##### Table of Contents





UNITED STATES SECURITIES AND
EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 20-F





(Mark One)



| ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------------

OR



|x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the fiscal year ended March 31, 2010

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

OR



| ̈ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | -------------------------------------------------------------------------------------------

Date of event requiring this shell company report

For
the transition period from              to

Commission file number 001-33098

Kabushiki Kaisha Mizuho Financial Group

(Exact name of Registrant as specified in its charter)

Mizuho Financial Group, Inc.

(Translation of Registrants name into English)

Japan

(Jurisdiction of incorporation or organization)

5-1, Marunouchi 2-chome

Chiyoda-ku, Tokyo 100-8333

Japan

(Address of principal executive offices)

Tatsuya Yamada, +81-3-5224-1111, +81-3-5224-1059, address is same as above

(Name, Telephone, Facsimile number and Address of Company Contact Person)





Securities registered or to be registered pursuant to Section 12(b) of the Act.



|                                                                                |  |                                          
|------------------------------------------------------------------------------- |  | -----------------------------------------
|Title of each class                                                             |  | Name of each exchange on which registered
|Common Stock, without par value                                                 |  | The New York Stock Exchange*             
|American depositary shares, each of which represents two shares of
common stock |  | The New York Stock Exchange              

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None



(Title of
Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None



(Title of
Class)

Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of
the close of the period covered by the annual report.

At March 31, 2010, the following shares of capital stock
were issued: (1) 15,494,397,690 shares of common stock (including 9,397,093 shares of common stock held by the registrant as treasury stock), (2) 914,752,000 shares of eleventh series class XI preferred stock(including 415,471,000 shares
of eleventh series class XI preferred stock held by the registrant as treasury stock), and (3) 36,690,000 shares of thirteenth series class XIII preferred stock.







Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.

Yes  x    No   ̈

If this report is an annual or
transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes   ̈    No  
x

NoteChecking the box above will not relieve any registrant required to
file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  x    No  
 ̈

Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).

Yes   ̈    No  
 ̈

Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):



|                           |  |                      |  |                         
|-------------------------- |  | -------------------- |  | ------------------------
|Large accelerated filer  x |  | Accelerated filer   ̈ |  | Non-accelerated filer   ̈

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:



|             |  |                                                                                                          |  |         
|------------ |  | -------------------------------------------------------------------------------------------------------- |  | --------
|U.S. GAAP  x |  | International Financial Reporting Standards as issued by the International Accounting Standards Board   ̈ |  | Other   ̈

If Other has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.

Item 17   ̈    Item 18  
 ̈

If this is an annual report, indicate by check mark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes   ̈    No  
x

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST
FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by
Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes   ̈    No  
 ̈

|* | Not for trading, but only in connection with the registration and listing of the ADSs.
|- | --------------------------------------------------------------------------------------









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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC.

ANNUAL REPORT ON FORM 20-F

Table of Contents



|                                                |  |                                                       |  |                                                         |  |     
|----------------------------------------------- |  | ----------------------------------------------------- |  | ------------------------------------------------------- |  | ----
|                                                |  |                                                       |  |                                                         |  | Page
|Presentation of Financial and Other Information |  | 3                                                    
|Forward-Looking Statements                      |  | 3                                                    
|ITEM 1.                                         |  | Identity of Directors, Senior Management and Advisers |  | 5                                                      
|ITEM 2.                                         |  | Offer Statistics and Expected Timetable               |  | 5                                                      
|ITEM 3.                                         |  | Key Information                                       |  | 5                                                      
|                                                |  | 3.A.                                                  |  | Selected Financial Data                                 |  | 5   
|                                                |  | 3.B.                                                  |  | Capitalization and Indebtedness                         |  | 10  
|                                                |  | 3.C.                                                  |  | Reasons for the Offer and Use of Proceeds               |  | 10  
|                                                |  | 3.D.                                                  |  | Risk Factors                                            |  | 11  
|ITEM 4.                                         |  | Information on the Company                            |  | 19                                                     
|                                                |  | 4.A.                                                  |  | History and Development of the Company                  |  | 19  
|                                                |  | 4.B.                                                  |  | Business Overview                                       |  | 20  
|                                                |  | 4.C.                                                  |  | Organizational Structure                                |  | 41  
|                                                |  | 4.D.                                                  |  | Property, Plant and Equipment                           |  | 43  
|ITEM 4A.                                        |  | Unresolved Staff Comments                             |  | 43                                                     
|ITEM 5.                                         |  | Operating and Financial Review and Prospects          |  | 44                                                     
|ITEM 6.                                         |  | Directors, Senior Management and Employees            |  | 120                                                    
|                                                |  | 6.A.                                                  |  | Directors and Senior Management                         |  | 120 
|                                                |  | 6.B.                                                  |  | Compensation                                            |  | 129 
|                                                |  | 6.C.                                                  |  | Board Practices                                         |  | 131 
|                                                |  | 6.D.                                                  |  | Employees                                               |  | 132 
|                                                |  | 6.E.                                                  |  | Share Ownership                                         |  | 133 
|ITEM 7.                                         |  | Major Shareholders and Related Party Transactions     |  | 134                                                    
|                                                |  | 7.A.                                                  |  | Major Shareholders                                      |  | 134 
|                                                |  | 7.B.                                                  |  | Related Party Transactions                              |  | 136 
|                                                |  | 7.C.                                                  |  | Interests of Experts and Counsel                        |  | 136 
|ITEM 8.                                         |  | Financial Information                                 |  | 137                                                    
|                                                |  | 8.A.                                                  |  | Consolidated Statements and Other Financial Information |  | 137 
|                                                |  | 8.B.                                                  |  | Significant Changes                                     |  | 137 
|ITEM 9.                                         |  | The Offer and Listing                                 |  | 138                                                    
|                                                |  | 9.A.                                                  |  | Listing Details                                         |  | 138 
|                                                |  | 9.B.                                                  |  | Plan of Distribution                                    |  | 139 
|                                                |  | 9.C.                                                  |  | Markets                                                 |  | 140 
|                                                |  | 9.D.                                                  |  | Selling Shareholders                                    |  | 140 
|                                                |  | 9.E.                                                  |  | Dilution                                                |  | 140 
|                                                |  | 9.F.                                                  |  | Expenses of the Issue                                   |  | 140 
|ITEM 10.                                        |  | Additional Information                                |  | 141                                                    
|                                                |  | 10.A.                                                 |  | Share Capital                                           |  | 141 
|                                                |  | 10.B.                                                 |  | Memorandum and Articles of Association                  |  | 141 
|                                                |  | 10.C.                                                 |  | Material Contracts                                      |  | 151 
|                                                |  | 10.D.                                                 |  | Exchange Controls                                       |  | 152 
|                                                |  | 10.E.                                                 |  | Taxation                                                |  | 153 
|                                                |  | 10.F.                                                 |  | Dividends and Paying Agents                             |  | 158 
|                                                |  | 10.G.                                                 |  | Statement by Experts                                    |  | 158 
|                                                |  | 10.H.                                                 |  | Documents on Display                                    |  | 159 
|                                                |  | 10.I.                                                 |  | Subsidiary Information                                  |  | 159 



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|                                           |  |                                                                                |  |                            |  |    
|------------------------------------------ |  | ------------------------------------------------------------------------------ |  | -------------------------- |  | ---
|                                           |  |                                                                                |  | Page                      
|ITEM 11.                                   |  | Quantitative and Qualitative Disclosures about Market Risk                     |  | 160                       
|ITEM 12.                                   |  | Description of Securities Other than Equity Securities                         |  | 179                       
|                                           |  | 12.A.                                                                          |  | Debt Securities            |  | 179
|                                           |  | 12.B.                                                                          |  | Warrants and Rights        |  | 179
|                                           |  | 12.C.                                                                          |  | Other Securities           |  | 179
|                                           |  | 12.D.                                                                          |  | American Depository Shares |  | 179
|ITEM 13.                                   |  | Defaults, Dividend Arrearages and Delinquencies                                |  | 180                       
|ITEM 14.                                   |  | Material Modifications to the Rights of Securities Holders and Use of
Proceeds |  | 180                       
|ITEM 15.                                   |  | Controls and Procedures                                                        |  | 180                       
|ITEM 16A.                                  |  | Audit Committee Financial Expert                                               |  | 181                       
|ITEM 16B.                                  |  | Code of Ethics                                                                 |  | 181                       
|ITEM 16C.                                  |  | Principal Accountant Fees and Services                                         |  | 181                       
|ITEM 16D.                                  |  | Exemptions from the Listing Standards for Audit Committees                     |  | 182                       
|ITEM 16E.                                  |  | Purchase of Equity Securities by the Issuer and Affiliated Purchasers          |  | 183                       
|ITEM 16F.                                  |  | Change in Registrants Certifying Accountant                                   |  | 183                       
|ITEM 16G.                                  |  | Corporate Governance                                                           |  | 183                       
|ITEM 17.                                   |  | Financial Statements                                                           |  | 186                       
|ITEM 18.                                   |  | Financial Statements                                                           |  | 186                       
|ITEM 19.                                   |  | Exhibits                                                                       |  | 186                       
|Selected Statistical Data                  |  | A-1                                                                           
|Index to Consolidated Financial Statements |  | F-1                                                                           



2



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##### Table of Contents

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

In this annual report, we, us, and our refer to Mizuho Financial Group, Inc. and, unless the context
indicates otherwise, its consolidated subsidiaries. Mizuho Financial Group refers to Mizuho Financial Group, Inc. Furthermore, unless the context indicates otherwise, these references are intended to refer to us as if we had been in
existence in our current form for all periods referred to herein.

In this annual report, our principal banking
subsidiaries refer to Mizuho Corporate Bank, Ltd., Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. (or with respect to references as of a date, or fiscal year ending, before April 1, 2002, to The Dai-Ichi Kangyo Bank,
Limited, The Fuji Bank, Limited, The Industrial Bank of Japan, Limited, Mizuho Trust & Banking and The Yasuda Trust and Banking Co., Ltd.).

In this annual report, references to U.S. dollars, dollars and $ refer to the lawful currency of the
United States and those to yen and ¥ refer to the lawful currency of Japan.

In this annual
report, all yen figures and percentages have been rounded to the figures shown, except for those yen figures and percentages in Item 3.A. Key InformationSelected Financial DataJapanese GAAP Selected Consolidated Financial
Information, which have been truncated to the figures shown, and unless otherwise specified. Accordingly, the total of each column of figures may not be equal to the total of the individual items.

Our fiscal year end is March 31. References to years not specified as being fiscal years are to calendar years.

Unless otherwise specified, for purposes of this annual report, we have presented our financial information in accordance with accounting
principles generally accepted in the United States, or U.S. GAAP. Unless otherwise stated or the context otherwise requires, all amounts in our financial statements are expressed in Japanese yen.

We usually hold the ordinary general meeting of shareholders of Mizuho Financial Group in June of each year in Chiyoda-ku, Tokyo.

FORWARD-LOOKING STATEMENTS

We may from time to time make written or oral forward-looking statements. Written forward-looking statements may appear in documents
filed with the Securities and Exchange Commission, including this annual report, and other reports to shareholders and other communications.

The U.S. Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information to encourage
companies to provide prospective information about themselves. We rely on this safe harbor in making these forward-looking statements.

This annual report contains forward-looking statements regarding the intent, belief or current expectations of our management with
respect to our financial condition and future results of operations. In many cases, but not all, we use such words as aim, anticipate, believe, endeavor, estimate, expect,
intend, may, plan, probability, project, risk, seek, should, strive, target and similar expressions in relation to us or our
management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks,
uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results may vary materially from those we currently anticipate. Potential risks and
uncertainties include, without limitation, the following:



| |  |  | incurrence of significant credit-related costs;
| | - |  | -----------------------------------------------



| |  |  | declines in the value of our securities portfolio, including as a result of the declines in stock markets and the impact of the dislocation in the
global financial markets;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



3



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| |  |  | changes in interest rates;
| | - |  | --------------------------



| |  |  | foreign exchange rate fluctuations;
| | - |  | -----------------------------------



| |  |  | decrease in the market liquidity of our assets;
| | - |  | -----------------------------------------------



| |  |  | revised assumptions or other changes related to our pension plans;
| | - |  | ------------------------------------------------------------------



| |  |  | a decline in our deferred tax assets;
| | - |  | -------------------------------------



| |  |  | the effect of financial transactions entered into for hedging and other similar purposes;
| | - |  | -----------------------------------------------------------------------------------------



| |  |  | failure to maintain required capital adequacy ratio levels;
| | - |  | -----------------------------------------------------------



| |  |  | downgrades in our credit ratings;
| | - |  | ---------------------------------



| |  |  | our ability to avoid reputational harm;
| | - |  | ---------------------------------------



| |  |  | our ability to implement our Medium-term Management Policy and other strategic initiatives and measures effectively;
| | - |  | --------------------------------------------------------------------------------------------------------------------



| |  |  | the effectiveness of our operation, legal and other risk management policies;
| | - |  | -----------------------------------------------------------------------------



| |  |  | the effect of changes in general economic conditions in Japan and elsewhere; and
| | - |  | --------------------------------------------------------------------------------



| |  |  | amendments and other changes to the laws and regulations that are applicable to us.
| | - |  | -----------------------------------------------------------------------------------

Our forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ
from those in the forward-looking statements as a result of various factors. We identify in this annual report in Item 3.D. Key InformationRisk Factors, Item 4.B. Information on the CompanyBusiness Overview,
Item 5. Operating and Financial Review and Prospects and elsewhere, some, but not necessarily all, of the important factors that could cause these differences.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter
our forward-looking statements, whether as a result of new information, future events or otherwise.



