overseas branches¥9.3 tn.
Domestic branches ¥56.5 tn.
Loan balance as¥66.6 tn.
of the period end
Return on loans andbills discounted: aLoan-and-deposit rate
margin: a-b
Costs of deposits anddebentures: b

Fiscal 2008
(second half)

Fiscal 2009
(first half)

Fiscal 2009(second half)

Fiscal 2010
(first half)

Fiscal 2010(second half)

Fiscal 2011
(first half)

Fiscal 2011(second half)

Fiscal 2012
(first half)

Fiscal 2012(second half)¥68.0 tn.

¥66.7 tn.

¥63.0 tn.

¥61.0 tn.

¥61.1 tn.

¥60.8 tn.

¥63.8 tn.

¥62.5 tn.

¥66.5 tn.

¥7.7 tn.
¥60.2 tn.

¥8.0 tn.
¥58.6 tn.

¥7.3 tn.
¥55.6 tn.

¥6.3 tn.
¥54.6 tn.

¥6.8 tn.
¥54.3 tn.

¥7.0 tn.
¥53.7 tn.

¥9.2 tn.
¥54.5 tn.

¥8.7 tn.
¥53.7 tn.

¥12.8 tn.
¥53.7 tn.

¥69.7 tn.

¥63.5 tn.

¥61.5 tn.

¥61.3 tn.

¥62.2 tn.

¥60.8 tn.

¥63.1 tn.

¥62.8 tn.

¥66.5 tn.

1.79%

1.74%

1.61%

1.55%

1.49%

1.45%

1.39%

1.37%

1.33%

1.30%

1.44%

1.46%

1.41%

1.39%

1.36%

1.36%

1.32%

1.30%

0.34%

0.28%

0.19%

0.15%

0.12%

0.08%

0.07%

0.06%

(

1.26%

) (

1.24%

(*5) 1Q 1.27% (*5) 3Q 1.24%
2Q 1.26%0.06%

4Q 1.24%

0.06%

0.0
+¥0.6 trillion,
excludingthe foreignexchangetranslation
impact of yen
depreciation)*2. Excluding loans to Mizuho Financial Group*3. Aggregate figures of domestic operations of Mizuho Bank and Mizuho Corporate Bank, excluding loans to Mizuho Financial Group, Deposit Insurance
Corporation of Japan and the Japanese Government.
*4. Including foreign exchange translation impact*5. 1Q: the first quarter, 2Q: the second quarter, 3Q: the third quarter, 4Q: the fourth quarter

Non-interest Income

Financial Soundness

Non-interest income from Customer Groups of the Three
Banks for fiscal 2012 significantly increased year-on-year.

The balance of disclosed claims of the Three Banks under
the Financial Reconstruction Law (FRL) as of March 31,
2013 increased from September 30, 2012, to ¥1.29 trillion. Non-performing loan (NPL) ratio remained at a low
level of 1.71%.
Consolidated unrealized gains (losses) on other securities*8 as of March 31, 2013 significantly increased by¥874.2 billion from September 30, 2012 to ¥878.1 billion, mainly due to a rise in stock prices.

(Three Banks, managerial accounting*6)(billions of ¥)
550
500

+56.6

450

0
Non-interest Income

Fiscal 2011

Fiscal 2012

¥453.0 bn.

¥509.7 bn.

*6. Following the commencement of the “substantive one bank” structure, new managerial accounting rules have been applied since thebeginning of fiscal 2012. The figure for fiscal 2011 was re-calculated
based on the new rules (the impact for fiscal 2011 was approximately +¥45 billion).

<Breakdown of year-on-year changes (rounded figures)>
Solution business-related: +¥18 billion
Investment trusts & individual annuities: +¥9 billion
Settlement & foreign exchange: +¥1 billion
International business: +¥18 billion
Trust & asset management*7: –¥1 billion
Others: +¥12 billion*7. Trust and Asset management business of Mizuho Trust & Banking*8. The base amount to be recorded directly to net assets after tax andother necessary adjustments.
(Three Banks)

Disclosed claims under the FRL

NPL ratio (right axis)(trillions of ¥)
1.5

(%)
2.5

1.0

2.0

0.5

1.5

0.0

March
2010

Disclosed claims
under the FRL ¥1.31 tn.
NPL ratio
1.91%(right axis)

March
2011

March
2012

September
2012¥1.20 tn. ¥1.16 tn. ¥1.15 tn.
1.72%

1.63%

1.63%

March
2013

1.0

¥1.29 tn.
1.71%

13

Summary of Financial Results for Fiscal 2012

Capital Adequacy

Consolidated total capital ratio, Tier 1 capital ratio, Common
Equity Tier 1 capital ratio (CET1 ratio) as of March 31, 2013
amounted to 14.19%, 11.03% and 8.16%, respectively.
We have been implementing “disciplined capital management” by pursuing the optimal balance between“strengthening of stable capital base” and “steady returns
to shareholders.”
With regard to the new capital regulations (Basel III) for
which implementation period commenced from the end of
March 2013, we aim to increase the CET1 ratio (fully-effective
basis*9, including the Eleventh Series Class XI Preferred
Stock*10) to 8% or higher as of the end of fiscal 2015, thefinal year of our new medium-term business plan. Specifically,
we will strive to accumulate our capital steadily and tostrengthen our financial base further, mainly by accumulating retained earnings and improving asset efficiency throughthe steady implementation of our various initiatives in the
new medium-term business plan.
In the medium- to long-term, we aim to accumulate asufficient level of CET1 capital, giving due regard to thetimeline of the phase-in implementation through the end of
fiscal 2018. Accordingly, we believe we will be able to sufficiently meet the new capital regulations including theframework to identify G-SIFIs.
(Basel III basis)

Total capital ratio
Tier 1 capital ratio
CET1 ratio

As of March 31, 201314.19%
11.03%
8.16%*9. Estimated figure with regulatory adjustments fully deducted underfully-effective basis as of the end of fiscal 2018.
*10. Although preferred stocks are not classified as CET1 capital underthe Basel III, our calculation includes the Eleventh Series Class XI
Preferred Stock (mandatory conversion date: July 2016) in CET1
capital. The outstanding balance of the Eleventh Series Class XI
Preferred Stock as of March 31, 2013 (excluding treasury stock)
was ¥340.6 billion (63.9% of the initial amount issued of ¥943.7
billion had already been converted into common stock as of suchdate).
Note: The above contains statements that constitute forward-looking
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995. See the disclaimer at thebottom of page 1 of this Annual Review for information regarding factors that could cause actual results to differ from those in
the forward-looking statements.

14

One MIZUHO New Frontier Plan—Stepping up to the Next Challenge—

Review of “Mizuho's Transformation Program” and One Bank Synergy

MHFG was established ahead of other financial groups under a financial holding company structure in September 2000. Since aninternal reorganization in April 2002, it has strived to enhance its profitability by providing customers with the highest quality
financial services through mutual cooperation among its legally separate group companies based on customer segments andfunctions centered on the holding company.
By promoting “Mizuho's Transformation Program,” which was formulated in May 2010, Mizuho has implemented initiatives
including strengthening in business areas where the group has competitive advantages, improving financial strength and asset efficiency, and advancing organizational structure and business infrastructure. Mizuho launched its substantive one bank structure in
April 2012 and has taken actions to realize early synergy benefits ahead of the merger of MHCB and MHBK conducted in July 2013.

Review of Mizuho's Transformation Program
Program for
Improving
Profitability

Program for
Enhancing
Financial Base
Program forStrengthening
Front-line Business
Capabilities• Consolidated net income amounted to ¥560.5 billion for fiscal 2012, exceeding the target of ¥500.0 billion
Achieved consolidated ROE of 10.3% (Target: 10% level in fiscal 2012)• Achieved the reduction target of G&A expenses by decreasing ¥59.1 billion on a Three Banks basis (Target: ¥50.0
billion reduction from fiscal 2009)
Achieved expense ratio of 49.8% in fiscal 2012 which was lower than the target ratio of lower 50% levelOverseas business expanded favorably, with income from Asian operations doubling•• Mainly through steady accumulation of retained earnings and efficient management1 of risk-weighted assets, the capi•

tal adequacy ratio has reached a sufficient level (Tier 1 Ratio: approximately 12.8%* ) (as of March 2013, Basel II basis)
CET1 Ratio: 8.74% (as of March 2013, Basel III basis) *2
Stock portfolio reduction was only ¥491.3 billion, half of the target figure
Approximately 80% achievement ratio, including the consented amounts to sell (approximately ¥294.0 billion)• Unification of business structure across the group has progressed steadily. Group reorganization has been accelerat•

ed, through the transformation into “one bank”, turning the listed subsidiaries into wholly-owned, etc. One Bank
synergy realized was ¥50.0 billion (+¥20.0 billion against fiscal 2012 target of ¥30.0 billion)
Pursue One MIZUHO synergies (+¥90.0 billion in the next three years)
Redeployed 1,139 personnel, more than the targeted number (1,000) for the three years, to the marketing front-line*1. Estimated Tier 1 Ratio calculated on a Basel II basis (as of March 2013)*2. Including the Eleventh Series Class XI Preferred Stock (balance as of March 2013: ¥340.6 billion, mandatory conversion date: July 1, 2016)

Early Synergy Benefits from Merger of MHCB and MHBK•••

Demonstrated a steady progress in cross-marketing between MHCB
and MHBK• Significant increase in housing loans arranged for employees andexecutives of corporate customers (over +¥100 billion year-on-year)• Increase in Solution Business-related income from MHBK corporate
customers (+¥6.0 billion year-on-year)• Steady increase in overseas income from business with Japanese corporate customers (+20% year-on-year, regarding MHBK's customers)
Synergies in the Trading segment were realized ahead of schedule• 300% progress rate in Markets Unit which accelerated unification ofoperations of fund positions in addition to more efficient treasury
management within the group
Unification of headquarters and operations functions, merger of securities subsidiaries, and personnel reduction, etc.
• Cost reduction significantly exceeded the plan (200% against theplan) mainly due to personnel reduction, efficient management offacilities, and merger effects of securities subsidiaries(Billions of ¥, round figure)Fiscal 2012
Estimates

Fiscal 2012
Results

Progress

Revenue Synergies

+20.0

+30.0

150%

+17.0

+27.0

159%

Retail

+3.0

+3.0

100%

Corporate

+10.0

+12.0

120%

Markets

+4.0

+12.0

300%

+3.0

+3.0

100%

+10.0

+20.0

200%

+10.0

+20.0

200%

+30.0

+50.0

167%

Banking Operations

Group Collaboration

Cost Synergies
Personnel Downsizing
Other Cost Reductions

Total+¥20.0 billion against the Estimates(Note) Figures above are estimated synergy effects compared to fiscal 2011
results based on managerial accounting

Based on the benefits and challenges emerging through these actions, MHFG has formulated a new medium-term businessplan, “One MIZUHO New Frontier Plan—Stepping up to the Next Challenge—,” for the three years from fiscal 2013.
Notes:1. MHFG: Mizuho Financial Group, MHCB: Mizuho Corporate Bank, MHBK: Mizuho Bank, MHTB: Mizuho Trust & Banking, MHSC: Mizuho
Securities, MHIS: Mizuho Investors Securities
2. The above contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation
Reform Act of 1995. See the disclaimer at the bottom of page 1 of this Annual Review for information regarding factors that could cause actual
results to differ from those in the forward-looking statements.

15

One MIZUHO New Frontier Plan—Stepping up to the Next Challenge—

New Medium-term Business Plan “One MIZUHO New Frontier Plan—Stepping up to the Next Challenge—“

Mizuho's Vision, Five Basic Policies and Ten Basic Strategies
In response to structural and regulatory changes in the economy and society in both Japan and overseas, the new medium-termbusiness plan aims to launch the new Mizuho toward the “new frontier” of the next generation of finance. Based on Mizuho's
vision for our future as part of our new corporate identity, the necessary elements for the new frontier of finance, and our future
direction based on an analysis of Mizuho's current situation, we have developed five basic policies and ten basic strategies, which
add more detail to the five basic policies in terms of business strategy and management foundations. These are as follows.

Mizuho's Vision

The most trusted financial services group with a global presence and a broad customer base, contributing to theprosperity of the world, Asia, and Japan.

<Ten Basic Strategies><Five Basic Policies>
1. Further develop integrated strategies across the group for eachcustomer segment to respond to
the diverse needs of our customers
2. Contribute to sustainable development of the world and Japanby proactively responding tochangeBusiness
Strategy

3. Mizuho Means Asia: accelerate
globalization
4. Build strong financial and management foundations to support
the essence of Mizuho
5. Form strong corporate governance and culture in the spirit of
One MIZUHOBusiness
Management,
Management
Foundations,etc.

(1) Strengthen integrated financial services by unifying banking, trust banking, and securities functions to respond to finely detailed corporate and personal banking segments(2) Perform consulting functions taking advantage of our industry and businessknowledge and forward-looking perspective(3) Support formation of personal financial assets in Japan and invigorate their investment(4) Strengthen proactive risk-taking functions for growth industries and corporations(5) Strengthen and expand Asia-related business in Japan and on a global basis(6) Cultivate multi-level transactions by capturing the accelerating global capital andtrade flows(7) Strengthen stable financial foundations based on abundant liquidity and appropriate capital levels(8) Establish the optimal management foundations (human resources and business
infrastructure) to support business strategy.
(9) Further strengthen proactive governance and risk management(10) Embed the new Mizuho corporate identity toward forming a common culture throughout the group and take actions toward being the best financial services provider

Toward the Improvement of Customer Convenience
As the only Japanese banking group with its own banking, trust banking and securities functions, Mizuho will further improvecustomer convenience by steadily implementing the “One MIZUHO New Frontier Plan—Stepping up to the Next Challenge—.”

Personal Banking
Customers

SME Business
Owners, etc.

<Mizuho>• Providing a wide
range of loan andinvestment products responding tocustomer life cycles
and aspirations• Providing customers
with easy to understand financial services (the elderly, etc.)• Building advanced
yet simple, convenient, and optimal
next-generation retail services• Providing solutions
that contribute to asustained increasein business value
and sustained family development• Providing funding in
the establishment
phase of businessBank

Trust Bank

Securities

16

Providing Mizuho customers withservices from across the entire group

CustomerNeeds

SME andMedium-size
Businesses

Large
Corporations

Financial
Institutions andPublic Sector• Providing advice on
business strategy
and capital structure in response tobusiness life cycles• Supporting growthby supplying riskmoney throughfunds, etc.
• Supporting customers' overseas expansion, including small
and medium-sizedbusinesses• Providing groupwide financial solutions that contribute to increasing
corporate value• Making proposals
based on global industry knowledge
and supplying riskmoney for growth• Cooperating with
regional financial
institutions as their“area partner” toward invigorationof the regions• Providing PPP
schemes to make itpossible to progresswith public projects
while reducing the
fiscal burden

Non-JapaneseCorporations• Making seamlessuse of a wide rangeof sophisticated financial services
based on Asia andJapan• Building medium tolong-term relationships backed by ourknowledge of industry and ability toprovide products
spanning acrossbanking and securities functions, etc.

Financial Targets
By sharpening Mizuho's business strategy and promoting the advance of unified group operations, we are aiming to convert to abusiness portfolio and profit structure that combines stability and growth, centered on customer business. We will also aim forenhanced top-line profitability, focus on cutting base expenses through actions to reform our expense structure on a global basis,and establish a position for solid profitability.
We will continue to pursue a disciplined capital policy by appropriately balancing stable capital enhancement and steadyreturns to shareholders.

Gradually
decrease
dependence on
income from thetrading segment

Fiscal 2015 (Plan)

Promote“cost structurereform” ona global basis
ROE(Consolidated)

Profitability

Approximately 9%
Target Figures(Fiscal 2015)

CommonEquity Tier 1
Capital Ratio(Fully effective basis)

8% or higher

RORA(Consolidated
Net Income on
Risk-weighted Assets)¥550.0 billion level

ROE(Consolidated)

Approximately 9%

RORA(Consolidated Net Income
on Risk-weighted Assets)

Approximately 0.9%Group Expense Ratio*1

Mid 50% range

Expense Ratio(Banking Subsidiaries)*2

Lower 50% level

Ratio of Stock Portfolio
against Tier 1 Capital*3

Approximately 25%

Common Equity
Tier 1 Capital Ratio(Fully effective basis)

8% or higher(including the Eleventh Series
Class XI Preferred Stocks)

Efficiency

Approximately 0.9%

Transform into stable earnings structure byincreasing the proportion of income from
Customer Groups

Net Income(Consolidated)

Soundness(Note) Assumed the economic environment
towards the end of fiscal 2015 as
follows;
Interest rates (uncollateralized overnight call rate): 0-0.1% level,
10-year JGB yield: approximately
1.20%,
Nikkei 225: approximately ¥11,000,
and USD/JPY exchange rate: approximately ¥92*1. New MHBK+MHTB+MHSC*2. New MHBK+MHTB*3. Basel III phase-in basis (including Eleventh Series Class XI Preferred Stocks inthe common equity Tier 1 capital)

From One Bank Synergy to One MIZUHO Synergy
Under the substantive one bank structure launched in April 2012, MHCB and MHBK established a business promotion structure
across the two banks and provided appropriate solutions that meet the needs of each customer. As a result, we realized One
Bank synergies amounting to ¥50 billion during fiscal 2012.
In the new medium-term business plan, based on our shift to a new group operational structure which unifies banking, trustand securities functions, we expanded our One Bank synergy to One MIZUHO synergy. Over the course of the medium-term business plan, we will pursue One MIZUHO synergy effects amounting to ¥90 billion. These will include the synergy effects from themerger of our securities subsidiary, and together with the synergy effects reported in fiscal 2012, we will aim to realize ¥140 billion in total synergy effects.

Breakdown of Synergy Effects in Fiscal 2015
(compared to fiscal 2012)+¥140.0 billion
One MIZUHO synergy effects of+¥90.0 billion during
medium-term business plan

Revenuesynergies+¥90.0 billion+¥50.0 billion

Cost synergies

Revenuesynergies

Fiscal 2012

Banking operations

Fiscal 2013Fiscal 2015+¥30.0 billion
Medium-term business plan
(New Frontier Plan)

Fiscal 2013

Fiscal 2014+¥60.0 billion+¥30.0 billion+¥29.0 billion+¥27.0 billion

Retail+¥4.0 billion+¥3.0 billion

Corporate+¥15.0 billion+¥12.0 billion

Markets+¥10.0 billion+¥12.0 billion

Securities operations+¥8.0 billion

Effects of integrated group management+¥25.0 billion+¥50.0 billion+¥30.0 billion+¥20.0 billion

Revenue synergies

Fiscal 2013Fiscal 2015+¥60.0 billion

Achieved approximately 50%
against ¥100.0 billionof the One Bank synergy
estimated for fiscal 2015

Cost synergies(Reference)
Fiscal 2012 results

Synergy effects

Cost synergies+¥30.0 billion

Banking operations+¥22.0 billion

Securities operations+¥8.0 billion

Total+¥90.0 billion+¥3.0 billion+¥20.0 billion+¥20.0 billion+¥50.0 billion

Fiscal 2015
(plan)

17

One MIZUHO New Frontier Plan—Stepping up to the Next Challenge—

Strengthening Actions Toward Launching New Businesses
To steadily promote and work toward achieving the medium-term business plan, we are strengthening our actions toward
launching new businesses. To contribute to the recovery and ongoing growth of the Japanese economy, and growth in Asiaand its associated effects on Japan's economic development, four project teams within MHFG related to themes including nextgeneration retail banking, next-generation industry development, next-generation Asia business and invigoration of domestic
financial assets have been established.

Advanced Group Management Structure

Mizuho has been aiming to build the most effective and advanced group management structure. This includes taking advantageof the characteristics and competitiveness of being the only Japanese banking group that holds its own bank, trust bank andsecurities company and moving to a new group capital structure and new group operational structure and the strengthening ofgroup governance that aim to promote timely and unified group strategic planning under the strong governance of the holding
company.

New Group Capital Structure
In January 2013, our two securities subsidiaries merged to establish a new MHSC, thereby creating a structure to provide securities functions in a unified manner as Mizuho's full-line securities company. In April 2013, MHFG turned the new MHSC, which
had been a consolidated subsidiary of MHFG, into a directly-held subsidiary of MHFG and moved to a new group capital structure, placing the banking, trust banking, securities and other core group companies under the direct control of the holding company. Furthermore, in July 2013, MHCB and MHBK conducted a merger.

Before moving to a new group capital structure

Present

MHFG

MHFG

Merged inJuly 2013

MHCB

MHBK

Merged inJanuary 2013

MHSC

18

MHIS

MHTB

Other coregroup
companies

Placed under directcontrol of MHFG
in April 2013

Banking

Trust banking

Securities

MHBK

MHTB

MHSC

Other coregroup
companies

Strengthening Governance to Support the Unified Group Strategy
We have strengthened our governance structure from a group-wide perspective to support the unified group strategy.
To establish an advanced group management structure, we had clarified the role of Group CEO, enhanced the independenceof the consultative body to the Board of Directors, and unified corporate planning and management units. In addition to these
initiatives, in April 2013, we strengthened unified group-wide strategy operations through the holding company.
First, in addition to the President and CEO of the new MHBK, MHTB and MHSC Presidents also became standing members of
the Executive Management Committee at MHFG.
Secondly, we strengthened our ability to respond to challenges in supporting unified group management by executive officers
in charge of corporate planning and management at MHFG serving, in principle, concurrent roles at group companies including
MHBK, MHTB and MHSC. We also clarified the positioning of group chief officers in the corporate planning and management
functions at MHFG.
Furthermore, we established various relevant working groups (WG) under the Business Policy Committees at MHFG and the
new MHBK for the purpose of specialized and intensive studies on important themes. These WG include WG on risks involved inrise in long-term interest rates, WG on foreign currency funding, WG on cross shareholdings, and WG on enhancing group management system across banking, trust and securities functions.

New Group Operational Structure
In April 2013, we moved to a new group operational structure that enables MHFG to determine strategy and initiatives and formulate business plans corresponding to each unit responsible for business strategy promotion across group-wide banking, trust
banking, securities and other business areas.
Specifically, MHFG established ten business units and head-office coordination divisions to determine strategy and initiatives
across group-wide banking, trust banking, securities and other business areas based on the ten business units across MHCB and
MHBK under the substantive one bank structure launched in April 2012. MHFG also established five group strategy conferences(Group Retail Strategy Conference, Group Wholesale Strategy Conference, Group International Strategy Conference, Group AssetManagement Strategy Conference and Group Markets Strategy Conference) to deliberate on important matters in terms of

MHFG (Holding company)

MHFG (Holding company)
Board of Directors

Nomination Committee

Independent Directors

Group
CEO

In-house Directors

Standing Members:
President & CEO of
MHFG, New MHBK,MHTB and MHSC

MHTB

MHSC

President& CEO

President& CEO

President& CEO

Corporate
Planning andManagement

MHFG Head of Unit
MHFG Deputy
Head of Unit

Business Policy
Committees

Corporate Banking Unit
(Large Corporations)
Corporate Banking Unit

MHSC

Each unit established in MHFG
determines and promotes
group-wide strategies acrossbanking, trust banking, securities and other business areas.

Financial Institutions andPublic Sector Business Unit
International Banking Unit
Investment Banking Unit
Transaction Banking Unit

MHFG Head of Group(Group Chief Officer)

Business
Promotion

Retail Banking Unit

Compensation Committee

MHBK

MHTB

Personal Banking Unit

Each unit in MHFG

Integrated management of“banking, trust and securities functions”

Executive
Management
Committee

MHBK

Majority of committee
members consists of
independent directors

Customers of each group companies are viewed as Mizuho's
common customers and we offer
them group-wide services.

Asset Management Unit
In principle, Head of Unit at MHTB andHead of Group at MHSC concurrently
assume Deputy Head of Unit at MHFG

Markets Unit
* In principle, group companies other than the above belong to each segment
depending on the characteristics of their businesses.

Various working groups to investigate
important issues in a expert and intensive manner19One MIZUHO New Frontier Plan—Stepping up to the Next Challenge—group business strategy among the multiple relationship management units and products units that relate to similar customer
attributes. Under this operational structure, MHFG will determine overall group strategy as well as segment strategy across thegroup, and each group company will determine entity-level plans in accordance with MHFG's strategy.

Establishment of Mizuho's Corporate Identity

As part of our actions toward establishing a common group culture, we have established Mizuho's Corporate Identity to pushforward toward the new, unified Mizuho. Mizuho's Corporate Identity, which is composed of Corporate Philosophy, Vision and
the Mizuho Values, serves as the concept that forms the basis of all activities conducted by Mizuho. We will bring fruitfulness toall of our customers and contribute to the prosperity of economies and societies throughout the world, by conducting businessactivities and operations rooted in this concept.

Mizuho's Corporate Identity

Corporate
Philosophy

Mizuho, the leading Japanese financial services group with a global presence and abroad customer base, is committed to:Providing customers worldwide with the highest quality financial services withhonesty and integrity;
Anticipating new trends on the world stage;
Expanding our knowledge in order to help customers shape their future;
Growing together with our customers in a stable and sustainable manner; andBringing together our group-wide expertise to contribute to the prosperity of
economies and societies throughout the world.
These fundamental commitments support our primary role in bringing fruitfulness foreach customer and the economies and the societies in which we operate. Mizuho creates lasting value. It is what makes us invaluable.

The most trusted financial services group with a global presence and a broad customer
base, contributing to the prosperity of the world, Asia, and Japan.
Corporate
Identity

VisionVision of
medium-termbusiness plan

ValuesThe most trusted
financialservices group

To be our customer's most trusted partner with innovative thinking
and the extensive financial experience and expertise accumulated
from relationships with wide-ranging customers.

The best financial
services provider

To continuously provide the best leading-edge financial services toeach of our customers, the related economies and societies we serve,by anticipating changes on both the global and local stages.

The most cohesive
financialservices group

To maximize our extensive expertise and collective capabilities as experienced financial services professionals in order to meet the diversified and changing needs of our customers, economies and societies.

Mizuho Values

Customer First:

Team Spirit:
Diversity andcollective strength

20

Innovative Spirit:

The most trusted partner
lighting the future

Progressive andflexible thinking

Speed:
Sharpness andpromptness

Passion:Communication andchallenge for the future

Business Approaches

Approaches to Individual Customers

In order to meet the needs of individual customers throughout their lives, Mizuho prepares financial plans and advises
customers on the best products and services such as household account management, preparation for the future,
housing and education funds, retirement fund management, inheritance funds, and so on, to meet the various
stages and circumstances of their lives.

Meeting Customers' Asset Management Needs

Investment Trusts and Insurance Products
In order to support the management of its customers'
invaluable assets, Mizuho offers a variety of investment
products apart from deposit products, such as investment
trusts. It also endeavors to enhance its lineup of investment
trusts, and has begun to provide new investment trusts thatinvest in Euro-denominated high-yield bonds and in energyrelated businesses.
In addition, it offers a selection of insurance products,
ranging from personal pension insurance and whole-life
insurance to medical insurance and long-term care insurance
to help customers prepare for future contingencies.

financial institutions that have strong customer bases intheir respective areas.

Approaches to the Japanese Version of
the Individual Savings Account (NISA)The Japanese version of the Individual Savings
Account (NISA), which is tax-exempt up to a specified
limit, is scheduled to be introduced in Japan in
January 2014. MHBK and MHSC are working together to respond to the introduction of NISA by holding
seminars and consultations, expanding their lineup
of investment products that can be purchased withNISA accounts (such as no-load funds, etc.), andthrough other initiatives. Furthermore, Mizuho isdrawing on the comprehensive capabilities of thegroup in their approach to NISA. For example, MHBK
and MHTB introduce their own customers with equity investment needs to MHSC.

Meeting Customers' Lending Needs

Housing Loans
Asset Management Products with Trust Functions
MHTB offers results-based dividend-type money trusts
Chochiku no Tatsujin (Expert Saver), which is also available
at all branches of MHBK (some sub-branches not included).
In addition, MHTB provides Asset Management Trust, atrust 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 asa 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.

Mizuho endeavors to enhance its lineup of housing loan
products that meet the needs of its customers.
Beginning in October 2012, MHBK began to provide
insurance products for borrowers of housing loans named
Eight Major Disease Compensation Plus, which is a combination of (1) compensation for monthly repayments for borrowers who are unable to work because of illness or injuries,and (2) full repayment of the loan in the event that the borrower suffers from specified major diseases and is unable to
make loan repayments for one year or more.
Meanwhile, to enable our customers to consult on
weekends and during the evening on weekdays, MHBK
holds housing loan consultations and is setting up Loan
Consulting Squares for consultations and loan contracts.

Equities and Bonds
Besides offering investment products such as domestic andoverseas equities and bonds as well as structured bonds,
MHSC is making efforts to enhance its capabilities for providing investment information in a timely manner. Moreover,through its financial product intermediary and customer
introduction services, it offers a wide range of financial
products to customers across Japan by supplying theseproducts to MHBK, registered regional banks and other

Reverse Mortgage Loans
In July 2013, MHBK began offering reverse mortgage loans for customers who want to enjoy theirretirement years. After putting up their residence as
collateral, customers may obtain loans up to a predetermined limit at a time that suits their convenience.

21

Business Approaches

Approaches to Individual Customers

Unsecured Loans
Mizuho offers a diverse lineup of loan products, includingcard loans and various types of unsecured loans.
MHBK is making efforts to improve its services, such as
by increasing the borrowing threshold and reducing theminimum basic interest rate on Mizuho Bank Card Loans.

Account, which is an Internet-based multicurrency account.
In addition, among smartphone services, in September
2012, Mizuho began to accept requests for documents toopen new accounts, and in October, commenced investment trust and card loan services. Mizuho is continuing to
upgrade all its Internet-based services, including those forsmartphones.

Rental Condominium and Apartment Loans
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 also provides lease business consulting services tohelp customers with their life planning or inheritancearrangements for the future.

Received the Incentive Award at MCPCAward 2013
Mizuho Bank App, which is available for use on both
smartphones and tablets, was awarded the incentive award at MCPC award 2013 by the Mobile
Computing Promotion Consortium. The Mizuho Bank
App was selected in recognition of its advanced
services for tablet computers. This was the third
consecutive year for Mizuho to win this award, having received recognition in previous years for its
Ouchi no Okane App which manages household
budgets and for its ATM/Branch Search App.

Improving Channels and Membership Services

Branches and ATM Network
Mizuho is making efforts to expand its branch and ATM
network.
In order to provide further enhanced, comprehensive
financial services, Mizuho is establishing joint branches
that make use of banking, trust and securities functions.
Specifically, it is setting up MHTB's Trust Lounges which specialize in consultations and MHSC's Planet Booths, which arelocated within the same buildings as MHBK branches.
In addition, it is also installing ATMs at train stations andcommercial facilities.

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

Services through Internet and Other Channels

At the end of March 2013, over 9.5 million people signed
up for MHBK's Mizuho Mileage Club service.
In addition to attractive benefits such as discounts onservice fees, MHBK provides an extensive lineup of credit
cards customers can choose from to suit their lifestyles.
Also, through its Mizuho New Life Support Campaign
and Mizuho Youth Support Campaign, Mizuho is providing
assistance for people when they enter universities, start theircareers or enter other new phases in their lives.

To enhance customer convenience, Mizuho continues toimprove its services using the Internet.
As of the end of March 2013, about 10 million people
signed up for MHBK's Mizuho Direct. In addition, the number of smartphone and tablet banking users has exceeded
600,000. Also, Mizuho Bank App began its services fortablets in February 2013, and together with its smartphoneservices, it had been downloaded approximately 250,000
times as of the end of March 2013, and many customers aremaking use of these services.
In May 2013, Mizuho introduced the Mizuho Global
22

Promoting Business Aimed at Employees ofCorporate Customers

Mizuho Mileage Club

Meeting Customers' Asset Inheritance Needs

Testamentary Trusts
MHTB provides assistance with asset inheritance using theknow-how it has built up over many years and the types ofservices that only trust banks can offer.
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 safekeeping service” to hold wills in safe custody; and “inheritance
distribution service” to act as agent for heirs in executing
the procedures necessary when an inheritance arises.
As of the end of March 2013, MHTB had signed trust
agency contracts for testamentary trust business with a totalof 25 financial institutions, including MHBK and MHSC.
Also, MHTB offers its Monetary Asset Inheritance Trust,
named Yasuragi, which is a form of specified money trustthat enables customers to leave tailor-made instructions forthe distribution of their monetary assets. By combining thisproduct with the features of testamentary trusts which focus
on the distribution of customers' entire assets, MHTB meetsthe various needs of its customers concerning their inheritance of monetary assets.

such as wealth management, arranging for business andasset inheritance to advice on customers' individual matters,
including health of the customers themselves as well as family members and children's education.
* Customers who have entrusted Mizuho with extremely large amounts
of investment assets.

Services for Customers with Real Estate
In cooperation with Mizuho Trust Realty, MHTB
responds to its customers' diverse needs, including
trading in investment real estate and making more
efficient use of idle land.
For high-net-worth customers who own realestate in particular, MHBK and MHTB jointly holdvarious seminars to offer them the latest information. In January 2013, MHBK and MHTB also concluded an agreement with the Tokyo Metropolitan
Government to collaborate on improving the earthquake resistance of buildings along emergency
access roads to respond to the growing social
demand for advances in earthquake resistance.

Introduction of Educational Grant Trusts
Based on a system established by revisions in the tax
regulations in fiscal 2013, in April 2013, MHTB
began to offer Educational Grant Trusts, whichenable grandparents to entrust funds to pay for their
grandchildren's education. If certain conditions aremet, these funds are not subject to taxation.

Consulting Services
Business and asset inheritance are one of the most important
issues for corporate owners and high-net-worth customers.
To address these issues, Mizuho makes the most of thecapabilities of group companies to offer corporate owners
and customers who own real estate comprehensive consultations on business and asset inheritance, to respond to thecustomers' needs as both management and individuals.
In addition, MHPW offers consulting services tailored to
the needs of its ultra-high-net-worth customers*. These services range from consulting on customers' financial matters23

Business Approaches

Approaches to Corporate Customers

By integrating the group's specialty functions, Mizuho offersa full range of financial solutions on a global basis to meetits corporate customers' needs in fund-raising, and management and financial strategies.

real estate as well as know-how and experience in the fields
of pensions, securitization, securities administration, transfer
agency services, and consulting.

Industry Research
Approaches to Large Corporations

With the increasingly diversified, sophisticated and globalized financial needs of large corporate customers, financial
institutions need to offer sophisticated, advanced and comprehensive solutions to their customers.
Acting as relationship managers (RMs) for the entire
group, Mizuho's RMs for large corporate customers accurately identify their customers' management issues andoffer diversified solutions to help them realize their growthstrategies.

Changes in global industrial structures and diversification of
corporate strategies appear to be gaining momentum.
Against this background, Mizuho's Industry Research
Division acts as the research team, proposing global andcomprehensive solutions to customers on the basis of its
deep understanding of industry. Its activities focus on threeareas: (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, Trust Banking and Securities
Collaboration

Approaches to SMEs and Middle-Market Corporations

Staff members are concurrently working in some of thebusiness promotion divisions at both MHBK and MHSC, thus
promoting further collaboration within the group. MHBK
and MHSC collaborate at home and overseas in establishing
global securities business strategies and providing solutions
that are suited to customers' capital management as well as
business and financial strategies. In addition, RMs of MHBK
and MHTB are working together as one to meet the diverse
customer needs for management of their assets, streamlining their balance sheets and other services. This collaboration enables them to offer the optimal trust solutions totheir customers based on an industry-leading track record in

Expansion of “Double-hat” Structure
In July 2009, two corporate banking divisions of
MHCB (current MHBK) and two corporate coveragedepartments of MHSC began to work collaboratively
under a “double-hat” structure in order to provide
further sophisticated solutions. By May 2013, they
expanded this “double-hat” structure to ten divisions, and increased the number of personnel holding concurrent posts in both MHBK and MHSC fromaround 50 to around 200.
MHBK and MHSC have also introduced a “doublehat” structure in some departments in charge ofstock exchange listings, allowing some staff members of MHBK to hold concurrent posts in MHSC.

24

Responding to Funding Needs
MHBK has set up Growth Business Assistance Fund and Next
Stage Fund to support the business growth of customers.
MHBK also offers Mizuho Eco-assist, Mizuho Eco Private
Placement to respond to the funding needs of its customers
who adopt a positive approach to environmental issues.
In response to Japan's aging population and fallingbirthrate, MHBK provides Mizuho Heartful Loans andMizuho Heartful Private Placement to customers who areproactively involved in promoting employment among theelderly and the disabled.

Business Matching
MHBK is proactively engaged in business matching services,
introducing customers of Mizuho who best satisfy the business needs of other customers.
In view of the growth in the long-term care industry andconsumer markets for active seniors, which is due to theaging of Japan's population, in March 2013, MHBK sponsored a Business Matching Forum with the theme of “thesenior market.”Support for Overseas Business Expansion
Specialist staff in Japan and overseas who are well versed inoverseas business provide the best possible information andservices according to the development stage of the businessin question—local feasibility study, overseas business strategy formulation, establishment of overseas subsidiary, postestablishment business management, and so on through utilizing Mizuho's Asian network, which is one of the mostextensive among any Japanese bank.

financial strategies and risk management, assistance in customers' overseas business and proposals for investment
products. Responding to the needs of customers among
public-sector entities, Mizuho offers comprehensive financial
services, such as financing support including underwriting
public bonds, performing services as a designated financial
institution and PFI/PPP.

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

Mizuho Business Financial Center
MHBK is proactively engaged in the lending business, andhas concentrated its overall lending operations for smallscale companies in Mizuho Business Financial Center, a subsidiary specializing in lending.

Approaches to Financial Institutions andPublic-Sector Entities
To meet the needs of customers among financial institutions, Mizuho offers optimal solutions such as advice on

Sixth Industry Fund for the Agriculture,
Forestry and Fishing Sector
Mizuho views that restructuring agriculture, forestry
and fishing in Japan as a growth sector is the key toexpanding domestic demand, creating jobs, and revitalizing regional communities. Accordingly, Mizuho is
working together with regional financial institutions,
local governments, and others to add value in this sector. Specific initiatives include providing risk capitalthrough the Sixth Industry Fund for the Agriculture,
Forestry and Fishing Sector and fostering managersof this fund and providing support for them.
In addition, to contribute to economic and social
development, Mizuho is drawing on its knowledgeof industries, which is one of its major strengths, aswell as its experience in arranging various financial
schemes and methods, such as PPP and PFI projects
that involve public-private partnerships, as it also
plays a financial intermediary function and provides
consulting services.

Products Meeting Various Needs

Acquisition FinanceIn order to increase the corporate value of its customers,
Mizuho offers sophisticated M&A solutions. In recent years,
it has been focusing on supporting its customers' M&A
strategies by strengthening cooperation among group
offices and companies at home and overseas to respond toa growing need for cross-border M&A, business succession,and going private. Furthermore, Mizuho arranges leveraged
finance, in the areas of MBOs and LBOs, for private equity
funds' buyout deals and for those relating to customers'
business restructuring.

Project Finance
Mizuho is a top global player in the arrangement of, andperformance of advisory services for, project finance deals
that enable 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 Japan, Mizuho is working ina broad range of related areas. These include its initiatives tostrengthen its support framework for promoting the wider
use of renewable energy, such as the establishment of theMizuho Mega-solar Fund. Project finance activities in Japan
also encompass the arrangement of PFI/PPP deals for financing transportation and other types of public infrastructure.

Project Finance for Mega-solar Power
Project
MHBK acted as lead arranger for a syndicated loan
for one of Japan's largest project financings for the
Kagoshima Nanatsujima Mega-solar Power Plant, alarge-scale solar power generation project inKagoshima City, sponsored mainly by Kyocera.

25

Business Approaches

Approaches to Corporate Customers

Asset FinanceBy arranging customers' asset securitization and providing
other solutions, Mizuho satisfies their demands such as
diversification of fund-raising sources and improvement offinancial indices through removing assets from their balance
sheets. Mizuho supports customers' financial strategies byoffering sophisticated solutions focusing on a variety ofassets, such as securitizations arranged in both domestic andoverseas markets, inventory finance, ABL, whole businesssecuritization and settlement services using electronicallyrecorded monetary claims.

Real Estate Finance
Mizuho has arranged financing for a number of real estaterelated projects. Taking full advantage of its knowledge andskills developed through various kinds of deals it hasarranged for years, it effectively offers the best solutions,
including a variety of financing options utilizing real estate
and real estate investment strategies, to solve its customers'
issues, such as business restructuring, overseas expansion,
reinforcement of their financial base, BCP, diversification offund-raising, rebuilding/redevelopment/other effective useof their real estate, and CRE management.

business (together with its overseas offices) to satisfy thediverse financing needs of global companies and international institutions located in Asia, Europe and the Americas.
As a result, the group has maintained the largest presencein the market, a 36.9% share, according to the Thomson
Reuters' domestic bookrunner league table. In the global
bookrunner league tables, the group took fifth place, thehighest among the Japanese banks.

Domestic Settlement Service
Through its nation-wide branch network and Internet banking services including the Mizuho e-Business Site, Mizuho
offers not only services such as transfers, foreign exchange
and electronically recorded monetary claims but a variety ofsettlement services relating to payments and collections suchas debit cards, Pay-easy, Internet transfer settlements, etc.

Cash Management Service
Mizuho responds to customers' needs on a global basis byoffering sophisticated cash management services. In Japan,
these include zero balancing services and integrated payment services, often in combination with Mizuho Advanced
CMS. It also offers Mizuho Global CMS and the Mizuho
Global Cash Pooling Service abroad.

Syndication Business
Foreign Exchange and Trade Services
Mizuho is proactively engaged in the use of syndicated loansthat employ wide and various sorts of financings, such as
financing for general purpose, M&A finance, project finance,
real estate finance and finance for business restructuring.
Mizuho has a global platform for its syndicated loan

Trends in Japan's Syndicated Loan Market andMizuho's Share
Mizuho's Share(fiscal 2012)

36.9%(Trillions of ¥)

35
30
25
20
15

0

Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

26

In addition to offering cross-border settlement services for
RMB and various emerging currencies, hedges against foreign exchange risk and issuing bonds for foreign trade,
Mizuho provides cutting-edge solutions including securitization of overseas accounts receivable, trade finance using letters of credit and ECA (export credit agencies) finance.

Yen Settlement and Custody Services
Mizuho offers various cash and securities clearing & settlement services, including correspondent yen settlement services and custody services for non-residents. To prepare fordisasters and other contingencies, Mizuho maintains a dualoffice system. In addition, in the area of custody operations,
it has acquired a business model patent for managing
investment assets.
Furthermore, TCSB, a trust bank specializing in asset administration, provides high-quality, high-value-added trust andcustody services by collaborating with other group companies.

Primary Market BusinessTotal Domestic Equity League Table

Underwriting Business
MHSC maintains its sector-leading performance in the area ofbond underwriting operations through its ability to propose
solutions that suit the market environment and match issuers'
needs, its ability to set prices to reflect investor demand with
precision, and its powerful bond sales capabilities.
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 sectorleading performance by serving as lead underwriter in a
steadily increasing number of large finance deals. Its activities also include providing support for stock exchange listings of customers planning to list their stocks.
Advisory Services
In its M&A advisory services, MHSC draws on its advanced
sectoral knowledge and know-how to provide advice thatsuits customers' management strategies. It has compiled a
top-class performance record not only in arranging M&A
deals between domestic companies but also in offering advisory services with a global perspective for cross-border M&A
deals, which have been on the rise in recent years.

*Underwriting amount basis, including initial public offerings, public
offerings, convertible bonds and REITs.
(April 2012 to March 2013, pricing date basis)

Rank Company name1
2
3

Nomura Securities
Daiwa Securities
Mizuho Securities

Mizuho Securities represents the combined figures with the former Mizuho
Investors Securities.
Source: Calculated by MHSC, based on data from I-N Information Systems

M&A Advisory Ranking*Based on No. of deals Japanese companies were involved in (excl.
real estate deals).
(April 2012 to March 2013)

Rank Advisor
12
3

Mizuho Financial Group
Nomura Securities
Sumitomo Mitsui Financial Group

Domestic Public-offering Bonds League Table*Underwriting amount basis, including straight bonds, investment
corporation bonds, Zaito institution bonds, municipal bonds (leadmanager method only), samurai bonds and preferred securities.
(April 2012 to March 2013, pricing date basis)

Rank Company name1
2
3

Mizuho Securities
Mitsubishi UFJ Morgan Stanley Securities
Nomura Securities

Amount Share(billions of ¥)(%)
2,976.4 20.9
2,819.3 19.8
2,590.2 18.2

Mizuho Securities represents the combined figures with the former Mizuho
Investors Securities.
Source: Calculated by MHSC, based on data from I-N Information Systems

No. ofAmountdeals (billions of ¥)146 4,972.7
129 4,580.7
118 2,258.5

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

Overall ABS Bookrunner League Table*Transaction amount basis.
(April 2012 to March 2013, closing date basis)

Rank Company name

Structured Finance BusinessIn the structured finance business, such as securitization ofreal estate and monetary claims, MHSC has become afrontrunner in the Japanese securitization market and built
up a first-class performance record and reputation.

Amount Share(billions of ¥)(%)
528.6 23.8
476.6 21.5
321.3 14.5

12
3Mizuho Financial GroupMorgan Stanley
Daiwa Securities GroupNo. ofAmountdeals (billions of ¥)210 1,409.4
15
471.2
8
325.8

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

Real Estate BusinessIn its real estate business, MHTB helps to resolve customers'
needs and issues quickly and effectively in the areas offinancial strategies, business inheritance/succession and therearrangement and effective use of asset portfolios throughthe comprehensive consulting services that only a trust bankcan offer and by providing wide-ranging services and solutions, such as real estate brokerage, real estate securitization, appraisals and land trusts.
In its real estate securitization business, in addition to realestate trust business, MHTB is actively engaged in asset
management business, real estate non-recourse lending andtrustee business in the area of J-REIT asset custody andaccounting, and thus responds to its customers' various
needs.

27

Business Approaches

Approaches to Corporate Customers

Real Estate Business Income and Transaction Volume
Real Estate Business Income

Real Estate Transaction Volume(Billions of ¥)(Billions of ¥)

25

1,000

20

800

15

600

10

400

5

200

0

March 2011

March 2012

March 2013

0

Money Trust Using Subordinated Loansfor Regional Banks
To meet the funding needs of regional banks andthe asset management needs of their customers,
MHTB offers money trusts as an asset management
scheme that uses subordinated loans to regionalbanks as the underlying assets.
In this scheme, regional banks receiving subordinated loans act as sales companies and sell their customers joint management money trusts managed in
the subordinated loans to those banks.

Stock Transfer Agency Business
Asset Custody Business
The stock transfer agency business involves handling various
operations associated with stocks on behalf of the stock
issuer. As a shareholder registry manager, MHTB manages
shareholder registers, calculates dividends, mails notices
convening general meetings of shareholders, and counts
voting rights. It also offers support and consulting on IR
using shareholder analysis systems and by collaborating withthe group's IR consulting company. In addition, services for
dividend payments on stocks after the close of the payment
period are available at MHBK, and Mizuho endeavors to
improve shareholder convenience on a group-wide basis.

Securitization of Monetary and Other Claims
In its services for securitizing monetary and other claims,
MHTB provides financial intermediary functions unique totrust banks. MHTB's wide spectrum of functions range fromsecuritization of monetary claims of its corporate customers
to the arrangement of investment products for individuals
based on its trust management know-how. In response tocustomer needs for fund-raising, it is developing new trustbased products and, for example, offers intellectual property
trust schemes using copyrights and trademarks as well as
security trusts for the administration of collateral rights forsyndicated and other loans.
It also provides a diverse range of solutions, including
Noteless, a lump-sum accounts payable trust scheme and eNoteless, which is a new settlement scheme using electronically recorded monetary claims.

28

MHTB provides highly specialized services in the area ofasset custody and is engaged in complicated, high-volume
custodial services covering specified money trusts (tokkinfunds), pecuniary trusts other than money trusts, andentrustment of securities trusts and investment trusts.

Global Custody Business
To better satisfy its customers' needs in the management ofoverseas securities, MHTB is engaged in the global custodybusiness through tie-ups with TCSB, and its own overseas
subsidiaries, Mizuho Trust & Banking (USA) and Mizuho
Trust & Banking (Luxembourg). Drawing on its special capabilities as a Japanese custodian, MHTB provides detailed
services in the Japanese language to its customers in Japan.
Furthermore, in order to respond to the recently growing
need for investment in emerging economies, these three
offices cover the markets of Europe, North America, Asia
and South America and collaborate with each other to create a system that offers seamless global custody services.

Business Approaches

Global Business

Mizuho offers optimal solutions for the various needs of its
customers by seamlessly combining its rich experience inoverseas markets with its extensive overseas group networkand cutting-edge financial services in the fields of banking,trust banking, and securities. It is also proactively engaged in
expanding its office network and forming business allianceswith local financial institutions and government-affiliatedorganizations, thereby strengthening its overseas support
framework for its customers.

Asia and Oceania Region

Mizuho places strategic importance on Asia, which has highprospects for continued economic growth, and is enhancing
its support framework for its customers in the region.
MHBK is striving to expand its overseas office network.
Recently, this has included the expansion of the range ofbusiness handled at the Yangon Representative Office in
Myanmar and the opening of a representative office inPhnom Penh, Cambodia. In India, it opened the BangaloreDevanahalli Branch, becoming the first Japanese bank to
open a branch in the Bangalore area, and received approvalto establish a new branch in Chennai. In addition, Mizuho
Corporate Bank (China), MHBK's subsidiary in China, opened
sub-branches in the Heping District of Tianjin and in Kunshan
and a branch in Hefei. Furthermore, MHBK is establishing
structures to meet the diverse needs of its customers by providing information, supporting their expansion into Asia,and offering financial services locally, as well as throughalliances with local financial institutions and governmentaffiliated organizations in various countries.
Mizuho is also engaged in other initiatives such as establishing the Mizuho ASEAN Fund to support the expansionof Japanese companies into the ASEAN region, and hosting
the Asian Bond Market Development Conference, where
the heads of a group of Asian financial institutions gathered with the aim of contributing to the economic development of the Asian region.
In addition, Mizuho is taking proactive actions toward thecontinually diversifying RMB business. This includes enteringboth the Japan and China sides of the RMB-Yen Direct
Trading Market, which was established in June 2012,
Mizuho Corporate Bank (China) obtaining RMB-Yen Direct
Market Maker qualifications in China, and issuing RMB
exchange market quotations.
To meet its customers' diversifying needs in the Asia andOceania region, Mizuho is enhancing its services throughexpansion of its office network, business alliances, and provision of various financial products.

Opening of New Branches in India
In April 2013, MHBK opened a branch in Bangalorein the south of India as the first branch of a Japanesebank in the Bangalore area. In November 2012, it
obtained approval to open a branch in Chennai. As
well as strengthening its office network in India,
which includes existing branches in Mumbai andNew Delhi, MHBK also entered a memorandum of
understanding with the Karnataka Udyog Mitra andwith the Industrial Guidance and Export Promotion
Bureau in Tamil Nadu concerning support forJapanese companies that are establishing business
operations in these regions. Going forward, we will
fully support our customers expanding their business
into India, which continues to see economic growth.

Opening ceremony of the Bangalore-Devanahalli
BranchApproaches to Infrastructure Projects in Asia
Mizuho was asked to support the Japanese Ministry of
Economy, Trade and Industry in conducting a survey
regarding the allocation of risk related to the overall
development of the Thilawa Special Economic Zone
and conducted the survey from January to March
2013. This project is a public-private venture, and as
an initiative that will support the entry of Japanesecompanies into Myanmar and expand infrastructurebusiness opportunities, Mizuho will continue to support the implementation of this project going forward.

Approaches in the Americas

In the Americas, Mizuho offers high-value-added financial
services in corporate financing and investment banking,such as project finance and syndicated loans. Its customers
include Fortune 1000 companies®, financial institutions,and public organizations. MHBK and Mizuho Securities USA
collaborate to respond to customers' needs, providing solutions that maximize Mizuho's group and global networks
and achieving strong results in the region.
29

Business Approaches

Global Business

Furthermore, Mizuho is proactively engaged in expanding
its office network in Central and South America, an exampleof this is reaching an agreement with the German bank,
WestLB (current Portigon), to acquire its Brazilian corporatebanking subsidiary, Banco WestLB do Brasil. Mizuho completed this transaction by successfully opening its subsidiary, Banco Mizuho do Brasil, to strengthen its local support framework for its customers in Brazil, where continuous
economic growth is expected on the back of its rich natural
resources.
In the Americas, including Central and South America,
Mizuho will continue to strengthen its support framework
for its customers and offer a wide range of solutions.

Alliances with Local Financial Institutionsin Emerging Countries
Mizuho endeavors to establish structures to meet its
customers' needs by forming alliances with local
financial institutions in emerging countries that are
attractive markets for Japanese companies. This
enables Mizuho to provide local information andenhance its service structure for these companies after
they expand their businesses into these countries.
New Alliances with Financial Institutions (fiscal 2012)
MexicoNon-exclusive general business cooperation agreement with Banco Santander(July 2012)

South Korea Business partnership agreement to cooperate in
the area of defined contribution pension plans
with Shinhan Bank
(August)TurkeyNon-exclusive general business cooperation agreement with Akbank(September)Philippines Business cooperation agreement with the Bank of
the Philippine Islands(December)
Laos

Business cooperation agreement with the BanquePour Le Exterieur Lao Public(December)

Qatar

Business cooperation agreement with Qatar
National Bank
(January 2013)

Mongolia Memorandum of understanding with the Tradeand Development Bank of Mongolia(January)
Indonesia Business cooperation agreement with Bank Negara
Indonesia(February)Signing ceremony with Bank Negara Indonesia

30

Approaches in Europe, the Middle East and Africa

Mizuho responds to its customers' diverse needs and provides various financial services not only in Europe, but also inother regions such as Russia, the Middle East and Africa. It
also focuses on offering services that integrate both banking
and securities businesses, including working in collaboration
with Mizuho International, MHSC's overseas subsidiary in
the U.K.
In addition, Mizuho is continuing to expand its office network and form alliances with local financial institutions. In
September 2012, for the purpose of strengthening its overseas support framework for its customers, Mizuho enteredinto a general business cooperation agreement with
Akbank, one of the largest commercial banks in Turkey.
Turkey is expected to experience stable economic growth
going forward, due in part to its favorable geographicallocation as a bridge between the Middle East and Europe. In
January 2013, it also signed a business cooperation agreement with Qatar National Bank in Qatar, where there areabundant natural resources and the level of per capita GDP
is the highest in the world.
Mizuho will continue to strengthen its support framework for customers that are considering expanding theirbusinesses overseas and enhance its services for its customers by further expanding its network.

Global Development of Securities Business

MHSC has deployed subsidiaries in important regions in
Europe, the United States, Asia, and the Middle East,
strengthening its global management framework focused onunderwriting and selling equities, government and corporate
bonds, and M&A advisory business.
In Europe, Mizuho International is providing customer oriented services in the areas of investment banking and sales &trading business. In the Americas, Mizuho Securities USA
leverages MHBK's FHC status to develop its securities business. Mizuho Securities USA is steadily building a trackrecord, particularly in underwriting US corporate bonds, andis making efforts to further expand its presence. In Asia,
Mizuho Securities Asia operates as the hub of Mizuho's Asianbusiness and it is working to enhance its business in Asia bystrengthening collaboration with other group companies.

Business Approaches

Asset Management Business

By leveraging its advantages as a comprehensive financialgroup and making the most of the synergies between planning, development and sales in the asset managementrelated business through seamless management, Mizuho
provides products and services that match the needs of its
wide range of customers from individuals to institutional
investors.

Pension-related Business

Mizuho offers services and product packages needed forcorporate pension schemes, which range from corporate
pension plan design and the management of pension policyholders and recipients to asset management and custody.
Furthermore, to respond to the ever more diverse andsophisticated needs of our customers, Mizuho integrates its
functions across the group to offer services such as investment solutions and review of pension schemes.

Pension Assets under Administration as Trustee(Pension trust + solely operated designated money trust, fairvalue basis)(Brillions of ¥)10,000
9,500
9,000
8,500
8,000

0

March 2011

March 2012

March 2013

Defined Contribution Pension Schemes
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. Mizuho has the top performance record in
the field of defined contribution pension plan entrustments
in Japan. In addition, MHTB provides support for the introduction of defined contribution pension schemes as well as
offers asset management services that are the first in thebusiness world to acquire ISO9001 certification, and trust
products.

J-ESOPs
In the area of J-ESOPs (Japanese-style employee stock
ownership plans; a new employee welfare service
that uses treasury stocks), MHTB's product lineup
includes disposition-type ESOPs and retirement benefits. It has also expanded the retirement benefits toinclude employees in both Japan and overseas andstrives to meet the needs of a variety of customers.

Asset Management Business

Mizuho takes account of the initiatives on asset management of its customers who are considering such factors aschanges in regulatory and other systems, the conversion tointernational accounting standards, major fluctuations in themarket environment and financial aspects. Based on these
considerations, Mizuho draws on the comprehensive capabilities of the group, and through analyses and assessmentsof customers' total portfolios, it offers services catering totheir needs, including advice pertaining to basic asset allocation and combinations of investment strategies. These services are offered not only to pension funds but also to customers among financial and educational institutions as well.
Furthermore, MHTB offers funds with various investment
strategies to a wide range of customers, from public institutions that handle pension management to corporate pension funds. It also offers products using various new investment targets and methods, including hedge funds, privately
placed real estate investment funds, concentrated investment funds and package products that flexibly allocate
assets based on analysis and forecasts of the macroeconomic and capital market environments. In addition, it makes thefunds offered by external investment institutions in Japanand overseas available to customers, but makes sure they
are subjected to thoroughgoing due diligence and rigorous
monitoring.

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
31

Business Approaches

Asset Management Businesshave earned an excellent reputation among evaluation
institutions for their highly specialized management andoriginal products and have been awarded with various
awards.

Awards Received in Fiscal 2012
Mercer MPA Awards 2012 Japan
MHTB
MHAM

Japanese Equity Growth Category (3 years)
Japanese Fixed Income Category (3 years)
Japanese Equity Small and Mid Cap Category (3 years)
Japanese Equity Growth Category (3 years)

R&I Fund Award 2013
MHTB
MHAM

DIAM

Defined Benefits Pension Category/Japanese Equity
Growth Fund
Investment Trusts/Mixed Asset Fund Aggregate
Investment Trusts Category / Global Bond Fund
Investment Trusts Category / Japanese REIT Fund
Defined Contribution Pension Category / Japanese Bond
Fund
Investment Trusts/Aggregate Category / Global Equity
Fund Aggregate
Investment Trusts Category / Japanese Mid and Small
Caps Equity Fund
Defined Contribution Pension Category / Japanese Bond
Fund

Morningstar Fund of the Year 2012
MHAM
DIAM

Domestic Bond Fund division
Domestic Stock Fund divisionInternational Stock Fund divisionInternational Bond Fund (unhedged) division

Lipper Fund Awards Japan 2013
MHAM

DIAM

Bond / over 3 years (2 funds)
Bond / over 5 years
Mixed Asset / over 3 years (2 funds)
Mixed Asset / over 5 years
Equity / over 5 years
Bond / over 10 years

Morningstar
References to any specific securities do not constitute an offer to buy or sell
securities. Those awarded funds based upon the past performance cannot
guarantee their future performance. Data or statements are obtained fromsources Morningstar Japan K.K believed to be reliable but are not guaranteed
as to accuracy or completeness. All information is the property of Morningstar
Japan K.K. or Morningstar, Inc. and protected by copyright and intellectual
property laws. All rights reserved.
R&I
R&I Fund Award is based on the past data, and does not guarantee future
performances of the fund.
The Award is presented only to provide information that can be used as areference, and it does not intend to encourage investors to buy, sell or holdthe relevant fund. Furthermore, it has no relation with the qualitative information Rating and Investment Information, Inc. (R&I) provides to its clients.
The Award is calculated by R&I based on information believed to be reliable;
however, its accuracy and completeness are not necessarily guaranteed.
The Award is not the Credit Rating Business, but one of the Other Lines ofBusiness (businesses excluding Credit Rating Business and also excluding theAncillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of
the Cabinet Office Ordinance on Financial Instruments Business, etc.
With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would
not unreasonably affect the Credit Rating Activities.
The copyright and other related rights of this Award are the sole propertyof R&I.
Use of the information contained herein (including reproducing, amending,sending, distributing or mutilating the information) is prohibited without R&I's
permission.

32

Cooperation with Asset Management
Company BlackRock
Mizuho has promoted strategic cooperation withBlackRock, an asset management company and business alliance partner. This cooperation has achieved
steady results in development and sales of investment products to individuals, pension funds andinstitutional investors as well as improvement in efficiency of asset management infrastructure. By utilizing Mizuho's advantages and BlackRock's global
strengths in asset management and risk analysis,
Mizuho will respond precisely and quickly to theneeds of its customers.

Global Alternative Investment Business

Alternative investment products are known as assets (asset
classes) having relatively low correlation with traditional
investment assets such as stocks and bonds. To respond accurately to the wide range of needs of institutional investors,
who require greater diversity and dispersal among assets,Mizuho provides optimal products and services in collaboration with group companies: Tokyo asset management company Mizuho Global Alternative Investments, which selects
and provides products such as global high grade hedge
funds; U.S. subsidiary Mizuho Alternative Investments,
which is in charge of investing funds; and Eurekahedge, asubsidiary in Singapore that offers hedge fund research andinformation.

Business Approaches

Market Business

Mizuho offers products and services to meet the diverse
needs of its customers and support their global business by
integrating its banking, trust and securities functions andseamlessly promoting its market business.

MHBK's Market BusinessIn the sales and trading business, Mizuho 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 suchas interest rates and foreign exchange to oil, metals, weather, and other commodity derivatives, and local currencytransactions. In the field of Asian and emerging currencies inparticular, in response to increasingly sophisticated needs of
its customers for more efficient hedges and management ofmarket risk, Mizuho is drawing on collaboration among specialist teams who are well versed in the regulations and markets in various countries and its global network of offices todevelop financial product schemes that take advantage ofthe characteristics of individual markets in Japan and overseas with the aim of providing support for the overseas
expansion of its customers.
Through its tie-up with Mizuho-DL Financial Technology,
which is a group company specializing in the developmentof financial technology, Mizuho developed “dynamic foreignexchange hedging”—a statistical/probabilistic exchange risk
hedging method that eliminates market views and arbitrariness. Many customers, with a focus on large corporations,have made use of “dynamic foreign exchange hedging.”

MHSC's Market Business

MHSC runs fixed income and equities sales and trading
globally. It focuses on customer-oriented sales and tradingbusiness and tailored solutions business in order to meet theneeds of its customers.
As a market leader in the fixed income business, MHSC
provides products and services that suit its customers' investment strategies by engaging proactively in market making
and offering high-quality information.
In the equities business, MHSC appropriately meets thesophisticated needs of its customers by strengthening its
Pan-Asia basis research platform, enhancing IR services fordomestic and overseas investors, and improving its electronic trading capability.

In order to respond to the sophisticated needs of global
institutional investors, MHSC has been expanding its market
presence domestically and globally by reinforcing its execution capabilities and offering a variety of high-value-added
products.
Mizuho also attempts to leverage its overseas network
for the integrated development of domestic and overseas
business.

Research

Regarding fixed income research, MHSC has one of theleading professional groups in Japan which provides outlooks for economic and interest rate trends in Japan andoverseas, credit analyses of securities-issuing companies,
assessments of the impact of monetary policies in Japan andoverseas, and proposals for fixed income investment strategies. Furthermore, MHSC works closely with overseas economists within its subsidiaries to provide information globally.
In its equity research, it has strengthened its researchframework on a Pan-Asia basis, including Japan, andresearchers including investment strategists and sector analysts respond to a wide range of research needs throughindustry trend research, equity investment strategy reports,
technical analysis, quantitative analysis, evaluation of individual companies, etc.

Strengthening MHSC's Pan-Asia Equity
Research Framework
To meet the increasingly sophisticated needs of its
customers, MHSC endeavors to strengthen its equity
research framework on a Pan-Asia basis. As institutional investors are increasingly managing their portfolios of Japanese and other Asian equities jointly,
MHSC has established collaborative structures withthe research team of its Hong Kong subsidiary and is
working to create frameworks for providing highvalue-added information broadly to its customers.
As a result of its efforts to strengthen its researchframework since fiscal 2012, MHSC is gaining highreputation for its research capabilities, and its rankings among equity analysts by various media have
jumped.

33

Initiatives to Support the Recovery from the Great East Japan Earthquake

Mizuho continues to offer its combined group strengths toassist in rebuilding the lives of people afflicted by the Great
East Japan Earthquake and reviving the industries andeconomies that have suffered as a result of the earthquake,as well as support the recovery of disaster-stricken areas,by setting up the Tohoku Fukko Desk (Tohoku reconstruction desk), an organization specialized in promotion ofthese initiatives.

industry approach to revitalize agriculture, forestry, and fishing industries. The first investment from this fund was madein the Fukushima Regional Sixth Industry Fund, which wasorganized by the Fukushima Prefecture and regional financial institutions. Mizuho is, therefore, promoting the growthof the agricultural, forestry, and fishing industries by supplying risk capital and thereby working to increase value
through their transformation into a “sixth industrial sector.”

Support for Housing Reconstruction

Support for Disaster-stricken Areas as Part ofSocial Contribution Activities

MHBK offers Disaster Recovery Loans for Great East Japan
Earthquake victims with a view to being useful to the recovery efforts of individual customers who were hit by theearthquake disaster. In addition, it supports the reconstruction of homes in the disaster-stricken areas through initiatives such as providing funds for land readjustment projects
aimed at supplying housing in these areas.

Support for Reviving Corporations and Industries
In order to help the disaster reconstruction efforts of corporate customers who have suffered damage from the disaster, MHBK and MHTB are facilitating financing by offering
Disaster Relief Support Funding and various policy loans provided by public institutions. They also set up the Business
Reconstruction Assistance Fund, to support the recovery
from the disaster.
In addition, Mizuho established the Mizuho Tohoku
Industry Development Fund to provide equity-related capital,
with the aim of contributing to the recovery and medium- tolong-term growth of the Tohoku region. Through this fund,it has provided total capital of ¥2.1 billion in such forms as
share acquisitions and underwriting of subordinated bonds.

Creating Employment
Mizuho is supplying funds for capital investments that willlead to the creation of jobs in the disaster-stricken areas bydrawing on the system established by Japan's Reconstruction
Agency for providing interest rate supplements in Special
Zones for Reconstruction. In addition, Mizuho is providing
support in the fields of medical and long-term care by providing funds for the introduction of state-of-the-art medical
equipment, investing in a newly established company manufacturing robots for use in long-term care for seniors, andother activities.
In addition, Mizuho has established the ¥10 billion Sixth
Industry Fund for the Agriculture, Forestry and Fishing
Sector. This fund has the objective of providing support for
producers and companies involved in promoting the sixth34

As part of its new efforts, Mizuho will start the Mizuho
Forest Project, aimed at reviving the disaster-prevention forest planted along the coast of Fukushima Prefecture, whichwere severely affected by the tsunami. In April 2013, it
signed an agreement with Fukushima Prefecture, Iwaki Cityand the owners of the disaster-prevention forest to start theplanting of trees by Mizuho employee volunteers in fall of
2014, and to restore the approximately two-hectare forestof Iwaki City, Fukushima Prefecture by March 2019.
Employees of Mizuho have been participating in volunteer activities since the summer of 2011, removing debris
from farmland. In addition, Mizuho held product fairs for
employees to exhibit and sell products from disaster-stricken
areas a total of nine times in fiscal 2012. Since May 2012, it
has also supported sales of Fukushima Prefecture's local
products and its tourism industry through participation in
the Fukushima–Tokyo Campaign, started by the Tokyo metropolitan government as part of efforts to support therecovery of Fukushima.
Furthermore, magazines published by Miyagi and
Fukushima prefectures for people affected by the disaster
have been placed in lobbies of MHBK's branches since
October 2012, with the aim of providing information to victims that have been evacuated outside these prefectures.

CSR Initiatives

CSR Management

At MHFG, Mizuho's Corporate Identity has been formulated
as the concept that forms the basis of all activities conducted as Mizuho. The Mizuho Code of Conduct is positioned
as the ethical rule to be complied with in implementing
Mizuho's Corporate Identity, and serves as the foothold forthe various decisions that will be made on business administration and operation.
Mizuho recognizes the importance of outlining its stancetoward CSR initiatives with respect to its stakeholders. At
the same time, it acknowledges the critical need for employees to pursue initiatives that reflect considerable sensitivity
toward CSR in the conduct of their duties. Guided by theMizuho Vision in Mizuho's Corporate Identity, Mizuho indicates its definition and stance regarding CSR in its Basic
Policy on CSR Initiatives, and sets forth uniform policies andstandards for the group regarding the environment, compliance, contributing to society, and other aspects of CSR.

Basic Approach toward CSR Initiatives
Mizuho defines its CSR activities as follows. CSR initiatives
entail the practice of corporate activities that reflect anunwavering awareness toward the importance of Mizuho's
social responsibilities and public mission as a global financialgroup, take into consideration the expectations of stakeholders, and thoroughly fulfill its responsibilities toward society, which provide the basis for its existence.
In addition, recognizing that CSR initiatives help contribute to the sustainable development of society and provide the platform for creating and advancing corporate
value, Mizuho has positioned CSR initiatives as a pillar of its
corporate conduct.

Areas for CSR Initiatives
To implement CSR initiatives uniformly across the group andmake the overall image of these initiatives easy to understand, Mizuho has reorganized its CSR initiatives into eightareas, among which it has singled out “environmental initiatives,” “support for financial education,” and “enhancing
corporate governance” as priority areas to address over the
medium- to long-term.

Areas for CSR Initiatives
Thoroughly Implementing the Customer First
Approach• Making the customer-first approach the foundation of our actions, we aim to provide the level ofcomprehensive financial services to constantly
meet customer needs.
Meeting Social Responsibilities through Business
Activities• We will protect depositors and other customers tomaintain trust and, in facilitating financial flows,
will contribute to the sound development of thedomestic and overseas economies.
• We will contribute to the formation of a sustainable society through initiatives making use of
responsible investment capital and through ourbusiness activities.
Environmental Initiatives• Recognizing that restricting and reducing impact
on the global environment is a shared challenge,
we will provide financial services in line with environmental policies to prevent global warming, etc.
and reduce our own consumption of resources.
Support for Financial Education• Support financial education for the next generation on whom society's future depends to enable
them not only to acquire financial awareness but
also to cope with the issues they will face in their
daily lives.
Social Contribution Activities• We will be a good corporate citizen and partnerwith local communities.
Creating Fulfilling Workplaces• We will create exceedingly attractive, fulfilling
work environments.
Corporate Governance• Realize responsive communications with stakeholders by further promoting information disclosure to ensure greater transparency in corporate
activities.
Promoting Communication• We will ensure the transparency of our businessactivities by significantly enhancing our information disclosure and engaging in communicationemphasizing dialogue with stakeholders.

35CSR Initiatives

Identifying Points of Initiative Focus
Since contributing to the development of a sustainable society through its business activities is required more than ever,to provide guidance from an implementation perspective,
Mizuho has identified two additional points of CSR initiative
focus of providing “finance to support the real economy”
and “finance to meet new expectations.” These points takeaccount of stakeholder expectations of Mizuho and changes
in the environment surrounding its operations and havebeen adopted to ensure that they are shared by companies
within the group and are incorporated into the management and business strategies of all group companies.

Initiative Focus
Finance to support the real economy
In addition to fulfilling our role as a key componentof the infrastructure that supports the economy andsociety, we will contribute to the development of thereal economies of the world, Asia and Japan by utilizing our specialized expertise, network, and wideranging financial services capabilities to foster industry from a medium- to long-term perspective.
Finance to meet new expectations
We will promote business and address the newneeds of stakeholders that arise from changes insociety. This includes expectations toward increased
convenience as well as the impact of business activities on the environment and society.

established CSR Committees (Business Policy Committee),and these committees undertake discussions and deliberations regarding the policies and other initiatives of the relevant company.
In these ways, Mizuho has established PDCA-cycle-based
management systems for the CSR activities of each groupcompany as well as the entire group.
When undertaking CSR activities, emphasis is given tocommunications with stakeholders and, besides relations
with stakeholders in connection with day-to-day operations,additional dialog with stakeholders and other initiatives aretaken to enable the continual receipt of feedback from outside the group as a means of facilitating efforts to improve
CSR activities. Furthermore, to ensure that all staff members
are fully aware of group policies and measures deliberated by the CSR Committee and to share information andexchange opinions among group companies, liaison meetings for the CSR promotion personnel of the 10 core groupcompanies are held on a regular basis.

CSR Promotion Structure

MHFG
Executive Management
Committee

President & CEO

CSR Committee

CSR Promotion Department
Corporate Communications
Division
Strategic Planning Group

Policies and measures

ReportCore Group Companies*

CSR Promotion Structure
In order for Mizuho to promote CSR in a unified manner,
MHFG, the holding company, assumes the role of promoting CSR activities of the entire group. The President andCEO of MHFG oversees initiatives for the CSR activities ofthe entire group, and, internally, MHFG has established the
CSR Committee (a Business Policy Committee), which deliberates on general matters concerning CSR, prepares policies
for CSR initiatives, supervises the policy initiatives and resultsof group companies, monitors progress toward objectives,and performs other functions.
Based on the group CSR activity policy and considerationof its own business strategy, each core group company
drafts its own CSR activity policy and undertakes management measures to monitor and promote progress in theimplementation of that policy. The results of each company's efforts are reported to the MHFG. Principal core groupcompanies—including MHBK, MHTB, and MHSC—have
36*MHBK, MHTB, and MHSC have each established a CSR committee.

Support for Financial Education
CSR Activities

Out of our CSR initiatives, we have selected “environmental
initiatives,” “support for financial education,” and “enhancing corporate governance” as our medium- to long-term priority areas and are advancing efforts. In this section, we will
introduce the details of our activities for “environmental initiatives” and “support for financial education.”• Please refer to page 38 to 41 for details on “enhancing
corporate governance.”• For information on Mizuho's overall CSR initiatives, pleaserefer to MHFG's website.
http://www.mizuho-fg.co.jp/english/csr/index.html

Environment Initiatives
Mizuho endeavors to reduce the environmental burden it
generates through its own business activities, and to reduce
the environmental impact of society as a whole through thefinancial products and services it offers.
MHBK supports customers that practice environmentallyconscious management through providing environmentallyconscious financial products. In addition, it is proactively
engaged in financings for renewable energy businesses,
including solar power and wind power. It is also keenly
aware of the importance of renewable energy for Japan's
energy policy, and in fiscal 2012, its activities in this field
included arranging project financings for mega-solar power
projects (large-scale solar power generating facilities) andestablishing the Mizuho Mega-solar Fund. It is focusing its
initiatives on providing financial support for promoting thewider usage of renewable energy centered on solar power.
In September 2012, based on a survey by CDP* thathighlights those companies within approximately 5,000
global big companies that have demonstrated a strong
approach to greenhouse gas emissions reduction and climate change risk, MHFG was selected for listing in the
Carbon Performance Leader Index (CPLI) for its environmental business and initiatives for reducing environmental burden, as one of the 33 global top companies and one of the
5 top Japanese companies.

•

Lectures and Courses for Universities
Mizuho dispatches officers with ample hands-on expertise togive lectures on cutting-edge financial practices and othertopics. Lectures are held at Kyoto University, Keio University,
the University of Tokyo, Hitotsubashi University, and Waseda
University.
Practical Financial Education at Elementary, JuniorHigh and High Schools
Mizuho has been conducting a joint research on financial
education with Tokyo Gakugei University since April 2006,
and Mizuho employees participate in lessons that make useof the results of the joint research.
Support for Education in Disaster-stricken Regions
Based on the results of the above activities, Mizuho is cooperating with initiatives to support education in the regions
affected by the Great East Japan Earthquake. For example,
in June 2012, an employee of Mizuho participated in the
Career Challenge Day, which was held in Ofunato City,
Iwate Prefecture. The Career Challenge Day was held for
middle school students who did not have the opportunity toparticipate in workplace experiential learning owing to theadverse impact of the earthquake. In the class conducted by
the employee, students learned about such topics as theroles of banks and the sense of personal fulfillment theemployee has gained through working at a bank. Also, at
the Collaborative Career Practical Education Forum, held in
February 2013, an employee introduced teaching and related activities based on the financial education textbook thatwas developed through the joint research to schoolteachers
in Iwate Prefecture.

••* CDP is an international, not-for-profit organization providing the only
global system for companies and cities to measure, disclose, manage
and share vital environmental information.

37

Corporate GovernanceCorporate Governance Policy
We have been working to achieve a streamlined and nimble
management structure while strengthening our corporate
governance by inviting outside directors to join our board,
etc. We will continue our efforts to enhance the transparency
and efficiency of our management through corporate governance, with strict observance of all laws and regulations, pursuing our business activities in a fair and honest manner that
does not conflict with the norms accepted by society.
In addition, we established the Mizuho Code of Conduct
which is a set of common values and ethical principles sharedby the corporate officers and employees of the group.