4



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##### Table of Contents

PART I

ITEM 1.    IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2.    OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.    KEY INFORMATION

3.A. Selected Financial Data

The following tables set forth our selected consolidated financial data.

The first table below sets forth selected consolidated financial data of Mizuho Financial Group as of and for the fiscal years ended
March 31, 2006, 2007, 2008, 2009 and 2010 which have been derived from the audited consolidated financial statements of Mizuho Financial Group prepared in accordance with U.S. GAAP included in this annual report.

The second table below sets forth selected consolidated financial data of Mizuho Financial Group as of and for the fiscal years ended
March 31, 2006, 2007, 2008, 2009 and 2010 derived from Mizuho Financial Groups consolidated financial statements prepared in accordance with accounting principles generally accepted in Japan, or Japanese GAAP.

The consolidated financial statements of Mizuho Financial Group as of and for the fiscal years ended March 31, 2008, 2009 and 2010
prepared in accordance with U.S. GAAP have been audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) by Ernst & Young ShinNihon LLC, independent registered public accounting firm.

You should read the U.S. GAAP selected consolidated financial information presented below together with the information
included in Item 5. Operating and Financial Review and Prospects and the audited consolidated financial statements, including the notes thereto, included in this annual report. The information presented below is qualified in its entirety
by reference to that information.



5



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##### Table of Contents

U.S. GAAP Selected Consolidated Financial Information



|                                                                                        |  |                                                             |            |   |      |   |            |  |   |            |   |  |      |            |   |  |   |            |  
|--------------------------------------------------------------------------------------- |  | ----------------------------------------------------------- | ---------- | - | ---- | - | ---------- |  | - | ---------- | - |  | ---- | ---------- | - |  | - | ---------- | -
|                                                                                        |  | As of and for the fiscal years ended March 31,              |           
|                                                                                        |  | 2006                                                        |            |   | 2007 |   | 2008       |  |   | 2009       |   |  | 2010 |           
|                                                                                        |  | (in millions of yen, except per share data and percentages) |           
|Statement of income data:                                                               |  |                                                             |            |   |      |   |            |  |   |            |   |  |      |            |   |  |   |            |  
|Interest and dividend income                                                            |  | ¥                                                           | 1,957,907  |   |      | ¥ | 2,639,307  |  | ¥ | 3,110,260  |   |  | ¥    | 2,384,191  |   |  | ¥ | 1,632,282  |  
|Interest expense                                                                        |  |                                                             | 944,895    |   |      |   | 1,571,389  |  |   | 1,911,522  |   |  |      | 1,102,015  |   |  |   | 528,159    |  
|                                                                                        |  |                                                             |            |   |      |   |            |  |   |            |   |  |      |            |   |  |   |            |  
|Net interest income                                                                     |  |                                                             | 1,013,012  |   |      |   | 1,067,918  |  |   | 1,198,738  |   |  |      | 1,282,176  |   |  |   | 1,104,123  |  
|Provision (credit) for loan losses                                                      |  |                                                             | (157,666   | ) |      |   | 182,115    |  |   | (57,766    | ) |  |      | 567,396    |   |  |   | 222,102    |  
|                                                                                        |  |                                                             |            |   |      |   |            |  |   |            |   |  |      |            |   |  |   |            |  
|Net interest income after provision (credit) for loan losses                            |  |                                                             | 1,170,678  |   |      |   | 885,803    |  |   | 1,256,504  |   |  |      | 714,780    |   |  |   | 882,021    |  
|Noninterest income                                                                      |  |                                                             | 995,156    |   |      |   | 1,195,948  |  |   | 1,094,943  |   |  |      | 452,227    |   |  |   | 1,330,847  |  
|Noninterest expenses                                                                    |  |                                                             | 1,385,253  |   |      |   | 1,266,857  |  |   | 1,504,309  |   |  |      | 1,525,101  |   |  |   | 1,526,413  |  
|Income (loss) before income tax expense (benefit)                                       |  |                                                             | 780,581    |   |      |   | 814,894    |  |   | 847,138    |   |  |      | (358,094   | ) |  |   | 686,455    |  
|Income tax expense (benefit)                                                            |  |                                                             | (374,142   | ) |      |   | 163,221    |  |   | 672,176    |   |  |      | 761,908    |   |  |   | (360,195   | )
|                                                                                        |  |                                                             |            |   |      |   |            |  |   |            |   |  |      |            |   |  |   |            |  
|Net income (loss)                                                                       |  | ¥                                                           | 1,154,723  |   |      | ¥ | 651,673    |  | ¥ | 174,962    |   |  | ¥    | (1,120,002 | ) |  | ¥ | 1,046,650  |  
|Less: Net income (loss) attributable to noncontrolling
interests(1)                     |  |                                                             | 69,051     |   |      |   | 27,791     |  |   | (53,656    | ) |  |      | (61,555    | ) |  |   | 46,961     |  
|                                                                                        |  |                                                             |            |   |      |   |            |  |   |            |   |  |      |            |   |  |   |            |  
|Net income (loss) attributable to MHFG shareholders                                     |  |                                                             | 1,085,672  |   |      |   | 623,882    |  |   | 228,618    |   |  |      | (1,058,447 | ) |  |   | 999,689    |  
|                                                                                        |  |                                                             |            |   |      |   |            |  |   |            |   |  |      |            |   |  |   |            |  
|Net income (loss) attributable to common shareholders                                   |  |                                                             | 1,047,719  |   |      |   | 600,408    |  |   | 208,643    |   |  |      | (1,077,787 | ) |  |   | 988,603    |  
|Amounts per
share(2):                                                                   |  |                                                             |            |   |      |   |            |  |   |            |   |  |      |            |   |  |   |            |  
|Basic earnings per common sharenet income (loss) attributable to common shareholders   |  | ¥                                                           | 93.78      |   |      | ¥ | 51.73      |  | ¥ | 18.17      |   |  | ¥    | (95.96     | ) |  | ¥ | 70.55      |  
|Diluted earnings per common sharenet income (loss) attributable to common shareholders |  | ¥                                                           | 82.75      |   |      | ¥ | 48.71      |  | ¥ | 16.77      |   |  | ¥    | (95.96     | ) |  | ¥ | 61.64      |  
|Number of shares used to calculate basic earnings per common share (in thousands)       |  |                                                             | 11,172,246 |   |      |   | 11,607,550 |  |   | 11,479,942 |   |  |      | 11,231,269 |   |  |   | 14,013,058 |  
|Number of shares used to calculate diluted earnings per common share (in thousands)     |  |                                                             | 12,889,532 |   |      |   | 12,713,841 |  |   | 13,568,015 |   |  |      | 11,231,269 |   |  |   | 16,200,812 |  
|Cash dividends per share declared during the fiscal
year(3):                            |  |                                                             |            |   |      |   |            |  |   |            |   |  |      |            |   |  |   |            |  
|Common stock                                                                            |  | ¥                                                           | 3.50       |   |      | ¥ | 4.00       |  | ¥ | 7.00       |   |  | ¥    | 10.00      |   |  | ¥ | 10.00      |  
|                                                                                        |  | $                                                           | 0.03       |   |      | $ | 0.03       |  | $ | 0.07       |   |  | $    | 0.10       |   |  | $ | 0.11       |  
|Second series class II preferred stock                                                  |  | ¥                                                           | 8.20       |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|                                                                                        |  | $                                                           | 0.07       |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|Third series class III preferred stock                                                  |  | ¥                                                           | 14.00      |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|                                                                                        |  | $                                                           | 0.12       |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|Fourth series class IV preferred stock                                                  |  | ¥                                                           | 47.60      |   |      | ¥ | 47.60      |  |   |           |   |  |      |           |   |  |   |           |  
|                                                                                        |  | $                                                           | 0.41       |   |      | $ | 0.40       |  |   |           |   |  |      |           |   |  |   |           |  
|Sixth series class VI preferred stock                                                   |  | ¥                                                           | 42.00      |   |      | ¥ | 42.00      |  |   |           |   |  |      |           |   |  |   |           |  
|                                                                                        |  | $                                                           | 0.36       |   |      | $ | 0.36       |  |   |           |   |  |      |           |   |  |   |           |  
|Seventh series class VII preferred stock                                                |  | ¥                                                           | 11.00      |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|                                                                                        |  | $                                                           | 0.09       |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|Eighth series class VIII preferred stock                                                |  | ¥                                                           | 8.00       |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|                                                                                        |  | $                                                           | 0.07       |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|Tenth series class X preferred stock                                                    |  | ¥                                                           | 5.38       |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|                                                                                        |  | $                                                           | 0.05       |   |      |   |           |  |   |           |   |  |      |           |   |  |   |           |  
|Eleventh series class XI preferred stock                                                |  | ¥                                                           | 20.00      |   |      | ¥ | 20.00      |  | ¥ | 20.00      |   |  | ¥    | 20.00      |   |  | ¥ | 20.00      |  
|                                                                                        |  | $                                                           | 0.17       |   |      | $ | 0.17       |  | $ | 0.20       |   |  | $    | 0.20       |   |  | $ | 0.21       |  
|Thirteenth series class XIII preferred stock                                            |  | ¥                                                           | 30.00      |   |      | ¥ | 30.00      |  | ¥ | 30.00      |   |  | ¥    | 30.00      |   |  | ¥ | 30.00      |  
|                                                                                        |  | $                                                           | 0.26       |   |      | $ | 0.26       |  | $ | 0.30       |   |  | $    | 0.30       |   |  | $ | 0.32       |  



6



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##### Table of Contents

|                                                                                                           |  |                                                             |   |  |      |             |   |      |   |             |      |  |   |             |    |  |   |             |  
|---------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------- | - |  | ---- | ----------- | - | ---- | - | ----------- | ---- |  | - | ----------- | -- |  | - | ----------- | -
|                                                                                                           |  | As of and for the fiscal years ended March 31,              |  
|                                                                                                           |  | 2006                                                        |   |  | 2007 |             |   | 2008 |   |             | 2009 |  |   | 2010        |   
|                                                                                                           |  | (in millions of yen, except per share data and percentages) |  
|Balance sheet data:                                                                                        |  |                                                             |   |  |      |             |   |      |   |             |      |  |   |             |    |  |   |             |  
|Total assets                                                                                               |  | ¥145,522,392                                                |   |  | ¥    | 147,381,279 |   |      | ¥ | 151,317,756 |      |  | ¥ | 155,083,031 |    |  | ¥ | 158,351,456 |  
|Loans, net of allowance                                                                                    |  | 67,898,640                                                  |   |  |      | 68,236,720  |   |      |   | 67,572,004  |      |  |   | 71,787,309  |    |  |   | 62,903,418  |  
|Total liabilities                                                                                          |  | 140,880,392                                                 |   |  |      | 142,376,976 |   |      |   | 147,749,599 |      |  |   | 154,045,851 |    |  |   | 155,019,438 |  
|Deposits                                                                                                   |  | 82,703,690                                                  |   |  |      | 83,751,304  |   |      |   | 86,429,065  |      |  |   | 87,075,727  |    |  |   | 86,776,251  |  
|Long-term debt                                                                                             |  | 5,384,991                                                   |   |  |      | 7,073,936   |   |      |   | 7,618,910   |      |  |   | 8,017,770   |    |  |   | 8,482,434   |  
|Common stock                                                                                               |  | 3,547,726                                                   |   |  |      | 3,532,492   |   |      |   | 3,437,420   |      |  |   | 3,386,792   |    |  |   | 4,324,705   |  
|Total MHFG shareholders equity                                                                            |  | 4,345,714                                                   |   |  |      | 4,662,700   |   |      |   | 3,268,800   |      |  |   | 846,047     |    |  |   | 2,966,215   |  
|Other financial data:                                                                                      |  |                                                             |   |  |      |             |   |      |   |             |      |  |   |             |    |  |   |             |  
|Return on equity and assets:                                                                               |  |                                                             |   |  |      |             |   |      |   |             |      |  |   |             |    |  |   |             |  
|Net income (loss) attributable to common shareholders as a percentage of total average assets              |  | 0.74                                                        | % |  |      | 0.42        | % |      |   | 0.14        | %    |  |   | (0.73       | )% |  |   | 0.66        | %
|Net income (loss) attributable to common shareholders as a percentage of average MHFG shareholders equity |  | 27.40                                                       | % |  |      | 14.69       | % |      |   | 5.20        | %    |  |   | (48.50      | )% |  |   | 54.09       | %
|Dividends per common share as a percentage of basic earnings per common share                              |  | 4.27                                                        | % |  |      | 13.53       | % |      |   | 55.02       | %    |  |   | (10.42      | )% |  |   | 11.34       | %
|Average MHFG shareholders equity as a percentage of total average assets                                  |  | 2.71                                                        | % |  |      | 2.87        | % |      |   | 2.73        | %    |  |   | 1.51        | %  |  |   | 1.22        | %
|Net interest income as a percentage of total average interest-earning assets                               |  | 0.77                                                        | % |  |      | 0.79        | % |      |   | 0.86        | %    |  |   | 0.92        | %  |  |   | 0.78        | %



Notes:



|(1) | Net income (loss) attributable to noncontrolling interests was relocated from minority interest in consolidated subsidiaries included within noninterest expenses in the
fiscal year ended March 31, 2010 as we adopted ASC 810. For purposes of comparability, the figures of the previous fiscal years are adjusted accordingly.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Under the central book-entry transfer system in Japan, which became effective in January 2009, fractional shares are not eligible for book-entry transfer. Accordingly,
an allotment of shares or fractions of a share without consideration was made to all shareholders and holders of fractional shares at the rate of 999 shares per 1 share and 9.99 shares per every 0.01 of a share, effective on January 4, 2009.
The amounts per share for the fiscal years ended March 31, 2006, 2007, 2008 and 2009 have been adjusted to reflect such allotment.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Yen amounts for cash dividends per share for the fiscal years ended March 31, 2006, 2007, 2008, 2009 and 2010 are expressed in U.S. dollars at the rate of
¥117.48 = $1.00, ¥117.56 = $1.00, ¥99.85 = $1.00, ¥99.15 = $1.00 and ¥93.40 = $1.00, respectively. These rates are the noon buying rates on March 31, 2006, 2007, 2008, 2009 and 2010 in New York City
for cable transfers in yen as certified for customs purposes by the Federal Reserve Bank of New York.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



7



---

##### Table of Contents

Japanese GAAP Selected Consolidated Financial Information



|                                                                |  |                                                             |           |      |   |           |  |   |           |   |  |      |           |     |  |   |          
|--------------------------------------------------------------- |  | ----------------------------------------------------------- | --------- | ---- | - | --------- |  | - | --------- | - |  | ---- | --------- | --- |  | - | ---------
|                                                                |  | As of and for the fiscal years ended March 31,             
|                                                                |  | 2006                                                        |           | 2007 |   | 2008      |  |   | 2009      |   |  | 2010
|                                                                |  | (in millions of yen, except per share data and percentages)
|Statement of income data:                                       |  |                                                             |           |      |   |           |  |   |           |   |  |      |           |     |  |   |          
|Interest income                                                 |  | ¥                                                           | 1,935,048 |      | ¥ | 2,562,642 |  | ¥ | 2,864,796 |   |  | ¥    | 2,144,436 |     |  | ¥ | 1,571,994
|Interest expense                                                |  |                                                             | 872,403   |      |   | 1,472,378 |  |   | 1,801,156 |   |  |      | 1,075,584 |     |  |   | 420,287  
|                                                                |  |                                                             |           |      |   |           |  |   |           |   |  |      |           |     |  |   |          
|Net interest income                                             |  |                                                             | 1,062,645 |      |   | 1,090,264 |  |   | 1,063,639 |   |  |      | 1,068,851 |     |  |   | 1,151,707
|Fiduciary income                                                |  |                                                             | 78,843    |      |   | 66,958    |  |   | 64,355    |   |  |      | 55,891    |     |  |   | 49,100   
|Net fee and commission income                                   |  |                                                             | 555,935   |      |   | 551,124   |  |   | 494,526   |   |  |      | 416,653   |     |  |   | 466,040  
|Net trading income                                              |  |                                                             | 204,941   |      |   | 261,544   |  |   | 56,149    |   |  |      | 301,521   |     |  |   | 312,330  
|Net other operating income (loss)                               |  |                                                             | 100,073   |      |   | 147,507   |  |   | (17,737   | ) |  |      | (35,951   | )   |  |   | 17,436   
|General and administrative expenses                             |  |                                                             | 1,095,243 |      |   | 1,091,602 |  |   | 1,124,527 |   |  |      | 1,192,701 |     |  |   | 1,317,247
|Other income                                                    |  |                                                             | 502,212   |      |   | 522,816   |  |   | 579,737   |   |  |      | 260,568   |     |  |   | 266,125  
|Other expenses                                                  |  |                                                             | 429,265   |      |   | 573,714   |  |   | 630,079   |   |  |      | 1,280,711 |     |  |   | 567,728  
|                                                                |  |                                                             |           |      |   |           |  |   |           |   |  |      |           |     |  |   |          
|Income (loss) before income taxes and minority interests        |  |                                                             | 980,142   |      |   | 974,898   |  |   | 486,062   |   |  |      | (405,877  | )   |  |   | 377,765  
|Income taxes:                                                   |  |                                                             |           |      |   |           |  |   |           |   |  |      |           |     |  |   |          
|Current(1)                                                      |  | ¥                                                           | 64,038    |      | ¥ | 43,267    |  | ¥ | 32,212    |   |  | ¥    | 48,247    |     |  | ¥ | 18,040   
|Deferred                                                        |  |                                                             | 185,035   |      |   | 223,699   |  |   | 118,546   |   |  |      | 109,103   |     |  |   | 25,108   
|Income (loss) before minority
interests(2)                      |  |                                                             | 731,068   |      |   | 707,931   |  |   | 335,304   |   |  |      | (563,227  | )   |  |   | 334,617  
|Minority interests in net income                                |  |                                                             | 81,164    |      |   | 86,965    |  |   | 24,079    |   |  |      | 25,586    |     |  |   | 95,212   
|                                                                |  |                                                             |           |      |   |           |  |   |           |   |  |      |           |     |  |   |          
|Net income (loss)                                               |  | ¥                                                           | 649,903   |      | ¥ | 620,965   |  | ¥ | 311,224   |   |  | ¥    | (588,814  | )   |  | ¥ | 239,404  
|                                                                |  |                                                             |           |      |   |           |  |   |           |   |  |      |           |     |  |   |          
|Net income (loss) per
share(3):                                 |  |                                                             |           |      |   |           |  |   |           |   |  |      |           |     |  |   |          
|Basic                                                           |  | ¥                                                           | 55,157.14 |      | ¥ | 51,474.49 |  | ¥ | 25,370.25 |   |  | ¥    | (54.14    | )   |  | ¥ | 16.29    
|Diluted                                                         |  |                                                             | 46,234.51 |      |   | 48,803.07 |  |   | 24,640.00 |   |  |      |          | (4) |  |   | 15.57    
|Cash dividends per share declared during the fiscal
year(3)(5): |  |                                                             |           |      |   |           |  |   |           |   |  |      |           |     |  |   |          
|Common
stock(6)                                                 |  | ¥                                                           | 3,500     |      | ¥ | 4,000     |  | ¥ | 7,000     |   |  | ¥    | 10,000    |     |  | ¥ | 10       
|                                                                |  | $                                                           | 29.79     |      | $ | 34.03     |  | $ | 70.11     |   |  | $    | 100.86    |     |  | $ | 0.11     
|Second series class II preferred stock                          |  | ¥                                                           | 8,200     |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|                                                                |  | $                                                           | 69.80     |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|Third series class III preferred stock                          |  | ¥                                                           | 14,000    |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|                                                                |  | $                                                           | 119.17    |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|Fourth series class IV preferred stock                          |  | ¥                                                           | 47,600    |      | ¥ | 47,600    |  |   |          |   |  |      |          |     |  |   |         
|                                                                |  | $                                                           | 405.18    |      | $ | 404.90    |  |   |          |   |  |      |          |     |  |   |         
|Sixth series class VI preferred stock                           |  | ¥                                                           | 42,000    |      | ¥ | 42,000    |  |   |          |   |  |      |          |     |  |   |         
|                                                                |  | $                                                           | 357.51    |      | $ | 357.26    |  |   |          |   |  |      |          |     |  |   |         
|Seventh series class VII preferred stock                        |  | ¥                                                           | 11,000    |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|                                                                |  | $                                                           | 93.63     |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|Eighth series class VIII preferred stock                        |  | ¥                                                           | 8,000     |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|                                                                |  | $                                                           | 68.10     |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|Tenth series class X preferred stock                            |  | ¥                                                           | 5,380     |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|                                                                |  | $                                                           | 45.80     |      |   |          |  |   |          |   |  |      |          |     |  |   |         
|Eleventh series class XI preferred
stock(6)                     |  | ¥                                                           | 20,000    |      | ¥ | 20,000    |  | ¥ | 20,000    |   |  | ¥    | 20,000    |     |  | ¥ | 20       
|                                                                |  | $                                                           | 170.24    |      | $ | 170.13    |  | $ | 200.30    |   |  | $    | 201.71    |     |  | $ | 0.21     
|Thirteenth series class XIII preferred
stock(6)                 |  | ¥                                                           | 30,000    |      | ¥ | 30,000    |  | ¥ | 30,000    |   |  | ¥    | 30,000    |     |  | ¥ | 30       
|                                                                |  | $                                                           | 255.36    |      | $ | 255.19    |  | $ | 300.45    |   |  | $    | 302.57    |     |  | $ | 0.32     



8



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##### Table of Contents

|                                |  |                                                             |             |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|------------------------------- |  | ----------------------------------------------------------- | ----------- | - | ---- | - | ----------- | ---- |  | - | ----------- | - |  | ---- | ----------- | - |  | - | ----------- | -
|                                |  | As of and for the fiscal years ended March 31,              |            
|                                |  | 2006                                                        |             |   | 2007 |   |             | 2008 |  |   | 2009        |   |  | 2010 |            
|                                |  | (in millions of yen, except per share data and percentages) |            
|Balance sheet data:             |  |                                                             |             |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|Total assets                    |  | ¥                                                           | 149,612,794 |   |      | ¥ | 149,880,031 |      |  | ¥ | 154,412,105 |   |  | ¥    | 152,723,070 |   |  | ¥ | 156,253,572 |  
|Loans and bills
discounted(7)   |  |                                                             | 65,408,672  |   |      |   | 65,964,301  |      |  |   | 65,608,705  |   |  |      | 70,520,224  |   |  |   | 62,164,579  |  
|Securities                      |  |                                                             | 37,702,957  |   |      |   | 36,049,983  |      |  |   | 33,958,537  |   |  |      | 30,173,632  |   |  |   | 43,096,460  |  
|Deposits(8)                     |  |                                                             | 82,367,125  |   |      |   | 83,608,304  |      |  |   | 86,264,041  |   |  |      | 86,539,020  |   |  |   | 86,627,588  |  
|Shareholders
equity(9)         |  |                                                             | 4,804,993   |   |      |   |            |      |  |   |            |   |  |      |            |   |  |   |            |  
|Net
assets(9)                   |  |                                                             |            |   |      |   | 6,724,408   |      |  |   | 5,694,159   |   |  |      | 4,186,606   |   |  |   | 5,837,053   |  
|Risk-adjusted capital
data(10): |  |                                                             |             |   |      |   |             |      |  |   |             |   |  |      |             |   |  |   |             |  
|Tier 1 capital                  |  | ¥                                                           | 4,555,947   |   |      | ¥ | 4,933,561   |      |  | ¥ | 4,880,188   |   |  | ¥    | 3,765,045   |   |  | ¥ | 5,173,496   |  
|Total risk-based capital        |  |                                                             | 8,993,255   |   |      |   | 8,841,383   |      |  |   | 7,708,341   |   |  |      | 6,223,693   |   |  |   | 7,658,062   |  
|Risk-weighted assets            |  |                                                             | 77,534,548  |   |      |   | 70,795,493  |      |  |   | 65,872,866  |   |  |      | 59,056,218  |   |  |   | 56,863,252  |  
|Tier 1 capital ratio            |  |                                                             | 5.87        | % |      |   | 6.96        | %    |  |   | 7.40        | % |  |      | 6.37        | % |  |   | 9.09        | %
|Capital adequacy ratio          |  |                                                             | 11.59       | % |      |   | 12.48       | %    |  |   | 11.70       | % |  |      | 10.53       | % |  |   | 13.46       | %



Notes:



|(1) | Under Japanese GAAP, refund of income taxes formerly included within current income taxes is separately presented from the fiscal year ended March 31, 2010 due to
increased materiality. Current income taxes for the fiscal year ended March 31, 2010 in the above table include refund of income taxes for purposes of comparability with figures from previous years.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | In accordance with certain amendments to Regulation on Terminology, Forms and Preparation of Financial Statements and other regulations which may be applied at our
option from the fiscal year ended March 31, 2010, based on Accounting Standard for Consolidated Financial Statements (ASBJ Statement No. 22, December 26, 2008), we have started to present Income before minority
interests from the fiscal year ended March 31, 2010. For reference purposes, we have also included the figures of the same for the fiscal years ended March 31, 2006, 2007, 2008 and 2009 in the table above.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Under the central book-entry transfer system in Japan, which became effective in January 2009, fractional shares are not eligible for book-entry transfer. Accordingly,
an allotment of shares or fractions of a share without consideration was made to all shareholders and holders of fractional shares at the rate of 999 shares per 1 share and 9.99 shares per every 0.01 of a share, effective on January 4, 2009.
Net income (loss) per share through the fiscal year ended March 31, 2008, and cash dividends per share declared through the fiscal year ended March 31, 2009, in the table above do not reflect such allotment.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Diluted net income per share is not shown due to net loss per share for the fiscal year ended March 31, 2009.
|--- | -------------------------------------------------------------------------------------------------------------

|(5) | Yen amounts are expressed in U.S. dollars at the rate of, ¥117.48 = $1.00, ¥117.56 = $1.00, ¥99.85 = $1.00,
¥99.15 = $1.00 and ¥93.40 = $1.00 for the fiscal years ended March 31, 2006, 2007, 2008, 2009 and 2010, respectively. These rates are the noon buying rates on the respective fiscal year-end dates in New York City for
cable transfers in yen as certified for customs purposes by the Federal Reserve Bank of New York.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(6) | In June 2010, we declared and paid annual dividends of ¥8 per share of common stock, ¥20 per share of eleventh series class XI preferred stock and
¥30 per share of thirteenth series class XIII preferred stock for the fiscal year ended March 31, 2010.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(7) | Bills discounted refers to a form of financing in Japan under which promissory notes obtained by corporations through their regular business activities are purchased by
banks prior to their payment dates at a discount based on prevailing interest rates.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(8) | Includes negotiable certificates of deposit.
|--- | --------------------------------------------

|(9) | On December 9, 2005, the Accounting Standards Board of Japan issued a new accounting standard for presentation of net assets in the balance sheet, which is
effective for fiscal years ending on or after May 1, 2006. Under the new accounting standard, the line item previously presented as shareholders equity is now presented as net assets, and the line items
minority interests and net deferred hedge gains or losses, net of taxes are now presented as components of net assets. Accordingly, the presentations of net assets in the balance sheets as of March 31, 2007, 2008, 2009
and 2010 are not directly comparable to the presentation of shareholders equity in the balance sheet as of March 31, 2006.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