Social Responsibility and Public Mission:
We are acutely conscious at all times of our social
responsibilities and public mission as the leading
Japanese financial services group with a global presence and a broad customer base. We therefore work
to ensure that we maintain close communication
with the communities in which we operate and pursue corporate activities in a manner that is in harmony with societal expectations.
Customers First:
We place our customers first and ensure that they
are provided worldwide with the highest quality
financial services at all times. We believe that being
trusted by our customers is the basis for the trust by
our shareholders, society and all other stakeholders.
Strict Compliance with Laws, Regulations andInternal Rules:
We are committed to strict observance of all laws
and regulations and pursuing our business in a fairand honest manner that does not conflict with thenorms accepted by society. As a global financial services group, we also strive to respect the laws, customs and cultures of the foreign countries in which
we operate.
Respect for Human Rights:
We respect the human rights of our customers, corporate officers, employees and other individuals andstrive to achieve a corporate culture that promotes
human rights.
Disavowal of Anti-Social Elements:
We will firmly oppose the activities of any anti-social
elements that threaten the rule of law, public orderand safety.

38

Corporate Governance Structure
MHFG maintains the following corporate governancestructure.
Board Members and Board of Directors
MHFG's board of directors, which consists of twelve members, determines important matters pertaining to the management policy of MHFG and its group companies andmonitors the business conduct of directors and executive
officers. Three of the directors are outside directors that do
not engage in the day-to-day management of MHFG. Their
participation serves to strengthen the management andmonitoring functions of the board of directors.
In addition, a Nomination Committee and a Compensation Committee have been established to advise the boardof directors, each consisting of three outside and one inhouse (President & CEO of MHFG) members.
Nomination Committee
The Nomination Committee discusses candidates for
directors and senior executive officers (including appointments of executive directors and representative directors)of MHFG, MHBK and other group companies (in descriptions of the Nomination Committee and Compensation
Committee hereunder, the “Mizuho companies”) by taking into consideration results of evaluations from thirdparty assessment institutions and other factors, and thePresident & CEO of MHFG reports the results of the discussions to the board of directors of MHFG. The Board of
directors of MHFG considers the results of the discussions
by the Nomination Committee in determining personnel
matters of directors and executive officers to ensure
impartiality, transparency and objectivity in matters of
personnel decisions affecting directors and executive officers. In addition, the President & CEO of MHFG determines the process of evaluating candidates such as basic
policy and appointment standard, etc., in connection withappointments of directors (excluding outside directors)
and executive officers for the Mizuho Companies after
the Nomination Committee discusses it and provides theresults of determination to the Mizuho Companies.
Compensation Committee
The Compensation Committee discusses basic policies indetermining compensation and compensation system,
etc., for directors and executive officers of the Mizuho
companies, and the President & CEO of MHFG reports tothe board of directors of MHFG and also notifies theresults of discussions to the Mizuho companies. Each of
the Mizuho companies considers the results of discussions of the Compensation Committee of MHFG anddetermines the basic policy, compensation system andother matters in order to secure transparency and objectivity of compensation to directors and executive officers.

•In addition, the Compensation Committee receives
reports from the Mizuho companies as necessary in lightof confirming the status of compliance with Japaneseand overseas regulations on compensation and provides
its opinion to the Mizuho companies.
Corporate Auditors
The Board of Corporate Auditors receives reports on important issues about audit matters, discusses them and makes
decisions. Three of the five corporate auditors are outside
corporate auditors, and one of the three outside corporate
auditors is a financial expert who is a Japanese-qualified certified public accountant.
The Corporate Auditors audit the performance of thedirectors' duties and review our business performance andfinancial condition by attending board meetings and otherimportant meetings to receive reports on the business fromdirectors and other corporate officers, inspecting important
documents and receiving reports from the Internal Audit
Division, subsidiaries and accounting auditors, among others.
Execution of Duties
MHFG introduced the executive officer system in order toseparate managerial decision making and its implementationand to clarify levels of authority and responsibility.
In respect of the execution of duties, the CEO is responsible for the general execution of the business operations of
MHFG. The Executive Management Committee was established to serve as an advisory body for the CEO and discusses important matters concerning the execution of business
operations as necessary, such as determining matters necessary to be resolved at board meetings. The following business
policy committees and group strategy conferences have been
established to comprehensively discuss and coordinate crosssectional issues and important matters in terms of groupbusiness strategy. The business policy committees meetingsand group strategy conferences are held as necessary.
<Business Policy Committees>
Portfolio Management Committee:
Discusses, coordinates and monitors basic portfolio policies and their implementation.
ALM & Market Risk Management Committee:
Discusses, coordinates and measures performance ofbasic ALM policies, risk planning, fund procurement andinvestment, and market risk control.
Compliance Committee:
With the participation of external experts (one lawyer andone certified public accountant (CPA)) as special members, discusses and coordinates legal compliance oversight, and matters related to antisocial elements and thehandling of accidents.
Information Security Management Committee:
Discusses and coordinates the promotion of policies on••

information management, risk management pertaining to
information security, compliance with the Law Concerning
the Protection of Personal Information, and rules and regulations concerning information management.
Disclosure Committee:
Discusses, coordinates and measures performance ofbasic disclosure policies and controls.
CSR Committee:
Discusses and coordinates matters concerning the status
of CSR related initiatives, key matters to be addressed,
action plans and CSR reports.
Financing Facilitation Management Committee:
Discusses and coordinates basic financing facilitation management policies and matters concerning the promotionof financing facilitation management related initiatives.
IT Strategy Promotion Committee:
Discusses and coordinates basic policies on IT strategies,
IT-related investment plans and their operational policies,
unification of IT and computer systems within the group,
individual IT investment policies, management of computer systems projects and individual computer systemsrelated matters and information technology risk management, and evaluates investment results of IT-related
investments.
Customer Protection Management Committee:
Discusses and coordinates basic policies on customer protection and other management and progress, etc., of various measures in connection with customer protection
and other management.
<Group Strategy Conferences>Group Retail Strategy Conferences:
Discusses and coordinates matters concerning performance evaluation, such as basic strategies, important individual strategies and initiatives, business plans and revenue plans as well as following up on such strategies, initiatives and plans and management resource allocation
regarding Personal Banking Unit, Retail Banking Unit andTransaction Unit (Retail Business).
Group Wholesale Strategy Conference:
Discusses and coordinates matters concerning performance evaluation, such as basic strategies, important individual strategies and initiatives, business plans and revenue plans as well as following up on such strategies, initiatives and plans and management resource allocation
regarding Corporate Banking Unit (Large Corporation),
Corporate Banking Unit, Financial Institutions and Public
Sector Business Unit, Investment Banking Unit andTransaction Unit (Wholesale Business).
Group International Strategy Conference:
Discusses and coordinates matters concerning performance
evaluation, such as basic strategies, important individual39Corporate Governancestrategies and initiatives, business plans and revenue
plans as well as following up on such strategies, initiatives and plans and management resource allocation
regarding International Banking Unit.
Group Asset Management Strategy Conference:
Discusses and coordinates matters concerning performance evaluation, such as basic strategies, important
individual strategies and initiatives, business plans andrevenue plans as well as following up on such strategies,
initiatives and plans and management resource allocation
regarding Asset Management Unit.
Group Markets Strategy Conference:
Discusses and coordinates matters concerning performance evaluation, such as basic strategies, important individual strategies and initiatives, business plans and revenue plans as well as following up on such strategies, initiatives and plans and management resource allocation
regarding Markets Unit.
Three other committees have been established separatelyfrom the Business Policy Committees and group strategy
conferences to deal with specific issues. These committees
discuss, disseminate information and promote policies concerning operations under their jurisdiction as necessary.
Business Continuity Management Committee:
Discusses, disseminates information and promotes basic
Business Continuity Management policies.
Human Rights Awareness and Promotion Committee:
Discusses, disseminates information and promotes policies concerning human rights initiatives.

Committee to Encourage Employment of People
with Disabilities:
Discusses, disseminates information and promotes policies concerning the employment of handicapped people
and securing their role in the workplace.
The functions of the Social Contribution Committee andthe Environmental Issue Committee established previously
were taken over by the CSR Committee to enhance the CSR
promotion structure across banking, trust banking and securities subsidiaries.
Internal Audit Function and Others
The Internal Audit Committee fulfills an internal audit function under the President & CEO. The committee discusses
and determines important matters concerning internal audit
on the basis of the basic policy determined by the board andreports all decisions made by the committee to the board.
To ensure independence of the internal audit function
from the audited sections, we separate the Internal Audit
Group from the groups which it audits and establish it as anindependent group in its own right under the control of theInternal Audit Committee. External experts in their field(consisting at present of one lawyer and one CPA) are also
on the Internal Audit Committee to strengthen the specialist
nature and impartiality of the committee.
The internal audit infrastructure MHFG has established is
as follows: MHFG has set up an Internal Audit Division tocarry out internal audits based on the basic audit policies
and the internal audit regulations determined by the boardof directors. It also checks the internal control structure of•

MHFG's Corporate Governance Structure
General Meeting of Shareholders

Nomination Committee
Compensation Committee

Board of Directors

Includes outside directors

Outside Directors

Audit

Corporate Auditors
Board of Corporate Auditors
Outside Auditors

Supervision
Management
Executive Management
Committee

President & CEO(Group CEO)Internal Audit Committee
Includes outside advisors

Business Policy
Committees

Group Strategy
Conferences
Unit, Group, etc.

40

Internal Audit Groupthe core group companies* on the basis of the reports it
receives from them of the results of internal audits andproblems and issues that have been investigated by them.
Thus, all information on the status of the core group companies' internal audits is held and controlled by MHFG's
Internal Audit Division.
The results of both MHFG's and the core group companies' internal audits are reported to the Internal Audit
Committee on a regular basis and at other times as necessary
by the head of the Internal Audit Group who is the director
with responsibility for internal audits.
The Internal Audit Division, Corporate Auditors and theaccounting auditors exchange opinions and information ona regular basis and as necessary to strengthen cooperation
so as to enhance effectiveness and efficiency of the overall
audit function.
Reason for Adopting Current Corporate Governance
Structure
MHFG adopted the current corporate governance structuresince we believe that strengthening the management monitoring functions by inviting outside directors and outside
corporate auditors contributes to the strengthening of ourcorporate governance and that this is appropriate for securing the confidence of shareholders, investors and others.
Outside directors provide various guidance on the company's general management from an objective point ofview, making use of their abundant business experiences
and their wide-ranging insights gained through their management experiences.
Outside corporate auditors contribute to the maintenance and enhancement of the standard of MHFG's corporate governance by making use of their high degree ofexpertise gained through their experiences.
* Core group companies:
MHBK, MHTB, MHSC, TCSB, MHAM, DIAM, MHRI, MHIR, MHFS, MHPW(As of July 1, 2013)41

Profit Management System

Introduction of a Group-wide Matrix Profit
Management System
Under the new group management structure, we aim todevelop “integrated group strategies utilizing banking, trustand securities functions that respond to diversified customer
needs.” Centered on MHFG, we have introduced a groupwide profit management system corresponding to customer
segments and product functions. Together with the profit
management of individual group companies, we implementa matrix profit management system.
More specifically, based on the strategy of the group as awhole, MHFG determines strategies for each customer segment and product function, and individual group companies
determine plans that are based on these strategies. Throughthis process, we are implementing integrated group management focused around banking, trust and securities functions and, by allocating management resources efficiently,
we are seeking to maximize group corporate value.
From the perspectives of both the group-wide customer
segments and product functions, as well as the core groupcompanies, MHFG is making efforts to optimize its business

Customersegments

portfolio through the following:• formulating plans for gross profits, net business profitsand net income, and carrying out performance management and• allocating management resources such as investments andexpenses, personnel, risk capital and risk-weighted assets
Further, our core group companies establish their own
profit plans and manage the performance of their respective
company's divisions/departments within their businessgroup/units based on management policy, overall profit
plans and resource allocations drawn up according to theabove matrix profit management system. At the same time,to promote the efficient use of management resources, thegroup makes use of RORA and other indicators of efficiency
to manage its performance against management resources.
Glossary
RORA (Return on Risk Assets)
RORA is a measure of the profitability of risk-adjusted assets, and it is used as anindicator for assessing efficiency against asset volume, taking into account the volume of risk held.

Individuals

SMEs &
middle-market
corporations

Large
corporations

Financial
institutions &public-sector
entities

Non-Japanese
corporations

Customerneeds

Customerneeds

Customerneeds

Customerneeds

Customerneeds

MizuhoStrategy for eachgroup company

Bank
Trust bankSecurities
company

Provide financial services across the group to satisfy the various needs of customers

OthersStrategy for each segment
MHFG: Group's overall strategy(As of July 1, 2013)42

Human Resources System

In order to realize the corporate philosophy within Mizuho's
Corporate Identity of creating lasting value for our customers
and the economies and communities of which we are a part,
it is important to create an organizational culture whereby
employees can relate to and take spontaneous action in linewith Mizuho's Corporate Identity. To create such an organizational culture, Mizuho is implementing human resources initiatives in line with its new Human Resources (HR) Vision.

HR Vision (established April 1, 2013)
Mizuho Financial Group firmly believes that the personal
development of individual employees contributes to thestable and sustainable growth of Mizuho as a whole.
Mizuho recognizes those employees who put theMizuho Values into practice, and helps employees tocreate a more fulfilling life through their work.
• Mizuho encourages employees to utilize their strengths,
and provides opportunities for them to use their skills
and to develop their abilities.
• Mizuho encourages employees who differ in terms ofgender, country of origin, cultural background, andvalues to understand, respect, and inspire each other.
• Mizuho works with its employees to create a corporate
culture that encourages people to be passionate about
and to take pride in their work.

New HR Vision(Bridge between employees
and Mizuho's Corporate Identity)

Ownership,
ActionUnderstanding

Employees

Mizuho's Corporate Identity

Enhancing Group-wide Synergy
With regard to employees, we aim to create personnel who
are capable of maximizing their expertise and speed of operations in line with the business models of each group company. To enhance the synergies between group personnel,
we have adopted a uniform compensation system (a groupwide common platform for all human resources) and areworking to further enhance the deployment of the rightpeople in the right jobs through cross-company personnel
transfers. Additionally, we also have special programs forseconding personnel and sending trainees to other companies within the group. As the only financial group in Japan
with banking, trust and securities functions under one
umbrella, we strategically implement these programs in a
flexible manner to develop, on a group-wide and global
basis, uniquely talented personnel capable of supporting thevarious business strategies throughout the group.

Supporting Cross-entity, Unity-focused Career Development
Education & Training
We have adopted various group-wide and unity-focusedmeasures under our education and training schemes toactively support employees in their personal career development efforts. One such measure offered to group employees
is a sophisticated education program under the name
Mizuho University, which draws on external resources. The
Mizuho University framework encompasses “action learning,” whereby participants spend around six months making
suggestions to top management on such topics as businessstrategies and marketing; short-term programs that allow
individual participants to select subjects such as business andinterpersonal skills; and programs inviting applications tostudy at graduate schools and educational institutions inJapan and overseas, or take up external assignments. We
also provide numerous opportunities to foster a sense ofunity among all entities of the group and to create the foundations of close collaboration between those entities byholding joint induction training for our banking, trust banking, and securities entities, as well as implementing theCareer Design Training program which encourages employees to plan cross-entity careers.
Rejuvenating the Organization and Pursuing
Specialization
In January 2003, we launched an internal “job application
system for branch general manager positions” to encourage
the quick development and advancement of younger
employees. As of May 31, 2013, we have achieved a dynamic rejuvenation of the organization by selecting 98 younger
and mid-career applicants and appointing them as branch
general managers.
We also provide group-wide job application opportunities
each year to encourage employees to enhance their careers
and acquire greater specialization, and offer a “rookies'
career design program” for young employees as well as a job
fair to improve people's understanding of what other people
do within the group. These initiatives are all designed to give
employees more control over the direction of their careers.

••

Positive Action Initiatives
With the aims of invigorating our organization by proactively
recruiting women, and of improving the motivation of female
employees, we have formulated a group-wide fundamental
policy to increase the involvement of women in every aspectof our operations, and as such engage in positive action*.
* Initiatives that a company adopts proactively and autonomously in order to eliminate gender discrimination in recruitment and to promote the utilization of
women's capabilities to the fullest extent possible.
Note: Content appearing in this section describes the group's human resources system in Japan.

(As of July 1, 2013)43

Internal Control Systems

Compliance Structure

Basic Compliance Policy
As the leading Japanese financial services group with a global presence and a broad customer base, we remain conscious of the importance of our social responsibilities andpublic mission at all times. We define compliance as “thestrict observance of all laws and regulations and the pursuitof fair and honest corporate activities that conform to thenorms accepted by society” and view ongoing complianceas one of the basic principles of sound business management. Each of our group companies maintains its own compliance structure in line with the basic policies established by
MHFG.
Compliance Structure
The chief executive officer of MHFG, MHBK, MHTB and
MHSC each generally oversees compliance matters of therespective company, and the chief executive officer, etc. alsohead their respective Compliance Committees at which
important matters concerning compliance are discussed. The
four companies also have individual compliance divisions
under a chief compliance officer. These divisions are responsible for compliance planning and implementation and control overall compliance management at the respective companies. At the level of each organizational unit (such as
branches and divisions) at the four companies, the head ofCompliance Structure

MHFG
Board of Directors
Chief Executive Officer (CEO),
Compliance Committee(Chairman: Chief Executive Officer (CEO))
Chief Compliance Officer (CCO)(Compliance Division)
Every organizational unit
Head of each unit

Compliance Officer/
Compliance Administrator

MHBK, MHTB, MHSC and othercore group companies

Subsidiaries of the above group companies

44

the unit is responsible for guidance and implementation
related to compliance matters within such unit, and thecompliance officer or the compliance administrator at each
unit reviews the status of compliance.
MHFG has established the Internal Controls and Audit
Hotline, a system designed for obtaining concerns regarding
questionable accounting or auditing matters from in andoutside the company.
Other core group companies have also established compliance structures adapted to the characteristics of theirrespective businesses.
MHFG monitors the status of compliance of the groupthrough reports submitted by our core group companies
and adopts appropriate responses when necessary.
Compliance at subsidiaries of our core group companies
is monitored and managed by their respective parent.
Compliance Activities
We have established the Mizuho Code of Conduct (pleaserefer to page 38), which sets forth clear and concrete standards of ethical behavior, and distributed it to all directors,
senior management and employees of the group so thatthey are well aware of its content and act accordingly.
Each of our group companies has also prepared a compliance manual, which serves as a practical guidebook for rigorous compliance enforcement and clarifies the laws andregulations that the group companies must observe in pursuing their business activities and the compliance activities
they are required to follow.
We conduct compliance training for directors, senior
management and employees so that they are fully acquainted with the contents of the manual. We monitor the statusof compliance levels through self assessments conducted byindividual organizational units and monitoring conducted by
the compliance division of each company.
Every fiscal year, each of our group companies establishes
a compliance program, which contains concrete measuresfor compliance enforcement such as measures related to the
management of the compliance framework, training andassessments. Progress regarding the implementation of thecompliance program is monitored every six months.

“Internal Controls and Audit Hotline”—A system designed for obtaining concerns regarding
questionable accounting or auditing matters—
Reporting Items:
MHFG has established a hotline to receive reports from inand outside the company in connection with problems
concerning internal controls and audits of accounts andfinancial reports.
Contact Point:
This hotline has been established within an external law
office. Please use conventional mail or e-mail for reporting.
Conventional mail:Tsukiji Mitsui Bldg., Tsukiji 4-7-1, Chuo-ku, Tokyo
104-0045
Mizuho Accounting Hotline, c/o Daiichi Fuyo Law OfficeE-mail : kaikei-mizuho@daiichifuyo.gr.jp• When reported matters are within the scope of thereporting items, MHFG will do reasonable efforts toinvestigate the facts behind the information received
and report back on the results.
• Anonymous tips are also acceptable, but there arecases where it will not be possible to fully satisfy theintentions behind such tips owing to constraints on
investigations and the inability to report back.
• Information on persons making such reports is not disclosed to third parties other than the group companies
except in cases where the assent of the person in question has been obtained or such disclosure is required
under laws and ordinances, etc.

(As of July 1, 2013)

Management of Customer Protection Structure

Basic Approach
We give first priority to our customers, and based on thepolicy that earning the trust of our customers is the basis for
ensuring sound management and earning the trust of otherstakeholders, we will continuously verify and improve theoperations of the group from the perspective of customers
in order to ensure adequacy of operations and improve customer convenience as well as compliance, and manage customer protection uniformly in the group.
Overview of Management of Customer Protection
We define management of customer protection as described
below, clarifying the group management structure as well as
management methods, and ensuring that each company
draws up customer protection management regulations.

Management of customer protection refers to the
management required for achieving the following
from the perspective of improving the protection of
our customers and improving customer convenience.
1. Ensuring the adequacy and sufficiency of the
explanation of transactions, products etc. as wellas the provision of information (explanation of
products etc.) to customers regarding transactions
and products.
2. Ensuring the adequacy and sufficiency of handlingcustomer consultations and complaints (customer
service).
3. Ensuring the adequacy of the management ofcustomer information (customer information
management).
4. Ensuring the adequacy of managing customers andcustomer information in the event that our operations are outsourced (management of outsourcing).
5. Ensuring the adequacy of the management of conflicts of interest refers to the management of themeasures to be taken in order to appropriately
address various situations of conflicts of interest
that have stemmed from transactions with customers (management of conflicts of interest).

In addition to designating the compliance division as thecustomer protection general management division, eachcompany establishes its own management structure by45

Internal Control Systems

stipulating which divisions are in charge of management of
explanation of products etc., management of customer service, management of customer information, management ofoutsourcing, and management of conflicts of interest (hereinafter customer management tasks).
The chief executive officer of MHFG generally oversees
management of customer protection, and also heads the
Customer Protection Management Committee at which
important matters concerning customer protection are discussed. The chief executive officer also appoints officers
responsible for the general management of customer protection in order to promote appropriate management ofcustomer protection. The Compliance Division is in charge ofgeneral management and monitor management of eachcustomer management task. The division responsible foreach customer management task draws up and implement
proposals concerning the management tasks under theirjurisdiction. MHFG also provides centralized monitoring andmanagement of customer protection management at thecore group companies. The core group companies also manage customer protection management at their own groupcompanies.

Customer Protection Structure
Board of Directors

MHFG

Chief Executive Officer (CEO),
Customer Protection
Management Committee(Chairman: Chief Executive
Officer (CEO))

Executive
Management Committee

Officers responsible for the general managementof customer protection(Compliance Division)
Divisions in charge ofmanagementof customer protection
Explanation of products
etc. management

Customer information
management

Customer service
management

Conflicts of interest
management

Outsourcing
management

MHBK, MHTB, MHSC and othercore group companies

Subsidiaries of the above group companies

46

Approaches to the Financial Alternative Dispute
Resolution (ADR) System
In order to deal expeditiously, fairly and appropriately withcomplaints, etc., from customers, MHBK and MHTB haveconcluded the basic contract for the implementation of dispute resolution procedures with the Japanese Bankers
Association, which is a designated dispute resolution institution as defined in Japan's Banking Act. MHTB has also concluded the basic contract for the implementation of dispute
resolution procedures with the Trust Companies Associationof Japan, which is a designated dispute resolution institution as defined in Japan's Trust Business Act and Act on
Concurrent Operation, etc. of Trust Business by Financial
Institutions.
The designated dispute resolution institution takes thesteps towards resolution from a fair and neutral perspective
in cases where the solutions to customers' complaints adopted by the two banks are not accepted.
The Designated Dispute Resolution Institution as
Defined in Japan's Banking Act which MHBK and
MHTB Concluded the Basic Contract withThe Designated Dispute Resolution Institution:
the Japanese Bankers Association
Contact:
Advisory Center of the Japanese Bankers Association
Tel.: +81-(0)3-5252-3772

The Designated Dispute Resolution Institution as
Defined in Japan's Trust Business Act and Act on
Concurrent Operation, etc. of Trust Business by
Financial Institutions which MHTB Concluded the
Basic Contract withThe Designated Dispute Resolution Institution:
Trust Companies Association of Japan
Contact:
Trust Consultation Center of the Trust Companies
Association of Japan
Tel.: +81-(0)3-3241-7335(As of July 1, 2013)

Information Security Management System

Basic Approach
As the advanced information-telecommunication society
evolves and use of information increases exponentially,
appropriate protection of the informational assets held by acompany becomes a social responsibility, while appropriate
usage of the same assets becomes the foundation of thecompany's competitiveness. As a provider of comprehensive
financial services in Japan and abroad, we believe thatappropriate protection and use of informational resources
are extremely important issues.
We are striving to strengthen our information security
management system, defining information security management as all acts associated with the appropriate protection
and use of group informational assets. This includes adopting information security management measures to ensure
the confidentiality, integrity and availability of our informational assets, and responding to requests for disclosure from“data subjects” (the people to whom specific information
pertains) concerning personal information.
Overview of the Information Security Management
System
We have clarified the group management system as well as
management methods for information security management, and each company has drawn up its own regulations

Information Security Management System
Board of Directors

MHFG

Chief Executive Officer(CEO)

Executive
Management Committee

concerning information security management. We are alsobuilding an information security management system, stipulating that the compliance divisions of the individual companies are to act as information security management divisions.
The chief executive officer of MHFG appoints a chief
information security officer who supervises planning, proposals and implementation in connection with overall group
information security management, and the Information
Security Management Committee handles discussions andcoordination of cross-divisional issues relating to overall
group information security management. In addition, theInformation Security Management Department has been
established within the Compliance Division to specialize in
information security management and provide centralized
monitoring and control of the information security management situation at our core group companies. The information
security management situation at subsidiaries of our coregroup companies is monitored and managed by our coregroup companies themselves. In every organizational unit,
the head of each unit is also responsible for information
security management, and an information security management officer is appointed to check on how information ishandled and ensure that personnel are fully aware of andwell trained in safety management measures.
Based on this information security management system, we have drawn up and published the Privacy Policy
Regarding Customer Information* that complies with Japan's
Law Concerning the Protection of Personal Information. We
are also building a system to deal with requests for disclosure, and strengthening our safety management measures.
* The Privacy Policy Regarding Customer Information includes the policy and procedures for management of customer information. Our group companies have eachestablished privacy policies regarding customer information, which are publishedon their individual websites, in this annual review, and via other disclosure tools.

(As of July 1, 2013)

Information Security
Management Committee
Chief Information Security Officer(Division in charge: Information Security Management
Department, Compliance Division)
Every organizational unit
Information
Head of each unit
Security Officer

MHBK, MHTB, MHSC and othercore group companies

Subsidiaries of the above group companies

47

Internal Control Systems

Strengthening Disclosure Controls and Procedures

Basic Principles
We are committed to growing together with our customers
in a stable and sustainable manner and bringing together
our group-wide expertise to contribute to the prosperity of
economies and societies throughout the world as the leading Japanese financial services group with a global presence
and a broad customer base. For this reason, we place 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 and appropriatemanner, in order that they may form proper judgments andappraisals of the group. To achieve this aim, we observe
applicable domestic and international laws and regulations
as well as stock exchange rules relating to corporate disclosure, and we establish and implement appropriate Disclosure
Controls and Procedures.
Outline of Disclosure Controls and Procedures
Establishment and Implementation of Disclosure
Controls and Procedures
Our Disclosure Controls and Procedures are established toobserve applicable domestic and international laws and regulations as well as stock exchange rules and to implement fair,timely and appropriate corporate disclosure. The Disclosure
Controls and Procedures are the process carried out by directors, officers and employees of our group and include internal controls designed to provide reasonable assurance
regarding the reliability of Financial Reporting and thePreparation of Financial Statements. We have established
the basic principles underlying our Disclosure Controls andProcedures as well as our internal rules related to Disclosure
Controls and Procedures that govern the management
framework for the entire group including group companies, and we endeavor to establish, implement and continuously improve our Disclosure Controls and Procedures. Our
Disclosure Committee is the principal management bodythat is responsible for discussing and exploring matters relating to Disclosure Controls and Procedures.
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 and their implementation. In addition, evaluation of the effectiveness and appropriateness of Disclosure Controls and Procedures is conducted through internal audits.

•

•

48

•

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 our group who
engage in financial reporting, accounting or disclosure. We
have also developed the Internal Controls and Audit Hotline,a system designed for obtaining concerns regarding questionable accounting or auditing matters from both insideand outside the group (please refer to page 45).
Moreover, we established Disclosure Policy which
includes basic principles regarding disclosure and frameworkof Disclosure Controls and Procedures, and announce on our
website as well as this annual review.

Disclosure Controls and Procedures System
Board of Directors

MHFG

Chief Executive Officer(CEO)

Disclosure Committee

Chief Financial Officer (CFO)(in charge of Disclosure Controls and Procedures)and Other Heads of Groups
Every organizational unit
Head of each unit

Disclosure Control
Officer

MHBK, MHTB, MHSC and othercore group companies

Subsidiaries of the above group companies(As of July 1, 2013)

Risk Management Structure

Commitment to Risk Management
Basic Approach
Progress in financial deregulation and internationalization
has led to growth in the diversity and complexity of banking
operations, exposing financial institutions to various risks,
including credit, market operations, information technology,
legal, settlement and other risks. We recognize the conducting of operations tailored to the risks and managing suchrisks as a key issue relating to overall management. In orderto implement our business strategy while maintaining ourfinancial stability, we maintain comprehensive risk management and control measures. MHFG maintains basic policies
for risk management established by its board of directorsthat are applicable to the entire group. These policies clearly
define the kinds of risks to be managed, set forth the organizational structure and provide for the human resources
training necessary for appropriate levels of risk management. The policies also provide for audits to measure theeffectiveness and suitability of the risk management structure. In line with these basic policies, we maintain various
measures to strengthen and enhance the sophistication of
our risk management system.
Risk Management Structure
Each of our subsidiaries adopts appropriate risk management measures for its business based on the size and natureof its risk exposures, while MHFG controls risk management
for the group as a whole. MHFG regularly receives reports
and applications concerning the risk management situationfrom our core group companies and gives them appropriate
instructions concerning risk management. Our core groupcompanies each maintains its own system for managing various types of risk, regularly receiving reports on the status ofrisk at their respective subsidiaries, and gives them appropriate instructions concerning risk management.

Approach to the BIS Regulations
The BIS Regulations, the regulations for international
standards of the health of banks, have been revised
in light of developments in risk management methods in order to better reflect the actual substance ofthe risks. We have been calculating capital adequacy
ratios based on these regulations, known as Basel II,
from March 31, 2007, when it was implemented inJapan. Basel II requires the observance of three main
points. The first is minimum capital requirements
relating to risk which should be maintained bybanks. The second includes a supervisory review
process with respect to assessment of risks that cannot be fully addressed through minimum capitalrequirements alone. The third is market discipline
allowing for assessment by the market throughappropriate disclosure. We have been calculating ourcapital adequacy ratios by applying the Advanced
Internal Ratings-Based Approach, for the calculation of credit risk from March 31, 2009, and theAdvanced Measurement Approach for the calculation of operational risk from September 30, 2009.
Due to the strengthening of the Basel II framework,
we revised the calculation methods with regard to
our securitization products and trading activities
from December 31, 2011, when such strengthening
was implemented in Japan. In December 2010, theBasel III rules text was issued, pursuant to which theraising of capital requirement levels and the qualityof capital were required and risk coverage wasenhanced. In Japan, from March 31, 2013, the newminimum capital requirements began to be phased
in, and we have been calculating capital adequacy
ratios based on the revisions to capital adequacy
guidelines published by the Financial Services
Agency.
Glossary
Advanced Internal Ratings Based (AIRB) Approach
AIRB is one of the calculation methods for credit risk assets provided forby Basel II. Under AIRB, both probability of default and loss given default
used for calculation of credit risk assets are estimated by the bank's own
internal experiences.

Advanced Measurement Approaches (AMA)
AMA is one of the calculation methods for operational risk assets provided for by Basel II. AMA is a risk asset calculation method based on statistics that not only utilizes data from internal losses experienced by thecompany, but also utilizes scenario data to calculate the impact of events
that may be experienced in the future.

49

Internal Control Systems

Risk Management StructureManage overall group risk
Manage risk of core group companies
Set risk management policies.
Give instructions concerning
risk management.

MHFG
Report therisk management situation.

Core group companies
MHBK
MHTB
MHSC
, etc.

General Concept of Risk Management
Basic Approach
We classify our risk exposures according to the various kindsof risk, including credit risk, market risk, liquidity risk andoperational risk, and manage each type of risk according to
its characteristics. In addition to managing each type of risk
individually, we have established a risk management structure to identify and evaluate overall risk and, where necessary, to devise appropriate responses to keep risk within limits that are managerially acceptable in both qualitative andquantitative terms. In line with the basic policies relating tooverall risk management laid down by MHFG, companies
within the group identify risk broadly and take a proactive
and sophisticated approach to risk management, including
methodologies for operations that involve exposures to multiple categories of risk such as settlement and trust businesses.

Give instructions
concerning
risk management.

Report the risk
management situation.

Subsidiaries
managed by thecore groupcompanies

Risk Capital Allocation
We endeavor to obtain a clear grasp of the group's overallrisk exposure and have implemented measures to keep suchrisks within the group's financial base in accordance withthe risk capital allocation framework. More specifically, we
allocate risk capital to our core group companies, including
their respective subsidiaries, to control risk within the limits
set for each company. We also control risk within managerially acceptable limits by working to ensure that the overallrisk we hold on a consolidated basis does not exceed shareholders' equity and other measures of financial strength. To
ensure the ongoing financial health of MHFG and our coregroup companies, we regularly monitor the manner inwhich risk capital is being used in order to obtain a proper
grasp of the risk profile within this framework. Reports arealso submitted to the board of directors and other committees of each company. Risk capital is allocated to MHBK,Allocation of Risk Capital(Example)
MHFG
The group's risk
exposure
MHBK

Capital, etc.

Core groupcompanies'
risk exposure*

MHTB
MHSC

Other risk exposure

Risk limits, etc., based on risk capital are set, and controls are
imposed on each type of risk.

Allocated risk capital

The group's financial
strength

MHBK

Credit risk
Market risk

Allocation toeach business unit

Equity risk
Operational riskGroupcompanies, etc.

MHTB
MHSC

* Including risk exposures of the subsidiaries of the core group companies.

50

MHTB and MHSC by risk category, and is further allocatedwithin their respective business units based on establishedframeworks.

Credit Risk Management
Basic Approach
We define credit risk as the group's exposure to the risk oflosses that may be incurred due to a decline in, or total lossof, the value of assets (including off-balance-sheet instruments), as a result of deterioration in obligors' financial position. We have established the methods and structures necessary for grasping and managing credit risk, which has
become increasingly complex due to financial deregulation,internationalization and the growing sophistication of transactions. MHFG manages credit risk for the group as a whole.
More specifically, we have adopted two different but mutually complementary approaches in credit risk management.
The first approach is “credit management,” in which we
manage the process for each individual transaction and individual obligor from execution until collection, based on ourassessment of the credit quality of the customer. Throughthis process, we curb losses in the case of a credit event. The
second is “credit portfolio management,” in which we utilize statistical methods to assess the potential for losses
related to credit risk. Through this process, we identify credit
risks and respond appropriately.
Credit Risk Management Structure
Credit Risk Management of MHFG
Our board of directors determines the group's key matterspertaining to credit risk management. In addition, the portfolio management committee of MHFG discusses and coordinates the basic policies in connection with credit risk management and matters in connection with overall credit portfolio management and credit risk monitoring for the group.
Under the control of the chief risk officer of MHFG, the Risk
Management Division and the Credit Risk Management
Division jointly monitor, analyze and submit suggestions
concerning credit risk and formulate and execute plans inconnection with basic matters pertaining to credit risk
management.
Credit Risk Management at Our Core Group
Companies
Our core group companies manage their credit risk according to the scale and nature of their exposures in line withbasic policies set forth by MHFG. The board of directors ofeach company determines key matters pertaining to credit
risk management.
The respective business policy committees of MHBK and
MHTB (the two banks) are responsible for discussing and••coordinating overall management of their individual credit
portfolios and transaction policies towards obligors. The
chief risk officer of each bank is responsible for matters relating to planning and implementing credit risk management.
The credit risk management division of each bank is responsible for planning and administering credit risk management
and conducting credit risk measuring and monitoring, andsuch division regularly presents reports regarding its risk
management situation to MHFG. Each credit division determines policies and approves/disapproves individual transactions in terms of credit review, credit management and collection from customers in accordance with the lines ofauthority set forth by each bank. In addition, from the standpoint of internal controls, each bank has established internal
audit divisions that are independent of the business divisions
in order to ensure appropriate credit risk management.

Credit Risk Management Structure

MHFG

Board of Directors
Chief Executive Officer(CEO)
Head of Risk Management
Group (CRO)

Executive Management
Committee
Portfolio Management
Committee

Risk Management Division, Credit Risk Management Division•Set risk management policies•Give instructions concerning
risk management•Report the risk
management situation

Core group companies
MHBK

MHTB

Board of Directors
Chief Executive Officer (CEO)
Chief Risk Management
Officer (CRO)MHSC

Other coregroup
companies

The Two Banks
Executive Management
Committee
Business Policy Committees

Divisions responsible for credit risk management(Risk Management Division, Credit Risk Management Division)

51

Internal Control Systems

Individual Credit Management
Credit Codes
The basic code of conduct for all of our officers and employees engaged in the credit business is set forth in our credit
code. Seeking to fulfill the bank's public and social role, ourbasic policy for credit business is determined in light of fundamental principles focusing on public welfare, safety,
growth and profitability.
Internal Rating System
One of the most important elements of the risk management infrastructure of the two banks is the use of an internal rating system that consists of credit ratings and pool
allocations. Credit ratings consist of obligor ratings which
represent the level of credit risk of the obligor, and transaction ratings which represent the possibility of ultimately
incurring losses related to each individual claim by taking
into consideration the nature of any collateral or guarantee
and the seniority of the claim. In principle, obligor ratings
apply to all obligors and are subject to regular reviews at••

least once a year to reflect promptly the fiscal period end
financial results of the obligors, as well as special reviews asrequired whenever the obligor's credit standing changes.
This enables the two banks to monitor both individual
obligors and the status of the overall portfolio in a timely
fashion. Because we consider obligor ratings to be an initial
phase of the self-assessment process regarding the qualityof our loans and off-balance-sheet instruments, such obligor
ratings are closely linked to the obligor classifications andare an integral part of the process for determining thereserves for loan losses and write-offs in our self-assessmentof loans and off-balance-sheet instruments (Please refer toConnection between Obligor Ratings, Definition of Obligor
Classifications of Self-Assessments, Claims Disclosed under
the FRL and Non-Accrual, Past Due & Restructured Loans).
Pool allocations are applied to small claims that are lessthan a specified amount by pooling customers and claims
with similar risk characteristics and assessing and managing
the risk for each such pool. We efficiently manage credit risk

Connection between Obligor Ratings, Definition of Obligor Classifications of Self-Assessments,
Claims Disclosed under the FRL and Non-Accrual, Past Due & Restructured Loans
Definition of
ObligorObligor Classifi- Ratings
cations of Self- (Major
Assessment Category)
A1–A3
B1–B2
NormalObligors
C1–C3
D1–D3
E1
Watch
Obligors

Intensive
Control
Obligors

52

E2 R

F1

Definition of Ratings

Category I(NonCategorized)

Category II

Category III

Category IV(NonCollateralized)

ClaimsDisclosed
under theFRL

Non-Accrual,
Past Due &Restructured
Loans

Obligors whose certainty of debt fulfillment
is very high, hence their level of credit risk is
excellent.
Obligors whose certainty of debt fulfillment poses
no problems for the foreseeable future, hence
All credit given
their level of credit risk is sufficient.
to Normal
Obligors whose certainty of debt fulfillment Obligors.
and their level of credit risk pose no problems for the foreseeable future.

NormalClaimsObligors whose current certainty of debt fulfillment poses no problems, however, their resistance to future environmental changes is low.
Obligors who require close watching going
forward because there are problems with
their borrowings, such as reduced or suspended interest payments, problems withfulfillment such as de facto postponements
of principal or interest payments, or problems with their financial positions as aresult of their poor or unstable businessconditions.
Obligors who are not yet bankrupt but arein financial difficulties and are deemed to bevery likely to go bankrupt in the future
because they are finding it difficult to makeprogress in implementing their management
improvement plans (including obligors who
are receiving ongoing support from financial
institutions).

Substantially
Bankrupt
Obligors

G1

Obligors who have not yet gone legally orformally bankrupt but who are substantiallybankrupt because they are in serious financial difficulties and are not deemed to becapable of restructuring.

Bankrupt
Obligors

H1

Obligors who have already gone bankrupt,
from both a legal and/or formal perspective.

Credit given to
Watch Obligors
other than thoseincluded in
Category I.

Credit to
obligors whichhas pledged
collateral or iscovered byguarantees,considered ofhigh quality,
such as deposit
collateral.

Credit to obligors which is covered by generalcollateral, suchas real estateand guarantees.

Claims forSpecialAttention

Credit given to
Intensive Control Obligors
other than thoseincluded in Category I and Category II.
The difference
between theassessed value andmarket value of collateral on credit toBankrupt and Substantially Bankrupt
Obligors (i.e., theportion of loans forwhich final collection
problems or losses
are anticipated).

Restructured
Loans
Loans Past Duefor 3 Months
or MoreClaims with
Collection
Risk
Non-Accrual
Delinquent
Loans
Credit to Bankrupt and Substantially Bankrupt
Obligors, otherthan those in Category I, Category
II and Category III(credit that isjudged to be
unrecoverable orwithout value).

Claimsagainst Bankrupt and Substantially
Bankrupt
Obligors, and Loans toBankrupt
equivalent
Obligorsand credit screening by dispersing a sufficient number ofsmall claims within each pool. We generally review theappropriateness and effectiveness of our approach to obligor ratings and pool allocations once a year in accordancewith predetermined procedures.
Self-assessment, Reserves, Off-balance-sheet
Instruments and Write-offs
We conduct self-assessment of assets to ascertain the statusof assets both as an integral part of credit risk management
and in preparation for appropriate accounting treatment,
including reserves for loan losses and off-balance-sheet
instruments and write-offs. During the process of selfassessment, obligors are categorized into certain groups taking into consideration their financial condition and their ability to make payments, and credit ratings are assigned to all
obligors, in principle, to reflect the extent of their credit
risks. The related assets are then categorized into certainclasses based on the risk of impairment. This process allows
us to identify and control the actual quality of assets anddetermine the appropriate accounting treatment, including
reserves for loan losses and off-balance-sheet instruments
and write-offs. Specifically, the credit risk management division of each bank is responsible for the overall control of theself-assessment of assets of the respective banks, cooperating with the administrative divisions specified for each typeof asset, including loan portfolios and securities, in executing and managing self-assessments.
Credit Review
Prevention of new non-performing loans through routine
credit management is important in maintaining the qualityof our overall loan assets. Credit review involves analysis andscreening of each potential transaction within the relevantbusiness division. In case the screening exceeds the authorityof the division, the credit division at headquarters carries
out the review. The credit division has specialist departments for different industries, business sizes and regions,carries out timely and specialized examinations based on the••characteristics of the customer and its market, and provides
appropriate advice to the business division. In addition, inthe case of obligors with low obligor ratings and high downside risks, the business division and credit division jointly clarify their credit policy and in appropriate cases assist obligors
at an early stage in working towards credit soundness.
Collection and Disposal of Non-performing Loans
With respect to collection and disposal of non-performing
loans, our specialist unit maintains central control and pursues corporate restructuring or collection efforts, as appropriate, toward taking the non-performing loans off-balance.
Specifically, we believe that supporting the restructuring
efforts of corporations is an important role for financial institutions, and we support corporations undergoing restructuring by reviewing business plans, advising on restructuringmethods and utilizing corporate restructuring schemes suchas divestitures and mergers and acquisitions, taking advantage of our group-wide resources. These efforts have beensteadily producing satisfactory results. In addition, we workon final disposal of non-performing loans efficiently andswiftly by conducting bulk sales and by utilizing Mizuho
Servicing, our subsidiary that specializes in performing debt
collection services for our group companies.

•

Portfolio Management
Risk Measurement
We use statistical methods to manage the possibility of losses by measuring the expected average loss for a one-yearrisk horizon (Expected Loss) and the maximum loss within acertain confidence interval (“credit Value-at-Risk (VaR)”).
The difference between expected loss and credit VaR ismeasured as the credit risk amount (Unexpected Loss).
In establishing transaction spread guidelines for credit
transactions, we aim to ensure an appropriate return fromthe transaction in light of the level of risk by utilizing credit
cost data as a reference. Also, we monitor our credit portfolio from various perspectives and set guidelines noted below•

Method for Reserves and Write-Offs
Normal Obligors

Calculate the value of estimated loss based on the probability of failure over the coming year for loans by obligor rating and appropriate it for the
General Reserve for Possible Losses on Loans.

Watch Obligors

Calculate the estimated loss on loans based on the probability of failure over the next three years and appropriate it for the General Reserve for Possible Losses on Loans. Further, in regard to Special Attention Obligors, for obligors with large claims more than a certain amount, if the cash flowfrom the return of principal and interest payments can reasonably be estimated, set up a reserve under the DCF method.

Intensive Control
Obligors

Provide an amount for Specific Reserve for Possible Losses on Loans as calculated by one of the following methods after deducting amounts anticipated to be recoverable from the sale of collateral held against the claims and from guarantors of the claims: a) an amount calculated based on theoverall ability of the obligor to pay, or b) the estimated loss calculated on the basis of the balance and the probability of failure over the next three
years.
Further, for obligors with large claims more than a certain amount, if the cash flow from the return of principal and interest payments can reasonably be estimated, set up a reserve under the DCF method.

Substantially Bankrupt
Obligors
Bankrupt Obligors

Provide the entire balance after deducting amounts anticipated to be recoverable from the sale of collateral held against the claims and from guarantors of the claims for Specific Reserve for Possible Losses on Loans, or write-off the entire balance.

53

Internal Control Systems

so that losses incurred through a hypothetical realization of
the full credit VaR would be within the amount of risk capital and loan loss reserves.

Loss Distribution
Frequency
Average

This amount depends on theconfidence interval. For
example, if the confidence
interval is set at 99%, it is the
9,900th smallest loss figureout of 10,000 trials.

Loss AmountMarket and Liquidity Risk Management
Basic Approach
We define market risk as the risk of losses incurred by thegroup due to fluctuations in interest rates, stock prices andforeign exchange rates. Our definition includes the risk oflosses incurred when it becomes impossible to executetransactions in the market because of market confusion orlosses arising from transactions at prices that are significantly less favorable than usual. We define liquidity risk as therisk of losses arising from funding difficulties due to a deterioration in our financial position that makes it difficult for us
to raise necessary funds or that forces us to raise funds atsignificantly higher interest rates than usual. MHFG manages
market and liquidity risk for the group as a whole.

Credit VaR
Expected
Loss

Unexpected Loss

Market Risk Management StructureMarket Risk Management of MHFG
Our board of directors determines key matters pertaining tomarket risk management policies. The ALM & market risk
management committee of MHFG broadly discusses andcoordinates matters relating to basic asset and liability management policies, risk planning and market risk management and proposes responses to emergencies such as sudden market changes. The chief risk officer of MHFG is
responsible for matters relating to market risk management
planning and operations.
The Risk Management Division of MHFG is responsible
for monitoring market risk, reports and analyses, proposals,setting limits and guidelines, and formulating and implementing plans relating to market risk management. The Risk
Management Division assesses and manages the overallmarket risk of the group. It also receives reports from ourcore group companies on their market risk managementthat enable it to obtain a solid grasp of the risk situation,
submitting reports to the chief executive officer on a daily
basis and to our board of directors and the executive management committee of MHFG on a regular basis.
To manage market risk, we set limits that correspond to••

Risk Control Methods
We recognize two types of risk arising from allowing unexpected loss to become too large. One type is “credit concentration risk,” which stems from granting excessive credit tocertain individual counterparties or corporate groups. The
other type is “chain-reaction default risk,” which arises from
granting excessive credit to certain areas, industrial sectors
and other groupings. We make appropriate management tocontrol these risks in line with our specific guidelines foreach. The individual risk management divisions of the twobanks are responsible for monitoring adherence to theseguidelines and reporting to their respective business policy
committees (please refer to Allocation of Risk Capital andControl of Credit Risk).

Allocation of Risk Capital and Control of Credit Risk
Credit VaR

Allocation of risk capital
Credit concentration risk
1 Individual company credit guidelines
2 Corporate group-based credit guidelines

MHBK: Sets 1 , 2 , 3 , 4
MHTB: Sets 1 , 2 , 4

54

Chain reaction default risk
3 Geographical area/country-based

Control

Equivalent to credit concentration risk amounts

credit guidelines
4 Industrial sector-based credit guidelines

Equivalent to chain reaction default risk amountsrisk capital allocations according to the risk profiles of ourcore group companies and thereby prevent market risk fromexceeding our ability to withstand losses based on our financial strength represented by capital, etc. The amount of risk
capital allocated to market risk corresponds to VaR andadditional costs that may arise in order to close relevant
positions. For trading and banking activities, we set limits for
VaR and for losses. For banking activities, we set position
limits based on interest rate sensitivity as needed.
These limits are discussed and coordinated by the ALM &market risk management committee, discussed further by
the executive management committee, then determined by
the chief executive officer. Various factors are taken into
account including business strategies, historical limit usage
ratios, risk-bearing capacity (profits, total capital and risk
management systems), profit targets and the market liquidity of the products involved.

Market and Liquidity Risk Management Structure

MHFG

Board of Directors
Chief Executive Officer(CEO)
Head of Risk Management
Group (CRO)

Executive Management
Committee
ALM & Market Risk
Management Committee

Risk Management Division•Set risk management policies•Approve limits•Give instructions concerning
risk management•Report the risk
management situation•Apply for limits

Core group companies
MHBK

MHTB

Board of Directors
Chief Executive Officer (CEO)Senior executive officers
responsible for risk management

MHSC

Other
core groupcompanies

Core group companies
Executive Management Committee
ALM & Market Risk
Management Committee

Offices
Risk Management Division

Middle Offices
Front Offices• Market Risk Management at Our Core Group

Companies
MHBK, MHTB and MHSC, which account for most of thegroup's exposure to market risk, have formulated their basic
policies in line with the basic policies determined by MHFG.
Their boards of directors determine important matters relating to market risk management while their chief executive
officers are responsible for controlling market risk. Theirrespective business policy committees, including their ALM &market risk management committees, are responsible foroverall discussion and coordination of market risk management. Specifically, these committees discuss and coordinate
matters relating to basic asset and liability management policies, risk planning and market risk management and propose responses to emergencies such as sudden market
changes. The chief risk officer of each subsidiary is responsible for matters pertaining to planning and implementing
market risk management. Based on a common group risk
capital allocation framework, the above-mentioned companies manage market risk by setting limits according to therisk capital allocated to market risk by MHFG.
These companies have established specialized companywide market risk management divisions to provide integrated monitoring of market risk, submit reports, analyses andproposals, set limits and formulate and implement plans
relating to market risk management. The risk management
divisions of each company submit reports on the status ofmarket risk management to their respective chief executive
officers and top management on a daily basis, and to theirboard of directors and executive management committee ona regular basis. They also provide regular reports to MHFG.
To provide a system of mutual checks and balances in market operations, they have established middle offices specializing in risk management that are independent of their front
offices, which engage in market transactions, and their backoffices, which are responsible for book entries and settlements. When VaR is not adequate to control risk, the middle
offices manage risk using additional risk indices, carry out
stress tests and set stop loss limits as needed. They monitor
their market liquidity risk for individual financial products inthe market while taking turnover and other factors into
consideration.
Liquidity Risk Management Structure
Liquidity Risk Management of MHFG
Our liquidity risk management structure is generally thesame as the market risk management structure describedabove. However, the head of the Financial Control &Accounting Group of MHFG is additionally responsible formatters relating to planning and running cash flow management operations, while the Financial Planning Division is•55

Internal Control Systems

responsible for monitoring and adjusting the cash flow management situation and for planning and implementing cash
flow management. Reports on the cash flow situation are
submitted to the ALM & market risk management committee, the executive management committee and the chief
executive officer.
We measure liquidity risk using indices pertaining to cash
flow, such as limits on funds raised in the market. Limits on
liquidity risk are discussed and coordinated by the ALM &market risk management committee, discussed further by
the executive management committee and determined by
the chief executive officer. We have established classifications for the cash flow conditions affecting the group, ranging from “normal” to “cause for concern” and “critical,”and have established procedures for dealing with cases
which are deemed to fall into the “cause for concern” or“critical” categories. In addition, we have established a planof operations so that we may respond swiftly in emergency
situations that affect our cash flow under which we will consider measures such as a reduction in the amount of investments made, an expansion of funding from financial markets and deposits, the sale of investment securities and borrowings from the central bank.
Liquidity Risk Management at Our Core Group
Companies
The liquidity risk management structures of MHBK, MHTB
and MHSC are generally the same as the aforementioned
market risk management structures, but the senior executives responsible for risk management are responsible formatters pertaining to planning and conducting liquidity risk
management, while the senior executives of the asset andliability management and trading units are responsible formatters pertaining to planning and conducting cash flow
management.
The methodologies used for ensuring precise control ofliquidity risk include the formulation of management indicespertaining to cash flow, such as limits on funds raised in themarket. As with MHFG, the above-mentioned companies
have established classifications for the cash flow affecting
them, ranging from “normal” to “cause for concern” and“critical,” and have established procedures for cases which
are deemed to fall into the “cause for concern” or “critical”
categories.
Each subsidiary has adopted stringent controls that callfor the submission of reports on liquidity risk management
and cash flow management to the ALM & market risk management committee and other business policy committees,
the executive management committee and the chief executive officer of each subsidiary.

Status of MHFG's Market Risk
Value-at Risk
We use the VaR method, supplemented with stress testing,as our principal tool to measure market risk. The VaR
method measures the maximum possible loss that could beincurred due to market movements within a certain time
period (or holding period) and degree of probability (or confidence interval).
Trading Activities
VaR related to our trading activities is based on the following:• variance co-variance model for linear risk and MonteCarlo simulation for non-linear risk, which are simply
aggregated to determine total risk;• confidence interval: one-tailed 99.0%;• holding period of one day; and• historical observation period of one year.
The following tables show the VaR related to our trading
activities by risk category for the fiscal years ended March
31, 2011, 2012 and 2013 and as of March 31, 2011, 2012
and 2013:•

VaR by Risk Category (Trading Activities)•

56(billions of yen)
Fiscal 2010
Interest rate
Foreign exchange
Equities
Commodities
Total

Daily average

Maximum

1.5
1.4
1.1
0.0
2.9

2.1
2.4
1.8
0.3
3.8

Daily average

Maximum

1.9
1.9
1.1
0.0
3.8

2.4
2.8
1.7
0.1
4.8

Daily average

Maximum

1.6
2.3
0.5
0.0
3.4

2.2
3.4
0.9
0.0
4.6

Minimum At March 31

1.1
0.6
0.4
0.0
2.2

1.4
1.9
1.1
0.1
3.6

Fiscal 2011
Interest rate
Foreign exchange
Equities
Commodities
Total

Minimum At March 31

1.4
0.7
0.5
0.0
2.8

1.8
1.8
0.5
0.0
3.0

Fiscal 2012
Interest rate
Foreign exchange
Equities
Commodities
Total

Minimum At March 31

1.1
1.1
0.1
0.0
2.6

1.2
2.7
0.4
0.0
3.5

The following graph shows VaR figures of our trading
activities for the fiscal year ended March 31, 2013:

The following table shows the VaR figures relating to ourbanking activities for the fiscal years indicated:

Fiscal 2012 VaR (Trading Activities)

VaR (Banking Activities)(billions of yen)

(VaR: billions of yen)
5

Fiscal 2010 Fiscal 2011 Fiscal 2012 Change
As of fiscal year end

4

Maximum
Minimum

3

Average

211.3
227.6
137.8
188.6

263.7
282.5
210.3
249.4

215.9 (47.7)
297.9 15.3
213.3
3.0
246.3 (3.0)

2004/01/2012
04/15/2012
04/29/2012
05/13/2012
05/27/2012
06/10/2012
06/24/2012
07/08/2012
07/22/2012
08/05/2012
08/19/2012
09/02/2012
09/16/2012
09/30/2012
10/14/2012
10/28/2012
11/11/2012
11/25/2012
12/09/2012
12/23/2012
01/06/2013
01/20/2013
02/03/2013
02/17/2013
03/03/2013
03/17/2013
03/31/2013

1

The following table shows VaR figures of our trading
activities for the fiscal years indicated:

VaR (Trading Activities)(billions of yen, except number of cases)
Fiscal 2010 Fiscal 2011 Fiscal 2012 Change
As of fiscal year end
Maximum
Minimum
Average
The number of cases where
profits/losses exceeded VaR

3.6
3.8
2.2
2.9

3.0
4.8
2.8
3.8

3.5
4.6
2.6
3.4

0.5
(0.2)
(0.1)
(0.4)

1

2

4

2

Non-Trading Activities
The VaR related to our banking activities is based on thesame conditions as those of trading activities, but the holding period is one month.
The graph below shows the VaR related to our banking
activities excluding our strategically-held equity portfolio forthe year ended March 31, 2013.

Characteristics of VaR Model
VaR is a commonly used market risk management technique.
However, VaR models have the following shortcomings:• By its nature as a statistical approach, VaR estimates possible losses over a certain period at a particular confidence level using past market movement data. Past market movement, however, is not necessarily a good indicator of future events, particularly potential future events
that are extreme in nature.
• VaR may underestimate the probability of extreme market movements.
• The use of a 99.0% confidence level does not take accountof, nor makes any statement about, any losses that mightoccur beyond this confidence level.
• VaR does not capture all complex effects of various risk
factors on the value of positions and portfolios and could
underestimate potential losses.
Interest Sensitivity Analysis
We also conduct interest sensitivity analyses of interest risk,
our main source of market risk. The following table shows
sensitivity to yen interest risk in our banking activities as ofthe dates indicated. Interest rate sensitivity (10 BPV) shows
how much net present value varies when interest rates riseby 10 basis (0.1%), and it explains the impact of interest
rate movements on net present value when short- and longterm interest rates behave differently.

•

Fiscal 2012 VaR (Banking Activities)(VaR: billions of yen)

0.6

250

0.5

200

0.4

150

0.3

100

0.2

50

VaR

Interest rate on five-year government bonds

04/01/2012
04/15/2012
04/29/2012
05/13/2012
05/27/2012
06/10/2012
06/24/2012
07/08/2012
07/22/2012
08/05/2012
08/19/2012
09/02/2012
09/16/2012
09/30/2012
10/14/2012
10/28/2012
11/11/2012
11/25/2012
12/09/2012
12/23/2012
01/06/2013
01/20/2013
02/03/2013
02/17/2013
03/03/2013
03/17/2013
03/31/2013

0Interest Sensitivity by Maturity

(%)

300

At March 31, (billions of yen)
Up to one year
From one to five years
Over five years
Total

2011

2012

2013 Change

(10)
(36)
(19)
(65)

(10)
(54)
(24)
(89)

(7)
(56)
(35)
(99)

3
(2)
(10)
(9)

0.1
0.0

•

Stressed Value-at-Risk
The stressed value-at-risk (“stressed VaR”) measurement isbased on a continuous 12-month period of significant
57

Internal Control Systems

financial stress. Stressed VaR related to our trading activities
is based on the following:• variance co-variance model for linear risk and MonteCarlo simulation for non-linear risk, which are simply
aggregated to determine total risk;• confidence interval: one-tailed 99.0%;• holding period of one day; and• historical observation period of one year of significant
financial stress.
The following table shows stressed VaR figures of our
trading activities for the fiscal years indicated:

Fiscal 2012 Back Testing
Assumptive profit or loss (billions of yen)
6
5
4
3
2
1
0
(1)
(2)
(3)
(4)
(5)
(6)

0

1

2

3

4

5

VaR (billions of yen)
Note: We conduct our back testing and assess the number of cases
where profits/losses exceed VaR based on a 250 business day
year. The expected average number of instances where one-day
trading profits and losses exceeded VaR at the 99% confidence
level is five.

Stressed VaR (Trading Activities)(billions of yen)
Fiscal 2011 Fiscal 2012 Change
As of fiscal year end
Maximum
Minimum
Average

6.8
10.5
5.0
7.4

9.2
12.0
5.0
8.0

2.3
1.4
0.0
0.5

Note: Maximum, minimum and average figures of 2012 in the abovetable have been calculated for the period from October 1, 2011
to March 31, 2012.

• Strategically-held Equity Portfolio Management

Activities
We take the market risk management approach with use of
VaR and risk indices for strategically-held equity portfolio
management activities as well as for trading activities andnon-trading activities. The risk index for strategically-heldequity portfolio management for the fiscal year ended March
31, 2013, consisting of the sensitivity of the strategicallyheld equity portfolio to a 1% change in the equity index of
TOPIX, was 28.0 billion yen.
Back Testing and Stress Testing
In order to evaluate the effectiveness of market risk measurements calculated using the value-at-risk method, we
carry out regular back tests to compare value-at-risk withassumptive profits and losses. Assumptive profits and losses
accounts for general market risk. The graph below shows
daily value-at-risk of trading activities for the fiscal year
ended March 31, 2013, and the corresponding paired distribution of profits and losses. We had four cases where profits or losses exceeded value-at-risk during the period. In
addition, we conduct evaluations of the assumptions related
to the value-at-risk models. Based on the number of times
profits or losses exceeded VaR through back testing and theresults of the evaluation of the model assumptions, we will
make adjustments to the models as appropriate. Changes tofundamental portions of the VaR models are subject to theapproval of our chief risk officer.

Because the value-at-risk method is based on statisticalassumptions, we conduct stress testing to simulate the levelsof losses that could be incurred in cases where the market
moves suddenly to levels that exceed these assumptions.
The stress testing methods we use include the calculation oflosses on the basis of the largest fluctuations occurring overa period of more than five years and the calculation of losses
based on market fluctuations occurring during historicalmarket events. In addition, we conduct stress testing basedon a sharp drop in the price of securitization and otherproducts due to diminished market liquidity. The tablebelow shows the assumed maximum loss results of stresstesting in trading activities using the methods describedabove:

Fiscal 2012 Stress Testing•58

At March 31, 2013 (billions of yen)•

Assumed maximum loss result calculated by stress testing(holding period: one month)

68.8

Assumed maximum loss result calculated by stress testing
based on a sharp drop in the price of securitization andother products due to diminished market liquidity(holding period: one year)

11.0

Outlier Criteria
As part of the capital adequacy requirements under BIS
Regulations, the losses arising from a banking book in hypothetical interest rate shock scenarios under certain stressconditions are calculated and compared with the sum of Tier
1 and Tier 2 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 1 and Tier 2 capital, we will be deemed an“outlier” and may be required to reduce the banking bookrisk or adopt other responses. We measure losses arisingfrom our banking book each month as a part of our stresstests.
The table below shows the results of calculations of losses in the banking book in cases where interest rate fluctuations occur under stress conditions. The results of calculations of losses in the banking book show that they are 5.9%of broadly-defined capital. Because the amount of risk on
the banking book is therefore well under the 20% threshold
and within controllable limits, we do not fall under the “outlier” category. The loss ratio to capital decreased from theprevious fiscal year due mainly to the increase in broadlydefined capital.

(ii) the average of stressed VaR for the preceding 60 business days (including the calculation date) multiplied by thesame multiplication factor as used in the bullet point above.
The following table shows total market risk equivalent asof the dates indicated calculated using the standardized
measurement method and internal models:

Fiscal 2012 Market Risk Equivalent
At March 31, (billions of yen)
2012

Amountof loss
At March 31, 2011
At March 31, 2012
At March 31, 2013
Effect of yen interest rate
Effect of dollar interest rate
Effect of euro interest rate

784.9
483.2
499.1
126.3
299.4
54.1

(billions of yen)
Broadlydefined Loss ratio
capital to capital

7,910.9
7,775.0
8,344.5

9.9%
6.2%
5.9%

Notes:1. In the above results of calculations of losses, a part of demand deposits without fixed intervals for amending applicable interest rates is deemed core deposits and is treated accordingly in the calculation.
2. For the interest rate shock scenario used in connection withthe above figures, we generate annual rate fluctuation data
for five years derived from daily raw historical interest rate
data of the past six years and then apply the actual fluctuation data, which show a rise in interest rates, at a 99.0%
confidence level to the shock scenario.

68.4

74.1

5.6

98.2
166.6

116.3
190.5

18.1
23.8

Note: VaR and stressed VaR used to calculate market risk equivalent isbased on the following:• variance co-variance model for linear risk and Monte-Carlosimulation for non-linear risk, which are simply aggregated todetermine total risk;• confidence interval: one-tailed 99.0%;• holding period of 10 days; and• historical observation period of one year.

Operational Risk Management
Basic Approach
We define operational risk as the risk of loss that we may
incur resulting from inadequate or failed internal processes,

Operational Risk Management Structure

MHFG

Board of Directors•

Market Risk Equivalent
In order to calculate the amount of capital necessary tomeet the capital requirements relating to market risk (the“market risk equivalent”), we apply internal models to calculate general market risk (risks related to factors that
apply generally to the market, e.g., interest rates, foreignexchange rates) and the standardized measurement method
to calculate specific risks (risks other than general market
risk, e.g., credit quality and market liquidity of an individual
security or instrument). In addition, our internal models areapplied to trading transactions with market liquidity basedon the relevant holding period.
Under the internal models, the market risk equivalent isexpressed as the sum of ;The higher of (i) VaR on the calculation date and (ii) the
average of VaR for the preceding 60 business days (including the calculation date) multiplied by a multiplication factor
ranging from 3.00 to 4.00 that is determined based on thenumber of times VaR is exceeded upon back testing; andThe higher of (i) stressed VaR on the calculation date andChangeCalculated using internal models
Total market risk equivalentFiscal 2012 Results of Calculations under the
Outlier Framework

2013

Calculated using standardized
measurement method

Chief Executive Officer(CEO)

Executive Management
Committee

Senior executive officers
responsible for each typeof risk management
Operational risk management(Risk Management Division)

IT risk management
division
Operations risk
management division•Set risk management policies•Give instructions concerning
risk management

Divisions
responsible foreach type of risk
management•Report the risk
management situation

MHBK, MHTB, MHSC and TCSB

59

Internal Control Systems

people and systems or from external events. We recognizethat operational risk includes information technology risk,
operations risk, legal risk, human resources risk, tangible
asset risk, regulatory change risk and reputational risk. We
have determined risk management policies concerning risk
management structures and methods for each kind of risk.
MHBK, MHTB, MHSC and TCSB respectively manage operational risk in an appropriate manner pursuant to risk management policies determined by MHFG.
Operational Risk Management Structure
MHFG, MHBK, MHTB, MHSC and TCSB share common rules
for data gathering, and we measure operational risk on aregular basis, taking into account possible future loss eventsand the changes in the business environment and internalmanagement.
We have established and are strengthening management
methods and systems to appropriately identify, assess, measure, monitor and control the operational risks which arise
from the growing sophistication and diversification of financial operations and developments relating to information
Definition

technology by utilizing control self-assessments and improving measurement methods.
Glossary
Control Self-Assessments
An autonomous method of risk management in which risk inherent in operations is
identified and, after evaluating and monitoring risks that remains despite implementing risk control, the necessary measures are implemented to reduce risk.

Definition of Risks and Risk Management Methods
As shown in the table below, we have defined each component of operational risk and we apply appropriate risk management methods in accordance with the scale and natureof each risk.
Measurement of Operational Risk Equivalent
Implementation of Advanced Measurement Approach
We have adopted the Advanced Measurement Approach(AMA) from September 30, 2009, for the calculation ofoperational risk equivalent in association with capital adequacy ratios based on Basel II. However, we use the Basic
Indicator Approach (BIA) for entities that are deemed to be•

Principal Risk Management Methods• Identify and evaluate the risk by setting specific standards that need to be complied withand implementing measures tailored based on evaluation results to reduce the risk.
• Ensure ongoing project management in systems development and quality control.
arising from system defects such as failures, faults,• Strengthen security to prevent information leaks.
or incompleteness in computer operations, or illegal• Improve effectiveness of emergency responses by improving backup systems and holding
or unauthorized use of computer systems.
drills.
Risk that customers may suffer service disruptions,

Information Technology or that customers or the group may incur losses
Risk

Operations Risk

Risk that customers may suffer service disruptions,as well as the risk that customers or the group may
incur losses because senior executives or employees
fail to fulfill their tasks properly, cause accidents orotherwise act improperly.

Legal Risk

• Review and confirm legal issues, including the legality of material decisions, agreements
Risk that the group may incur losses due to violationand external documents, etc.
of laws and regulations, breach of contract, entering• Collect and distribute legal information and conduct internal training programs.
into improper contracts or other legal factors.
• Analyze and manage issues related to lawsuits.

Human Resources Risk

Risk that the group may incur losses due to drain orloss of personnel, deterioration of morale, inade• Conduct employee satisfaction surveys.
quate development of human resources, inappro• Understand the status of vacation days taken by personnel.
priate working schedule, inappropriate working and• Understand the status of voluntary resignations.
safety environment, inequality or inequity in humanresource management or discriminatory conduct.

Tangible Asset Risk

Risk that the group may incur losses from damage
to tangible assets or a decline in the quality ofworking environment as a result of disasters, criminal actions or defects in asset maintenance.
Risk that the group may incur losses due to changes

Regulatory Change Risk in various regulations or systems, such as thoserelated to law, taxation and accounting.

Reputational Risk

• Establish clearly defined procedures for handling operations.
• Periodically check the status of operational processes.
• Conduct training and development programs by headquarters.
• Introduce information technology, office automation and centralization for operations.
• Improve the effectiveness of emergency responses by holding drills.

• Manage the planning and implementation of construction projects related to the repair andreplacement of facilities.
• Identify and evaluate the status of damage to tangible assets caused by natural disasters,
etc., and respond appropriately to such damage.
• Understand important changes in regulations or systems that have significant influence on
our business operations or financial condition in a timely and accurate manner.
• Analyze degree of influence of regulatory changes and establish countermeasures.
• Continuously monitor our regulatory change risk management mentioned above.

Risk that the group may incur losses due to damage• Establish framework to identify and manage, on an integrated basis, information that may
to our credibility or the value of the Mizuho brandhave a serious impact on group management and respond to such risk in a manner approwhen market participants or others learn about, or
priate to its scale and nature.
the media reports on, various adverse events,• Swiftly identify rumors and devise appropriate responses depending on the urgency andincluding actual materialization of risks or false
possible impact of the situation to minimize possible losses.
rumors.

We also recognize and manage Information Security Risk and Compliance Risk, which constitute a combination of more than one of the above components of operational risk, as operational risk.

60

less important in the measurement of operational risk equivalent and for entities that are preparing to implement the
AMA. The measurement results under the AMA are used
not only as the operational risk equivalent in the calculationof capital adequacy ratios but also as Operational VAR forinternal risk management purposes for implementing actionplans to reduce operational risk, etc.
Outline of the AMA
Outline of Measurement System
We have established the model by taking account of four
elements: internal loss data; external loss data; scenario
analysis and business environment; and internal control
factors (BEICFs). A statistical approach (one year holding
period/one-tailed 99.9 percentile confidence interval) istaken for the calculation of operational risk equivalent,
employing both internal loss data (i.e., actually experienced
operational loss events) and scenario data to reflect unexperienced potential future loss events in the measurement.
In the measurement of operational risk equivalent as ofMarch 31, 2013, we did not exclude expected losses andalso did not recognize the risk mitigating impact of insurance. In addition, we did not take into account the events
related to credit risk in measuring operational risk equivalent.
Outline of Measurement Model
Operational risk equivalent is calculated as a simple sum of
those related to the seven loss event types defined by Basel II,
large-scale natural disasters and litigation. In the measurementof operational risk equivalent as of March 31, 2013, we did
not reflect the correlation effects among operational risk
related to each of the seven loss event types.
Operational Risk by the Loss Event Type
Loss Distribution (Compound Poisson Distribution) Approach(LDA) is adopted for the calculation of operational risk. LDA
is based on the assumption that Poisson Distribution applies
to the occurrence frequency of operational risk events, andloss severity is expressed through a separate distribution.
Operational risk is calculated for each of the seven loss event
types employing both internal loss data, based on our actual
experience as operational loss events and scenario data.
Scenario data, expressed as numerical values of occurrence
frequency and loss severity, reflects external loss data and
BEICFs, in order to estimate unexperienced potential future
loss events (of low frequency and high severity).
Frequency Distribution and Severity Distribution are estimated employing the above mentioned internal loss dataand scenario data, and Monte-Carlo simulations are thenapplied to these distributions to measure operational risk.
The detailed steps of creation of scenario data are explainedlater in Scenario Analysis.
Estimation of “Frequency Distribution” and “LossSeverity Distribution”
Frequency Distribution is estimated by applying information
on occurrence frequency of both internal loss data and scenario data to Poisson Distribution. Loss Severity Distribution•

Outline of Measurement Model
Internal loss data

Business environment andinternal control factors

External loss data

Scenario analysis

Risk amount for litigation risk

Large-scale natural
disaster scenario data

Scenario data

Litigation data

Risk amount for large-scale
natural disasters
Risk amount for internal fraud
Risk amount for external fraud

Distribution of
scenario data

Unifieddistribution

Frequency
distribution
information

Frequency
distribution
information

Frequency
distribution
information

Loss severity
distribution
information

Loss severity
distribution
information

Loss severity
distribution
information

Loss distribution
Monte-Carlo simulation

Distribution ofinternal loss

Risk amount for employment
practices and workplace safety
Risk amount for customers,
products and business practices

Risk amountCalculate risk amountby seven loss event
types defined by BIS

Risk amount for damage tophysical assets
Risk amount for businessdisruption and system failure
Risk amount for execution,delivery and process management

Operational VaR(Total operational risk amount)61

Internal Control Systems

is generated as the result of combining, through a statistical
approach (Extreme Value Theory), of the actual distribution for the low severity distribution portion created byinternal loss data and another loss distribution (Log-normal
Distribution or Generalized Pareto Distribution) for the highseverity distribution portion created by scenario data.
Operational Risk of Large-scale Natural Disasters
Monte-Carlo simulation is applied to the datasets expressed
as a combination of the probability of occurrence of largescale natural disasters and the probable loss amount in caseof such occurrence, as opposed to estimating Frequency
Distribution and Loss Severity Distribution.
Operational Risk of Litigation
Each litigation is converted into data according to the profileof the individual litigation to which Monte-Carlo simulation
is applied, as opposed to estimating Frequency Distribution
and Loss Severity Distribution. In the measurement process,we assume that final decisions will be made on all litigation
within one year.
Verification
We confirm the appropriateness of the measurement modelby verifying it, in principle, semi-annually.
Scenario Analysis
Outline of Scenario Analysis
In the process of scenario analysis, scenario data is createdas numerical values of occurrence frequency and loss severity reflecting external loss data and BEICFs, in order to estimate unexperienced potential future operational risk events(of low frequency and high severity).
As for external loss data, we refer to data publicly reported by domestic and overseas media, and such data arereflected in the estimation of occurrence frequency and loss
severity distribution in the process of scenario analysis. In
addition, BEICFs are utilized as indices to adjust occurrence
frequency and loss severity distribution in the process of scenario analysis.
We categorize scenario analysis into four approaches inaccordance with the characteristics of each loss event typeand risk management structures.

•

Example of Scenario Data

Approach

Loss event type(s) to be applied

A

Internal fraud/External fraud/Customers, products & business practices/Execution, delivery & process management

B

Employment practices and workplace safety

0.1

0.5

1

5

10 TotalC

Damage to physical assets

Occurrence ratio (%)

40

30

15

10

5

100

D

Business disruption and system failure

Occurrence frequency (times)

0.4

0.3 0.15

0.1

0.05

1

At MHFG, loss event types to which Approach A is applied
account for a considerable amount of operational risk. The
detailed process of Approach A is explained below as a typical example of scenario analysis.
62

Setting Units for Scenario Analysis
In order to ensure completeness and sufficiency, we set units
that are commonly applied across group entities that adopt
AMA (the Group Entities) by referencing and categorizing
risk scenarios recognized through control self-assessment,internal loss data of the Group Entities and external loss data,etc. Then each of the Group Entities selects the unit onwhich scenario analysis is conducted from the units established on a groupwide basis in accordance with its businessactivities and operational risk profile.
Estimation of Occurrence Frequency
Basic occurrence frequency (once a year) is calculated foreach scenario analysis unit. If a certain scenario analysis unit
has relevant internal loss data of a pre-determined threshold
amount or above, its basic occurrence frequency is calculated based on such data, and if not, the basic occurrence frequency (the occurrence frequency per year of losses at or
above a pre-determined threshold) is calculated with reference to the situation of occurrence of internal loss data ofless than the threshold amount and/or external loss data.
The basic occurrence frequency is then adjusted within a
pre-determined range for the purpose of reflecting the mostrecent BEICFs to determine the final occurrence frequency.
Estimation of Loss Severity Distribution
In order to estimate loss severity distribution, we use a predetermined series of severity ranges. Basic loss severity distribution is calculated for each scenario analysis unit as an
occurrence ratio (in percentile figures) of loss at each severity range when losses at or above a pre-determined threshold occurred, with reference to transaction amount data,
external loss data, etc. Then the basic severity distribution isadjusted, if necessary, from the viewpoint of statistical dataprocessing to determine the final loss severity distribution.
Creation of Scenario Data
For each scenario analysis unit, scenario data is generated asa series of combinations of occurrence frequency per year ateach severity range, based on the final occurrence frequency
and the final loss severity distribution.