9



---

##### Table of Contents

|(10) | Risk-adjusted capital data for the fiscal years ended March 31, 2007, 2008, 2009 and 2010 were calculated under Basel II basis while those through the fiscal year
ended March 31, 2006 were calculated under Basel I basis. We adopted the advanced internal ratings-based approach (the AIRB approach) for the calculation of risk-weighted assets associated with credit risk from the fiscal year ended
March 31, 2009. We also adopted the advanced measurement approach (the AMA) for the calculation of operational risk from the fiscal year ended March 31, 2010. For more details on capital adequacy requirements set by the Bank
for International Settlements (BIS), and the guideline implemented by the FSA in compliance thereto, see Item 5. Operating and Financial Review and ProspectsCapital Adequacy.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

There are certain differences between U.S. GAAP and Japanese GAAP. The differences between U.S. GAAP and Japanese GAAP applicable to us
primarily relate to the accounting for derivative financial instruments and hedging activities, investments, loans, allowances for loan losses and off-balance-sheet instruments, premises and equipment, real estate sales and leasebacks, land
revaluation, business combinations, non-interest-earning deposits made under government-led restructuring, pension liabilities, consolidation of variable interest entities and deferred taxes. See Item 5. Operating and Financial Review and
ProspectsReconciliation with Japanese GAAP. In addition, under Japanese GAAP, a restatement of prior year financial statements reflecting the effect of a change in accounting principles is not permitted, unlike under U.S. GAAP, which
generally requires a restatement upon a voluntary change in accounting principles.

Exchange Rate Information

The following table sets forth, for each period indicated, the noon buying rate in New York City for cable transfers in yen as certified
for customs purposes by the Federal Reserve Bank of New York, expressed in Japanese yen per $1.00. The exchange rates are reference rates and are not necessarily the rates used to calculate ratios or the rates used to convert yen to U.S. dollars in
the financial statements contained in this annual report.



|                             |  |                  |  |        |  |            |  |          
|---------------------------- |  | ---------------- |  | ------ |  | ---------- |  | ---------
|Fiscal years ended March 31, |  | High             |  | Low    |  | Average(1) |  | Periodend
|                             |  | (yen per dollar)
|2006                         |  | 120.93           |  | 104.41 |  | 113.67     |  | 117.48   
|2007                         |  | 121.81           |  | 110.07 |  | 116.55     |  | 117.56   
|2008                         |  | 124.09           |  | 96.88  |  | 113.61     |  | 99.85    
|2009                         |  | 110.48           |  | 87.80  |  | 100.85     |  | 99.15    
|2010                         |  | 100.71           |  | 86.12  |  | 92.49      |  | 93.40    
|2011 (through July 23)       |  | 94.68            |  | 86.40  |  | 90.21      |  | 87.31    
|                             |  |                  |  |       
|Calendar year 2010           |  |                  |  |        |  |            |  |          
|January                      |  | 93.31            |  | 89.41  |  |           |  |         
|February                     |  | 91.94            |  | 88.84  |  |           |  |         
|March                        |  | 93.40            |  | 88.43  |  |           |  |         
|April                        |  | 94.51            |  | 92.03  |  |           |  |         
|May                          |  | 94.68            |  | 89.89  |  |           |  |         
|June                         |  | 92.33            |  | 88.39  |  |           |  |         
|July (through July 23)       |  | 88.59            |  | 86.40  |  |           |  |         



Note:



|(1) | Calculated by averaging the exchange rates on the last business day of each month during the respective periods. The noon buying rate as of July 23, 2010 was
¥87.31 = $1.00.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3.B. Capitalization and Indebtedness

Not applicable.

3.C. Reasons for the Offer and Use of Proceeds

Not applicable.



10



---

##### Table of Contents

3.D. Risk Factors

Investing in our securities involves a high degree of risk. You should carefully consider the risks described below as well as the
other information in this annual report, including our consolidated financial statements and related notes, Item 5. Operating and Financial Review and Prospects, Item 11. Quantitative and Qualitative Disclosures about Market
Risk and Selected Statistical Data.

Our business, financial condition and operating results could be
materially adversely affected by any of the factors discussed below. The trading price of our securities could decline due to any of these factors. This annual report also contains forward-looking statements that involve risks and uncertainties. Our
actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including the risks faced by us described below and elsewhere in this annual report. See Forward-Looking
Statements.

Risks Relating to Our Business

We may incur significant credit-related and other costs in the future due to problem loans.

We are the primary bank lender for a large number of our corporate customers, and the amount of our loans and other claims to each of our
major customers is significant. In addition, while we have made efforts to diversify our credit exposure along industry lines, the proportion of credit exposure to customers in the construction and real estate, banks and other financial
institutions, and wholesale and retail industries is relatively high. We manage our credit portfolio by regularly monitoring the credit profile of each of our customers, the progress made on restructuring plans and credit exposure concentrations in
particular industries or corporate groups, and we also utilize credit derivatives for hedging and credit risk mitigation purposes. In addition, we regularly assess the value of collateral and guarantees. However, depending on trends in the domestic
and global economic environment, the business environment in particular industries and other factors, the amount of our problem loans and other claims could increase significantly, including as a result of the deterioration in the credit profile of
customers for which we are the primary bank lender, other major customers or customers belonging to industries to which we have significant credit exposure, and the value of collateral and guarantees could decline. For example, in the fiscal year
ended March 31, 2009, our credit-related costs increased as a result of the deteriorating performance of our corporate customers in and outside of Japan due to the worsening economic environment and the effects of the dislocation in global
financial markets as well as the provision for loan losses based on revised assumptions amid the uncertainty regarding the future economic environment. There can be no assurance that credit-related and other costs will not increase in the future as
a result of the foregoing or otherwise.

Our equity investment portfolio exposes us to market risks that could adversely affect our
financial condition and results of operations.

We hold substantial investments in marketable equity securities, mainly
common stock of Japanese listed companies. In addition to the partial hedges that we apply as we deem necessary in recent years, we sold a portion of such investments, and we may make further sales in the future. However, significant declines in
Japanese stock prices in the future would lead to unrealized losses, losses on impairment and losses from sales of equity securities which could have a material adverse effect on our financial condition and results of operations. For example, in the
fiscal year ended March 31, 2009, we incurred significant impairment and other losses as a result of the decline in Japanese and other stock markets. In addition, net unrealized gains and losses on such investments, based on Japanese GAAP, are
taken into account when calculating the amount of capital for purposes of the calculation of our capital adequacy ratios, and as a result, a decline in the value of such investments would negatively affect such ratios. As a result, our financial
condition and results of operations could be materially and adversely affected.

Changes in interest rates could adversely affect our
financial condition and results of operations.

We hold a significant amount of bonds, consisting mostly of Japanese
government bonds, and other instruments primarily for the purpose of investment. As a result of such holdings, an increase in interest rates,



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primarily yen interest rates, could lead to unrealized losses of bonds or losses from sales of bonds. In addition, due mainly to differences in maturities between financial assets and
liabilities, changes in interest rates could have an adverse effect on our average interest rate spread. We manage interest rate risk under our risk management policies, which provide for adjustments in the composition of our bond portfolio and the
utilization of derivatives and other hedging methods to reduce our exposure to interest rate risk. However, in the event of significant changes in interest rates, including as a result of a change in Japanese monetary policy and market trends, our
financial condition and results of operations could be materially and adversely affected.

Our financial condition and results of
operations could be adversely affected by foreign exchange rate fluctuations.

A portion of our assets and liabilities is
denominated in foreign currencies, mainly the U.S. dollar. The difference between the amount of assets and liabilities denominated in foreign currencies leads to foreign currency translation gains and losses in the event of fluctuations in foreign
exchange rates. Although we hedge a portion of our exposure to foreign exchange rate fluctuation risk, our financial condition and results of operations could be materially and adversely affected if future foreign exchange rate fluctuations
significantly exceed our expectations.

We may incur further losses relating to decreases in the market liquidity of assets that we hold.

The market liquidity of the various marketable assets that we hold may decrease significantly due to turmoil in financial
markets and other factors, and the value of such assets could decline as a result. For example, in the fiscal years ended March 31, 2008 and 2009, we incurred significant losses related to declines in the value of our investments in
securitization products and other assets as a result of significant decrease in the market liquidity amidst the dislocation in global financial markets. See Item 5. Operating and Financial Review and ProspectsOverviewBusiness
Trends. If the market liquidity of our assets decreases significantly in the future, including as a result of the dislocation in global financial markets mentioned above, our financial condition and results of operations could be materially
and adversely affected.

Our pension-related costs could increase as a result of revised assumptions or changes in our pension plans.

Our pension-related costs and projected benefit obligations are calculated based on assumptions regarding projected returns on
pension plan assets and various actuarial assumptions relating to the plans. If actual results differ from our assumptions or we revise our assumptions in the future, due to changes in the stock markets, interest rate environment or otherwise, our
pension-related costs and projected benefit obligations could increase. In addition, any future changes to our pension plans could also lead to increases in our pension-related costs and projected benefit obligations. As a result, our financial
condition and results of operations could be materially and adversely affected.

A decline in deferred tax assets due to a change in our
estimation of future taxable income could adversely affect our financial condition and results of operations.

We recorded
deferred tax assets based on a reasonable estimation of future taxable income in accordance with applicable accounting standards. Our financial condition and results of operations could be materially and adversely affected if our deferred tax assets
decline due to a change in our estimation of future taxable income and other factors.

Financial transactions entered into for hedging and
other similar purposes could adversely affect our financial condition and results of operations.

The accounting and
valuation methods applied to credit and equity derivatives and other financial transactions that we enter into for hedging and credit risk mitigation purposes are not always consistent with the



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accounting and valuation methods applied to the assets that are being hedged. Consequently, in some cases, due to changes in the market or otherwise, losses related to such financial transactions
during a given period may adversely affect net income, while the corresponding increases in the value of the hedged assets do not have an effect on net income for such period. As a result, our financial condition and results of operations could be
materially and adversely affected during the period.

Failure to maintain capital adequacy ratios above minimum required levels, as a
result of the materialization of risks or regulatory changes, could result in restrictions on our business activities.

We
endeavor to maintain sufficient levels of capital adequacy ratios, which are calculated pursuant to standards set forth by Japans Financial Services Agency and based on Japanese GAAP, taking into account our plans for investments in
risk-weighted assets, the efficiency of our capital structure and other factors. However, our capital adequacy ratios could decline in the future, including as a result of the materialization of any of the risks enumerated in these Risk
Factors and changes to the methods we use to calculate capital adequacy ratios. Also, the maximum amount of net deferred tax assets that can be recorded for the purpose of calculating capital adequacy ratios without diminishing the amount of
Tier 1 capital under Japanese capital adequacy regulations is 20% of Tier 1 capital. Our or our banking subsidiaries regulatory capital and capital adequacy ratios could decline due to such regulations.

In addition, if the framework set by the Basel Committee on Banking Supervision, upon which the Financial Services Agencys rules
concerning banks capital adequacy ratios are based, is changed or if the Financial Services Agency otherwise changes its banking regulations, we might not be able to meet the minimum regulatory requirements for capital adequacy ratios. For
example, in December 2009, the Basel Committee on Banking Supervision announced a package of proposals to strengthen global capital and liquidity regulations. See Item 5. Operating and Financial Review and ProspectsCapital
Adequacy.

If the capital adequacy ratios of us and our banking subsidiaries fall below specified levels, the Financial
Services Agency could require us to take corrective actions, including, depending on the level of deficiency, submission of an improvement plan that would strengthen our capital base, a reduction of our total assets or a suspension of a portion of
our business operations. In addition, some of our banking subsidiaries are subject to capital adequacy regulations in foreign jurisdictions such as the United States, and our business could be adversely affected if their capital adequacy ratios fall
below specified levels.

Downgrades in our credit ratings could have negative effects on our funding costs and business operations.

Credit ratings are assigned to Mizuho Financial Group, our banking subsidiaries and a number of our other subsidiaries by
major domestic and international credit rating agencies. The credit ratings are based on information furnished by us or obtained by the credit rating agencies from independent sources and are also influenced by credit ratings of Japanese government
bonds and general views regarding the Japanese financial system as a whole. The credit ratings are subject to revision, suspension or withdrawal by the credit rating agencies at any time. A downgrade in our credit ratings could result in, among
other things, the following:



| |  |  | increased funding costs and other difficulties in raising funds;
| | - |  | ----------------------------------------------------------------



| |  |  | the need to provide additional collateral in connection with financial market transactions; and
| | - |  | -----------------------------------------------------------------------------------------------



| |  |  | the termination or cancellation of existing agreements.
| | - |  | -------------------------------------------------------

As a result, our business, financial condition and results of operations could be materially and adversely affected.