Final loss severity distribution
Severity range (billions of yen)

Final occurrence frequency(As of July 1, 2013)

Internal Audit Structure

Basic Approach
Internal audits are designed as an integrated process, independent from other business operations, for evaluating theextent to which internal control achieves its objectives in key
areas, including appropriate risk management, efficient andeffective business operations, reliable financial reporting andcompliance with laws, regulations and internal rules. We
conduct internal audits from an objective and comprehensive standpoint, independent of operational reporting lines,
and offer advice and remedial recommendations in connection with any problems that may be identified. Through thisprocess, internal audits assist the boards of directors of eachof our group companies to fulfill their managerial duties efficiently and effectively.
In line with the Basic Policy for Internal Audit establishedby MHFG, our core group companies conduct internal
audits, which include the auditing of their respective subsidiaries. In addition, with respect to the management ofrisks applicable across the group, we coordinate internal
audits throughout the group to assess the risk management
status of the group as a whole.
Internal Audit Management Structure
MHFG
Our internal audit committee determines all important matters concerning internal audits. The committee is chaired byour president and chief executive officer and is independentof our other business operations.
Our internal audit committee monitors and manages
internal audits at our core group companies through internal
audit reports submitted by such subsidiaries. Our internal
audit committee discusses and makes decisions regarding
internal audits at our core group companies and submits theresults, together with the results of their examination of theinternal audit reports, to our board of directors.
MHBK and MHTBMHBK and MHTB have also established internal audit committees that are independent of their other business operations.
The two banks have established internal audit divisions
and credit review divisions (Credit Assessment and Auditing
Office at MHTB) to conduct internal audits at their respective
domestic and overseas business offices, head office divisions
and group companies. Specifically, the internal audit divisions assess the suitability and effectiveness of businessactivities associated with compliance and risk management.
The credit review divisions (Credit Assessment and Auditing
Office at MHTB) audit credit ratings and the status of credit•

management in addition to auditing the self-assessmentof assets to verify the accuracy and suitability of mattersdeemed necessary to assure the soundness of assets.
Other Core Group Companies
Other core group companies have also established effective
and efficient internal audit structures adapted to the characteristics of their respective businesses.

•

Internal Audit Management Structure

MHFG
Board of Directors
Chief Executive Officer (CEO)Chairman of Internal
Audit Committee
Internal Audit Committee

Everyorganizational
unitManagement
by MHFG

Audit

Head of Internal
Audit Group
Division in charge:
Internal Audit Division

Advice, guidance
and remedialrecommendations

Report theresults of internal
audit, etc.

MHBK, MHTB, MHSC and othercore group companies

Subsidiaries of the above group companies(As of July 1, 2013)•

63

Senior Executives

Mizuho Financial Group

Executive Officers

Board of Directors

Masaaki Kono

Takashi Tsukamoto
Chairman

Deputy President (Western Japan (Kinki, Chugoku,
and Shikoku regions))

Yasuhiro Sato*

Yasuhiko Imaizumi

Group CEO

Deputy President (Corporate Banking Unit (Large
Corporations), Corporate Banking Unit and Financial
Institutions & Public Sector Business Unit)

President & CEO

Yasunori Tsujita*
Deputy President

Head of Human Resources Group, Head of Internal
Audit Group / Group CHRO and Group CA

Deputy President-Executive Officer

Deputy President-Executive Officer

Yasumasa Nishi

Managing Executive Officer

Managing Executive Officer
Deputy Head of International Banking Unit, Deputy
Head of Investment Banking Unit

Shuuichi Takemoto

Managing Executive Officer
Deputy Head of Personal Banking Unit, Deputy Headof Retail Banking Unit

Shinya Tanaka

Managing Executive Officer
Deputy Head of Investment Banking Unit

Hidefumi Kobayashi

Head of Markets UnitManaging Executive Officer

Deputy President

Masayuki Yonetani

Deputy Head of International Banking Unit, Deputy
Head of Investment Banking Unit

Deputy President (Personal Banking Unit and Retail
Banking Unit)Managing Executive Officer
Head of Corporate Banking Unit

Makoto Okayama

Nobuhide Hayashi*

Nobuyuki Fujii

Deputy President (International Banking Unit)

Head of Corporate Banking Unit (Large
Corporations)

Deputy Head of Corporate Banking Unit (Large
Corporations), Deputy Head of Corporate Banking
Unit, Deputy Head of Financial Institutions & Public
Sector Business Unit

Masayuki Hoshi

Nobumitsu Watanabe

Toshitsugu Okabe*

Deputy President

Hideyuki Takahashi*
Deputy President

Head of Financial Control & Accounting Group /Group CFOManaging Executive Officer

Managing Executive Officer
Head of Financial Institutions & Public Sector
Business Unit, Head of Transaction Banking UnitManaging Executive Officer

Managing Executive Officer

Deputy President

Tetsuhiko Saito

Head of IT & Systems Group, Head of Operations
Group / Group CIO and Group COO

Managing Executive Officer

Deputy Head of International Banking Unit, Deputy
Head of Investment Banking Unit, Deputy Head ofTransaction Banking Unit, Deputy Head of Markets
Unit

Head of Personal Banking Unit

Junichi Yamada

Tadashi Kanki*

Akira Sugano

Head of Strategic Planning Group / Group CSO

Head of International Banking Unit, Head of AssetManagement Unit

Daisaku Abe*Managing Director

Masakane Koike*Managing Executive Officer

Managing Director

Tatsufumi Sakai

Head of Risk Management Group, Head ofCompliance Group / Group CRO and Group CCO

Managing Executive Officer
Head of Investment Banking Unit

Akihiko Nomiyama

Tetsuo Iimori

Director

Mitsuo Ohashi

Managing Executive Officer
Head of Retail Banking Unit

Director

Haruki Nakamura

Kanemitsu Anraku

Joint Head of IT & Systems Group

Director

Corporate Auditors
Toshinari Iyoda

Managing Executive Officer

Hideo Gamou

Managing Executive Officer
Deputy Head of Asset Management Unit

Shigeru Akiyoshi

Managing Executive Officer

Managing Executive Officer
Deputy Head of Financial Institutions & Public Sector
Business Unit, Deputy Head of Markets Unit

Mitsuo Ootani
Executive Officer

General Manager of Compliance Division

Ryusuke Aya

Executive Officer
General Manager of Risk Management Division

Yuusei Matsubara
Executive Officer

General Manager of Financial Institutions & Public
Sector Business Coordination Division

Junichi Shinbo
Executive Officer

General Manager of Portfolio Management Division

Yasuhisa Fujiki
Executive Officer

Deputy Head of Retail Banking Unit

General Manager of International Coordination
Division

Corporate Auditor

Katsunobu Motohashi

Koji Fujiwara

Masahiro Seki

Deputy Head of Asset Management Unit

Corporate Auditor

Nobukatsu Funaki

Corporate Auditor

Masami Ishizaka

Managing Executive Officer

Kenjiro Inada

Managing Executive Officer

Corporate Auditor

Deputy Head of Personal Banking Unit

Isao Imai

Shuzo Fujii

Corporate Auditor

Managing Executive Officer
Deputy Head of Corporate Banking Unit

Shuichi Shimada

Managing Executive Officer
Deputy Head of Corporate Banking Unit (Large
Corporations), Deputy Head of Financial Institutions& Public Sector Business Unit

64

Yoshio Shimizu

Executive Officer

General Manager of Investor Relations Division

Ryousuke Joukou
Executive Officer

General Manager of Executive Secretariat

Souichi Hosoi
Executive Officer

General Manager of Financial Planning Division

Kouji Arita

Executive Officer
General Manager of Operations Planning Division

Akira Nakamura
Executive Officer

General Manager of Corporate Banking
Coordination Division (Large Corporations)

Kouji Yonei

Executive Officer
General Manager of IT & Systems Planning Division

Atsushi Sugao

Executive Officers
Shinya Wako

Managing Executive Officer
Head of the Americas

Atsushi Narikawa

Managing Executive Officer
Head of Europe, Middle East and Africa

Executive Officer

Hiroshi Suehiro

General Manager of Corporate Banking
Coordination Division

Managing Executive Officer
Head of Asia & Oceania excl. East Asia

Teiji Teramoto

Kiyoshi Miyake

General Manager of Investment Banking
Coordination Division

Head of East Asia

Executive Officer

Mizuho Bank
Board of Directors
Takashi Tsukamoto
Chairman

Yasuhiro Sato*
President & CEO

Masaaki Kono*
Deputy President

Deputy President (Western Japan (Kinki, Chugoku,
and Shikoku regions))

Managing Executive Officer

Mizuho Trust & Banking
Board of Directors

Notes: 1. *indicates directors concurrently serving as
executive officers.
2. Executive officers, excluding the directors
concurrently serving as executive officers
and executive officers responsible for global
regional operations of Mizuho Bank, havenot been listed.
3. Members of the board of directors otherthan the chairman, president and chief
executive officer and the deputy presidents,
and the corporate auditors as well as theexecutive officers of Mizuho Trust &Banking, have not been listed.
4. Members of the board of directors otherthan the chairman, president and the
deputy presidents, and the corporate
auditors as well as the executive officers ofMizuho Securities, have not been listed.

(As of July 22, 2013)

Takashi Nonaka
ChairmanTakeo Nakano*President & CEO

Motoo Nagai*
Deputy President

Toshihiko Fukuzawa*
Deputy President

Toshitsugu Okabe*
Deputy President

Deputy President (Personal Banking Unit and Retail
Banking Unit) and Head of Internal Audit Group

Mizuho Securities

Yasuhiko Imaizumi*

Board of Directors

Deputy President

Deputy President (Corporate Banking Unit (Large
Corporations), Corporate Banking Unit and Financial
Institutions & Public Sector Business Unit)

Nobuhide Hayashi*
Deputy President

Deputy President (International Banking Unit)

Hirohisa Kashiwazaki*
Deputy President

Mitsuhiro Nagahama
ChairmanHiroshi Motoyama*
President & CEO

Katsuyoshi Ejima*
Deputy President

Hajime Saito*

Head of Branch Banking Group

Deputy President

Yasumasa Nishi*

Kenichi Minamitani*

Managing Director

Deputy President

Head of Markets Unit

Yasuo Agemura*
Deputy President

Corporate Auditors
Osamu Harada

Yoshiyuki Fukuda*
Deputy President

Corporate Auditor

Yuta Chiba

Corporate Auditor

Toshinari Iyoda
Corporate Auditor

Masami Ishizaka
Corporate Auditor

Isao Imai

Corporate Auditor

Toshiaki Hasegawa
Corporate Auditor

65

Location of Overseas Offices(As of July 1, 2013)

Network of Mizuho Bank

Mizuho Corporate Bank (China), Ltd.
Wuxi Branch

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(Country/Region)
China

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

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

Mizuho Corporate Bank (China), Ltd.
Dalian Branch
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

Labuan Branch

Room D,E, 18th Floor, Dongan Building, No.258
Chunxu Road, Development Zone Kunshan City,
Kunshan, Jiangsu Province 215300,
The People's Republic of China
TEL 86-512-6733-6888

Mizuho Corporate Bank (China), Ltd.
Tianjin Heping Sub-Branch
Room 1902, Tianjin International Building, No.75
Nanjing Road, Heping Area, Tianjin 300050,
The People's Republic of China
TEL 86-22-6622-5588

Nanjing 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 (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

Xiamen Representative OfficeHong 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

India

Bangalore-Devanahalli 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#462/440/339, 2nd Floor, Near Jain Temple,
N.H.7/4-207, B.B. Road, Vijayapura Cross,
Devanahalli Town, Bangalore Rural
District-562 110, Karnataka, India
TEL 91-80-3080-7300

Mizuho Corporate Bank (China), Ltd.
Wuhan Branch

Mumbai 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

Korea

Mizuho Corporate Bank (China), Ltd.
Kunshan Sub-Branch

Mizuho Corporate Bank (China), Ltd.
Qingdao Branch

30th Floor, Huanggang Business Center Tower1,
Jintian Road, Futian District, Shenzhen,
Guangdong Province 518046,
The People's Republic of China
TEL 86-755-8282-9000

Sinar Mas Land Plaza Menara 2, 24th Floor,
Jl. M. H. Thamrin No.51, Jakarta 10350,
Republic of Indonesia
TEL 62-21-392-5222

Seoul Branch

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

Mizuho Corporate Bank (China), Ltd.
Shenzhen Branch

PT. Bank Mizuho Indonesia

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

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

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

66

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

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

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

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

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

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

Myanmar

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

Philippines

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
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

Vietnam

The Netherlands

CanadaHanoi Branch

Mizuho Bank Nederland N.V.

Canada Branch

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

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

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

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

Australia

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

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

United Kingdom

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

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

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

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

Germany

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

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

Bahrain

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

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

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

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 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

Italy

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

Spain

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

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

U.S.A.

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

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

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

Mizuho Bank (USA)Atlanta Representative OfficeFrankfurt Branch
An der Hauptwache 7,60313 Frankfurt am Main,
F.R. Germany
TEL 49-69-29-72-95-0

Cayman Islands

One Friday Street, London, EC4M 9JA, UK
TEL 44-20-3192-1300

Tehran Representative Office(Country/Region)

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

Mizuho Capital Markets (UK) Limited

Iran

Europe and the Middle East

Vancouver Office

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

Brazil3353 Peachtree Road NE, Atlanta Financial Center,
Suite 500, Atlanta, GA 30326, USA
TEL 1-404-364-1550

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

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

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

67

Location of Overseas Offices

Mizuho 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
757 Third Avenue, 8th Floor, New York,NY 10017, USA
TEL 1-212-282-4804

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

Network of Mizuho Trust & Banking

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

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

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

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

311 South Wacker Drive, Suite 700,
Chicago, IL 60606-6620, USA
TEL 1-312-294-8800

Mizuho Securities USA Inc.
San Francisco Office

Network of Mizuho Securities
Mizuho Desk

Mizuho Securities USA Inc.
Chicago Office

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

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

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

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

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

3 Embarcadero Center, Suite 1620,
San Francisco, CA 94111, USA
TEL 1-415-268-5500

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

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

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

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

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

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

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

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

Mizuho Saudi Arabia Company
North Lobby 1st Floor, Al Faisaliah Tower,
King Fahd Road, Olaya District, Riyadh 11544,
Kingdom of Saudi Arabia
TEL 966-11-273-4111

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

68

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

4.25

SHIMIZU CORPORATION

10,000,000

2.93

Issued Shares

Electric Power Development Co., Ltd. 10,000,000

2.93

25,116,306,477 shares
Common Stock: 24,164,864,477 shares
Eleventh Series Class XI Preferred Stock: 914,752,000 shares
Thirteenth Series Class XIII Preferred Stock: 36,690,000 shares

JFE Steel Corporation

6,000,000

1.76

ALL NIPPON AIRWAYS CO., LTD.

6,000,000

1.76

DAIICHI SANKYO COMPANY, LIMITED 6,000,000

1.76

CANON INC.

5,000,000

1.46

Kyushu Electric Power Company,
Incorporated

5,000,000

1.46

Number of Shareholders

COSMO OIL COMPANY, LIMITED

5,000,000

1.46

Common Stock: 952,980
Eleventh Series Class XI Preferred Stock: 1,436
Thirteenth Series Class XIII Preferred Stock: 48

Shiseido Company, Limited

5,000,000

1.46

Note: All of the shares of the Thirteenth Series Class XIII Preferred Stock(36,690,000 shares) were acquired and cancelled on July 11, 2013.

Major Shareholders(Common 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 are calculated by excluding
the treasury stock (574,087,800 shares). Furthermore, the treasury
stock is not included in the above list of major shareholders.

Japan Trustee Services Bank, Ltd.
(Trustee account)

1,198,328,400

4.96

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

856,286,800

3.54

SSBT OD05 OMNIBUS ACCOUNT TREATY CLIENTS

580,161,730

2.40

NISSIN FOODS HOLDINGS CO., LTD.

Barclays Securities Japan Limited

360,000,000

1.49Japan Trustee Services Bank, Ltd.
(Trustee account 9)

NIPPON OIL FINANCE (NETHERLANDS)
B.V.

6,000,000

16.35

299,810,500

1.24

Shiseido Company, Limited

5,000,000

13.62

The Dai-ichi Life Insurance
Company, Limited

255,691,025

1.05

SHARP FINANCE CORPORATION

5,000,000

13.62Japan Trustee Services Bank, Ltd.
(Trustee account 4)

KOSE Corporation

2,500,000

6.81

244,388,600

1.01

OBAYASHI CORPORATION

2,000,000

5.45

YANMAR Co., Ltd.

2,000,000

5.45

FUJI MEDIA HOLDINGS, INC.

1,000,000

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

6,500,000

17.71Japan Trustee Services Bank, Ltd.
(Trustee account 1)

232,021,500

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

225,430,500

0.93

KURABO INDUSTRIES LTD.

500,000

1.36

Nomura Securities Co., Ltd.

217,296,500

0.89

KOHNAN SHOJI CO., LTD.

500,000

1.36

Notes:1. Figures for the percentage of shares outstanding are rounded down
to the nearest second decimal place.
2. The percentages of shares outstanding are calculated by excluding
the treasury stock (19,824,922 shares).

Notes:1. Figures for the percentage of shares outstanding are rounded
down to the nearest second decimal place.
2. There is no treasury stock.

(As of March 31, 2013)69

Investor Information

Stock Listing(Common Stock)
Tokyo Stock Exchange

Accounting Auditors
Ernst & Young ShinNihon LLC

Shareholder Register Manager

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 theshareholders or registered stock pledgees appearing in writing or electronically in the register of shareholders as of theend of September 30 of each year.

Mizuho Trust & Banking Co., Ltd.

Share Unit
100 sharesFiscal Year

ADR* Information
Outline of Mizuho Financial Group's ADR

April 1 to March 31

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

Record Date
1. The Company shall deem shareholders having voting
rights appearing in writing or electronically in the registerof shareholders as of the end of March 31 of each year as
the shareholders who are entitled to exercise their rights
at the ordinary general meeting of shareholders for the
relevant business year.
2. The provision of the preceding paragraph shall apply
mutatis mutandis to the record date for voting rights at
the general 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, theCompany may temporarily set the record date whenevernecessary, by a resolution of the Board of Directors andupon giving a prior public notice thereof.

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

70

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 Bank, Ltd.
* ADRs are securities issued for the purpose of trading in the U.S. in placeof the underlying stock of foreign companies. As ADRs are registeredwith the SEC as U.S. securities, they are traded, settled and held incustody in substantively the same manner as the stocks of U.S.
companies. ADR is an acronym for American Depositary Receipts.

Disclosure Policy

Basic Principles
We are committed to growing together with our customers
in a stable and sustainable manner and bringing together
our group-wide expertise to contribute to the prosperity of
economies and societies throughout the world as the leading Japanese financial services group with a global presence
and a broad customer base. For this reason, we place 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 and appropriatemanner, in order that they may form proper judgments andappraisals of the group. To achieve this aim, we observe
applicable domestic and international laws and regulations
as well as stock exchange rules relating to corporate disclosure, and we establish and implement appropriate
Disclosure Controls and Procedures.
Disclosure Controls and Procedures(1) Establishment and Implementation of Disclosure
Controls and Procedures
Our Disclosure Controls and Procedures are establishedto observe applicable domestic and international laws
and regulations as well as stock exchange rules and to
implement fair, timely and appropriate corporate disclosure. The Disclosure Controls and Procedures are theprocess carried out by directors, officers and employeesof Mizuho 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
and continuously 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 documentationand their implementation. In addition, evaluation of theeffectiveness and appropriateness of Disclosure Controls
and Procedures 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 questionableaccounting or auditing matters from both inside and outside Mizuho Financial Group.

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 suchas 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 andother matters. In this way, we aim to earn the trust of
the market and obtain an appropriate market reputation.
Beginning with the disclosure required by applicable
domestic and international laws and regulations as well
as stock exchange rules, we endeavor to grasp properly
the types of information desired by the market and to
disclose useful and appropriate information voluntarily
and proactively. Regarding disclosure of information we
consider particularly important, we communicate suchinformation on an ad hoc basis as and when necessary,even if a press release has already been issued, throughsuch means as special briefing sessions.
In addition, we respect various disclosure principles
including fair disclosure. Accordingly, at individual calls,
private meetings or conferences hosted or attended 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.
71

Privacy Policy Regarding Customer Information

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

Policy of Management
Mizuho Financial Group recognizes appropriate protection
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.

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

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
conduct business on condition that Mizuho Financial Grouphas customer consent.
Security Measures
Mizuho Financial Group will maintain and manage accurate
and up to date personal information, and prevent leakage of
information with rational security measures. Mizuho
Financial Group will properly supervise employees and parties entrusted with handling personal information.

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

Procedures to Request Disclosure
Purpose of Use
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

Customer Request
Limitation on Providing Personal Information to a
Third Party
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 infollowing 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.

72

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

Financial Analysis[Under Japanese GAAP]Key Indicators of Mizuho Financial Group, Inc.

1

Financial and Economic Environment

3

Results for the Fiscal Year ended March 31, 2013

5

Status of Asset Quality

19

Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd. merged as of July 1, 2013 with
Mizuho Corporate Bank being the surviving entity, which changed the trade name toMizuho Bank, Ltd. The information disclosed herein is that of the fiscal year ended March
31, 2013, and unless the context indicates otherwise, “Mizuho Bank” and “Mizuho
Corporate Bank” refer to the entities before the merger.

Financial Analysis

Key Indicators of Mizuho Financial Group, Inc.

Key Indicators of Mizuho Financial Group, Inc. (Consolidated)
Billions of yen

As of or for the Fiscal Years ended March 31,

Total Income
Net Income (Loss)
Comprehensive Income
Net Assets
Total Assets
Deposits
Debentures
Loans and Bills Discounted
Securities
Net Assets per Share (Yen) (Note 1)
Net Income (Loss) per Share (Yen) (Note 1)
Diluted Net Income per Share (Yen) (Note 1)(Note 2)

2013

¥

2,914.0
560.5
1,270.8
7,736.2
177,411.0
99,568.7—
67,536.8
53,472.3

2012¥

2,808.5
484.5
627.5
6,869.2
165,360.5
90,636.6—
63,800.5
51,392.8

2011¥

2,777.0
413.2
266.6
6,623.9
160,812.0
88,884.1
740.9
62,777.7
44,782.0

2010¥

2,935.8
239.4/
5,837.0
156,253.5
86,627.5
1,517.7
62,164.5
43,096.4

2009¥

3,536.5(588.8)/4,186.6
152,723.0
86,539.0
2,300.4
70,520.2
30,173.6

229.7022.96
22.05

187.1920.62
19.75

177.5320.47
19.27

191.53
16.29
15.57

104.38(54.14)—

Capital Adequacy Ratio (BIS Standard) (Note 3)
Total Capital Ratio(International Standard (Basel III)) (Note 3)/

15.50%

15.30%

13.46%

10.53%

14.19%////

Tier 1 Capital Ratio(International Standard (Basel III)) (Note 3)

11.03%////

Common Equity Tier 1 Capital Ratio(International Standard (Basel III)) (Note 3)

8.16%

/

/

/

/

Net Return on Equity
PER (Times) (Note 2)

10.9%
8.66x

11.3%
6.54x

11.7%
6.74x

10.9%
11.35x(29.6)%—xCash Flow from Operating Activities
Cash Flow from Investing Activities
Cash Flow from Financing Activities

5,858.6(749.6)(283.8)4,163.0(6,175.6)(680.6)

6,051.5(1,667.4)
155.0

13,432.7(14,153.5)
231.8

573.7
2,408.2
32.9

Cash and Cash Equivalents at the end of the fiscal year 11,347.5

6,483.1

9,182.4

4,678.7

5,048.6

Notes: 1. “Net Assets per Share,” “Net Income (Loss) per Share” and “Diluted Net Income per Share” are calculated in accordance with “Accounting Standard for Earnings per Share” (ASBJ Statement
No.2) and “Guidance for Accounting Standards for Net Earning per Share” (ASBJ Guidance No.4, September 25, 2002).
2. Diluted Net Income per Share and PER are not required to be disclosed due to Net Loss per Share of Common Stock for the fiscal year ended March 31, 2009.
3. Capital Adequacy Ratio, Total Capital Ratio, Tier 1 Capital Ratio and Common Equity Tier 1 Capital Ratio are based on the “Standards for Determining the Status of Capital Adequacy inconsideration of assets held by a bank holding company and by its subsidiaries, in accordance with Banking Law Article 52-25” (Financial Services Agency Ordinance Announcement No.20,
March 27, 2006). Mizuho Financial Group, Inc. has applied the new framework(Basel III) starting the fiscal year ended March 31, 2013.

1—Financial Analysis

Key Indicators of Mizuho Financial Group, Inc. (Non-Consolidated)
Billions of yen

As of or for the Fiscal Years ended March 31,

2013

Operating Income¥
262.1
Net Income
241.3
Common Stock and Preferred Stock2,254.9
Number of Shares Issued and Outstanding
Common Stock
24,164,864,477 shares
Eleventh Series Class XI Preferred Stock914,752,000 shares
Thirteenth Series Class XIII Preferred Stock
36,690,000 shares
Net Assets
4,788.9
Total Assets
6,202.1
182.43
Net Assets per Share (Yen) (Note 1)
Dividends per Share (Yen) (Interim Dividends per Share) (Yen)Common Stock6
Eleventh Series Class XI Preferred Stock20
Thirteenth Series Class XIII Preferred Stock30
Common Stock3
Eleventh Series Class XI Preferred Stock10
Thirteenth Series Class XIII Preferred Stock15
Net Income (Loss) per Share (Yen) (Note 1)
9.69
Diluted Net Income per Share (Yen) (Note 1) (Note 3)
9.46
20.53xPER (Times) (Note 3)
Dividend Propensity (Note 2)
61.91%

2012

¥

37.7
10.2
2,254.9

2011

¥

46.4
18.5
2,181.3

24,048,165,727 shares
914,752,000 shares
36,690,000 shares
4,688.3
6,128.4
177.82

21,782,185,320 shares
914,752,000 shares
36,690,000 shares
4,652.8
6,035.1
192.32

6
20
30
3
10
15
0.06
0.06
2,017.69x
8,967.54%

6
20
30
—
—
—
0.46
0.45
299.99x1,304.32%

2010

¥

33.7
3.3
1,805.5

2009

¥

442.7
378.8
1,540.9

15,494,397,690 shares 111,178,940,660 shares
914,752,000 shares
914,752,000 shares
36,690,000 shares
36,690 shares
4,011.1
3,608.6
5,225.9
4,552.7
223.59236.36
8
20
30
—
—
—
(0.54)
—
—x
—%

10
20
30
—
—
—
32.00
28.45
5.87x
31.24%

Notes: 1. “Net Assets per Share,” “Net Income (Loss) per Share” and “Diluted Net Income per Share” are calculated in accordance with “Accounting Standard for Earnings per Share” (ASBJ Statement
No.2) and “Guidance for Accounting Standards for Net Earning per Share” (ASBJ Guidance No.4, September 25, 2002).
2. Dividend Propensity: Cash Dividends Declared per Share (Common Stock) / Net Income per Share (Common Stock). Dividend Propensity is not required to be disclosed due to loss position of
earnings per share for the fiscal year ended March 31, 2010.
3. “Diluted Net Income per Share” and “PER” are not required to be disclosed due to loss position of earnings per share for the fiscal year ended March 31, 2010.

Financial Analysis—2

Financial Analysis

Financial and Economic Environment

Financial and Economic Environment
Reviewing the economic environment over the fiscal year ended March 31, 2013, despite the continuing weakness in the recoveryof the global economy and the further slowdown of the economy being felt particularly in Europe and China last summer, there
are visible signs of recovery as concerns over the Euro region's debt problems have been eased to some degree.
In the United States, gradual recovery in the economy continues on the basis of increased consumer spending due to an
improvement in employment conditions among other things. On the other hand, while the expiration of the major tax-relief was
avoided, the risk of a slackening in the economy remains with the budget sequestration set in motion in March 2013 as part of alarge-scale austerity measure known as the “fiscal cliff”. In Europe, the economies of the region are gradually slowing down, withthe fiscal problems experienced by certain countries impacting the real economy. Although the concerns in the financial markets
have eased to some degree due to measures such as the establishment of the European Stability Mechanism (ESM), the circumstances in which a reduced budget may result in an economic slowdown or political instability are expected to continue, particularly among southern European countries, and it is difficult to predict the effects of the slow down of the European economy on
the global economy. In Asia, although the economies of the region as a whole are slowing from the impact of, among otherthings, the decline in exports to Europe, China is following a course of gradual economic recovery mainly due to increased public
investments, and the trend is affecting other Asian countries.
In Japan, although the economy was not showing much improvement with decreased exports and production, among otherthings, mainly due to the slowdown in overseas economies, there are visible signs of recovery. As for the future direction of theeconomy, while there are causes for concern, such as the downturn in overseas economies, posing a risk to act as a drag on economic growth, there are prospects for the economy to be back on course for recovery due to the improved export situation following the depreciation of the yen against other currencies and the effects of economic measures and monetary policies, among
other things.

3—Financial Analysis

Trends in Interest Rates in Japan
(%)

(%)

1.60

0.40

Short-Term Prime Rate (left scale)
1.40

Euroyen TIBOR (3-month) (right scale)
0.30

Long-Term Prime Rate (left scale)

1.20

1.00

0.20

Newly Issued Government Bond Yield (10-Year) (left scale)
0.80
0.10
0.60

0.40

Call Rate (Uncollateralized overnight) (right scale)Apr. 2012

July 2012

Oct. 2012

Jan. 2013

Apr. 2013

0.00

Trends in TOPIX and Yen / Dollar Exchange Rate
(Point)(Yen / Dollar)

1,200

105

1,100

100

1,000

95

900

90

TOPIX (left scale)

800

85

80

700

Yen / Dollar Exchange Rate (right scale)
600

Apr. 2012

July 2012

Oct. 2012

Jan. 2013

Apr. 201375

Financial Analysis—4

Financial Analysis

Results for the Fiscal Year ended March 31, 2013

Consolidated Accounts of Mizuho Financial Group, Inc. (MHFG)
1. Scope of Consolidation and Application of the Equity Method
Companies

As of March 31,

2013

2012

ChangeNumber of consolidated subsidiaries
Number of affiliates under the equity method

145
22

149
23

(4)
(1)

2013

2012

2. Consolidated Profits and Losses
Billions of yen

For the Fiscal Years ended March 31,

Consolidated Gross Profits
Net Interest Income
Fiduciary Income
Net Fee and Commission Income
Net Trading Income
Net Other Operating Income¥

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

2,171.7
1,075.8
48.5
507.3
215.0
324.8

¥

2,003.0
1,088.3
49.0
458.9
150.3
256.4

Change¥168.6)(12.4)
(0.5)
48.4
64.7
68.4

1,244.6

1,283.8

136.9

42.5

94.4

25.1

70.3

(45.1)Net Gains (Losses) related to Stocks(82.9)(38.1)(44.7)

Equity in Income from Investments in Affiliates(11.1)

2.6(13.8)(8.2)

Reversal of Reserves for Possible Losses on Loans, etc.

Other(39.2)(3.3)

4.9

Income before Income Taxes and Minority Interests

717.8

716.4

1.3

Income Taxes–Current

50.4

55.3

(4.9)
(90.0)

Income Taxes–Deferred

7.4

97.4

Income before Minority Interests

659.9

563.6

96.3

Minority Interests in Net Income

99.4

79.1

20.3

Net Income

¥

560.5

¥

484.5

¥

Net Income per Share of Common Stock (Yen)¥

Credit-related Costs¥(Reference) Consolidated Net Business Profits

¥

75.9

22.96

¥

20.62

¥

2.33

111.8

¥

(27.7)

¥

139.5

912.1

¥

719.1

¥

193.0

Notes: 1. Credit-related Costs = Expenses related to Portfolio Problems (including Provision for (Reversal of) General Reserve for Possible Losses on Loans) + Reversal of Reserves for Possible Losses on
Loans, etc. + Credit Costs for Trust Accounts.
2. Consolidated Net Business Profits = Consolidated Gross Profits - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates andcertain other consolidation adjustments.
3. Income Taxes- Current includes Refund of Income Tax.

5—Financial Analysis

Use and Source of Funds (Consolidated)
Billions of yen

Change2013

Interest
2012¥ 139,812.7
6,377.5
547.7
8,666.8¥ 132,125.0
4,921.4
287.7
7,836.1¥ 7,687.6
1,456.1
259.9
830.7

¥ 1,421.6
21.5
5.5
52.3

¥ 1,423.5
20.6
6.5
30.8

6,398.6
49,473.2
65,348.3

6,246.6
46,779.1
63,024.4

151.9
2,694.1
2,323.8

10.6
323.9
917.2

9.9
348.4
888.4

Source of Funds¥ 142,617.9
Deposits
93,389.8
Debentures—
Call Money and Bills Sold
5,970.6
Payables under Repurchase Agreements
15,204.5
Guarantee Deposits Received under Securities
Lending Transactions
8,190.8
Commercial Paper
420.6
Borrowed Money
12,559.1¥ 134,403.6
88,720.6
85.5
5,874.6
12,426.3¥ 8,214.3
4,669.1(85.5)
96.0
2,778.1

6,987.8
312.3
13,180.2

1,203.0
108.3(621.1)For the Fiscal Years ended March 31,

Use of Funds
Due from Banks
Call Loans and Bills Purchased
Receivables under Resale Agreements
Guarantee Deposits Paid under Securities
Borrowing Transactions
Securities
Loans and Bills Discounted

Average balance
2013
2012

¥

345.7
129.1
—
7.8
53.6

¥

335.2
129.8
0.3
8.6
33.9

Change

¥

(1.9)
0.8
(1.0)
21.5
0.7
(24.5)
28.7

¥

10.4
(0.6)
(0.3)
(0.7)
19.7

19.0
1.6
29.7

14.4
0.8
35.0

4.6
0.8
(5.2)

For the Fiscal Years ended March 31,

2013

Yield
2012

ChangeUse of Funds
Due from Banks
Call Loans and Bills Purchased
Receivables under Resale Agreements
Guarantee Deposits Paid under Securities
Borrowing Transactions
Securities
Loans and Bills Discounted

1.01%
0.33
1.01
0.60

1.07%
0.41
2.28
0.39

(0.06)%(0.08)(1.27)
0.21

0.16
0.65
1.40

0.15
0.74
1.40

0.00
(0.09)(0.00)

Source of Funds
Deposits
Debentures
Call Money and Bills Sold
Payables under Repurchase Agreements
Guarantee Deposits Received under Securities
Lending Transactions
Commercial Paper
Borrowed Money

0.24%
0.13
—
0.13
0.35

0.24%
0.14
0.44
0.14
0.27

(0.00)%(0.00)(0.44)(0.01)
0.08

0.23
0.39
0.23

0.20
0.27
0.26

0.02
0.11.
(0.02)%

Financial Analysis—6

Financial Analysis

Results for the Fiscal Year ended March 31, 2013

Net Fee and Commission Income (Consolidated)
Billions of yen

For the Fiscal Years ended March 31,

2013

2012

Change¥ 507.3¥ 458.9¥ 48.4

Fee and Commission Income
Deposits, Debentures and Lending Business
Securities-related Business
Remittance Business
Trust-related BusinessAgency Business
Guarantee Business
Safe Custody and Safety Deposit Box Business¥ 617.6
160.1
134.3
105.1
43.5
27.4
26.4
5.6

¥ 566.8
132.7
116.5
105.0
40.8
27.7
24.8
5.7

¥ 50.7
27.4
17.8
0.0
2.6
(0.2)
1.5
(0.1)

Fee and Commission Expenses
Remittance Business¥ 110.3
39.0¥ 107.9
38.1¥

Net Fee and Commission Income

7—Financial Analysis

2.3
0.9

3. Consolidated Assets, Liabilities and Net Assets
Billions of yen

As of March 31,

2013

2012

ChangeTotal Assets
Cash and Due from Banks
Trading Assets
Securities
Loans and Bills Discounted¥ 177,411.0
12,333.9
14,076.9
53,472.3
67,536.8¥ 165,360.5
7,278.4
14,075.0
51,392.8
63,800.5¥ 12,050.5
5,055.5
1.9
2,079.5
3,736.3

Total Liabilities
Deposits
Call Money and Bills Sold

169,674.8
99,568.7
6,126.4

158,491.2
90,636.6
5,668.9

11,183.6
8,932.0
457.4

Net Assets
Shareholders' Equity
Total Accumulated Other Comprehensive Income
Stock Acquisition Rights
Minority Interests¥

7,736.2
5,174.6752.5
2.6
1,806.4¥

6,869.2
4,762.7
146.6
2.1
1,957.6¥

866.9)
411.8
605.8
0.5
(151.2)

Fair Value of Other Securities (Consolidated)
Billions of yen

As of March 31, 2013

Acquisition cost

Fair value

Other Securities *1
Japanese Stocks
Japanese Bonds
Other¥ 49,627.0
2,065.9
33,929.7
13,631.3¥ 50,508.5
2,776.0
34,043.2
13,689.2

LossesNet unrealized*2
gains (losses)¥ 267.4)
133.1
20.7
113.5

¥ 881.4
710.0
113.4
57.8

Gross unrealized
Gains¥ 1,148.9
843.2
134.2
171.4

Billions of yen

As of March 31, 2012

Acquisition cost

Fair value

Other Securities *1
Japanese Stocks
Japanese Bonds
Other¥ 49,714.6
2,352.7
36,316.1
11,045.7¥ 49,798.5
2,509.3
36,372.5
10,916.5¥

Gross unrealized
Gains

Losses

649.9
453.5
91.9
104.4

566.0
296.9
35.5
233.5

¥

Net unrealized*2
gains (losses)

¥

83.8
156.5
56.4
(129.1)

Billions of yen

ChangeOther Securities
Japanese Stocks
Japanese Bonds
Other

Acquisition cost¥

(87.5)(286.8)(2,386.3)
2,585.6

Fair value

¥

709.9
266.6
(2,329.3)
2,772.6¥

Gross unrealized
Gains

LossesNet unrealized
gains (losses)

498.9)
389.7
42.3
66.9

(298.5)(163.7)(14.7)(120.0)¥ 797.5
553.4
57.0
187.0

¥

Notes: 1. In addition to the balances shown in the above table, Other Securities excludes securities which do not have readily determinable fair values.
2. Net unrealized gains (losses) include ¥3.3 billion and ¥(7.3) billion, which were recognized in the statements of income for the fiscal years ended March 31, 2013 and 2012, respectively, byapplying the fair-value hedge method. As a result, the base amount to be recorded directly to Net Assets after tax and consolidation adjustments as of March 31, 2013 and 2012 were ¥878.1
billion and ¥91.2 billion, respectively.

Financial Analysis—8

Financial Analysis

Results for the Fiscal Year ended March 31, 2013

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

As of March 31,

Other Securities
Japanese Stocks
Japanese Bonds
Other

2013

¥

878.1
710.1
113.4
54.4

¥

2012

Change

91.2
156.3
54.8
(119.9)¥ 786.9)
553.8
58.5
174.4

Consolidated Total Capital Ratio (International Standard (Basel III))%, Billions of yen

As of March 31,

2013

Consolidated Total Capital Ratio
Tier 1 Capital Ratio
Common Equity Tier 1 Capital Ratio

14.19%
11.03%
8.16%

Total Capital
Tier 1 Capital
Common Equity Tier 1 Capital¥

8,344.5
6,486.0
4,802.4

Risk weighted Assets¥ 58,790.6

Consolidated Capital Adequacy Ratio (BIS Standard)%, Billions of yen

As of March 31,

2012

Consolidated Capital Adequacy Ratio
Tier 1 Capital Ratio

15.50%
12.76%

Tier 1 Capital
Tier 2 Capital
Deductions for Total Risk-based Capital¥

6,398.9
1,745.1
368.9

Total Risk-based Capital¥

7,775.0

Risk-weighted Assets¥ 50,144.9

9—Financial Analysis

Aggregated Figures of the Three Banks
1. Differences between Consolidated Figures and Aggregated Figures of the Three Banks
Billions of yen, %For the Fiscal Years ended March 31,

Gross Profits
Net Interest Income
Fiduciary Income
Net Fee and Commission Income
Net Trading Income
Net Other Operating Income

MHFG(Consolidated)(a)¥Credit-related Costs

2013
AggregatedFigures of theThree Banks (b)2,171.7 ¥1,075.8
48.5
507.3
215.0
324.8

1,686.1 ¥
956.5
47.7
346.0
49.6
286.0

(a) – (b) (b) / (a)

485.6
119.3
0.7
161.3
165.4
38.8

77.6%
88.9
98.5
68.2
23.0
88.0

MHFG
(Consolidated)
(a)

2012
AggregatedFigures of theThree Banks (b)¥2,003.0 ¥1,088.3
49.0
458.9
150.3
256.4

1,607.5 ¥
983.1
48.4
304.8
45.9
225.0

(a) – (b) (b) / (a)

395.5
105.2
0.5
154.0
104.3
31.3

80.2%
90.3
98.8
66.4
30.5
87.7

111.8

114.1

(2.3) 102.0(27.7)(24.7)(2.9) 89.2

Net Income¥

560.5 ¥

511.2 ¥

49.2

91.2%

¥

484.5 ¥

428.1 ¥

56.3

Net Business Profits¥

912.1 ¥

846.3 ¥

65.7

92.7%

¥

719.1 ¥

728.1 ¥

(9.0) 101.2%

88.3%

Notes: 1. Credit-related Costs = Expenses related to Portfolio Problems + Provision for General Reserve for Possible Losses on Loans + Reversal of Reserves for Possible Losses on Loans, etc. + Credit Costs
for Trust Accounts.
2. Consolidated Net Business Profits = Consolidated Gross Profits - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates andcertain other consolidation adjustments.

Billions of yen, %2013
AggregatedFigures of theThree Banks (b)As of March 31,

MHFG(Consolidated)(a)Total Assets
Securities
Loans and Bills Discounted¥ 177,411.0 ¥ 167,538.6 ¥ 9,872.4
94.4%
53,472.3
54,424.2(951.8) 101.7
67,536.8
67,188.1
348.7
99.4

(a) – (b) (b) / (a)MHFG(Consolidated)
(a)

2012
AggregatedFigures of theThree Banks (b)(a) – (b) (b) / (a)¥ 165,360.5 ¥ 158,157.9 ¥ 7,202.5 95.6%
51,392.8
52,102.5(709.6) 101.3
63,800.5
63,878.6(78.1) 100.1

Financial Analysis—10

Financial Analysis

Results for the Fiscal Year ended March 31, 2013

2. Aggregated Profits and Losses(the Three Banks)
Billions of yen

For the Fiscal Years ended March 31,

Domestic Gross Profits
International Gross Profits

2013

¥

1,114.4
571.6

2012

¥

1,085.8
521.6

Change

¥

28.5
50.0

Gross Profits
Net Interest Income
Fiduciary Income
Net Fee and Commission Income
Net Trading Income
Net Other Operating Income
Net Gains (Losses) related to Bonds

1,686.1
956.5
47.7
346.0
49.6
286.0
220.4

1,607.5
983.1
48.4
304.8
45.9
225.0
155.1

78.5
(26.5)
(0.6)
41.1
3.6
60.9
65.3

General and Administrative Expenses (excluding Non-Recurring Losses)
Expense Ratio

839.7
49.8%

879.3
54.7%

(39.6)(4.9)%Net Business Profits (before Provision for (Reversal of) General Reserve
for Possible Losses on Loans)Excluding Net Gains (Losses) related to Bonds

846.3
625.9

728.1
573.0

118.2
52.8

Provision for (Reversal of) General Reserve for Possible Losses on Loans(91.9)

7.8(99.8)Net Business Profits

754.4

736.0

18.3

Net Non-Recurring Gains (Losses)
Net Gains (Losses) related to Stocks
Expenses related to Portfolio Problems
Reversal of Reserves for Possible Losses on Loans, etc.
Other

(199.6)(131.2)(81.4)
59.2(46.2)(195.0)(50.3)(51.3)
68.2(161.5)(4.6)(80.9)(30.0)(9.0)
115.3

Income before Income Taxes

554.7

541.0

13.7

Income Taxes–Current

26.4

40.7

(14.3)

Income Taxes–Deferred

17.0

72.0

(55.0)Net Income

¥

511.2

¥

428.1

¥

83.0

Credit-related Costs¥

114.1)¥(24.7)¥

138.9)

Notes: 1. Net Business Profits (before Provision for (Reversal of) General Reserve for Possible Losses on Loans) of MHTB exclude the amounts of Credit Costs for Trust Accounts.
2. Credit-related Costs = Expenses related to Portfolio Problems + Provision for (Reversal of) General Reserve for Possible Losses on Loans + Reversal of Reserves for Possible Losses on Loans, etc. +Credit Costs for Trust Accounts.
3. Income Taxes- Current includes Refund of Income Tax.

11—Financial Analysis

Breakdown of Gross Profits (the Three Banks)
Billions of yen

For the Fiscal Years ended March 31,

Net Interest Income
Domestic Operations
International Operations

2013

¥

956.5
706.1
250.4

2012

¥

983.1
753.2
229.8

Change¥(26.5))(47.1)
20.6

Fiduciary Income
Domestic Operations
International Operations

47.7
47.7
/

48.4
48.4
/

(0.6)
(0.6)
/

Net Fee and Commission Income
Domestic Operations
International Operations

346.0
241.7
104.3

304.8
218.9
85.8

41.1
22.7
18.4

Net Trading Income
Domestic Operations
International Operations

49.6
31.0
18.5

45.9
25.1
20.8

3.6
5.9
(2.2)

Net Other Operating Income
Domestic Operations
International Operations

286.0
87.7
198.3

225.0
40.0
185.0

60.9
47.6
13.3

Gross Profits¥

1,686.1¥

1,607.5¥

78.5

Financial Analysis—12

Financial Analysis

Results for the Fiscal Year ended March 31, 2013

Breakdown of Net Interest Income (MHCB and MHBK)
Billions of yen, %

2013

Yield
2012

¥ 7,740.0
1,984.1
2,993.2

0.96%
1.32
0.63

1.04%
1.33
0.73

(0.08)%(0.01)(0.09)

124,261.7
86,738.9

7,540.1
3,673.5

0.27
0.12

0.29
0.13

(0.02)(0.00)

/

/

/

0.68

0.75

(0.06)

/

/

/

1.19

1.20

(0.00)

Domestic Operations
Use of Funds
Loans and Bills Discounted
Securities

105,267.9
48,237.4
37,855.2

102,575.0
49,023.4
37,585.3

2,692.8(786.0)
269.9

0.78
1.19
0.44

0.86
1.24
0.49

(0.07)(0.04)(0.05)

Source of Funds
Deposits and Debentures

104,577.8
75,156.2

102,032.1
73,509.2

2,545.6
1,647.0

0.14
0.06

0.16
0.06

(0.01)(0.00)

Interest Margins

/

/

/

0.63

0.69

(0.06)

Loan and Deposit Margin

/

/

/

1.13

1.17

(0.03)

International Operations
Use of Funds
Loans and Bills Discounted
Securities

31,397.7
13,530.2
10,517.4

25,670.2
10,760.0
7,794.1

5,727.5
2,770.1
2,723.3

1.45
1.76
1.35

1.69
1.76
1.87

(0.23)(0.00)(0.51)

Source of Funds
Deposits and Debentures

31,176.2
15,256.2

25,501.4
13,229.7

5,674.8
2,026.5

0.68
0.43

0.81
0.48

(0.13)(0.04)

Interest Margins

/

/

/

0.77

0.87

(0.09)

Loan and Deposit Margin

/

/

/

1.32

1.28

0.04

For the Fiscal Years ended March 31,

2013

Average balance
2012

Total
Use of Funds
Loans and Bills Discounted
Securities¥ 132,713.5
61,767.6
48,372.7¥ 124,973.4
59,783.5
45,379.4

Source of Funds
Deposits and Debentures

131,801.8
90,412.5

Interest Margins
Loan and Deposit Margin

13—Financial Analysis

ChangeChange(Reference) Interest Margins (Domestic Operations) (MHCB and MHBK)%For the Fiscal Years ended March 31,

2013

2012

ChangeReturn on Interest-Earning Assets
Return on Loans and Bills Discounted
Return on Securities

0.78%
1.19
0.44

0.86%
1.24
0.49

(0.07)%(0.04)(0.05)

Cost of Funding (including Expenses)
Cost of Deposits and Debentures (including Expenses)
Cost of Deposits and Debentures
Cost of Other External Liabilities

0.74
0.88
0.06
0.24

0.81
0.97
0.06
0.25

(0.07)(0.08)(0.00)(0.00)Net Interest Margin

0.04

0.04

(0.00)

Loan and Deposit Rate Margin (including Expenses)

0.30

0.26

0.04

Loan and Deposit Rate Margin

1.13

1.17

(0.03)

Notes: 1. Return on Loans and Bills Discounted excludes loans to MHFG.
2. Deposits and Debentures include Negotiable Certificates of Deposit (“NCDs”).

(Reference) Interest Margins (Domestic Operations) after excluding Loans to Deposit Insurance Corporation of Japan andJapanese Government (MHCB and MHBK)%For the Fiscal Years ended March 31,

2013

2012

Return on Loans and Bills Discounted
Loan and Deposit Rate Margin (including Expenses)
Loan and Deposit Rate Margin

1.31%
0.43
1.25

1.38%
0.41
1.31

Change(0.06)%
0.02(0.05)

Financial Analysis—14

Financial Analysis

Results for the Fiscal Year ended March 31, 2013

Breakdown of Net Fee and Commission Income (the Three Banks)
Billions of yen

For the Fiscal Years ended March 31,

Net Fee and Commission Income

2013

2012

Change¥ 346.0¥ 304.8¥ 41.1

Fee and Commission Income
Deposits, Debentures and Lending Business
Remittance Business
Securities-related BusinessAgency Business
Guarantee Business
Safe Custody and Safety Deposit Box Business¥ 453.0
161.2
104.8
41.9
17.6
31.2
5.6

¥ 406.7
132.8
105.1
33.4
18.6
27.2
5.7

¥ 46.2
28.3
(0.2)
8.4
(0.9)
3.9
(0.1)

Fee and Commission Expenses
Remittance Business¥ 107.0
38.5¥ 101.9
37.6¥

For the Fiscal Years ended March 31,

2013

2012

Net Other Operating Income¥ 286.0¥ 225.0¥

60.9¥ 286.0
82.7
220.4¥ 225.0
75.0
155.1

¥

60.9
7.6
65.3

Domestic Operations
Net Losses related to Bonds

87.7
102.4

40.0
43.6

47.6
58.8

International Operations
Profits on Foreign Exchange Transactions
Net Gains (Losses) related to Bonds

198.3
82.7
117.9

185.0
75.0
111.4

13.3
7.6
6.5

5.1
0.9

Breakdown of Net Other Operating Income (the Three Banks)
Billions of yen

Total
Profits on Foreign Exchange Transactions
Net Gains (Losses) related to Bonds

ChangeBreakdown of General and Administrative Expenses (excluding Non-Recurring Losses) (the Three Banks)
Billions of yen

For the Fiscal Years ended March 31,

Personnel Expenses
Non-personnel Expenses
Miscellaneous Taxes
Total

15—Financial Analysis

2013

2012

¥ 318.3¥ 319.3

480.0

515.4

41.3

44.6

¥ 839.7¥ 879.3

Change¥(0.9)(35.4)(3.2)¥(39.6)

Breakdown of Net Non-Recurring Gains (Losses) (the Three Banks)
Billions of yen

For the Fiscal Years ended March 31,

Net Gains (Losses) related to Stocks
Gains on Sales
Losses on Sales
Losses on Devaluation
Provision for Reserve for Possible Losses on Investments
Gains (Losses) on Derivatives other than for Trading
Expenses related to Portfolio Problems2013¥ (131.2)
37.0(37.6)(126.8)
(0.0)
(3.7)

2012

¥

(81.4)(50.3)
24.2(28.5)(41.5)(0.1)(4.4)

Change¥(80.9)
12.8(9.1)(85.3)
0.0
0.7(51.3)(30.0)

Reversal of Reserves for Possible Losses on Loans, etc.

59.2

68.2

(9.0)

Other

(46.2)(161.5)115.3¥ (199.6)¥ (195.0)

2013

2012

Change(24.7)—(51.9)
(3.2)
25.2
(0.0)
1.2
3.9

¥ 138.9
—
97.2
20.9
21.6
1.0
0.5
(2.5)

Net Non-Recurring Gains (Losses)

¥

(4.6)

(Reference) Breakdown of Credit-Related Costs (the Three Banks)
Billions of yen

For the Fiscal Years ended March 31,

Credit-related Costs
Credit Costs for Trust Accounts
Reversal of General Reserve for Possible Losses on Loans
Losses on Write-offs of Loans
Provision for (Reversal of) Specific Reserve for Possible Losses on Loans
Reversal of Reserve for Possible Losses on Loans to Restructuring Countries
Provision for (Reversal of) Reserve for Contingencies
Other (including Losses on Sales of Loans)¥ 114.1
—
45.3
17.7
46.8
1.0
1.7
1.4

¥

Financial Analysis—16

Financial Analysis

Results for the Fiscal Year ended March 31, 2013

3. Aggregated Assets, Liabilities and Net Assets
Assets and Liabilities (the Three Banks) (Banking Accounts)
Billions of yen

As of March 31,

Total Assets
Cash and Due from Banks
Call Loans
Securities
Loans and Bills Discounted
Total Liabilities
Deposits
Call Money
Net Assets
Shareholders' Equity
Valuation and Translation Adjustments

2013

2012

Change¥ 167,538.6
10,652.5
10,379.954,424.2
67,188.1¥ 158,157.9
8,158.2
8,874.0
52,102.5
63,878.6¥ 9,380.6
2,494.3
1,505.9
2,321.7
3,309.5

160,366.8
97,795.2
15,603.9

151,956.9
91,627.7
13,920.6

8,409.9
6,167.4
1,683.2

7,171.7
6,180.9990.8

6,201.0
5,898.7
302.3

970.7
282.2
688.4

Note: Loans to MHFG are included as follows:
As of March 31, 2013: ¥646.9 billion (from MHCB ¥46.9 billion; from MHBK ¥600.0 billion)
As of March 31, 2012: ¥741.0 billion (from MHCB ¥41.0 billion; from MHBK ¥700.0 billion)

Balance of Housing and Consumer Loans (the Three Banks) (Banking Accounts and Trust Accounts)
Billions of yen

As of March 31,

Housing and Consumer Loans
Housing Loans for Owner's Residential Housing

2013

2012

¥ 12,186.5
10,497.0¥ 12,095.9
10,338.1

Change

¥

90.5
158.8

Loans to Small and Medium-Sized Enterprises (SMEs) and Individual Customers (the Three Banks)(Banking Accounts and Trust Accounts)
Billions of yen, %As of March 31,

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

2013

2012

¥ 31,963.2¥ 31,807.7

56.3%

56.8%

Change¥155.4(0.4)%

Notes: 1. Loans to MHFG are not included as follows:
As of March 31, 2013: ¥646.9 billion (from MHCB ¥46.9 billion; from MHBK ¥600.0 billion)
As of March 31, 2012: ¥741.0 billion (from MHCB ¥41.0 billion; from MHBK ¥700.0 billion)
2. Above figures do not include loans booked at overseas offices and offshore loans.
3. The definition of "SMEs" is as follows:Enterprises of which the capital is ¥300 million or below (¥100 million or below for the wholesale industry, and ¥50 million or below for the retail, restaurant and commodity lease industriesetc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50 or below for the retail and restaurant industries.)

17—Financial Analysis

Fair Value of Other Securities (the Three Banks) (Banking Accounts)
Billions of yen

As of March 31, 2013

Acquisition cost

Fair value

Other Securities*1
Japanese Stocks
Japanese Bonds
Other¥ 49,199.3
2,125.1
33,706.3
13,367.7¥ 50,225.5
3,009.2
33,819.5
13,396.7

Gross unrealized
Gains

¥

1,299.1
1,024.2
133.9
140.8

¥

Losses

272.8
140.2
20.7
111.9

Net unrealized*2
gains (losses)¥

1,026.2
884.0
113.2
28.9
Billions of yen

As of March 31, 2012

Acquisition cost

Fair value

Other Securities*1
Japanese Stocks
Japanese Bonds
Other¥ 49,159.1
2,349.0
36,011.7
10,798.3¥ 49,226.1
2,482.7
36,067.8
10,675.6¥

Gross unrealized
Gains

Losses

629.8
443.7
91.5
94.5

562.7
310.0
35.4
217.2

¥

Net unrealized*2
gains (losses)

¥

67.0
133.6
56.0
(122.6)
Billions of yen

ChangeOther Securities
Japanese Stocks
Japanese Bonds
Other

Acquisition cost¥

40.2
(223.8)(2,305.3)
2,569.4

Fair value

¥

999.4
526.5
(2,248.2)
2,721.0¥

Gross unrealized
Gains

Losses

669.3
580.5
42.4
46.2

(289.8)(169.8)(14.6)(105.3)¥Net unrealized
gains (losses)

¥

959.2
750.4
57.1
151.6

Notes: 1. In addition to the balances shown in the above table, Other Securities excludes securities which do not have readily determinable fair values.
2. Net unrealized gains (losses) include ¥3.3 billion and ¥5.3 billion, which were recognized in the statements of income for the fiscal years ended March 31, 2013 and 2012, respectively, byapplying the fair-value hedge method and others. As a result, the base amount to be recorded directly to Net Assets after tax adjustments as of March 31, 2013 and 2012 were ¥1,022.9 billionand ¥61.7 billion, respectively.

(Reference)
Unrealized Gains (Losses) on Other Securities (the base amount to be recorded directly to Net Assets after
tax adjustments)
For certain Other Securities (which have readily determinable fair values), unrealized gains (losses) were recognized in thestatement of income by applying the fair-value hedge method. They were excluded from unrealized gains (losses) on Other
Securities. These adjusted unrealized gains (losses) were the base amount, which was to be recorded directly to Net Assets after
tax adjustments.
The base amount was as follows:

Billions of yen

As of March 31,

Other Securities
Japanese Stocks
Japanese Bonds
Other

2013

¥

1,022.9
884.2
113.2
25.5

2012

¥

61.7
133.3
54.5
(126.2)

Change

¥

961.2
750.8
58.7
151.7

Financial Analysis—18

Financial Analysis

Status of Asset Quality

 Disposal of Non-performing Loans (NPLs) in the Fiscal Year ended March 31, 2013
Credit-related Costs in the aggregated figures of MHCB, MHBK and MHTB (the Three Banks) increased by ¥138.9 billion from theend of the previous fiscal year to ¥114.1 billion. Consolidated Credit-related Costs increased by ¥139.5 billion from the end of theprevious fiscal year to ¥111.8 billion. This was primarily because we made a conservative estimate of the future outlook as awhole amid the rapidly changing economy and financial environment of Japan and overseas.

 Outstanding Balance of NPLs
Status of Disclosed Claims
The Three Banks' aggregated figures of Disclosed Claims under the Financial Reconstruction Law (FRL) increased by ¥127.7 billion
from the end of the previous fiscal year to ¥1,293.3 billion. The classifications of those loans are shown in the table on page
Financial Analysis - 22.
Of the total, Claims against Bankrupt and Substantially Bankrupt Obligors and equivalent, and Claims with Collection Risk
increased by ¥33.8 billion to ¥712.4 billion.
At the same time, Claims for Special Attention increased by ¥93.8 billion from the end of the previous fiscal year to¥580.8 billion.
NPL Ratio
The aggregated NPL ratio for the Three Banks as of the end of March 2013 decreased by 0.07 points from the end of theprevious fiscal year to 1.71%.
* Trust account denotes trust accounts with contracts indemnifying the principal amounts, excluding outstanding loan balance byIndustry and by nationality of borrowers.

 Activities in Removal of NPLs from the Balance SheetWith respect to removal of NPLs from the balance sheet, our specialist unit maintains central control and pursues corporate revitalization and debt-collecting efforts.
In particular, we consider support for corporate revitalization to be an important mission as a financial institution. We are doing
our utmost to provide such support including verification of business plans of corporations tackling revitalization, provision ofadvice pertaining to reconstruction measures and utilization of corporate revitalization schemes including transfer of business andM&A. These efforts have achieved steady results.
In addition, we strive to realize efficient and expeditious final disposals of NPLs through bulk sales and activities of Mizuho
Servicing Co., Ltd., a servicer of the group.

Results of Removal of NPLs from the Balance Sheet
The Three Banks removed ¥277.9 billion NPLs in fiscal 2012.
As a result, the removal ratio of NPLs arising before fiscal 2011 has become about 95% as of the end of March 2013, so
removal from the balance sheet is almost complete.
The group will steadily proceed with removal of NPLs from the perspective of improvement of asset quality.

19—Financial Analysis

 Credit-Related Costs
Credit-Related Costs (Consolidated)

Billions of yen

For the Fiscal Years ended March 31,

2013

Credit-related Costs
Expenses related to Portfolio Problems (including Provisionfor (Reversal of) General Reserve for Possible Losses on Loans)¥

Losses on Write-offs of Loans
Reversal of Reserves for Possible Losses on Loans, etc.
Credit Costs for Trust Accounts

111.8

2012

¥

(27.7)

Change

¥

139.5

136.9

42.5

94.4

49.7
(25.1)—

38.5(70.3)
—

11.1
45.1
—

2013

2012

Credit-Related Costs (the Three Banks)

Billions of yen

For the Fiscal Years ended March 31,

Credit-related Costs
Credit Costs for Trust Accounts
Reversal of General Reserve for Possible Losses on Loans
Losses on Write-offs of Loans
Provision for (Reversal of) Specific Reserve for Possible Losses on Loans
Reversal of Reserve for Possible Losses on Loans to Restructuring Countries
Provision for (Reversal of) Reserve for Contingencies
Other (including Losses on Sales of Loans)

¥

114.1
—
45.3
17.7
46.8
1.0
1.7
1.4

¥

(24.7)—(51.9)
(3.2)
25.2
(0.0)
1.2
3.9

Change

¥

138.9
—
97.2
20.9
21.6
1.0
0.5
(2.5)

 Overview of NPLs as of March 31, 2013 (the Three Banks) (Banking Accounts)
Billions of yen

1. Self-Assessment
Category III

Category IV

2. Disclosed Claims
under the FRL

3. Non-Accrual, Past
Due & Restructured
Loans

Collateral, Guarantees, etc.:
137.2
Reserves for Possible Losses:
21.9

Reserve
Ratio
100%

DirectWrite-offs

Claims against Bankrupt
and Substantially Bankrupt
Obligors
159.1

Loans to Bankrupt Obligors
30.7

461.7

88.5

Collateral, Guarantees, etc.:
283.0
Reserves for Possible Losses:
178.6

Reserve
Ratio
66.8%

Categorization

NonCategory II
Categorization

Bankrupt and Substantially
Bankrupt Obligors
159.1

Obligor

159.1

Watch Obligors

Intensive Control
Obligors
550.2

Claims for Special
Attention
580.8

Reserve Ratio against
Uncovered Portion
31.3%
Collateral, Guarantees, etc.:
222.8
Reserves for Possible Losses:
112.2

Coverage Ratio 100%

Amounts forreserves arerecorded under
Non-Categorization

Claims against Special
Attention Obligors·Coverage Ratio: 58.3%·Reserve Ratiofor Uncovered Portion: 31.9%·Reserve Ratio
against Entire Claim: 19.5%

Claims with Collection Risk
550.2

Non-Accrual
Delinquent Loans
620.5

Coverage Ratio 83.9%
58.2(Note 2)

Claims for Special
Attention (Note 1)
580.8
Coverage Ratio 57.6%

Loans Past Due forThree Months or More
3.4
Restructured Loans
577.3

Special Attention Obligors
Other Watch Obligors
Normal Obligors

Total
75,567.8

Reserve Ratio
against Total Claims·Other Watch Obligors: 6.27%·Normal Obligors: 0.11%

Total Coverage
Ratio 74.1%

Total
1,290.2

Total
1,232.0

Notes: 1. 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.
2. The difference between total Non-Accrual, Past Due & Restructured Loans and total Disclosed Claims under the FRL represents the amount of claims other than loans included in Disclosed Claims
under the FRL.

Financial Analysis—20

Financial Analysis

Status of Asset Quality

 Status of Disclosed Claims under the FRL
Disclosed Claims under the FRL (Consolidated)(Consolidated)

Billions of yen

As of March 31,

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

2013

¥

175.4
563.7
698.2

2012

¥

Change

177.4
527.3
609.8

¥

(1.9)
36.4
88.4

¥ 1,437.4¥ 1,314.5

¥

122.9

2013

2012

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

Amount of Partial Direct Write-offs

¥

269.7

¥

321.3

Change¥(Trust Accounts)

Billions of yen

As of March 31,

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

2013

2012

Change

¥

—
3.0
—

¥

—
3.0
—

¥

—
(0.0)
—

¥

3.0

¥

3.0

¥

(0.0))(Consolidated and Trust Accounts)

Billions of yen

As of March 31,

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

21—Financial Analysis(51.6)))

2013

¥

175.4
566.8
698.2

¥ 1,440.5

2012¥

Change

177.4
530.3
609.8

¥

(1.9)
36.4
88.4

¥ 1,317.6

¥

122.9

Disclosed Claims under the FRL (the Three Banks) (Banking Accounts and Trust Accounts)
As of March 31,

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

Subtotal

159.1
553.2
580.8

2012

¥

1,293.3

Normal Claims
Total

Billions of yen

2013

157.0
521.5
487.0

Change¥1,165.6

74,293.5

70,039.9¥ 75,586.9¥ 71,205.5

2013

2012

2.1
31.7
93.8
127.7
4,253.6¥

4,381.3

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

Amount of Partial Direct Write-offs

¥

245.3

¥

294.5

Change¥(49.2)

Ratio of Disclosed Claims under the FRL (the Three Banks) (Banking Accounts and Trust Accounts)%

As of March 31,

2013

2012

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

0.21%
0.73
0.76

0.22%
0.73
0.68

Change(0.01)%(0.00)
0.08

Subtotal

1.71

1.63

0.07

Normal Claims

98.28

98.36

(0.07)

100.00%100.00%/Total
Note: Above figures are presented net of partial direct write-offs.

Disclosed Claims under the FRL and Coverage Amount (the Three Banks) (Banking Accounts)
Billions of yen

As of March 31,

Claims against Bankrupt and Substantially Bankrupt Obligors
Collateral, Guarantees, and equivalent
Reserves for Possible Losses
Claims with Collection Risk
Collateral, Guarantees, and equivalent
Reserves for Possible Losses
Claims for Special Attention
Collateral, Guarantees, and equivalent
Reserves for Possible Losses
Total
Collateral, Guarantees, and equivalent
Reserves for Possible Losses

2013

2012

Change

¥

159.1
137.2
21.9
550.2
283.0
178.6
580.8
222.8
112.2

¥

157.0
133.8
23.2
518.4
270.3
160.3
487.0
143.1
102.5

¥

2.1
3.4
(1.3)
31.7
12.6
18.3
93.8
79.6
9.7

¥

1,290.2
643.1
312.8

¥

1,162.5
547.4
286.1

¥

127.7
95.7
26.7

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

Financial Analysis—22

Financial Analysis

Status of Asset Quality

Coverage on Disclosed Claims under the FRL (the Three Banks) (Banking Accounts)
Billions of yen, %As of March 31,

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

2013

¥

956.0
312.8
643.1

2012

¥

833.5
286.1
547.4

Change

¥

122.4
26.7
95.7

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

74.1%
100.0
83.9
57.6
58.3

71.7%
100.0
83.0
50.4
51.8

2.3%
—
0.8
7.2
6.4

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

100.0%
66.8
31.3
31.9

100.0%
64.6
29.8
30.6

—%
2.2
1.5
1.2

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

19.59%
6.27
0.11

21.28%
4.68
0.12(1.69)%
1.58(0.01)

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

23—Financial Analysis

 Status of Non-Accrual, Past Due & Restructured Loans (Consolidated)(Consolidated)
Non-Accrual, Past Due & Restructured Loans
Billions of yen

As of March 31,

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

2013

¥

33.6
637.9
3.4
694.7

2012

¥

Change

40.7
582.6
20.2
589.5

¥

(7.0)
55.2
(16.7)
105.2¥ 1,369.8¥ 1,233.1

¥

136.6

2013

2012

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

Amount of Partial Direct Write-offs

¥

232.7

¥

271.9

Change¥(39.2)

Ratio to Total Loans%

As of March 31,

2013

2012

ChangeLoans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for Three Months or More
Restructured Loans

0.04%
0.94
0.00
1.02

0.06%
0.91
0.03
0.92

(0.01)%
0.03(0.02)
0.10

2.02%

1.93%

0.09)%

2013

2012

Non-Accrual, Past Due & Restructured Loans / Total Loans
Note: Above figures are presented net of partial direct write-offs.

Reserves for Possible Losses on Loans
Billions of yen

As of March 31,

Reserves for Possible Losses on Loans
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans
Reserve for Possible Losses on Loans to Restructuring Countries

¥

739.9
503.0
235.9
1.0

¥

691.7
447.5
244.1
0.0

Change

¥

48.2
55.4
(8.2)
1.0

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

2013

Amount of Partial Direct Write-offs

¥

270.3

2012

¥

327.6

Change¥(57.2)

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

As of March 31,

2013

2012

ChangeAfter Partial Direct Write-offs

54.02%

56.09%(2.07)%

Note: Reserve Ratio = Reserves for Possible Losses on Loans / Total Non-Accrual, Past Due & Restructured Loans.

Financial Analysis—24

Financial Analysis

Status of Asset Quality(Trust Accounts)
Non-Accrual, Past Due & Restructured Loans
Billions of yen

As of March 31,

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

2013

2012

Change

¥

—
3.0
—
—

¥

—
3.0
—
—

¥

—
(0.0)
—
—

¥

3.0

¥

3.0

¥ (0.0)

Ratio to Total Loans%

As of March 31,

2013

2012

ChangeLoans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for Three Months or More
Restructured Loans

.—%
16.01
.—.
.—

.—%
12.66
.—.
.—

.—%
3.34
.—
.—

16.01%

12.66%

3.34%

2013

2012

Change

40.7
585.6
20.2
589.5

¥

Non-Accrual, Past Due & Restructured Loans / Total Loans(Consolidated and Trust Accounts)
Non-Accrual, Past Due & Restructured Loans
Billions of yen

As of March 31,

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

¥

33.6
640.9
3.4
694.7

¥

(7.0)
55.2
(16.7)
105.2¥ 1,372.8¥ 1,236.2¥ 136.6

As of March 31,

2013

2012

ChangeLoans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for Three Months or More
Restructured Loans

0.04%
0.94
0.00
1.02

0.06%
0.91
0.03
0.92

(0.01)%
0.03(0.02)
0.10

2.03%

1.93%

0.09)%

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

Ratio to Total Loans%

Non-Accrual, Past Due & Restructured Loans / Total Loans
Note: Above figures are presented net of partial direct write-offs.

25—Financial Analysis

 Status of Non-Accrual, Past Due & Restructured Loans (the Three Banks)(Banking Accounts and Trust Accounts)
Non-Accrual, Past Due & Restructured Loans
Billions of yen

As of March 31,

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

2013

¥

30.7
623.5
3.4
577.3

2012

¥

Change

38.0
561.5
20.2
466.6

¥

(7.3)
62.0
(16.7)
110.6¥ 1,235.0¥ 1,086.5

¥

148.5

2013

2012

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

Amount of Partial Direct Write-offs

¥

208.8

¥

245.7

Change¥(36.9)

Ratio to Total Loans%

As of March 31,

2013

2012

ChangeLoans to Bankrupt Obligors
Non-Accrual Delinquent Loans
Loans Past Due for Three Months or More
Restructured Loans

0.04%
0.92
0.00
0.85

0.05%
0.87
0.03
0.73

(0.01)%
0.04(0.02)
0.12

1.83%

1.70%

0.13)%

2013

2012

Non-Accrual, Past Due & Restructured Loans / Total Loans
Note: Above figures are presented net of partial direct write-offs.

(Banking Accounts)
Reserves for Possible Losses on Loans
Billions of yen

As of March 31,

Reserves for Possible Losses on Loans
General Reserve for Possible Losses on Loans
Specific Reserve for Possible Losses on Loans
Reserve for Possible Losses on Loans to Restructuring Countries

¥

646.0
456.5
188.4
1.0

¥

582.8
411.2
171.6
0.0

Change

¥

63.1
45.3
16.7
1.0

Notes: 1. Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
2. Reserve for Indemnification of Impairment and Reserve for Possible Losses on Entrusted Loans of ¥0.0 billion and ¥0.0 billion as of March 31, 2013 and 2012, respectively, are not included in
the above figures for Trust Accounts.
Billions of yen

2013

Amount of Partial Direct Write-offs

¥

245.6

2012

¥

300.5

Change¥(54.8)

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

As of March 31,

2013

2012

ChangeAfter Partial Direct Write-offs

52.43%

53.79%(1.36)%

Note: Reserve Ratio = Reserves for Possible Losses on Loans / Total Non-Accrual, Past Due & Restructured Loans.

Financial Analysis—26

Financial Analysis

Status of Asset Quality

 Status of Loans by Industry
Outstanding Balances by Industry (Consolidated)
Billions of yen, %As of March 31,

2013
Outstanding
Balance Composition

2012
Outstanding
Balance Composition

ChangeOutstanding
Balance Composition¥ 54,162.9
7,160.2
32.7
2.0
144.5
865.6
1,903.7888.4
2,780.7
4,800.0
5,244.7
6,273.8
1,546.0
2,426.3
1,263.1
5,642.6
13,187.7¥

Domestic Total (excluding Loans Booked Offshore) ¥ 54,919.1
Manufacturing
7,675.7
Agriculture & Forestry
34.9
Fishery
2.1
Mining, Quarryng Industry & Gravel Extraction Industry
216.0
Construction
812.3
Utilities
2,128.1
Communication
980.0
Transportation & Postal Industry
2,628.8
Wholesale & Retail
4,838.2
Finance & Insurance
5,008.7
Real Estate
6,539.2
Commodity Lease
1,562.2
Service Industries
2,408.7
Local Governments
1,214.4
Governments
5,688.4
Other
13,180.7

100.00%
13.98
0.06
0.00
0.39
1.48
3.88
1.78
4.79
8.81
9.12
11.91
2.84
4.39
2.21
10.36
24.00

Overseas Total (including Loans Booked Offshore)
Governments
Financial Institutions
Other

12,617.7349.7
3,655.8
8,612.1

100.00
2.77
28.97
68.26

9,637.5356.8
2,806.5
6,474.1¥ 67,536.8/¥ 63,800.5

Total

Note: Domestic Total = MHFG and its domestic consolidated subsidiaries (excluding their overseas offices).
Overseas Total = Overseas offices of MHFG's domestic consolidated subsidiaries and MHFG's overseas consolidated subsidiaries.

27—Financial Analysis

100.00%
13.22
0.06
0.00
0.27
1.60
3.52
1.64
5.13
8.86
9.68
11.58
2.86
4.48
2.33
10.42
24.35

756.1
515.4
2.2
0.0
71.5
(53.3)
224.3
91.5(151.9)38.1(236.0)265.3
16.2(17.5)(48.7)
45.7
(6.9)

/
0.76)%
0.00
0.00
0.12
(0.12)
0.36
0.14(0.34)(0.05)(0.56)
0.33(0.02)(0.09)(0.12)(0.06)(0.35)

100.00
3.70
29.12
67.18

2,980.1(7.1)
849.2
2,138.0/(0.93)(0.15)
1.08/¥ 3,736.3/

Outstanding Balances by Industry (the Three Banks) (Banking Accounts and Trust Accounts)
Billions of yen, %As of March 31,

2013
Outstanding
Balance Composition

2012
Outstanding
Balance Composition

ChangeOutstanding
Balance Composition¥ 55,972.8
7,152.7
32.7
2.0
144.5
865.5
1,903.7
898.2
2,780.7
4,799.9
6,453.2
6,337.8
1,546.0
2,426.5
1,275.2
5,599.4
13,753.9¥

Domestic Total (excluding Loans Booked Offshore) ¥ 56,721.1
Manufacturing
7,667.2
Agriculture & Forestry
34.9
Fishery
2.1
Mining, Quarryng Industry & Gravel Extraction Industry
216.0
Construction
812.1
Utilities
2,128.1
Communication
988.0
Transportation & Postal Industry
2,628.8
Wholesale & Retail
4,838.0
Finance & Insurance
6,235.2
Real Estate
6,602.7
Commodity Lease
1,562.2
Service Industries
2,408.7
Local Governments
1,225.2
Governments
5,589.8
Other
13,781.3

100.00%
13.52
0.06
0.00
0.38
1.43
3.75
1.74
4.64
8.53
10.99
11.64
2.75
4.25
2.16
9.86
24.30

Overseas Total (including Loans Booked Offshore)
Governments
Financial Institutions
Other

11,434.2
347.6
4,103.0
6,983.5

100.00
3.04
35.88
61.08

8,693.7
356.4
3,049.4
5,287.8¥ 68,155.3/¥ 64,666.6

Total

100.00%
12.78
0.06
0.00
0.26
1.55
3.40
1.60
4.97
8.58
11.53
11.32
2.76
4.34
2.28
10.00
24.57

748.2
514.4
2.2
0.0
71.5
(53.3)
224.3
89.7(151.9)38.0(217.9)264.8
16.2(17.7)(50.0)
(9.6)
27.3

/
0.74)%
0.00
0.00
0.12
(0.12)
0.35
0.14(0.33)(0.05)(0.54)
0.32(0.01)(0.09)(0.12)(0.14)(0.27)

100.00
4.10
35.08
60.82

2,740.4(8.7)
1,053.5
1,695.6/(1.06)
0.80
0.26

/

¥ 3,488.7/

Note: Loans to Finance & Insurance sector include loans to MHFG as follows:
As of March 31, 2013: ¥646.9 billion (from MHCB ¥46.9 billion; from MHBK ¥600.0 billion)
As of March 31, 2012: ¥741.0 billion (from MHCB ¥41.0 billion; from MHBK ¥700.0 billion)

Disclosed Claims under the FRL by Industry and Coverage Ratio (the Three Banks) (Banking Accounts and Trust Accounts)
Billions of yen, %As of March 31,

2013
Disclosed Claims
under the FRL Coverage Ratio

Domestic Total (excluding Loans Booked Offshore) ¥Manufacturing
Agriculture & Forestry
Fishery
Mining, Quarryng Industry & Gravel Extraction Industry
Construction
Utilities
Communication
Transportation & Postal Industry
Wholesale & Retail
Finance & Insurance
Real Estate
Commodity Lease
Service Industries
Local Governments
Other
Overseas Total (including Loans Booked Offshore)
Governments
Financial Institutions
Other
Total

¥

1,161.6
296.5
0.3
0.4
0.0
35.6
4.5
20.1
106.0
158.8
13.8
186.7
2.2
85.0
31.2
220.0

75.4%
72.9
40.4
29.1
100.0
74.9
53.8
57.1
73.3
61.5
19.6
90.7
72.1
66.9
100.0
82.7

131.6
—
—
131.6

62.4
—
—
62.4

1,293.3

74.1%

2012
Disclosed Claims
under the FRL Coverage Ratio¥¥

1,063.2
264.6
0.0
0.0
0.0
35.0
3.9
26.0
43.4
182.8
11.7
144.6
2.2
115.4
30.7
202.2

72.9%
63.9
75.3
100.0
100.0
71.6
59.1
63.6
81.9
62.7
31.0
84.9
81.8
61.8
100.0
89.6

102.4
—
0.0
102.4

59.6
—
99.9
59.6

1,165.6

71.7%

ChangeDisclosed Claims
under the FRL Coverage Ratio

¥

¥

98.4
31.8
0.2
0.3
0.0
0.6
0.5
(5.8)
62.5
(24.0)
2.0
42.1
(0.0)
(30.4)
0.5
17.8

2.5)%
8.9
(34.9)(70.8)
—
3.2
(5.3)
(6.5)
(8.5)
(1.1)
(11.3)
5.7
(9.7)
5.1
—
(6.9)

29.2
—
(0.0)
29.2

2.7
—
(99.9)
2.7

127.7

2.3)%

Financial Analysis—28

Financial Analysis

Status of Asset Quality

Non-Accrual, Past Due & Restructured Loans by Industry (the Three Banks) (Banking Accounts and Trust Accounts)
Billions of yen

As of March 31,

Domestic Total (excluding Loans Booked Offshore)
Manufacturing
Agriculture & Forestry
Fishery
Mining, Quarryng 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

29—Financial Analysis

2013

2012

¥ 1,115.0
291.2
0.3
0.4
0.0
35.4
4.5
19.8
105.7
150.8
13.8
186.4
2.2
84.6
2.9
—
216.2

¥ 1,009.9
258.7
0.0
0.0
—
34.6
3.9
25.6
43.3
174.7
11.6
144.4
2.2
112.5
2.9
—
195.0

120.0
—
—
120.0

76.5
—
0.0
76.5

¥ 1,235.0¥ 1,086.5

Change

¥

105.0
32.5
0.2
0.4
0.0
0.8
0.5
(5.7)
62.4
(23.8)
2.1
42.0
(0.0)
(27.8)
(0.0)
—
21.2
43.5
—
(0.0)
43.5

¥

148.5

 Status of Loans by Nationality of Borrowers
Balance of Loans to Restructuring Countries (Consolidated)
As of March 31, 2013

Billions of yen, %As of March 31, 2012

Billions of yen, %Egypt
Argentina
Jamaica
Ecuador

¥

6.7
0.0
0.0
0.0

Argentina
Jamaica
Ecuador

¥

0.0
0.0
0.0

Total
Ratio to Total Assets

¥

6.7
0.00%

Total
Ratio to Total Assets

¥

0.0
0.00%

Note: Listed are loans to the government and related agents in restructuring countries for which Reserves for Possible Losses on Loans to Restructuring Countries are accounted as stipulated under theJapanese Institute of Certified Public Accountants (JICPA) Banking Audit Committee Report No.4.

Balance of Loans to Restructuring Countries (the Three Banks) (Banking Accounts and Trust Accounts)
Billions of yen, Number of countries

As of March 31,

2013

Loan Amount
Number of Restructuring Countries

¥

2012

6.7
4

¥

Change

0.0
3

¥

6.7
1

Notes: 1. Listed are loans to the government and related agents in restructuring countries for which Reserves for Possible Losses on Loans to Restructuring Countries are accounted as stipulated under theJapanese Institute of Certified Public Accountants (JICPA) Banking Audit Committee Report No.4.
2. Number of Restructuring Countries refers to obligors' countries of residence.

Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Nationality of Borrowers (the Three Banks)(Banking Accounts and Trust Accounts)
Billions of yen

As of March 31,

2013
Non-Accrual,
Outstanding
Past Due &Balance
Restructured Loans

Outstanding
Balance

Asia
Hong Kong
South Korea
SingaporeThai¥ 3,950.4
811.5
539.2
611.3
584.6

29.1
4.9
1.4
11.9
0.8

¥ 3,094.8
669.4
456.7
434.5
435.5

¥

2012
Non-Accrual,
Past Due &Restructured Loans

¥

22.1
0.9
1.5
3.9
5.7

ChangeNon-Accrual,
Outstanding
Past Due &Balance
Restructured Loans

¥

855.5
142.1
82.4
176.8
149.1

¥

6.9
3.9
(0.0)
8.0
(4.8)

Central and South America

3,232.7

169.9

2,886.4

53.2

346.3

116.7

North America

3,341.2

4.2

2,506.2

2.7

834.9

1.5

Eastern Europe

24.6

0.4

20.8

—

3.7

0.4

Western Europe

2,587.049.9

2,290.6

47.5

296.3

2.3

Other

1,262.5

11.3

908.1

8.4

354.3

Total

¥ 14,398.5¥ 265.0¥ 11,707.2¥ 134.0¥ 2,691.2

2.8
¥

130.9

Financial Analysis—30

Financial Analysis

Status of Asset Quality

 Results of Removal of NPLs from the Balance Sheet
Outstanding Balances of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk
(under the FRL) (the Three Banks) (Banking Accounts and Trust Accounts)

Billions of yen

Up to Fiscal As of September As of March As of September As of March As of September As of March
200930, 2010
31, 2011
30, 2011
31, 2012 30, 2012 (a) 31, 2013 (b)Change(b)-(a)Amount Categorized as below
up to Fiscal 2009

¥ 12,335.3¥ 684.3of which the amount in the processof being removed from the balance sheet

1,366.6

160.6

122.0

81.2

55.4

43.3

33.8

(9.5)

2,781.6
9,553.7

213.8
470.4

174.7
283.9

125.9
215.5

90.9
195.5

79.0
164.7

68.2
141.5

(10.8)(23.2)

172.5

111.6

72.8

60.3

46.2

41.3

(4.8)

28.8

24.7

13.1

7.3

6.5

5.7

(0.8)

31.9
140.6

24.8
86.7

13.1
59.6

7.3
52.9

6.5
39.6

5.7
35.6

(0.8)
(4.0)

214.4

124.3

93.8

78.3

68.2

(10.0)

30.5

13.8

8.8

5.9

3.9

(2.0)

31.8
182.5

13.9
110.3

12.7
81.1

5.9
72.3

5.5
62.7

(0.4)
(9.6)

157.4

95.1

63.5

48.2

(15.3)

22.7

11.1

8.1

6.4

(1.6)

22.7
134.7

13.9
81.1

11.6
51.8

7.4
40.7

(4.2)
(11.1)

142.8

101.0

71.4

(29.6)

30.8

22.6

19.3

(3.2)

32.0
110.7

23.7
77.2

20.7
50.6

(3.0)
(26.5)

138.1

99.7

(38.4)

14.4

11.0

(3.3)

16.5
121.6

37.2
62.4

20.7
(59.1)

173.6

173.6

14.1

14.1

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Amount Newly Categorized as below
during the First Half of Fiscal 2010of which the amount in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Amount Newly Categorized as below
during the Second Half of Fiscal 2010of which the amount in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Amount Newly Categorized as below
during the First Half of Fiscal 2011

¥ 458.6 ¥ 341.5

of which the amount in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Amount Newly Categorized as below
during the Second Half of Fiscal 2011of which the amount in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Amount Newly Categorized as below
during the First Half of Fiscal 2012

¥ 286.4 ¥ 243.8

of which the amount in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Amount Newly Categorized as below
during the Second Half of Fiscal 2012of which the amount in the processof being removed from the balance sheet

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk
Total

/ ¥ 856.9¥ 784.6 ¥ 696.1¥ 678.6 ¥ 671.2¥ 209.8 ¥ (34.0)

14.1
14.1
159.5
159.5
¥ 712.4 ¥ 41.2

of which the amount in the processof being removed from the balance sheet

/

189.4

177.3

131.0

113.6

101.1

94.5

(6.5)

Claims against Bankrupt andSubstantially Bankrupt Obligors
Claims with Collection Risk

/
/

245.8
611.0

231.4
553.2

175.8
520.3

157.0
521.5

143.6
527.5

159.1
553.2

15.5
25.7

31—Financial Analysis

Progress in Removal from the Balance Sheet (Accumulated Removal Amount and Removal Ratio)(the Three Banks) (Banking Accounts and Trust Accounts)
AmountNewly
Categolized

Up to Fiscal 2009First Half of Fiscal 2010
Second Half of Fiscal 2010
First Half of Fiscal 2011
Second Half of Fiscal 2011
First Half of Fiscal 2012
Second Half of Fiscal 2012
Total

Balance
as of March 31,
2013

Billions of yen%

Accumulated
RemovalAmountAccumulated
Removal Ratio

ModifiedAccumulated
Removal Ratio¥ 12,335.3
172.5
214.4
157.4
142.8
138.1
173.6

¥

209.8
41.3
68.2
48.2
71.4
99.7
173.6

¥ 12,125.5
131.1
146.1
109.2
71.4
38.4
/

98.2%
76.0
68.1
69.3
49.9
27.8
/

98.5%
79.3
70.0
73.4
63.5
35.8
/

¥ 13,334.5

¥

712.4

¥ 12,622.0//

Note: Modified accumulated removal ratios are based on the accumulated removal amount including the amount which was in the process of being removed from the balance sheet.

Breakdown of Reasons for Removal from the Balance Sheet(the Three Banks) (Banking Accounts and Trust Accounts)
Billions of yen

Newly Categorized as Claims against Bankrupt and Substantially Bankrupt Obligors or Claims with Collection Risk
Up toFirst Half of Second Half ofFirst Half of Second Half ofFirst Half of
Fiscal 2009
Fiscal 2010
Fiscal 2010
Fiscal 2011
Fiscal 2011
Fiscal 2012

Liquidation¥(16.6)

¥

(2.0)

¥

(0.8)

¥

(0.6)

¥

(0.6)

¥

(0.0)

Amount Removed
from BS in the Second
Half of Fiscal 2012¥(20.9)

Restructuring

(4.1)

—

—

—

(1.3)

(1.2)

(6.7)

Improvement in Business Performancedue to Restructuring

—

—

(0.0)

—

—

(0.0)

(0.0)

Loan Sales(20.4)

(0.4)

(1.3)

(2.6)

(2.5)

(0.3)

(27.7)

Direct Write-off

28.5

1.8

(2.6)

(2.0)

3.0

(13.0)

15.6

Other
Debt Recovery
Improvement in Business Performance(21.4)(16.7)
(4.7)

(4.1)
(1.9)
(2.1)

(5.1)
(0.5)
(4.6)

(9.8)
(3.8)
(5.9)

(28.1)(7.2)(20.9)(23.8)(16.7)(7.0)(92.5)(47.1)(45.4)(29.6)¥ (38.4)

Total¥(34.0)

¥

(4.8)

¥

(10.0)¥(15.3)¥¥(132.3)Financial Analysis—32

Financial Analysis

Status of Asset Quality(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet(the Three Banks) (Banking Accounts and Trust Accounts)
Billions of yen

Liquidation

Up to First
Half of Fiscal 2010

Breakdown of Amount Removed
In Second Half
In First Half In Second Half
In First Halfof Fiscal 2010 of Fiscal 2011 of Fiscal 2011 of Fiscal 2012¥¥

(48.4)9) ¥(13.4)¥ (20.9)¥ (1,843.4)(1,877.9)(76.2)(11.9)(11.0)

(0.4)

(6.7)

(1,984.2))(184.9)

(0.1)

(6.5)

(0.0)

(0.3)

(0.0)

(191.9)Loan Sales(4,516.2)(43.1)(9.2)(16.1)(44.1)(27.7)(4,656.6)

Direct Write-off

3,465.4

78.8

18.1

53.4

32.2

15.6

3,663.9

Other
Debt Recovery
Improvement in Business Performance(6,846.7)//(193.8)(161.8)(32.0)(218.6)(76.2)(142.3)(138.2)(48.8)(89.4)(119.5)(65.1)(54.3)(92.5)(47.1)(45.4)(7,609.5)//¥ (11,651.1)¥ (286.6)¥ (245.9)¥ (160.3)¥ (145.6)¥ (132.3)¥ (12,622.0)

Restructuring
Improvement in Business Performancedue to Restructuring

Total(1,690.4)(52.2)¥(17.9)¥

Accumulated Removed
Amount from BS
In Second Halffrom Second Halfof Fiscal 2012of Fiscal 2000

Note: Up to First Half of Fiscal 2010 denotes the term from the Second Half of Fiscal 2000 to the First Half of Fiscal 2010.

Write-Offs of Loans (the Three Banks) (Banking Accounts)
Billions of yen

For the Fiscal Years ended March 31,

Write-offs of Loans
Note: The above figures are included in Other Expenses on the statement of income.

33—Financial Analysis

2013

¥

40.0

2012

¥

27.6

Change¥12.3

Financial Data of Mizuho Financial Group, Inc.
[Under Japanese GAAP]
Independent Auditors' Report

1

Consolidated Financial Statements

2

Notes to Consolidated Financial Statements

10

Financial Data of Mizuho Financial Group, Inc.

Independent Auditors’ Report

The Board of Directors
Mizuho Financial Group, Inc.
We have audited the accompanying consolidated financial statements of Mizuho Financial Group, Inc., which comprise the consolidated balance sheet as of March 31, 2013, and the consolidated statements of income, comprehensive income, changes in
net assets, and cash flows for the year then ended and a summary of significant accounting policies and other explanatory information, all expressed in Japanese yen.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordancewith accounting principles generally accepted in Japan, and for designing and operating such internal control as management
determines is necessary to enable the preparation and fair presentation of the consolidated financial statements that are free frommaterial misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit
in accordance with auditing standards generally accepted in Japan. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. The purpose of an audit of the consolidated
financial statements is not to express an opinion on the effectiveness of the entity's internal control, but in making these risk
assessments the auditor considers internal controls relevant to the entity's preparation and fair presentation of the consolidated
financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
OpinionIn our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Mizuho Financial Group, Inc. as of March 31, 2013, and their consolidated financial performance and cash
flows for the year then ended in conformity with accounting principles generally accepted in Japan.
Convenience Translation
We have reviewed the translation of these consolidated financial statements into U.S. dollars, presented for the convenience ofreaders, and, in our opinion, the accompanying consolidated financial statements have been properly translated on the basis
described in Note 1.

June 21, 2013
Tokyo, Japan

1—Financial Data of Mizuho Financial Group, Inc.

Financial Data of Mizuho Financial Group, Inc.

Consolidated Financial Statements

Consolidated Balance Sheet
Millions of yen
2013

As of March 31,

AssetsCash and Due from Banks (Notes 17, 39, 41 and 42)
Call Loans and Bills Purchased (Note 41)
Receivables under Resale Agreements (Note 41)
Guarantee Deposits Paid under Securities Borrowing Transactions(Note 41)
Other Debt Purchased (Notes 41 and 42)
Trading Assets (Notes 9, 10, 17, 41 and 42)
Money Held in Trust (Notes 41 and 42)
Securities (Notes 11, 17, 26, 41 and 42)
Loans and Bills Discounted (Notes 12, 17 and 41)
Foreign Exchange Assets (Note 13)
Derivatives other than for Trading Assets (Notes 41 and 43)
Other Assets (Notes 14, 17 and 42)
Tangible Fixed Assets (Notes 15, 17, 28 and 40)
Intangible Fixed Assets (Note 40)
Deferred Tax Assets (Note 27)
Customers' Liabilities for Acceptances and Guarantees (Note 26)
Reserves for Possible Losses on Loans (Notes 16 and 41)
Reserve for Possible Losses on Investments
Total Assets
Liabilities and Net Assets
Liabilities
Deposits (Notes 17, 18 and 41)
Call Money and Bills Sold (Notes 17, 19 and 41)
Payables under Repurchase Agreements (Notes 17 and 41)
Guarantee Deposits Received under Securities Lending
Transactions (Notes 17 and 41)
Commercial Paper (Note 20)
Trading Liabilities (Notes 10 and 41)
Borrowed Money (Notes 17, 21 and 41)
Foreign Exchange Liabilities (Note 13)
Short-term Bonds (Note 22)
Bonds and Notes (Notes 23 and 41)
Due to Trust Accounts
Derivatives other than for Trading Liabilities (Note 43)
Other Liabilities (Note 24)
Reserve for Bonus Payments
Reserve for Employee Retirement Benefits (Note 25)
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 (Note 27)
Deferred Tax Liabilities for Revaluation Reserve for Land (Note 28)
Acceptances and Guarantees (Note 26)
Total Liabilities¥

12,333,997
530,541
9,025,049¥

2012

7,278,477
249,032
7,123,397

Thousands of
U.S. dollars (Note 1)
2013$

131,226,698
5,644,663
96,021,383

5,543,914
1,279,964
14,076,928
96,01453,472,399
67,536,882
1,412,601
4,475,055
2,599,553
901,085
477,546
165,299
4,224,259(739,990)(40)

6,406,409
1,542,062
14,075,005
71,414
51,392,878
63,800,509
1,016,665
4,474,729
2,871,153
923,907
485,995
359,987
3,980,644(691,760)(10)

58,984,086
13,618,094
149,770,492
1,021,539
568,915,833
718,553,916
15,029,273
47,612,036
27,657,770
9,587,034
5,080,824
1,758,695
44,943,715(7,873,080)(434)¥ 177,411,062¥ 165,360,501$ 1,887,552,537¥ 99,568,737
6,126,424
17,451,041¥ 90,636,656
5,668,929
12,455,152$ 1,059,354,584
65,181,666
185,669,134

11,325,439
472,718
7,686,442
7,699,440
182,473
477,400
5,141,746
1,120,696
4,404,754
3,501,064
45,754
38,632
1,612
48
16,85916,46435,417
1,203
54,221
81,9774,224,259

7,710,373
362,694
8,215,668
14,763,870
233,184
538,198
4,783,180
1,003,129
4,288,356
3,610,067
38,57736,0532,256
824,55915,76920,193
1,221
19,21983,2433,980,644

120,496,215
5,029,454
81,779,362
81,917,660
1,941,412
5,079,264
54,705,250
11,923,571
46,864,081
37,249,325
486,807411,033
17,152
520
179,374
175,168
376,826
12,807
576,885
872,196
44,943,715¥ 169,674,832¥ 158,491,206$ 1,805,243,461

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

Financial Data of Mizuho Financial Group, Inc.—2

Financial Data of Mizuho Financial Group, Inc.

Consolidated Financial Statements

Consolidated Balance Sheetー(Continued)
Millions of yen
2013

As of March 31,

Net Assets
Common Stock and Preferred Stock (Note 29)
Capital Surplus
Retained Earnings
Treasury Stock (Note 29)
Total Shareholders' Equity
Net Unrealized Gains (Losses) on Other Securities (Note 42)
Deferred Gains or Losses on Hedges
Revaluation Reserve for Land (Note 28)
Foreign Currency Translation Adjustments
Total Accumulated Other Comprehensive Income
Stock Acquisition Rights (Note 30)
Minority Interests
Total Net Assets
Total Liabilities and Net Assets¥

2,254,972
1,109,508
1,814,782(4,661)

5,174,601
615,883
84,634
142,345(90,329)752,533
2,687
1,806,407
7,736,230¥ 177,411,062

¥

2012

2,254,972
1,109,783
1,405,066(7,074)4,762,749
37,85767,045
144,635(102,850)
146,687
2,158
1,957,699
6,869,295¥ 165,360,501

Thousands of
U.S. dollars (Note 1)
2013$

23,991,626
11,804,537
19,308,248(49,600)

55,054,811
6,552,651
900,460
1,514,476(961,059)
8,006,528
28,592
19,219,145
82,309,076$ 1,887,552,537

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

Consolidated Statement of Income

For the Fiscal Years ended March 31,

IncomeInterest Income (Note 31)
Fiduciary Income
Fee and Commission Income
Trading Income (Note 32)
Other Operating Income (Note 33)
Other Income (Note 35)

Total Expenses
Income before Income Taxes and Minority Interests
Income Taxes:
Current
Refund of Income Taxes
Deferred
Total Income Taxes
Income before Minority Interests
Minority Interests in Net Income

3—Financial Data of Mizuho Financial Group, Inc.

1,423,564
49,014566,888
150,317355,745
263,024$ 15,125,116
516,080
6,571,782
2,287,839
4,395,765
2,107,282

2,914,053

2,808,555

31,003,864

345,710
110,303―88,2581,244,647
407,299335,223
107,954―
99,277
1,283,847
265,8033,678,165
1,173,565―
939,021
13,242,343
4,333,439

2,196,220
717,832

2,092,106
716,449

23,366,533
7,637,331

64,559(14,158)
7,461
57,862659,970
99,45455,560(228)
97,494
152,827
563,621
79,102686,876(150,641)
79,386615,6217,021,710
1,058,135¥ 1,421,609
48,506617,681
215,033
413,157
198,063

Total Income
Expenses
Interest Expenses (Note 31)
Fee and Commission Expenses
Trading Expenses (Note 32)
Other Operating Expenses (Note 34)
General and Administrative Expenses (Note 30)
Other Expenses (Note 36)

Net Income

2012

Thousands of
U.S. dollars (Note 1)
2013

Millions of yen
2013¥

560,516¥¥

484,519$

5,963,575

Per Share of Common Stock
Yen
2013

As of March 31,

Net Income:
Basic
DilutedCash Dividends

¥

22.96
22.05
6.00

2012

¥

U.S. dollars (Note 1)
2013

20.62
19.75
6.00

$

0.24
0.23
0.06

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

Consolidated Statement of Comprehensive Income
Millions of yen
2013

For the Fiscal Years ended March 31,

Income before Minority Interests
Other Comprehensive Income(Note 37):
Net Unrealized Gains (Losses) on Other Securities
Deferred Gains or Losses on Hedges
Revaluation Reserve for Land
Foreign Currency Translation Adjustments
Share of Other Comprehensive Income of Associates
Accounted for Using Equity Method
Comprehensive Income
Comprehensive Income Attributable to Owners of the Parent:
Comprehensive Income Attributable to Minority Interests:¥

659,970
610,839
575,930
17,353(41)
4,731

12,864¥ 1,270,809¥ 1,168,611
102,198

¥

¥
¥

2012

563,62163,962
51,913(1,560)11,821(1,106)
2,894
627,584
555,194
72,390Thousands of
U.S. dollars (Note 1)
2013

$

$
$

7,021,710
6,498,982
6,127,571
184,635(437)
50,341
136,872
13,520,692
12,433,356
1,087,336

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

Financial Data of Mizuho Financial Group, Inc.—4

Financial Data of Mizuho Financial Group, Inc.

Consolidated Financial Statements

Consolidated Statement of Changes in Net Assets

2012

Thousands of
U.S. dollars (Note 1)2013¥ 2,254,972¥ 2,181,375$ 23,991,626———
2,254,972

350
73,24773,5972,254,972———
23,991,626

1,109,783

937,680

11,807,468

—
—
(275)
(275)
1,109,508

350
171,575
178
172,103
1,109,783——(2,931)(2,931)
11,804,537

1,405,066

1,132,351

14,949,105(152,694)
560,516(355)
2,249
409,715
1,814,782(216,472)
484,519(225)
4,893
272,714
1,405,066(1,624,580)
5,963,575(3,780)23,9284,359,143
19,308,248(7,074)(3,196)(75,264)

—
(395)
2,807
2,412
(4,661)(13,318)(2,560)12,001(3,877)(7,074)—(4,203)29,867
25,664(49,600)

Millions of yen
2013

For the Fiscal Years ended March 31,

Shareholders’ Equity
Common Stock and Preferred Stock
Balance as of the beginning of the period
Changes during the period
Issuance of New Shares
Increase in Stock due to Share Exchange
Total Changes during the period
Balance as of the end of the period
Capital Surplus
Balance as of the beginning of the period
Changes during the period
Issuance of New Shares
Increase in Stock due to Share Exchange
Disposition of Treasury Stock
Total Changes during the period
Balance as of the end of the period
Retained Earnings
Balance as of the beginning of the period
Changes during the period
Cash Dividends
Net Income
Disposition of Treasury Stock
Transfer from Revaluation Reserve for Land
Total Changes during the period
Balance as of the end of the period
Treasury Stock
Balance as of the beginning of the period
Changes during the period
Increase in Stock due to Share Exchange
Repurchase of Treasury Stock
Disposition of Treasury Stock
Total Changes during the period
Balance as of the end of the period¥

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

5—Financial Data of Mizuho Financial Group, Inc.

¥$

Consolidated Statement of Changes in Net Assetsー(Continued)

2012

Thousands of
U.S. dollars (Note 1)2013¥ 4,762,749¥ 4,248,209$ 50,672,935——(152,694)
560,516
(395)
2,176
2,249
411,852

701
231,504(216,472)
484,519(2,560)11,953
4,893
514,539——(1,624,580)
5,963,575(4,203)23,15623,9284,381,876

5,174,601

4,762,749

55,054,811

37,857(21,648)402,779

578,026
578,026
615,883

59,50559,50537,857

6,149,872
6,149,872
6,552,651

67,04568,769713,328

17,58817,58884,634(1,723)(1,723)67,045

187,132
187,132
900,460

144,635

137,707

1,538,841(2,290)(2,290)142,345

6,928
6,928
144,635(24,365)(24,365)
1,514,476(102,850)(103,921)(1,094,273)

12,52012,520(90,329)

1,071
1,071
(102,850)

133,214133,214(961,059)

146,687

80,906

1,560,675

605,845
605,845752,533

65,78165,781
146,687

6,445,853
6,445,853
8,006,528

Millions of yen
2013

For the Fiscal Years ended March 31,

Total Shareholders' Equity
Balance as of the beginning of the period
Changes during the period
Issuance of New Shares
Increase in Stock due to Share Exchange
Cash Dividends
Net Income
Repurchase of Treasury Stock
Disposition of Treasury Stock
Transfer from Revaluation Reserve for Land
Total Changes during the period
Balance as of the end of the period
Accumulated Other Comprehensive Income
Net Unrealized Gains (Losses) on Other Securities
Balance as of the beginning of the period
Changes during the period
Net Changes in Items other than Shareholders' Equity
Total Changes during the period
Balance as of the end of the period
Deferred Gains or Losses Hedges
Balance as of the beginning of the period
Changes during the period
Net Changes in Items other than Shareholders' Equity
Total Changes during the period
Balance as of the end of the period
Revaluation Reserve for Land
Balance as of the beginning of the period
Changes during the period
Net Changes in Items other than Shareholders' Equity
Total Changes during the period
Balance as of the end of the period
Foreign Currency Translation Adjustments
Balance as of the beginning of the period
Changes during the period
Net Changes in Items other than Shareholders' Equity
Total Changes during the period
Balance as of the end of the period
Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period
Changes during the period
Net Changes in Items other than Shareholders' Equity
Total Changes during the period
Balance as of the end of the period

¥

¥

$

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

Financial Data of Mizuho Financial Group, Inc.—6

Financial Data of Mizuho Financial Group, Inc.

Consolidated Financial Statements

Consolidated Statement of Changes in Net Assetsー(Continued)
Millions of yen
2013

For the Fiscal Years ended March 31,

Stock Acquisition Rights
Balance as of the beginning of the period
Changes during the period
Net Changes in Items other than Shareholders' Equity
Total Changes during the period
Balance as of the end of the period
Minority Interests
Balance as of the beginning of the period
Changes during the period
Net Changes in Items other than Shareholders' Equity
Total Changes during the period
Balance as of the end of the period
Total Net Assets
Balance as of the beginning of the period
Changes during the period
Issuance of New Shares
Increase in Stock due to Share Exchange
Cash Dividends
Net Income
Repurchase of Treasury Stock
Disposition of Treasury Stock
Transfer from Revaluation Reserve for Land
Net Changes in Items other than Shareholders' Equity
Total Changes during the period
Balance as of the end of the period

¥

2,158

2,754

$

22,967

528
528
2,687

(595)
(595)
2,158

5,625
5,625
28,592

1,957,699

2,292,128

20,828,807(151,292)(151,292)
1,806,407(334,428)(334,428)
1,957,699(1,609,662)(1,609,662)
19,219,145

6,869,295

6,623,999

73,085,384——(152,694)
560,516
(395)
2,176
2,249
455,082
866,934

701
231,504(216,472)
484,519(2,560)11,953
4,893(269,243)
245,296——(1,624,580)
5,963,575(4,203)23,15623,9284,841,816
9,223,692¥ 7,736,230¥ 6,869,295

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

7—Financial Data of Mizuho Financial Group, Inc.

¥

2012

Thousands of
U.S. dollars (Note 1)
2013$

82,309,076

Consolidated Statement of Cash Flows

For the Fiscal Years ended March 31,

Cash Flow from Operating Activities
Income 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 ofDebentures
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
Net Decrease (Increase) in Trading Assets
Net Increase (Decrease) in Trading Liabilities
Decrease (Increase) in Derivatives other than for Trading Assets
Increase (Decrease) in Derivatives other than for Trading
Liabilities
Net Decrease (Increase) in Loans and Bills Discounted
Net Increase (Decrease) in Deposits
Net Increase (Decrease) in Debentures
Net Increase (Decrease) in Borrowed Money (excluding
Subordinated Borrowed Money)
Net Decrease (Increase) in Due from Banks (excluding Due fromCentral Banks)
Net Decrease (Increase) in Call Loans, etc.
Net Decrease (Increase) in Guarantee Deposits Paid under
Securities Borrowing Transactions
Net Increase (Decrease) in Call Money, etc.
Net Increase (Decrease) in Commercial Paper
Net Increase (Decrease) in Guarantee Deposits Received under
Securities Lending Transactions
Net Decrease (Increase) in Foreign Exchange Assets
Net Increase (Decrease) in Foreign Exchange Liabilities
Net Increase (Decrease) in Short-term Bonds (Liabilities)
Net Increase (Decrease) in Bonds and Notes

Millions of yen
2013¥ 717,832
154,147
11,912
3,405—
11,141
33,845¥

2012

716,449
165,436
7,067
2,802(91,180)(2,689)(66,467)

Thousands of
U.S. dollars (Note 1)
2013$

7,637,331
1,640,039
126,740
36,230—118,539360,100

30

(14)

319

40
(7,699)
6,014

(407)
9,486
(632)

433
(81,920)
63,9942,355

482

25,064

(648)
694

17
539

(6,902)
7,389

15,224(1,421,609)
345,710(145,837)(52)(1,015,067)
6,231

6,849
(1,423,564)
335,223(121,258)(6)
104,847
5,309

161,978(15,125,116)
3,678,165(1,551,631)(560)(10,799,739)
66,298—380,193(756,195)
125,822

1,416(639,202)
597,305
612,691—
4,045,040(8,045,484)
1,338,681(25,229)(2,452,446)
7,529,810—(295,324)(1,192,565)
1,900,536(740,932)(268,429)(26,092,632)
80,112,886—(7,094,654)(1,173,814)(75,483,074)

174,771(973,265)(53,286)
478,782

1,859,472(10,354,986)

862,495
3,883,905
57,699135,102
1,531,518
138,9099,176,458
41,322,538
613,892

3,615,066(325,934)(51,158)(60,798)¥ 185,465

2,221,787(46,710)
65,672(47,299)¥ (50,399)

38,462,241(3,467,755)(544,293)(646,857)$ 1,973,245

Financial Data of Mizuho Financial Group, Inc.—8

Financial Data of Mizuho Financial Group, Inc.

Consolidated Financial Statements

Consolidated Statement of Cash Flowsー(Continued)
Millions of yen
2013

For the Fiscal Years ended March 31,

Net 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

117,567
1,470,305(361,309)
931,299¥2012(42,469)
1,451,469(338,893)
40,646

Thousands of
U.S. dollars (Note 1)
2013$

1,250,848
15,643,217(3,844,130)
9,908,493

5,951,082(92,464)

4,203,229(40,201)

63,316,122(983,769)

5,858,617

4,163,027

62,332,353(110,660,283)
95,288,761
14,782,620(57,715)
32,089(48,044)(96,661)
6,413
1,648

(102,558,707)
82,444,484
14,009,218(43,485)
94,295(53,613)(93,506)
11,7070(1,177,362,309)
1,013,818,078
157,278,653(614,055)
341,411(511,165)(1,028,423)
68,23917,539

—

(634)

—

1,479
—
—

20
(294)
14,83815,746——(749,691)(6,175,676)(7,976,286)

85,000(89,300)
278,985(137,579)—
1,057(171,000)(152,514)(99,588)
(6)
1,074

8,000
(40,015)
170,000(441,530)4
627(54,855)(215,901)(106,383)(2,560)1,960

904,352(950,101)
2,968,241(1,463,771)—
11,248(1,819,342)(1,622,663)(1,059,567)(70)
11,429Net Cash Provided by (Used in) Financing Activities
Effect of Foreign Exchange Rate Changes on Cash and Cash
Equivalents(283,872)(680,652)(3,020,244)

39,344(6,020)418,606

Net Increase (Decrease) in Cash and Cash Equivalents

4,864,398(2,699,322)

51,754,429

Cash and Cash Equivalents at the Beginning of the Fiscal Year
Increase in Cash and Cash Equivalents from Newly
Consolidated Subsidiary
Cash and Cash Equivalents at the End of the Fiscal Year
(Note 39)¥

6,483,138

9,182,461

68,976,898

0

0

2

Net Cash Provided by (Used in) Operating Activities
Cash Flow from Investing Activities
Payments for Purchase of Securities
Proceeds from Sale of Securities
Proceeds from Redemption of Securities
Payments for Increase in Money Held in Trust
Proceeds from Decrease in Money Held in Trust
Payments for Purchase of Tangible Fixed Assets
Payments for Purchase of Intangible Fixed Assets
Proceeds from Sale of Tangible Fixed Assets
Proceeds from Sale of Intangible Fixed Assets
Payments for Purchase of Stocks of Subsidiaries (affecting thescope of consolidation)
Proceeds from Sale of Stocks of Subsidiaries (affecting thescope of consolidation)
Payments for Purchase of Equity of Consolidated Subsidiaries
Proceeds from Sale of Equity of Consolidated Subsidiaries
Net Cash Provided by (Used in) Investing Activities
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

11,347,537

See accompanying “Notes to Consolidated Financial Statements,” which are an integral part of these statements.

9—Financial Data of Mizuho Financial Group, Inc.

¥

6,483,138$

120,731,329

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

1. Basis for Presentation
The accompanying consolidated financial statements have been prepared from the accounts maintained by Mizuho
Financial Group, Inc. (“MHFG”) and its consolidated subsidiaries in accordance with the provisions set forth in the
Company Law of Japan and the Financial Instruments and Exchange Law, and in conformity with accounting principles
generally accepted in Japan (“Japanese GAAP”) which are different in certain respects from the application and disclosure
requirements of International Financial Reporting Standards.
Certain items presented in the consolidated financial statements which were previously filed with the Director General of
the Kanto Local Finance Bureau are reclassified for the convenience of readers outside Japan. The notes to theconsolidated financial statements include information which is not required under Japanese GAAP but is presented herein
as additional information.
The amounts indicated in millions of yen are rounded down by truncating the figures below one million. Totals may not
add up exactly because of such truncation. Amounts in U.S. dollars are included solely for the convenience of readers
outside Japan. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013 has been used for translation.
The inclusion of such amounts is not intended to imply that Japanese yen has been or could be readily converted, realized
or settled into U.S. dollars at that rate or any other rate.

2. Scope of Consolidation(a) The consolidated financial statements include the accounts of MHFG and its consolidated subsidiaries (collectively, “theGroup”), including Mizuho Corporate Bank, Ltd. (“MHCB”), Mizuho Bank, Ltd. (“MHBK”), Mizuho Trust & Banking Co.,
Ltd. (“MHTB”), Mizuho Securities Co., Ltd. (“MHSC”) and certain other subsidiaries. The numbers of consolidated
subsidiaries as of March 31, 2013 and 2012 were 145 and 149, respectively.
In the fiscal year ended March 31, 2013, Mizuho Mega Solar Fund Co., Ltd. and seven other companies were newly
consolidated as a result of establishment and other factors.
In the fiscal year ended March 31, 2013, Mizuho Investors Securities Co., Ltd. and 11 other companies were
excluded from the scope of consolidation as a result of dissolution upon the merger and other factors.
(b) There were no non-consolidated subsidiaries as of March 31, 2013 and 2012.

3. Application of the Equity Method(a) There were no non-consolidated subsidiaries under the equity method as of March 31, 2013 and 2012.
(b) The numbers of affiliates under the equity method as of March 31, 2013 and 2012 were 22 and 23, respectively.
Investments in affiliates include Orient Corporation, The Chiba Kogyo Bank, Ltd., Joint Stock Commercial Bank for
Foreign Trade of Vietnam and certain other affiliates.
In the fiscal year ended March 31, 2013, I-N INFORMATION SYSTEMS, LTD. was excluded from the scope of theequity method as a result of the change from an affiliate to a consolidated subsidiary.
(c) There were no non-consolidated subsidiaries not under the equity method as of March 31, 2013 and 2012.
(d) Certain other affiliates, including Asian-American Merchant Bank Limited, are not accounted for under the equity
method, as they are not significant to the consolidated financial statements of MHFG.

Financial Data of Mizuho Financial Group, Inc.—10

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

4. Balance Sheet Dates of Consolidated Subsidiaries(a) Balance sheet dates of consolidated subsidiaries for the fiscal year ended March 31, 2013 are as follows:
September 30

1 company

December 29

18 companies

December 31

58 companies

March 31

68 companies(b) The consolidated subsidiary with balance sheet dates of September 30 was consolidated based on its tentative financial
statement as of and for the period ended the consolidated balance sheet date.
Consolidated subsidiaries with balance sheet dates of December 29 were consolidated based on their tentative
financial statements as of and for the period ended December 31.
Other consolidated subsidiaries were consolidated based on their financial statements as of and for the period ended
their respective balance sheet dates.
The necessary adjustments have been made to the financial statements for any significant transactions that took
place between their respective balance sheet dates and the date of the consolidated financial statements.

5. Special Purpose Entities Subject to Disclosure(1) Summary of Special Purpose Entities Subject to Disclosure and Transactions with These Special Purpose Entities:
MHBK and MHCB, which are consolidated subsidiaries of MHFG, granted loans, credit facilities and liquidity facilities to
19 and 20 special purpose entities (mainly incorporated in the Cayman Islands) in their borrowings and fund raising bycommercial paper in order to support securitization of monetary assets of customers as of March 31, 2013 and 2012,
respectively. The aggregate assets and aggregate liabilities of these 19 and 20 special purpose entities amounted to¥2,276,449 million ($24,220,120 thousand) and ¥2,275,261 million ($24,207,480 thousand), respectively, as of March
31, 2013 and ¥2,111,218 million and ¥2,110,042 million, respectively, as of March 31, 2012. MHBK and MHCB do not
own any shares with voting rights in any of these special purpose entities and have not dispatched any director or
employee to them.
(2) Major transactions with these special purpose entities subject to disclosure as of or for the fiscal years ended March 31,
2013 and 2012 are as follows:
2013

Millions of yen
2012¥ 1,769,546
568,053¥ 1,696,213
470,702

2013

Millions of yen
2012

As of March 31,

Loans
Credit and Liquidity Facilities

For the fiscal years ended March 31,

Interest Income on Loans
Fee and Commission Income, etc.

11—Financial Data of Mizuho Financial Group, Inc.

¥

10,692
3,388¥

11,4892,423

Thousands of U.S. dollars
2013$ 18,826,968
6,043,765
Thousands of U.S. dollars
2013$

113,760
36,047

6. Standards of Accounting Method(1) Credited Loans pursuant to Trading Securities and Trading Income & Expenses
Credited loans held for the purpose of trading are, in line with trading securities, recognized on a trade date basis andrecorded in Other Debt Purchased on the consolidated balance sheet. Other Debt Purchased related to the relevant
credited loans is stated at fair value at the consolidated balance sheet date.
Interest received and the gains or losses on the sale of the relevant credited loans during the fiscal year, including thegains or losses resulting from any change in the value between the beginning and the end of the fiscal year, arerecognized in Other Operating Income and Other Operating Expenses on the consolidated statement of income.

(2)Trading Assets & Liabilities and Trading Income & Expenses
Trading transactions intended to take advantage of short-term fluctuations and arbitrage opportunities in interest rates,
currency exchange rates, market prices of securities and related indices are recognized on a trade-date basis andrecorded in Trading Assets or Trading Liabilities on the consolidated balance sheet. Income or expenses generated on
the relevant trading transactions are recorded in Trading Income or Trading Expenses on the consolidated statement ofincome.
Securities and other monetary claims held for trading purposes are stated at fair value at the consolidated balance
sheet date. Derivative financial products, such as swaps, futures and option transactions, are stated at their fair values,
assuming that such transactions are terminated and settled at the consolidated balance sheet date.
Trading Income and Trading Expenses include the interest received and paid during the fiscal year, the gains orlosses resulting from any change in the value of securities and other monetary claims between the beginning and theend of the fiscal year, and the gains or losses resulting from any change in the value of financial derivatives between the
beginning and the end of the fiscal year, assuming they were settled at the end of the fiscal year.

(3) Securities
In accordance with “Accounting Standard for Financial Instruments” (the Business Accounting Deliberation Council,
January 22, 1999), MHFG classifies securities, excluding those of investments in non-consolidated subsidiaries andaffiliates, into three categories based upon management's intent. These securities are accounted for as follows:(i) Trading securities are carried at market value and included in Trading Assets.
(ii) Bonds held to maturity are stated at amortized cost (straight-line method) and determined by the moving averagemethod.
(iii) Other securities are securities which are not classified as either trading securities or bonds held to maturity. Other
securities which have readily determinable fair value are stated at fair value with changes in net unrealized gains orlosses, net of applicable income taxes after excluding gains and losses as a result of the fair-value hedge method,
included directly in Net Assets. The fair value of Japanese stocks is determined based on the average quoted
market price over the month preceding the consolidated balance sheet date. The fair value of securities other thanJapanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidatedbalance sheet date (cost of securities sold is calculated primarily by the moving-average method). Other securities,
the fair values of which are extremely difficult to determine, are stated at acquisition cost or amortized cost which isdetermined by the moving-average method.
In addition, investments in non-consolidated subsidiaries and affiliates which are not under the equity method arestated at acquisition cost as determined by the moving average-method.
Securities which are held as trust assets in Money Held in Trust accounts are valued in the same way as Securities
above.
Certain Securities other than Trading Securities (excluding Securities for which it is deemed to be extremely difficult todetermine the fair value) are devalued to the fair value, and the difference between the acquisition cost and the fairvalue is treated as a loss for the fiscal year (“impairment (devaluation)”), if the fair value (primarily the closing market
price at the consolidated balance sheet date) has significantly deteriorated compared with the acquisition cost (including
amortized cost), and unless it is deemed that there is a possibility of a recovery in the fair value. The amounts of
impairment (devaluation) were ¥125,810 million ($1,338,547 thousand) and ¥46,793 million for the fiscal years ended
March 31, 2013 and 2012, respectively.
The criteria for determining whether a security's fair value has “significantly deteriorated” are outlined as follows:
・Security whose fair value is 50% or less of the acquisition cost

Financial Data of Mizuho Financial Group, Inc.—12

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

・Security whose fair value exceeds 50% but is 70% or less of the acquisition cost and the quoted market pricemaintains a certain level or lower(4) Bills Discounted
In accordance with “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Financial
Instruments for Banks” (The Japanese Institute of Certified Public Accountants (“JICPA”) Industry Audit Committee
Report No. 24), bills discounted are accounted for as financing transactions. The banking subsidiaries have rights to sellor pledge these bankers' acceptances, commercial bills, documentary bills and foreign exchange bills purchased. The
face value of these bills amounted to ¥1,038,435 million ($11,048,363 thousand) and ¥823,095 million as of March 31,
2013 and 2012, respectively.

(5) Derivative Transactions
Derivative transactions are valued at fair value with changes in fair value included in current income. Derivatives
qualifying as hedges are mainly accounted for using either the fair-value hedge method or the deferred method ofhedge accounting (see (21) Hedge Accounting).

(6) Tangible Fixed Assets (Except for Lease Assets)
Depreciation of buildings is computed mainly by the straight-line method, and that of others is computed mainly by the
declining-balance method. The range of useful lives is as follows:
Buildings 2 years to 50 years
Others2 years to 20 years(Changes in accounting policies which are difficult to distinguish from changes in accounting estimates)
Mizuho Financial Group and its domestic consolidated subsidiaries have applied the depreciation method based on
the revised Corporation Tax Law to tangible fixed assets newly booked on or after April 1, 2012 beginning with the fiscal
year ended March 31, 2013, following the revision of the Corporation Tax Law. The effect of this application on the
consolidated statement of income is immaterial.

(7) Intangible Fixed Assets (Except for Lease Assets)
Amortization of Intangible Fixed Assets is computed by the straight-line method. Development costs for internally-usedsoftware are capitalized and amortized over their estimated useful lives of mainly from five to ten years as determinedby MHFG and its consolidated subsidiaries.

(8) Lease Assets
Depreciation of lease assets booked in Tangible Fixed Assets and Intangible Fixed Assets which are concerned withfinance lease transactions that do not transfer ownership is mainly computed by the same method as the one applied to
fixed assets owned by us.

(9) Deferred Assets• Bond issuance costs
Bond issuance costs are expensed as incurred.
• Bond discounts
Bonds are stated at amortized costs computed by the straight-line method on the consolidated balance sheet. Bonddiscounts booked on the consolidated balance sheet as of March 31, 2006 are amortized under the straight-line
method over the term of the bond by applying the previous accounting method and the unamortized balance isdirectly deducted from bonds, based on the tentative measure stipulated in the “Tentative Solution on Accounting for
Deferred Assets” (ASBJ Report No.19, August 11, 2006).

13—Financial Data of Mizuho Financial Group, Inc.

(10) Reserves for Possible Losses on Loans
Reserves for Possible Losses on Loans of major domestic consolidated subsidiaries are maintained in accordance withinternally established standards for write-offs and reserve provisions:• For claims extended to obligors that are legally bankrupt under the Bankruptcy Law, Special Liquidation under theCompany Law or other similar laws (“Bankrupt Obligors”), and to obligors that are effectively in similar conditions(“Substantially Bankrupt Obligors”), reserves are maintained at the amounts of claims net of direct write-offs
described below and expected amounts recoverable from the disposition of collateral and the amounts recoverable
under guarantees.
• For claims extended to obligors that are not yet legally or formally bankrupt but are likely to be bankrupt (“Intensive
Control Obligors”), reserves are maintained at the amounts deemed necessary based on overall solvency analyses of
the amounts of claims net of expected amounts recoverable from the disposition of collateral and the amounts
recoverable under guarantees.
• For claims extended to Intensive Control Obligors and Obligors with Restructured Loans (defined in Note 12 below)
and others, if the exposure to an obligor exceeds a certain specific amount, reserves are provided as follows:(i) if future cash flows of the principal and interest can be reasonably estimated, the discounted cash flow method isapplied, under which the reserve is determined as the difference between the book value of the loan and its
present value of future cash flows discounted using the contractual interest rate before the loan was classified asa Restructured Loan, and(ii) if future cash flows of the principal and interest cannot be reasonably estimated, reserves are provided for thelosses estimated for each individual loan.
• For claims extended to other obligors, reserves are maintained at rates derived from historical credit loss experienceand other factors.
• Reserve for Possible Losses on Loans to Restructuring Countries is maintained in order to cover possible losses
based on analyses of the political and economic climates of the countries. All claims are assessed by each claim
origination department in accordance with the internally established “Self-assessment Standard,” and the results of
the assessments are verified and examined by the independent examination departments.
In the case of claims to Bankrupt Obligors and Substantially Bankrupt Obligors, which are collateralized or
guaranteed by a third party, the amounts deemed uncollectible (calculated by deducting the anticipated proceeds fromthe sale of collateral pledged against the claims and amounts that are expected to be recovered from guarantors of theclaims) are written off against the respective claim balances. The total directly written-off amounts were ¥270,388 million($2,876,776 thousand) and ¥327,650 million as of March 31, 2013 and 2012, respectively.
Other consolidated subsidiaries provide the amount necessary to cover the loan losses based upon past experienceand other factors for general claims and the assessment for each individual loan for other claims.

(11) Reserve for Possible Losses on Investments
Reserve for Possible Losses on Investments is maintained to provide against possible losses on investments insecurities, after taking into consideration the financial condition and other factors concerning the investee company.

(12) Reserve for Bonus Payments
Reserve for Bonus Payments, which is provided for future bonus payments to employees, is maintained at the amountaccrued at the end of the fiscal year, based on the estimated future payments.

Financial Data of Mizuho Financial Group, Inc.—14

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(13) Reserve for Employee Retirement Benefits
Reserve for Employee Retirement Benefits (including Prepaid Pension Cost), which is provided for future benefit
payments to employees, is recorded as the required amount, based on the projected benefit obligation and theestimated plan asset amounts at the end of the fiscal year. Unrecognized actuarial differences are recognized asincome or expenses from the following fiscal year under the straight-line method over a certain term within the averageremaining service period of the employees of the respective fiscal year.

(14) Reserve for Director and Corporate Auditor Retirement Benefits
Reserve for Director and Corporate Auditor Retirement Benefits, which is provided for future retirement benefit
payments to directors, corporate auditors and executive officers, is recognized at the amount accrued at the end of therespective fiscal year, based on the internally established standards.

(15) Reserve for Possible Losses on Sales of Loans
Reserve for Possible Losses on Sales of Loans is provided for possible future losses on sales of loans at the amountdeemed necessary based on a reasonable estimate of possible future losses.

(16) Reserve for Contingencies
Reserve for Contingencies is maintained to provide against possible losses from contingencies, which are not coveredby other specific reserves, in off-balance transactions, trust transactions and others. The balance is an estimate ofpossible future losses, on an individual basis, considered to require a reserve.

(17) Reserve for Reimbursement of Deposits
Reserve for Reimbursement of Deposits is provided against the losses for the deposits derecognized from Liabilities atthe estimated amount of future claims for withdrawal by depositors and others.

(18) Reserve for Reimbursement of Debentures
Reserve for Reimbursement of Debentures is provided for the debentures derecognized from Liabilities at the estimatedamount for future claims.

(19) Reserve under Special Laws
Reserve under Special Laws is Reserve for Contingent Liabilities from Financial Instruments and Exchange of ¥1,203
million ($12,807 thousand) and ¥1,221 million as of March 31, 2013 and 2012, respectively. This is the reserve pursuant
to Article 46-5, Paragraph 1 and Article 48-3, Paragraph 1 of the Financial Instruments and Exchange Law to indemnify
the losses incurred from accidents in the purchase and sale of securities, other transactions or derivative transactions.

(20) Assets and Liabilities Denominated in Foreign Currencies
Assets and liabilities denominated in foreign currencies and accounts of overseas branches of domestic consolidatedbanking subsidiaries and a domestic consolidated trust banking subsidiary are translated into Japanese yen primarily atthe exchange rates in effect at the consolidated balance sheet date, with the exception of the investments in nonconsolidated subsidiaries and affiliates not under the equity method, which are translated at historical exchange rates.
Assets and liabilities denominated in foreign currencies of the consolidated subsidiaries, except for the abovetransactions, are translated into Japanese yen primarily at the exchange rates in effect at the respective balance sheet
dates.

15—Financial Data of Mizuho Financial Group, Inc.

(21) Hedge Accounting(a) Interest Rate Risk
The deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps areapplied as hedge accounting methods.
The portfolio hedge transaction for a large volume of small-value monetary claims and liabilities of domestic
consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries is accounted for by themethod stipulated in the JICPA Industry Audit Committee Report No.24.
The effectiveness of hedging activities for the portfolio hedge transaction for a large volume of small-valuemonetary claims and liabilities is assessed as follows:(i) as for hedging activities to offset market fluctuation risks, the effectiveness is assessed by bracketing both thehedged instruments, such as deposits and loans, and the hedging instruments, such as interest-rate swaps, inthe same maturity bucket.
(ii) as for hedging activities to fix the cash flows, the effectiveness is assessed based on the correlation between thebase interest rate index of the hedged instrument and that of the hedging instrument.
The effectiveness of the individual hedge is assessed based on the comparison of the fluctuation in the market orof cash flows of the hedged instruments with that of the hedging instruments.
Deferred Gains or Losses on Hedges recorded on the consolidated balance sheet resulted from the application of
the macro-hedge method based on the “Tentative Accounting and Auditing Treatment relating to Adoption of
Accounting Standards for Financial Instruments for Banks” (JICPA Industry Audit Committee Report No.15), underwhich the overall interest rate risks inherent in loans, deposits and other instruments are controlled on a macro-basis
using derivatives transactions. These deferred hedge gains/losses are amortized as interest income or interest
expenses over the remaining maturity and average remaining maturity of the respective hedging instruments.
The unamortized amounts of gross deferred hedge losses on the macro-hedges, before net of applicable income
taxes, were ¥4,330 million ($46,069 thousand) and ¥7,813 million as of March 31, 2013 and 2012, respectively. The
unamortized amounts of gross deferred hedge gains on the macro-hedges, before net of applicable income taxes,
were ¥2,955 million ($31,444 thousand) and ¥5,732 million as of March 31, 2013 and 2012, respectively.
(b) Foreign Exchange Risk
Domestic consolidated banking subsidiaries and some of domestic consolidated trust banking subsidiaries apply thedeferred method of hedge accounting to hedge foreign exchange risks associated with various financial assets andliabilities denominated in foreign currencies as stipulated in the “Accounting and Auditing Treatment relating to
Adoption of Accounting Standards for Foreign Currency Transactions for Banks” (JICPA Industry Audit Committee
Report No.25). The effectiveness of the hedge is assessed by confirming that the amount of the foreign currency
position of the hedged monetary claims and liabilities is equal to or larger than that of currency-swap transactions,exchange swap transactions, and similar transactions designated as the hedging instruments of the foreignexchange risk.
In addition to the above methods, these subsidiaries apply the deferred method or the fair-value hedge method toportfolio hedges of the foreign exchange risks associated with investments in subsidiaries and affiliates denominatedin foreign currency and Other securities denominated in foreign currency (except for bonds) identified as hedged
items in advance, as long as the amount of foreign currency payables of spot and forward foreign exchange
contracts exceeds the amount of acquisition cost of the hedged foreign securities denominated in foreign currency.
(c) Inter-company Transactions
Inter-company interest rate swaps, currency swaps and similar derivatives among consolidated companies or
between trading accounts and other accounts, which are designated as hedges, are not eliminated and related gains
and losses are recognized in the statement of income or deferred under hedge accounting, because these intercompany derivatives are executed according to the criteria for appropriate outside third-party cover operations which
are treated as hedge transactions objectively in accordance with JICPA Industry Audit Committee Reports Nos.24
and 25.

Financial Data of Mizuho Financial Group, Inc.—16

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(22) Consumption Taxes and OtherWith respect to MHFG and its domestic consolidated subsidiaries, Japanese consumption taxes and local consumption
taxes are excluded from transaction amounts.

(23) Amortization Method of Goodwill and Amortization Period
Goodwill of Mizuho Trust & Banking Co., Ltd. is amortized over a period of 20 years under the straight-line method.
Goodwill of Eurekahedge Pte, Ltd. is amortized over a period of 10 years under the straight-line method. Goodwill of PT.
Mizuho Balimor Finance is amortized over a period of 9 years under the straight-line method. Goodwill of Mizuho
Factors, Ltd. is amortized over a period of 5 years under the straight-line method. The amount of other Goodwill isexpensed as incurred since the amount has no material impact.

(24) Scope of Cash and Cash Equivalents on Consolidated Statement of Cash Flows
In the consolidated statement of cash flows, Cash and Cash Equivalents consist of cash and due from central banks
included in “Cash and Due from Banks” on the consolidated balance sheet.

7. Issued but not yet Adopted Accounting Standard and Others
1. “Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26, May 17, 2012) and “Guidance on AccountingStandard for Retirement Benefits” (ASBJ Statement No. 25, May 17, 2012)(1) Overview
From the viewpoint of improvements to financial reporting and international convergence, this accounting standard
mainly focuses on (a) changes in the treatment of unrecognized actuarial differences and unrecognized past
service, and enhancement of disclosures, and (b) a revision to determination of projected benefit obligations andcurrent service cost.
(2) Scheduled Date of Application
Mizuho Financial Group is scheduled to apply above (a) from the consolidated financial statements concerning theend of the fiscal year starting on April 1, 2013 and above (b) from the beginning of the fiscal year starting on April 1,
2014.
(3) Effect of Application of this accounting standard
The effect of the application of this accounting standard is currently under consideration.
2. Revised ASBJ Statement No. 22 “Accounting Standard for Consolidated Financial Statements” (March 25, 2011)(1) Overview
This accounting standard mainly represents a revision to the “Concrete Treatments Related to the Revision of theDefinition of the Subsidiaries and Affiliates within the Consolidated Financial Statement System” (BusinessAccounting Council, October 30, 1998) III. Prior to the revision, special purpose entities that met specific conditions
were presumed not to be subsidiaries of investors in and companies transferring assets to the relevant special
purpose entities. After the revision, this treatment only applies to companies transferring assets to the special
purpose entities.
(2) Scheduled Date of Application
Mizuho Financial Group is scheduled to apply this accounting standard from the beginning of the fiscal year
starting on April 1, 2013.
(3) Effect of Application of this accounting standard
On adoption of this accounting standard, those special purpose entities that had not previously been treated as
subsidiaries, where the transferor of the assets to the special purpose entity is not a domestic bank subsidiary, will
be newly included within the scope of consolidation.
As a result of this, those special purpose entities that will be newly included within the scope of consolidation areprovided in “5. Special Purpose Entities Subject to Disclosure.”

17—Financial Data of Mizuho Financial Group, Inc.

8. Changes in Presentation of Financial Statements
Refund of Income Taxes formerly included within Current Income Taxes is separately presented from this fiscal year due toincreased materiality. Refund of Income Taxes formerly included within Current Income Taxes as of March 31, 2012 was¥228 million.

9. Securities Lending and Borrowing Transactions
Unsecured loaned securities which the borrowers have the right to sell or repledge amounted to ¥ – million ($– thousand)and ¥4,149 million as of March 31, 2013 and 2012, respectively, and are included in trading securities under Trading
Assets. MHFG has the right to sell or repledge some of unsecured borrowed securities, securities purchased under resaleagreements and securities borrowed with cash collateral. Among them, the total of securities repledged were ¥10,763,594
million ($114,518,503 thousand) and ¥8,097,653 million as of March 31, 2013 and 2012, respectively, and securities
neither repledged nor re-loaned were ¥1,995,828 million ($21,234,474 thousand) and ¥2,992,464 million as of March 31,
2013 and 2012, respectively.

10. Trading Assets and Liabilities
As of March 31,

Trading Assets:
Trading Securities
Derivatives for Trading
Transactions
Derivatives for Trading Securities
Total
Trading Liabilities:
Trading Securities Sold Short
Derivatives for Trading
Transactions
Derivatives for Trading Securities
Total

Millions of yen
2013

2012

Thousands of U.S. dollars
2013¥ 9,102,409¥ 9,821,312$ 96,844,442

4,778,286
196,232

4,095,682
158,01050,838,249
2,087,801¥ 14,076,928¥ 14,075,005$ 149,770,492¥ 3,349,261¥ 4,406,811$ 35,634,229

4,147,821
189,3593,624,212
184,644

44,130,457
2,014,676¥ 7,686,442¥ 8,215,668$ 81,779,362

Financial Data of Mizuho Financial Group, Inc.—18

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

11. Securities
Millions of yen
2013

As of March 31,

Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Japanese Stocks*1
2
Other*
Total¥ 33,805,553
243,757
2,994,537
3,203,217
13,225,333¥ 53,472,399

2012

Thousands of U.S. dollars
2013¥ 34,490,292
272,566
3,411,323
2,962,599
10,256,096¥ 51,392,878$ 359,671,812
2,593,437
31,860,168
34,080,410
140,710,006$ 568,915,833*1 Japanese Stocks included investments in non-consolidated subsidiaries and affiliates of ¥206,978 million ($2,202,137 thousand) and ¥212,255 million as ofMarch 31, 2013 and 2012, respectively.
*2 Other included investments in non-consolidated subsidiaries and affiliates of ¥52,398 million ($557,492 thousand) and ¥47,678 million as of March 31, 2013
and 2012, respectively.

12. Loans and Bills Discounted
Millions of yen
2013

2012

Thousands of U.S. dollars
2013¥ 55,439,733
9,260,316
2,451,756
277,203¥ 52,064,564
9,230,608
2,153,557
255,680$ 589,847,151
98,524,482
26,085,291
2,949,292

101,261
6,610¥ 67,536,882

89,895
6,202¥ 63,800,509

1,077,366
70,334$ 718,553,916

As of March 31,

Loans on Deeds
Overdrafts
Loans on Notes
Bills Discounted
Financing Receivables, including
Factoring, Leasing and Property
Financing
Other
Total

Loans and Bills Discounted as of March 31, 2013 and 2012 include the following:
Millions of yen
2013

As of March 31,

Loans to Bankrupt Obligors*1
Non-Accrual Delinquent Loans*2
3
Loans Past Due for Three Months or More*
4
Restructured Loans*
Total

2012

Thousands of U.S. dollars
2013¥

33,688637,911
3,468
694,732¥

40,767
582,618
20,246
589,515$

358,429
6,787,013
36,8997,391,561¥

1,369,801¥

1,233,147$

14,573,902*1 Loans to Bankrupt Obligors represent non-accrual loans to obligors who are legally bankrupt as defined in Article 96, Paragraph 1, Items 3 and 4 of the
Corporate Tax Law Enforcement Ordinance (Government Ordinance No.97, 1965).
*2 Non-Accrual Delinquent Loans represent non-accrual loans other than (i) Loans to Bankrupt Obligors and (ii) loans of which payments of interest are
deferred in order to assist or facilitate the restructuring of obligors in financial difficulties.
*3 Loans to Bankrupt Obligors or Non-Accrual Delinquent Loans, both of which are classified as non-accrual, are not included in this category.
*4 Restructured Loans represent loans on which contracts were amended in favor of obligors (e.g., the reduction of or exemption from stated interest, thedeferral of interest payments, the extension of maturity dates, or renunciation of claims) in order to assist or facilitate the restructuring of obligors in financial
difficulties.
Note: The amounts given in the above table are gross amounts before deduction of amounts for the Reserves for Possible Losses on Loans.

19—Financial Data of Mizuho Financial Group, Inc.

Commitment Line for Loans
Overdraft protection on current accounts and contracts of the commitment line for loans are contracts by which banking
subsidiaries are bound to extend loans up to the prearranged amount, at the request of customers, unless the customer isin breach of contract conditions. The unutilized balance of these contracts amounted to ¥67,950,272 million ($722,952,145
thousand) and ¥59,863,135 million as of March 31, 2013 and 2012, respectively. Of these amounts, ¥58,289,578 million($620,167,874 thousand) and ¥52,139,576 million as of March 31, 2013 and 2012, respectively, relate to contracts ofwhich the original contractual maturity is one year or less, or which are unconditionally cancelable at any time.
Since many of these contracts expire without being exercised, the unutilized balance itself does not necessarily affectfuture cash flows. A provision is included in many of these contracts that entitles the banking subsidiaries to refuse theexecution of loans, or reduce the maximum amount under contracts when there is a change in the financial situation,necessity to preserve a claim, or other similar reasons. The banking subsidiaries require collateral such as real estate andsecurities when deemed necessary at the time the contracts are entered into. In addition, they periodically monitor
customer's business conditions in accordance with internally established standards and take necessary measures tomanage credit risks such as amendments to contracts.

13. Foreign Exchange Assets and Liabilities
Millions of yen
2013

As of March 31,

Foreign Exchange Assets:
Foreign Bills Bought
Foreign Bills Receivable
Due from Banks (Foreign)
Advance to Foreign Banks
Total
Foreign Exchange Liabilities:
Due to Banks (Foreign)
Advance from Foreign Banks
Foreign Bills Payable
Foreign Bills Sold
Total

¥

779,783
383,290
232,407
17,120¥2012

585,445
302,160
126,833
2,226

Thousands of U.S. dollars
2013$

8,296,454
4,077,991
2,472,681
182,147¥ 1,412,601¥ 1,016,665$ 15,029,273¥

145,943
13,004
12,60910,914¥205,074
8,979
12,9646,165$

1,552,758
138,365
134,163
116,126¥

182,473¥

233,184$

1,941,412

Millions of yen
2013

2012

14. Other Assets
As of March 31,

Accrued Income
Prepaid Expenses
Other
Total

¥

276,671
28,6292,294,252¥ 2,599,553¥

246,995
28,1202,596,037¥ 2,871,153

Thousands of U.S. dollars
2013$

2,943,624
304,605
24,409,541$ 27,657,770

Financial Data of Mizuho Financial Group, Inc.—20

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

15. Tangible Fixed Assets
Millions of yen
2013

As of March 31,

Land
Buildings
Lease Assets
Construction in Progress
Other
Total
Accumulated Depreciation
Book Value Adjusted for Gains on
Sales of Replaced Assets andOthers2012

Thousands of U.S. dollars
2013¥

463,851
315,268
17,37323,87580,716¥469,983
325,804
14,185
11,575102,359$

4,935,114
3,354,274
184,849
254,018
858,779¥

901,085¥

923,907$9,587,034¥

798,489¥827,245$

8,495,471

35,22335,878374,753

2012

Thousands of U.S. dollars
2013

16. Reserves for Possible Losses on Loans
Millions of yen
2013

As of March 31,

General Reserve for Possible
Losses on Loans
Specific Reserve for Possible
Losses on Loans
Reserve for Possible Losses on
Loans to Restructuring Countries
Total

¥

(503,017)¥(235,915)¥(1,058)(739,990)(447,588)$(244,162)¥(9)(691,760)

Millions of yen
2013

2012

(5,351,815)(2,510,008)$(11,257)(7,873,080)

17. Assets Pledged as Collateral
The following assets were pledged as collateral:
As of March 31,

Cash and Due from Banks
Trading Assets
Securities
Loans and Bills Discounted
Other Assets
Tangible Fixed Assets¥—
5,202,949
21,651,304
8,642,462
6,126
—

¥

130
6,013,994
21,164,469
8,938,619
7,977
94

Thousands of U.S. dollars
2013

$

—
55,356,417
230,357,535
91,950,873
65,185—

The following liabilities were collateralized by the above assets:
Millions of yen
2013

As of March 31,

Deposits
Call Money and Bills Sold
Payables under Repurchase
Agreements
Guarantee Deposits Received
under Securities Lending
Transactions
Borrowed Money

21—Financial Data of Mizuho Financial Group, Inc.

¥

258,984
1,579,600¥

2012

449,657
1,596,300

Thousands of U.S. dollars
2013$

2,755,452
16,806,043

7,726,231

5,393,206

82,202,698

10,919,210
5,854,006

7,501,763
12,874,822

116,174,168
62,283,289

In addition, the settlement accounts of foreign and domestic exchange transactions or derivatives transactions and others
were collateralized, and margins for futures transactions were substituted by Cash and Due from Banks of ¥13,113 million($139,525 thousand) and ¥19,397 million, Trading Assets of ¥266,909 million ($2,839,764 thousand) and ¥205,088 million,
Securities of ¥2,101,482 million ($22,358,570 thousand) and ¥2,300,771 million, and Loans and Bills Discounted of¥123,719 million ($1,316,308 thousand) and ¥73,206 million as of March 31, 2013 and 2012, respectively. None of theassets were pledged as collateral in connection with borrowings by the non-consolidated subsidiaries and affiliates.
Other Assets included guarantee deposits of ¥101,985 million ($1,085,065 thousand) and ¥106,625 million, collateralpledged for derivatives transactions of ¥488,421 million ($5,196,526 thousand) and ¥549,980 million, margins for futurestransactions of ¥79,222 million ($842,883 thousand) and ¥92,841 million, and other guarantee deposits of ¥22,514 million($239,541 thousand) and ¥49,449 million as of March 31, 2013 and 2012, respectively.
Rediscount of bills is conducted as financial transaction based on the JICPA Industry Audit Committee Report No.24.
However, there was no balance for bankers' acceptances, commercial bills, documentary bills or foreign exchange bills
purchased, as of March 31, 2013 and 2012.

18. Deposits
Millions of yen
2013

As of March 31,

Current Deposits
Ordinary Deposits*1
Deposits at NoticeTime Deposits
Negotiable Certificates of Deposit
Other
Total

¥ 6,376,284
39,051,095
809,033
34,252,488
15,326,781
3,753,054¥ 99,568,737

2012

¥

6,206,103
36,527,387
786,976
32,432,117
11,824,746
2,859,324¥ 90,636,656

Thousands of U.S. dollars
2013$

67,840,031
415,481,383
8,607,652
364,426,947
163,068,215
39,930,356$ 1,059,354,584*1 Ordinary Deposits includes savings deposits.

19. Call Money and Bills Sold
Millions of yen
2013

As of March 31,

Call Money
Bills Sold
Total

¥ 6,126,424—¥ 6,126,424

¥
¥

2012

5,668,929—
5,668,929

Thousands of U.S. dollars
2013

$
$

65,181,666—
65,181,666

20. Commercial Paper
As of March 31,

Commercial Paper

Millions of yen
2013¥472,718

2012

Thousands of U.S. dollars
2013¥362,694$ 5,029,454

Average interest rates*1
2013
2012

0.26%

0.40%

*1 Average interest rates are the weighted-average interest rates of debts calculated from the interest rates and outstanding balances at the end of the fiscal
year.

Financial Data of Mizuho Financial Group, Inc.—22

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

21. Borrowed Money
Millions of yen
2013

As of March 31,

Borrowed Money
Bills rediscounted
2,3
Other Borrowings*¥7,699,440―
7,699,440

2012

Thousands of U.S. dollars
2013¥14,763,870―
14,763,870$ 81,917,660―
81,917,660

Average interest rates*1
2013
2012

0.35%
—%
0.35%

0.26%
—%
0.26%

*1 Average interest rates are the weighted-average interest rates of debts calculated from the interest rates and outstanding balances at the end of the fiscal
year.
*2 Other Borrowings included subordinated debt of ¥608,450 million ($6,473,571 thousand) and ¥612,543 million as of March 31, 2013 and 2012, respectively.
*3 Repayments for Other Borrowings are scheduled for the next five years as follows:
Fiscal year ending March 31, 2014 ¥ 6,097,600 million($ 64,874,987 thousand)2015 ¥ 311,195 million($ 3,310,943 thousand)2016 ¥ 474,831 million($ 5,051,934 thousand)2017 ¥
88,792 million($
944,697 thousand)2018 ¥
92,766 million($
986,983 thousand)

22. Short-term Bonds
Major components of Short-term Bonds at March 31, 2013 were as follows:
IssuerIssue

Millions of yen Thousands of U.S. dollars

MHFG

Jan. 2013–Feb. 2013

¥

MHCB

Jan. 2013–Mar. 2013

MHSC

Oct. 2012–Mar. 2013

Total

¥

125,000[125,000]
40,000[40,000]
312,400[312,400]
477,400$$

1,329,929[1,329,929]
425,577[425,577]
3,323,758[3,323,758]
5,079,264

Interest rates

0.29%–0.31%
0.07%–0.11%
0.09%–0.14%

Due

Apr. 2013–
May 2013
Apr. 2013–
May 2013
Apr. 2013–
Mar. 2014

Notes: 1. Figures indicated in brackets [ ] represent the amounts to be redeemed within one year.
2. No collateral was provided for the above Short-term Bonds.
Major components of Short-term Bonds at March 31, 2012 were as follows:
IssuerIssue

Millions of yen

MHFG

Jan. 2012–Mar. 2012

¥

MHCB

Interest rates

88,0000.34%

Jan. 2012–Mar. 2012

97,4000.08%–0.11%

MHSC

Oct. 2011–Mar. 2012

333,300

0.10%–0.15%*1Jan. 2012–Mar. 2012

19,498

0.13%–0.14%

Total

¥

Due

Apr. 2012–
Jun. 2012
Apr. 2012–
Jun. 2012
Apr. 2012–
Sep. 2012
Apr. 2012–
Jun. 2012

538,198*1 indicates the total amount of Short-term Bonds issued by the domestic consolidated subsidiary, the former Mizuho Investors Securities Co., Ltd.

Note: No collateral was provided for the above Short-term Bonds.

23—Financial Data of Mizuho Financial Group, Inc.

23. Bonds and Notes
Major components of Bonds and Notes as of March 31, 2013 were as follows:
IssuerDescription

Issue

MHCB

Straight Bonds

Feb. 2004–
Mar. 2013

MHBK

Straight Bonds

MHTB

Straight Bonds*1

Straight Bonds

Feb. 2005–
Oct. 2012
Dec. 2005–
Aug. 2009
Mar. 2004–
Jul. 2012*2

Straight Bonds*3

Straight Bonds*4

Straight Bonds

Total

May 2008–
Jun. 2008
Jul. 1995–
May 2012
Sep. 2002–
Mar. 2013

Millions of yen¥ 3,316,503[589,600](US$ 5,494,286 thousand)
805,400[2,000]78,700[—]281,524[—](US$ 2,995,261 thousand)
26,500[22,500]
58,600[—]574,518[82,071](US$ 101,560 thousand)(AUD
7,370 thousand)(EUR
99,971 thousand)(CNY 997,942 thousand)¥ 5,141,746

Thousands of U.S.
dollars

Interest
rates

Due

$ 35,285,702[6,273,008]

0.00%–
3.88%

Apr. 2013 –Feb. 2043

8,568,997[21,279]
837,323[—]
2,995,261[—]

1.05%– Jul. 2013 –
4.26%
1.76%– Dec. 2015 –
3.43%
4.20%– Apr. 2014–
5.79%
Jul. 2022

281,945[239,387]
623,471[—]
6,112,551[873,194]

0.90%–
2.75%
1.30%–
3.90%
0.00%–
17.68%

May 2013–
Jan 2019 –Apr. 2013 –Mar. 2043$ 54,705,250*1 indicates the total amount of straight bonds issued by the overseas consolidated subsidiary, Mizuho Financial Group (Cayman) Limited and Mizuho
Financial Group (Cayman) 2 Limited.
*2 indicates the total amount of straight bonds issued by the overseas consolidated subsidiary, Mizuho Finance (Aruba) A.E.C.
*3 indicates the total amount of straight bonds issued by the overseas consolidated subsidiaries, Mizuho Finance (Cayman) Limited and Mizuho Finance(Curaçao) N.V.
*4 indicates the total amount of straight bonds issued by the domestic consolidated subsidiary, MHSC, and the overseas consolidated subsidiaries, Mizuho
International plc and Mizuho Corporate Bank (China),Ltd.

Notes: 1. Figures indicated in brackets [ ] represent the amounts to be redeemed within one year.
2. The amounts of foreign currency-denominated bonds are shown in original currencies in parentheses ( ).
3. Repayments for Bonds and Notes are scheduled for the next five years as follows:
Fiscal year ending March 31, 2014 ¥ 1,173,571 million ($12,486,132 thousand)2015 ¥ 831,403 million ($ 8,845,663 thousand)2016 ¥ 632,925 million ($ 6,733,966 thousand)2017 ¥ 661,857 million ($ 7,041,789 thousand)2018 ¥ 882,728 million ($ 9,391,732 thousand)4. Bonds and Notes as of March 31, 2013 included subordinated bonds and notes of ¥1,595,663 million($16,976,949 thousand).
5. No collateral was provided for the above Bonds and Notes.