Our business will be adversely affected if we encounter difficulties in raising funds.

We rely principally on deposits and debentures as our funding sources. In addition, we also raise funds in the financial markets. Our
efforts to maintain stable funding, such as setting maximum limits on financial market funding and monitoring our liquidity position to apply appropriate funding policies, may not be sufficient to



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prevent significant increases in our funding costs or cash flow problems if we encounter difficulties in attracting deposits or otherwise raising funds. Such difficulties could result, among
other things, from any of the following:



| |  |  | adverse developments with respect to our financial condition and results of operations;
| | - |  | ---------------------------------------------------------------------------------------



| |  |  | downgrading of our credit ratings or damage to our reputation; or
| | - |  | -----------------------------------------------------------------



| |  |  | a reduction in the size and liquidity of the debt markets due for example to the decline in the domestic and global economy, concerns regarding the
financial system or turmoil in financial markets and other factors.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Our Medium-term Management Policy and other
strategic initiatives and measures may not result in the anticipated outcome.

We have been implementing strategic
initiatives and measures in various areas. In May 2010, we announced our new Medium-term Management Policy for the three fiscal years ending March 31, 2013, in which we set forth various strategic initiatives and measures and also established a
number of key target figures that we aim to achieve by the end of the fiscal year ending March 31, 2013. See Item 4.B. Business OverviewGeneral. However, we may not be successful in implementing such initiatives and measures,
or even if we are successful in implementing them, the implementation of such initiatives and measures may not have their anticipated effects. In addition, we may not be able to meet the key target figures announced in the Medium-term Management
Policy due to these or other factors, including, but not limited to, differences in the actual economic environment compared to our assumptions underlying the Medium-term Management Policy as well as the risks enumerated in these Risk
Factors.

We will be exposed to new or increased risks as we expand the range of our products and services.

We offer a broad range of financial services, including banking, securities, trust and other services. As the needs of our customers
become more sophisticated and broader in scope, and as the Japanese financial industry continues to be deregulated, we have been entering into various new areas of business, including through various business and equity alliances, which expose us to
new risks. While we have developed and intend to maintain risk management policies that we believe are appropriate to address such risks, if a risk materializes in a manner or to a degree outside of our expectations, our business, financial
condition and results of operations could be materially and adversely affected.

We are subject to various laws and regulations, and
violations could result in penalties and other regulatory actions.

Our business and employees in Japan are subject to
various laws and regulations, including those applicable to financial institutions as well as general laws applicable to our business activities, and we are under the regulatory oversight of the Financial Services Agency. Our businesses outside of
Japan are also subject to the laws and regulations of the jurisdictions in which they operate and are subject to oversight by the regulatory authorities of those jurisdictions.

Our compliance and legal risk management structures are designed to prevent violations of such laws and regulations, but they may not be
effective in preventing all future violations. For example, in October 2007, Mizuho Securities Co., Ltd. received a business improvement order from the Financial Services Agency relating to the receipt of non-public information from its parent bank
and the use of such information for customer solicitation. Future violations of laws and regulations could result in regulatory action and harm our reputation, and our business, financial condition and results of operations could be materially and
adversely affected.

Employee errors and misconduct could subject us to losses and reputational harm.

Because we process a large number of transactions in a broad range of businesses, we are subject to the risk of various operational errors
and misconduct, including those caused by employees. Our measures to reduce



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employee errors, including establishment of operational procedures, regular reviews regarding compliance with these procedures, employee training and automation of our operations, may not be
effective in preventing all employee errors and misconduct. Significant operational errors and misconduct in the future could result in losses, regulatory actions or harm to our reputation. As a result, our business, financial condition and results
of operations could be materially and adversely affected.

Problems relating to our information technology systems could significantly
disrupt our business operations.

We depend significantly on information technology systems with respect to almost all
aspects of our business operations. Our information technology systems network, including those relating to bank accounting and cash settlement systems, interconnects our branches and other offices, our customers and various clearing and settlement
systems located worldwide. Our efforts to sustain stable daily operations and development of contingency plans for unexpected events, including the implementation of backup and redundancy measures, may not be effective in preventing significant
disruptions to our information technology systems caused by, among other things, human error, accidents, hacking, computer viruses and development and renewal of computer systems. In the event of any such disruption, our business, financial
condition and results of operations could be materially and adversely affected due to disruptions in our business operations, liability to customers and others, regulatory actions or harm to our reputation.

Our reputation could be harmed and we may be subject to liabilities and regulatory actions if we are unable to protect personal and other confidential
information.

We handle various confidential or non-public information, including those of our individual and corporate
customers, in the ordinary course of our business. The information management policies we maintain and enforce to prevent information leaks and improper access to such information, including those designed to meet the strict requirements of the
Personal Information Protection Law of Japan, may not be effective in preventing all such problems. Leakage of important information in the future could result in liabilities and regulatory actions and may also lead to significant harm to our
reputation. As a result, our business, financial condition and results of operations could be materially and adversely affected.

Our
business would be harmed if we are unable to attract and retain skilled employees.

Many of our employees possess skills
and expertise that are important to maintain our competitiveness and to operate our business efficiently. We may not be successful in attracting and retaining sufficient skilled employees through our hiring efforts and training programs aimed to
maintain and enhance the skills and expertise of our employees, in which event our competitiveness and efficiency could be significantly impaired. As a result, our business, financial condition and results of operations could be materially and
adversely affected.

Our failure to establish, maintain and apply adequate internal controls over financial reporting could negatively
impact investor confidence in the reliability of our financial statements.

As a New York Stock Exchange-listed company and
an SEC registrant, we have developed disclosure controls and procedures and internal control over financial reporting pursuant to the requirements of the Sarbanes-Oxley Act of 2002 and rules and regulations of the SEC promulgated pursuant thereto.
Our management reports on, and our independent registered public accounting firm attests to, the effectiveness of our internal controls over financial reporting, as required, in our annual report on Form 20-F. In addition, our management is required
to report on our internal control over financial reporting, and our independent registered public accounting firm is required to provide its opinion concerning the report of our management, in accordance with the Financial Instruments and Exchange
Law of Japan. To the extent any issues are identified through the foregoing processes, there can be no assurance that we will be able to address them in a timely manner or at all. Furthermore, even if our management concludes that our internal
control over financial reporting are effective,



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our independent registered public accounting firm may still be unable to issue a report that concludes that our internal control over financial reporting are effective. In either case, we may
lose investor confidence in the reliability of our financial statements.

We are subject to risk of litigation and other legal proceedings.

As a financial institution engaging in banking and other financial businesses in and outside of Japan, we are subject to
the risk of litigation for damages and other legal proceedings in the ordinary course of our business. Adverse developments related to future legal proceedings could have a material adverse effect on our financial condition and results of
operations.

Our risk management policies and procedures may not adequately address unidentified or unanticipated risks.

We devote significant resources to strengthening our risk management policies and procedures. Despite this, and particularly in light of
the rapid evolution of our operations, our policies and procedures designed to identify, monitor and manage risks may not be fully effective. Some of our methods of managing risks are based upon our use of observed historical market behavior. As a
result, these methods may not accurately predict future risk exposures, which could be significantly greater than the historical measures indicate. If our risk management policies and procedures do not function effectively, our financial condition
and results of operations could be materially and adversely affected.

Transactions with counterparties in Iran and other countries
designated by the U.S. Department of State as state sponsors of terrorism may lead some potential customers and investors to avoid doing business with us or investing in our securities.

U.S. law generally prohibits U.S. persons from doing business with countries designated by the U.S. Department of State as state sponsors
of terrorism (the Designated Countries), which includes Iran, Cuba, Sudan and Syria, and we maintain policies and procedures to comply with U.S. law. Our non-U.S. offices engage in transactions relating to the Designated Countries on a
limited basis and in compliance with applicable laws and regulations, including trade financing with respect to our customers export or import transactions, maintenance of correspondent banking accounts and interbank money market transactions.
In addition, we maintain a representative office in Iran and provide project financing to entities in Iran. We also maintain correspondent banking accounts for and with, a number of Iranian banks that the U.S. Office of Foreign Assets Control
identifies as specially designated nationals. We do not believe our operations relating to the Designated Countries are material to our business, financial condition or results of operations. We maintain policies and procedures to ensure
compliance with applicable Japanese and U.S. laws and regulations.

We are aware of initiatives by U.S. governmental entities
and U.S. institutional investors, such as pension funds, to adopt laws, regulations or policies prohibiting transactions with or investment in, or requiring divestment from, entities doing business with Iran and other Designated Countries. It is
possible that such initiatives may result in our being unable to retain or acquire entities that are subject to such prohibitions as customers or investors in our securities. In addition, depending on socio-political developments, our reputation may
suffer due to our association with the Designated Countries. The above circumstances could have a significant adverse effect on our business or the price of our securities.

Our common stock may be subject to dilution as a result of conversion of our convertible preferred stock.

Holders of our eleventh series class XI preferred stock may convert their shares to common stock by requesting us to acquire such shares
and issue or transfer common stock to them at any time between July 1, 2008 and June 30, 2016, with mandatory conversion on July 1, 2016. Due to the dilution of our common stock that occurs as a result of the increase in the number of
outstanding shares of common stock upon such conversion, the price of our common stock could decline.



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We may be subject to risks related to dividend distributions.

As a holding company, we rely on dividend payments from our banking and other subsidiaries for almost all of our income. As a result of
restrictions, such as those on distributable amounts under Japans Company Law, or otherwise, our banking and other subsidiaries may decide not to pay dividends to us. In addition, we may experience difficulty in making, or become unable to
make, dividend payments to our shareholders and dividend payments on the preferred securities issued by our overseas special purpose companies due to the deterioration of our results of operations and financial condition and/or the restrictions
under the Company Law or due to the strengthening of bank capital regulations. For more information on restrictions to dividend payments under the Company Law, see Item 10.B. Additional InformationMemorandum and Articles of
Association.

We may be adversely affected if economic or market conditions in Japan or elsewhere deteriorate.

We conduct business operations in Japan as well as overseas, including in the United States, Europe and Asia. If general economic
conditions in Japan or other regions were to deteriorate or if the financial markets become subject to turmoil, we could experience weakness in our business, as well as deterioration in the quality of our assets. For example, in recent years, we
incurred significant losses related to declines in the value of our investments in securitization products, an increase in credit-related costs, an increase in impairment of equity securities and others as a result of the impact of the dislocation
in global financial markets and the worsening economic environment. Future deterioration in general economic conditions or financial market turmoil could materially and adversely affect our financial condition and results of operations.

Amendments and other changes to the laws and regulations that are applicable to us could have an adverse effect on us.

We are subject to general laws, regulations and accounting rules applicable to our business activities in and outside of Japan. We are
also subject to various laws and regulations applicable to financial institutions such as the Banking Law, including capital adequacy requirements, in and outside of Japan. If the laws and regulations that are applicable to us are amended or
otherwise changed, such as in a way that restricts us from engaging in business activities that we currently conduct, our business, financial condition and results of operations could be materially and adversely affected. For example, in December
2009, the Basel Committee on Banking Supervision announced a package of proposals to strengthen global capital and liquidity regulations, which could materially and adversely affect our business, financial condition and results of operations. See
Item 5. Operating and Financial Review and ProspectsCapital Adequacy.

The market for financial services in Japan is
increasingly competitive.

Ongoing deregulation in Japan has significantly lowered the barriers to entry with respect to
the provision of banking, securities, trust and other financial services. While such deregulation has the effect of increasing our own business opportunities, it also allows other major financial groups, foreign financial institutions, non-bank
finance companies, government-affiliated entities such as Japan Post Bank and other financial services providers to enter into new business areas or expand existing businesses. As a result, competition in the financial services industry has been
intensifying in recent years and could intensify further in the future. If we are unable to respond effectively to current or future competition, our business, financial condition and results of operations could be adversely affected.

Our business could be significantly disrupted due to natural disasters, accidents or other causes.

Our headquarters, branch offices, information technology centers, computer network connections and other facilities are subject to the
risk of damage from natural disasters such as earthquakes and typhoons as well as from acts of terrorism and other criminal acts. In addition, our business could be materially disrupted as a result of an epidemic such as influenza A (H1N1). Our
business, financial condition and results of operations could be adversely affected if our recovery efforts, including our implementation of contingency plans that we have developed such as establishing back-up offices, are not effective in
preventing significant disruptions to our business operations caused by natural disasters and criminal acts.



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Negative rumors about us could have an adverse effect on us.

Our business depends on maintaining the trust of depositors and other customers and market participants. Negative rumors about us, spread
through media coverage, communications between market participants, Internet postings or otherwise, could lead to our customers and market participants believing factually incorrect information about us and harm our reputation. In the event we are
unable to dispel such rumors or otherwise restore our reputation, our business, financial condition, results of operations and the price of our securities could be materially and adversely affected.

Risks Related to Owning Our Shares

Rights of shareholders under Japanese law may be more limited than under the law of other jurisdictions.