Financial Data of Mizuho Financial Group, Inc.—24

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

Major components of Bonds and Notes as of March 31, 2012 were as follows:
IssuerDescription

Issue

MHCB

Straight Bonds

Feb. 2004–
Mar. 2012

MHBK

Straight Bonds

MHTB

Straight Bonds*1

Straight Bonds

Feb. 2005–
Feb. 2012
Dec. 2005–
Aug. 2009
Mar. 2004*2

Straight Bonds*3

Straight Bonds*4

Straight Bonds

Mar. 1998–
Jun. 2008
Jul. 1995–
Feb. 2009
Feb. 2000–
Mar. 2012

Total

Millions of yen¥ 3,111,654(US$ 1,508,595 thousand)(EUR
5,000 thousand)738,200
88,500123,210(US$ 1,500,000 thousand)
51,50090,34220,000 thousand)579,773(US$ 114,838 thousand)(AUD
1,740 thousand)¥ 4,783,180(US$Interest
rates

Due

0.00%–
3.00%

Apr. 2012 –Oct. 2038

1.13%–
4.26%
0.60%–
3.43%
5.79%

Apr. 2012 –

0.93%–
4.35%
0.83%–
3.90%
0.00%–
14.00%

May 2018 –Dec. 2015 –Apr. 2014

May 2017 –Apr. 2012 –Jul. 2047*1 indicates the total amount of straight bonds issued by the overseas consolidated subsidiary, Mizuho Financial Group (Cayman) Limited.
*2 indicates the total amount of straight bonds issued by the overseas consolidated subsidiary, Mizuho Finance (Aruba) A.E.C.
*3 indicates the total amount of straight bonds issued by the overseas consolidated subsidiaries, Mizuho Finance (Cayman) Limited and Mizuho Finance(Curaçao) N.V.
*4 indicates the total amount of straight bonds issued by the domestic consolidated subsidiary, MHSC, and the overseas consolidated subsidiaries, Mizuho
International plc and AArdvark ABS CDO 2007-1.

Notes: 1. The amounts of foreign currency-denominated bonds are shown in original currencies in parentheses ( ).
2. Repayments for Bonds and Notes are scheduled for the next five years as follows:
Fiscal year ending March 31, 2013 ¥ 699,894 million
2014 ¥ 647,605 million
2015 ¥ 799,172 million
2016 ¥ 624,239 million
2017 ¥ 640,268 million
3. Bonds and Notes as of March 31, 2012 included subordinated bonds and notes of ¥1,436,608 million.
4. No collateral was provided for the above Bonds and Notes.

24. Other Liabilities
Millions of yen
2013

As of March 31,

Accrued Expenses
Unearned Income
Income Taxes Payable
Lease Liabilities*1*2
Other
Total

¥

138,463
147,644
45,03824,406
3,145,511¥ 3,501,064

¥

2012

149,817
142,490
33,552
20,851
3,263,355¥ 3,610,067

Thousands of U.S. dollars
2013$

1,473,171
1,570,853
479,183
259,670
33,466,448$ 37,249,325*1 Average interest rate is 2.23% and 2.62% in the fiscal year ended March 31, 2013 and 2012, respectively. It is the weighted-average interest rate of debts
calculated from the interest rates and outstanding balances at the end of the fiscal year.
*2 Repayments for Lease Liabilities are scheduled for the next five years as follows:
Fiscal year ending March 31, 2014 ¥ 5,461 million($ 58,111 thousand)2015 ¥ 4,657 million($ 49,551 thousand)2016 ¥ 4,169 million($ 44,360 thousand)2017 ¥ 3,532 million($ 37,585 thousand)2018 ¥ 2,949 million($ 31,378 thousand)

25—Financial Data of Mizuho Financial Group, Inc.

25. Reserve for Employee Retirement Benefits(1) MHFG and its domestic consolidated subsidiaries have adopted the Corporate Pension Fund Plans (“Kigyo Nenkin
Kikin Seido”), and the Termination Allowance Plans (“Taishoku Ichijikin Seido”) as Defined-Benefit Corporate Pension
Plans. In addition, MHFG and certain domestic consolidated subsidiaries have adopted Defined- Contribution Pension
Plans while certain other domestic consolidated subsidiaries have established employee retirement benefit trusts.
(2) Reserve for Employee Retirement Benefits was reconciled as follows:
Millions of yen
2013

As of March 31,

Projected Benefit Obligations
Plan Assets
Unfunded Projected Benefit
Obligations
Unrecognized Actuarial Differences
Net Amounts
Prepaid Pension Cost
Reserve for Employee
Retirement Benefits2012¥ 1,326,443(1,512,741)¥ 1,328,823(1,311,886)(186,297)(193,916)(380,213)
418,846

16,937(418,892)(401,955)
438,008¥

38,632¥

36,053Thousands of U.S. dollars
2013$

14,112,607(16,094,707)(1,982,100)(2,063,158)(4,045,258)
4,456,291$

411,033

Notes: 1. The above Projected Benefit Obligations does not include additional retirement benefits paid to employees.
2. The above Projected Benefit Obligations includes the amount measured by certain consolidated subsidiaries
under the non-actuarial method.
(3) Breakdown of Employee Retirement Benefit Expenses (Gains) was as follows:
Millions of yen
2013

For the Fiscal Years ended March 31,

Service Cost
Interest Cost
Expected Return on Plan Assets
Amortization of Unrecognized
Actuarial Differences
Other (such as additional retirement
benefits)
Net Retirement Benefit
Expenses (Gains)¥¥

30,042
22,572(31,606)¥2012

24,12529,962(27,545)

Thousands of U.S. dollars
2013$

319,637
240,162(336,271)

67,06874,380713,571

8,905

17,606

94,74596,982¥

118,529$

1,031,844

Notes: 1. The amount of employee contributions to Mizuho Pension Fund is deducted from Service Cost.
2. Retirement benefit expenses of some consolidated subsidiaries which adopt the non-actuarial method for
calculating projected benefit obligations are included in Service Cost in full.
(4) Assumptions used in calculation of the above information were as follows:
2013

Discount Rate
Expected Rate of Return on Plan Assets
Method of Attributing the Projected Benefits to Periodsof Service
Prior Service Cost
Amortization of Unrecognized Actuarial Differences2012

Mainly 1.7%
Mainly 1.85%-2.80%

Mainly 1.7%
Mainly 0.75%-2.90%

Straight-line basis

Straight-line basis

Charged to Income(Loss) in the year
Primarily 10-12 years

Charged to Income(Loss) in the year
Primarily 10-12 years

Financial Data of Mizuho Financial Group, Inc.—26

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

26. Acceptances and Guarantees(1) All commitments and contingent liabilities of a material nature resulting from guarantees or otherwise are included in thecontra-accounts Acceptances and Guarantees and Customers' Liabilities for Acceptances and Guarantees.
The outstanding balances of the accounts were as follows:
Millions of yen
2013

As of March 31,

Guarantees
Letters of Credit
Acceptances
Total

2012

Thousands of U.S. dollars
2013¥

4,071,855
108,127
44,276¥

3,804,232
140,81335,599$43,322,226
1,150,413
471,076¥

4,224,259¥

3,980,644$

44,943,715

Note: Liabilities for guarantees on corporate bonds included in Securities, which were issued by private placement (Article
2, Paragraph 3 of the Financial Instruments and Exchange Law (the Securities and Exchange Law as of March 31,2007) amounted to ¥957,724 million ($10,189,638 thousand) and ¥953,446 million as of March 31, 2013 and 2012,
respectively.
(2) The principal amounts promised to be indemnified for money trusts which are entrusted to domestic consolidated trust
banking subsidiaries, were ¥706,390 million ($7,515,594 thousand) and ¥741,934 million as of March 31, 2013 and2012, respectively.

27—Financial Data of Mizuho Financial Group, Inc.

27. Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities consisted of the following:
Millions of yen
2013

As of March 31,

Deferred Tax Assets:
Tax Losses Carried Forward
Devaluation of Securities
Reserves for Possible Losses on
Loans
Securities Contributed to
Employee Retirement Benefit
Trust
Other

¥

Deferred Tax Assets Subtotal:
Valuation Allowance
Total
Deferred Tax Liabilities:
Prepaid Pension Cost
Net Unrealized Gains on Other
Securities
Other
Total
Net Deferred Tax Assets

140,333
461,953¥2012

157,029
637,642

Thousands of U.S. dollars
2013$

1,493,070
4,914,921

288,066

284,211

3,064,860

203,849
261,539

201,635
361,476

2,168,840
2,782,629

1,355,741(711,077)

1,641,995(955,253)

14,424,320(7,565,455)¥

644,664¥

686,741$

6,858,865¥(141,313)¥(150,202)$(1,503,498)(260,535)(131,736)(67,855)(127,916)(2,771,952)(1,401,605)¥(533,586)¥(345,973)$(5,677,055)¥

111,078¥

340,768$

1,181,810

Notes: 1. In addition to the balances shown in the above table, there is an equivalent amount of deferred tax assets
corresponding to tax losses carried forward of ¥309,682 million ($3,294,843 thousand) and ¥1,319,015 million asof March 31, 2013 and 2012, respectively.
Since the tax losses carried forward resulted from transactions among consolidated subsidiaries, the deferred tax
assets in the above table and in the consolidated balance sheet exclude the equivalent amount of deferred tax
assets.
2. MHFG and domestic subsidiaries are subject to a number of different income taxes.

Financial Data of Mizuho Financial Group, Inc.—28

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

For the fiscal years ended March 31, 2013 and 2012, the reconciliation of the statutory tax rate of MHFG to the effective
income tax rate was as follows:
For the Fiscal Year ended March 31,

Statutory Tax Rate
Adjustments
Change in Valuation Allowance
Permanent Differences (e.g., Cash Dividends
Received)
Tax Rate Differences between theConsolidated Subsidiaries
Adjustment to reduce the amount of deferred
tax assets at the end of period due tochanges in tax rates
Other
Effective Income Tax Rate

2013

2012

38.01%

40.69%(24.38)(14.56)(2.50)(2.54)(9.51)(9.42)

—
6.46

4.84
2.33

8.06%

21.33%

28. Revaluation of Land
In accordance with the Land Revaluation Law (Proclamation No.34 dated March 31, 1998), land used for business
operations of domestic consolidated banking subsidiaries was revalued. The applicable income taxes on the entire excess
of revaluation are included in Deferred Tax Liabilities for Revaluation Reserve for Land under Liabilities, and the remainder,
net of applicable income taxes, is stated as Revaluation Reserve for Land included in Net Assets.
Revaluation date: March 31, 1998
Revaluation method as stated in Article 3, Paragraph 3 of the above law: Land used for business operations wasrevalued by calculating the value on the basis of the valuation by road rating stipulated in Article 2, Paragraph 4 of
the Enforcement Ordinance relating to the Land Revaluation Law (Government Ordinance No.119 promulgated on
March 31, 1998) with reasonable adjustments to compensate for sites with long depth and other factors, and also on
the basis of the appraisal valuation stipulated in Paragraph 5.
The difference at the consolidated balance sheet date between the total fair value of land for business operation
purposes, which has been revalued in accordance with Article 10 of the above-mentioned law, and the total bookvalue of the land after such revaluation was ¥163,523 million ($1,739,792 thousand) and ¥165,480 million as ofMarch 31, 2013 and 2012, respectively.

29—Financial Data of Mizuho Financial Group, Inc.

29. Common Stock and Preferred Stock
Common Stock and Preferred Stock at March 31, 2013 and 2012 were as follows:
Number of shares

As of March 31, 2013
Class of stock

Common Stock
Eleventh Series Class XI
Preferred StockThirteenth Series Class XIII
Preferred Stock

Authorized

Issued andoutstanding

48,000,000,000 24,164,864,477

Per share (Yen)Interimcash
dividend

Year-end
cash Liquidation
value
dividend

¥

¥

3

3

¥

Convertible
or notWith
Redemption
or not—NoNo1,369,512,000

914,752,000

10

10

1,000

Yes

No

1,500,000,000

36,690,000

15

15

1,000

No

Yes

Notes: 1.Treasury Stock and stocks held by subsidiaries and affiliates are not excluded. The numbers are as follows:
Common Stock
19,824 thousand shares
Eleventh Series Class XI Preferred Stock574,087 thousand shares
2.The common stock shareholders approved an amendment to the Articles of Incorporation accompanied by adecrease in authorized shares of Class XI preferred stock, Class XIII preferred stock and the total number ofauthorized shares, a deletion of the provisions regarding unissued Class XII preferred stock, and an issue ofClass XIV preferred stock, Class XV preferred stock and Class XVI preferred stock at the 11th Ordinary General
Meeting of Shareholders of MHFG held on June 25, 2013, and the preferred stock shareholders resolved theamendment at the general meeting held on June 27, 2013.
As a result of the amendment, each total number of authorized shares, effective on June 27, 2013, shall be as
follows:
Common Stock
48,000,000 thousand shares
Eleventh Series Class XI Preferred Stock914,752 thousand shares
Thirteenth Series Class XIII Preferred Stock
36,690 thousand sharesFirst Series Class XIV Preferred Stock
900,000 thousand shares
Second Series Class XIV Preferred Stock
900,000 thousand shares
Third Series Class XIV Preferred Stock
900,000 thousand shares
Fourth Series Class XIV Preferred Stock
900,000 thousand sharesFirst Series Class XV Preferred Stock
900,000 thousand shares
Second Series Class XV Preferred Stock
900,000 thousand shares
Third Series Class XV Preferred Stock
900,000 thousand shares
Fourth Series Class XV Preferred Stock
900,000 thousand sharesFirst Series Class XVI Preferred Stock
1,500,000 thousand shares
Second Series Class XVI Preferred Stock
1,500,000 thousand shares
Third Series Class XVI Preferred Stock
1,500,000 thousand shares
Fourth Series Class XVI Preferred Stock
1,500,000 thousand shares
The total number of shares of the First to Fourth Series Class XIV Preferred Stock, which are authorized to beissued, shall not exceed 900,000,000 in total.
The total number of shares of the First to Fourth Series Class XV Preferred Stock, which are authorized to beissued, shall not exceed 900,000,000 in total.
The total number of shares of the First to Fourth Series Class XVI Preferred Stock, which are authorized to beissued, shall not exceed 1,500,000,000 in total.
3. All of the shares of the Thirteenth Series Class XIII Preferred Stock will be acquired on July 11, 2013 and,subject to the acquisition, will be cancelled.

Financial Data of Mizuho Financial Group, Inc.—30

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

Number of shares

As of March 31, 2012
Class of stock

Common Stock
Eleventh Series Class XI
Preferred StockThirteenth Series Class XIII
Preferred Stock

Authorized

Issued andoutstanding

48,000,000,000 24,048,165,727

Per share (Yen)Interimcash
dividend

Year-end
cash Liquidation
dividend
value

¥

¥

3

3

¥

Convertible
or notWith
Redemption
or not—NoNo1,369,512,000

914,752,000

10

10

1,000

Yes

No

1,500,000,000

36,690,000

15

15

1,000

No

Yes

Notes: 1.Treasury Stock and stocks held by subsidiaries and affiliates are not excluded. The numbers are as follows:
Common Stock
39,474 thousand shares
Eleventh Series Class XI Preferred Stock
541,073 thousand shares
2.The total number of shares of Class XII Preferred Stock, which are authorized to be issued, is 1,500,000,000.

31—Financial Data of Mizuho Financial Group, Inc.

30. Stock Options(1) Total amount of stock options expensed were as follows:
Millions of yen
2013

2012

Thousands of U.S. dollars
2013¥ 1,333¥ 788$14,189¥ 1,333¥ 788$14,189

For the Fiscal Years ended March 31,

General and administrative expenses
Total(2) Outline of stock options and changes
For the fiscal year ended March 31, 2013(i) Outline of stock optionsFirst Series of Stock
Acquisition Rights of MHFG

As of March 31, 2013

Number of grantees

Number of stock
options*1
Grant dateCondition for vesting

Required service
periodExercise period

Number of stock
options*1
Grant dateCondition for vesting

Required service
periodExercise period

Third Series of Stock
Acquisition Rights of MHFG

Directors
Executive
Officers
Directors ofsubsidiaries of
MHFG
Executive
Officers ofsubsidiaries of
MHFG

4 Directors
Executive
4
Officers
Directors of
14 subsidiaries of
MHFG
Executive
Officers of71
subsidiaries of
MHFG

4 Directors
Executive
4
Officers
Directors of
14 subsidiaries of
MHFG
Executive
Officers of71
subsidiaries of
MHFG

Common stock

5,409,000 Common stock

5,835,000 Common stock

4
4
12

71
6,808,000

February 16, 2009
September 25, 2009
August 26, 2010
The grantee may exercise the Stock Acquisition Rights which have been allotted based on his
or her capacity as a Director or an Executive Officer of MHFG, MHBK or MHCB immediately
following the date on which such grantee loses the status as a Director or an Executive Officer
of MHFG, MHBK or MHCB.
July 1, 2008
April 1, 2009
April 1, 2010
to March 31, 2009
to March 31, 2010
to March 31, 2011
February 17, 2009
September 28, 2009
August 27, 2010
to February 16, 2029
to September 25, 2029
to August 26, 2030
Fourth Series of Stock
Acquisition Rights of MHFG

As of March 31, 2013

Number of grantees

Second Series of Stock
Acquisition Rights of MHFG

6 Directors
6 Executive Officers
Directors of subsidiaries of26
MHFG
Executive Officers of
130
subsidiaries of MHFG

Directors
Executive Officers
Directors of subsidiaries of
MHFG
Executive Officers ofsubsidiaries of MHFG
Common stock

Fifth Series of Stock
Acquisition Rights of MHFG

12,452,000 Common stock

6
11
23
150
11,776,000

December 8, 2011
August 31, 2012
The grantee may exercise the Stock Acquisition Rights which have been allotted based on his
or her capacity as a Director or an Executive Officer of MHFG, MHBK, MHCB, MHTB or MHSC
immediately following the date on which such grantee loses the status as a Director or an
Executive Officer of MHFG, MHBK, MHCB, MHTB or MHSC.
April 1, 2011 to March 31, 2012
April 1, 2012 to March 31, 2013
December 9, 2011 to December 8, 2031

September 3, 2012 to August 31, 2032

*1: Shown in number of shares

Financial Data of Mizuho Financial Group, Inc.—32

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(ii) Size of stock options and changes(a) Number of stock options (in shares)
First Series ofStock Acquisition
Rights of MHFG

Second Series ofStock Acquisition
Rights of MHFG

Third Series ofStock Acquisition
Rights of MHFG

Fourth Series ofStock Acquisition
Rights of MHFG

Fifth Series ofStock Acquisition
Rights of MHFG

Non-vested
As of March 31, 2012
GrantedForfeited
VestedOutstanding
Vested951,000－－
303,000
648,000

1,940,000－－
566,000
1,374,000

3,834,000－－
1,382,000
2,452,000

12,232,000－－
4,780,000
7,452,000－
11,776,000
39,000529,000
11,208,000

As of March 31, 2012
VestedExercised
Forfeited
Outstanding

40,000303,000
303,000－
40,000129,000
566,000
631,000－
64,000

192,000
1,382,000
1,493,000－
81,000173,000
4,780,000
4,737,000－
216,000－
529,000
201,000－
328,000

For the Fiscal Year ended
March 31, 2013

Note: The above table is shown in number of shares.
(b) Price information

As of March 31, 2013

Exercise price
Average stock priceupon exercise
Fair value at grant date

First Series ofStock Acquisition
Rights of MHFG

Second Series ofStock Acquisition
Rights of MHFG

Third Series ofStock Acquisition
Rights of MHFG

Fourth Series ofStock Acquisition
Rights of MHFG

Fifth Series ofStock Acquisition
Rights of MHFG

¥ 1 per share¥ 1 per share¥ 1 per share¥ 1 per share¥ 1 per share¥

126.33¥127.05¥126.25¥128.38¥166.46¥190.91
per share¥

168.69per share¥

119.52
per share¥

91.84
per share¥

113.25per share(iii) Calculation for fair value of stock options
The fair value of Fifth Series of Stock Acquisition Rights of MHFG granted in the fiscal year ended March 31, 2013 wascalculated as follows:●

Calculation method: The Black-Scholes Model●

Assumptions used in calculation
As of March 31, 2013

Volatility of stock price*1
Estimated remaining outstanding period*2
Expected dividend*3
Risk-free interest rate*4

Fifth Series of Stock Acquisition Rights of MHFG

29.299%2.42years¥ 6 per share
0.100%*1: Historical volatility calculated from MHFG stock prices over the 126 weeks ending on the business day (August 30, 2012) prior to the grantdate, an interval equivalent to the estimated remaining outstanding period of 2.42 years.
*2: The average period of service of directors at MHFG.
*3: The expected dividend on common stock for the fiscal year ended March 31, 2013.
*4: Japanese government bond yield applicable to the estimated remaining outstanding period of the stock options.

(iv) Estimated number of stock options to be vested
Only the number of stock options actually forfeited is reflected because the number of stock options that will be
forfeited in the future cannot be readily estimated.

33—Financial Data of Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2012(i) Outline of stock options
As of March 31,
2012

First Series of Stock
Acquisition Rights of
MHFG

Second Series of Stock
Acquisition Rights of
MHFG

Third Series of Stock
Acquisition Rights of
MHFG

Fourth Series of Stock
Acquisition Rights of
MHFG

4 Directors
4 Directors
4 Directors
6
Directors
Executive
Executive
Executive
Executive
44
46
Officers
Officers
Officers
Officers
Directors of
Directors of
Directors of
Directors of
14 subsidiaries
14 subsidiaries
12 subsidiaries
26
subsidiaries
of MHFGof MHFGof MHFGof MHFG
Executive
Executive
Executive
Executive
Officers of
Officers of
Officers of
Officers of
71
71
71
130
subsidiaries
subsidiaries
subsidiaries
subsidiaries
of MHFGof MHFGof MHFGof MHFG
CommonCommonCommonNumber of stock Common
12,452,000
6,808,000
5,835,000
5,409,000
stock
stock
stock
options*1
stock
Grant dateFebruary 16, 2009
September 25, 2009
August 26, 2010
December 8, 2011
Condition for
The grantee may exercise the Stock Acquisition Rights which have been
The grantee may
vesting
allotted based on his or her capacity as a Director or an Executive Officer
exercise the Stockof MHFG, MHBK or MHCB immediately following the date on which such
Acquisition Rights
grantee loses the status as a Director or an Executive Officer of MHFG,
which have been
MHBK or MHCB.
allotted based on his or
her capacity as a
Director or an
Executive Officer of
MHFG, MHBK, MHCB,MHTB or MHSC
immediately following
the date on which suchgrantee loses thestatus as a Director oran Executive Officer of
MHFG, MHBK, MHCB,MHTB or MHSC.
Required service July 1, 2008
April 1, 2009
April 1, 2010
April 1, 2011
periodto March 31, 2009
to March 31, 2010
to March 31, 2011
to March 31, 2012
Exercise period February 17, 2009
September 28, 2009
August 27, 2010
December 9, 2011
to February 16, 2029
to September 25, 2029 to August 26, 2030
to December 8, 2031
Number of
grantees*1: Shown in number of shares

Financial Data of Mizuho Financial Group, Inc.—34

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(ii) Size of stock options and changes(a) Number of stock options (in shares)
For the Fiscal Year ended
March 31, 2012

First Series ofStock Acquisition
Rights of MHFG

Second Series ofStock Acquisition
Rights of MHFG

Third Series ofStock Acquisition
Rights of MHFG

1,748,000－－
797,000
951,000

3,678,000－－
1,738,000
1,940,000

6,646,000－－
2,812,000
3,834,000－
12,452,000
4,000
216,000
12,232,000

40,000797,000
797,000－
40,00064,0001,738,000
1,673,000－
129,000

162,000
2,812,000
2,782,000－
192,000－
216,000
43,000－173,000

Non-vested
As of March 31, 2011
GrantedForfeited
VestedOutstanding
VestedAs of March 31, 2011
VestedExercised
Forfeited
Outstanding

Fourth Series ofStock Acquisition
Rights of MHFG

Note: The above table is shown in number of shares.
(b) Price information

As of March 31, 2012

Exercise price
Average stock priceupon exercise
Fair value at grant
dateFirst Series of Stock
Acquisition Rights of
MHFG

Second Series of Stock
Acquisition Rights of
MHFG

Third Series of Stock
Acquisition Rights of
MHFG

Fourth Series of Stock
Acquisition Rights of
MHFG¥

1 per share¥

1 per share¥

1 per share¥

1 per share¥

132.46¥132.56¥132.37¥140.00¥ 190.91 per share¥ 168.69 per share¥ 119.52 per share¥ 91.84 per share(iii) Calculation for fair value of stock options
The fair value of Fourth Series of Stock Acquisition Rights of MHFG granted in the fiscal year ended March 31, 2012
was calculated as follows:●

Calculation method: The Black-Scholes Model●

Assumptions used in calculation
As of March 31, 2012

Volatility of stock price*1
Estimated remaining outstanding period*2
Expected dividend*3
Risk-free interest rate*4

Fourth Series of Stock Acquisition Rights of MHFG

34.038 %2.34 years¥ 6 per share
0.147%*1: Historical volatility calculated from MHFG stock prices over the 122 weeks ending on the business day (December 7, 2011) prior to the
grant date, an interval equivalent to the estimated remaining outstanding period of 2.34 years.
*2: The average period of service of directors at MHFG.
*3: The expected dividend on common stock for the fiscal year ended March 31, 2012.
*4: Japanese government bond yield applicable to the estimated remaining outstanding period of the stock options.

(iv) Estimated number of stock options to be vested
Only the number of stock options actually forfeited is reflected because the number of stock options that will be
forfeited in the future cannot be readily estimated.

35—Financial Data of Mizuho Financial Group, Inc.

31. Interest Income and Interest Expenses
Millions of yen
2013

For the Fiscal Years ended March 31,

Interest Income:Loans and Bills Discounted
Securities
Call Loans and Bills Purchased
Due from Banks
Receivables under Resale
Agreements
Guarantee Deposits Paid under
Securities Borrowing
Transactions
Other Interest Income
Total
Interest Expenses:
Deposits
Debentures
Call Money and Bills Sold
Payables under Repurchase
Agreements
Guarantee Deposits Received
under Securities Lending
Transactions
Commercial Paper
Borrowed Money
Other Interest Expenses¥

917,263
323,901
5,548
21,527¥

2012

888,489
348,453
6,580
20,665

Thousands of U.S. dollars
2013$

9,759,162
3,446,128
59,036
229,035

52,39430,860557,447

10,64790,326

9,922
118,591

113,283
961,025¥ 1,421,609¥ 1,423,564$ 15,125,116

¥

¥

$

129,167—
7,865

129,857384
8,628

1,374,266—
83,68953,66733,912570,989

19,065
1,676
29,796
104,471

14,407874
35,046112,111

202,851
17,839317,016
1,111,515

Total

¥

345,710Net¥ 1,075,898¥

335,223¥ 1,088,340$

3,678,165$ 11,446,951

Financial Data of Mizuho Financial Group, Inc.—36

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

32. Trading Income and Trading Expenses
Millions of yen
2013

2012

Thousands of U.S. dollars
2013

99,879$ 1,767,449

48,91150,438520,390¥ 215,033¥ 150,317$ 2,287,839

For the Fiscal Years ended March 31,

Trading Income:Net Gains on Trading Securities
Net Gains on Derivatives for
Trading Transactions
Total¥ 166,122

Trading Expenses:
Net Losses on Trading Securities

¥

—

Total

¥

—

Net

¥ 215,033

—
¥

—

—
$

—

¥ 150,317$ 2,287,839

2012

Thousands of U.S. dollars
2013

33. Other Operating Income
Millions of yen
2013

For the Fiscal Years ended March 31,

Gains on Foreign Exchange
Transactions
Gains on Sales of Bonds
Gains on Derivatives other than for
Trading or Hedging
Other
Total

¥

89,999272,945¥

79,915
221,307$957,5422,903,988—
50,212

2,811
51,710—534,235¥ 413,157¥ 355,745$ 4,395,765

2012

Thousands of U.S. dollars
2013

55,603$

34. Other Operating Expenses
Millions of yen
2013

For the Fiscal Years ended March 31,

Losses on Sales of Bonds
Expenses on Derivatives other thanfor Trading or Hedging
Losses on Devaluation of Bonds
Other
Total

¥

43,329

¥

4,145
8,117
32,666¥

88,258—9,790
33,882¥

460,998
44,11086,365347,548

99,277$

939,0212012

Thousands of U.S. dollars
2013

35. Other Income
Millions of yen
2013

For the Fiscal Years ended March 31,

Gains on Sales of Stock
Income from Matured Debentures
Recovery on Written-off Loans
Reversal of Reserves for Possible
Losses on Loans
Gains on Disposition of Fixed
AssetsGains on Negative Goodwill
Incurred
Other
Total

37—Financial Data of Mizuho Financial Group, Inc.

¥¥

86,25635,754
26,914¥54,98914,98639,384$

917,716
380,410286,356—

35,329

—

1,032

1,540

10,982—
48,10591,18025,613—511,818

198,063¥ 263,024$

2,107,282

36. Other Expenses
Millions of yen
2013

For the Fiscal Years ended March 31,

Impairment Losses of Stocks
Provision for Reserves for Possible
Losses on Loans
Write-offs of Loans
Losses on Sales of Stocks
Merger Expenses of the Securities
Subsidiaries
Losses on Impairment of Fixed
Assets
Losses on Disposition of Fixed
AssetsSpecial Retirement Payment in the
Securities Subsidiary
Other

¥

Total

¥

125,838

2012¥

49,315

Thousands of U.S. dollars
2013$

1,338,848

78,72149,74739,557—38,56639,350837,554529,281420,872

14,415

1,071

153,376

11,912

7,067

126,740

7,263

6,849

77,281—
79,843

10,005
113,575—
849,487

407,299¥ 265,803$

4,333,439

37. Comprehensive Income
Reclassification adjustments and the related tax effects concerning Other Comprehensive Income
Millions of yen
2013

2012

Thousands of U.S. dollars
2013¥ 937,087¥ (150,860)¥ 786,226¥ (210,295)¥ 575,930¥ 239,911¥ (149,733)¥ 90,178¥ (38,264)¥ 51,913$ 9,970,071$ (1,605,074)$ 8,364,997$ (2,237,426)$ 6,127,571

¥
¥
¥
¥
¥

61,966(34,697)
27,269(9,915)
17,353¥ 44,119¥ (55,749)¥ (11,630)¥ 10,070¥ (1,560)

$
$
$
$
$

659,293(369,164)
290,129(105,494)
184,635

¥
¥

—
—
—
(41)
(41)

—
—
—
11,821
11,821

$
$

—
—
—
(437)
(437)

For the Fiscal Years ended March 31,

Net Unrealized Gains on Other Securities:
The amount arising during the period
Reclassification adjustments
Before adjustments to tax effects
The amount of tax effects
Net Unrealized Gains on Other Securities
Deferred Gains or Losses on Hedges:
The amount arising during the period
Reclassification adjustments
Before adjustments to tax effects
The amount of tax effects
Deferred Gains or Losses on Hedges
Revaluation Reserve for Land:
The amount arising during the period
Reclassification adjustments
Before adjustments to tax effects
The amount of tax effects
Revaluation Reserve for Land
Foreign Currency Translation Adjustments:
The amount arising during the period
Reclassification Adjustments
Before adjustments to tax effects
The amount of tax effects
Foreign Currency Translation Adjustments
Share of Other Comprehensive Income of Associates
Accounted for Using Equity Method:
The amount arising during the period
The total amount of Other Comprehensive
Income

¥

¥

4,731
—
4,731
—
4,731

¥
¥

¥

¥
¥
¥
¥
¥
¥

(2,123)
1,016(1,106)—(1,106)$$50,341—
50,341—
50,341

12,864

¥

2,894

$

136,872

610,839¥

63,962$ 6,498,982$

Financial Data of Mizuho Financial Group, Inc.—38

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

38. Changes in Net Assets
For the fiscal year ended March 31, 2013(i) Types and number of issued shares and of treasury stock are as follows:
Thousands of Shares

Issued shares
Common stock
Eleventh Series Class XI Preferred
StockThirteenth Series Class XIII Preferred
Stock
Total
Treasury stock
Common stock
Eleventh Series Class XI Preferred
Stock
Total

As of
April 1, 2012

Increase during
the fiscal year

Decrease during
the fiscal year

As of
March 31, 2013

Remarks

24,048,165

116,698—

24,164,864*1

914,752——

914,752

36,690——36,69024,999,607

116,698—

25,116,306

37,0462,644

17,562

22,128*2541,073

33,014—574,087*3

578,120

35,65817,562596,216*1 Increases are due to request for acquisition (conversion) of preferred stock.
*2 Increases are due to repurchase of shares constituting less than one unit and other factors. Decreases are due to disposition of shares held by a
subsidiary (9,256 thousand shares), exercise of stock acquisition rights (stock option) (7,365 thousand shares), and repurchase of shares constituting lessthan one unit (940 thousand shares).
*3 Increases are due to request for acquisition (conversion) of preferred stock.

(ii) Stock acquisition rights and treasury stock acquisition rights are as follows:

Category

Breakdown ofstockacquisitionrightsStockacquisitionrights(Treasurystock
acquisitionrights)Stockacquisitionrights as
stock option
Consolidated
subsidiaries (Treasury
stock acquisition rights)

Class ofshares to
be issuedortransferred
upon
exercise ofstock
acquisitionrightsNumber of shares to be issued or transferred
upon exercise of stock acquisition rights(Shares)

As ofApril 1,
2012

Increaseduringthe fiscal
year

Decreaseduringthe fiscal
year

As of
March
31, 2013

－
(－)

－
(－)

－
(－)

－
(－)

Balance as ofMarch 31,2013
(Millions ofyen)

Balance asof March
31, 2013(Thousandsof
U.S.dollars)

MHFG

－

Total

39—Financial Data of Mizuho Financial Group, Inc.

¥

－
(－)

$

－
(－)

－

2,687

28,592

－

－
(－)

－
(－)

－

¥ 2,687(－)$ 28,592(－)

Remarks

(iii) Cash dividends distributed by MHFG are as follows (non-consolidated basis):
Cash dividends paid during the fiscal year ended March 31, 2013

Resolution

Types

Cash
Dividends(Millions ofyen)June 26,
2012

Common Stock¥(

Eleventh Series Class XI
Preferred StockThirteenth Series ClassXIII Preferred Stock

Ordinary
GeneralMeeting of
Shareholders)

November 14,
Common Stock2012
Eleventh Series Class XI
Preferred Stock
The Board of
Directors
Thirteenth Series ClassXIII Preferred Stock

(

¥

)

¥

Total

Cash
Dividends(Thousand of
U.S. dollars)

Cash
Cash
Dividends
Dividends
per Shareper Share(Yen) (U.S. dollars)

72,063$ 766,710

¥3

3,736

39,757

10

550

5,855

15

72,107$ 767,181

¥3

3,714

39,517

10

550

5,855

15

152,722 $ 1,624,875/$ 0.03

RecordDate

Effective
Date

March 31,2012

March 31,
June 26,
2012
2012
March 31,0.16
2012
September 30,$ 0.032012
September 30, December 7,
0.11
2012
2012
September 30,
0.16
2012
/
0.11

Cash dividends with record dates falling in the fiscal year ended March 31, 2013 and effective dates coming after the endof the fiscal year

Resolution

Types

Cash
Dividends(Millions ofyen)June 25,
2013

Common Stock¥(

Eleventh Series Class XI
Preferred StockThirteenth Series ClassXIII Preferred Stock

Ordinary
GeneralMeeting of
Shareholders

Total

)

72,435
3,406
550

¥

76,392

Cash
Dividends(Thousand of
U.S. dollars)

Cash
Cash
Resource Dividends
Dividends
of per Shareper Share(Yen) (U.S. dollars)
Dividends$ 770,668

Retained
Earnings

Retained
Earnings
Retained
5,855
Earnings$ 812,768
36,245¥3
10
15/

Record Effective
Date
Date

$ 0.03 March 31,
2013
March 31, June 25,
2013
2013
March 31,
0.16
2013
/

0.11

Financial Data of Mizuho Financial Group, Inc.—40

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

For the fiscal year ended March 31, 2012(i) Types and number of issued shares and of treasury stock are as follows:
Thousands of Shares

Issued shares
Common stock
Eleventh Series Class XI Preferred
StockThirteenth Series Class XIII Preferred
Stock
Total
Treasury stock
Common stock
Eleventh Series Class XI Preferred
Stock
Total

As of
April 1, 2011

Increase during
the fiscal year

Decrease during
the fiscal year

As of
March 31, 2012

Remarks

21,782,185

2,265,980—

24,048,165*1

914,752——

914,752

36,690——36,69022,733,627

2,265,980—

24,999,607

5,656

133,814

102,424

37,046*2*3497,866

43,207—541,073503,522

177,022

102,424

578,120*1 Increases are due to request for acquisition (conversion) of preferred stock (151,921 thousand shares), exercise of stock acquisition rights (stock option)(4,748 thousand shares), and increase in stock due to share exchange (2,109,310 thousand shares).
*2 Increases are due to repurchase of shares associated with share exchange (22,027 thousand shares), repurchase of shares constituting less than one
unit (42 thousand shares), acquisition of shares by subsidiaries and others due to share exchange (111,744 thousand shares). Decreases are due toexercise of stock acquisition rights (stock option) (547 thousand shares), repurchase of shares constituting less than one unit (23 thousand shares) anddisposition of shares acquired by subsidiaries and others due to share exchange (101,853 thousand shares).
*3 Increases are due to request for acquisition (conversion) of preferred stock.

(ii) Stock acquisition rights and treasury stock acquisition rights are as follows:

Category

Breakdown ofstock acquisitionrightsClass ofshares to beissued ortransferred
upon
exercise ofstock
acquisitionrightsStockacquisitionrights(Treasurystock
acquisitionrights)Stockacquisitionrights as
stock option
Consolidated subsidiaries(Treasury stockacquisition rights)

Number of shares to be issued or transferred upon
exercise of stock acquisition rights (Shares)

As ofApril 1,
2011

Increaseduring the
fiscal year

Decreaseduring the
fiscal year

As of
March 31,
2012

－
(－)

－
(－)

－
(－)

－
(－)

Balance as ofMarch 31,
2012
(Millions of yen)

MHFG

Total

41—Financial Data of Mizuho Financial Group, Inc.

－

¥

－
(－)

－

2,158

－

－
(－)

－

¥ 2,158(－)

Remarks

(iii) Cash dividends distributed by MHFG are as follows (non-consolidated basis):
Cash dividends paid during the fiscal year ended March 31, 2012

Resolution

Types

June 21,2011

Common Stock(

Eleventh Series Class XI
Preferred StockThirteenth Series Class XIII
Preferred Stock

Ordinary
General Meeting of
Shareholders)

November 14,
2011

Common Stock(

Eleventh Series Class XI
Preferred StockThirteenth Series Class XIII
Preferred Stock)

The Board of
Directors

Total

Cash Dividends(Millions of yen)

Cash
Dividends
per Share(Yen)¥ 130,659

¥6

8,337

20

1,100

30

72,025

¥3

3,834

10

550

15

¥ 216,507/¥

RecordDate

Effective
Date

March 31,2011
March 31,2011
March 31,2011
September 30,
2011
September 30,
2011
September 30,
2011

June 21, 2011

December 7,
2011Cash dividends with record dates falling in the fiscal year ended March 31, 2012 and effective dates coming after the endof the fiscal year

Resolution

Types

June 26,
2012

Common Stock(

Eleventh Series Class XI
Preferred StockThirteenth Series Class XIII
Preferred Stock

Ordinary
GeneralMeeting of
Shareholders

Total

)

Cash Dividends(Millions of yen)¥

72,063
3,736
550

¥

76,350Cash
Dividends per
Share
Resource ofDividends(Yen)

Retained
Earnings
Retained
Earnings
Retained
Earnings¥3
10
15

RecordDate

Effective
Date

March 31,2012
March 31,2012
March 31,2012

June 26,
2012/

Financial Data of Mizuho Financial Group, Inc.—42

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

39. Cash Flows(1) Cash and Cash Equivalents on the consolidated statement of cash flows reconciles to Cash and Due from Banks on the
consolidated balance sheet as follows:

As of March 31,

Millions of yen
2013

2012

Thousands of U.S. dollars
2013

Cash and Due from Banks
Less: Due from Banks excluding
due from Central Banks¥ 12,333,997¥ 7,278,477$131,226,698(986,459)(795,339)(10,495,369)

Cash and Cash Equivalents¥ 11,347,537¥ 6,483,138$120,731,329(2) Significant non-fund transaction:
Transaction as a result of turning Mizuho Trust & Banking Co., Ltd., Mizuho Securities Co., Ltd., and Mizuho Investors
Securities Co., Ltd. into wholly-owned subsidiaries by means of the share exchange.
For the Fiscal Year ended March 31, 2012

Increase in Common Stock
Increase in Capital Surplus
Increase in Treasury Stock
Amount of additionally acquired shares of thesubsidiaries

43—Financial Data of Mizuho Financial Group, Inc.

Millions of yen¥ 73,247
171,575
13,318
231,50440. Lease Transactions
Finance Leases (Lessees)
Finance lease transactions that do not transfer ownership:(1) Lease Assets:• Tangible fixed assets: mainly equipment• Intangible fixed assets: software(2) The method for computing the amount of depreciation is described in “6. Standards of Accounting Method (8) Lease
Assets.”Operating Leases
The future lease payments subsequent to the end of the fiscal year for noncancelable operating lease transactions are
summarized as follows:
Lessees:Millions of yen
2013

As of March 31,

Due in One Year or Less
Due after One Year
Total

2012

Thousands of U.S. dollars
2013¥

43,12973,374¥42,086
79,610$458,870
780,665¥

116,503¥

121,697$ 1,239,535

2012

Thousands of U.S. dollars
2013

Lessors:
Millions of yen
2013

As of March 31,

Due in One Year or Less
Due after One Year
Total

¥

822
4,260

¥

915
4,520

$

8,751
45,324

¥

5,082

¥

5,435

$

54,075

Financial Data of Mizuho Financial Group, Inc.—44

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

41. Financial Instruments
1. Matters Relating to the Conditions of Financial Instruments(1) Policy on Financial Instruments
Mizuho Financial Group (MHFG), which primarily engages in banking business, incurs financial liabilities such as
customer deposits and market deposits on the funding side while holding financial assets such as customer loans, stocks
and bonds on the investment side, and also engages in trading business for certain financial products. Some majorityowned consolidated subsidiaries and other subsidiaries conduct securities business and other financial business.
For above funding and investment business, MHFG appropriately manages risks of each financial instrument and carefully
watches term-gaps and other risk factors.

(2) Contents and Risk of Financial Products
The main financial assets of the Mizuho group consist of loans to customers and securities such as Japanese stocks andgovernment bonds. The Group holds these securities for the purpose of reserves for deposit payments and as
investments. These financial assets are subject to various types of risk that may be incurred by the Group due to a
decline in, or total loss of, the value of assets, as a result of deterioration in a counterparty’s and an issuer’s financial
position (“credit risk”), or incurred by the Group due to fluctuations in interest rates, stock prices and foreign exchange
rates and so on (“market risk”).
The main financing source of the Mizuho group is a stable source of deposits from its customers in addition to direct
funding from the financial market. These financing sources are subject to the risk of losses (“liquidity risk”) arising fromfunding difficulties due to market disruption or a deterioration in our financial position that makes it difficult for us to raise
the necessary funds or that forces us to raise funds at significantly higher interest rates than usual.
In addition, the Mizuho group uses derivative financial products to control the interest rate risk related to the assets
and liabilities of the Group, as part of our asset and liability management (“ALM”). The Group primarily utilizes theportfolio hedge by grouping numerous financial assets and liabilities such as loans and deposits into similar interest risk
units in accordance with risk management policies. Some derivative products like interest rate swaps are used as
hedging methods for cash-flow hedges or fair value hedges. The Group applies hedge accounting to the majority ofthese products, treating them as deferred hedges. The effectiveness of the hedges is assessed periodically byregression analysis and other methods to ensure whether the derivative financial products effectively work in order tooffset the exposure to changes in fair value and variable cash flows from hedged items. It should be noted that theMizuho group uses derivative financial products for trading purposes and so on as well.
Progress in financial deregulation and internationalization has led to growth in the diversity and complexity of financial
assets and liabilities of the Mizuho group, exposing the Group to various risks, including credit risk, liquidity risk andother risks.

(3) Risk Management for Financial Products(a) Commitment to Risk Management
We recognize the conducting of operations tailored to the risks and managing such risks as a key issue relating tooverall management. In order to implement our business strategy while maintaining our financial stability, we
maintain comprehensive risk management and control measures.
We maintain basic policies for risk management established by our board of directors that are applicable to theentire Mizuho group. These policies clearly define the kinds of risks to be managed, set forth the organizational
structure and provide for the human resources training necessary for appropriate levels of risk management. The
policies also provide for audits to measure the effectiveness and suitability of the risk management structure. In linewith these basic policies, we maintain various measures to strengthen and enhance the sophistication of our risk
management system.
(b) General Concept of Risk Management
We classify our risk exposures according to the various kinds of risk, including credit risk, market risk, liquidity risk
and operational risk, and manage each type of risk according to its characteristics.
In addition to managing each type of risk individually, we have established a risk management structure to identify
and evaluate overall risk and, where necessary, to devise appropriate responses to keep risk within limits that aremanagerially acceptable in both qualitative and quantitative terms.

45—Financial Data of Mizuho Financial Group, Inc.

More specifically, we allocate risk capital to our principal banking subsidiaries, including their respective
subsidiaries, and other core group companies to control risk within the limits set for each company. We also control
risk within managerially acceptable limits by working to ensure that the overall risk we hold on a consolidated basis
does not exceed shareholders’ equity and other measures of financial strength. To ensure the ongoing financial
health of Mizuho Financial Group, our principal banking subsidiaries and other core group companies, we regularly
monitor the manner in which risk capital is being used in order to obtain a proper grasp of the risk profile within thisframework. Reports are also submitted to the board of directors and other committees of each company.
(c) Credit Risk Management
We have adopted two different but mutually complementary approaches in credit risk management. The first
approach is “credit management,” in which we manage the process for each individual transaction and individual
obligor from execution until collection, based on our assessment of the credit quality of the customer. Through thisprocess, we curb losses in the case of a credit event. The second is “credit portfolio management,” in which weutilize statistical methods to assess the potential for losses related to credit risk. Through this process, we identify
credit risk and respond appropriately.
Our board of directors determines the Mizuho group’s key matters pertaining to credit risk management while theirChief Executive Officers are responsible for controlling credit risk. In addition, we have established the Portfolio
Management Committee as one of its business policy committees. This committee of Mizuho Financial Groupdiscusses and coordinates basic policy in connection with credit risk management and matters in connection withoverall credit portfolio management and credit risk monitoring for the Mizuho group. Under the control of the Chief
Risk Officer of Mizuho Financial Group, the Risk Management Division and the Credit Risk Management Division
jointly monitor, analyze and submit suggestions concerning credit risk and formulate and execute plans inconnection with basic matters pertaining to credit risk management.
We use statistical methods to manage the possibility of losses by measuring the expected average loss for a oneyear risk horizon (“expected loss”) and the maximum loss within a certain confidence interval (“credit VAR”). The
difference between expected loss and credit VAR is measured as the credit risk amount (“unexpected loss”). We
recognize two types of risk arising from allowing too large a proportion of overall credit risk to be allocated in certain
areas. One type is “credit concentration risk,” which stems from granting excessive credit to certain individual
counterparties. The other type is “chain-reaction default risk,” which arises from granting excessive credit to certain
corporate groups, industrial sectors and other groupings. We manage these risks appropriately in line with our
specific guidelines for each.
The board of directors of each of our principal banking subsidiaries and other core group companies determines
key matters pertaining to credit risk in line with basic policies set forth by Mizuho Financial Group. Their respective
business policy committees are responsible for discussing and coordinating overall management of their individual
credit portfolios and transaction policies towards obligors.
The chief risk officer of each principal banking subsidiary and core group company is responsible for mattersrelating to planning and implementing credit risk management. The credit risk management division of each principal
banking subsidiary is responsible for planning and administering credit risk management and conducting credit risk
measuring and monitoring. Each credit division determines policies and approves/disapproves individualtransactions regarding review and management of and collection from customers in accordance with the lines ofauthority set forth by each principal banking subsidiary. In addition, from the standpoint of internal controls, each of
our principal banking subsidiaries has also established internal audit divisions that are independent of the businessdivisions in order to ensure appropriate credit risk management.
(d) Market Risk Management
The board of directors of Mizuho Financial Group determines key matters pertaining to market risk management
policies. In addition, we have established the ALM & Market Risk Committee as one of its business policy
committees. The committee broadly discusses and coordinates matters relating to basic asset and liability
management policies, risk planning and market risk management and proposes responses to emergencies such assudden market changes.
The Chief Risk Officer of Mizuho Financial Group is responsible for matters relating to market risk management
planning and operations. The Risk Management Division of Mizuho Financial Group is responsible for monitoringmarket risk, reports and analyses, proposals, setting limits and guidelines, and formulating and implementing plans
relating to market risk management. In addition, the division assesses and manages the overall market risk of theMizuho group as a whole and keeps track of the market risk situation of our principal banking subsidiaries and other

Financial Data of Mizuho Financial Group, Inc.—46

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

core group companies. The division also submits reports to the Chief Executive Officer on a daily basis and to ourboard of directors and the executive management committee of Mizuho Financial Group on a regular basis.
To manage market risk, we set limits that correspond to risk capital allocations. The amount of risk capital
allocated to market risk corresponds to VAR and additional costs that may arise in order to close relevant positions.
For trading and banking activities, we set limits for VAR and for losses. For banking activities, we set position limits
based on interest rate sensitivity as needed.
Our principal banking subsidiaries and certain other core group companies have formulated their basic policies inline with the basic policies determined by Mizuho Financial Group. Their boards of directors determine importantmatters relating to market risk management while their Chief Executive Officers are responsible for controllingmarket risk. Based on a common Mizuho Group risk capital allocation framework, the above-mentioned companies
manage market risk by setting limits according to the risk capital allocated to market risk by Mizuho Financial Group.
Our principal banking subsidiaries and certain other core group companies have the same market risk
management structure as the Mizuho Financial Group, such as their business policy committees being responsible
for overall discussion and coordination of the market risk management, including their ALM & market risk
management committees.
In addition, they have established middle offices specializing in risk management that are independent of theirfront offices, which engage in market transactions, and their back offices, which are responsible for book entries andsettlements. This system enables them to achieve mutual checks and control over market operations.
When VAR is not adequate to control risk, the middle offices manage risk using additional risk indices such as 10
BPV (Basis Point Value), carry out stress tests and set stop loss limits as needed.
(e) Situation of Market Risk
i. Overview of Banking Activities
The following table shows the VAR figures relating to our banking activities for the fiscal year indicated:
Billions of yen
For the Fiscal Years ended March 31,

As of fiscal year end
Maximum
Minimum
AverageThousands of U.S. dollars

2013

¥

215.9
297.9
213.3
246.3

2012

¥

263.7
282.5
210.3
249.4

2013

$

2,297,673
3,170,008
2,270,312
2,621,263[Definition of Banking business]
The following transactions are categorized as banking business, with trading business and strategically-heldequity being categorized separately.
(1) Deposits and loans as well as related funding activities, and hedge against interest rate risk.
(2) Equity (excluding strategically-held equity), bonds, investment trusts, etc. and hedges against related
market risk.
The core deposit of liquid deposits is to be specified and incorporated into the measurement of market risk.
Banking business VAR used to calculate Market Risk Equivalent is based on the following:• variance co-variance model for linear risk and Monte-Carlo simulation for non-linear risk;• VAR : the total amount of linear risk and non-linear risk;• confidence interval: one-tailed 99%;
• holding period of one month ; and• historical observation period of one year.

47—Financial Data of Mizuho Financial Group, Inc.

ii. Trading Business
The following table shows VAR figures of our trading activities for the fiscal year indicated :Billions of yen
For the Fiscal Years ended March 31,

As of fiscal year end
Maximum
Minimum
AverageThousands of U.S. dollars

2013

¥

3.5
4.6
2.6
3.4

2012

¥

3.0
4.8
2.8
3.8

2013

$

38,211
49,25828,32836,219[Definition of trading activities](1) Transactions held for the purpose of short-term resale.
(2) Transactions held for the purpose of making a profit from price fluctuations over a short period as well as
fixing a profit from arbitrage activities.
(3) Deals that have both aspects of (1) and (2) above.
(4) Deals held for broking business or market making business.
Trading business VAR used to calculate Market Risk Equivalent is based on the following:• variance co-variance model for linear risk and Monte-Carlo simulation for non-linear risk;• VAR: the total amount of linear risk and non-linear risk;• confidence interval: one-tailed 99%;
• holding period of 1 trading day; and• historical observation period of one year.
iii. Strategic Equity Holding
We make the same market risk management based on VAR and risk indices for strategic equity holding portfolio
as banking business and trading business.
The risk index of the strategic equity holding portfolio (sensitivity of the portfolio to a 1% change in TOPIX index)
is set as ¥28.0 billion ($298,210 thousand) and ¥24.0 billion for the fiscal year ended March 31, 2013 and 2012,
respectively.
iv. Risk management using VAR
VAR is a commonly used market risk management technique with statistical assumptions to measure maximum
possible loss in the market, which will be incurred to the holding portfolio in a certain period with some probability.
It should be noted that in general VAR model has the following shortcomings:• VAR estimates could differ by assumptions of holding period, confidence interval level and approaches forthe measurement.
• VAR which is calculated based on historical data does not necessarily indicate an accurate future possible
maximum loss.
• VAR might underestimate the probability of extreme market movements when the market gets inactive as
VAR assumes sales of holding portfolio and hedges in the market during the holding period for the
calculation.
• The use of a 99% confidence level does not take account of, nor makes any statement about, any losses
that might occur beyond this confidence level.
The variance co-variance model used as the measurement technique of VAR assumes that change in a market
movement follows a normal distribution. Therefore, the model might underestimate the risk under thecircumstance that the market is likely to move extremely beyond the assumption. The model might also
underestimate the risk when the normal correlation assumption between interest rate and share price collapses
under the circumstances when a rise in the interest rate and a deterioration of share price happen simultaneously.
We check the validity of the market risk measurement made by VAR approach periodically by the back-test
which compares VAR with actual profit and loss. In addition to VAR, we make a wide variety of management andcontrols such as risk indices monitoring, implementation of stress tests, loss limit monitoring in order to make strictrisk management by capturing carefully all risks, including what VAR approach is not able to cover.
(f) Liquidity Risk Management
Our liquidity risk management structure is generally the same as the market risk management structure describedabove (“Item (d) Market Risk Management”). However, the head of the Financial Control & Accounting Group of
Mizuho Financial Group is additionally responsible for matters relating to planning and running cash flow
management operations, while the Financial Planning Division is responsible for monitoring and adjusting the cash
Financial Data of Mizuho Financial Group, Inc.—48

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

flow management situation and for planning and implementing cash flow management. Reports on the cash flow
situation are submitted to the ALM & market risk management committee, the executive management committee
and the Chief Executive Officer.
We measure liquidity risk using indices pertaining to cash flow, such as limits on funds raised in the market. Limits
on liquidity risk are discussed and coordinated by the ALM & market risk management committee, discussed further
by the executive management committee and determined by the Chief Executive Officer. We have establishedclassifications for the cash flow conditions affecting the Group, ranging from “normal” to “cause for concern” and“critical,” and have established procedures for dealing with cases which are deemed to fall into the “cause forconcern” or “critical” categories. In addition, we have constructed a system under which we will be able to respondsmoothly in the event of emergency situations that affect our funding by establishing action plans.

(4) Supplementary Explanation of Matters Relating to Fair Value of Financial Instruments and Others
Fair values of financial instruments include the values based on market prices, and the values deemed as market prices
obtained by the reasonable estimate when the financial instruments do not have market prices. Since certain
assumptions and others are adopted for calculating such values, they may differ when adopting different assumptions
and others.

49—Financial Data of Mizuho Financial Group, Inc.

2. Matters Relating to Fair Value of Financial Instruments and Others
The following are the consolidated balance sheet amounts, fair values and differences between them as of March 31,
2013 and 2012. Unlisted stocks and others, the fair values of which are extremely difficult to determine, are excluded
from the table below (see (Note 2)).
Millions of yen
Consolidated Balance
Sheet Amount

As of March 31, 2013

(1) Cash and Due from Banks *1(2) Call Loans and Bills Purchased *1(3) Receivables under Resale Agreements(4) Guarantee Deposits Paid under Securities Borrowing
Transactions(5) Other Debt Purchased *1(6) Trading Assets
Trading Securities*1(7) Money Held in Trust(8) Securities
Bonds Held to Maturity
Other Securities(9) Loans and Bills Discounted*1
Reserves for Possible Losses on Loans¥

Total Assets(1) Deposits(2) Negotiable Certificates of Deposit(3) Call Money and Bills Sold
(4) Payables under Repurchase Agreements(5) Guarantee Deposits Received under Securities
Lending Transactions(6) Trading Liabilities
Securities Sold, Not yet Purchased(7) Borrowed Money(8) Bonds and Notes
Total Liabilities
Derivative Transactions *2
Derivative Transactions not Qualifying for Hedge
Accounting
Derivative Transactions Qualifying for Hedge
Accounting*1
Reserves for Derivative Transactions
Total Derivative Transactions¥¥

12,332,996
530,079
9,025,049

Fair Value¥

12,332,996
530,079
9,025,049

Difference

¥

—
—
—

5,543,914
1,279,533

5,543,914
1,277,743—(1,789)9,102,409
96,014

9,102,409
96,014——3,000,403
49,736,969
67,536,882(669,587)
66,867,294
157,514,664
84,241,955
15,326,781
6,126,424
17,451,041

3,020,344
49,736,969

19,940—¥¥67,950,932
158,616,452
84,204,806
15,326,606
6,126,424
17,451,041¥¥

1,083,637
1,101,788(37,148)(175)——

11,325,439

11,325,439—¥

3,349,261
7,699,440
5,141,746
150,662,091¥

3,349,261
7,718,009
5,267,901
150,769,491¥—
18,568126,154
107,399¥

823,304¥[207,589](24,915)590,799¥

590,799¥—*1 General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted and reserves for derivative transactions are excluded.
Reserves for Cash and Due from Banks, Call Loans and Bills Purchased, Other Debt Purchased, Money Held in Trust and others are directly written off
against the consolidated balance sheet amount due to immateriality.
*2 Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading
Liabilities, and others are presented as a lump sum.
Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

Financial Data of Mizuho Financial Group, Inc.—50

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

Millions of yen
Consolidated Balance
Sheet Amount

As of March 31, 2012

(1) Cash and Due from Banks *1(2) Call Loans and Bills Purchased *1(3) Receivables under Resale Agreements(4) Guarantee Deposits Paid under Securities Borrowing
Transactions(5) Other Debt Purchased *1(6) Trading Assets
Trading Securities*1(7) Money Held in Trust(8) Securities
Bonds Held to Maturity
Other Securities(9) Loans and Bills Discounted*1
Reserves for Possible Losses on Loans¥

Total Assets(1) Deposits(2) Negotiable Certificates of Deposit(3) Call Money and Bills Sold
(4) Payables under Repurchase Agreements(5) Guarantee Deposits Received under Securities
Lending Transactions(6) Trading Liabilities
Securities Sold, Not yet Purchased(7) Borrowed Money(8) Bonds and Notes
Total Liabilities
Derivative Transactions *2
Derivative Transactions not Qualifying for Hedge
Accounting
Derivative Transactions Qualifying for Hedge
Accounting
Reserves for Derivative Transactions *1
Total Derivative Transactions¥¥

7,277,642
248,733
7,123,397

Fair Value¥

7,277,642
248,733
7,123,397

Difference

¥

—
—
—

6,406,409
1,540,618

6,406,409
1,538,532—(2,086)

9,821,312
71,414

9,821,312
71,414——

1,801,614
48,834,754
63,800,509(600,616)
63,199,892
146,325,791
78,811,909
11,824,746
5,668,929
12,455,152

1,816,139
48,834,754

14,525—¥¥63,446,573
146,584,911
78,755,639
11,824,450
5,668,929
12,455,152¥¥

246,680
259,119(56,270)(296)——

7,710,373

7,710,373—¥

4,406,811
14,763,870
4,783,180
140,424,973¥

4,406,811
14,777,629
4,862,583
140,461,568¥—
13,75879,40336,595¥

511,326¥[249](39,934)
471,142¥

471,142¥—*1 General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted and reserves for derivative transactions are excluded.

Reserves for Cash and Due from Banks, Call Loans and Bills Purchased, Other Debt Purchased, Money Held in Trust and others are directly written off
against the consolidated balance sheet amount due to immateriality.
*2 Derivative Transactions recorded in Trading Assets and Trading Liabilities and Other Assets and Other Liabilities are presented as a lump sum.
Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

51—Financial Data of Mizuho Financial Group, Inc.

Thousands of U.S. dollars
Consolidated Balance
Sheet Amount

As of March 31, 2013$
(1) Cash and Due from Banks *1(2) Call Loans and Bills Purchased *1(3) Receivables under Resale Agreements(4) Guarantee Deposits Paid under Securities Borrowing
Transactions(5) Other Debt Purchased *1(6) Trading Assets
Trading Securities(7) Money Held in Trust *1(8) Securities
Bonds Held to Maturity
Other Securities(9) Loans and Bills Discounted
Reserves for Possible Losses on Loans *1
Total Assets(1) Deposits(2) Negotiable Certificates of Deposit(3) Call Money and Bills Sold
(4) Payables under Repurchase Agreements(5) Guarantee Deposits Received under Securities
Lending Transactions(6) Trading Liabilities
Securities Sold, Not yet Purchased(7) Borrowed Money(8) Bonds and Notes
Total Liabilities
Derivative Transactions *2
Derivative Transactions not Qualifying for Hedge
Accounting
Derivative Transactions Qualifying for Hedge
Accounting*1
Reserves for Derivative Transactions
Total Derivative Transactions

Fair Value

Difference

131,216,046 $5,639,746
96,021,383

131,216,046
5,639,746
96,021,383

58,984,086
13,613,506

58,984,086
13,594,464—(19,042)

96,844,442
1,021,539

96,844,442
1,021,539——

31,922,579
529,172,990
718,553,916(7,124,032)
711,429,884
1,675,866,201 $
896,286,369 $
163,068,215
65,181,666
185,669,134

32,134,737
529,172,990

212,158—

722,959,166
1,687,588,599
895,891,126
163,066,351
65,181,666
185,669,134

120,496,215

120,496,215—$

35,634,230
81,917,660
54,705,250
1,602,958,739 $

35,634,230
82,115,218
56,047,467
1,604,101,407$—
197,558
1,342,217
1,142,668$

8,759,492$[2,208,632](265,088)
6,285,772 $6,285,772

$

—

$
$

$

$
$

—
—
—

11,529,282
11,722,398(395,243)(1,864)——*1 General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted and reserves for derivative transactions are excluded.
Reserves for Cash and Due from Banks, Call Loans and Bills Purchased, Other Debt Purchased, Money Held in Trust and others are directly written off
against the consolidated balance sheet amount due to immateriality.
*2 Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading
Liabilities, and others are presented as a lump sum.
Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

Financial Data of Mizuho Financial Group, Inc.—52

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(Note 1) Calculation method of fair value of financial instruments
Assets(1)Cash and Due from Banks
For Due from Banks which have no maturity, since fair values of these items approximate book values, we deem thebook values to be fair values. For Due from Banks which have maturity, since contractual terms of these items are short(i.e., within six months) and fair values of these items approximate book values, we deem the book values to be fairvalues.
(2)Call Loans and Bills Purchased, (3) Receivables under Resale Agreements and (4) Guarantee Deposits Paid under
Securities Borrowing Transactions
Since contractual terms of these items are short (i.e., within six months) and fair values of these items approximate bookvalues, we deem the book values to be fair values.
(5)Other Debt Purchased
Fair values of Other Debt Purchased are based on the values deemed as market prices obtained by the reasonableestimate such as those obtained from brokers and financial information vendors.
(6)Trading Assets
Fair values of securities held for trading, such as bonds held for trading, are based on the market prices and others.
(7)Money Held in Trust
As to securities managed as trust assets in a directed money trust for separate investment with the management of
securities as its primary purpose, fair values of these items are calculated using the method stated in (8). For other
Money Held in Trust, since fair values of these items approximate book values, we deem the book values to be fairvalues.
The notes to Money Held in Trust based on holding purpose are stated in “42.Fair Value of Securities and Money
Held in Trust.”(8)Securities
Fair values of stocks are based on the prices on securities exchanges, and those of bonds and others are based on themarket prices, valuations obtained from brokers and information vendors and others. Fair values of investment trusts are
based on the disclosed net asset value. Fair values of private placement bonds are calculated by discounting the total
amount of principal and interest and others at interest rates based on the discount rate reflecting expected loss andvarious risk factors by categories according to the internal ratings and terms.
Fair values of some securitized products are calculated by discounting the estimated future cash flows based on theanalysis of underlying assets at interest rates deemed to be prevailing in the market.
Fair values of Floating-rate Japanese Government Bonds, according to our determination that current market prices
may not reflect the fair value, are based on the reasonably calculated prices as book value at the end of the current
fiscal year. In deriving the reasonably calculated prices, we used the discounted cash flow method as well as othermethods. The price decision variables include the yield of 10-year Japanese Government Bonds and the volatilities ofinterest rate swap options for 10-year Japanese Government Bonds as underlying assets.
With respect to the credit investments in securitization products made as an alternative to loans by the European andNorth American offices of domestic consolidated banking subsidiaries, we applied reasonably calculated prices basedon the reasonable estimates of our management as fair value. In deriving reasonably calculated prices based on thereasonable estimates of our management mentioned above, we used the discounted cash flow method. The pricedecision variables include default rates, recovery rates, pre-payment rates and discount rates, and the subject Securities
included residential mortgage-backed securities, collateralized loan obligations, commercial mortgage-backed securities,
and other asset backed securities.
With respect to the credit investments in securitization products made as an alternative to loans by the European andNorth American offices of domestic consolidated banking subsidiaries and others, being affected by the recent
revitalization of the primary market and the secondary market, we changed discount rates of the price decision variables
and set discount rates at a level deemed to be prevailing in the market in deriving reasonably calculated prices using thediscounted cash flow method beginning with the fiscal year ended March 31, 2013. The effect of this matter on net
assets and others is immaterial.

53—Financial Data of Mizuho Financial Group, Inc.

The notes to Securities based on holding purpose are stated in “42.Fair Value of Securities and Money Held in Trust.”(9)Loans and Bills Discounted
Fair values of Loans and Bills Discounted are calculated by the total amount of principal and interest and others at
interest rates based on the discount rate reflecting expected loss and various risk factors by categories according to thetypes, internal ratings and terms of the Loans and Bills Discounted. In addition, as to claims against bankrupt obligors,
substantially bankrupt obligors and intensive control obligors, since the estimated amount of bad debts is calculated
based on the present value of the expected future cash flows or the estimated amounts that we would be able to collectfrom collateral and guarantees, fair values approximate the amount of Debentures and others minus the amount ofReserves for Possible Losses on Loans in the consolidated balance sheet as of the consolidated balance sheet date
and we thus deem such amount to be fair values.
Of the Loans and Bills Discounted, for those without a fixed maturity due to loan characteristics such as limiting loans
to within the value of pledged assets, we deem book values to be fair values since fair values are expected toapproximate book values based on the estimated loan periods, interest rates and other conditions.
Following the refinement of the valuation method, a domestic consolidated banking subsidiary has changed to use theassumptions of the expected future cash flows with floating interest rates for which only previously determined interest
had been applied in calculating the total principal and interest. As a result of this, each of the fair value and thedifference of Loans and Bills Discounted increased by ¥597,618 million ($6,358,317 thousand) respectively.
Liabilities(1)Deposits (2) Negotiable Certificates of Deposit
For demand deposits, we deem the payment amounts required on the consolidated balance sheet date (i.e., bookvalues) to be fair values. In addition, fair values of fixed deposits and negotiable certificates of deposits are calculated byclassifying them based on their terms and by discounting the future cash flows. The discount rates used in suchcalculations are the interest rates. Since fair values of those whose deposit terms are short (i.e., within six months)
approximate book values, we mainly deem the book values to be fair values.
(3)Call Money and Bills Sold, (4) Payables under Repurchase Agreements and (5) Guarantee Deposits Received under
Securities Lending Transactions
Since contractual terms of these financial instruments are short (i.e., within six months) and fair values approximatebook values, we deem the book values to be fair values.
(6)Trading Liabilities
Fair values of Securities Sold, Not yet Purchased in Trading Liabilities are based on the market prices and others.
(7)Borrowed Money
Fair values of Borrowed Money are calculated by discounting the total amount of the principal and interest of such
Borrowed Money classified by certain period at the interest rates considered to be applicable to similar loans.
(8)Bonds and Notes
Fair values of Bonds and Notes issued by MHFG and its consolidated subsidiaries are based on the market prices for
Bonds and Notes which have market prices, and calculated by discounting the total amount of principal and interest by
the interest rates considered to be applicable to similar Bonds and Notes for those which do not have market prices.
Derivative Transactions
Derivative transactions include interest rate-related transactions (futures, options, swaps and others), currency-relatedtransactions (futures, options, swaps and others), bond-related transactions (futures, futures options and others), andare based on the prices on securities exchanges, discounted value of future cash flows, option pricing models andothers.

Financial Data of Mizuho Financial Group, Inc.—54

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(Note 2) The consolidated balance sheet amounts of financial instruments whose fair values are deemed to be extremely
difficult to determine are indicated below, and are not included in “Assets (5) Other Debt Purchased” and “Assets(8) Other Securities” in fair value information of financial instruments.
Millions of yen
2013
2012
Consolidated Balance
Consolidated Balance
Sheet Amount
Sheet Amount

As of March 31,
Category(i) Unlisted Stocks *1(ii) Investments in Partnerships *2*3(iii) Other
Total *4¥¥

232,008
143,280
100,369
475,658¥¥

251,198
145,203
100,182
496,583

Thousands of U.S. dollars
2013
Consolidated Balance
Sheet Amount$ 2,468,441
1,524,421
1,067,870$ 5,060,732*1 We do not treat Unlisted Stocks as being subject to disclosure of fair values as there are no market prices and they are deemed extremely difficult todetermine fair values.
*2 Of the Investments in Partnerships, we do not treat those whose assets consist of unlisted stocks and other financial instruments that are deemed
extremely difficult to determine fair values as being subject to disclosure of fair values.
*3 We do not treat Preferred Securities and others included in Other as being subject to disclosure of fair values as there are no market prices andother factors and they are deemed extremely difficult to determine fair values.
*4 During the fiscal years ended March 31, 2013 and 2012, the amounts of impairment (devaluation) were ¥ 8,059million ($85,744 thousand) and¥12,636 million, respectively, on a consolidated basis.

(Note 3) Projected redemption amounts after the consolidated balance sheet date for financial assets and securities withmaturities
As of March 31, 2013
Types of Financial Instruments

Due from Banks
Call Loans and Bills Purchased
Other Debt Purchased*1
Securities
Bonds Held to Maturity
Japanese Government Bonds
Japanese Corporate Bonds
Other Securities with Maturities
Japanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
Foreign Bonds
Other*2
Loans and Bills Discounted
Total

Within 1 year

1-3 years

3-5 years¥11,491,743 ¥
1,842 ¥
0
530,541——
684,975
70,98751,606
14,121,855
9,939,885 14,144,030
100,000
1,200,000
1,700,000
100,000
1,200,000
1,700,000———
14,021,855
8,739,885 12,444,030
12,151,001
5,296,118
8,759,500

5-7 years¥

7-10 years

Millions of yen
Over 10 years

— ¥
— ¥
—
—
—
—
55,675
12,835401,991
3,338,354
3,324,018
3,475,392
—
—
—
—
—
—
—
—
—
3,338,354
3,324,018
3,475,392
1,815,000
2,470,400
5,000

34,78363,31475,74910,49053,691
826
600,281690,244416,374
126,789
123,679
993,048
1,217,716
2,660,514
3,121,551
1,368,677
651,779
2,470,703
18,07029,69370,855
17,397
24,4685,814
28,334,336 13,122,908
9,704,405
4,163,165
3,829,908
7,187,332¥ 55,163,453 ¥ 23,135,623 ¥ 23,900,042 ¥ 7,557,194 ¥ 7,166,762 ¥ 11,064,716

55—Financial Data of Mizuho Financial Group, Inc.

As of March 31, 2012
Types of Financial Instruments

Within 1 year

1-3 years

3-5 years

5-7 years¥ 6,420,008 ¥
31,837 ¥0
249,032——
679,049
202,159
89,94914,425,239 12,963,255 11,360,536
1,000
700,000
1,100,000—
700,000
1,100,000
1,000——
14,424,238 12,263,255 10,260,536
12,594,011
9,735,267
7,352,000¥

51,096
66,37957,391
717,113
1,061,129
388,824
1,035,661
1,368,052
2,395,670
26,35532,426
66,651
27,523,354 12,696,026
8,332,041¥ 49,296,684 ¥25,893,279 ¥19,782,528

27,279
121,999
1,020,860
27,3113,710,233¥ 5,436,468

64,261
871
114,357
984,898
589,150
2,314,424
76,234
5,345
3,429,330
6,950,829¥ 6,420,877 ¥11,002,761

As of March 31, 2013
Types of Financial Instruments

Within 1 year

5-7 years

Thousands of U.S. dollars
7-10 years Over 10 years

Due from Banks
Call Loans and Bills Purchased
Other Debt Purchased
Securities *1
Bonds Held to Maturity
Japanese Government Bonds
Japanese Corporate Bonds
Other Securities with Maturities
Japanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
Foreign Bonds
Other
Loans and Bills Discounted *2
Total

3-5 years¥——
20,143
2,971,403———
2,971,403
2,127,400

Millions of yen
Over 10 years

Due from Banks
Call Loans and Bills Purchased
Other Debt Purchased*1
Securities
Bonds Held to Maturity
Japanese Government Bonds
Japanese Corporate Bonds
Other Securities with Maturities
Japanese Government Bonds
Japanese Local Government
Bonds
Japanese Corporate Bonds
Foreign Bonds
Other*2
Loans and Bills Discounted
Total

1-3 years——
38,783
1,687,451———
1,687,451
490,000

7-10 years¥——
518,392
3,533,539———
3,533,539
228,000— $— $—19,600 $1 $$122,265,599 $
—
—
—
—
—
5,644,663
7,287,750
755,272
549,059592,351
136,559
4,276,963
150,248,487 105,754,709 150,484,423 35,518,184
35,365,662 36,976,192———
1,063,943 12,767,316 18,087,031———
1,063,943 12,767,316 18,087,031
—
—
—
—
—
—
149,184,544 92,987,393 132,397,392 35,518,184
35,365,662 36,976,192
129,279,731 56,347,679
93,196,085 19,310,565 26,283,647
53,197370,079
673,629805,931
111,608571,245
8,790
6,386,657
7,343,806
4,429,988
1,348,963
1,315,882 10,565,470
12,955,812 28,306,353
33,211,528 14,561,947
6,934,561 26,286,872
192,265
315,926
753,860
185,101
260,327
61,863
301,461,183 139,620,263 103,249,337 44,293,704
40,748,044 76,469,118$586,907,682 $246,149,844 $254,282,820 $ 80,404,239 $ 76,250,265 $117,722,273*1 Securities include those of which fair values are extremely difficult to determine.
*2 Amounts do not include loans to bankrupt, substantially bankrupt, and intensive control obligors and other loans, of which redemption amounts cannot be
projected, of ¥670,937 million ($7,138,394 thousand) and ¥622,537 million, and loans with no maturities of ¥523,888 million ($5,573,875 thousand) and¥536,155 million as of March 31, 2013 and 2012, respectively.

Financial Data of Mizuho Financial Group, Inc.—56

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(Note 4) Projected repayment amounts after the consolidated balance sheet date for Bonds and Notes, Borrowed Money,
and other interest-bearing liabilities
As of March 31, 2013

Millions of yen

Types of Financial Instruments

Deposits *1
Negotiable Certificates of
DepositCall Money and Bills Sold
Borrowed Money *2
Short-term Bonds
Bonds and Notes *2
Total

Within 1 year

3-5 years

5-7 years

752,524 ¥

85,275 ¥50,16815,314,570
12,355——
6,126,424—
6,097,600
786,026
181,558—
477,400—
696,171
1,464,329
1,544,586¥ 108,546,398 ¥ 5,782,466 ¥ 2,478,669 ¥——
65,526—282,120432,922 ¥——
248,751—548,992
847,9113-5 years

5-7 years

7-10 years

793,016 ¥87,052 ¥48,019 ¥—11,824,096
650——
5,668,929—
13,352,268
362,666
524,791—538,200—
699,894
1,446,778
1,264,507¥ 106,576,140 ¥ 5,201,164 ¥ 2,582,315 ¥——
132,481—372,978592,513 ¥——
125,469—
462,772
636,261 ¥——
118,192—
422,658
540,851

5-7 years

Thousands of U.S. dollars
7-10 years
Over 10 years

907,284 $

533,762¥

1-3 years

79,834,232 ¥ 3,519,754 ¥

7-10 years

As of March 31, 2012

As of March 31, 2013
Types of Financial Instruments

Deposits *1
Negotiable Certificates of
DepositCall Money and Bills Sold
Borrowed Money *2
Short-term Bonds
Bonds and Notes *2
Total

—

¥

—
—
171,938—
533,996
705,934

Millions of yen

Types of Financial Instruments

Deposits *1
Negotiable Certificates of
DepositCall Money and Bills Sold
Borrowed Money *2
Short-term Bonds
Bonds and Notes *2
Total

Over 10 years¥

Within 1 year¥

1-3 years

74,492,751 ¥ 3,391,069 ¥Within 1 year

1-3 years

3-5 years$ 849,390,706 $ 37,448,186 $ 8,006,431 $Over 10 years$—

162,938,293
131,454
—
—
—
—
—
—
—
—
—
65,181,666
64,874,987
8,362,876
1,931,680
697,168
2,646,571
1,829,323—————
5,079,264
7,406,868
15,579,630
16,433,521
3,001,599
5,840,967
5,681,417$1,154,871,784 $ 61,522,146 $ 26,371,632 $ 4,606,051 $ 9,021,300 $ 7,510,740*1 Demand deposits are included in “Within 1 year.”*2 Amounts do not include Borrowed Money and Bonds and Notes with no maturities of ¥148,039 million ($1,575,055 thousand) and ¥72,000 million($766,039 thousand), and ¥148,000 million and ¥113,600 million as of March 31, 2013 and 2012, respectively.

57—Financial Data of Mizuho Financial Group, Inc.

42. Fair Value of Securities and Money Held in Trust
The following tables contain information relating to “Securities,” Trading Securities, Commercial Paper, certain other items
in “Trading Assets,” Negotiable Certificates of Deposit in “Cash and Due from Banks,” certain items in “Other Debt
Purchased,” certain items in “Other Assets,” and “Money Held in Trust.”
Millions of yen
Consolidated
Balance
Sheet Amount

As of March 31, 2013

Bonds Held-to-Maturity (Total)
Bonds Whose Fair Values Exceed the Consolidated
Balance Sheet Amount
Bonds Held-to-Maturity:
Japanese Government Bonds
Japanese Corporate Bonds
Bonds Whose Fair Values Do Not Exceed the Consolidated
Balance Sheet Amount
Bonds Held-to-Maturity:
Japanese Government Bonds

Fair value

Difference¥

3,000,403¥

3,020,344¥

19,940¥2,800,591
2,800,591—¥

2,820,614
2,820,614—¥

20,022
20,022—¥

199,811
199,811¥

199,730
199,730

¥

(81)
(81)
Millions of yen

Consolidated
Balance
Sheet Amount

As of March 31, 2012

Bonds Held-to-Maturity (Total)
Bonds Whose Fair Values Exceed the Consolidated
Balance Sheet Amount
Bonds Held-to-Maturity:
Japanese Government Bonds
Japanese Corporate Bonds
Bonds Whose Fair Values Do Not Exceed the Consolidated
Balance Sheet Amount
Bonds Held-to-Maturity:
Japanese Government Bonds

Fair value

Difference¥

1,801,614¥

1,816,139¥

14,525¥

1,751,602
1,750,602
1,000¥

1,766,189
1,765,189
1,000¥

14,586
14,5860¥50,01150,011¥

49,95049,950

¥

(61)
(61)

Thousands of U.S. dollars
Consolidated
Balance
Sheet Amount

As of March 31, 2013

Bonds Held-to-Maturity (Total)
Bonds Whose Fair Values Exceed the Consolidated
Balance Sheet Amount
Bonds Held-to-Maturity:
Japanese Government Bonds
Japanese Corporate Bonds
Bonds Whose Fair Values Do Not Exceed the Consolidated
Balance Sheet Amount
Bonds Held-to-Maturity:
Japanese Government Bonds

Fair value

Difference$

31,922,579$

32,134,737$

212,158$

29,796,696
29,796,696—$

30,009,724
30,009,724—$

213,028
213,028—$

2,125,883
2,125,883$

2,125,013
2,125,013

$

(870)
(870)

Financial Data of Mizuho Financial Group, Inc.—58

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

Millions of yen
As of March 31, 2013

Other Securities*1 (Total)
Other Securities Whose Consolidated Balance Sheet
Amount Exceeds Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Other Securities Whose Consolidated Balance Sheet
Amount Does Not Exceed Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Money Held in Trust
Other Money Held in Trust

59—Financial Data of Mizuho Financial Group, Inc.

Consolidated Balance
Sheet Amount

Acquisition Cost

Difference

881,442*2¥

50,508,516¥

49,627,073¥¥

37,777,064
2,092,306
28,161,134
25,681,978216,5142,262,642
7,523,623
6,490,529
285,742
747,351¥

36,628,151
1,249,041
28,026,887
25,592,305
212,405
2,222,176
7,352,222
6,416,513
278,111657,597¥

1,148,913
843,264
134,247
89,672
4,108
40,465
171,401
74,016
7,631
89,754¥

12,731,451
683,729
5,882,116
5,123,172
27,242
731,701
6,165,605
5,354,280
284,683
526,641¥

12,998,921
816,911
5,902,887
5,124,634
27,289750,963
6,279,122
5,410,391
292,910575,821¥(267,470)(133,181)(20,771)(1,462)(46)(19,262)(113,516)(56,110)(8,226)(49,179)

¥

—

¥

—

¥

—

Millions of yen
As of March 31, 2012

Other Securities*1 (Total)
Other Securities Whose Consolidated Balance Sheet
Amount Exceeds Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Other Securities Whose Consolidated Balance Sheet
Amount Does Not Exceed Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Money Held in Trust
Other Money Held in Trust

Consolidated Balance
Sheet Amount

Acquisition Cost

Difference¥

49,798,518¥

49,714,651¥

83,866*2¥

30,782,427
1,436,809
24,767,795
22,543,510
241,572
1,982,712
4,577,821
3,890,937
405,791
281,092¥

30,132,504
983,245
24,675,852
22,488,274
238,350
1,949,228
4,473,406
3,841,789
390,583
241,033¥

649,922453,564
91,94355,236
3,222
33,484
104,415
49,14815,20840,059¥19,016,090
1,072,543
11,604,769
10,146,167
30,993
1,427,607
6,338,777
5,079,093
420,295
839,389¥

19,582,147
1,369,523
11,640,285
10,149,589
31,084
1,459,611
6,572,338
5,153,431
445,743
973,163¥(566,056)(296,979)(35,516)(3,422)(90)(32,003)(233,560)(74,338)(25,448)(133,773)

¥

965

¥

1,001

¥

(36)

Financial Data of Mizuho Financial Group, Inc.—60

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

Thousands of U.S. dollars
Consolidated Balance
Sheet Amount

As of March 31, 2013

Other Securities*1 (Total)
Other Securities Whose Consolidated Balance Sheet
Amount Exceeds Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Other Securities Whose Consolidated Balance Sheet
Amount Does Not Exceed Acquisition Cost
Other Securities:
Japanese Stocks
Japanese Bonds:
Japanese Government Bonds
Japanese Local Government Bonds
Japanese Corporate Bonds
Other:
Foreign Bonds
Other Debt Purchased
Other
Money Held in Trust
Other Money Held in Trust

Acquisition Cost

Difference$

537,381,807$

528,003,758$

9,378,049*2$

401,926,426
22,260,949
299,618,414
273,241,603
2,303,590
24,073,221
80,047,063
69,055,530
3,040,137
7,951,396$

389,702,643
13,289,094
298,190,099
272,287,534
2,259,877
23,642,688
78,223,450
68,268,041
2,958,945
6,996,464$

12,223,783
8,971,855
1,428,315
954,069
43,713
430,533
1,823,613
787,489
81,192954,932$

135,455,381
7,274,492
62,582,361
54,507,630
289,847
7,784,884
65,598,528
56,966,489
3,028,873
5,603,166$

138,301,115
8,691,471
62,803,362
54,523,189
290,346
7,989,827
66,806,282
57,563,475
3,116,398
6,126,409$(2,845,734)(1,416,979)(221,001)(15,559)(499)(204,943)(1,207,754)(596,986)(87,525)(523,243)

$

—

$

—

$

—

*1 The fair value of Japanese stocks is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.
The fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidatedbalance sheet date.
*2 Unrealized Gains (Losses) or Difference include gains of ¥3,311 million ($35,230 thousand) and losses of ¥7,343 million in the fiscal years ended March 31,
2013 and 2012, respectively, by applying the fair-value hedge method and others.

Note: 1. A summary of Trading Securities and Money Held in Trust for investment purposes and related unrealized gains
and losses recognized in the statement of income are as follows: *Millions of yen
2013
As of March 31,

Thousands of U.S. dollars
2013

2012

Unrealized
gains (losses)

Unrealized
gains (losses)

Unrealized
gains (losses)¥36,788¥(15,009)$ 391,405

Trading Securities

Millions of yen
2013

Thousands of U.S. dollars
2013

2012

As of March 31,

Fair value

Unrealized
gains (losses)

Fair value

Unrealized
gains (losses)

Fair value

Money Held in Trust for
Investment¥96,014¥¥ 70,449—$1,021,539

34* Fair values of trading securities as of March 31, 2013 and 2012 are described in “41. Financial Instruments.”

61—Financial Data of Mizuho Financial Group, Inc.

Unrealized
gains (losses)$

369

Other Securities Sold during the Fiscal Year
Millions of yen
Total amount Total amount
Proceedsof gainsof losses
on saleson salesfrom sales

For the Fiscal Year ended March 31,
2013

Stocks
Bonds
Japanese Government Bonds
Japanese Local
Government Bonds
Japanese Corporate Bonds
Other
Total

¥

68,124
106,359
92,554¥ 17,613
4,837
4,485

$

1,493
12,311
187,834¥ 362,318

64
287
63,264¥ 85,714

2,299,658
19,466,365
278,733,325$1,012,978,783

Millions of yen
Total amount
Proceedsof gains
from sales
on salesTotal amountof losses
on sales

216,144
1,829,643
26,198,145¥ 95,209,875

For the Fiscal Year ended March 31,
2012

Stocks
Bonds
Japanese Government Bonds
Japanese Local
Government Bonds
Japanese Corporate Bonds
Other
Total

245,287
68,766,443
66,720,654¥¥

Thousands of U.S. dollars
Total amount Total amount
Proceedsof gainsof losses
on saleson salesfrom sales

112,577
63,744,981
61,593,225¥ 41,125
67,95854,205¥

241,899
1,909,856
18,540,767¥ 82,398,326

561
13,191
168,446¥ 277,530

181
2,962
62,612¥ 81,238

2,609,719
731,635,739
709,869,716$

724,806
1,131,607
984,731$ 187,394
51,46847,726

15,890130,986
1,998,451$ 3,854,864

687
3,055
673,093$ 911,955

4,635
13,99010,846

Note: The above table contains Other Securities that are deemed extremely difficult to determine fair values.

Unrealized Gains/Losses on Other Securities
Unrealized Gains/Losses on Other Securities as of March 31, 2013 and 2012 are as follows:

Millions of yen
2013

As of March 31,

Difference between Acquisition Cost and Fair Value*1
Other Securities*2
Other Money Held in Trust
Deferred Tax Liabilities
Difference between Acquisition Cost and Fair Value, net of Taxes
Amount Corresponding to Minority Interests
Amount Corresponding to Net Unrealized Gains (Losses) on Other
Securities
Owned by Affiliated Companies, which is attributable to MHFGNet Unrealized Gains (Losses) on Other Securities¥

877,912877,912—(261,212)
616,699

2012¥

12,965¥

12,149615,883

90,573 $ 9,340,486
90,6099,340,486(36)—
50,916 (2,779,152)
39,656
6,561,334
9,253¥

Thousands of
U.S. dollars
2013

137,949

7,453
129,267
37,857 $ 6,552,652*1 The difference between acquisition cost and fair value excludes ¥(3,311) million ($(35,230) thousand) and ¥7,343 million in the fiscal years ended March 31,
2013 and 2012, respectively, by applying the fair-value hedge method and others, and includes translation differences regarding securities which do nothave readily determinable fair value.
*2 Other securities includes translation differences regarding securities which do not have readily determinable fair value.

Financial Data of Mizuho Financial Group, Inc.—62

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

43. Derivatives Information
The fair value of derivatives not qualifying for hedge accounting and derivatives qualifying for hedge accounting as ofMarch 31, 2013 and 2012 is shown in the tables below. In the following tables:(i) Contract value represents notional amounts for swap transactions and contract amounts for other transactions.
Contract value amounts do not indicate the market risk related to derivative transactions.
(ii) Fair values of listed contracts are based on the closing prices of the Tokyo Stock Exchange, the Tokyo International
Financial Futures Exchange, the New York Mercantile Exchange and others. Fair values of over-the-countercontracts and inter-company or internal transactions are based on the discounted value of future cash flows, option
pricing models and others.

(1) Derivative Transactions not Qualifying for Hedge Accounting
Transactions are marked to market, and changes in unrealized gains (losses) are included in the consolidated
statement of income.
(a) Interest Rate-Related Transactions

As of March 31, 2013

Listed:Futures:
Sold
BoughtOptions:
Sold
BoughtOver-the-Counter:
FRAs:
Sold
BoughtSwaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Receive Fixed / Pay Fixed
Options:
Sold
BoughtInter-company or Internal Transactions:Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Total

63—Financial Data of Mizuho Financial Group, Inc.

Contract value
Total
Over one year

Fair value

Millions of yen
Unrealized
gains (losses)¥ 10,322,881
10,530,177¥ 5,539,712
5,027,367¥ (51,392)
51,299¥ (51,392)
51,2992,982,924
3,528,289

687,023556,531(2,622)
2,079

(135)
(46)

12,538,135
16,088,710

1,282,444
1,915,772(7,573)
8,973(7,573)
8,973

350,692,588
349,079,795
55,732,257
531,928

250,491,339
246,822,066
32,855,926
472,888

10,076,025(9,843,277)
17,536
8,243

10,076,025(9,843,277)
17,536
8,243

12,024,653
10,718,591

8,219,007
7,335,559(171,040)
175,788(171,040)
175,7882,316,264
6,728,993/

1,693,920
5,846,944/

34,745(87,892)¥ 210,892

34,745(87,892)¥ 211,253

As of March 31, 2012

Listed:Futures:
Sold
BoughtOptions:
Sold
BoughtOver-the-Counter:
FRAs:
Sold
BoughtSwaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Receive Fixed / Pay Fixed
Options:
Sold
BoughtInter-company or Internal Transactions:Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Total

Contract value
Total
Over one year¥

Fair value

Millions of yen
Unrealized
gains (losses)(95,539)
96,002¥ (95,539)
96,002¥ 13,156,006
12,941,769¥ 4,925,679
3,946,731

4,662,067
6,185,807

88,257—(1,609)
1,153

342
(523)

17,006,676
18,120,568

1,065,852
1,233,613(1,947)(350)(1,947)(350)

355,501,197
347,013,787
52,988,064
677,028

238,964,889
235,961,394
30,954,521
296,491

9,461,311(9,187,152)
19,886(2,864)

9,461,311(9,187,152)
19,886(2,864)

13,944,937
13,147,794

9,544,007
9,244,252(196,467)
198,723(196,467)
198,723

2,588,149
5,528,438
14,800/1,171,753
3,697,960—/

33,374(86,587)(4)¥ 237,927

33,374(86,587)(4)¥ 238,203

Financial Data of Mizuho Financial Group, Inc.—64

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

As of March 31, 2013

Listed:Futures:
Sold
BoughtOptions:
Sold
BoughtOver-the-Counter:
FRAs:
Sold
BoughtSwaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Receive Fixed / Pay Fixed
Options:
Sold
BoughtInter-company or Internal Transactions:Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Total

65—Financial Data of Mizuho Financial Group, Inc.

Thousands of U.S. dollars
Unrealized
Fair value
gains (losses)

Contract value
Total
Over one year

$ 109,829,574
112,035,082$ 58,939,385
53,488,319$

31,736,613
37,538,989

7,309,533
5,921,173(27,907)22,128(1,440)(492)

133,398,607
171,174,707

13,644,475
20,382,722(80,580)
95,474(80,580)
95,474

3,731,169,148
3,714,009,958
592,959,437
5,659,419

2,665,085,001
2,626,046,027
349,568,322
5,031,264

107,203,165(104,726,860)
186,574
87,704

107,203,165(104,726,860)
186,574
87,704

127,935,460
114,039,701

87,445,552
78,046,166(1,819,774)
1,870,289(1,819,774)
1,870,289

24,643,734
71,592,656/

18,022,346
62,208,159/

369,667(935,127)
2,243,771

369,667(935,127)
2,247,618$(546,782)
545,800$$(546,782)
545,800

(b) Currency-Related Transactions
Contract value
Total
Over one year

As of March 31, 2013

Listed:Futures:
Sold
BoughtOver-the-Counter:
Swaps
Forwards:
Sold
BoughtOptions:
Sold
BoughtInter-company or Internal Transactions:
Swaps
Forwards:
Sold
Bought
Total

¥

¥

5,252
3,060

¥

(11)
21

¥

¥

(11)
21

38,105,893

22,896,029(53,902)(359,290)

42,260,682
22,631,705

2,528,310
2,937,514(1,060,217)
1,347,690(1,060,217)
1,347,690

4,931,194
4,607,257

2,445,797
2,312,240(292,565)
293,774(5,004)(1,903)2,779,435

1,676,816

342,708

273,325

6,004
114,192
/

—
—
/

44
1,859
579,401

¥

44
1,859
196,513

Fair value

Millions of yen
Unrealized
gains (losses)¥

Contract value
Total
Over one year

As of March 31, 2012

Listed:Futures:
Sold
BoughtOver-the-Counter:
Swaps
Forwards:
Sold
BoughtOptions:
Sold
BoughtInter-company or Internal Transactions:
Swaps
Forwards:
Sold
BoughtTotal

14,57323,252

Fair value

Millions of yen
Unrealized
gains (losses)

550
3,076

¥

—
—

¥

(0)
0

¥

(0)
0

24,146,988

16,883,358(215,170)(277,288)

26,906,919
16,186,314

2,588,376
2,286,110(71,236)
198,202(71,236)
198,2025,327,291
5,608,015

3,263,670
3,151,189(578,381)
901,550(79,192)
394,386

2,291,783

2,149,126

17,524(9,613)

5,739
91,631
/

—
—
/

36
6,497
259,023

36
6,497
161,791¥¥

Financial Data of Mizuho Financial Group, Inc.—66

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

As of March 31, 2013

Listed:Futures:
Sold
BoughtOver-the-Counter:
Swaps
Forwards:
Sold
BoughtOptions:
Sold
BoughtInter-company or Internal Transactions:
Swaps
Forwards:
Sold
BoughtTotal

Thousands of U.S. dollars
Unrealized
Fair value
gains (losses)

Contract value
Total
Over one year$

155,056
247,398$

55,88232,563

$

(119)
227

$

(119)
227

405,424,974

243,600,699(573,492)(3,822,648)

449,629,563
240,788,440

26,899,780
31,253,476(11,280,112)
14,338,661(11,280,112)
14,338,661

52,465,098
49,018,595

26,021,893
24,600,923(3,112,731)
3,125,589(53,245)(20,250)

29,571,612

17,840,370

3,646,222

2,908,027

63,881
1,214,944
/

—
—
/

469
19,783
6,164,497

469
19,7832,090,793$$(c) Stock-Related Transactions
Contract value
Total
Over one year

As of March 31, 2013

Listed:Index Futures:
Sold
BoughtIndex Futures Options:
Sold
BoughtOver-the-Counter:
Equity Linked Swaps
Options:
Sold
BoughtOther:
BoughtTotal

67—Financial Data of Mizuho Financial Group, Inc.

¥

343,392
10,312¥——Millions of yen
Unrealized
gains (losses)

Fair value¥(7,840)72¥(7,840)72

693,577
652,404

153,930
147,005(42,842)
45,026(22,150)
19,084

530,924

316,180

7,745

7,745

684,145564,258

354,813323,248(108,931)
112,658(77,820)
91,48639,783/24,000
/

¥

1,322
7,211

¥

1,322
11,899

Contract value
Total
Over one year

As of March 31, 2012

Listed:Index Futures:
Sold
BoughtIndex Futures Options:
Sold
BoughtOver-the-Counter:
Equity Linked Swaps
Options:
Sold
BoughtOther:
Bought
Total

¥

¥

—
—

Fair value¥$(13,628)(20)¥(13,628)(20)

723,310
749,993

104,673
105,360(31,236)
26,262(10,945)2,402

528,292

511,878

27,732

27,732

1,204,935
1,048,093

422,255
360,700(116,965)
80,581(74,290)
52,59939,009/34,900/¥3,653,503
109,721

$

—
—

(546)
(27,822)¥(546)(16,697)

Thousands of U.S. dollars
Unrealized
Fair value
gains (losses)

Contract value
Total
Over one year

As of March 31, 2013

Listed:Index Futures:
Sold
BoughtIndex Futures Options:
Sold
BoughtOver-the-Counter:
Equity Linked Swaps
Options:
Sold
BoughtOther:
BoughtTotal

302,299
162,652

Millions of yen
Unrealized
gains (losses)$(83,414)
767$(83,414)767

7,379,264
6,941,214

1,637,733
1,564,049(455,818)
479,061(235,672)
203,0445,648,730

3,363,983

82,40582,405

7,278,922
6,003,385

3,775,019
3,439,177(1,158,967)
1,198,624(827,961)
973,363423,269/

255,346/$

14,06976,727$

14,069126,601

Financial Data of Mizuho Financial Group, Inc.—68

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(d) Bond-Related Transactions
Millions of yen
2013

2012

Contract value
As of March 31,

Total

Over
one year

Listed:Futures:Sold¥ 1,022,307 ¥Bought719,742
Futures Options:Sold415,079
Bought396,906
Over-the-Counter:
Options:
Sold591,420
Bought568,680
Total
/

Fair
Unrealized
value gains (losses)

¥

—
—

(801)
845

(186)
4

291,471430,597

—
—

(419)
946

140
(564)

16,157
16,157/ ¥(5,542)5,696(4)(3,855)
4,099
(138)

234,282
227,402/

16,461
14,965/ ¥(1,088)
1,126
952

(737)
495
(277)

Thousands of U.S. dollars
Contract value
Total

Over
One year

Fair
Unrealized
value gains (losses)

Listed:Futures:Sold$ 10,876,771 $ 204,432 $ (29,089) $ (29,089)
Bought
7,657,654
127,288
26,946
26,946
Futures Options:Sold4,416,214—(8,530)(1,985)
Bought4,222,861
—
8,992
50
Over-the-Counter:
Options:
Sold
6,292,373
171,906(58,966)(41,021)
Bought
6,050,440
171,906
60,602
43,621Total// $(45) $ (1,478)

69—Financial Data of Mizuho Financial Group, Inc.

(5,038)
5,426

Unrealized
gains (losses)(2,734)
2,532¥(2,734) ¥ 2,949,505 ¥
— ¥
2,532
2,436,041
12,035

Fair
value

19,214 ¥11,9632013

As of March 31,

Contract value
Over
Total one year¥¥

(5,038)5,426

(e) Commodity-Related Transactions
Millions of yen
2013

2012

Contract value
As of March 31,

Listed:Futures:
Sold¥
BoughtFutures Options:
Sold
BoughtOver-the-Counter:
Options:
Sold
Bought
Total

Total

Over
one year

Fair
Unrealized
value gains (losses)

Contract value
Over
Total
one year

75,402 ¥76,096

3,543 ¥
3,286(481) ¥
214(481) ¥
214

88,720 ¥86,902

93
93

—
—

(0)
0

0
(1)

0
0

106,132(22,010)(22,010)
97,25031,96831,968/ ¥9,690 ¥
9,689

282,583
269,258/

189,710
180,106
/

Fair
value

Unrealized
gains (losses)

5,227 ¥ (2,813)
4,368
2,370

¥ (2,813)
2,370

—
—

(0)
0

1
(0)

121,807(39,485)
109,732
54,823/ ¥ 14,895(39,485)
54,823¥ 14,896

Thousands of U.S. dollars
2013
Contract value
As of March 31,

Total

Over
one year

Fair
Unrealized
value gains (losses)

Listed:Futures:Sold$ 802,239 $ 37,703 $ (5,120)
Bought809,619
34,962
2,277
Futures Options:
Sold
1,000
—
(5)
Bought1,000—
6Over-the-Counter:
Options:
Sold
2,018,413 1,129,191 (234,184)
Bought
1,916,229 1,034,693
340,131Total// $ 103,105$(5,120)
2,277
1
(17)

(234,184)
340,131$ 103,088

Note: Commodities include oil, copper, aluminum and others.

Financial Data of Mizuho Financial Group, Inc.—70

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(f) Credit Derivative Transactions

Contract value
Total
Over one year

As of March 31, 2013

Over-the-Counter:
Credit Derivatives:
Sold
BoughtTotal¥

As of March 31, 2013

Over-the-Counter:
Credit Derivatives:
Sold
BoughtTotal¥

1,842,469
2,215,559/¥

3,364,866
3,682,847/¥

1,952,545
2,384,722/¥$ 26,208,173
30,700,565/$ 19,602,825
23,572,290/

2,235
13,877
16,113

Fair value

¥
¥

(351)
26,702
26,350¥¥2,235
13,877
16,113

Millions of yen
Unrealized
gains (losses)

¥
¥

(351)
26,702
26,350Thousands of U.S. dollars
Unrealized
Fair value
gains (losses)

Contract value
Total
Over one year

Note: “Sold” and “Bought” indicate assumption and cession of credit risk, respectively.

71—Financial Data of Mizuho Financial Group, Inc.

¥

Contract value
Total
Over one year

As of March 31, 2012

Over-the-Counter:
Credit Derivatives:
Sold
BoughtTotal

2,463,306
2,885,546/

Fair value

Millions of yen
Unrealized
gains (losses)$$

23,787
147,650
171,437$

23,787
147,650$ 171,437

(2) Derivative Transactions Qualifying for Hedge Accounting(a) Interest Rate-Related Transactions
Millions of yen
As of March 31, 2013

Primary Method :Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Fair Value Hedge Method :Swaps:

Primary
hedged items

Loans, deposits,
debentures, borrowings
and others

Fair value¥ 23,957,859
5,899,953
170,000¥ 19,470,203
4,803,948
80,000¥ 349,777(123,288)
152

4,329
78,801—
66,48219(2,473)

Other securities and others

Receive Fixed / Pay Float
Receive Float / Pay Fixed

Exceptional Accrual Method :Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Total

Contract value
Total
Over one year

Loans, borrowings andothers

Note 2.

30,00040,465/30,00020,645/¥ 224,186
Millions of yen

As of March 31, 2012

Primary Method :Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Fair Value Hedge Method :Swaps:
Receive Float / Pay Fixed
Exceptional Accrual Method :Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Total

Primary
hedged items

Loans, deposits,
debentures, borrowings
and others

Contract value
Total
Over one year

Fair value¥ 29,245,006
6,939,398
184,800¥ 18,531,597
4,658,361
170,000¥ 313,667(106,071)
221

66,95964,631(2,461)Other securities and others

Loans, borrowings andothers

Note 2.

30,00041,465/30,00030,453/¥ 205,355

Financial Data of Mizuho Financial Group, Inc.—72

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

As of March 31, 2013

Primary Method :Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Receive Float / Pay Float
Fair Value Hedge Method :Swaps:

Primary
hedged items

Loans, deposits,
debentures, borrowings
and others$ 254,897,960
62,772,142
1,808,703$

207,151,867
51,111,277
851,154$

3,721,430(1,311,718)
1,621

Other securities and others
46,058
838,408

Receive Fixed / Pay Float
Receive Float / Pay Fixed

Exceptional Accrual Method :Swaps:
Receive Fixed / Pay Float
Receive Float / Pay Fixed
Total

Thousands of U.S. dollars
Contract value
Total
Over one year
Fair value―
707,333

206(26,319)

Loans ,borrowings andothers

Note 2.

319,183
432,449/

319,183
219,660/$

2,385,220

Notes: 1. Primarily the deferred method is applied under “Accounting and Auditing Treatment Relating to Adoption of
Accounting Standards for Financial Instruments for Banks” (JICPA Industry Audit Committee Report No. 24).
2. Since derivative transactions qualifying for the exceptional accrual method are treated as a unit of loans andborrowings, hedged items, those fair values are included in fair values of such loans and borrowings in “41.
Financial Instruments.”

73—Financial Data of Mizuho Financial Group, Inc.

(b) Currency-Related Transactions
Millions of yen
As of March 31, 2013

Primary Method :Swaps
Forwards:
Sold
BoughtTotal

Contract value
Total
Over one year

Primary
hedged items

Loans, deposits,
borrowings, parent
company’s interest of
subsidiaries’ net assets
and others¥

8,816,368¥

230,289
6,004/

2,340,415——/

Fair value¥(421,944)¥(9,795)(44)(431,784)
Millions of yen

As of March 31, 2012

Primary Method :Swaps
Forwards:
Sold
BoughtTotal

As of March 31, 2013

Primary Method :Swaps
Forwards:
Sold
BoughtTotal

Contract value
Total
Over one year

Primary
hedged items

Loans, deposits,
borrowings, parent
company’s interest of
subsidiaries’ net assets
and others

Primary
hedged items

Loans, deposits,
borrowings, parent
company’s interest of
subsidiaries’ net assets
and others¥

7,974,270
230,871
5,739/¥

2,729,241——/

Fair value¥(190,606)¥(14,683)(36)(205,326)

Thousands of U.S. dollars
Contract value
Total
Over one year
Fair value$ 93,801,137$ 24,900,683$ (4,489,253)

2,450,152
63,881/——/(104,222)(469)$ (4,593,944)

Note: Primarily the deferred method is applied under “Accounting and Auditing Treatment Relating to Adoption of
Accounting Standards for Foreign Currency Transactions for Banks” (JICPA Industry Audit Committee Report No.
25).

Financial Data of Mizuho Financial Group, Inc.—74

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements(c) Stock-Related Transactions
Millions of yen
As of March 31, 2013

Fair Value Hedge Method :Index Futures:
Sold
BoughtTotal

Contract value
Total
Over one year

Primary
hedged items

Fair value

Other securities
¥

79
272

¥

/

—
—

¥

/

¥

(6)
15
8

Millions of yen
As of March 31, 2012

Fair Value Hedge Method :Forward Stock Agreements:
Sold
Index Futures:
Sold
BoughtTotal

As of March 31, 2013

Fair Value Hedge Method :Index Futures:
Sold
BoughtTotal

Contract value
Total
Over one year

Primary
hedged items

Fair value

Other securities
¥

1,163

¥

—

68
248

—
—

/

/

¥

(285)

¥

(2)
9
(278)

Thousands of U.S. dollars
Contract value
Total
Over one year
Fair value

Primary
hedged items

Other securities

75—Financial Data of Mizuho Financial Group, Inc.

$

850
2,903
/

$

—
—

$

/

$

(74)
166
92

44. Segment Information
Segment Information by Management Approach
1. Summary of Reportable Segment
The MHFG Group’s operating segments are based on the nature of the products and services provided, the type ofcustomer and the Group’s management organization.
The reportable segment information, set forth below, is derived from the internal management reporting systems usedby management to measure the performance of the Group’s operating segments. The management measures theperformance of each of the operating segments primarily in terms of “net business profits” (excluding the amounts ofcredit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) in accordance withinternal managerial accounting rules and practices.
MHFG manages its business portfolio through the three Global Groups: the Global Corporate Group, the Global RetailGroup and the Global Asset & Wealth Management Group. The Global Corporate Group consists primarily of MHCB,
the Global Retail Group consists primarily of MHBK, and the Global Asset & Wealth Management Group consists
primarily of MHTB. The former MHSC and the former MHIS which had belonged to the Global Corporate Group and the
Global Retail Group respectively, merged in January, 2013 and were launched as the new MHSC. The new MHSC after
the merger belongs to both of the Global Corporate Group and the Global Retail Group.
Operating segments of MHCB and MHBK are aggregated within each entity based on customer characteristics andfunctions. Operating segments of MHCB are aggregated into three reportable segments, domestic, international, andtrading and others. Operating segments of MHBK are also aggregated into three reportable segments, retail banking,corporate banking, and trading and others. In addition to the three Global Groups, subsidiaries which provide services toa wide range of customers and which do not belong to a specific Global Group are aggregated as Others.
[The Global Corporate Group][MHCB (1)]MHCB is the main operating company of the Global Corporate Group and provides banking and other financial services
to large corporations, financial institutions, public sector entities, foreign corporations, including foreign subsidiaries ofJapanese corporations, and foreign governmental entities.
(Domestic (2))
This segment provides a variety of financial products and services to large corporations, financial institutions andpublic sector entities in Japan. The products and services it offers include commercial banking, advisory services,syndicated loan arrangements and structured finance.
(International (3))
This segment mainly offers commercial banking and foreign exchange transaction services to foreign corporations,
including foreign subsidiaries of Japanese corporations, through MHCB’s overseas network.
(Trading and others (4))
This segment supports the domestic and international segments in offering derivatives and other risk hedging
products to satisfy MHCB’s customers’ financial and business risk control requirements. It is also engaged in MHCB’s
proprietary trading, such as foreign exchange and bond trading, and asset and liability management. This segment
also includes costs incurred by headquarters functions of MHCB.
[MHSC (5)]The former MHSC and the former MHIS merged to form the new MHSC in January, 2013. The new MHSC belongs toboth the Global Corporate Group and the Global Retail Group and provides full-line securities services to corporations,financial institutions, public sector entities and individuals.
[Others (6)]This segment consists of MHCB’s subsidiaries other than MHSC. These entities offer financial products and services in
specific areas of business or countries mainly to customers of the Global Corporate Group.

Financial Data of Mizuho Financial Group, Inc.—76

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements[The Global Retail Group][MHBK (7)]MHBK is the main operating company of the Global Retail Group. MHBK provides banking and other financial services
primarily to individuals, SMEs and middle-market corporations through its domestic branch and ATM network.
(Retail banking (8))
This segment offers banking products and services, including housing and other personal loans, credit cards,
deposits, investment products and consulting services, to MHBK’s individual customers through its nationwide branch
and ATM network, as well as telephone and Internet banking services.
(Corporate banking (9))
This segment provides loans, syndicated loan arrangements, structured finance, advisory services, other banking
services and capital markets financing to SMEs, middle-market corporations, local governmental entities and otherpublic sector entities in Japan.
(Trading and others (10))
This segment supports the retail banking and corporate banking segments in offering derivatives and other risk
hedging products to satisfy MHBK’s customers’ financial and business risk control requirements. It is also engaged in
MHBK’s proprietary trading, such as foreign exchange and bond trading, and asset and liability management. This
segment also includes costs incurred by headquarters functions of MHBK.
[The former MHIS (11)]The former MHIS merged with the former MHSC to form the new MHSC in January, 2013.
[Others (12)]This segment consists of MHBK’s subsidiaries. These subsidiaries, such as Mizuho Capital and Mizuho Business
Financial Center, offer financial products and services in specific areas of business to customers of the Global RetailGroup.
[The Global Asset & Wealth Management Group][MHTB (13)]
MHTB is the main operating company of the Global Asset & Wealth Management Group and offers products andservices related to trust, real estate, securitization and structured finance, pension and asset management, and stocktransfers.
[Others (14)]This segment includes companies other than MHTB which are part of the Global Asset & Wealth Management Group.
These companies include Trust & Custody Service Bank, Mizuho Asset Management, DIAM and Mizuho Private WealthManagement. They offer products and services related to private banking, trust and custody, and asset management.
[Others (15)]This segment consists of MHFG and its subsidiaries that do not belong to a specific Global Group but provide theirservices to a wide range of customers. Under this segment, the MHFG Group offers non-banking services including
research and consulting services through Mizuho Research Institute, information technology-related services throughMizuho Information & Research Institute and advisory services to financial institutions through Mizuho Financial
Strategy.

77—Financial Data of Mizuho Financial Group, Inc.

2. Calculating Method of Gross Profits (excluding the amounts of credit costs of trust accounts), Net
Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of(provision for) general reserve for losses on loans), and the Amount of Assets by Reportable
Segment
The following information of reportable segment is based on internal management reporting.
Gross profits (excluding the amounts of credit costs of trust accounts) is the total amount of Interest income, Fiduciaryincome, Fee and commission income, Trading income, and Other operating income.
Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) generalreserve for losses on loans) is the amount of which General administrative expenses (excluding non-recurring
expenses) and Other (Equity in income from investments in affiliates and certain other consolidation adjustments) are
deducted from Gross profits (excluding the amounts of credit costs of trust accounts).
Asset information by segment is not prepared on the grounds that management does not use asset information ofeach segment for the purpose of asset allocation or performance evaluation.
Gross profits (excluding the amounts of credit costs of trust accounts) relating to transactions between segments isbased on the current market price.

Financial Data of Mizuho Financial Group, Inc.—78

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

3. 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
Millions of yen

For the Fiscal Year ended March 31, 2013

Gross Profits (excluding the amountsof credit costs of trust accounts)
Net Interest Income (expense)
Net Non-interest Income
Total
General and Administrative Expenses(excluding Non-Recurring Losses)
OthersNet Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses onloans)

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

(1)

79—Financial Data of Mizuho Financial Group, Inc.

(5)

(6)

¥ 401,701
333,373¥ 735,075¥ 157,000
141,100¥ 298,100¥ 109,600
104,700¥ 214,300¥ 135,101
87,573¥ 222,675

471,963(50,008)

241,048

80,00061,50099,548142,854

—

—

—

—

—

¥ 536,971¥ 494,026¥ 218,100¥ 152,800¥ 123,126

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

68,924
114,250¥ 183,175(4,912)
184,252¥ 179,340¥

36,485¥89,34955,177¥ 144,527
88,059(50,008)

¥

6,459

The
formerMHIS

Others

(11)

(12)

436
35,106¥ 35,543¥ 36,333
11,573¥ 47,906¥ 513,824
313,650¥ 827,475¥ 210,600
37,400¥ 248,000¥ 234,300
162,000¥ 396,300

568,259(7,403)524,396

209,300

216,700

98,39630,701

—

—

—

—

—

13,161(7,403)¥ 335,261¥ 303,078

38,700¥ 179,600

4,841¥ 27,341¥¥¥¥ 550,594
360,330¥ 910,924¥

84,778Total

Gross Profits (excluding the amountsof credit costs of trust accounts)
Net Interest Income (expense)
Net Non-interest Income
Total
General and Administrative Expenses(excluding Non-Recurring Losses)
OthersNet Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses onloans)

Others¥ 486,139
572,803¥1,058,942(7)Gross Profits (excluding the amountsof credit costs of trust accounts)
Net Interest Income (expense)
Net Non-interest Income
Total
General and Administrative Expenses(excluding Non-Recurring Losses)
OthersNet Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses onloans)MHSC

Global Asset & Wealth Management
Group
MHTB
OthersOthers

(13)

(15)

¥

40,428130,932¥ 171,361¥

41,04582,512¥ 123,557

114,290(1,670)¥55,399

(14)

¥

(616)
48,419¥ 47,803

74,279—¥49,278¥¥(1,263)31,751¥ 30,487¥1,075,898
1,095,818¥2,171,716

40,011(1,670)16,502(29,462)

1,171,016(88,545)

6,121¥ (15,477)¥ 912,155¥¥

(Substantive One Bank Structure)
Millions of yen
Aggregated figures of MHCB and MHBK
（Substantive One Bank Structure）
For the Fiscal Year ended March 31, 2013

Gross Profits (excluding the amounts ofcredit costs of trust accounts)
Net Interest Income (expense)
Net Non-interest Income
Total
General and Administrative Expenses(excluding Non-Recurring Losses)
OthersNet Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses on loans)¥

915,525
647,024¥ 1,562,550¥

Retailbanking

Corporatebanking

International

Tradingand others

¥

¥

¥

¥

¥

210,600
37,400248,000¥

391,300
303,100
694,400¥

109,600
104,700
214,300¥

204,025
201,824
405,850

765,445

209,300

296,700

61,500

197,945

—

—

—

—

—

797,104¥

38,700¥397,700¥

152,800¥

207,904

Financial Data of Mizuho Financial Group, Inc.—80

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

Millions of yen

For the Fiscal Year ended March 31, 2012

Gross Profits (excluding the amountsof credit costs of trust accounts)
Net Interest Income (expense)
Net Non-interest Income

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

(1)

MHSC

Others(5)(6)¥ 468,289
449,368¥ 395,011
286,750¥ 171,400
131,300¥

90,30086,900¥ 133,311
68,550¥

Total
General and Administrative Expenses(excluding Non-Recurring Losses)¥ 917,658¥ 681,761¥ 302,700¥ 177,200¥ 201,861¥ 116,392

465,444244,869

88,50060,30096,069144,845

75,729OthersNet Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses onloans)(52,077)

—

—

—

—

—

(52,077)¥ 400,136¥ 436,892¥ 214,200¥ 116,900¥ 105,792¥ (28,452)

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

(7)

Gross Profits (excluding the amountsof credit costs of trust accounts)
Net Interest Income (expense)
Net Non-interest Income¥ 583,921
305,782¥ 545,372
253,296¥ 224,300
32,100¥ 253,700
136,800¥

Total
General and Administrative Expenses(excluding Non-Recurring Losses)¥ 889,704¥ 798,669¥ 256,400¥ 390,500

608,489

556,444

218,600

OthersNet Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses onloans)(14,049)——¥ 267,165¥ 242,225

37,800¥ 162,900¥

Total
General and Administrative Expenses(excluding Non-Recurring Losses)
OthersNet Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses onloans)

81—Financial Data of Mizuho Financial Group, Inc.

42,72284,357¥722
46,84240,85011,195—(14,049)

3,734¥ 21,205

41,525

117,138

78,04339,094

15,2371,206,310(1,862)—(1,862)(9,672)(77,661)¥

49,036

¥

6,607

(12)

—

¥ 127,079

55,643(11)

110,244¥ (7,315) ¥1,088,340
28,383914,734¥

Others—¥ 174,644¥¥ 47,564

The
formerMHIS

227,600(15)¥(8,304)¥ 46,449(13)

43,444
131,199¥¥ 44,584

Others¥¥ 119,503¥ 151,769

Global Asset & Wealth Management
Group
MHTB
Others(14)

77,432
42,070¥ 37,874
8,575

Total

Gross Profits (excluding the amountsof credit costs of trust accounts)
Net Interest Income (expense)
Net Non-interest Income¥

674
43,910¥67,372
84,396(4,154)
120,547

21,068 ¥2,003,075¥ (3,841) ¥ 719,104¥¥

(Substantive One Bank Structure)
Millions of yen
Aggregated figures of MHCB and MHBK
（Substantive One Bank Structure）
For the Fiscal Year ended March 31, 2012

Gross Profits (excluding the amounts ofcredit costs of trust accounts)
Net Interest Income (expense)
Net Non-interest Income
Total
General and Administrative Expenses(excluding Non-Recurring Losses)
OthersNet Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses on loans)¥

940,384
540,047¥ 1,480,431¥

Retailbanking

Corporatebanking

International

Tradingand others

¥

¥

¥

¥

¥

224,300
32,100256,400¥

425,100
268,100
693,200¥

90,30086,900177,200¥

200,684
152,947
353,631801,313

218,600

316,100

60,300206,313

—

—

—

—

—

679,117¥37,800¥377,100¥

116,900¥

147,317

Financial Data of Mizuho Financial Group, Inc.—82

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

Thousands of U.S. dollars

For the Fiscal Year ended March 31, 2013

(1)

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

MHSC

Others(5)(6)

Gross Profits (excluding the amountsof credit costs of trust accounts)
Net Interest Income (expense)$ 5,172,242 $ 4,273,873 $ 1,670,390 $ 1,166,082 $ 1,437,401 $ (52,261) $ 950,630
Net Non-interest Income
6,094,306 3,546,909 1,501,224 1,113,948
931,737 1,960,337
587,060
Total$11,266,548 $ 7,820,782 $ 3,171,614 $ 2,280,030 $ 2,369,138 $ 1,908,076 $ 1,537,690
General and Administrative Expenses(excluding Non-Recurring Losses)
5,021,421 2,564,624
851,154654,325
1,059,145 1,519,889
936,908————— (532,062)
Others(532,062)
Net Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses onloans)$ 5,713,065 $ 5,256,158 $ 2,320,460 $ 1,625,705 $ 1,309,993 $ 388,187 $ 68,720(7)Global Retail Group
MHBK
Trading
RetailCorporateandbankingbankingothers
(8)
(9)
(10)

Gross Profits (excluding the amountsof credit costs of trust accounts)
Net Interest Income (expense)$ 5,858,013 $ 5,466,799 $ 2,240,664 $ 2,492,819 $ 733,316 $Net Non-interest Income
3,833,707 3,337,066
397,915 1,723,587 1,215,564
Total$ 9,691,720 $ 8,803,865 $ 2,638,579 $ 4,216,406 $ 1,948,880 $General and Administrative Expenses(excluding Non-Recurring Losses)
6,045,962 5,579,284 2,226,833 2,305,564 1,046,887
Others————(78,764)
Net Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses onloans)$ 3,566,994 $ 3,224,581 $ 411,746 $ 1,910,842 $ 901,993 $Total
Global Asset & Wealth Management
Group
MHTB
OthersOthers

(13)

(15)

(14)

Gross Profits (excluding the amountsof credit costs of trust accounts)
Net Interest Income (expense)$ 430,138 $ 436,696 $(6,558) $ (13,442) $11,446,951
Net Non-interest Income
1,393,050
877,890515,160
337,816 11,658,879
Total$ 1,823,188 $ 1,314,586 $ 508,602 $ 324,374 $23,105,830
General and Administrative Expenses(excluding Non-Recurring Losses)
1,215,988
790,288425,700
175,577 12,458,948
Others—(17,777)(313,467)(942,070)(17,777)
Net Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses onloans)$ 589,423 $ 524,298 $
65,125 $ (164,670) $ 9,704,812

83—Financial Data of Mizuho Financial Group, Inc.

The
FormerMHIS

Others(11)(12)

4,648 $
373,511
378,159 $

386,566
123,130
509,696326,649—

140,029(78,764)

51,510 $290,903

(Substantive One Bank Structure)
Thousands of U.S. dollars
Aggregated figures of MHCB and MHBK
（Substantive One Bank Structure）
Retailbanking

For the Fiscal Year ended March 31, 2013

Gross Profits (excluding the amounts ofcredit costs of trust accounts)
Net Interest Income (expense)
Net Non-interest Income
Total
General and Administrative Expenses(excluding Non-Recurring Losses)
OthersNet Business Profits (excluding theamounts of credit costs of trust
accounts, before reversal of (provisionfor) general reserve for losses on loans)

Corporatebanking$ 9,740,672 $ 2,240,664 $ 4,163,209
6,883,975
397,9153,224,811$16,624,647 $ 2,638,579 $ 7,388,020

International

Tradingand others$ 1,166,082 $ 2,170,717
1,113,948
2,147,301$ 2,280,030 $ 4,318,018

8,143,908

2,226,833

3,156,718

654,325

2,106,032

—

—

—

—

—

$ 8,480,739 $

411,746 $ 4,231,302$ 1,625,705 $ 2,211,986

Notes: 1.Gross profits (excluding the amounts of credit costs of trust accounts) is reported instead of sales reported by general
corporations.
2.“Others (6)”, “Others (12)” and “Others (14)” include elimination of transactions between companies within the Global Corporate
Group, the Global Retail Group and the Global Asset & Wealth Management Group, respectively. “Others (15)” includes
elimination of transactions between the Global Groups.
3. Beginning on April 1, 2012, with the implementation of the “substantive one bank” structure, new methods of income distribution
among segments have been applied to the calculation of the respective Gross profits (excluding the amounts of credit costs oftrust accounts) and Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for)general reserve for losses on loans) of “Domestic (2)”, “International (3)”, “Trading and others (4)”, “Retail banking (8)”,“Corporate banking (9)”, and “Trading and others (10)”. Figures for the fiscal year ended March 31, 2012 have been madeaccordingly.
4. Figures for the fiscal year ended March 31, 2013, following the merger of the former MHSC and the former MHIS conducted in
January 2013, “MHSC (5)” reports the result of the former MHSC from the first quarter to the third quarter and that of the new
MHSC for the fourth quarter. “The former MHIS (11)” reports the result of the former MHIS from the first quarter to the third
quarter.
5. Beginning on April 1, 2012, with the implementation of the “substantive one bank” structure, in addition to managing our businessportfolio through the three Global Groups, we have also begun managing Mizuho Bank and Mizuho Corporate Bank as one entity,
with four reportable segments: retail banking; corporate banking; international; and trading and others.

Financial Data of Mizuho Financial Group, Inc.—84

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

4. The Difference between the Total Amounts of Reportable Segments and the Recorded Amounts inConsolidated Statement of Income, and the Contents of the Difference (Matters relating toadjustment to difference)
The above amount of Gross profits (excluding the amounts of credit costs of trust accounts) and that of Net businessprofits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve forlosses on loans) derived from internal management reporting by reportable segment are different from the amounts
recorded in Consolidated Statement of Income.
The contents of the difference for the period are as follows:(a) The Total of Gross Profits (excluding the amounts of credit costs of trust accounts) of Segment Information and
Ordinary Profits
Thousands of
U.S. dollars

Millions of yen
2013

Gross Profits (excluding the amounts of credit costs of trust
accounts):
Total Amount of the Above Segment Information
Other Ordinary Income
General and Administrative Expenses
Other Ordinary Expenses
Ordinary Profits¥

2,171,716
197,015(1,244,647)(373,708)¥
750,376

2012

2013

2,003,075
170,143(1,283,847)(240,809)¥
648,561$ 23,105,830
2,096,134(13,242,343)(3,976,041)$ 7,983,580¥

Note: Ordinary profits represents Total Income excluding certain special income less Total Expenses excluding certain
special expenses.
(b) The Total of Net Business Profits (excluding the amounts of credit costs of trust accounts, before reversal of(provision for) general reserve for losses on loans) of Segment Information and Income before Income Taxes andMinority Interests Recorded in Consolidated Statement of Income
Thousands of
U.S. dollars

Millions of yen
2013

Net Business Profits (excluding the amounts of credit costs oftrust accounts, before reversal of (provision for) general reserve
for losses on loans):
Total Amount of the Above Segment Information
Credit Costs for Trust Accounts
General and Administrative Expenses (non-recurring losses)
Expenses Related to Portfolio Problems (including reversal of(provision for) general reserve for losses on loans)
Net Gains (Losses) Related to Stocks
Net Extraordinary Gains (Losses)
Other
Income before Income Taxes and Minority Interests Recordedin Consolidated Statement of Income

85—Financial Data of Mizuho Financial Group, Inc.

¥

912,155—(73,631)2012¥(136,983)(82,949)(32,543)
131,786¥

717,832

719,104—(77,537)2013$(42,569)(38,175)
67,88787,740¥716,449

9,704,812—(783,395)(1,457,430)(882,536)(346,249)
1,402,129$

7,637,331

5. Related Information(a) Information about Geographic Areas(i) Ordinary income
Millions of yen
2013

Ordinary IncomeJapan¥ 2,284,685

Americas¥244,863

Europe¥133,373

Asia/Oceania
excluding Japan¥

250,083

Total¥

2,913,005
Millions of yen

2012

Ordinary Income

2013

Ordinary IncomeJapan¥ 2,247,201

Americas¥Japan$ 24,307,749$

155,036

Europe¥133,452

Americas

Europe2,605,206$ 1,419,018

Asia/Oceania
excluding Japan

¥

179,983

Total¥

2,715,674

Thousands of U.S. dollars
Asia/Oceania
excluding Japan
Total$ 2,660,742$ 30,992,715

Notes: 1. Geographic analyses are presented based on geographic contiguity, similarities in economic activities, andrelation of business operations. The above table shows Ordinary Income instead of sales of non-financial
companies.
2. Japan includes Ordinary Income of MHFG and domestic consolidated subsidiaries excluding overseas
branches, Americas includes Ordinary Income of consolidates subsidiaries and branches in Canada, theUnited States of America and others, Europe includes Ordinary Income of consolidated subsidiaries andbranches in the United Kingdom and others and Asia/Oceania includes Ordinary Income of consolidated
subsidiaries and branches in Hong Kong, the Republic of Singapore and others.
(ii) Tangible fixed assets
Information on tangible fixed assets by geographical areas as of March 31, 2013 and 2012 is not disclosed sincetangible fixed assets in Japan accounted for more than 90% of tangible fixed assets.
(b) Information about Major Customers
Information about major customers is not disclosed since there are no outside customers accounted for more than
10% of Ordinary Income of the Company.

Financial Data of Mizuho Financial Group, Inc.—86

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

6. Information about Impairment Loss on Tangible Fixed Assets by Reportable Segment
Millions of yen

For the Fiscal Year ended March 31, 2013

Impairment Loss

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

(1)

¥

3,338 ¥

1,600 ¥¥

8,085 ¥

— ¥1,600 ¥

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

(7)

Impairment Loss

— ¥7,694 ¥

— ¥

— ¥

7,694

MHSC

Others(5)(6)

1,395 ¥The
FormerMHIS

341

Others

(11)

¥

(12)

354

¥

35

Total
Global Asset & Wealth Management
Group
MHTB
Others(13)

Impairment Loss

¥

482 ¥

Others

(14)

482 ¥

(15)

—

¥

5 ¥

11,912Millions of yen

For the Fiscal Year ended March 31, 2012

Impairment Loss

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

(1)

¥

1,381 ¥

243 ¥¥

5,650 ¥

— ¥243

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

(7)

Impairment Loss

— ¥5,083 ¥

— ¥— ¥Impairment Loss

87—Financial Data of Mizuho Financial Group, Inc.

Others

(13)

(15)

¥

13 ¥

(14)

2 ¥

11 ¥

21 ¥

7,067

Others

(5)

(6)

512 ¥

625

The
FormerMHIS

Others(11)(12)

5,083 ¥
Total

Global Asset & Wealth Management
Group
MHTB
Others

¥

MHSC

— ¥

566

Thousands of U.S. dollars

For the Fiscal Year ended March 31, 2013

Impairment Loss

(1)$

35,517 $ 17,028(7)Impairment Loss$

86,023 $ 81,868

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

$

—

$

—

$ 17,028

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

$

—

$

—

$ 81,868

MHSC

Others(5)(6)$ 14,851$

The
FormerMHIS

Others(11)$ 3,776

3,638

(12)

$

379

Total
Global Asset & Wealth Management
Group
MHTB
Others(13)

Impairment Loss$

5,138 $

5,138

Others

(14)

$

(15)

—

$

62 $ 126,740

Financial Data of Mizuho Financial Group, Inc.—88

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

7. Information about Amortization and Unamortized Balance of Goodwill by Reportable Segment
Millions of yen

For the Fiscal Year ended March 31, 2013

Amortization of Goodwill
Unamortized Balance of Goodwill

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

(1)

¥

217 ¥
1,742

—
—

¥

274 ¥
2,054

—
—

¥

—
—

¥

—
—

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

(7)

Amortization of Goodwill
Unamortized Balance of Goodwill

¥

—
—

¥

—
—

¥

—
—

¥

—
—
Total

Global Asset & Wealth Management
Group
MHTB
Others(13)

Amortization of Goodwill
Unamortized Balance of Goodwill

89—Financial Data of Mizuho Financial Group, Inc.

¥

— ¥
—

(14)

—
—

¥

Others(15)——¥ 2,91253,889¥3,405
57,686MHSC

Others

(5)

(6)

¥

— ¥
—

217
1,742

The
FormerMHIS

Others

(11)

(12)

¥

— ¥
—

274
2,054

Millions of yen

For the Fiscal Year ended March 31, 2012

Amortization of Goodwill
Unamortized Balance of Goodwill

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

(1)

¥

184 ¥
1,658

—
—

¥

60 ¥
2,131

—
—

¥

—
—

¥

—
—

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

(7)

Amortization of Goodwill
Unamortized Balance of Goodwill

¥

—
—

¥

—
—

¥

—
—

¥

—
—

MHSC

Others

(5)

¥

(6)

— ¥
—

184
1,658

The
FormerMHIS

Others

(11)

(12)

¥

— ¥
—

60
2,131

Total
Global Asset & Wealth Management
Group
MHTB
Others(13)

Amortization of Goodwill
Unamortized Balance of Goodwill

¥

—
—

¥

Others

(15)

(14)

—
—

¥

—
—

¥

2,557
56,802¥

2,802
60,592Thousands of U.S. dollars

For the Fiscal Year ended March 31, 2013

Amortization of Goodwill
Unamortized Balance of Goodwill(1)$2,318 $
18,540— $—(7)

Amortization of Goodwill
Unamortized Balance of Goodwill$

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers(2)(3)(4)

2,920 $
21,854

— $
—

— $
—

— $
—

— $
—

Others(5)— $—Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

— $
—

MHSC

(6)

— $ 2,318—
18,540The
FormerMHIS

Others

(11)

(12)

— $
—

— $
—

2,920
21,854

Total

Amortization of Goodwill
Unamortized Balance of Goodwill

Global Asset & Wealth Management
Group
MHTB
OthersOthers

(13)

(15)

$

—
—

$

(14)

— $
—

— $ 30,992 $ 36,230—
573,352
613,746

Financial Data of Mizuho Financial Group, Inc.—90

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

8. Information about Gain on Negative Goodwill Incurred by Reportable Segment
Millions of yen

For the Fiscal Year ended March 31, 2013

Gain on Negative Goodwill Incurred

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

(1)

¥

11,742¥—¥ 30,040

¥

—

¥

—

¥

—

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

(7)

Gain on Negative Goodwill Incurred

¥

—

¥

—

¥

—

¥

—

MHSC

Others

(5)

¥

(6)

— ¥

11,742The
FormerMHIS

Others

(11)

(12)

¥

— ¥

30,040Total

Gain on Negative Goodwill Incurred

Global Asset & Wealth Management
Group
MHTB
OthersOthers

(13)

(15)

¥

—

¥

(14)

—

¥

— ¥ (41,782)¥—

Millions of yen

For the Fiscal Year ended March 31, 2012

Gain on Negative Goodwill Incurred

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers
(2)
(3)
(4)

(1)

¥ 89,100

¥

—

¥

6,135

¥

— ¥

—

¥

—

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

(7)

Gain on Negative Goodwill Incurred

¥

—

¥

— ¥

—

¥

—
Total

Gain on Negative Goodwill Incurred

91—Financial Data of Mizuho Financial Group, Inc.

Global Asset & Wealth Management
Group
MHTB
OthersOthers

(13)

(15)

¥

—

¥

(14)

—

¥

— ¥ (4,055)¥ 91,180

MHSC

Others

(5)

¥

(6)

— ¥

89,100The
FormerMHIS

Others

(11)

(12)

¥

— ¥

6,135

Thousands of U.S. dollars

For the Fiscal Year ended March 31, 2013

Gain on Negative Goodwill Incurred(1)$ 124,930 $

— $

(7)

Gain on Negative Goodwill Incurred

Global Corporate Group
MHCB
Domestic
InterTrading
national
andothers(2)(3)(4)$ 319,613 $

— $

— $

MHSC

(5)

— $

Global Retail Group
MHBK
RetailCorporate
Tradingbankingbankingandothers
(8)
(9)
(10)

— $

— $

— $

(6)

— $ 124,930

The
Former
MHIS
(11)

— $

OthersOthers(12)— $ 319,613

Total

Gain on Negative Goodwill Incurred

Global Asset & Wealth Management
Group
MHTB
OthersOthers

(13)

(15)

$

— $

(14)

— $

— $(444,543)$—

Financial Data of Mizuho Financial Group, Inc.—92

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

45. Related Party
For the fiscal years ended March 31, 2013 and 2012
･There are no material additions to the current scope subject to disclosure.
･There are no material transactions with related parties to be reported pursuant to the standard and its guidance.
･There are no applicable information on the parent company and on the selected financial statements of important
related companies.

46. Matters Related to Combination and Others
Transaction under Common Control and Others
Mizuho Securities Co., Ltd., a consolidated subsidiary of Mizuho Financial Group, Inc. (“MHFG”), and Mizuho Investors
Securities Co., Ltd., a consolidated subsidiary of MHFG, merged as of January 4, 2013 based on the merger agreement
signed on May 15, 2012.
(1) Names of the companies involved in the combination and purposes of business, date of the combination, legal form of
the combination, name of the company after the combination, overview of the transaction including its purpose
a. Names of the companies involved in the combination and purposes of business
Items
The Combining Company
The Combined Company
Names of the companies
Mizuho Securities Co., Ltd.
Mizuho Investors Securities Co.,
involved in the combination
Ltd.
Purposes of business
Financial instruments business
Financial instruments businessb. Date of the combination
January 4, 2013c. Legal form of the combination
The absorption-type merger in which Mizuho Securities Co., Ltd. is the surviving company and Mizuho Investors
Securities Co., Ltd. is the dissolving company.
d. Name of the company after the combination
Mizuho Securities Co., Ltd.
e. Overview of the transaction including its purpose
The merger is intended, in the securities business, to enhance the retail business in Japan, rationalize andstreamline management infrastructure, and provide securities functions in a unified manner through the group’s fullline securities company.
(2) Overview of the applied accounting treatment
Based on “Accounting Standard for Business Combinations” (ASBJ Statement No. 21, December 26, 2008) and“Revised Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business
Divestitures” (ASBJ Guidance No. 10, December 26, 2008), this event has been treated as a transaction under common
control.

93—Financial Data of Mizuho Financial Group, Inc.

47. Per Share Information
Per share information as of or for the fiscal years ended March 31, 2013 and 2012 are calculated based on the following
information:
Yen
As of or for the fiscal years ended March 31,

2012

U.S. dollars
2013

187.1920.62
19.75$ 2.44
0.24
0.23

2013

Net Assets per Share of Common StockNet Income (Loss) per Share of Common Stock
Diluted Net Income per Share of Common Stock¥ 229.70
22.96
22.05

¥

Notes: 1. Net Assets per Share of Common Stock is based on the following information.
Millions of yen
2013

As of March 31,

2012

Thousands of U.S. dollars
2013

Net Assets¥ 7,736,230¥ 6,869,295
Deductions from Net Assets
2,190,405
2,374,513
Paid-in Amount of Preferred Stock377,354410,368
Cash Dividends on Preferred Stock
3,956
4,287
Stock Acquisition Rights
2,687
2,158
Minority Interests
1,806,407
1,957,699
Net Assets (year-end) related to Common
Stock5,545,824
4,494,781
Year-end Outstanding Shares of Common
Stock, based on which Net Assets per
24,011,119 Thousand shares
Share of Common Stock was calculated
24,142,736 Thousand shares$ 82,309,076
23,304,671
4,014,834
42,10028,592
19,219,145
59,004,405/

2. Net Income (Loss) per Share of Common Stock is based on the following information.
Millions of yen
2013

For the fiscal years ended March 31,

Net Income (Loss)
Amount not attributable to Common Stock
Cash Dividends on Preferred StockNet Income (Loss) related to Common
Stock
Average Outstanding Shares of Common
Stock (during the period)¥

560,516
8,221
8,221

¥

552,294
24,053,281 Thousand shares

2012

Thousands of U.S. dollars
2013

484,519
8,672
8,672

$ 5,963,575
87,47287,472475,847

5,876,103

23,073,543 Thousand shares/

3. Diluted Net Income per Share of Common Stock is based on the following information.
Millions of yen
2013

For the fiscal years ended March 31,

Adjustments to Net Income
Cash Dividends on Preferred Stock
Increased Number of Shares of Common
Stock
Preferred Stock
Stock Acquisition Rights
Description of Dilutive Securities whichwere not included in the Calculation of
Diluted Net Income per Share ofCommon Stock as they have no dilutive
effects

¥

7,120
7,120
1,311,947 Thousand shares
1,291,854 Thousand shares
20,092 Thousand shares
—

2012

¥

Thousands of U.S. dollars
2013

7,571
7,571
1,392,061 Thousand shares
1,380,433 Thousand shares
11,627 Thousand shares—$

75,76275,762////Financial Data of Mizuho Financial Group, Inc.—94

Financial Data of Mizuho Financial Group, Inc.

Notes to Consolidated Financial Statements

48. Subsequent Events
Mizuho Financial Group, Inc. (“MHFG”) determined, in order to improve capital efficiency, at its meeting of the board of
directors held on May 15, 2013, to acquire all of the shares of the Thirteenth Series Class XIII Preferred Stock issued by
MHFG in accordance with the provisions of Article 19 of the Company’s Articles of Incorporation and Article 14 of theTerms and Conditions of the Thirteenth Series Class XIII Preferred Stock, to submit the proposal necessary for thatthacquisition at the eleventh (11 ) ordinary general meeting of shareholders scheduled to be held on June 25, 2013, and,subject to the acquisition, to cancel the preferred stock in accordance with the provisions of Article 178 of the Company
Law. Overview of acquisition and cancellation is as follows.
(1) Overview of Acquisitiona. Total Number of Shares to be Acquired:b. Acquisition Price:c. Total Amount of Acquisition:d. Acquisition Date:(2) Overview of Cancellationa. Total Number of Shares to be Cancelled:b. Effective Date

95—Financial Data of Mizuho Financial Group, Inc.

36,690,000 shares
JPY 1,008.384 per share
JPY 36,997,608,960
July 11, 2013
36,690,000 shares
July 11, 2013

Non-Consolidated Financial Statements ofMizuho Financial Group, Inc. and Four
Subsidiaries[Under Japanese GAAP]
Mizuho Financial Group, Inc.
Non-Consolidated Balance Sheet

1

Non-Consolidated Statement of Income

2

Mizuho Corporate Bank, Ltd.
Non-Consolidated Balance Sheet

3

Non-Consolidated Statement of Income

5

Mizuho Bank, Ltd.
Non-Consolidated Balance Sheet

6

Non-Consolidated Statement of Income

8

Mizuho Trust & Banking Co., Ltd.
Non-Consolidated Balance Sheet

9

Non-Consolidated Statement of Income

11

Mizuho Securities Co., Ltd.
Non-Consolidated Balance Sheet

12

Non-Consolidated Statement of Income

15Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Financial Group, Inc.

Non-Consolidated Balance Sheet
Millions of yen
2013

As of March 31,

AssetsCurrent Assets
Cash and Due from Banks
Other Current Assets
Fixed Assets
Tangible Fixed Assets
Intangible Fixed Assets
Investments in Subsidiaries and Affiliates
Other Investments
Total Assets
Liabilities and Net Assets
Liabilities
Current Liabilities
Short-term Borrowings
Short-term Bonds
Other Current Liabilities
Non-Current Liabilities
Total Liabilities
Net Assets
Shareholders' Equity
Common Stock and Preferred Stock
Capital Surplus
Capital Reserve
Retained Earnings
Appropriated Reserve
Other Retained Earnings
Retained Earnings Brought Forward
Treasury Stock
Valuation and Translation Adjustments
Net Unrealized Gains on Other Securities, net of Taxes
Stock Acquisition Rights
Total Net Assets
Total Liabilities and Net Assets

Thousands of
U.S. dollars
2013

2012

¥

81,311
26,36554,945
6,120,838
4,585
2,611
6,023,433
90,208¥22,793
14,452
8,341
6,105,631
2,234
2,726
6,034,643
66,027$865,105
280,513584,592
65,122,233
48,78427,78764,085,895
959,767¥

6,202,149¥

6,128,424$

65,987,338¥

1,153,827
646,995
500,000
6,832
259,398¥

1,187,205
741,070
440,000
6,135
252,885$

12,276,072
6,883,658
5,319,715
72,6992,759,851¥

1,413,226

1,440,090

15,035,923

4,768,840
2,254,972
1,194,864
1,194,864
1,323,298
4,350
1,318,948
1,318,948(4,295)
17,395
17,395
2,687
4,788,923
6,202,149

4,679,422
2,254,972
1,194,864
1,194,864
1,235,038
4,350
1,230,688
1,230,688(5,453)
6,753
6,753
2,158
4,688,334
6,128,424

50,737,743
23,991,626
12,712,682
12,712,682
14,079,141
46,281
14,032,860
14,032,860(45,706)
185,080
185,080
28,59250,951,415
65,987,338¥

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

1—Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries$

Non-Consolidated Statement of Income
Millions of yen
2013

For the Fiscal Years ended March 31,

Operating Income
Cash Dividends Received from Subsidiaries and Affiliates
Fee and Commission Income Received from Subsidiaries andAffiliates
Operating Expenses
General and Administrative Expenses
Operating Profits
Non-Operating Income
Non-Operating Expenses
Income before Income Taxes
Income Taxes:
Current
Deferred
Net Income¥¥

262,180
233,055¥

Thousands of
U.S. dollars
2013

2012

37,781
7,954$

2,789,448
2,479,582

29,124
21,074
21,07429,827
21,26021,260309,866
224,224
224,224

241,105
17,86917,077
241,897

16,521
11,70017,814
10,4072,565,224
190,118
181,694
2,573,648

226
333
241,337141
48
10,2172,413
3,543
2,567,692¥$

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries—2

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Corporate Bank, Ltd.

Non-Consolidated Balance Sheet

As of March 31,

AssetsCash and Due from Banks
Call Loans
Receivables under Resale Agreements
Guarantee Deposits Paid under Securities Borrowing Transactions
Other Debts Purchased
Trading Assets
Money Held in Trust
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Other Assets
Tangible Fixed Assets
Buildings
Land
Lease Assets
Construction in Progress
Other Tangible Fixed Assets
Intangible Fixed Assets
SoftwareLease Assets
Other 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

2012

Thousands of
U.S. dollars
2013¥ 5,213,082
483,401
969,105
986,277
125,8735,494,339
2,836
26,985,546
31,187,804
1,255,731
6,346,607
96,21023,02550,363
159
8,596
14,06559,575
47,1171
12,456―
4,587,056(333,355)(1,196)¥ 4,426,242
229,155
1,006,263
1,293,030
113,670
4,423,962
1
24,789,261
28,058,800
879,653
6,588,257
94,69524,931
50,639293
2,719
16,111
63,16655,545
1
7,619
62,494
3,953,368(220,237)(1,174)$ 55,464,220
5,143,111
10,310,735
10,493,435
1,339,227
58,456,640
30,178287,110,824
331,820,449
13,360,267
67,524,279
1,023,630
244,978
535,843
1,695
91,467
149,647
633,848
501,30312
132,533―
48,803,662(3,546,711)(12,729)¥ 83,458,896¥ 75,760,611$ 887,955,065

Millions of yen
2013

3—Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Non-Consolidated Balance Sheetー(Continued)

2012

Thousands of
U.S. dollars
2013¥ 33,464,961
13,053,038
6,736,846¥ 29,510,685
11,946,104
4,572,422$ 356,048,102
138,876,884
71,676,205

5,285,682
3,646,047
2,795,165
291,438
40,0003,317,003
5,974,304
8,928
48
3,314
86,50016,2094,587,056

3,629,352
3,332,789
5,584,005
268,281
97,4003,112,154
6,106,435
8,131
8
2,003
―
16,861
3,953,368

56,236,645
38,791,872
29,738,967
3,100,745
425,577
35,291,021
63,563,192
94,994521
35,268920,311
172,459
48,803,662

79,306,546

72,140,005

843,776,425

3,545,598
1,404,065
1,039,244
578,540
460,703
1,102,288
29,443
1,072,845
1,072,845
606,752
459,836
119,539
27,375
4,152,350¥ 83,458,896

3,434,010
1,404,065
1,039,244
578,540
460,703
990,701
1,355
989,345989,345
186,594
2,024
156,015
28,5543,620,605¥ 75,760,611

37,723,143
14,938,451
11,056,967
6,155,344
4,901,623
11,727,725
313,261
11,414,464
11,414,464
6,455,497
4,892,401
1,271,832
291,264
44,178,640$ 887,955,065

Millions of yen
2013

As of March 31,

Liabilities and Shareholders' Equity
Liabilities
Deposits
Call Money
Payables under Repurchase Agreements
Guarantee Deposits Received under Securities Lending
Transactions
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Short-term Bonds
Bonds and Notes
Other Liabilities
Reserve for Bonus Payments
Reserve for Possible Losses on Sales of Loans
Reserve for Contingencies
Deferred Tax Liabilities
Deferred Tax Liabilities on Revaluation Reserve for Land
Acceptances and Guarantees
Total Liabilities
Net Assets
Shareholders' Equity
Common Stock and Preferred Stock
Capital Surplus
Capital Reserve
Other Capital Surplus
Retained Earnings
Appropriated Reserve
Other Retained Earnings
Retained Earnings Brought Forward
Valuation and Translation Adjustments
Net Unrealized Gains on Other Securities, net of Taxes
Net Deferred Hedge Gains, net of Taxes
Revaluation Reserve for Land, net of Taxes
Total Net Assets
Total Liabilities and Net Assets

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries—4

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Corporate Bank, Ltd.

Non-Consolidated Statement of Income

2012

Thousands of
U.S. dollars
2013¥ 678,189
396,583
195,704
184,242
44,129195,651
58,744¥ 675,903
354,552
214,666
158,169
21,272
198,487
22,702$ 7,215,552
4,219,427
2,082,188
1,960,231
469,515
2,081,619
625,011

1,160,957

1,076,534

12,351,928

276,493
81,921
25,19265,457
259,604
276,436

280,892
78,06023,24867,931
263,30290,9092,941,736
871,598
268,029
696,427
2,762,047
2,941,128

903,184
257,773

726,283
350,251

9,609,367
2,742,561

6,713
212

40,34842,70071,4332,259¥ 250,846¥ 267,201$ 2,668,869

Millions of yen
2013

For the Fiscal Years ended March 31,

IncomeInterest Income
Loans and Bills Discounted
Securities
Fee and Commission Income
Trading Income
Other Operating Income
Other Income
Total Income
Expenses
Interest Expenses
Deposits
Fee and Commission Expenses
Other Operating Expenses
General and Administrative Expenses
Other Expenses
Total Expenses
Income before Income Taxes
Income Taxes:
Current
Deferred
Net Income

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

5—Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Bank, Ltd.

Non-Consolidated Balance Sheet

As of March 31,

AssetsCash and Due from Banks
Call Loans
Guarantee Deposits Paid under Securities Borrowing Transactions
Other Debts Purchased
Trading Assets
Money Held in Trust
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Other Assets
Tangible Fixed Assets
Buildings
Land
Lease Assets
Construction in Progress
Other Tangible Fixed Assets
Intangible Fixed Assets
SoftwareLease Assets
Other 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

2012

Thousands of
U.S. dollars
2013¥ 4,817,867
9,890,000
202,893
540,487
897,689―
25,609,616
32,274,275
116,627
1,413,026
714,978
260,024
381,246
14,716
11,19047,800230,457
102,2413,205
125,011
128,906
1,016,109(295,863)(12)¥ 3,076,523
8,640,000
705,783
764,040
1,106,364
965
25,199,189
32,540,885
109,477
2,017,217
735,924
266,454384,135
12,0497,516
65,769221,406
96,434
2,686
122,285
222,795
959,117(344,674)(1)$ 51,259,363
105,223,960
2,158,668
5,750,480
9,550,901―
272,471,717
343,379,882
1,240,847
15,033,793
7,606,961
2,766,513
4,056,244
156,577
119,062
508,565
2,451,942
1,087,788
34,1001,330,054
1,371,496
10,810,830(3,147,816)(129)¥ 77,557,060¥ 75,955,014$ 825,162,895

Millions of yen
2013

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries—6

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Bank, Ltd.

Non-Consolidated Balance Sheetー(Continued)

2012

Thousands of
U.S. dollars
2013¥ 61,293,417
1,665,700
4,999¥ 59,011,766
1,193,800―$ 652,127,012
17,722,098
53,191

3,423,408
212,1034,810,868
14,163805,400
1,587,915
8,845
15,36635,41765,7681,016,109

2,410,375
275,934
6,753,601
12,397738,200
2,266,795
8,948
14,612
20,193
66,381
959,117

36,423,112
2,256,660
51,184,893
150,697
8,568,997
16,894,516
94,111
163,494376,826
699,736
10,810,830

74,959,485

73,732,123

797,526,173

2,273,758
700,000
1,057,242
490,707566,535
516,515
19,493497,021497,021323,817
209,629(781)
114,969
2,597,575¥ 77,557,060

2,128,988
700,000
1,057,242
490,707566,535
371,745
1,332
370,413370,41393,903(10,556)(11,621)116,081
2,222,891¥ 75,955,014

24,191,489
7,447,601
11,248,461
5,220,847
6,027,614
5,495,427
207,400
5,288,027
5,288,027
3,445,233
2,230,335(8,313)
1,223,211
27,636,722$ 825,162,895

Millions of yen
2013

As of March 31,

Liabilities and Shareholders' Equity
Liabilities
Deposits
Call Money
Payables under Repurchase Agreements
Guarantee Deposits Received under Securities Lending
Transactions
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Bonds and Notes
Other Liabilities
Reserve for Bonus Payments
Reserve for Reimbursement of Deposits
Reserve for Reimbursement of Debentures
Deferred Tax Liabilities on Revaluation Reserve for Land
Acceptances and Guarantees
Total Liabilities
Net Assets
Shareholders' Equity
Common Stock and Preferred Stock
Capital Surplus
Capital Reserve
Other Capital Surplus
Retained Earnings
Appropriated Reserve
Other Retained Earnings
Retained Earnings Brought Forward
Valuation and Translation Adjustments
Net Unrealized Gains(Losses) on Other Securities, net of Taxes
Net Deferred Hedge Gains(Losses), net of Taxes
Revaluation Reserve for Land, net of Taxes
Total Net Assets
Total Liabilities and Net Assets

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

7—Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Non-Consolidated Statement of Income

For the Fiscal Years ended March 31,

IncomeInterest Income
Loans and Bills Discounted
Securities
Fee and Commission Income
Trading Income
Other Operating Income
Other Income
Total Income
Expenses
Interest Expenses
Deposits
Debentures
Fee and Commission Expenses
Trading Expenses
Other Operating Expenses
General and Administrative Expenses
Other Expenses
Total Expenses
Income before Income Taxes
Income Taxes:
Current
Deferred
Net Income

2012

Thousands of
U.S. dollars
2013¥ 598,016
419,514113,263
222,588
5,207
161,043
120,304¥ 634,488
444,381
117,172
203,465
23,337
98,743
108,280$ 6,362,558
4,463,391
1,205,058
2,368,220
55,408
1,713,413
1,279,968

1,107,161

1,068,315

11,779,567

84,19331,725―57,275
1,853
16,060566,279
118,299

89,11636,840384
55,720675
15,853603,972
148,171895,768
337,538―
609,381
19,715
170,878
6,024,896
1,258,642

843,962
263,198

913,510
154,805

8,979,280
2,800,287

8,980
19,713436
24,213

95,546
209,735¥ 234,505¥ 130,155$ 2,495,006

Millions of yen
2013

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries—8

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Trust & Banking Co., Ltd.