Our articles of incorporation, our regulations of board of directors and Japans Company Law govern our corporate affairs. Legal
principles relating to such matters as the validity of corporate procedures, directors and officers fiduciary duties and shareholders rights may be different from or less clearly defined than those that would apply if we were
incorporated in another jurisdiction. For example, under the Company Law, only holders of 3% or more of the total voting rights or total outstanding shares are entitled to examine our accounting books and records. Shareholders rights under
Japanese law may not be as extensive as shareholders rights under the law of jurisdictions within the United States or other countries. For more information on the rights of shareholders under Japanese law, see Item 10.B. Additional
InformationMemorandum and Articles of Association.

It may not be possible for investors to effect service of process within
the United States upon us or our directors, senior management or corporate auditors, or to enforce against us or those persons judgments obtained in U.S. courts predicated upon the civil liability provisions of the federal securities laws of the
United States.

We are a joint stock corporation incorporated under the laws of Japan. Almost all of our directors, senior
management and corporate auditors reside outside the United States. Many of the assets of us and these persons are located in Japan and elsewhere outside the United States. It may not be possible, therefore, for U.S. investors to effect service of
process within the United States upon us or these persons or to enforce, against us or these persons, judgments obtained in the U.S. courts predicated upon the civil liability provisions of the federal securities laws of the United States. We
believe that there is doubt as to the enforceability in Japan, in original actions or in actions to enforce judgments of U.S. courts, of claims predicated solely upon the federal securities laws of the United States.

Risks Related to Owning Our ADSs

As a holder of ADSs, you have fewer rights than a shareholder and you must act through the depositary to exercise these rights.

The rights of our shareholders under Japanese law to take actions such as voting their shares, receiving dividends and distributions,
bringing derivative actions, examining our accounting books and records and exercising appraisal rights are available only to shareholders of record. Because the depositary, through its custodian, is the record holder of the shares underlying the
ADSs, a holder of ADSs may not be entitled to the same rights as a shareholder. In your capacity as an ADS holder, you are not able to bring a derivative action, examine our accounting books and records or exercise appraisal rights, except through
the depositary.

Foreign exchange rate fluctuations may affect the U.S. dollar value of our ADSs and dividends payable to holders of our
ADSs.

Market prices for our ADSs may fall if the value of the yen declines against the U.S. dollar. In addition, the U.S.
dollar amount of cash dividends and other cash payments made to holders of our ADSs would be reduced if the value of the yen declines against the U.S. dollar.



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ITEM 4.    INFORMATION ON THE COMPANY

4.A. History and Development of the Company

The Mizuho Group

The
Mizuho group was created on September 29, 2000 through the establishment of Mizuho Holdings, Inc. as a holding company of our three predecessor banks, The Dai-Ichi Kangyo Bank, The Fuji Bank and The Industrial Bank of Japan. On October 1,
2000, the respective securities subsidiaries of the predecessor banks merged to form Mizuho Securities, and the respective trust bank subsidiaries merged on the same date to form Mizuho Trust & Banking.

A further major step in the Mizuho groups development occurred in April 2002 when the operations of our three predecessor banks
were realigned through a corporate split and merger process under Japanese law into a wholesale banking subsidiary, Mizuho Corporate Bank, and a banking subsidiary serving primarily retail and small and medium-sized enterprise customers, Mizuho
Bank. As an additional step for realigning the group structure, Mizuho Financial Group was established on January 8, 2003 as a corporation organized under the laws of Japan, and on March 12, 2003, it became the holding company for the
Mizuho group through a stock-for-stock exchange with Mizuho Holdings, which became an intermediate holding company focused on management of the Mizuho groups banking and securities businesses. The legal and commercial name of the company is
Mizuho Financial Group, Inc.

In May 2003, we initiated a project to promote early corporate revitalization of customers in
need of revitalization or restructuring and to separate the oversight of restructuring borrowers from the normal credit origination function. In July 2003, our three principal banking subsidiaries, Mizuho Corporate Bank, Mizuho Bank and Mizuho
Trust & Banking each transferred loans, equity securities and other claims outstanding relating to approximately 950 companies to new subsidiaries that they formed. In October 2005, based on the significant reduction in the balance of
impaired loans held by these new subsidiaries, which we call the revitalization subsidiaries, we deemed the corporate revitalization project to be complete, and each of the revitalization subsidiaries was merged into its respective
banking subsidiary parent.

In the fiscal year ended March 31, 2006, we realigned our entire business operations into a
Global Corporate Group, Global Retail Group and Global Asset and Wealth Management Group. In October 2005, in connection with this realignment, we established Mizuho Private Wealth Management Co., Ltd., a private banking subsidiary, and converted
Mizuho Holdings on October 1, 2005 from an intermediate holding company into Mizuho Financial Strategy Co., Ltd., an advisory company that provides advisory services to financial institutions.

In May 2009, Mizuho Securities and Shinko Securities Co., Ltd. completed a merger. The merged entity, Mizuho Securities, is our
subsidiary and listed on the Tokyo Stock Exchange and other Japanese stock exchanges. Through the merger, we aim to improve our service-providing capabilities to our clients and to offer competitive cutting-edge financial services on a global basis.

Principal Capital Expenditures and Divestitures

Since 2007, Mizuho Bank has been purchasing common stock of Credit Saison from time to time, in furtherance of our aim to promote the
alliance with Credit Saison. Mizuho Bank and Mizuho Corporate Bank together owned 13.36% of the total outstanding shares of common stock of Credit Saison as of March 25, 2010.

Other Information

Our
registered address is 5-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-8333, Japan, and our telephone number is 81-3-5224-1111.



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4.B. Business Overview

General

We offer a
variety of financial services, including banking, securities, trust and asset management services.

We align our businesses
into the following three Global Groups organized based on our customers needs: the Global Corporate Group; the Global Retail Group; and the Global Asset & Wealth Management Group. Each group conducts its business by taking advantage
of its strengths. The following summarizes the business activities of each of our three Global Groups:



| |  |  | The Global Corporate Group provides sophisticated banking and securities products and services that meet the various needs of large corporations and
other customers in and outside of Japan, utilizing global collaboration between our corporate banking business and securities business as well as our comprehensive financial expertise.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Global Retail Group provides high-quality financial products and services that meet the diverse needs of individuals, SMEs and middle-market
corporations in Japan by enhancing collaborations with our group companies.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Global Asset & Wealth Management Group provides trust, asset management and private banking products and services that meet the
diversified and sophisticated needs of our customers.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We have also worked on establishing a stable internal
management system, promoting corporate social responsibility (CSR) and strengthening our brand strategy.

In terms of the
internal management system, we enhanced the internal control system based on the Financial Instruments and Exchange Law of Japan and Sarbanes Oxley Act of the United States. We further promoted the protection of customers through the maintenance of
a structure to manage conflicts of interests and enhanced our compliance system.

We promote CSR by conducting lectures
established by us at universities, supporting financial education by conducting joint research with a university and promoting environmental conservation.

In addition, as our brand strategy, we actively conveyed our brand slogan, Channel to Discovery, to promote it within and
outside the group.

We will endeavor to strengthen our profitability by providing our customers with high-quality financial
services through taking advantage of the strengths of each group company as well as enhancing collaboration among them. In addition, we will always recognize the social responsibilities and public mission as financial institutions and will
facilitate financing on a group-wide basis pursuant to the Law Concerning Temporary Measures to Facilitate Financing for Small and Medium-Sized Enterprises (SMEs), etc. We strive to win the trust of our customers in and outside of Japan through
continuously working on establishing a stable legal compliance system and a sophisticated risk management system.

In May
2010, we announced our new Medium-term Management Policy named Transformation Program for the three fiscal years ending March 31, 2013, in which we set forth various strategic initiatives and measures to enhance our profitability, financial
base and front-line business capabilities.



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The Transformation Program (Aiming at Sustainable Growth)

In May 2010, we set our future vision to become the most trusted financial institution by our customers by focusing on the core function
of a financial institution which is to contribute to social and economic development. In order to realize this vision, we will strive to further increase our corporate value through the implementation of the Transformation Program, which consists of
the following initiatives:



| |  |  | Program for Improving Profitability:Strengthen our competitive advantage
| | - |  | --------------------------------------------------------------------------

We plan to strengthen growth of top-line profits through strategic allocation of management resources, reduce costs and pursue efficiency
through a vigorous business review.



| |  |  | Program for Enhancing Financial Base: Strengthen capital base and improve asset efficiency
| | - |  | --------------------------------------------------------------------------------------------

We plan to strengthen the quality and quantity of capital and improve our asset portfolio.



| |  |  | Program for Strengthening Front-line Business Capabilities: Strengthen front-line business capabilities through improving efficiency and
optimization
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

We plan to downsize corporate management functions, improve efficiency of our business
infrastructure, and strengthen our marketing front-line that engages in customer relations.

Each of these initiatives is
described in more detail below.

Program for Improving Profitability

This program aims to establish competitive advantage through the strengthening of focused business areas and strategic allocation of
management resources. The program consists of the following two parts:

Business strategy

We aim to strengthen top-line profits by thoroughly enhancing business areas where we have a competitive advantage and fields where growth
potential is envisaged. In addition, we aim to strengthen fundamental profitability through capturing the various needs of our customers in and out of Japan as a strategic business partner while facilitating financing. We will focus on the
following:



| |  |  | Strategic expansion in business areas where we have strengths, including the Tokyo Metropolitan Area and transactions with large corporate customers:
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------

The Tokyo Metropolitan Area:Transactions with corporate customers



| |  |  | Strengthen initiatives for SME business through proposing comprehensive solutions in response to the management challenges of our customers; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Strengthen initiatives for business-owner customers and blue-chip land and property owners and similar customers.
| | - |  | -----------------------------------------------------------------------------------------------------------------

The Tokyo Metropolitan Area:Transactions with individual customers



| |  |  | Strengthen initiatives for loans to individuals, including housing loans, and make Orico an affiliate of ours;
| | - |  | --------------------------------------------------------------------------------------------------------------



| |  |  | Increase assets under management of individual customers through collaboration among banking, trust and securities functions; and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------



| |  |  | Improve the services and accessibility of the retail business of MizuhoTrust & Banking through utilization of Mizuho Banks network.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------



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Transactions with Large Corporate Customers



| |  |  | Proactively be involved in corporate customers business and financial strategies taken in response to changes in industrial structure.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Strengthening of initiatives for the Asia region which we believe has high growth potential:
| | - |  | ----------------------------------------------------------------------------------------------

Japanese customers



| |  |  | Provide various solutions for global strategies of our customers, including SMEs.
| | - |  | ---------------------------------------------------------------------------------

Non-Japanese customers



| |  |  | Pursue lending opportunities with blue-chip customers in response to their financial strategy needs; and
| | - |  | --------------------------------------------------------------------------------------------------------



| |  |  | Enhance capabilities for our securities business.
| | - |  | -------------------------------------------------



| |  |  | Strengthening of asset management business, mainly targeting individual financial assets and pension assets:
| | - |  | ------------------------------------------------------------------------------------------------------------

Individuals



| |  |  | Increase market share based on balance of investment products (AUM) by increasing sales mainly through group collaboration.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------

Pension and related businesses



| |  |  | Strengthen initiatives primarily for corporate pensions and public corporations through share-up and share-in in existing commissioned pension trusts
primarily among our main bank customers.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Provision of sophisticated financial solutions through seamless utilization of the full-line services of banking, trust and securities functions, and
focus on global collaboration, M&A marketing and capital management solicitation.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cost reduction
through vigorous review of our businesses and reallocation of management resources to focused strategic business areas

We
aim to reduce costs through unification and optimization of our groups management infrastructure (general and administrative expenses of principal banking subsidiaries on a combined basis (Japanese GAAP): aim to decrease by approximately
¥50 billion compared with the fiscal year ended March 31, 2010) and reallocate management resources, such as human resources (approximately 1,000 staff), to strategic areas, such as the Tokyo Metropolitan Area and customer groups in Asia.

Program for Enhancing Financial Base

This program aims to strengthen the quality and quantity of capital and improve asset efficiency, including significant reduction of our
equity portfolio. The program consists of the following two parts:

Strengthening of capital base

We aim to maintain our current priority on the strengthening of a stable capital base in light of on-going global discussions on the
revision of capital regulations. We will focus on the following:



| |  |  | Accumulation of retained earnings through implementation of Program for Improving Profitability;
| | - |  | --------------------------------------------------------------------------------------------------



| |  |  | Implementation of appropriate capital management; and
| | - |  | -----------------------------------------------------



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| |  |  | Consideration of various measures in light of regulatory developments.
| | - |  | ----------------------------------------------------------------------

Improvement of asset portfolio

We aim to strategically reallocate risk-weighted assets together with improving our asset efficiency and further strengthening our risk
management. We plan to:



| |  |  | Allocate risk-weighted assets to focused strategic business areas through thorough review of non-customer assets and low-return assets;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Aim to reduce our equity portfolio by ¥1 trillion compared with the balance as of March 31, 2010 on an acquisition cost basis (Japanese GAAP); and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Improve our asset quality and streamline our balance sheet.
| | - |  | -----------------------------------------------------------

Program for Strengthening Front-line Business Capabilities

This program aims to strengthen front-line business capabilities through downsizing and rationalization of corporate management functions
and improving efficiency of our business infrastructure. The program consists of the following two parts:

Redeployment of
personnel to the marketing front-line

We seek to consolidate and reorganize corporate planning and product functions of
each of our group companies. We seek to strengthen our governing function, as a holding company, over the group, improve efficiency of management controls and expedite our decision making and deploy approximately 1,000 staff currently engaged mainly
in corporate management functions to the marketing front-line through a unification of functions. We will focus on the following:



| |  |  | Unification of our groups planning functions, including human resources, administration, IT systems and operations; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------



| |  |  | Review and reorganization of overlapping functions in financial product areas at Mizuho Bank and Mizuho Corporate Bank.
| | - |  | -----------------------------------------------------------------------------------------------------------------------

Improvement of business infrastructure efficiency

We seek to facilitate consolidation of operational processing functions under the consolidation and efficiency improvement
policy. At the same time, we seek to realize fundamental streamlining of cost structure with a focus on IT systems-related costs. We will focus on the following:



| |  |  | Unification of our groups IT systems and operations units, such as budgeting functions, with the aim to maximize investment returns;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Pursuit of higher efficiency through consolidation of operations across group entities, including consolidation among operational centers and within
joint branches of Mizuho Bank, Mizuho Corporate Bank and Mizuho Trust & Banking; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Facilitation of the unification of group-wide IT systems by releasing a new IT systems platform with the goal of lower future costs.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------

Group Operations

The Global Corporate Group

Mizuho Corporate Bank

Mizuho Corporate Bank provides various sophisticated financial products and services to large Japanese corporations such as corporations
listed on Japanese stock exchanges and their affiliates, financial institutions, public sector entities and foreign corporations, including foreign subsidiaries of Japanese corporations. We meet



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the needs of our customers by utilizing our strengths such as our broad customer base, comprehensive financial expertise and office network which covers major cities in and outside Japan. As of
March 31, 2010, customers of Mizuho Corporate Bank and our other group companies included approximately 70% of all companies listed on the Tokyo, Osaka and Nagoya stock exchanges.

Mizuho Corporate Bank engages in customer relationship management through its Corporate Banking Unit and International Banking Unit,
while individual financial products and services are developed and provided by the Global Investment Banking Unit, the Global Transaction Banking Unit and the Global Markets Unit and the Global Asset Management Unit. We offer innovative financial
products and services to our customers by integrating these two functions.

Corporate Banking Unit

The Corporate Banking Unit engages in relationship management for large Japanese corporations and their affiliates, Japanese financial
institutions and public sector entities and businesses relating to the issuance of bonds.

In the area of transactions with
large Japanese corporations and their affiliates, we offer financial products and services on a global basis by utilizing the expertise of our group companies to meet the increasingly diverse and sophisticated needs of our customers. For example, we
make proposals related to mergers and acquisitions and business restructuring of our customers in cooperation with sections specializing in those businesses. We also offer suitable financing and optimal solutions for our customers by enhancing
cooperation with our group companies including Mizuho Bank, Mizuho Securities and Mizuho Trust & Banking. In particular, we have introduced a double-hat structure with Mizuho Securities to further enhance and deepen our cooperation in
banking and securities business.

For financial institution customers in Japan, we offer advisory services and solutions by
concentrating our various financial expertise, such as financial strategy and risk management, from each Group company to meet the increasingly sophisticated and varied needs of customers.

We aim to provide the ideal solutions to the increasingly diverse needs of Japanese public sector entities. We actively arrange private
finance initiatives and syndicated loans to meet their financing needs and propose new finance schemes such as securitization of business assets as well as advisory services related to managerial issues.

Regarding our bond-related businesses, with our extensive experience and achievements as a leading bank in this area, we support our
customers financing needs by underwriting bonds issued by public sector entities and working as the commissioned bank or fiscal agent for bonds issued by corporations, financial institutions and public sector entities.

International Banking Unit

The International Banking Unit engages in relationship management for foreign corporations, including foreign subsidiaries of Japanese
corporations.

We support our Japanese customers to expand their foreign operations, utilizing our financial expertise as well
as alliances with foreign financial institutions. In particular, we are promoting our support for Japanese corporate customers in connection with their entry into the Chinese market by offering advisory and other services. We also actively provide
financial services to foreign corporations that are not affiliated with Japanese corporations through our global network.

In
addition, we endeavor to meet the diverse needs of our overseas customers with respect to, among others, project finance and trade finance.



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We have strengthened our support for Japanese and non-Japanese customers through the
enhancement of the Groups international network. We have also promoted stronger relationships with major foreign financial institutions to supplement regions or product areas that our group is unable to cover. In the fiscal year ended
March 31, 2010, we have entered into alliance agreements with financial institutions in Brazil and Russia, and cooperation under such agreements have commenced. Also, in order to enhance our support for our customers that are developing
businesses outside Japan, we continue to cultivate cooperative working relationships with foreign government agencies.

In
December 2006, Mizuho Financial Group and Mizuho Corporate Bank obtained Financial Holding Company status from the U.S. regulatory authorities, which enabled our securities company subsidiary in the United States to engage in comprehensive
investment banking businesses, such as the underwriting and dealing of corporate bonds, equities and other types of securities. We are promoting our full line of financial services through a collaboration between our banking and securities
operations of U.S. subsidiaries.

Global Investment Banking Unit

The Global Investment Banking Unit promotes investment banking businesses, mainly loan syndication business and financial products
business, and provides our customers with sophisticated financial solutions to meet their global needs.

In the loan
syndication business, we offer syndicated loan services to meet the various financing needs of our customers, and we take a leading role in the growth of the Japanese syndicated loan market. During the fiscal year ended March 31, 2010, despite
the intensified competition among banks, our group arranged, based on amount of principal, approximately 32% of all syndicated loans arranged in Japan and maintained the top position on the domestic league table (according to Thomson Reuters, for
the fiscal year ended March 31, 2010). Mizuho Corporate Bank is arranging new types of syndicated loans such as those related to mergers and acquisitions and corporate reorganizations.

Geographically, we maintain staff at branches and offices in New York, London and Asia to promote our syndicated loan business on a
global basis. For example, we arrange syndicated loans in Japan for foreign corporations and sell syndicated loans arranged in overseas markets to Japanese investors.

We also conduct activities to help grow the Japanese secondary loan market, including by exchanging our loan portfolio with those of
other financial institutions, broadening the investor base and enhancing our cooperation with regional financial institutions.

In the financial products business area such as structured finance, acquisition finance, real estate finance and project finance, we have
been promoting the provision of comprehensive products for business strategies and financial issues, etc., to respond to our customers further diversifying needs. We are further expanding our range of services through cooperation with our
group companies, including Mizuho Securities, Mizuho Corporate Advisory Co., Ltd. and Mizuho Capital Partners Co., Ltd.

Global Transaction Banking Unit

The Global Transaction Banking Unit engages in businesses related to cash management, foreign exchange, trade finance and custody
services. With respect to cash management services, we provide online solutions such as domestic and global cash management services to our customers.

We offer foreign exchange and trade finance products and services in cooperation with our overseas branches and offices.

We offer custody services as well as yen settlement and clearing services and outsourced continuous linked settlement services.



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Global Markets Unit

The Global Markets Unit engages in the business of sales and trading of financial products related to, among others, interest rates,
foreign exchange, commodities and credit, as well as investments in interest rates, equities, credit, etc.

We continue to
enhance the sophistication of our portfolio management methods and diversify our investments to make our portfolio more sound and profitable.

Global Asset Management Unit

The Global Asset Management Unit provides products and services that correspond to the needs of customers, mainly institutional investors
such as pension funds and financial institutions, through the synergy effects arising from the integrated operation of the planning, development and sales of businesses relating to the asset management.

Specifically, we offer a hedge fund developed and operated by our investment management company named Mizuho Alternative Investments, LLC
in the United States and also provide various products.

In the pension related business, we provide comprehensive
pension proposals that include services and products related to defined contribution as well as defined benefit pension plans to meet the needs of customers by collaborating with Mizuho Trust & Banking and other asset management group
companies in promoting the business.

Mizuho Securities

Mizuho Securities closely collaborates with Mizuho Corporate Bank and other group companies and aims to be the global investment
bank most trusted by customers.

Investment Banking Business

We provide comprehensive support for customers in establishing their management strategies and financing by engaging in businesses related
to equity underwriting, support for initial public offerings, investor relations consulting and provision of solutions such as advisory services for financial and capital strategies in addition to the bond underwriting and structured finance
businesses, regarding which we obtained the position of market leader in Japan, and the mergers and acquisitions and financial advisory business, regarding which we established a top-class market presence in Japan.

We have also introduced a double-hat structure with Mizuho Corporate Bank to further enhance and intensify the cooperation between our
companies and aim to provide to our corporate customers sophisticated banking and securities solutions as well as financial services best suited to our customers needs making the most of our financial capabilities.

Product Development and Sales Business

In the product development and sales business, we mainly engage in sales and trading of stocks and bonds, research and funds (investment
trusts) and offer value-added product solutions by providing quality information in a timely manner in response to the various investment needs of domestic and international customers. We also focus on globally integrating our business by utilizing
our network of overseas subsidiaries.

Global Retail Group

Mizuho Bank

Mizuho Bank
provides financial services mainly to individual customers, SMEs, middle-market corporations and local governmental entities in Japan. As of March 31, 2010, Mizuho Bank had approximately 25 million individual deposit accounts and made
loans to approximately 100,000 SMEs and middle-market



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corporations. In addition to our broad customer base, we maintain one of the largest branch and ATM networks in Japan and a broad range of Internet banking services.

Mizuho Bank has the following three principal business groups and three business divisions:



| |  |  | the Personal Banking Group;
| | - |  | ---------------------------



| |  |  | the Corporate Banking Group;
| | - |  | ----------------------------



| |  |  | the Trading and ALM Group;
| | - |  | --------------------------



| |  |  | the Securities Division;
| | - |  | ------------------------



| |  |  | the Innovation Business Division; and
| | - |  | -------------------------------------



| |  |  | the Takarakuji Lottery Division.
| | - |  | ----------------------------------

Personal Banking Group

The Personal Banking Group offers a broad range of financial products and services to individual customers, including various types of
loans and deposits as well as consulting and credit card services in Japan.

We are enhancing our relationship marketing
efforts by offering products and services that meet the diverse needs of our customers, establishing convenient access points for customers and providing specialized consulting services by utilizing the comprehensive expertise of our group
companies.

We have been enhancing the sophistication of our marketing strategies to maximize lifetime income, aiming at
establishing stable revenue sources from present to future. We provide services corresponding to the needs of each life stage and circumstance of customers. For example, we offer convenient transactions through Mizuho Direct for busy
customers who have difficulty visiting bank branches and offices; we offer detailed services and convenience through seamless correspondences at Mizuho Direct and with the Teller for customers in a period with many life
events such as home purchase, school enrollment of children and asset planning after retirement; and we make proposals after a thorough consultation with the Teller for customers planning the investment in assets after their retirement.

In order to provide specialized consulting services, we have increased the number of financial consultants over the years to
3,392, as of March 31, 2010, that make proposals regarding investments such as investment trusts, foreign currency deposits, individual annuities and Japanese government bonds sold to individuals, provided weekend consultation meetings and
enhanced our infrastructure such as our Relationship Marketing Database. By implementing these measures, the aggregate number of customers with financial assets of more than ¥10 million increased over the years to approximately
1.01 million as of March 31, 2010, and customers that purchased investment products have also increased. The balance of investment trusts (excluding MMF) was ¥1.20 trillion, individual annuities was ¥1.83 trillion, foreign currency
deposits was ¥0.50 trillion and Japanese government bonds sold to individuals was ¥1.65 trillion, each on a managerial accounting basis as of March 31, 2010. We also handle trust products at all Mizuho Bank branches as agents of Mizuho
Trust & Banking and promote the joint operation of branch offices by Mizuho Bank, Mizuho Trust & Banking and Mizuho Investors Securities Co., Ltd. to meet our customers one-stop shopping needs for banking, trust and
securities services. The consulting booths jointly operated with Mizuho Investors Securities, which we call Planet Booths, are located in the lobbies of 150 branches and offices of Mizuho Bank as of March 31, 2010. Through these
measures, we are strengthening our consulting capabilities and endeavoring to grow assets under management.

In our housing
loan business, we offer various products and services such as weekend consultation meetings and products such as Flat 35, a housing loan product with a fixed interest rate for a maximum of 35 years offered in cooperation with and
securitized by the Japan Housing Finance Agency, in addition to our own housing loan products.



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With respect to unsecured loan products, we cooperate with Orient Corporation to develop
unsecured loan products such as Captive Loans, a card loan product that our customers can apply for through our ATM network, and Mizuho Bank Card Loan with a growing number of users due to effective promoting activities. In
July 2009, we launched Mizuho Bank New Car Loan, Mizuho Bank Education Loan and Mizuho Bank Home Renovation Loan, which have lower interest levels compared to our existing products.

As of March 31, 2010, our Mizuho Mileage Club had approximately 7.4 million members and credit card members also increased to
approximately 2.5 million. In order to make them more simple, comprehensive and attractive, we significantly changed the services in spring 2009. For example, we reorganized the eligibility requirements for free ATM usage during off-business hours
and other special benefits by the amount of credit card usage, balances of assets under management and housing loans, and we also lowered the required amount for balances of assets under management. We have also ceased charging fees to transfer
monies to other banks under certain conditions.

With our 431 staffed branches throughout Japan as of
March 31, 2010, we have been and will continue to expand our convenient and efficient points of contact for individual customers by promoting Mizuho Personal Square, a branch designed to focus on serving individual customers (156
locations as of March 31, 2010). In addition, we aim to expand our ATM network, enhance our Internet banking, telephone banking and mobile-phone banking systems, introduce a remittance service through docomo Keitai
SoukinTM (Mobile Remittance Service) and strengthen
marketing through call centers.