Non-Consolidated Balance Sheet
Millions of yen
2013

As of March 31,

AssetsCash and Due from Banks
Call Loans
Other Debts Purchased
Trading Assets
Securities
Loans and Bills Discounted
Foreign Exchange Assets
Other Assets
Tangible Fixed Assets
Buildings
Land
Lease Assets
Other Tangible Fixed Assets
Intangible Fixed Assets
Software
Other 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¥

621,643
6,583
70,84872,374
1,829,069
3,726,100
361
118,643
27,55910,85913,1960
3,504
17,56017,394165
2,040
46,682(16,804)(6)¥ 6,522,657

9—Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries¥

Thousands of
U.S. dollars
2013

2012

655,446
4,928
91,187
65,117
2,114,064
3,278,976
137
141,083
28,567
11,58014,2740
2,712
18,444
18,149294
12,80949,548(17,971)(0)¥ 6,442,339$

6,613,934
70,045753,790770,023
19,460,253
39,643,581
3,841
1,262,303
293,220
115,539
140,399
037,282
186,831
185,069
1,762
21,705496,680(178,786)(67)$ 69,397,353

Non-Consolidated Balance Sheetー(Continued)

2012

Thousands of
U.S. dollars
2013¥ 3,036,842
885,188¥ 3,105,327
780,724$ 32,310,268
9,417,897

477,688
67,781
522,951―
78,700918,454
49,931
1,936
13,544
1,097
46,682384,723
65,282
766,352
14
88,500805,241
22,444
1,942
13,5201,157
49,5485,082,332
721,156
5,563,906―
837,323
9,771,835
531,245
20,599144,107
11,673496,680

6,100,798

6,084,780

64,909,021

361,598
247,369
15,505
15,50598,723
9,508
89,214
89,21460,26061,399(1,139)421,858¥ 6,522,657

335,702247,369
15,505
15,50572,827
9,508
63,31963,31921,85625,988(4,132)357,559¥ 6,442,339

3,847,197
2,631,873
164,966
164,966
1,050,358
101,167
949,191
949,191
641,135
653,256(12,121)
4,488,332$ 69,397,353

Millions of yen
2013

As of March 31,

Liabilities and Shareholders' Equity
Liabilities
Deposits
Call Money
Guarantee Deposits Received under Securities Lending
Transactions
Trading Liabilities
Borrowed Money
Foreign Exchange Liabilities
Bonds and Notes
Due to Trust Accounts
Other Liabilities
Reserve for Bonus Payments
Reserve for Contingencies
Reserve for Reimbursement of Deposits
Acceptances and Guarantees
Total Liabilities
Net Assets
Shareholders' Equity
Common Stock and Preferred Stock
Capital Surplus
Capital Reserve
Retained Earnings
Appropriated Reserve
Other Retained Earnings
Retained Earnings Brought Forward
Valuation and Translation Adjustments
Net Unrealized Gains on Other Securities, net of Taxes
Net Deferred Hedge (Losses), net of Taxes
Total Net Assets
Total Liabilities and Net Assets

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries—10

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Trust & Banking Co., Ltd.

Non-Consolidated Statement of Income

2012

Thousands of
U.S. dollars
2013¥ 47,794
54,44337,833
14,94946,232
2,139
12,143
7,576¥ 48,450
59,41041,66915,61745,156
2,061
13,385
6,456$ 508,502
579,246
402,531
159,054491,886
22,762
129,205
80,613

Total Income
Expenses
Interest Expenses
Deposits
Fee and Commission Expenses
Other Operating Expenses
General and Administrative Expenses
Other Expenses

170,329

174,920

1,812,214

13,398
4,093
24,5561,240
81,995
15,36916,687
5,675
22,9491,747
86,064
11,518142,550
43,556261,267
13,198872,389
163,522

Total Expenses
Income before Income Taxes
Income Taxes:
Current
Deferred

136,560
33,769138,966
35,953

1,452,926
359,288

10,751(2,877)(5)
5,167

114,391(30,614)¥ 25,895¥ 30,791$ 275,511

For the Fiscal Years ended March 31,

IncomeFiduciary Income
Interest Income
Loans and Bills Discounted
Securities
Fee and Commission Income
Trading Income
Other Operating Income
Other Income

Net Income

Millions of yen
2013

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

11—Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Securities Co., Ltd.

Non-Consolidated Balance Sheet
Millions of yen
2013

As of March 31,

AssetsCurrent Assets
Cash on Hand and Bank Deposits
Cash Segregated as Deposits Related to Securities Transactions
Trading Assets
Trading Securities and Others
Derivatives
Operating Investment Securities
Operating Loans Receivable
Margin Transaction Assets
Customers' Loans Receivable under Margin Transactions
Collateral for Borrowed Securities under Margin Transaction
Loans Receivable Secured by Securities
Collateral for Borrowed Securities
Loans Receivable in Gensaki Transaction
Advances
Short-term Loans Deposits
Securities: Fail to Deliver
Accounts for Non-delivered Securities and Others
Short-term Loans Receivable
Prepayment
Prepayment Expenses
Receivables
Accounts Receivables
Deferred Tax Assets
Other Current Assets
Less: Allowance for Doubtful Accounts
Total Current Assets
Fixed Assets
Tangible Fixed Assets
Buildings
Equipments
Land
Lease Assets
Intangible Fixed Assets
SoftwareTenancy Rights
Telephone Leased Rights
Other
Investments and Other Assets
Investment Securities
Affiliate Companies
Long-term Loans to Subsidiaries and Affiliates
Long-term Deposits
Long-term Prepayment Expenses
Deferred Tax Assets
Other
Less: Allowance for Doubtful Accounts
Total Fixed Assets
Total Assets¥

149,917
94,5086,496,354
5,384,711
1,111,642
22,902
4,098
60,38947,791
12,5974,850,073
4,654,470
195,60280
77,897
6,275
6,704
38,818
201
2,627
652
22,007
13,989
4,025
(18)

¥

Thousands of
U.S. dollars
2013

2012

120,089
54,676
7,405,021
6,489,752
915,269
26,954―49,94818,845
31,1034,556,635
4,378,597
178,038
55
103,903―
7,237
49,757
1,145
2,509
4,748
23,25911,471
2,051
(24)

$

1,595,036
1,005,512
69,117,507
57,290,263
11,827,244
243,668
43,600642,506
508,478
134,028
51,602,014
49,520,917
2,081,097
856
828,789
66,76971,330413,007
2,145
27,9596,943
234,142
148,840
42,834(197)

11,851,505

12,419,439

126,093,260

17,942
6,776
7,161
2,745
1,259
26,98725,26479492
1,152
275,834
39,917173,282
20,886
16,202
2,042
13,38814,652(4,537)

13,257
5,437
6,803
858
157
24,391
24,05665269―
225,481
19,106
166,277
4,885
13,376
1,475
9,384
14,380(3,404)

190,899
72,09976,19529,20813,397287,130
268,796
841
5,236
12,2572,934,718
424,698
1,843,630
222,217
172,381
21,729142,446
155,894(48,277)

320,764¥ 12,172,269 ¥

263,1313,412,747

12,682,570$ 129,506,007

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries—12

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Securities Co., Ltd.

Non-Consolidated Balance Sheetー(Continued)
Millions of yen
2013

As of March 31,

Liabilities
Current Liabilities
Trading liabilities
Trading Securities and Others
Derivatives
Payable - unsettled Trades
Payables Related to Margin Transactions
Customers' Loans Payable under Margin Transactions
Collateral for Loaned Securities under Margin Transactions
Collateralized Short-term Financing Agreements
Deposits Received for Securities Loaned
Securities Sold under Agreements to Repurchase
Deposits Received
Received Margins
Securities: Fail to Receive
Short-term Borrowings
Commercial Paper
Short-term Bonds and Notes
Lease Obligation
Advance Receivable
PayablesPayable Expenses
Income Taxes Payable
Accrued Employee's Bonuses
Allowance for Bonus Points Redemption
Other Current Liabilities

2012

3,770,998
2,774,144
996,853
382,81222,912
8,021
14,8904,487,174
2,430,352
2,056,821
106,928
73,2572,310
1,301,000
312,400
54,371
519
386
1,701
23,408
2,545
8,965
498
2,234

¥ 4,129,564
3,286,020
843,543
230,594
15,5591,927
13,631
2,821,691
1,271,673
1,550,017
54,60383,003―3,547,031
333,300
46,755
332
533
2,784
20,918
631
3,803
373
7,149

Total Current Liabilities
Fixed Liabilities
Corporate Bonds
Long-term Borrowings
Long-term Borrowings from Affiliates
Lease Obligation
Reserve for Retirement Benefits
Other Fixed Liabilities

10,554,423

11,298,630

112,293,045

382,338
401,400
267,000
2,162
15,282
2,058

376,885
349,400
228,500
147
11,471
1,251

4,067,866
4,270,667
2,840,728
23,010162,602
21,904

Total Fixed Liabilities
Statutory Reserves
Reserve for Financial Instrument Transaction Liabilities

1,070,243

967,656

11,386,777

Statutory Reserves
Total Liabilities¥

Thousands of
U.S. dollars
2013$

40,121,271
29,515,319
10,605,952
4,072,906
243,773
85,349158,424
47,740,973
25,857,560
21,883,413
1,137,656
779,415
24,578
13,841,906
3,323,758
578,479
5,524
4,108
18,099249,052
27,084
95,392
5,299
23,772

1,185

1,013

12,610

1,185

1,013

12,610¥ 11,625,851 ¥ 12,267,300

13—Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries$

123,692,432

Non-Consolidated Balance Sheetー(Continued)
Millions of yen
2013

As of March 31,

Net Assets
Shareholders' Equity
Common Stock
Capital Surplus
Additional Paid in Capital
Other Capital Surplus
Total Capital Surplus
Retained Earnings
Other Retained Earnings
Retained Earnings Brought Forward
Total Retained Earnings
Total Shareholder's Equity
Valuation and Translation Adjustments
Valuation and Translation Adjustments of Other Securities
Net Deferred Hedge Gains (Losses), net of Taxes
Total Valuation and Translation Adjustments
Total Net Assets
Total Net Assets and Liabilities¥

125,167¥

Thousands of
U.S. dollars
2013

2012

125,167$

1,331,709

285,831
95,817
381,649

380,194
23,069403,264

3,041,083
1,019,448
4,060,531

31,39531,395538,212(117,433)(117,433)
410,998

334,032
334,032
5,726,272

15,021(6,816)
8,205
546,417¥ 12,172,269

3,119
1,151
4,271
415,269¥ 12,682,570

159,823(72,520)
87,303
5,813,575$ 129,506,007

Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries—14

Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries

Mizuho Securities Co., Ltd.

Non-Consolidated Statement of Income

For the Fiscal Years ended March 31,

Operating Revenues
Commissions and Fees
Brokerage Commissions
Underwriting and Selling Fees, and Commissions from
Solicitation to Qualifying Investors
Offering, Selling, and Other Fees and Commissions, andCommissions from Solicitation to Qualifying Investors
Other commissions and Fees
Gain on Trading, net
Loss on Sales of Operating Investment Securities
Interest and Dividend Income
Total Operating Revenues
Financial Expenses
Net Operating Revenues
Selling, General and Administrative Expenses
Transaction Expenses
Personnel Expenses
Real Estate Expenses
Office Expenses
Depreciation and Amortization
Taxes and Dues
Provision for Reserves for Possible Losses on Loans
Other
Operating Income
Non-operating Revenues
Non-operating Expenses
Ordinary Income
Extraordinary gain
Gain on Sale of Fixed Assets
Gain on Sale of Investment Securities, net
Reversal of Reserve for Financial Instruments Transaction
Liabilities
Extraordinary loss
Loss on Disposal of Fixed Assets
Loss on Sale of Investment Securities, net
Loss on Impairment of Investment Securities
Loss on Impairment of Equity in Affiliated Companies
Loss on Valuation of Golf Club Membership
Losses on Impairment of Fixed Assets
Special Retirement Payment
Merger Expenses
Income (Loss) before Income Taxes
Total Income Taxes
Adjustment Amount for Income Taxes
Income Taxes
Net Income (Loss)

2012

Thousands of
U.S. dollars
2013

82,351
12,921$ 1,081,524
225,759

18,89016,206200,982

28,58632,956
76,640(2,128)44,937221,102
32,006
189,095
155,554
30,422
62,772
24,471
20,02011,853
2,257
2
3,754
33,541
5,870
392
39,019
1,731
23
1,700

24,92428,29821,857(4,142)50,172150,238
30,353
119,884
151,971
25,60960,72724,15022,53813,299
1,892
14
3,738
(32,086)
5,599
998(27,484)
2,010
―
1,850

304,147
350,636
815,410(22,645)478,1132,352,402
340,530
2,011,872
1,655,011
323,675
667,868
260,361
213,011
126,11424,01424
39,944356,861
62,455
4,176
415,140
18,420249
18,0887
12,746
602
240
17
2,583
90
1,395
―
7,815
28,004
3,240(6,632)(3,391)
31,395160
16,430
1,070
1,082
72
1,821
14
512
10,5491,307(41,905)137
24,357
24,495¥ (66,400)

83
135,612
6,406
2,563
189
27,492959
14,851―
83,152297,948
34,478(70,562)(36,084)
334,032

Millions of yen
2013¥ 101,652
21,219¥Notes: 1. The amounts indicated in millions of yen are rounded down by truncating the figures below one million.
2. The rate of ¥93.99=US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation.

15—Non-Consolidated Financial Statements of Mizuho Financial Group, Inc. and Four Subsidiaries¥$

Status of Capital Adequacy
Capital Adequacy Ratio Highlights

1

Status of Mizuho Financial Group's Consolidated
Capital Adequacy

4

Scope of Consolidation

4

Composition of Capital

5

Risk-based Capital

19

Credit Risk

22

Methods for Credit Risk Mitigation

37

Counterparty Risk in Derivatives Transactionsand Long-settlement Transactions

38

Securitization Exposure

41

Market Risk

63

Operational Risk

63

Equity Exposure in Banking Book

63

Compensation of Directors, Corporate Auditorsand Employees

65

Status of Capital Adequacy

Capital Adequacy Ratio Highlights

The Basel Framework, based on the “International Convergence of Capital Measurement and Capital Standards: A
Revised Framework” issued by the Basel Committee on Banking Supervision, requires the disclosure of capital adequacy
information to ensure the enhanced effectiveness of market discipline. Our disclosure is made under the “Matters
Separately Prescribed by the Commissioner 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 Finance Ordinance No. 10 of 1982)” (the FSA Notice No. 15 of 2007).
We have adopted (a) the advanced internal ratings-based approach as a method to calculate the amount of credit risk
weighted assets and (b) the advanced measurement approach as a method to calculate the amount equivalent to theoperational risk.
Mizuho Financial Group, Mizuho Corporate Bank and Mizuho Trust & Banking calculate their capital adequacy ratios basedon the revised FSA Notices (“Standards for Determining the Status of Capital Adequacy for banks, in accordance with
Banking Law Article 14-2” (the FSA Notice No. 19 of 2006), as amended, and “Standards for Determining the Status ofCapital Adequacy for bank holding companies, in accordance with Banking Law Article 52-25” (the FSA Notice No. 20 of
2006), as amended (the “FSA Notice No. 20”) from the fiscal year ended March 31, 2013.
The tables for the fiscal year ended March 31, 2012 and 2013, set forth under the heading “Status of Capital Adequacy,”
are calculated based on the Basel II and Basel III Framework, respectively.

■ Capital Adequacy Ratio Highlights
Mizuho Financial Group (Consolidated)
As of March 31, 2013

Billions of yen(Basel III) As of March 31, 2012

Total Capital Ratio(International Standard)
Tier 1 Capital Ratio
Common Equity Tier 1 Capital Ratio

14.19%

Total Capital
Tier 1 Capital
Common Equity Tier 1 Capital¥8,344.5
6,486.0
4,802.4

Risk Weighted Assets¥58,790.6

11.03%
8.16%

Billions of yen(Basel II)

Consolidated Capital Adequacy Ratio(BIS Standard)
Tier 1 Capital Ratio
Tier 1 Capital
Tier 2 Capital
Deductions for Total Risk-based Capital

15.50%
12.76%¥6,398.9
1,745.1
368.9

Total Risk-based Capital¥7,775.0

Risk Weighted Assets¥50,144.9(Reference)
Mizuho Corporate Bank (Consolidated)
As of March 31, 2013

Total Capital Ratio(International Standard)
Tier 1 Capital Ratio
Common Equity Tier 1 Capital Ratio
Total Capital
Tier 1 Capital
Common Equity Tier 1 Capital
Risk Weighted Assets

1—Status of Capital Adequacy

Billions of yen(Basel III) As of March 31, 201213.91%
11.04%
8.66%¥5,130.1
4,071.3
3,195.0¥36,873.8

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

Billions of yen(Basel II)

17.83%
15.87%¥4,430.8
682.8
137.2
¥4,976.4¥27,910.1

Mizuho Corporate Bank (Non-Consolidated)
As of March 31, 2013

Total Capital Ratio(International Standard)
Tier 1 Capital Ratio
Common Equity Tier 1 Capital Ratio
Total Capital
Tier 1 Capital
Common Equity Tier 1 Capital
Risk Weighted Assets

Billions of yen(Basel III) As of March 31, 201215.33%
12.18%
9.16%¥5,007.7
3,979.9
2,993.0¥32,663.9

Billions of yen(Basel II)

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

20.19%
16.34%¥4,135.2
1,013.5
41.3¥5,107.4¥25,296.0

Mizuho Bank (Consolidated)
As of March 31, 2013

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

Billions of yen(Basel II) As of March 31, 201215.04%
11.66%¥2,381.8
920.8
231.5
¥3,071.2¥20,412.3

Billions of yen(Basel II)

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

15.52%
11.39%¥2,428.1
977.6
98.9¥3,306.8¥21,299.9

Mizuho Bank (Non-Consolidated)
As of March 31, 2013

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

Billions of yen(Basel II) As of March 31, 201215.46%
11.49%¥2,294.1
920.1
126.9
¥3,087.3¥19,959.0

Billions of yen(Basel II)

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

15.62%
11.51%¥2,379.6
978.7
131.0
¥3,227.2¥20,656.9

Mizuho Trust & Banking (Consolidated)
As of March 31, 2013

Total Capital Ratio(International Standard)
Tier 1 Capital Ratio
Common Equity Tier 1 Capital Ratio
Total Capital
Tier 1 Capital
Common Equity Tier 1 Capital
Risk Weighted Assets

Billions of yen(Basel III) As of March 31, 201217.21%
13.24%
13.24%¥447.5344.2
344.2¥2,599.6

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

Billions of yen(Basel II)

18.26%
14.02%¥334.5103.5
2.4¥435.7¥2,386.0

Status of Capital Adequacy—2

Status of Capital Adequacy

Capital Adequacy Ratio Highlights

Mizuho Trust & Banking (Non-Consolidated)
As of March 31, 2013

Billions of yen(Basel III) As of March 31, 2012

Total Capital Ratio(International Standard)
Tier 1 Capital Ratio
Common Equity Tier 1 Capital Ratio

13.45%
13.45%

Total Capital
Tier 1 Capital
Common Equity Tier 1 Capital¥446.3
344.5
344.5

Risk Weighted Assets

17.43%¥2,561.0

Non-Consolidated Capital Adequacy Ratio(BIS Standard)
Tier 1 Capital Ratio
Tier 1 Capital
Tier 2 Capital
Deductions for Total Risk-based CapitalBillions of yen(Basel II)

18.42%
14.13%¥332.4103.1
2.3

Total Risk-based Capital¥433.1

Risk Weighted Assets¥2,351.6(Reference) Mizuho Bank (Consolidated)
As of March 31, 2013

Total Capital Ratio (International Standard)
Tier 1 Capital Ratio
Common Equity Tier 1 Capital Ratio
Total Capital
Tier 1 Capital
Common Equity Tier 1 Capital
Risk Weighted Assets

Billions of yen(Basel III)14.08%
10.13%
8.90%¥3,258.6
2,343.8
2,060.5¥23,128.6(Reference) Mizuho Bank (Non-Consolidated)
As of March 31, 2013

Total Capital Ratio (International Standard)
Tier 1 Capital Ratio
Common Equity Tier 1 Capital Ratio
Total Capital
Tier 1 Capital
Common Equity Tier 1 Capital
Risk Weighted Assets

3—Status of Capital Adequacy

Billions of yen(Basel III)13.95%
9.93%
8.86%¥3,162.9
2,251.5
2,008.8¥22,668.0

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy■ Scope of Consolidation(1) Scope of Consolidation for Calculating Consolidated Capital Adequacy Ratio(a) Difference from the Companies Included in the Scope of Consolidation Based on Consolidation
Rules for Preparation of Consolidated Financial Statements (the “Scope of Accounting
Consolidation”)
None as of March 31, 2013 and 2012.

(b) Number of Consolidated Subsidiaries
As of March 31,

2013

2012

Consolidated Subsidiaries

145

149

Our major consolidated subsidiaries are Mizuho Corporate Bank, Ltd., Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd.
and Mizuho Securities Co., Ltd.
The following table sets forth information with respect to our principal consolidated subsidiaries as of March 31, 2013:

Country ofOrganization

Name

Domestic
Mizuho Corporate Bank, Ltd. ............................ Japan
Mizuho Bank, Ltd. ............................................. Japan
Mizuho Trust & Banking Co., Ltd. ..................... Japan
Mizuho Securities Co., Ltd................................ Japan
Trust & Custody Services Bank, Ltd. ............... Japan
Mizuho Asset Management Co., Ltd. ............... Japan
Mizuho Research Institute Ltd. ........................ Japan
Mizuho Information & Research Institute Inc. .. Japan
Mizuho Financial Strategy Co., Ltd. ................. Japan
Mizuho Private Wealth Management Co., Ltd. Japan
Mizuho Factors, Limited .................................. Japan
Mizuho Credit Guarantee Co., Ltd. .................. Japan
Mizuho Capital Co., Ltd. ................................... Japan
Defined Contribution Plan Services Co., Ltd. ... Japan
Overseas
Mizuho Bank (Switzerland) Ltd ........................ Switzerland
Mizuho Capital Markets Corporation ............... U.S.A.
Mizuho Corporate Bank (China), Ltd. .............. China
Mizuho Corporate Bank (USA) ........................ U.S.A.
Mizuho Corporate Bank Nederland N.V. ......... Netherlands
Mizuho International plc ................................... U.K.
Mizuho Securities USA Inc. ............................. U.S.A.
Mizuho Trust & Banking (Luxembourg) S.A.
Luxembourg
Mizuho Trust & Banking Co. (USA) ................. U.S.A.
PT. Bank Mizuho Indonesia ............................. Indonesia
Note:

Proportionof Ownership
Interest (%)

Proportionof VotingInterest (%)

Banking
Banking
Trust and banking
Securities
Trust and banking
Investment management
Research and consulting
Information technology
Consulting
Consulting
Factoring
Credit guarantee
Venture capital
Pension plan-related business100.0%
100.0
100.0
95.8
54.0
98.7
98.6
91.5
100.0
100.0
100.0
100.0
50.0
60.0

100.0%
100.0
100.0
95.8
54.0
98.7
98.6
91.5
100.0
100.0
100.0
100.0
50.0
60.0

Trust and banking
Derivatives
Banking
Banking
Banking and securities
Securities and banking
Securities
Trust and banking
Trust and banking
Banking

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
99.0

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
99.0

Main Business

Mizuho Securities Co., Ltd. and Mizuho Investors Securities Co., Ltd. merged in January, 2013.

(c) Corporations Providing Financial Services for which Article 9 of the FSA Notice No. 20 is Applicable
None as of March 31, 2013 and 2012.

Status of Capital Adequacy—4

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(d) Companies that are in the Bank Holding Company’s Corporate Group but Not Included in the Scopeof Accounting Consolidation and Companies that are Not in the Bank Holding Company’s
Corporate Group but Included in the Scope of Accounting Consolidation
None as of March 31, 2013 and 2012.

(e) Restrictions on Transfer of Funds or Capital within the Bank Holding Company’s Corporate Group
None as of March 31, 2013 and 2012.

■ Composition of Capital(2) Composition of Capital, etc.
(a) Composition of Capital Disclosure(As of March 31, 2013 (Basel III))
Composition of Capital Disclosure (International Standard)
As of March 31, 2013

Millions of yen
Amounts
Excluded underTransitional
Arrangements

Common Equity Tier 1 Capital: Instruments and Reserves(1)
Directly Issued Qualifying Common Share Capital plus Related Stock Surplus
and Retained Earnings¥4,720,405
of which: Capital and Stock Surplus
2,987,127of which: Retained Earnings
1,814,331
of which: Treasury Stock (-)
4,661
of which: National Specific Regulatory Adjustments(Earnings to be Distributed) (-)
76,392of which: Other than Above
Subscription Rights to Common Shares
2,687
Accumulated Other Comprehensive Income and Other Disclosed Reserves
Common Share Capital Issued by Subsidiaries and Held by Third Parties(Amount Allowed in Group CET1)
11,042
Total of Items Included in Common Equity Tier 1 Capital:
Instruments and Reserves Subject to Phase-out Arrangements
68,282of which: Amount Allowed in Group CET1 Capital Subject to Phase-out
Arrangements on Common Share Capital Issued by Subsidiaries and Heldby Third Parties
68,282
Common Equity Tier 1 Capital: Instruments and Reserves(A)
4,802,418
Common Equity Tier 1 Capital: Regulatory Adjustments(2)
Total Intangible Assets (Net of Related Tax Liability, Excluding Those Relating toMortgage Servicing Rights)
of which: Goodwill (Net of Related Tax Liability, Including Those Equivalent)of which: Other Intangibles Other Than Goodwill and Mortgage Servicing
Rights (Net of Related Tax Liability)
Deferred Tax Assets that Rely on Future Profitability Excluding Those Arisingfrom Temporary Differences (Net of Related Tax Liability)
Deferred Gains or Losses on Derivatives under Hedge Accounting
Shortfall of Eligible Provisions to Expected Losses
Securitization Gain on Sale
Gains and Losses due to Changes in Own Credit Risk on Fair Valued Liabilities
Defined-benefit Pension Fund Net Assets (Prepaid Pension Costs)¥-

5—Status of Capital Adequacy

Basel III
Template¥////

1a+2-1c-26///
752,533

26

/

5

1a
2
1c

1b
3

/

/
/

6

399,235
128,902

8+9

270,332

921,662
84,63431,284
3,837¥270,563

10

8

11
12
13
14
15

Composition of Capital Disclosure (International Standard)―(Continued)
As of March 31, 2013

Millions of yen
Amounts
Excluded underTransitional
Arrangements

Investments in Own Shares (Excluding Those Reported in the Net Assets
Section)Reciprocal Cross-holdings in Common Equity
Investments in the Capital of Banking, Financial and Insurance Entities that are
Outside the Scope of Regulatory Consolidation, Net of Eligible Short Positions,where the Bank does Not Own more than 10% of the Issued Share Capital(Amount above the 10% Threshold)Amount Exceeding the 10% Threshold on Specified Itemsof which: Significant Investments in the Common Stock of Financialsof which: Mortgage Servicing Rightsof which: Deferred Tax Assets Arising from Temporary Differences (Net ofRelated Tax Liability)
Amount Exceeding the 15% Threshold on Specified Itemsof which: Significant Investments in the Common Stock of Financialsof which: Mortgage Servicing Rightsof which: Deferred Tax Assets Arising from Temporary Differences (Net ofRelated Tax Liability)
Regulatory Adjustments Applied to Common Equity Tier 1 due to Insufficient
Additional Tier 1 and Tier 2 to Cover Deductions
Common Equity Tier 1 Capital: Regulatory Adjustments(B)
Common Equity Tier 1 Capital (CET1)
Common Equity Tier 1 Capital (CET1) ((A)-(B))(C)
Additional Tier 1 Capital: Instruments(3)
Directly Issued Qualifying Additional Tier 1 Instruments plus Related Stock
Surplus of which: Classified as Equity under Applicable Accounting Standards
and the Breakdown
Subscription Rights to Additional Tier 1 Instruments
Directly Issued Qualifying Additional Tier 1 Instruments plus Related Stock
Surplus of which: Classified as Liabilities under Applicable AccountingStandards
Qualifying Additional Tier 1 Instruments plus Related Stock Surplus Issued bySpecial Purpose Vehicles and Other Equivalent Entities
Additional Tier 1 Instruments Issued by Subsidiaries and Held by Third Parties(Amount Allowed in Group AT1)
Eligible Tier 1 Capital Instruments Subject to Phase-out Arrangements Includedin Additional Tier 1 Capital: Instrumentsof which: Directly Issued Capital Instruments Subject to Phase out from
Additional Tier 1of which: Instruments Issued by Subsidiaries Subject to Phase out
Total of Items Included in Additional Tier 1 Capital: Instruments Subject toPhase-out Arrangementsof which: Foreign Currency Translation Adjustments
Additional Tier 1 Capital: Instruments(D)
Additional Tier 1 Capital: Regulatory Adjustments
Investments in Own Additional Tier 1 Instruments

Basel III
Template-¥2,589-16-

248,374
-

18

-

-

21

-

-

25

-

/

27

-

/

28

4,802,418

/

29

-

/
/

31a

30

31b

30

-

/

32

30

-

/

30

12,037/34-35

1,874,825

/

33+35

1,874,825
-

/
/

33

(90,329)(90,329)
1,796,533

/
/
/

36

-

37

¥

¥

-

¥

17

19+20+21
19
20

22
23
24

35

Status of Capital Adequacy—6

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Composition of Capital Disclosure (International Standard)―(Continued)
As of March 31, 2013

Millions of yen
Amounts
Excluded underTransitional
Arrangements

Reciprocal Cross-holdings in Additional Tier 1 Instruments
Investments in the Capital of Banking, Financial and Insurance Entities that are
Outside the Scope of Regulatory Consolidation, Net of Eligible Short Positions,where the Bank does Not Own more than 10% of the Issued Common Share
Capital of the Entity (Amount above 10% Threshold)
Significant Investments in the Capital of Banking, Financial and Insurance
Entities that are Outside the Scope of Regulatory Consolidation (Net of Eligible
Short Positions)
Total of Items Included in Additional Tier 1 Capital: Regulatory Adjustments
Subject to Phase-out Arrangementsof which: Goodwill Equivalentof which: Intangible Fixed Assets Recognized as a Result of a Mergerof which: Capital Increase due to Securitization Transactionsof which: 50% of Excess of Expected Losses Relative to Eligible Reserves by
Banks Adopting Internal Ratings-based Approach
Regulatory Adjustments Applied to Additional Tier 1 due to Insufficient Tier 2 toCover Deductions
Additional Tier 1 Capital: Regulatory Adjustments(E)
Additional Tier 1 Capital (AT1)
Additional Tier 1 Capital ((D)-(E))(F)
Tier 1 Capital (T1 = CET1 + AT1)
Tier 1 Capital (T1 = CET1 + AT1) ((C)+(F))(G)
Tier 2 Capital: Instruments and Provisions(4)
Directly Issued Qualifying Tier 2 Instruments plus Related Stock Surplus ofwhich: Classified as Equity under Applicable Accounting Standards and theBreakdown
Subscription Rights to Tier 2 Instruments
Directly Issued Qualifying Tier 2 Instruments plus Related Stock Surplus ofwhich: Classified as Liabilities under Applicable Accounting Standards
Tier 2 Instruments plus Related Stock Surplus Issued by Special Purpose
Vehicles and Other Equivalent Entities
Tier 2 Instruments Issued by Subsidiaries and Held by Third Parties (Amount
Allowed in Group Tier 2)
Eligible Tier 2 Capital Instruments Subject to Phase-out Arrangements Included
in Tier 2: Instruments and Provisionsof which: Directly Issued Capital Instruments Subject to Phase out from Tier 2of which: Instruments Issued by Subsidiaries Subject to Phase out
Total of General Allowance for Loan Losses and Eligible Provisions Included inTier 2of which: General Allowance for Loan Lossesof which: Eligible Provisions
Total of Items Included in Tier 2 Capital: Instruments and Provisions Subject toPhase-out Arrangementsof which: 45% of Unrealized Gains on Other Securitiesof which: 45% of Revaluation Reserve for Land

7—Status of Capital Adequacy

¥

-

¥

Basel III
Template

-

38

-

3,352

39

-

77,93840

112,883
57,686
34,953
3,837

/
/
/
/

16,406/112,883//42

1,683,650/

44

6,486,068

/

45

-

/
/

46

-

/

46

-

/

46

5,305

/

48-49

1,518,354
153,207
1,365,147

/
/
/

47+49

5,081
5,081
-

/
/
/

503,197402,252¥100,945

/
/
/

¥

43

46

47
49
50
50a
50b

Composition of Capital Disclosure (International Standard)―(Continued)
As of March 31, 2013

Millions of yen
Amounts
Excluded underTransitional
Arrangements

Tier 2 Capital: Instruments and Provisions(H)
Tier 2 Capital: Regulatory Adjustments
Investments in Own Tier 2 Instruments
Reciprocal Cross-holdings in Tier 2 Instruments
Investments in the Capital of Banking, Financial and Insurance Entities that are
Outside the Scope of Regulatory Consolidation, Net of Eligible Short Positions,where the Bank does Not Own more than 10% of the Issued Common Share
Capital of the Entity (Amount above the 10% Threshold)
Significant Investments in the Capital Banking, Financial and Insurance Entities
that are Outside the Scope of Regulatory Consolidation (Net of Eligible Short
Positions)
Total of Items Included in Tier 2 Capital: Regulatory Adjustments Subject toPhase-out Arrangementsof which: Investments in the Capital Banking, Financial and Insurance Entitiesof which: 50% of Excess of Expected Losses Relative to Eligible Reserves by
Banks Adopting Internal Ratings-based Approach
Tier 2 Capital: Regulatory Adjustments(I)
Tier 2 Capital (T2)
Tier 2 Capital (T2) ((H)-(I))(J)
Total Capital (TC = T1 + T2)
Total Capital (TC = T1 + T2) ((G) + (J))(K)
Risk Weighted Assets(5)
Total of Items Included in Risk Weighted Assets Subject to Phase-out
Arrangementsof which: Intangible Assets (Net of Related Tax Liability, Excluding Those
Relating to Mortgage Servicing Rights)
of which: Deferred Tax Assets that Rely on Future Profitability Excluding
Those Arising from Temporary Differences (Net of Related Tax Liability)of which: Defined-benefit Pension Fund Net Assets (Prepaid Pension Costs)of which: Investments in the Capital Banking, Financial and Insurance Entities
Risk Weighted Assets(L)
Capital Ratio (Consolidated)
Common Equity Tier 1 Capital Ratio (Consolidated) ((C)/(L))
Tier 1 Capital Ratio (Consolidated) ((G)/(L))
Total Capital Ratio (Consolidated) ((K)/(L))
Regulatory Adjustments(6)
Non-significant Investments in the Capital of Other Financials that are Below theThresholds for Deduction (Before Risk Weighting)Significant Investments in the Common Stock of Financials that are Below theThresholds for Deduction (Before Risk Weighting)Mortgage Servicing Rights that are Below the Thresholds for Deduction (Before
Risk Weighting)Deferred Tax Assets Arising from Temporary Differences that are Below theThresholds for Deduction (Before Risk Weighting)
Provisions Included in Tier 2 Capital: Instruments and Provisions(7)¥2,031,939

/

51

-

-

52

-

224,777

54

-

-

55

173,453
157,046//

16,406
173,453//57

1,858,485/

58

8,344,554/

59

1,190,622/

235,379/

21,662
270,563
663,016
58,790,617

/
/
/
/

8.16%
11.03%
14.19%///

61

467,131/72

152,796

/

73

-

/

74

/

75

¥ 323,447¥

Basel III
Template

¥

53

60

62
63

Status of Capital Adequacy—8

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Composition of Capital Disclosure (International Standard)―(Continued)
As of March 31, 2013

Millions of yen
Amounts
Excluded underTransitional
Arrangements

Provisions (General Allowance for Loan Losses)
Cap on Inclusion of Provisions (General Allowance for Loan Losses)
Provisions Eligible for Inclusion in Tier 2 in Respect of Exposures Subject toInternal Ratings-based Approach (Prior to Application of Cap) (If the Amount is
Negative, Report as "Nil")Cap for Inclusion of Provisions in Tier 2 under Internal Ratings-based Approach
Capital Instruments Subject to Phase-out Arrangements(8)
Current Cap on AT1 Instruments Subject to Phase-out Arrangements
Amount Excluded from AT1 due to Cap (Excess over Cap after Redemptions
and Maturities) (If the Amount is Negative, Report as "Nil")
Current Cap on T2 Instruments Subject to Phase-out Arrangements
Amount Excluded from T2 due to Cap (Excess over Cap after Redemptions andMaturities) (If the Amount is Negative, Report as "Nil")

Notes:

1.
2.

¥

5,081
48,948//76

277,636//78

1,874,825/

82

208,313
1,518,354

/
/

83

/

85

¥168,706¥

Basel III
Template

¥

77

79

84

The above figures are calculated based on International standard applied on a consolidated basis under the FSA Notice No. 20.
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-upon procedures for calculating capital adequacy
ratio” (Industry Committee Practical Guideline No. 30 of the Japanese Institute of Certified Public Accountants). Note that this is not apart of the accounting audit performed on our consolidated financial statements. This consists of an examination under agreed-uponprocedures performed by Ernst & Young ShinNihon LLC on a portion of the internal control structure concerning the calculation of thecapital 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.

9—Status of Capital Adequacy(As of March 31, 2012 (Basel II))
Summary Table of Consolidated Capital Adequacy Ratio (BIS Standard)
As of March 31, 2012

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
Minority Interest in Consolidated Subsidiaries
Tier 1
CapitalPreferred 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
the Above Items)
Deduction for Deferred Tax Assets
Total
(A)
Preferred Securities with a Step-up Interest Rate Provision(B)
Ratio to Tier 1 = (B) / (A) X 100
45% of Unrealized Gains on Other Securities
45% of Revaluation Reserve for Land
General Reserve for Possible Losses on Loans
Excess of Eligible Reserves Relative to Expected Losses by Banks
Adopting Internal Ratings-based Approach
Tier 2
Debt Capital, etc.
CapitalPerpetual Subordinated Debt and Other Debt Capital
Dated Subordinated Debt and Redeemable Preferred Stock
Total
Tier 2 Capital Included as Qualifying Capital(C)
Tier 3
Short-term Subordinated Debt
CapitalTier 3 Capital Included as Qualifying Capital(D)
Deductions for Total Risk-based Capital(E)
Total Risk-based Capital (A)+(C)+(D)–(E)(F)
Credit Risk-weighted Assets(G)On-balance-sheet Items
Off-balance-sheet Items
Market Risk Equivalent Assets [(I)/8%](H)
Risk(Reference) Market Risk Equivalent(I)
Weighted
Operational Risk Equivalent Assets [(K)/8%](J)
Assets(Reference) Operational Risk Equivalent(K)
Adjusted Amount for Credit Risk-weighted Assets(L)
Adjusted Amount for Operational Risk Equivalent(M)
Total (G) + (H) + (J) + (L) + (M)(N)%, Billions of yen¥2,254.9
1,109.7
1,405.4
7.0
76.3(102.8)2.1
1,941.4
1,859.6
60.5
38.3
4.5
25.0
6,398.9¥6,398.9
524.0
8.18%
45.1
102.5
4.2
1,593.2
262.6
1,330.6¥1,745.1
1,745.1
368.9¥7,775.0
45,144.4
37,640.5
7,503.9
2,083.3
166.6
2,917.1
233.3¥50,144.9

Status of Capital Adequacy—10

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Summary Table of Consolidated Capital Adequacy Ratio (BIS Standard) ―(Continued)
As of March 31, 2012

Consolidated Capital Adequacy Ratio (BIS Standard) = (F) / (N) X 100
Tier 1 Capital Ratio = (A) / (N) X 100
Notes:

1.
2.
3.

4.
5.

%, Billions of yen

15.50%
12.76%

The above figures are calculated based on the BIS standard applied on a consolidated basis under the FSA Notice No. 20. For the
figures, we did not apply the exception to the FSA Notice No. 20 (the FSA Notice No. 79 of 2008).
As it is not possible to break down Mizuho Financial Group’s common stock and preferred stock according to classes of stock, noncumulative perpetual preferred stock is not stated separately from capital.
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-upon procedures for calculating capital adequacy
ratio” (Industry Committee Practical Guideline No. 30 of the Japanese Institute of Certified Public Accountants). Note that this is not apart of the accounting audit performed on our consolidated financial statements. This consists of an examination under agreed-uponprocedures performed by Ernst & Young ShinNihon LLC on a portion of the internal control structure concerning the calculation of thecapital 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.
The amount of net deferred tax assets was ¥340.7 billion and the maximum amounts of deferred tax assets that can be recorded without
diminishing the amount of Tier 1 capital for the purpose of calculating capital adequacy ratio was ¥1,279.7 billion.
The “adjusted amount for credit risk-weighted assets” is the amount obtained by multiplying (i) 12.5 by (ii) the excess, if any, of therequired capital under the foundation internal ratings-based approach multiplied by the rate prescribed in the FSA Notice No. 20 over therequired capital under the advanced internal ratings-based approach; and the “adjusted amount for operational risk equivalent” is theamount 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 FSA Notice No. 20 over the required capital under the advanced measurement approach.

11—Status of Capital Adequacy

(b) Explanation of (a) Composition of Capital Disclosure (As of March 31, 2013)
Reconciliation between "Consolidated Balance Sheet" and Items of Consolidated Balance Sheet and “Composition of
Capital Disclosure”
As of March 31, 2013

Items

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

Millions of yen
Consolidated
Balance Sheet as in
Published Financial
Statements¥12,333,997
530,541
9,025,049
5,543,914
1,279,964
14,076,928
96,01453,472,399
67,536,882
1,412,601
4,475,055
2,599,553
901,085
477,546
165,299
4,224,259(739,990)(40)¥177,411,062¥84,241,955
15,326,781
6,126,424
17,451,041
11,325,439
472,718
7,686,442
7,699,440
182,473
477,400
5,141,746
1,120,696
4,404,754
3,501,064
45,754
38,632
1,612
48
16,85916,46435,417
1,203
54,221

Crossreference toAppended
Template

Reference # ofBasel III Template
under theComposition of
Capital Disclosure

6-a2-b, 6-b6-c
6-d
3, 6-e
2-a
4-a

6-f
8-a

8-b
6-g

4-b

Status of Capital Adequacy—12

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(b) Explanation of (a) Composition of Capital Disclosure (As of March 31, 2013) ―(Continued)
As of March 31, 2013

Items

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 Adjustment
Total Accumulated Other Comprehensive Income
Stock Acquisition Rights
Minority Interests
Total Net Assets
Total Liabilities and Net Assets
Note:

Millions of yen

Consolidated
Balance Sheet as in
Published Financial
Statements

Crossreference toAppended
Template

81,9774,224,259¥169,674,832

4-c

2,254,972
1,109,508
1,814,782(4,661)¥5,174,601
615,883
84,634
142,345(90,329)¥752,533
2,687
1,806,407¥7,736,230¥177,411,062

1-a

The regulatory scope of consolidation is the same as the accounting scope of consolidation.

13—Status of Capital Adequacy

Reference # ofBasel III Template
under theComposition of
CapitalDisclosure

1-b
1-c
1-d

5

3
1b
7

Appended Template
1. Shareholders' Equity(1) Consolidated Balance Sheet
Consolidated Balance Sheet Items

Millions of yen
AmountCommon Stock and Preferred Stock¥2,254,972
Capital Surplus
Retained Earnings
Treasury Stock
Total Shareholders' Equity

1,109,508
1,814,782(4,661)¥5,174,601

Remarks

Ref.

Including Eligible Tier 1 Capital
Instruments Subject to Phase-out
Arrangements
Including Eligible Tier 1 Capital
Instruments Subject to Phase-out
Arrangements

1-a

1-b
1-c
1-d

(2) Composition of CapitalMillions of yen
Composition of Capital Disclosure

AmountDirectly Issued Qualifying Common Share Capital plus
Related Stock Surplus and Retained Earningsof which: Capital and Stock Surplusof which: Retained Earningsof which: Treasury Stock (-)
of which: Other than Above
Directly Issued Qualifying Additional Tier 1 Instruments
plus Related Stock Surplus of which: Classified as
Equity under Applicable Accounting Standards andthe Breakdown¥4,796,797
2,987,127
1,814,331
4,661
-

-

Basel III
Template

Remarks

Shareholders' Equity Attributable
to Common Shares (Before
Adjusting National SpecificRegulatory Adjustments(Earnings to be Distributed))
1a2
1c

Shareholders' Equity Attributable
to Preferred Shares with a Loss
Absorbency Clause uponEntering into Effectively
Bankruptcy

31a

Status of Capital Adequacy—14

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

2. Intangible Fixed Assets(1) Consolidated Balance Sheet
Consolidated Balance Sheet Items

Millions of yen
AmountIntangible Fixed Assets
Securities¥477,546
53,472,399

of which: Share of Goodwill of Companies
Accounted for Using the Equity Method
Income Taxes Related to Above

71,216

Remarks

Ref.
2-a
2-b

Share of Goodwill of Companies
Accounted for Using the Equity
Method¥(149,527)(2) Composition of CapitalMillions of yen
Composition of Capital Disclosure

Goodwill (Net of Related Tax Liability, Including Those
Equivalent)
Other Intangibles Other than Goodwill and Mortgage
Servicing Rights (Net of Related Tax Liability)
Mortgage Servicing Rights (Net of Related Tax Liability)
Amount Exceeding the 10% Threshold on Specified
Items
Amount Exceeding the 15% Threshold on Specified
Items
Mortgage Servicing Rights that are Below theThresholds for Deduction (Before Risk Weighting)AmountRemarks

8¥128,902
270,332-

Basel III
Template

Software and Other

9

-

20

-

24

-

74

3. Defined-benefit Pension Fund Net Assets (Prepaid Pension Costs)(1) Consolidated Balance Sheet
Millions of yen
Consolidated Balance Sheet Items

AmountOther Assetsof which: Defined-benefit Pension Fund Net Assets(Prepaid Pension Costs)¥2,599,553

Income Taxes Related to Above¥(148,283)

Remarks

Ref.
3

418,846(2) Composition of CapitalMillions of yen
Composition of Capital Disclosure

Defined-benefit Pension Fund Net Assets (Prepaid
Pension Costs)

15—Status of Capital Adequacy

Amount¥270,563

Remarks

Basel III
Template15

4. Deferred Tax Assets(1) Consolidated Balance Sheet
Consolidated Balance Sheet Items

Millions of yen
AmountRemarks

Ref.

Deferred Tax Assets
Deferred Tax Liabilities
Deferred Tax Liabilities for Revaluation Reserve forLand¥165,299
54,2214-a

81,9774-c

Tax Effects on Intangible Fixed Assets
Tax Effects on Defined-benefit Pension Fund Net
Assets (Prepaid Pension Costs)¥149,5274-b

148,283(2) Composition of CapitalMillions of yen
Composition of Capital Disclosure

AmountDeferred Tax Assets that Rely on Future Profitability
Excluding Those Arising from Temporary Differences(Net of Related Tax Liability)¥21,662
Deferred Tax Assets that Rely on Future Profitability
Arising from Temporary Differences (Net of Related
Tax Liability)
323,447
Amount Exceeding the 10% Threshold on Specified
Items
Amount Exceeding the 15% Threshold on Specified
Items
Deferred Tax Assets Arising from Temporary
Differences that are Below the Thresholds for
Deduction (Before Risk Weighting)Basel III
Template

Remarks

This item does not agree with theamount reported on the
consolidated balance sheet due
to offsetting of assets andliabilities.
This item does not agree with theamount reported on the
consolidated balance sheet due
to offsetting of assets andliabilities.

10

-

21

-

25

323,44775

5. Deferred Gains or Losses on Derivatives under Hedge Accounting(1) Consolidated Balance Sheet
Consolidated Balance Sheet Items

Deferred Gains or Losses on Hedges

Millions of yen
AmountRemarks¥84,634Ref.
5(2) Composition of CapitalMillions of yen
Composition of Capital Disclosure

Deferred Gains or Losses on Derivatives under Hedge
Accounting

Amount¥84,634

Remarks

Basel III
Template
11

Status of Capital Adequacy—16

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

6. Items Associated with Investments in the Capital of Financial Institutions(1) Consolidated Balance Sheet
Consolidated Balance Sheet Items

Millions of yen
AmountTrading Assets
Securities
Loans and Bills Discounted
Derivatives Other than for Trading Assets
Other Assets
Trading Liabilities
Derivatives Other than for Trading Liabilities¥14,076,928
53,472,399
67,536,882
4,475,055
2,599,553
7,686,442
4,404,754

Remarks

Ref.

Including Trading AccountSecurities and Derivatives for
Trading Assets

6-a
6-b

Including Subordinated Loans

6-c
6-d

Including Money Invested
Including Trading AccountSecurities Sold

6-e
6-f
6-g

(2) Composition of CapitalMillions of yen
Composition of Capital Disclosure

AmountInvestments in Own Capital Instruments
Common Equity Tier 1 Capital
Additional Tier 1 Capital
Tier 2 Capital
Reciprocal Cross-holdings in the Capital of Banking,
Financial and Insurance Entities
Common Equity Tier 1 Capital
Additional Tier 1 Capital
Tier 2 Capital
Investments in the Capital of Banking, Financial andInsurance Entities that are Outside the Scope ofRegulatory Consolidation, Net of Eligible Short
Positions, where the Bank does Not Own more than
10% of the Issued Share Capital (Amount above 10%
Threshold)Common Equity Tier 1 Capital
Additional Tier 1 Capital
Tier 2 CapitalNon-significant Investments in the Capital of Other
Financials that are Below the Thresholds for
Deduction (Before Risk Weighting)Significant Investments in the Capital of Banking,
Financial and Insurance Entities that are Outside the
Scope of Regulatory Consolidation, Net of Eligible
Short Positions
Amount Exceeding the 10% Threshold on Specified
Items
Amount Exceeding the 15% Threshold on Specified
Items
Additional Tier 1 Capital
Tier 2 CapitalSignificant Investments in the Common Stock ofFinancials that are Below the Thresholds for
Deduction (Before Risk Weighting)¥2,5892,589-

17—Status of Capital Adequacy-

943,637
248,374
3,352
224,777

467,131

Remarks

Basel III
Template
16
37
52

17
38
53

18
39
54

72

230,734-

19

77,938-23

152,79673

40
55

7. Minority Interests(1) Consolidated Balance Sheet
Consolidated Balance Sheet Items

Millions of yen
AmountMinority Interests¥1,806,407

Remarks

Ref.
7(2) Composition of CapitalMillions of yen
Composition of Capital Disclosure

Common Share Capital Issued by Subsidiaries andHeld by Third Parties (Amount Allowed in Group
CET1)
Qualifying Additional Tier 1 Instruments plus Related
Stock Surplus Issued by Special Purpose Vehicles
and Other Equivalent Entities
Additional Tier 1 Instruments Issued by Subsidiaries
and Held by Third Parties (Amount Allowed in Group
AT1)
Tier 2 Instruments plus Related Stock Surplus Issued
by Special Purpose Vehicles and Other Equivalent
Entities
Tier 2 Instruments Issued by Subsidiaries and Held byThird Parties (Amount Allowed in Group Tier 2)

Amount¥11,042-

12,037-

5,305

Basel III
Template

Remarks

After Reflecting Amounts Eligiblefor Inclusion (Minority Interest
after Adjustments)
After Reflecting Amounts Eligiblefor Inclusion (Minority Interest
after Adjustments)
After Reflecting Amounts Eligiblefor Inclusion (Minority Interest
after Adjustments)
After Reflecting Amounts Eligiblefor Inclusion (Minority Interest
after Adjustments)
After Reflecting Amounts Eligiblefor Inclusion (Minority Interest
after Adjustments)

530-31ab-32

34-35

46

48-49

8. Other Capital Instruments(1) Consolidated Balance Sheet
Consolidated Balance Sheet Items

Millions of yen
AmountBorrowed Money
Bonds and Notes
Total¥7,699,440
5,141,746¥12,841,187

Remarks

Ref.
8-a
8-b

(2) Composition of CapitalMillions of yen
Composition of Capital Disclosure

Directly Issued Qualifying Additional Tier 1 Instruments
plus Related Stock Surplus of which: Classified as
Liabilities under Applicable Accounting Standards
Directly Issued Qualifying Tier 2 Instruments plus
Related Stock Surplus of which: Classified as
Liabilities under Applicable Accounting Standards
Note:

AmountRemarks

Basel III
Template

¥-

32

-

46

Amounts in the "Composition of capital disclosure" are based on those before considering amounts under transitional arrangements andinclude "Amounts excluded under transitional arrangements" disclosed in "(A) Composition of capital disclosure" as well as amounts included
as regulatory capital. In addition, items for regulatory purposes under transitional arrangements are excluded from this table.

Status of Capital Adequacy—18

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy■ Risk-based Capital(3) Summary of Approach to Assessing Capital Adequacy
In order to ensure that risk-based capital is sufficiently maintained in light of the risk held by us, we regularly conduct thefollowing assessment of capital adequacy in addition to adopting a suitable and effective capital adequacy monitoring
structure.

Maintaining a Sufficient BIS Capital Ratio
We confirm our maintenance of a high level of financial soundness by conducting regular evaluations to examine whether
our risk-based capital is adequate in qualitative as well as quantitative terms, in light of our business plans and strategic
targets to match the increase in risk-weighted assets acquired for growth, in addition to maintaining Common Equity Tier 1
capital ratio, Tier 1 capital ratio and total capital ratio (capital adequacy ratio for the financial institution subject to domestic
standard) that exceed the minimum requirements.

Balancing Risk and CapitalOn the basis of the framework for allocating risk capital, after obtaining the clearest possible grasp of the group’s overallrisk exposure, we endeavor to control risk so as to keep it within the range of our business capacity by means of allocating
capital that corresponds to the amount of risk to the business groups and units of our banking subsidiaries, etc., within thebounds of our capital, and we conduct regular assessments to ensure that a sufficient level of capital is maintained for ourrisk profile. When making these assessments, we examine whether an appropriate return on risk is maintained in addition
to considering the effects that interest rate risk related to our banking book, credit concentration risk and stress tests haveon our capital.

19—Status of Capital Adequacy(4) Required Capital by Portfolio Classification
Billions of yen
2012

2013
As of March 31,

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
Regarded-method Exposure
Purchase Receivables
Securitizations
OthersStandardized Approach
Sovereign
Bank
Corporate
Residential Mortgage
Securitizations
OthersCVA Risk
Central Counterparty-relatedMarket Risk
Standardized Approach
Interest Rate Risk
Equities Risk
Foreign Exchange Risk
Commodities Risk
Option Transactions
Internal Models Approach
Operational Risk
Advanced Measurement Approach
Basic Indicator Approach
Total Required Capital (Consolidated)
Notes:

1.
2.
3.
4.
5.
6.

EAD

Required
CapitalEAD

Required
Capital¥178,556.2
169,335.8
55,688.5
2,840.3
77,606.5
6,570.0
13,649.5
10,477.7
372.6
2,799.0
3,833.6
1,107.3364.4
2,361.8
1,402.6
1,842.6
3,317.8
2,583.8
9,220.3
4,263.0
1,362.1
2,939.9
22.9
632.2
/
/
/
/
/
/
/
/
/
/
/
/
/
¥/

¥5,293.6
4,710.9
2,562.1
281.0
72.8
157.4
609.2
399.1
32.8
177.2
425.6
123.6
97.4
204.6
292.1
61.5
60.3
188.3
313.2
4.7
30.1
221.9
12.1
44.2
255.4
13.9
190.5
74.1
50.2
17.1
4.0
2.6
116.3
228.2
178.0
50.2
¥4,703.2¥171,425.4
163,265.5
51,022.9
2,407.6
77,555.3
5,521.7
13,652.5
10,529.9346.3
2,776.2
3,357.6
964.4
274.2
2,118.8
1,261.8
1,834.9
3,818.1
2,832.6
8,159.8
4,273.0
1,159.0
2,064.2
37.0
626.5
/
/
/
/
/
/
/
/
/
/
/
/
/
¥/

¥4,733.5
4,482.3
2,517.0
242.5
63.1
123.1
623.7
418.2
31.0
174.4
353.0
97.7
75.6
179.6
270.5
54.2
74.0
160.8
251.2
4.2
24.1
164.5
24.4
33.7
/
/
166.6
68.4
38.5
22.2
4.2
3.3
98.2
233.3
192.5
40.8
¥4,011.5

EAD: Exposure at default.
PD: Probability of default.
LGD: Loss given default.
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.
Total required capital (consolidated): 8% of the denominator of the capital adequacy ratio.
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)

Status of Capital Adequacy—20

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

7.
8.

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 loan, 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 (Article 13 of supplementary provision of the FSA Notice No. 20) applies tothose held from September 30, 2004 or earlier, and others are applied either the PD/LGD approach or
the market-based approach.

Regarded-method
exposure

Investment trusts and funds, etc.

Purchase receivables

Receivables purchased from third parties excluding securities (excluding securitizations)

Securitizations

Transactions in the form of “non-recourse” and having a “senior/subordinated structure,” etc.
(excluding specialized lending).

With the start of the application of Basel III, we have been recognizing credit risk-weighted assets in relation to CVA risk and central
counterparty-related exposure (Article 130, Paragraph 1(c) and (d) of the FSA Notice No. 20) from the fiscal year ended March 31, 2013.
EAD calculated using the standardized approach for credit risk represents the amount before the deduction of specific reserve forpossible losses on loans, reserve for possible losses on loans to restructuring countries and partial direct write-offs.

21—Status of Capital Adequacy

■ Credit Risk

(5) Credit Risk Management○ Summary of Credit Risk Management
See pages 51 to 54 for a summary of our credit risk management policies and procedures.
We apply the advanced internal ratings-based approach to calculate credit risk-weighted assets under Basel Framework.
With regard to some business units or asset classes that are deemed to be immaterial for purposes of calculating credit
risk-weighted assets, we apply the standardized approach. Among the business units to which we apply the standardized
approach, we plan to apply the advanced internal ratings-based approach to Mizuho Corporate Bank Nederland N.V.
starting at the end of March 2015.
We use our estimates of PD (probability of default) and LGD (loss given default) in calculating credit risk-weighted assets.
In accordance with regulations, we estimate PD by using long-term averages of actual defaults, to which conservative
adjustments are made, based on internal data, and make adjustments to LGD taking into account recessionary periods.
We regularly perform verifications of PD and LGD through back testing and other methods. We also utilize these estimatesfor measuring credit risks for internal use, allocating risk capital and other purposes.

○ Status of Portfolios to which the Standardized Approach is Applied
Eligible external credit assessment institutions used for determining the risk weight for portfolios to which the standardized
approach is applied are Rating and Investment Information, Inc. (R&I) in Japan and Standard & Poor’s Ratings Services(S&P) overseas.
We apply a risk weight of 100% for all of our corporate exposure.

○ Summary of Our Internal Rating System
See pages 52 for a summary of our internal rating system and rating assignment procedures.

Status of Capital Adequacy—22

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(6) 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 the fiscal
years ended March 31, 2012 and 2013.
○ Status of Credit Risk Exposure(a) Breakdown by Geographical Area
Billions of yen

As of March 31, 2013

Domestic
Overseas
Asia
Central and South America
North America
Eastern Europe
Western Europe
Other Areas
Total
Exempt Portion

Loans, commitments
and other nonderivative off- balancesheet exposures

Securities

Derivatives

OthersTotal¥75,213.7
21,064.4
5,508.6
2,584.5
7,387.9
30.8
3,582.3
1,970.0¥96,278.2/¥39,317.3
11,487.6
1,453.1
146.1
7,883.8
1,814.5
189.9¥50,805.0/¥1,618.3
2,190.4
203.4
157.4
581.3
1.2
1,100.6
146.2¥3,808.7/¥8,929.6
4,793.6
1,330.6
20.4
2,651.4
20.5
531.8
238.7
¥13,723.3/¥125,079.0
39,536.2
8,495.9
2,908.5
18,504.7
52.6
7,029.4
2,544.9¥164,615.3
9,197.4
Billions of yen

As of March 31, 2012

Domestic
Overseas
Asia
Central and South America
North America
Eastern Europe
Western Europe
Other Areas
Total
Exempt Portion

Notes:

1.

2.
3.

Loans, commitments
and other nonderivative off- balancesheet exposures

Securities

Derivatives

OthersTotal¥77,828.0
17,071.5
4,363.0
2,258.9
5,825.6
29.2
3,222.0
1,372.5¥94,899.5/¥40,146.5
8,465.3
996.8
144.2
6,029.2
1,140.7
154.2¥48,611.9/¥1,842.3
2,054.8
148.4
201.5
595.1
0.9
992.9
115.7
¥3,897.1/¥7,323.2
3,453.5
981.9
8.8
1,922.0
6.2
474.0
60.3
¥10,776.7/¥127,140.2
31,045.2
6,490.2
2,613.7
14,372.0
36.5
5,829.6
1,702.9¥158,185.4
8,122.8

Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reserve for 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.
Exposure to non-Japanese residents is included in “Overseas.”“Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, other assets, etc.

23—Status of Capital Adequacy

(b) Breakdown by Industry
Billions of yen

As of March 31, 2013

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 nonderivative off-balancesheet exposures

Securities

Derivatives

OthersTotal¥15,249.1
1,371.2
7,190.5
3,775.5
7,794.3
10,547.0
11,986.3
18,190.6
20,173.3¥96,278.2/¥2,033.2
155.5
457.2
2,972.1
654.0
2,578.5
8,085.1
33,869.1¥50,805.0/¥456.6
10.2
56.4
92.7
233.7
2,282.9
0.1
662.3
13.6
¥3,808.7/¥290.2
3.9
32.7
21.2
636.0
1,489.9
13.9
6,204.2
5,030.9¥13,723.3/¥18,029.2
1,540.8
7,736.9
6,861.7
9,318.0
16,898.4
12,000.4
33,142.3
59,087.1¥164,615.3
9,197.4
Billions of yen

As of March 31, 2012

Manufacturing
Construction
Real Estate
Service Industries
Wholesale and Retail
Finance and Insurance
Individuals
Other Industries
Japanese Government; Bank of Japan
Total
Exempt Portion

Notes:

1.

2.

Loans, commitments
and other nonderivative off-balancesheet exposures

Securities

Derivatives

OthersTotal¥13,808.8
1,374.8
6,752.2
3,575.2
7,474.5
9,899.3
11,907.2
15,769.1
24,338.1¥94,899.5/¥2,080.9
188.3
439.8
2,136.7
593.3
2,549.1
5,946.2
34,677.4¥48,611.9/¥537.5
18.6
53.1
123.5
457.2
2,014.7
0.1
681.1
11.0
¥3,897.1/¥249.9
4.1
33.2
60.5
512.4
1,057.5
14.3
5,690.6
3,153.9¥10,776.7/¥16,677.2
1,585.8
7,278.4
5,896.1
9,037.6
15,520.7
11,921.8
28,087.1
62,180.5¥158,185.4
8,122.8

Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reserve for 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.
“Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, other assets, etc.

Status of Capital Adequacy—24

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(c) Breakdown by Residual Contractual Maturity
Billions of yen

As of March 31, 2013

Less than One Year
From One Year to Less than Three Years
From Three Years to Less than Five Years
Five Years or MoreOther than Above
Total
Exempt Portion

Loans, commitments
and other nonderivative off-balancesheet exposures

Securities

Derivatives

OthersTotal¥30,751.0
13,665.5
13,052.4
27,314.7
11,494.3¥96,278.2/¥13,704.3
9,768.9
14,290.9
9,199.5
3,841.2¥50,805.0/¥724.4
1,518.1
807.7
679.8
78.5
¥3,808.7/¥2,543.7
46.9
3.8
5.3
11,123.3¥13,723.3/¥47,723.6
24,999.6
28,155.1
37,199.4
26,537.4¥164,615.3
9,197.4
Billions of yen

As of March 31, 2012

Less than One Year
From One Year to Less than Three Years
From Three Years to Less than Five Years
Five Years or MoreOther than Above
Total
Exempt Portion

Notes:

1.

2.

Loans, commitments
and other nonderivative off-balancesheet exposures

Securities

Derivatives

OthersTotal¥29,665.1
12,628.3
11,347.2
28,158.3
13,100.3¥94,899.5/¥13,917.9
12,704.9
11,449.5
7,156.6
3,382.8¥48,611.9/¥536.91,606.1
937.4
746.9
69.7
¥3,897.1/¥1,897.0
43.9
27.8
1.8
8,806.0¥10,776.7/¥46,017.1
26,983.4
23,762.1
36,063.7
25,358.9¥158,185.4
8,122.8

Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reserve for 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.
“Others” include cash, deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, other assets, etc.

25—Status of Capital Adequacy

○ Status of Exposure Past Due Three Months or More or in Default(d) Breakdown by Geographical Area
Billions of yen

As of March 31, 2013

Domestic
Overseas
Asia
Central and South America
North America
Eastern Europe
Western Europe
Other Areas
Total
Exempt Portion

Loans, commitments
and other nonderivative off-balancesheet exposures

Securities

Derivatives

OthersTotal¥1,373.7
342.6
47.7
183.8
7.4
0.4
77.0
26.0
¥1,716.3
/

¥16.6
0.6
0.0
0.0
0.6
¥17.2
/

¥34.7
33.8
0.7
24.3
0.0
8.6
0.1
¥68.6
/

¥46.8
10.2
3.7
0.1
3.5
1.8
0.8
¥57.0
/

¥1,471.9
387.3
52.2
208.3
11.6
0.4
87.5
27.0
¥1,859.2
3.6
Billions of yen

As of March 31, 2012

Domestic
Overseas
Asia
Central and South America
North America
Eastern Europe
Western Europe
Other Areas
Total
Exempt Portion

Notes:

1.

2.
3.

Loans, commitments
and other nonderivative off-balancesheet exposures

Securities

Derivatives

OthersTotal¥1,439.5
197.0
41.7
59.0
8.0
0.4
66.5
21.2
¥1,636.5
/

¥20.5
0.5
0.0
0.0
0.5
¥21.1
/

¥82.3
17.7
0.1
9.5
0.0
8.0
¥100.1
/

¥59.0
14.5
3.9
0.0
8.4
1.6
0.4
¥73.6
/

¥1,601.4
229.9
45.8
68.7
17.0
0.4
76.2
21.6
¥1,831.4
1.1

Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reserve for 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.
Exposure to non-Japanese residents is included in “Overseas.”“Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, other assets, etc.

Status of Capital Adequacy—26

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(e) Breakdown by Industry
Billions of yen

As of March 31, 2013

Manufacturing
Construction
Real Estate
Service Industries
Wholesale and Retail
Finance and Insurance
Individuals
Other Industries
Total
Exempt Portion

Loans, commitments
and other nonderivative off-balancesheet exposures

Securities

Derivatives

OthersTotal¥415.3
47.0
255.1
170.0
216.9
25.1
210.8
375.7
¥1,716.3
/

¥7.3
2.5
4.4
0.7
0.8
0.3
1.0
¥17.2
/

¥13.8
0.0
0.0
5.4
16.7
2.7
0.0
29.7
¥68.6
/

¥14.3
0.8
0.6
5.0
24.9
5.6
1.3
4.2
¥57.0
/

¥450.9
50.5
260.3
181.3
259.4
33.7
212.1
410.7
¥1,859.2
3.6
Billions of yen

As of March 31, 2012

Manufacturing
Construction
Real Estate
Service Industries
Wholesale and Retail
Finance and Insurance
Individuals
Other Industries
Total
Exempt Portion

Notes:

1.

2.

Loans, commitments
and other nonderivative off-balancesheet exposures

Securities

Derivatives

OthersTotal¥386.7
53.7
251.1
205.6
268.2
21.2
236.2
213.3
¥1,636.5
/

¥8.0
2.7
5.3
3.4
0.8
0.2
0.3
¥21.1
/

¥35.1
0.2
0.0
5.6
41.6
3.0
0.0
14.2
¥100.1
/

¥16.6
1.1
0.8
6.2
31.1
10.5
1.3
5.7
¥73.6
/

¥446.6
58.0
257.4
221.0
341.9
35.0
237.5
233.7
¥1,831.4
1.1

Exempt portion represents the amount before the deduction of specific reserve for possible losses on loans, reserve for 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.
“Others” include deposits, call loans, other debt purchased, money held in trust, foreign exchange assets, other assets, etc.

27—Status of Capital Adequacy

○ Status of Reserves for Possible Losses on Loans
The amounts associated with regarded-method exposure and securitization exposure are excluded.

(f) Fiscal Year-End Balances of Reserves for Possible Losses on Loans and Changes during the Fiscal
Year (after Partial Direct Write-Offs)
As of, or for the fiscal year ended, March 31,

General Reserve for
Possible Losses on Loans

Specific Reserve for
Possible Losses on Loans

Reserve for Possible Losses
on Loans to Restructuring
Countries
Total

Note:

Beginning Balance
Increase during the Fiscal Year
Decrease during the Fiscal YearEnding Balance
Beginning Balance
Increase during the Fiscal Year
Decrease during the Fiscal YearEnding Balance
Beginning Balance
Increase during the Fiscal Year
Decrease during the Fiscal YearEnding Balance
Beginning Balance
Increase during the Fiscal Year
Decrease during the Fiscal YearEnding Balance

2013

Billions of yen
2012¥447.5
503.0
447.5
503.0
243.9
235.7
243.9
235.7
0.0
1.0
0.0
1.0
¥691.5
739.8
691.5
739.8

¥501.4
447.5
501.4
447.5
259.1
243.9
259.1
243.9
0.0
0.0
0.0
0.0
¥760.5
691.5
760.5
691.5

General reserve for possible losses on loans in the above table represents the amount recorded in our consolidated balance sheet, and theamounts associated with regarded-method exposure and securitization exposure are not excluded.

Status of Capital Adequacy—28

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(g) Specific Reserve for Possible Losses on Loans by Geographical Area and Industry
As of March 31,

Domestic
Manufacturing
Construction
Real Estate
Service Industries
Wholesale and Retail
Finance and Insurance
Individuals
Other Industries
Overseas
Exempt Portion
Total

As of March 31,

Domestic
Manufacturing
Construction
Real Estate
Service Industries
Wholesale and Retail
Finance and Insurance
Individuals
Other Industries
Overseas
Exempt Portion
Total
Note:

Billions of yen
Change20132012¥171.3
35.1
7.0
24.9
12.3
38.2
0.1
41.8
11.6
57.8
6.4
¥235.7¥187.4
26.8
6.0
20.3
14.1
39.7
0.8
67.3
12.0
50.4
6.0
¥243.92012

2011

Billions of yen
Change¥187.4
26.8
6.0
20.3
14.1
39.7
0.8
67.3
12.0
50.4
6.0
¥243.9¥220.0
27.0
18.6
19.7
17.0
39.0
0.5
84.2
13.5
34.2
4.8
¥259.1¥(32.5)(0.1)(12.5)
0.6
(2.9)
0.6
0.2
(16.9)
(1.5)
16.1
1.2
¥(15.1)¥(16.0)
8.2
0.9
4.5
(1.8)
(1.5)
(0.6)
(25.4)
(0.3)
7.4
0.3
¥(8.2)

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.

(h) Write-Offs of Loans by Industry
For the fiscal year ended March 31,

2013

Billions of yen
2012

Manufacturing
Construction
Real Estate
Service Industries
Wholesale and Retail
Finance and Insurance
Individuals
Other Industries
Exempt Portion
Total

¥18.3
1.1
0.7
5.3
7.2
10.0
6.7
0.1
¥49.7

¥7.1
1.1
1.7
3.4
7.5
0.0
12.2
5.0
0.1
¥38.5

Notes:

1.
2.
3.

The above table represents the breakdown of losses on write-offs of loans recorded in our consolidated statement of income after
excluding the amounts associated with regarded-method exposure and securitization exposure.
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.
“Other Industries” include overseas and non-Japanese resident portions.

29—Status of Capital Adequacy

○ Status of Exposure to which the Standardized Approach is Applied(i) Exposure by Risk Weight Category after Applying Credit Risk Mitigation
Billions of yen

As of March 31, 2013

0%
10%
20%
35%
50%
100%
150%
250%
350%
625%
937.5%
1,250%

Risk Weight

Total

On-balance Sheet

Off-balance Sheet

Total

With External Rating¥2,660.4
111.2
314.0
20.0
2,455.3
0.0
45.3¥5,606.5¥1,462.2
0.0
892.0
1.3
1,235.1
0.0
0.0¥3,590.8¥4,122.7
111.2
1,206.0
21.4
3,690.5
0.0
45.3
0.0
0.0
¥9,197.4¥195.88.0
3.3
44.0¥251.3
Billions of yen

As of March 31, 2012

Risk Weight

Total

Notes:

1.
2.

0%
10%
20%
35%
50%
100%
150%
250%
350%
625%
937.5%
1,250%

On-balance Sheet

Off-balance Sheet

Total

With External Rating¥452.3
67.4
288.5
4.4
2,144.8
0.1¥2,957.8¥3,702.0
0.1
796.1
1.0
665.7
0.0
0.0
¥5,165.0¥4,154.3
67.5
1,084.7
5.4
2,810.5
0.1
0.0
0.0¥8,122.8¥139.18.7
2.0
42.8¥192.8The amounts in the above table are before the deduction of specific reserve for possible losses on loans, reserve for possible losses onloans to restructuring countries and partial direct write-offs.
Off-balance-sheet exposure shows credit equivalent amount.

Status of Capital Adequacy—30

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(j) Amount of Exposure to which a Risk Weight of 1,250% is Applied / Deduction from Capital
As of March 31, 2013

Billions of yen

Amount of Exposure to which a Risk Weight of 1,250% is Applied¥9.8

As of March 31, 2012

Billions of yen

Deduction from Capital¥21.9○ Status of Exposure to which the Internal Ratings-based Approach is Applied(k) Specialized Lending Exposure under Supervisory Slotting Criteria by Risk Weight Category
2013

As of March 31,

Risk Weight

50%
70%
90%
95%
115%
120%
140%
250%
Default

Total

¥19.8
6.1
75.4
15.9
19.4
24.6
124.6
32.4
¥318.5

Billions of yen
2012

¥13.1
84.0
15.5
2.4
41.9
236.7
7.1
¥400.9(l) Equity Exposure under Simple Risk Weight Method of Market-based Approach by Risk Weight
Category
As of March 31,

Risk Weight
Total
Note:

2013

300%
400%

¥298.965.5¥364.4

Billions of yen
2012¥204.969.2¥274.2Of the equity exposure under the simple risk weight method, a risk weight of 300% is applied for listed equities and 400% for unlisted equities.

31—Status of Capital Adequacy

(m) Portfolio by Asset Class and Ratings Segment (Corporate, etc.)

As of March 31, 2013

Corporate
Investment
Grade Zone
Noninvestment
Grade Zone
Default
Sovereign
Investment
Grade Zone
Noninvestment
Grade Zone
Default
Bank
Investment
Grade Zone
Noninvestment
Grade Zone
Default
Equity Exposure
under PD/LGD
Approach
Investment
Grade Zone
Noninvestment
Grade Zone
Default
Total
Investment
Grade Zone
Noninvestment
Grade Zone
Default

Risk
Weight(EAD
Weighted
Average)(%)

EAD(Billionsof yen)On-balance
Sheet

Billions of yen, except percentages
Weighted
Average of
CreditAmount ofConversion
Undrawn
FactorCommitOff-balance
(%)
ments
Sheet

PD
(EAD
Weighted
Average)
(%)

LGD
(EAD
Weighted
Average)(%)

EL
Default(EAD
Weighted
Average)
(%)

3.32

35.56

/

43.03

¥59,718.2¥44,523.2¥15,194.9¥12,758.1

75.13

0.10

37.12

/

25.14

37,217.6

24,836.9

12,380.7

10,816.9

75.09

2.72

32.28

/

75.30

21,129.8

18,397.1

2,732.7

1,931.4

75.32

100.00
0.01

43.88
38.38

41.51
/

31.50
1.16

1,370.6
77,908.6

1,289.2
61,976.8

81.4
15,931.8

9.7
424.2

75.00
75.25

0.00

38.38

/

1.04

77,785.0

61,859.9

15,925.1

421.0

75.25

1.53

38.21

/

74.81

123.4

116.7

6.6

3.1

75.00

100.00
0.38

60.56
36.42

56.02
/

60.21
27.58

0.1
6,602.6

0.1
3,557.2

3,045.4

330.8

75.00

0.09

36.31

/

23.95

5,994.2

3,265.6

2,728.6

248.7

75.00

0.93

36.86

/

63.90

594.1

280.7

313.4

82.1

75.00

100.00

64.05

60.97

40.81

14.2

10.8

3.3

-

-

0.41

90.00

/

139.55

1,107.3

1,107.3

-

-

-

0.07

90.00

/

122.81

975.4

975.4

-

-

-

1.76

90.00

/

252.57

130.4

130.4

-

-

-

100.00
1.39

90.00
37.53

/
/

1,192.50
20.62

1.5¥145,336.9

1.5¥111,164.7 ¥34,172.2¥13,513.2

75.13

0.04

38.31

/

10.49

121,972.4

90,937.9

31,034.4

11,486.7

75.10

2.66

32.78

/

76.04

21,977.9

18,925.0

3,052.9

2,016.7

75.31

100.00

44.14

41.71

32.86

1,386.5

1,301.7

84.7

9.7

75.00

Status of Capital Adequacy—32

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

As of March 31, 2012

Corporate
Investment
Grade Zone
Non-investment
Grade Zone
Default
Sovereign
Investment
Grade Zone
Non-investment
Grade Zone
Default
Bank
Investment
Grade Zone
Non-investment
Grade Zone
Default
Equity Exposure
under PD/LGD
Approach
Investment
Grade Zone
Non-investment
Grade Zone
Default
Total
Investment
Grade Zone
Non-investment
Grade Zone
Default

Notes:

1.
2.
3.
4.
5.

Risk
Weight(EAD
Weighted
Average)(%)

EAD(Billionsof yen)Billions of yen, except percentages
Weighted
Average of
CreditAmount ofConversion
Undrawn
FactorCommitOff-balance
(%)
ments
Sheet

PD
(EAD
Weighted
Average)
(%)

LGD
(EAD
Weighted
Average)(%)

EL
Default(EAD
Weighted
Average)
(%)

3.62

36.54

/

43.67

¥54,517.9¥40,758.6 ¥13,759.2 ¥10,637.7

75.11

0.09

38.26

/

22.93

32,144.7

21,584.1

10,560.5

8,851.5

75.10

2.64

33.21

/

75.91

20,981.8

17,924.8

3,057.0

1,757.975.14

100.00
0.01

47.12
39.89

44.36
/

36.59
0.98

1,391.3
77,843.9

1,249.6
58,069.4

141.7
19,774.5

28.2
220.8

75.00
75.00

0.00

39.89

/

0.80

77,729.2

57,958.2

19,770.9

219.6

75.00

5.37

39.68

/

122.43

114.5

111.0

3.5

1.2

75.00

100.00
0.55

61.29
37.62

56.51
/

63.28
23.67

0.1
5,579.7

0.1
2,689.2

2,890.5

309.8

75.49

0.09

37.43

/

19.80

5,024.4

2,460.3

2,564.0

248.1

75.61

0.97

38.02

/

59.47

534.1

210.7

323.3

61.6

75.00

100.00

73.41

70.53

38.17

21.2

18.1

3.1

-

-

0.33

90.00

/

122.93

964.4

964.4

-

-

-

0.06

90.00

/

107.68

872.7

872.7

-

-

-

1.64

90.00

/

271.51

90.5

90.5

-

-

-

100.00
1.45

90.00
38.83

90.00
/

1.1
1.1
19.49 ¥138,906.1 ¥102,481.7 ¥36,424.3 ¥11,168.4

75.12

0.03

39.71

/

8.57

115,771.1

82,875.5

32,895.5

9,319.3

75.11

2.61

33.60

/

76.57

21,721.0

18,337.1

3,383.9

1,820.8

75.14

100.00

47.55

44.79

36.58

1,413.9

1,269.1

144.8

28.2

75.00

On-balance
Sheet

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 (see page 52 for details of obligor ratings).
“Corporate” does not include specialized lending exposure under supervisory slotting criteria.
Each asset class includes purchased receivables.
The commitments that can be terminated at any time without condition or terminated automatically are not included in the amount of
undrawn commitments and weighted average of credit conversion factor.
With the start of application of Basel III, regarding equity exposure under the PD/LGD approach, we recognize the risk-weighted assets
by multiplying 1,250% by the expected loss (“EL”) from the fiscal year ended March 31, 2013.

33—Status of Capital Adequacy

(n) Portfolio by Asset Class and Ratings Segment (Retail)Billions of yen, except percentages

As of March 31, 2013

Residential
Mortgage
Non-default
Default
Qualifying
Revolving Loan
(Retail)
Non-default
Default
Other RetailNon-default
Default
Total
Non-default
Default

Risk
Weight(EAD
Weighted
Average)(%)

EAD(Billions ofyen)

On-balance
Sheet

Off-balance
Sheet

PD
(EAD
Weighted
Average)
(%)

LGD
(EAD
Weighted
Average)(%)

EL
Default(EAD
Weighted
Average)
(%)

2.62

42.20

/

32.86

¥10,477.7¥10,231.1¥246.6

¥7.5

75.00

0.79
100.00

42.08
48.39

/
46.37

32.98
26.79

10,284.4
193.2

10,042.9
188.1

241.5
5.1

7.5
-

75.00
-

3.86

78.81

/

72.32

372.6

252.4

120.2

1,439.4

8.35

3.54
100.005.37
1.73
100.003.22
1.05
100.00

78.82
76.05
53.09
53.29
47.89
45.43
45.37
48.33

/
72.89
/
/
45.49
/
/
46.17

72.42
41.79
48.25
48.88
31.78
37.10
37.29
28.59

371.4
1.2
2,799.1
2,695.3
103.7¥13,649.5
13,351.2
298.3

251.4
1.0
2,778.2
2,678.3
99.8¥13,261.9
12,972.8
289.0

119.9
0.2
20.8
16.9
3.9
¥387.6378.4
9.2

1,437.5
1.8
20.9
16.9
4.0
¥1,467.9
1,462.0
5.8

8.35
12.13
73.48
68.19
95.77
9.62
9.38
69.36

PD
(EAD
Weighted
Average)
(%)

LGD
(EAD
Weighted
Average)(%)

EL
Default(EAD
Weighted
Average)(%)

Risk
Weight(EAD
Weighted
Average)(%)

EAD(Billions ofyen)

On-balance
Sheet

Off-balance
Sheet

2.85

42.09

/

33.65

¥10,529.9¥10,244.4¥285.4

¥6.2

75.00

0.81
100.00

41.96
48.10

/
46.02

33.78
27.63

10,313.0
216.8

10,033.7
210.7

279.3
6.0

6.2
-

75.00
-

3.98

79.22

/

72.79

346.3

237.2

109.1

1,384.9

7.88

3.57
100.005.74
1.76
100.003.47
1.07
100.00

79.23
77.21
52.00
52.13
48.85
45.04
44.96
48.49

/
74.07
/
/
46.34
/
/
46.25

72.92
41.51
45.41
45.92
33.34
37.04
37.22
29.63

344.9
1.4
2,776.3
2,663.6
112.6¥13,652.5
13,321.6
330.9

236.0
1.1
2,752.3
2,643.8
108.5¥13,234.0
12,913.5
320.4

108.8
0.2
23.9
19.8
4.0
¥418.5408.0
10.4

1,382.9
1.9
22.4
18.3
4.1
¥1,413.6
1,407.5
6.0

7.87
13.72
72.45
67.39
94.85
9.20
8.95
69.01

Weighted
Amount of Average of
Undrawn
CreditCommit- Conversion
ments Factor (%)

Billions of yen, except percentages

As of March 31, 2012

Residential
Mortgage
Non-default
Default
Qualifying
Revolving Loan
(Retail)
Non-default
Default
Other RetailNon-default
Default
Total
Non-default
Default
Notes:

Weighted
Amount of Average of
CreditUndrawn
Commit- Conversion
ments Factor (%)

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 the amount of
undrawn commitments and weighted average of credit conversion factor.

Status of Capital Adequacy—34

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(o) Actual Losses by Asset Class

Corporate
SovereignBank
Residential Mortgage
Qualifying Revolving Loan (Retail)
Other Retail
Total
Note:

For the period from April 1, 2012
through March 31, 2013
Actual Losses

Billions of yen
For the period from April 1, 2011
through March 31, 2012
Actual Losses

¥75.6
0.2
(5.0)
(9.2)
0.3
0.2
¥62.1

¥29.2
0.2
(1.4)
(2.9)
(0.7)
5.2
¥29.5

Actual losses are the sum of the net increase (decrease) in the amount of partial direct write-offs, specific reserve for possible 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 of ¥62.1 billion in the period from April 1, 2012 through March 31, 2013 increased by ¥32.6 billion compared with the period from
April 1, 2011 through March 31, 2012. This was due mainly to increase in losses from corporate exposure offset in part by a decrease in losses
from bank exposure and retail exposure.

35—Status of Capital Adequacy

(p) Comparison of Estimated and Actual Losses by Asset ClassFor the period from April 1, 2012
through March 31, 2013
Estimated Losses (Expected
Losses as of March 31, 2012)
ActualAfter Deduction ofLossesReserves

Corporate
SovereignBank
Residential Mortgage
Qualifying Revolving Loan (Retail)
Other RetailTotal¥828.0
3.1
18.4
134.8
10.8
73.5
¥1,068.8¥272.6(10.2)
6.3
41.6
3.7
24.2
¥338.4

¥75.6
0.2
(5.0)
(9.2)
0.3
0.2
¥62.1

For the period from April 1, 2010
through March 31, 2011
Estimated Losses (Expected
Losses as of March 31, 2010)
ActualAfter Deduction ofLossesReserves

Corporate
SovereignBank
Residential Mortgage
Qualifying Revolving Loan (Retail)
Other Retail
Total¥1,296.9
1.5
38.4
122.6
10.2
51.2
¥1,521.1¥454.0(11.4)
8.3
31.1
3.5
15.0
¥500.6

¥22.9
0.2
(0.4)
31.5
1.4
23.1
¥78.7

For the period from April 1, 2008
through March 31, 2009
Estimated Losses (Expected
Losses as of March 31, 2008)
ActualAfter Deduction ofLossesReserves

Corporate
SovereignBank
Residential Mortgage
Qualifying Revolving Loan (Retail)
Other Retail
Total
Notes:

1.

2.

¥1,121.0
1.3
2.9
86.6
7.9
51.9
¥1,271.8¥350.0(11.1)
2.5
22.7
3.2
16.4
¥383.9¥345.3
0.0
28.6
17.2
2.1
3.8
¥397.3

Billions of yen
For the period from April 1, 2011
through March 31, 2012
Estimated Losses (Expected
Losses as of March 31, 2011)
ActualAfter Deduction ofLossesReserves¥989.6
1.3
31.9
150.4
12.2
74.7
¥1,260.3¥373.2(11.7)
4.1
43.2
4.2
24.1
¥437.2

¥29.2
0.2
(1.4)
(2.9)
(0.7)
5.2
¥29.5

Billions of yen
For the period from April 1, 2009
through March 31, 2010
Estimated Losses (Expected
Losses as of March 31, 2009)
ActualAfter Deduction ofLossesReserves¥1,313.1
1.7
35.5
95.8
10.3
51.3
¥1,508.0¥473.3(10.8)
6.5
24.8
3.8
15.6
¥513.3¥166.5
0.3
1.0
33.2
0.2
4.3
¥205.8Billions of yen
For the period from April 1, 2007
through March 31, 2008
Estimated Losses (Expected
Losses as of March 31, 2007)
ActualAfter Deduction ofLossesReserves¥1,086.0
5.4
6.4
78.2
7.2
52.9
¥1,236.5¥217.0
(7.0)
2.6
6.8
2.3
8.8
¥230.5

¥74.6
0.0
(2.6)
5.1
(0.1)
(2.8)
¥74.1

Estimated losses after deduction of reserve are the amount after deductions 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 of the
beginning of each period. Equity exposure under the PD/LGD approach is not included in the amount of estimated losses.
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 taxqualified 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.

Status of Capital Adequacy—36

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy■ Methods for Credit Risk Mitigation(7) Risk Management Regarding Credit Risk Mitigation
We obtain collateral and guarantees as a means of securing credit. In obtaining the collateral and guarantees, we evaluate
the value of the collateral, guarantee performance capability of guarantor and legal enforceability, and we also conductperiodical subsequent re-evaluations. Furthermore, we monitor the state of concentration of collateral type andconcentration of credit risks in individual companies, including indirect credit exposure such as guarantees.
When calculating the credit risk weighted assets for capital adequacy ratio regulations, the effect of credit risk mitigation
through financial collateral (mainly deposits and securities), other collateral (mainly real estate) and guarantees by“sovereign, banks or corporations above a certain credit rating” is reflected.
For derivatives transactions and repurchase transactions, in cases in which a bilateral netting contract is valid in light of thelegal system of the relevant jurisdiction, we take its effect into consideration.

(8) 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 March 31, 2013

Financial
Collateral

Other
CollateralInternal Ratings-based Approach
Corporate
SovereignBank
RetailResidential Mortgage
Qualifying Revolving Loan
Other Retail
OthersStandardized Approach
Sovereign
Bank
Corporate
Residential Mortgage
Securitizations
OthersTotal¥2,426.9
2,033.7
0.0
365.3
27.8
27.8
971.1
940.9
30.2
¥3,398.1¥4,812.5
4,552.6
18.4
53.1
188.3
188.3
/
/
/
/
/
/
/
¥4,812.5

37—Status of Capital Adequacy

Guarantees

CreditDerivatives

Total¥6,223.2
4,779.9
481.3
25.7
936.2
206.1
0.3
729.8
28.0
28.0
¥6,251.2

¥46.2
46.2
¥46.2

¥13,509.0
11,412.5
499.7
444.3
1,152.3
206.1
0.3
945.9
999.2
968.9
30.2
¥14,508.2

Billions of yen
As of March 31, 2012

Financial
Collateral

Other
CollateralInternal Ratings-based Approach
Corporate
SovereignBank
RetailResidential Mortgage
Qualifying Revolving Loan
Other Retail
OthersStandardized Approach
Sovereign
Bank
Corporate
Residential Mortgage
Securitizations
OthersTotal¥2,337.0
1,942.5
0.0
367.0
27.3
27.3
3,087.8
3,084.8
0.9
2.1¥5,424.9¥4,733.6
4,500.7
21.2
33.7
177.9
177.9
/
/
/
/
/
/
/
¥4,733.6

Guarantees

CreditDerivatives

Total¥5,228.5
3,507.5
493.3
222.7
1,004.8
222.3
0.3
782.0
¥5,228.5

¥34.1
34.1
¥34.1

¥12,333.4
9,985.0514.6
623.5
1,210.1
222.3
0.3
987.4
3,087.8
3,084.8
0.9
2.1¥15,421.3■ Counterparty Risk in Derivatives Transactions and Long-settlement Transactions(9) Management of Counterparty Risk in Derivatives Transactions and Long-settlement Transactions
In managing the risk pertaining to counterparty risk in derivatives transactions and long-settlement transactions, we
generally allocate risk capital together with loans, etc. As to derivatives transactions with financial institutions, etc., weperiodically, where necessary, deliver and receive collateral to and from the counterparty based on the replacement cost to
mitigate credit risk (collateralized derivative transactions). In conducting such transactions, there is a risk in which we may
be required to provide additional collateral in cases where our credit profile deteriorates. We calculate reserves forderivatives transactions by multiplying the same reserve ratio that we use for loans, etc., against the replacement cost.

Status of Capital Adequacy—38

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(10) Status of Counterparty Risk in Derivatives Transactions and Long-settlement Transactions(a) Status of Derivatives Transactions and Long-settlement Transactions
Derivative Transactions
Billions of yen
As of March 31, 2012

As of March 31, 2013
Gross
Replacement
Cost

Gross Addon

CreditGross
Equivalent Replacement
AmountCost

Gross Addon

CreditEquivalent
Amount¥2,562.5¥2,293.7¥4,856.3¥2,154.3¥1,819.8¥3,974.2

6,023.2

2,384.8

8,408.0

5,783.8

2,727.4

8,511.3

110.7

100.9

211.7

58.0

98.7

156.7

25.7

97.1

122.8

-

-

-

304.5

1,007.2

1,311.7

65.8

51.4

117.2

(A)

69.8
9,096.7299.7
6,183.5

369.5
15,280.2

59.6
8,121.7

429.3
5,126.8

489.0
13,248.5

(B)

/

/

9,775.2//

8,524.4(C)=(A)+(B)//5,505.0//

4,724.1

(D)

/

/

651.8

/

/

400.9

(C)+(D)¥/¥/¥4,853.1¥/¥/¥4,323.2

Current Exposure Method
Foreign Exchange-related
Transactions
Interest Rate-related
Transactions
Gold-related Transactions
Equity-related Transactions
Transactions related to Precious
Metals (Other than Gold)
Other Commodity-related
Transactions
Credit Derivatives Transactions
Subtotal
Netting Benefits by Close-out
Netting Settlement Contracts
Subtotal
Effect of Credit Risk Mitigation
by Collateral
Total

Standardized Method
Total
Note:

CreditEquivalent
AmountCreditEquivalent
Amount¥195.6¥198.0The current exposure method and standardized method are used as the method to calculate credit equivalent amounts.

Long-settlement Transactions
Billions of yen
2013

As of March 31,

Long-settlement Transactions
Notes:

1.
2.

2012

Gross
Replacement
Cost

Gross
Add-onCreditEquivalent
AmountGross
Replacement
Cost

Gross
Add-onCreditEquivalent
Amount

¥3.3

¥3.0

¥6.3

¥3.5

¥0.7

¥4.3

The current exposure method is used as the method to calculate credit equivalent amounts.
Neither the “netting benefits by close-out netting settlement contracts” nor the “effect of credit risk mitigation by collateral” applies tolong-settlement transactions.

39—Status of Capital Adequacy

(b) Amounts of Credit Risk Mitigation by TypeAs of March 31,

Financial Collateral
Other Collateral
Guarantees, Others
Total

2013

Billions of yen
2012

¥31.8
51.3
10.1
¥93.3

¥49.9
96.1
14.4
¥160.5(c) Notional Amount of Credit Derivatives Subject to Credit Equivalent Amount Calculations
2013
As of March 31,

Credit Derivatives Type:
Credit Default Swap
Total Return Swap
Total

Note:

Protection Bought
Protection Sold
Protection Bought
Protection Sold
Protection Bought
Protection Sold

Billions of yen
2012

Notional Amount

Notional Amount¥2,511.3
2,308.0¥2,511.3
2,308.0¥3,224.6
3,213.3¥3,224.6
3,213.3

Credit derivatives used for credit risk mitigation are as follows:

As of March 31,

Credit Derivatives Used for Credit Risk Mitigation

2013

Billions of yen
2012¥113.7¥127.5

Status of Capital Adequacy—40

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy■ Securitization Exposure
We classify transactions as securitization exposure based on two characteristics, “non-recourse” and “senior/subordinatedstructure,” pursuant to the definitions set forth in the FSA Notice No. 20, etc.; provided that the transactions do not include
those which fall within specialized lending exposure.
At Mizuho Financial Group, Mizuho Corporate Bank and Mizuho Trust & Banking, certain securitization exposure wasdeducted from capital under Basel II for the fiscal year ended March 31, 2012. With the start of application of Basel III, forcertain securitization exposure, a risk weight of 1,250% was applied for calculation of credit risk-weighted assets, and a risk
weight of 100% was applied for calculation of market risk equivalent amounts, under Basel III for the fiscal year ended
March 31, 2013.

(11) Summary of Securitization Exposure and Its Risk Management
We are associated with securitization transactions from various purposes and positions through our banking book andtrading book. Quantitative information related to (a) to (c) below is disclosed in “(13) Quantitative disclosure items forsecuritization exposure,” in accordance with the definitions set forth in the FSA Notice No. 20. Securitization exposures are
separately disclosed for calculation of credit risk-weighted assets and market risk equivalent amounts.
○ The Role of Our Securitization Transactions(a) Securitization of Our Assets (“Securitization as Originator”)
For the purposes of mitigating credit risk and credit concentration risk, controlling economic capital and responding to theneeds of our investors, etc., we engage in securitization transactions the underlying assets of which include mortgage
loans and loans to our corporate customers. When conducting a securitization as an originator, we consider suchtransaction from various aspects, including the effects of reduction of economic capital and improvement of return on risk
as well as the practical effects of risk transfers, and make a comprehensive judgment on structure and appropriateness oftransaction.
(b) Securitization Program (ABCP/ABL) Sponsor
As a means of supporting our customers in their securitization of their account receivables and notes receivables, etc., weretain securitization exposure by providing asset-backed loans (ABLs, which are on-balance-sheet transactions), andproviding asset-backed commercial paper (ABCP) backup lines (off-balance-sheet transactions), as sponsor to special
purpose companies (in the form of Cayman Islands Corporations, etc.). In such cases, in addition to gaining firm
understanding of the actual risk profile through due diligence from the viewpoint of investors, we assign internal ratings andmake evaluations by assessing such transactions and carefully managing the exposure together with other direct loan
assets.
(c) Investment in Alternative Credit Risk Assets (“Securitization Transactions as Investor”)
We hold securitization products, such as ABS, CMBS, RMBS, and CDO, and resecuritization products, the underlying
assets of which are mainly RMBS and CDO, etc., for the purpose of investing in alternative credit risk assets that are
different from conventional credit risk assets in order to diversify our investment portfolio. The Portfolio Management
Committee, etc. set limits on the amount of investment for securitization transactions as investor, and we maintain astringent structure for management of such transactions. In addition, we implement stress tests based on scenarios underthe market liquidity depletion and sharp price declines.
In addition, we undertake various securitization program arrangements such as ABL, ABCP and trust schemes, etc., as ameans of financing for our customers. We endeavor to understand the actual risk profile, including the underlying assets,
and to disclose appropriately the risks and terms of the program to the customers who invest in the product.
Furthermore, we actively act as servicer for securitization transactions, offer settlement account facilities (servicer cash
advance) and provide interest rate swaps to securitization conduits.
None of our affiliated entities hold securitization products in which we are involved as originators or sponsors.

41—Status of Capital Adequacy

○ Overview of Risk Characteristics in Securitization and Monitoring System
In addition to price fluctuation and market liquidity risks, securitization and resecuritization products are exposed to risks
related to default, recovery and granularity of underlying asset portfolio.
The structure of these products also contains risks related to the originators, the administrators, trustees and managers of
the underlying assets.
To address these risks, we also analyze the structure in terms of the underlying assets and credit events. We monitor theability, quality and operating performance of originators and managers in charge of controlling the underlying assets as wellas covenant information and credit status of the parties related to the program.
In addition, for resecuritization products, we pay attention to the underlying assets of the underlying securitization products.
We also assign internal ratings to all products and review the rating at least once a year. If there is a change in the credit
situations, we will review the internal rating as appropriate. As mentioned above, we have established a system tocomprehensively understand the risk characteristics of securitization exposures and manage these exposures.
We conduct credit risk measurements on all credit transactions, including securitization transactions. Furthermore, we
carry out periodic monitoring on investment amount and performance on securitization transactions and report thesituations to our Portfolio Management Committee, etc.
○ Status of Response to Basel Framework
In calculating credit risk-weighted assets of securitization exposure under the internal ratings-based approach, we apply theratings-based approach (“RBA”) if the asset has a rating obtained from eligible external credit assessment institutions andapply the supervisory formula approach (“SF”) in other cases pursuant to the FSA Notice No. 20. We apply a risk weight of
1,250% under Basel III, and deduct securitization exposure from our capital under Basel II, when neither RBA nor SF canbe applied.
In addition, in calculating credit risk-weighted assets of securitization exposure under the standardized approach, we
calculate based on risk weight according to ratings by eligible external credit assessment institutions and weighted averagerisk weight of underlying assets.
In terms of securitization exposure in our trading book that is subject to market risk regulations, we adopt the standardized
measurement method and calculate market risk equivalent amounts in connection with the specific risks of securitization
products based on risk weights according to ratings assigned by eligible external credit assessment institutions pursuant to
the FSA Notice No. 20.
As for the eligible external credit assessment institutions, we refer to Rating and Investment Information, Inc. (R&I), Japan
Credit Rating Agency, Ltd. (JCR), Moody's Investors Service Inc. (Moody's), Standard & Poor's (S&P) and Fitch Ratings,
Ltd. in determining securitization exposure risk weight (We do not separately designate eligible external credit assessment
institutions for each type of securitization exposure).

(12) Accounting Policies for Securitization Transactions
The point at which financial assets and liabilities relating to securitization transactions begin or cease to be recognized,
their evaluation and accounting treatment are pursuant to “Accounting Standards Relating to Financial Products” (BusinessAccounting Standards No. 10), etc., and we conduct valuations based on market price or other reasonably calculated price(such as a price quoted by a broker or an information vender) unless the valuation based on such information is recognized
as extremely difficult to conduct in practice. With respect to the credit investments in securitization products made as analternative to loans by the European, North American and other offices of domestic consolidated banking subsidiaries, weapplied reasonably calculated prices based on the reasonable estimates of our management as fair value. In deriving
reasonably calculated prices based on the reasonable estimates of our management, we used the discounted cash flow
method, and the price decision variables include default rates, recovery rates, pre-payment rates and discount rates. Being
affected by the recent revitalization of the primary market and the secondary market, we changed discount rates of theprice decision variables and set discount rates at a level deemed to be prevailing in the market beginning with the fiscal
year ended March 31, 2013.
Furthermore, we apply appropriate accounting treatment on compound financial products based on “Report on Auditing
Securitized Instruments”, announced by the Japanese Institute of Certified Public Accountants on March 26, 2008.

Status of Capital Adequacy—42

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(13) Quantitative Disclosure Items for Securitization Exposure○ Securitization Exposure as Originator (for Calculation of Credit Risk-weighted Assets)(a) Information by Type of Underlying Assets
Billions of yen
As of, or for the fiscal year ended,
March 31, 2013

Traditional Securitizations
Amount of Underlying Assets (a)Default Exposure
Losses during the Fiscal Year
Amount of Exposures Securitized
during the Fiscal Year
Gains and Losses Recognized on
Sales during the Fiscal Year
Securitization Subject to Early
Amortization Treatment
Synthetic Securitizations
Amount of Underlying Assets (b)Default Exposure
Losses during the Fiscal Year
Amount of Exposures Securitized
during the Fiscal Year
Total Amount of Underlying Assets(a)+(b)43—Status of Capital Adequacy

CreditCards

Residential
Mortgage
Loans

Auto
Loans

Lease
Payment
Receivables

CorporateReal
EstateSecuritization
Products

Total

¥-

¥142.3
1.8
0.3

¥-

¥-

¥-

¥-

¥-

¥142.3
1.8
0.3

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

496.9
-

10.0
-

-

506.9
-

-

-

-

-

-

-

-

-

¥-

¥142.3¥-¥-¥496.9¥10.0¥-¥649.3

Billions of yen
As of, or for the fiscal year ended,
March 31, 2012

CreditCards

Residential
Mortgage
Loans

Auto
Loans

¥-

¥169.1
2.3
0.7

¥-

¥-

-

-

-

-

-

-

Traditional Securitizations
Amount of Underlying Assets (a)Default Exposure
Losses during the Fiscal Year
Amount of Exposures Securitized
during the Fiscal Year
Gains and Losses Recognized on
Sales during the Fiscal Year
Securitization Subject to Early
Amortization Treatment
Synthetic Securitizations
Amount of Underlying Assets (b)Default Exposure
Losses during the Fiscal Year
Amount of Exposures Securitized
during the Fiscal Year
Total Amount of Underlying Assets(a)+(b)
Notes:

1.
2.
3.
4.
5.
6.
7.

Lease
Payment
Receivables

Real
EstateSecuritization
Products

Total

¥-

¥-

¥-

¥169.1
2.3
0.7

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

660.5
-

10.0
-

-

670.5
-

-

-

-

-

63.6

-

-

63.6

¥-

¥169.1¥-¥-¥660.5¥10.0¥-¥839.6

Corporate

Items that refer to “during the fiscal year” show amounts accumulated during the fiscal year ended March 31, 2012 and 2013.
“Amount of underlying assets” and “Losses during the fiscal year” 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.
“Default exposure” and “Losses during the fiscal year” with respect to synthetic securitization transactions are based on the definition ofdefault as set forth in the respective transactions.
Classification based on type of underlying assets is conducted according to the principal underlying asset type for each transaction.
“Credit cards” include shopping credit receivables, card loans, etc.
The effects of risk mitigation, in the context of calculating capital adequacy ratio, of transfers (hedges) of risk through synthetic
securitization transactions are reflected in “Required capital” of “(B) Information of securitization exposure retained or purchased.”
Of the securitization exposure retained or purchased whose risk has been transferred (hedged) through securitization schemes, wehave 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 forth in the FSA Notice No. 20, etc.

─Exposure Intended to be Securitized─
Billions of yen

As of March 31, 2013

Exposure Intended to be
Securitized

CreditCards

Residential
Mortgage
Loans

Auto
Loans

¥-

¥-

¥-

CreditCards

Residential
Mortgage
Loans

Auto
Loans

¥-

¥-

¥-

Lease
Payment
Receivables¥-

Corporate¥-Real
EstateSecuritization
Products

Total

¥-

¥-

¥-

Real
RstateSecuritization
Products

Total

¥-

¥-

¥-

Billions of yen

As of March 31, 2012

Exposure Intended to be
Securitized

Lease
Payment
Receivables¥-

Corporate¥-

Status of Capital Adequacy—44

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(b) Information of Securitization Exposure Retained or Purchased
─Exposure by Type of Underlying Asset─
Billions of yen

As of March 31, 2013

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations towhich a Risk Weight of 1,250% isApplied
Exposure whose Underlying Assets
are Overseas Assets

CreditCards

Residential
Mortgage
Loans

Lease
Payment
Receivables

Auto
Loans

CorporateReal
EstateSecuritization
Products

Total

¥¥-

¥35.4
¥35.4
-

¥¥-

¥¥-

¥496.9¥496.9
-

¥10.0
¥10.0
-

¥¥-

¥542.3¥542.3
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Billions of yen

As of March 31, 2012

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations
Deducted from Capital
Exposure whose Underlying Assets
are Overseas Assets
Notes:

1.
2.
3.
4.

CreditCards

Residential
Mortgage
Loans

Lease
Payment
Auto
Loans Receivables

CorporateReal
EstateSecuritization
Products

Total

¥¥-

¥36.2
¥36.2
-

¥¥-

¥¥-

¥660.5¥660.5
-

¥10.0
¥10.0
-

¥¥-

¥706.7¥706.7
-

-

-

-

-

1.5

-

-

1.5

-

-

-

-

-

-

-

-

Classification based on type of underlying asset is conducted according to the principal underlying asset type for each transaction.
“Credit cards” include shopping credit receivables, card loans, etc.
“Exposure whose underlying assets are overseas assets” is classified based on the principal underlying asset type for each transaction.
“Exposure on resecuritizations” as of both March 31, 2012 and 2013 are classified following Article 1, Paragraph 2-2 of the FSA NoticeNo. 20 (hereinafter the same).

45—Status of Capital Adequacy─Exposure by Risk Weight Category─
Billions of yen
Onbalance
Sheet

Total

¥449.6
19.6
36.4
5.0
28.5
3.2
¥542.3As of March 31, 2012

Onbalance
Sheet

Up to 20%
Up to 50%
Up to 100%
Risk
WeightUp to 250%
Up to 650%
Over 650%
Deduction from Capital
Total¥607.8
20.5
37.2
30.5
9.1
1.5
¥706.7

As of March 31, 2013

Risk
WeightUp to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Less than 1,250%
1,250%

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥¥-

¥¥-

¥449.6
19.6
36.4
5.0
28.5
3.2
¥542.3¥¥Billions of yen

Exposure on
Resecuritizations¥¥-

Offbalance
Sheet

¥¥-

Exposure on
Resecuritizations

¥¥-

Total

Exposure on
Resecuritizations¥607.8
20.5
37.2
30.5
9.1
1.5
¥706.7¥¥-

─Amount of Required Capital by Risk Weight Category─
Billions of yen
Onbalance
Sheet

Total

¥2.7
0.5
1.8
0.0
0.4
¥5.5

As of March 31, 2012

Onbalance
Sheet

¥3.6
0.5
2.2
0.3
0.0
¥6.7

As of March 31, 2013

Risk
WeightUp to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Less than 1,250%
1,250%

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥¥-

¥¥-

¥2.7
0.5
1.8
0.0
0.4
¥5.5

¥¥Billions of yen

Up to 20%
Up to 50%
Up to 100%
Risk
WeightUp to 250%
Up to 650%
Over 650%
Deduction from Capital
Total

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥¥-

¥¥-

¥3.6
0.5
2.2
0.3
0.0
¥6.7

¥¥-

Status of Capital Adequacy—46

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

─Credit Risk Mitigation against Exposure on Resecuritizations─
As of March 31,

Risk
WeightUp to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Over 650%

¥¥-

Total
Note:

Billions of yen
2012

2013

¥¥-

The above table shows the exposure on resecuritizations based on the risk weight after taking into consideration the effect of method tomitigate credit risk.

─Capital Increase Due to Securitization Transactions─
Billions of yen

As of March 31, 2013

Capital Increase Due toSecuritization Transactions

CreditCards

Residential
Mortgage
Loans

¥-

¥2.5

CreditCards

Residential
Mortgage
Loans

¥-

¥3.3

Lease
Auto
Payment
Loans Receivables¥-¥-

CorporateReal
EstateSecuritization
Products

¥-

¥-

¥-

CorporateReal
EstateSecuritization
Products

Total

¥-

¥-

¥-

¥3.3

Total

¥2.5
Billions of yen

As of March 31, 2012

Capital Increase Due toSecuritization Transactions

Lease
Payment
Auto
Loans Receivables¥-¥-

─Credit Risk-weighted Assets Calculated Pursuant to Article 15 of Supplementary Provisions of the
FSA Notice No. 20─
As of March 31,

Credit Risk-weighted Assets Calculated Pursuant to Article 15 ofSupplementary Provisions of the FSA Notice No. 20

47—Status of Capital Adequacy

2013

¥-

Billions of yen
2012

¥-

○ Securitization Exposure as Sponsor of Securitization Programs (ABCP/ABL) (for Calculation of Credit

Risk-weighted assets)(c) Information by Type of Underlying Assets
Billions of yen
Account
Lease
Payment and Note
Auto
Loans Receivables Receivables

As of, or for the fiscal year ended,
March 31, 2013

CreditCards

Residential
Mortgage
Loans

Amount of Underlying Assets
Default Exposure
Estimated Loss Amount related toUnderlying Assets during the
Fiscal Year
Amount of Exposures Securitized
during the Fiscal Year

¥73.4
-

¥-

¥49.6
-

¥75.6
0.0

0.5

-

0.5

461.2

-

495.9

As of, or for the fiscal year ended,
March 31, 2012

CreditCards

Residential
Mortgage
Loans

Amount of Underlying Assets
Default Exposure
Estimated Loss Amount related toUnderlying Assets during the
Fiscal Year
Amount of Exposures Securitized
during the Fiscal Year

¥82.7
-

¥-

¥79.0
-

¥125.6
0.1

0.6

-

1.2

546.6

-

471.6

Real
EstateOthersTotal¥457.8
7.3

¥-

¥55.9
-

¥712.4
7.4

0.3

9.7

-

0.5

11.7

894.6

2,948.9-

163.4

4,964.2

Billions of yen

Notes:

1.
2.
3.
4.

5.
6.

Account
Lease
Payment and Note
Auto
Loans Receivables Receivables

Real
EstateOthersTotal¥465.5
13.8

¥-

¥24.0
-

¥777.1
14.0

0.8

14.3

-

0.0

17.1

1,723.3

2,637.0-

84.7

5,463.5

Items that refer to “during the fiscal year” show amounts accumulated during the fiscal year ended March 31, 2012 and 2013.
Securitization exposure that is acquired in securitization of customer’s claims other than as sponsor (in the form of asset-backed
securities, trust beneficiary rights and other transferable instruments) is categorized as securitization exposure as investor.
The amount of default exposure is the amount of the underlying assets recognized as default in the calculation of capital adequacy
ratio.
Estimated loss amount related to underlying assets is based on the amount of the underlying assets as of the relevant date and thefollowing 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 theratings-based approach.
Classification based on type of underlying assets is conducted according to the principal underlying asset type for each transaction.
Transactions that are difficult to classify are included under “Others.”“Credit cards” include shopping credit receivables, card loans, etc.

Status of Capital Adequacy—48

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(d) Information of Securitization Exposure Retained or Purchased
─Exposure by Type of Underlying Asset─
Billions of yen

As of March 31, 2013

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations towhich a Risk Weight of 1,250% isApplied
Exposure whose Underlying Assets
are Overseas Assets

CreditCards

Residential
Mortgage
Loans

Lease
Account
Payment and Note
Receivables Receivables

Auto
Loans

¥56.9
80.5
¥137.4
-

¥¥-

¥35.7
44.5
¥80.2
-

¥21.7
43.8
¥65.6
-

-

-

-

68.1

-

37.5

CreditCards

Residential
Mortgage
Loans

Auto
Loans

¥68.2
64.6
¥132.9
-

¥¥-

¥76.1
12.8
¥89.0
-

¥79.5
56.3
¥135.9
-

-

-

-

47.2

-

41.0

Real
EstateOthersTotal¥302.5256.0¥558.6
-

¥¥-

¥28.6
35.2
¥63.9
-

¥445.6460.3¥906.0
-

-

-

-

-

-

8.8

220.9

-

63.4

399.0
Billions of yen

As of March 31, 2012

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations
Deducted from Capital
Exposure whose Underlying Assets
are Overseas Assets

Notes:

1.
2.
3.
4.
5.

Lease
Account
Payment and Note
Receivables Receivables

Real
EstateOthersTotal¥329.2126.0¥455.3
-

¥¥-

¥5.9
22.5
¥28.4
-

¥559.1282.5¥841.7
-

-

-

-

-

-

24.6

90.4

-

22.5

225.9

Securitization exposure retained or purchased includes unused portions of securitization programs that are subject to allocation ofrequired capital.
Classification based on type of underlying assets is conducted according to the principal underlying asset type for each transaction.
Transactions that are difficult to classify are included under “Others.”
Credit cards” include shopping credit receivables, card loans, etc.
The classification of transactions of which the underlying assets are overseas assets is conducted according to the principal underlying
assets of each transaction.
“Exposure on resecuritizations” as of both March 31, 2012 and 2013 are classified following Article 1, Paragraph 2-2 of the FSA NoticeNo. 20 (hereinafter the same).

49—Status of Capital Adequacy─Exposure by Risk Weight Category─
Billions of yen
Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations¥¥-¥460.3¥460.3¥¥-¥898.30.0
2.5
5.1¥906.0¥¥-

As of March 31, 2012

Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

Up to 20%
Up to 50%
Up to 100%
Risk
WeightUp to 250%
Up to 650%
Over 650%
Deduction from Capital
Total¥537.118.3
0.3
3.3¥559.1¥¥-¥281.70.2
0.5¥282.5¥¥-¥818.8
18.5
0.3
3.3
0.5
¥841.7¥¥-

Onbalance
Sheet

Total

¥438.00.0
2.5
5.1¥445.6

As of March 31, 2013

Risk
WeightUp to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Less than 1,250%
1,250%

Billions of yen

─Amount of Required Capital by Risk Weight Category─
Billions of yen

As of March 31, 2013

Risk
WeightUp to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Less than 1,250%
1,250%

Total

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥2.8
¥2.8

¥¥-

¥6.2
0.0
0.1
0.4
¥6.8

¥¥-

Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥3.5
0.3
0.0
0.4
¥4.4

¥¥-

¥1.7
0.0
0.5
¥2.3

¥¥-

¥5.3
0.3
0.0
0.4
0.5
¥6.7

¥¥-

Onbalance
Sheet

¥3.3
0.0
0.1
0.4
¥3.9

Billions of yen

As of March 31, 2012

Up to 20%
Up to 50%
Up to 100%
Risk
WeightUp to 250%
Up to 650%
Over 650%
Deduction from Capital
Total

Status of Capital Adequacy—50

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

─Credit Risk Mitigation against Exposure on Resecuritizations─
As of March 31,

Risk
WeightUp to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Over 650%

Total
Note:

2013

Billions of yen
2012

¥¥-

¥¥-

The above table shows the exposure on resecuritizations based on the risk weight after taking into consideration the effect of method tomitigate credit risk.

─Credit Risk-weighted Assets Calculated Pursuant to Article 15 of Supplementary Provisions of the FSA
Notice No. 20─
As of March 31,

Credit Risk-weighted Assets Calculated Pursuant to Article 15 ofSupplementary Provisions of the FSA Notice No. 20

51—Status of Capital Adequacy

2013

Billions of yen
2012

¥-

¥-

○ Securitization Exposure as Investor (for Calculation of Credit Risk-weighted Assets)(e) Information of Securitization Exposure Retained or Purchased
─Exposure by Type of Underlying Asset─
Billions of yen

As of March 31, 2013

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations towhich a Risk Weight of 1,250% isApplied
Exposure whose Underlying Assets
are Overseas Assets

Residential
MortgageLoans¥78.6 ¥1,279.3
23.5
0.0¥78.6 ¥1,279.3
23.5

Credit
Cards

Auto
Loans

Lease
Payment
Receivables

CorporateReal
Estate

¥45.5
0.5
10.0
¥55.5
0.5

¥49.9
14.5
¥64.4
-

¥161.4101.8
0.0¥161.4101.8¥156.60.4¥157.1-OthersTotal¥91.4 ¥1,863.0
125.9
4.3
29.3
¥95.7 ¥1,892.3
125.9

-

2.6

0.2

1.0

0.7

27.9

0.6

33.2

70.3

55.5

8.6

40.1

158.7

22.7

7.9

364.1

CreditCards

Residential
Mortgage
Loans

Auto
Loans

Lease
Payment
Receivables

CorporateReal
Estate

¥68.5
¥68.5
-

¥1,414.9 ¥118.7
39.0
0.5
7.6
¥1,414.9 ¥126.4
39.0
0.5

¥62.7
4.7
¥67.4
-

¥192.1108.2
1.5¥193.6108.2¥321.40.0
0.6¥322.00.0

Billions of yen

As of March 31, 2012

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations
Deducted from Capital
Exposure whose Underlying Assets
are Overseas Assets
Notes:

1.

2.
3.
4.
5.
6.
7.

OthersTotal¥108.6 ¥2,287.2
3.0
150.8
4.8
19.4
¥113.5 ¥2,306.7
3.0
150.8

-

8.8

0.1

0.4

8.1

38.3

4.2

60.0

57.4

83.5

14.1

28.0

176.1

26.3

13.1

398.9

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 subordinatedcontributions for those managed CLOs, etc., were ¥0.7 billion as of March 31, 2012 (treated as deduction from capital for purpose ofcapital adequacy ratio calculation) and ¥0.7 billion as of March 31, 2013 (a risk weight of 1,250% was applied for purpose of capital
adequacy ratio calculation) .
Classification based on type of underlying assets is conducted according to the principal underlying asset type for each transaction.
Transactions that are difficult to classify are included under “Others.”“Credit cards” include shopping credit receivables, card loans, etc.
The classification of transactions of which the underlying assets are overseas assets is conducted according to the principal underlying
assets of each transaction.
Securitization exposure retained or purchased whose risk transfer (hedge) effects are reflected in the calculation of capital adequacy
ratio is categorized as securitization exposure as originator.
Securitization exposure as investor as of March 31, 2012 includes ¥1.5 billion liquidity facilities, respectively, that we provide to ABCP
programs sponsored by other companies.
“Exposure on resecuritizations” as of both March 31, 2012 and 2013 are classified following Article 1, Paragraph 2-2 of the FSA NoticeNo. 20 (hereinafter the same).

Status of Capital Adequacy—52

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

─Exposure by Risk Weight Category─
Billions of yen
Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet¥1,582.7
199.6
30.7
4.5
13.1
32.1
¥1,863.0

¥47.0
78.3
0.5
¥125.9

¥10.0
14.5
3.6
1.1
¥29.3

As of March 31, 2012

Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

Up to 20%
Up to 50%
Up to 100%
Risk
WeightUp to 250%
Up to 650%
Over 650%
Deduction from Capital
Total¥1,856.4
292.2
59.6
4.1
15.7
58.9
¥2,287.2

¥53.0
86.8
0.5
0.2
10.2
¥150.8

¥9.2
4.7
4.3
1.1
¥19.4

¥¥-

¥1,865.6
297.0
59.6
4.1
20.1
60.0
¥2,306.7

¥53.0
86.8
0.5
0.2
10.2
¥150.8

As of March 31, 2013

Risk
WeightUp to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Less than 1,250%
1,250%

Total

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations¥- ¥1,592.7
214.2
30.7
4.5
16.8
33.2
¥- ¥1,892.3

¥47.0
78.3
0.5
¥125.9Billions of yen

─Amount of Required Capital by Risk Weight Category─
Billions of yen
Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥0.7
1.9
0.0
¥2.7

¥0.0
0.2
1.0
1.1
¥2.5

¥¥-

¥11.0
5.5
2.2
0.9
5.6
34.6
¥60.1

¥0.7
1.9
0.0
¥2.7

As of March 31, 2012

Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

Up to 20%
Up to 50%
Up to 100%
Risk
WeightUp to 250%
Up to 650%
Over 650%
Deduction from Capital
Total

¥13.8
7.9
4.2
0.8
6.6
48.9
¥82.4

¥0.8
1.9
0.0
0.1
0.4
¥3.4

¥0.0
0.0
1.2
1.1
¥2.5

¥¥-

¥13.9
8.0
4.2
0.8
7.8
50.1
¥85.0

¥0.8
1.9
0.0
0.1
0.4
¥3.4

Onbalance
Sheet

Total

¥10.9
5.2
2.2
0.9
4.6
33.4
¥57.5

As of March 31, 2013

Risk
WeightUp to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Less than 1,250%
1,250%

Billions of yen

53—Status of Capital Adequacy─Credit Risk Mitigation against Exposure on Resecuritizations─
As of March 31,

Risk
WeightUp to 20%
Up to 50%
Up to 100%
Up to 250%
Up to 650%
Over 650%

Total
Note:

2013

Billions of yen
2012

¥22.3
¥22.3

¥42.2
¥42.2

The above table shows the exposure on resecuritizations based on the risk weight after taking into consideration the effect of method tomitigate credit risk.

─Credit Risk-weighted Assets Calculated Pursuant to Article 15 of Supplementary Provisions of the
FSA Notice No. 20─
As of March 31,

Credit Risk-weighted Assets Calculated Pursuant to Article 15 ofSupplementary Provisions of the FSA Notice No. 20

2013

Billions of yen
2012

¥-

¥-

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 FSA Notice No. 20, there was an undrawn portion to which no required capital is allocated.
The balances of such portion as of March 31, 2012 and 2013 were ¥60.1 billion and ¥103.1 billion, respectively.

Status of Capital Adequacy—54

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy○ Securitization Exposure as Originator (for Calculation of Market Risk Equivalent Amounts)(f) Information by Type of Underlying Assets
Billions of yen
As of, or for the fiscal year ended,
March 31, 2013

Traditional Securitizations
Amount of Underlying Assets (a)Amount of Exposures Securitized
during the Fiscal Year
Gains and Losses Recognized on
Sales during the Fiscal Year
Securitization Subject to Early
Amortization Treatment
Synthetic Securitizations
Amount of Underlying Assets (b)Amount of Exposures Securitized
during the Fiscal Year
Gains and Losses Recognized on
Sales during the Fiscal Year
Total Amount of Underlying Assets(a)+(b)CreditCards

Residential
Mortgage
Loans

Auto
Loans

Lease
Payment
Receivables

Real
EstateSecuritization
Products

Corporate

Total

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,040.0--

1,040.0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

¥-

¥-

¥-

¥- ¥1,040.0¥-¥- ¥1,040.0

CreditCards

Residential
Mortgage
Loans¥-

Billions of yen
As of, or for the fiscal year ended,
March 31, 2012

Traditional Securitizations
Amount of Underlying Assets (a)Amount of Exposures Securitized
during the Fiscal Year
Gains and Losses Recognized on
Sales during the Fiscal Year
Securitization Subject to Early
Amortization Treatment
Synthetic Securitizations
Amount of Underlying Assets (b)Amount of Exposures Securitized
during the Fiscal Year
Gains and Losses Recognized on
Sales during the Fiscal Year
Total Amount of Underlying Assets(a)+(b)
Note:

Auto
Loans

Lease
Payment
Receivables

Real
EstateSecuritization
Products

Corporate

Total

¥-

¥-

¥-

¥-

¥-

¥-

¥-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,853.0--

2,853.0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

¥-

¥-

¥-

¥-

¥2,853.0¥-¥- ¥2,853.0

Classification based on type of underlying assets is conducted according to the principal underlying asset type for each transaction.

55—Status of Capital Adequacy─Exposure Intended to be Securitized─
Billions of yen

As of March 31, 2013

Exposure Intended to be Securitized

CreditCards

Residential
Mortgage
Loans

Auto
Loans

Lease
Payment
Receivables

¥-

¥-

Real
EstateSecuritization
Products

Corporate

¥-

¥-

¥-

Total

¥-

¥-

¥-

CreditCards

Residential
Mortgage
Loans

Auto
Loans

Lease
Payment
Receivables

CorporateReal
EstateSecuritization
Products

¥-

¥-

¥-

¥-

Total

¥-

¥-

¥-

¥-

Total

Billions of yen

As of March 31, 2012

Exposure Intended to be Securitized(g) Information of Securitization Exposure Retained or Purchased
─Exposure by Type of Underlying Asset─
Billions of yen

As of March 31, 2013

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations towhich a Risk Weight of 100% isApplied
Exposure whose Underlying Assets
are Overseas Assets

Auto
Loans

Lease
Payment
Receivables

CorporateReal
EstateSecuritization
Products

¥¥-

¥¥-

¥¥-

¥6.2
18.8
¥25.0
-

¥¥-

¥¥-

¥6.2
18.8
¥25.0
-

-

-

-

-

0.0

-

-

0.0

-

-

-

-

0.0

-

-

0.0

CreditCards

Residential
Mortgage
Loans

Auto
Loans

Lease
Payment
Receivables

CorporateReal
EstateSecuritization
Products

Total

¥¥-

¥¥-

¥¥-

¥¥-

¥10.9
66.3
¥77.3
-

¥¥-

¥¥-

¥10.9
66.3
¥77.3
-

-

-

-

-

0.0

-

-

0.0

-

-

-

-

0.0

-

-

0.0

CreditCards

Residential
Mortgage
Loans

¥¥-

Billions of yen

As of March 31, 2012

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations
Deducted from Capital
Exposure whose Underlying Assets
are Overseas Assets

Notes:

1.
2.

Classification based on type of underlying asset is conducted according to the principal underlying asset type for each transaction.
“Exposure whose underlying assets are overseas assets” is classified based on the principal underlying asset type for each transaction.

Status of Capital Adequacy—56

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

─Exposure by Risk Capital Charge Category─
Billions of yen
Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥15.1
3.6
¥18.8

¥¥-

¥18.9
6.1
0.0
¥25.0

¥¥-

As of March 31, 2012

Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

Up to 1.6%
Up to 4%Risk
Up to 8%
Capital
Up to 20%
ChargeUp to 52%
Over 52%
Deduction from Capital
Total

¥4.4
4.2
2.2
0.0
¥10.9

¥¥-

¥66.3
¥66.3

¥¥-

¥4.4
4.2
2.2
66.3
0.0
¥77.3

¥¥-

As of March 31, 2013

Risk
CapitalChargeUp to 1.6%
Up to 4%Up to 8%Up to 20%
Up to 52%
Less than 100%
100%

Total

Onbalance
Sheet

¥3.7
2.4
0.0
¥6.2

Billions of yen

─Amount of Required Capital by Risk Capital Charge Category─
Billions of yen

As of March 31, 2013

Risk
CapitalChargeUp to 1.6%
Up to 4%Up to 8%Up to 20%
Up to 52%
Less than 100%
100%

Total

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥0.1
0.0
¥0.2

¥¥-

¥0.2
0.1
0.0
¥0.3

¥¥-

Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥0.0
0.1
0.1
0.0
¥0.4

¥¥-

¥1.8
¥1.8

¥¥-

¥0.0
0.1
0.1
1.8
0.0
¥2.2

¥¥-

Onbalance
Sheet

¥0.0
0.0
0.0
¥0.1

Billions of yen

As of March 31, 2012

Up to 1.6%
Up to 4%Risk
Up to 8%
Capital
Up to 20%
ChargeUp to 52%
Over 52%
Deduction from Capital
Total

57—Status of Capital Adequacy─Subject to Comprehensive Risk Measure─
As of March 31, 2013

Billions of yen
Resecuritizations

Securitizations

Total Amount of Securitization Exposure
Total Amount of Required Capital¥¥-

As of March 31, 2012¥¥Billions of yen
Resecuritizations

Securitizations

Total Amount of Securitization Exposure
Total Amount of Required Capital

¥¥-

¥¥-

─Capital Increase Due to Securitization Transactions─
Billions of yen

As of March 31, 2013

Capital Increase Due toSecuritization Transactions

CreditCards

Residential
Mortgage
Loans

Auto
Loans

Lease
Payment
Receivables

¥-

¥-

Real
EstateSecuritization
Products

Corporate

Total

¥-

¥-

¥-

¥-

¥-

¥-

CreditCards

Residential
Mortgage
Loans

Auto
Loans

Lease
Payment
Receivables

CorporateReal
EstateSecuritization
Products

Total

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

Billions of yen

As of March 31, 2012

Capital Increase Due toSecuritization Transactions○ Securitization Exposure as Sponsor of Securitization Programs (ABCP/ABL) (for Calculation ofMarket Risk Equivalent Amounts)(h) Information by Type of Underlying Assets
Billions of yen
As of, or for the fiscal year ended,
March 31, 2013

Amount of Underlying Assets
Estimated Loss Amount Related toUnderlying Assets during the
Fiscal Year
Amount of Exposures Securitized
during the Fiscal Year

Account
Lease
and Note
Payment
Receivables Receivables

CreditCards

Residential
Mortgage
Loans

Auto
Loans

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

CreditCards

Residential
Mortgage
Loans

Auto
Loans

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

Real
EstateOthers

Total

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

Billions of yen
As of, or for the fiscal year ended,
March 31, 2012

Amount of Underlying Assets
Estimated Loss Amount Related toUnderlying Assets during the
Fiscal Year
Amount of Exposures Securitized
during the Fiscal Year

Lease
Account
Payment
and Note
Receivables Receivables

Real
EstateOthers

Total

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

¥-

Status of Capital Adequacy—58

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(i) Information of Securitization Exposure Retained or Purchased
─Exposure by Type of Underlying Asset─
Billions of yen

As of March 31, 2013

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations towhich a Risk Weight of 100% isApplied
Exposure whose Underlying Assets
are Overseas Assets

CreditCards

Residential
Mortgage
Loans

Lease
Account
Payment and Note
Receivables Receivables

Auto
Loans

¥¥-

¥¥-

¥¥-

¥¥-

-

-

-

-

-

-

CreditCards

Residential
Mortgage
Loans

Auto
Loans

¥¥-

¥¥-

¥¥-

¥¥-

-

-

-

-

-

-

Real
EstateOthers

Total

¥¥-

¥¥-

¥¥-

¥¥-

-

-

-

-

-

-

-

-

-

-

Billions of yen

As of March 31, 2012

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations
Deducted from Capital
Exposure whose Underlying Assets
are Overseas Assets

59—Status of Capital Adequacy

Account
Lease
Payment and Note
Receivables Receivables

Real
EstateOthers

Total

¥¥-

¥¥-

¥¥-

¥¥-

-

-

-

-

-

-

-

-

-

-

─Exposure by Risk Capital Charge Category─
Billions of yen

As of March 31, 2013

Risk
CapitalChargeUp to 1.6%
Up to 4%Up to 8%Up to 20%
Up to 52%
Less than 100%
100%

Total

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥¥-

¥¥-

¥¥-

¥¥-

Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥¥-

¥¥-

¥¥-

¥¥-

¥¥-

Onbalance
Sheet

¥¥-

Billions of yen

As of March 31, 2012

Up to 1.6%
Up to 4%Risk
Up to 8%
Capital
Up to 20%
ChargeUp to 52%
Over 52%
Deduction from Capital
Total

─Amount of Required Capital by Risk Capital Charge Category─
Billions of yen

As of March 31, 2013

Risk
CapitalChargeUp to 1.6%
Up to 4%Up to 8%Up to 20%
Up to 52%
Less than 100%
100%

Total

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥¥-

¥¥-

¥¥-

¥¥-

Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥¥-

¥¥-

¥¥-

¥¥-

¥¥-

¥¥-

Onbalance
Sheet

¥¥-

Billions of yen

As of March 31, 2012

Up to 1.6%
Up to 4%Risk
Up to 8%
Capital
Up to 20%
ChargeUp to 52%
Over 52%
Deduction from Capital
Total

Status of Capital Adequacy—60

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy○ Securitization Exposure as Investor (for Calculation of Market Risk Equivalent Amounts)(j) Information of Securitization Exposure Retained or Purchased
─Exposure by Type of Underlying Asset─
Billions of yen

As of March 31, 2013

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations towhich a Risk Weight of 100% isApplied
Exposure whose Underlying Assets
are Overseas Assets

Auto
Loans

Lease
Payment
Receivables

CorporateReal
EstateOthers

Total

¥3.8
¥3.8
-

¥3.5
¥3.5
-

¥¥-

¥13.3
¥13.3
-

¥5.7
¥5.7
-

¥1.9
0.2
¥1.9
0.2

¥28.4
0.2
¥28.4
0.2

-

3.4

-

-

8.3

0.6

0.2

12.7

-

3.2

3.5

-

0.0

3.3

0.9

11.0

CreditCards

Residential
Mortgage
Loans

Auto
Loans

Lease
Payment
Receivables

CorporateReal
EstateOthers

Total

¥0.7
¥0.7
-

¥1.4
¥1.4
-

¥0.4
¥0.4
-

¥0.6
¥0.6
-

¥21.7
¥21.7
-

¥8.8
¥8.8
-

¥3.2
0.3
¥3.2
0.3

¥37.1
0.3
¥37.1
0.3

-

1.2

-

0.5

10.0

1.1

0.3

13.3

0.7

0.9

0.4

-

0.0

2.6

1.0

5.9

CreditCards

Residential
Mortgage
Loans

¥¥-

Billions of yen

As of March 31, 2012

On-balance Sheet
Exposure on Resecuritizations
Off-balance Sheet
Exposure on Resecuritizations
Total
Exposure on Resecuritizations
Exposure on Securitizations
deducted from Capital
Exposure whose Underlying Assets
are Overseas Assets

Notes:

1.
2.
3.
4.

Classification based on type of underlying assets is conducted according to the principal underlying asset type for each transaction.
Transactions that are difficult to classify are included under “Others.”“Credit cards” include shopping credit receivables, card loans, etc.
The classification of transactions of which the underlying assets are overseas assets is conducted according to the principal underlying
assets of each transaction.
“Exposure on resecuritizations” are classified following Article 1, Paragraph 2-2 of the FSA Notice No. 20 (hereinafter the same).

61—Status of Capital Adequacy─Exposure by Risk Capital Charge Category─
Billions of yen
Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥0.2
¥0.2

¥¥-

¥¥-

¥5.8
1.9
3.0
4.8
12.7
¥28.4

¥0.2
¥0.2

As of March 31, 2012

Onbalance
Sheet

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

Up to 1.6%
Up to 4%Risk
Up to 8%
Capital
Up to 20%
ChargeUp to 52%
Over 52%
Deduction from Capital
Total

¥6.5
3.1
4.9
9.1
13.3
¥37.1

¥0.3
¥0.3

¥¥-

¥¥-

¥6.5
3.1
4.9
9.1
13.3
¥37.1

¥0.3
¥0.3

Onbalance
Sheet

Total

¥5.8
1.9
3.0
4.8
12.7
¥28.4

As of March 31, 2013

Risk
CapitalChargeUp to 1.6%
Up to 4%Up to 8%Up to 20%
Up to 52%
Less than 100%
100%

Billions of yen

─Amount of Required Capital by Risk Capital Charge Category─
Billions of yen
Onbalance
Sheet

Total

¥0.0
0.0
0.2
1.3
12.7
¥14.4

As of March 31, 2012

Onbalance
Sheet

Up to 1.6%
Up to 4%Risk
Up to 8%
Capital
Up to 20%
ChargeUp to 52%
Over 52%
Deduction from Capital
Total

¥0.1
0.1
0.3
2.5
13.3
¥16.5

As of March 31, 2013

Risk
CapitalChargeUp to 1.6%
Up to 4%Up to 8%Up to 20%
Up to 52%
Less than 100%
100%

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥0.2
¥0.2

¥¥-

¥¥-

¥0.0
0.0
0.2
1.3
12.7
¥14.4

¥0.2
¥0.2
Billions of yen

Exposure on
Resecuritizations

Offbalance
Sheet

Exposure on
Resecuritizations

Total

Exposure on
Resecuritizations

¥0.3
¥0.3

¥¥-

¥¥-

¥0.1
0.1
0.3
2.5
13.3
¥16.5

¥0.3
¥0.3

Status of Capital Adequacy—62

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

─Subject to Comprehensive Risk Measure─
As of March 31, 2013

Billions of yen
Resecuritiation

Securitization

Total Amount of Securitization Exposure
Total Amount of Required Capital¥¥-

As of March 31, 2012

Billions of yen
Resecuritiation

Securitization

Total Amount of Securitization Exposure
Total Amount of Required Capital

¥¥-

¥¥-

¥¥-

■ Market Risk
See pages 54 to 59 for information regarding market risk.

■ Operational Risk
See pages 59 to 62 for information regarding operational risk.

■ Equity Exposure in Banking Book
(14) Risk Management Related to Equity Exposure in Banking Book
With regard to equities in our banking book, we manage default risk through our credit risk management structure and pricefluctuation risk through our market risk management structure.
With regard to subsidiaries and related companies in which we invest, we manage their risks on a consolidated basis, andmanage them appropriately in accordance with their management classification.
In addition, securities, a part of equity exposure, are valued as follows: Japanese stocks with quoted market prices arevalued based on the average quoted market price over the month preceding the consolidated balance sheet date; othersecurities which have readily determinable fair values are valued at the quoted market price if available, or otherwise basedon their reasonable value at the consolidated balance sheet date (cost of securities sold is calculated primarily by themoving average method); and other securities the fair values of which are extremely difficult to determine are stated atacquisition cost or amortized cost and determined by the moving average method.

(15) Status of Equity Exposure in Banking Book(a) Amounts Stated in Consolidated Balance Sheet
Billions of yen
2013
As of March 31,

Exposure of Listed Stock, etc.
Other Equity Exposure
Total
Notes:

1.
2.

2012

Consolidated Balance
Sheet Amount

Fair Value

Consolidated Balance
Sheet Amount

Fair Value¥3,020.4
390.6¥3,411.0¥3,268.1/¥/¥2,670.2
457.1¥3,127.4¥2,676.8/¥/

The above figures include only Japanese and foreign stocks.
With the introduction of Basel III from the fiscal year ended March 31, 2013, we partially revised the method of counting equity
exposure, and we applied the same method in counting the exposure for the fiscal year ended March 31, 2012.

63—Status of Capital Adequacy

(b) Gains and Losses on Sales Related to Equity Exposure
Billions of yen
2013
For the Fiscal Year ended
March 31,

Sale of Equity Exposure
Note:

2012

Gains and
Losses on Sales

Gains on
Sales

Losses on
Sales

Gains and
Losses on Sales

Gains on
Sales

Losses on
Sales

¥46.6

¥86.2

¥39.5

¥15.6

¥54.9

¥39.3

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
2013

2012

For the Fiscal Year ended March 31,

Gains and Losses from Write-offs

Gains and Losses from Write-offs

Write-offs of Equity Exposure¥(125.8)¥(49.3)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
2013

As of March 31,

Equity Exposure
Notes:

1.
2.

2012

Net Unrealized
Gains

Unrealized
Gains

Unrealized
LossesNet Unrealized
Gains

Unrealized
Gains

Unrealized
Losses¥755.6¥889.0¥133.3¥177.5¥480.3¥302.7

The above figures include only Japanese and foreign stocks.
With the introduction of Basel III from the fiscal year ended March 31, 2013, we partially revised the method of counting equity
exposure, and we applied the same method in counting the exposure for the fiscal year ended March 31, 2012.

(e) Unrealized Gains and Losses Not Recognized in the Consolidated Balance Sheet or in theConsolidated Statement of Income
Billions of yen
2013

As of March 31,

Equity Exposure
Notes:

1.
2.

2012

Net

Unrealized
Gains

Unrealized
LossesNet

Unrealized
Gains

Unrealized
Losses¥247.6¥250.0

¥2.3

¥6.6

¥15.7

¥9.1

The above figures include only Japanese and foreign stocks.
With the introduction of Basel III from the fiscal year ended March 31, 2013, we partially revised the method of counting equity
exposure, and we applied the same method in counting the exposure for the fiscal year ended March 31, 2012.

(f) Equities Exposure by Portfolio Classification
As of March 31,

PD/LGD Approach
Market-based Approach (Simple Risk Weight Method)
Market-based Approach (Internal Models Approach)Transitional Measure Applied
Total

2013

¥1,107.3364.4
2,361.8¥3,833.6

Billions of yen
2012¥964.4274.2
2,118.8¥3,357.6

Status of Capital Adequacy—64

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy■ Compensation of Directors, Corporate Auditors and Employees(16) Qualitative Disclosure(a) State of the Organizational System Relating to Compensation of Subject Directors, Corporate Auditors andEmployees of Mizuho group
1. Subject Directors, Corporate Auditors and Employees “Subject Directors and Corporate Auditors” and “Subject
Employees, etc.,” subject to disclosure as provided for in the FSA Notice (collectively, Subject Directors, Corporate
Auditors and Employees) are as follows:(1) Subject directors and corporate auditors
Subject directors and corporate auditors are directors and corporate auditors of Mizuho Financial Group, Inc.
(MHFG). Outside directors and outside corporate auditors are excluded.
(2) Subject employees, etc.
Subject employees, etc., are employees of MHFG, and directors, corporate auditors and employees of its major
consolidated subsidiaries, other than subject directors and corporate auditors, who are “persons who receive large
amounts of compensation” and materially affect the operation of business or the state of assets of MHFG or its major
consolidated subsidiaries, and are therefore subject to disclosure. The above does not include Subject directors or
corporate auditors.
(a) Major consolidated subsidiaries
A major consolidated subsidiary is an entity whose total assets as a percentage of consolidated total assets
exceeds 2% of a bank holding company or bank or is an overseas local entity that conducts banking businesssimilar to a branch. Specifically, it includes Mizuho Bank, Ltd. (MHBK), Mizuho Corporate Bank, Ltd. (MHCB),
Mizuho Corporate Bank (USA), Mizuho Trust & Banking Co., Ltd. (MHTB), Mizuho Securities Co., Ltd. (MHSC),
Mizuho Securities USA Inc., and Mizuho International Plc.
(b) Persons who receive large amounts of compensation
A person who receives large amounts of compensation refers to a person who receives compensation thatexceeds the base amount from MHFG or its major consolidated subsidiaries. The base amount at MHFG has been
set at ¥50 million. Such base amount has been set based on the average amounts of the compensation of
directors and corporate auditors of MHFG, MHBK, MHCB and MHTB for the last three fiscal years (excluding
persons who resigned or retired during each of such fiscal years), taking into account fluctuations in amounts ofcompensation over past fiscal years. The preceding base amount has been adopted as the common base in orderto unify the selection criteria of persons who receive large amounts of compensation at each of the companies inthis paragraph.
(c) Persons who materially affect the operation of business or the state of assets of Mizuho group
A person who materially affects the operation of business or the state of assets of Mizuho group means a person
who exerts significant influence on the operation of the business of MHFG or a major consolidated subsidiarythrough their work in conducting transactions or management, or who materially affects the state of assets byincurring losses on transactions. Specifically, it includes executive officers of MHFG and directors, corporate
auditors, executive officers, and market department employees of major consolidated subsidiaries.
2. Decisions on Compensation of Subject Directors, Corporate Auditors, and Employees(1) Decisions on compensation of subject directors, and corporate auditors
The compensation committee, which advises the board of directors of MHFG, is composed of three outside directors
and one in-house director (the President & CEO of MHFG). The committee discusses basic policies in determining
the compensation of directors and executive officers of MHFG, MHBK, MHCB, MHTB and MHSC, the compensation
system, and the amounts of compensation, and the president & CEO of MHFG reports to the board of directors of
MHFG and notifies each of the above companies of the results of the Committee’s discussions. Based on the resultsof discussions by the compensation committee of MHFG, each of the above companies, including MHFG, decides its
own policies in determining compensation for directors and executive officers, compensation systems, and amountsof compensation.
The compensation of corporate auditors is decided through discussion among corporate auditors within the scope ofthe total amount of corporate auditors’ compensation decided at our ordinary general meeting of shareholders.

65—Status of Capital Adequacy(2) Decisions on compensation of subject employees, etc.
Matters relating to executive officers of MHFG and directors, corporate auditors and executive officers of MHBK,MHCB, MHTB and MHSC are as set out in (1) Decisions on compensation of subject directors and corporate
auditors.
The compensation of subject employees, etc., is decided and paid in accordance with the salary and bonus systemestablished by MHFG and the major consolidated subsidiaries. Such system is designed and put into writing by thehuman resources departments of MHFG and the major consolidated subsidiaries which are independent of
departments furthering business. In terms of the compensation of overseas employees, each overseas office oroperation determines its own compensation policy based on local laws and regulations as well as employment
relationships.
3. Decisions on Compensation of Employees in Risk management departments and compliance departments
The compensation of employees in risk management departments and compliance departments is decided inaccordance with the salary and bonus system, and specific payment amounts are conclusively determined inaccordance with employee performance evaluations made by the relevant department and the human resources
department, independent from departments furthering business. Each employee of the risk management departments
and the compliance departments sets their own items for evaluation in the employee performance evaluations, subject
to the approval of their superiors. The degree to which the items are fulfilled is evaluated taking into account the degreeof the employee's contribution to risk-management and compliance.
4. Total amount of compensation paid to members of the compensation committee and number of meetings held by thecompensation committee
Number of Meetings Held (April 2012 – March 2013)
Compensation Committee (Holding Company)
2Note:

The total amount of compensation is not set out above as it is not possible to separately calculate the amounts that are paid as consideration
for the execution of duties by the compensation committee.

(b) Evaluating the Appropriateness of the Design and Operation of the System Relating to Compensation of
Subject Directors, Corporate Auditors, and Employees of Mizuho group
1. Policies Relating to Compensation(1) Policies relating to compensation of subject directors and corporate auditors
Mizuho group has been endeavoring to ensure quality and stable revenue and to increase its corporate value while
fulfilling our social responsibilities and accomplishing our public mission. In addition, Mizuho group practices its“customer first policy”, and endeavors to provide customers worldwide with the highest quality financial services at all
times, with the aim of becoming “the most trusted financial services group with a global presence and a broadcustomer base, contributing to the prosperity of the world, Asia, and Japan”.
In determining the compensation for directors and corporate auditors of MHFG, our basic policy is to set anappropriate level based on business performance over the medium to long term, compensation levels of directors
and corporate auditors in other companies, including those in the same industry, economic and social conditions, aswell as the roles and responsibilities of directors and corporate auditors in contributing to the realization of ourpreviously mentioned objectives.
In addition, we have designed the compensation system with the aim of restraining excessive risk-taking andincreasing the consistency of the compensation scale of our directors and corporate auditors with the Mizuho group’s
goals.
The subjects of these compensation policies are directors and corporate auditors, and the policy for our directors isdetermined by a resolution of the board of directors of MHFG, while the policy for our corporate auditors isdetermined by consultation among the corporate auditors of MHFG.
Further, MHFG, MHBK, MHCB, MHTB and MHSC all have the same basic policies as described above.
(2) Policies relating to compensation of subject employees, etc.
The policies relating to compensation for executive officers of MHFG, MHBK, MHCB, MHTB and MHSC are also thesame as the policies described in (1) Policies relating to compensation of subject directors and corporate auditors
above.

Status of Capital Adequacy—66

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy

Compensation for other employees, etc., is determined in accordance with their duties and responsibilities. Somebonuses that are linked to performance are determined after comprehensively evaluating the employee’s contribution
to business, including any qualitative contributions to the organization, in a manner that does not place an excessiveemphasis on results.
2. The Effect of the Overall Level of Compensation, etc., on Equity Capital
The compensation committee of MHFG receives reports on the amount of compensation paid to directors and executive
officers of MHFG, MHBK, MHCB, MHTB and MHSC in the previous fiscal year and confirms that there is no material
effect on the Mizuho group’s performance or the adequacy of equity capital.

(c) Compatibility between System for Compensation of Subject Directors, Corporate Auditors, andEmployees of Mizuho group and Risk Management and Matters Relating to Linking Compensation
with Performance
There was no compensation linked to business performance paid to any director of MHFG, MHBK, MHCB, MHTB and
MHSC in the fiscal year ended March 31, 2013. If there are any decisions regarding the calculation method and payment
amounts of performance-linked compensation for executive officers of any of the above companies, we will take into
account not only the profits for the period but also the various risks according to each executive officer, including evaluating
the business results based on the capital costs and credit costs attributable to the business handled and making
adjustments based on other qualitative evaluations.
There is no system of performance-linked compensation for corporate auditors.
In addition, the compensation committee of MHFG receives reports on the compensation system, etc., from MHFG,MHBK, MHCB, MHTB and MHSC as necessary in light of confirming the status of compliance with Japanese and overseas
regulations on compensation and provides its opinion to the companies above.

67—Status of Capital Adequacy

(17) Quantitative Disclosure Items(a) Matters Relating to Types and Total Amounts of, and Payment Method for, Compensation of Subject
Directors, Corporate Auditors, and Employees of Mizuho group─Total Amount of the Compensation, etc., of Subject Directors, Corporate Auditors andEmployees─
Millions of yen

For the fiscal year ended
March 31, 2013

Subject Directors and Corporate
Auditors (Excluding Outside
Directors and Outside
Corporate Auditors)
Subject Employees, etc.
Overseas Employees, etc.

Base
Compensation

Stock
Compensationtype Stock
Options

OthersNumber of
Persons

Total Amount ofCompensation

Total Amount of
Fixed
Compensation

10

¥576

¥576

¥432

¥142

¥1

132
116

11,084
9,985

4,587
3,493

3,878
2,992

258
50

451
449

Millions of yen
For the fiscal year ended
March 31, 2013

Subject Directors and Corporate
Auditors (Excluding Outside
Directors and Outside
Corporate Auditors)
Subject Employees, etc.
Overseas Employees, etc.
Notes:

1.
2.

3.

4.

5.

Total Amountof Variable
Compensation

Base
Compensation

Bonus

OthersRetirement
Benefits

Others

¥-

¥-

¥-

¥-

¥-

¥-

6,295
6,291

-

6,263
6,259

31
31

-

201
201

Amounts of compensation of subject directors and corporate auditors include amounts of compensation received for duties performed
as a director or corporate auditor of a major consolidated subsidiary.
Total amount of fixed compensation includes ¥ 400million of deferred compensation that arose during the fiscal year ended March 31,
2013 (subject directors and corporate auditors: ¥142 million; subject employees, etc. : ¥258 million). The amount of fixed compensation
deferred prior to the fiscal year ended March 31, 2013 and paid during the fiscal year ended March 31, 2013 was ¥52 million (subject
directors and corporate auditors: ¥52 million) and the outstanding amount of deferred fixed compensation as of March 31, 2013 was¥1,034 million (subject directors and corporate auditors: ¥376 million; subject employees, etc. : ¥657 million).
Total amount of variable compensation includes ¥1,326 million of deferred compensation that arose during the fiscal year ended March
31, 2013, all of which was for Subject Employees, etc., and could in the future be taken back in the event of poor business results orother detrimental factors. The amount of variable compensation deferred prior to the fiscal year ended March 31, 2013 and paid during
the fiscal year ended March 31, 2013 was ¥463 million (subject employees, etc. : ¥463 million) and the outstanding amount of deferredvariable compensation as of March 31, 2013 was ¥1,892 million (subject employees, etc. : ¥1,892 million).
Total amount of compensation for subject employees, etc., includes ¥88 million of allowance for termination and resignation (number ofsubject persons: 4), multi-year guarantees of bonus of ¥214 million (number of subject persons: 5) and signing bonus of ¥5 million(number of subject persons: 1).
The exercise periods of the stock compensation-type stock options (stock acquisition rights) are as set out below. Under the stock
option agreements, exercise of the options is postponed, even during the exercise period, until the time of retirement of the director or
employee.
Exercise Period
First Series of Stock Acquisition Rights of Mizuho Financial Group, Inc.
Second Series of Stock Acquisition Rights of Mizuho Financial Group, Inc.
Third Series of Stock Acquisition Rights of Mizuho Financial Group, Inc.
Fourth Series of Stock Acquisition Rights of Mizuho Financial Group, Inc.
Fifth Series of Stock Acquisition Rights of Mizuho Financial Group, Inc.

from February 17, 2009 to February 16, 2029
from September 28, 2009 to September 25, 2029
from August 27, 2010 to August 26, 2030
from December 9, 2011 to December 8, 2031
from September 3, 2012 to August 31, 2032

Status of Capital Adequacy—68

Status of Capital Adequacy

Status of Mizuho Financial Group’s Consolidated Capital Adequacy(b) Other Relevant Matters Relating to Our System of Compensation for Subject Directors, Corporate
Auditors and Employees of Mizuho group
There are no relevant matters in particular other than those set out in the preceding paragraphs.

69—Status of Capital Adequacy