We provide directors and employees of corporate clients of Mizuho Bank and Mizuho Corporate
Bank with products and services to address the needs of customers relating to their life events such as preparation of accounts to receive salaries upon employment, consultation regarding housing loans upon home purchases, post-retirement planning
and comprehensive proposals regarding the investment of retirement allowances.

Corporate Banking Group

The Corporate Banking Group provides products and services mainly to SMEs and middle-market corporations as well as to local governmental
entities and other public sector entities.

Also, in response to the recent challenging economic environment, we conduct
thorough credit management in our loan operations and have enhanced our support services for our customers restructuring efforts.

We provide our SME and middle-market corporate customers with suitable financing arrangements together with sophisticated advisory and
other services that are appropriate in light of the customers business strategies.

Through our marketing efforts for
loan products, including the allocation of dedicated staff at branches to engage in finding new customers, applying different marketing strategies for different customer segments based on the size of the customers annual sales, developing new
strategic loan products and utilizing Mizuho Business Financial Centers which primarily engage in loans to smaller enterprises, we provide affluent and stable financing to SMEs and middle-market corporations with appropriate interest
rates according to each borrowers risk profile.

We offer our SME and middle-market corporate customers syndicated
loans, advisory services related to overseas expansions, mergers and acquisitions-related services, business matching services, financial products acting as sales agent for securities companies, services related to defined contribution pension plans
and support for start-up companies in cooperation with Mizuho Capital Co., Ltd. We call our provision of these services our solutions business.

We provide comprehensive financial services to meet the various needs of local governmental entities and other public sector entities,
including services related to bank and capital markets financing to diversify their funding sources and various investment products and advisory services related to organizational restructuring and streamlining. We will continue to promote business
with local governmental entities through our network of branches and offices, which is one of the largest in Japan.



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We provide comprehensive financial services and comprehensive consultation services based on
needs of both corporations and individuals as well as through collaboration with Mizuho Trust & Banking and other group companies. We provide specialized consulting services that transcend traditional boundaries between
corporate and individual services, such as proposing solutions related to corporate management issues as well as business and real estate succession issues. As a sales agent of Mizuho Trust & Banking, we also provide
a variety of trust products as a solution for various needs of our corporate and individual customers. We are also promoting an exchange of personnel between Mizuho Trust & Banking and Mizuho Bank in order to provide professional consulting
services in trust-related businesses to Mizuho Bank customers. In addition, we provide specialized private banking services to high net worth individuals such as business and land owners.

Trading and ALM Group

The Trading and ALM Group engages in investing in, and sales and trading of, financial instruments related to, among others, interest
rates, foreign exchange and securities, including derivative instruments. We are diversifying our various investing activities under our risk management structure for the purpose of achieving more stable profits and risk diversification. We also
satisfy various customer needs by providing a wide variety of financial instruments and solutions.

Securities Division

The Securities Division supports various methods of accessing capital markets to meet the financial needs of our
customers. In cooperation with group securities companies, including Mizuho Investors Securities, we endeavor to satisfy the investment and financing needs of SMEs and middle-market corporations and the investment needs of individuals. For example,
we have introduced a double-hat structure with Mizuho Investors Securities to enhance our consulting capabilities for customers initial public offerings.

Innovation Business Division

The Innovation Business Division provides products and services related to information technology such as offering cash management
services and new banking services utilizing the Internet, mobile phones and IC cards.

Takarakuji Lottery
Division

The Takarakuji Lottery Division engages in the business of acting as an administrative bank for the Takarakuji
lottery, the principal public lottery program in Japan.

Mizuho Investors Securities

Mizuho Investors Securities focuses on the needs of mainly individual customers, SMEs and middle-market corporations and aims to be
the closest, most trustworthy securities company for customers, by establishing a strong collaboration network with Mizuho Bank and enhancing collaboration with each of our group companies. Mizuho Investors Securities, through its
Planet Booth locations which are operated together with Mizuho Bank, is actively promoting cooperation with group companies, such as its financial product sales agent business with Mizuho Bank and trust sales agent business with Mizuho
Trust & Banking. We have also introduced a double-hat structure with Mizuho Bank with an aim to provide various financial services to corporate customers with needs related to initial public offerings, making the most of our financial
capabilities.

With the above business base, Mizuho Investors Securities provides quality products and securities services,
such as various securities products that meet its customers investment needs and the underwriting of equities and bonds and consulting services regarding capital strategy in connection with its customers financing needs, on an
individualized and swift basis.



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Global Asset and Wealth Management Group

Mizuho Trust & Banking

Mizuho Trust & Banking is a trust bank that provides individual and corporate customers with financial services utilizing trusts.
We provide our customers with distinct products and services developed based on our specialized expertise, consulting capabilities and abundant know-how cultivated over the years. We respond promptly and appropriately to the diversified and
sophisticated needs of our customers by enhancing collaborations with Mizuho Bank, Mizuho Corporate Bank and other group companies including asset management companies.

Asset Management Business

We provide mainly corporate customers with a wide range of services and solutions in the following business areas:



| |  |  | real estate business, including real estate sales agent services and real estate securitizations;
| | - |  | -------------------------------------------------------------------------------------------------



| |  |  | structured product business, including securitization transactions that utilize trusts;
| | - |  | ---------------------------------------------------------------------------------------



| |  |  | asset management business relating to various assets, including pension plans;
| | - |  | ------------------------------------------------------------------------------



| |  |  | pension plan business, including acting as trustee, providing consulting services, actuarial services and administration services;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------



| |  |  | asset administration business, including trustee services for investment trusts and management and administration of investments in securities; and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | equity strategy business, including acting as a securities agent and providing advice on practical issues related to stock.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------

Wealth Management Business

We provide primarily individual customers with the following services related to wealth management:



| |  |  | consulting services regarding investment and management of customer assets;
| | - |  | ---------------------------------------------------------------------------



| |  |  | businesses relating to the succession of assets such as testamentary trusts;
| | - |  | ----------------------------------------------------------------------------



| |  |  | loan products such as apartment loans;
| | - |  | --------------------------------------



| |  |  | deposits, investment trusts and other investment products that utilize trusts; and
| | - |  | ----------------------------------------------------------------------------------



| |  |  | real estate business such as brokerage of housing sales and land development.
| | - |  | -----------------------------------------------------------------------------

Others

We provide deposit and loan services to our corporate customers and engage in treasury business.

Mizuho Private Wealth Management

Mizuho Private Wealth Management offers comprehensive, integrated and continuous private banking services to meet the various financial
and non-financial needs of our ultra high net worth customers.

Trust & Custody Services Bank

Trust & Custody Services Bank, Ltd., as a trust bank specialized in asset administration, provides a wide range of products,
including trust services and various custody services, to promptly meet the diversifying needs of customers such as financial institutions and institutional investors.



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Asset Management Companies

Our asset management companies, Mizuho Asset Management Co., Ltd. and DIAM Co., Ltd. (an equity method affiliate of ours), provide
investment management services for our group companies and customers. Each company offers a variety of investment trust products that meet the increasingly sophisticated and diverse needs of our customers.

Others

Mizuho
Information & Research Institute

Mizuho Information & Research Institute, Inc. mainly provides our
corporate customers with the following three services:



| |  |  | system integration services;
| | - |  | ----------------------------



| |  |  | outsourcing services that support the operation of information technology systems of our customers; and
| | - |  | -------------------------------------------------------------------------------------------------------



| |  |  | consulting services related to, among others, environmental issues.
| | - |  | -------------------------------------------------------------------

We are able to provide customers with a combination of the above services to meet their respective needs.

Mizuho Research Institute

Mizuho Research Institute Ltd. offers information and services mainly to corporations, financial institutions and public sector entities
to meet their increasingly diverse and sophisticated needs by integrating its research, funded research and membership services that provide various information related to, among others, managerial and economic issues.

Mizuho Financial Strategy

Mizuho Financial Strategy engages in advisory services for financial institutions regarding their management and revitalization of their
borrowers.

Competition

During the past several years, competition in the Japanese financial market has increased as the Japanese government has enhanced
deregulation, such as reducing the separation of banking, securities and insurance businesses and promoting new entry into the financial businesses.

Our major competitors in Japan include:



| |  |  | Japans other major banking groups: Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group.
| | - |  | -------------------------------------------------------------------------------------------------------



| |  |  | Other banking institutions: These include city banks, trust banks, regional banks, shinkin banks (or credit associations), credit cooperatives,
agricultural cooperatives, foreign banks and retail-oriented online banks.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Securities companies and investment banks: These include both domestic securities companies and the Japanese affiliates of global investment banks.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Government financial institutions: These include Japan Finance Corporation, Japan Post Bank and Development Bank of Japan.
| | - |  | --------------------------------------------------------------------------------------------------------------------------



| |  |  | Non-bank finance companies: These include credit card issuers, installment shopping credit companies and other non-bank finance companies.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Other financial services providers: We also compete with private equity funds and other types of investors.
| | - |  | -----------------------------------------------------------------------------------------------------------



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In global markets, we face competition with other commercial banks and other financial
institutions, particularly major global banks and the leading domestic banks in those financial markets outside Japan in which we conduct business.

Japanese Banking and Securities Industry

Private banking institutions in Japan are normally classified into two categories (the following numbers are based on information
published by the Financial Services Agency, available as of July 27, 2010): (i) ordinary banks, of which there were 127, not including foreign commercial banks with banking operations in Japan; and (ii) trust banks, of which there
were 19, including Japanese subsidiaries of foreign financial institutions and subsidiaries of Japanese financial institutions.

Ordinary banks consist mainly of city banks and regional banks. City banks, including Mizuho Corporate Bank and Mizuho Bank, are based in
large cities, operate domestically on a nation-wide scale through networks of branch offices and have strong links with large corporate customers in Japan. In light of deregulation and other competitive factors, however, many of these banks have
placed increasing emphasis on other markets, including retail banking, small and medium-sized enterprise banking, international operations and investment banking. Regional banks are based in one of the prefectures of Japan and are generally much
smaller in terms of total assets than city banks. In recent years, some regional banks have allied with each other and formed holding companies to operate in several prefectures. Customers of regional banks, other than local retail customers,
include mostly regional enterprises and local public utilities, although the regional banks also lend to large corporations. In addition to these types of banks, new retail-oriented banks have emerged in recent years, including Internet banks and
banks specializing in placing their ATMs in convenience stores and supermarkets without maintaining a branch network.

Trust
banks, including Mizuho Trust & Banking, are engaged in trust services in relation to, among others, money trust, pension trust and real estate trust services, in addition to banking business.

As of June 28, 2010, there were 58 foreign banks operating banking businesses in Japan. These banks are subject to a statutory
framework similar to the regulations applicable to Japanese domestic banks. Their principal sources of funds come from their overseas head offices or other branches.

A number of government financial institutions, organized in order to supplement the activities of the private banking institutions, have
been in the process of business and organizational restructuring in recent years. In October 2008, some of the government financial institutions were consolidated to form Japan Finance Corporation, which mainly provides financing for small and
medium-sized enterprises and those engaged in agriculture, forestry and fishery, and also provides export financing for Japanese corporations. In October 2008, Development Bank of Japan, which mainly engages in corporate financing, and Shoko Chukin
Bank, which mainly engages in financing for small and medium-sized enterprises, were transformed into joint stock corporations. Japan Housing Finance Agency supports housing loans of private institutions through the securitization of such loans.

Another distinctive element of the Japanese banking system was the role of the postal savings system. Postal savings deposits
were gathered through the network of governmental post offices scattered throughout Japan, and their balance of deposits totaled over 200 trillion yen in the past. In recent years, the governmental postal business has been in the process of
organizational restructuring. In 2003, the governmental postal business was transferred to Japan Post, a government-owned entity established in the same year, and in 2007, Japan Post was transformed into a joint stock corporation holding four
operating companies including Japan Post Bank, which currently operates as an ordinary bank. Privatization of banking and insurance subsidiaries, which was originally planned to be completed by 2017, was suspended in December 2009.

In the Japanese securities market, a large number of registered entities are engaged in securities businesses, such as sales and
underwriting of securities, investment advisory and investment management services. As

deregulation of the securities market progressed,
several of the countrys banking groups have entered into this market through their subsidiaries. In addition, foreign financial institutions have been active in this market.



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Supervision and Regulation

Japan

Pursuant to
the Banking Law (Ginkou Hou) (Law No. 59 of 1981, as amended), the Prime Minister of Japan has authority to supervise banks in Japan and delegates certain supervisory control over banks in Japan to the Commissioner of the Financial
Services Agency. The Bank of Japan also has supervisory authority over banks in Japan, based primarily on its contractual agreements and transactions with the banks.

Financial Services Agency

Although the Prime Minister has supervisory authority over banks in Japan, except for matters prescribed by government order, this
authority is generally entrusted to the Commissioner of the Financial Services Agency. Additionally, the position of Minister for Financial Services was established by the Cabinet to direct the Commissioner of the Financial Services Agency and to
support the Prime Minister.

Under the Banking Law, the Prime Ministers authority over banks and bank holding companies
in Japan extends to various areas, including granting and cancellation of licenses, ordering the suspension of business in whole or in part and requiring submission of business reports or materials. Under the prompt corrective action system, the
Financial Services Agency, acting on behalf of the Prime Minister, may take corrective action in the case of capital deterioration of banks, their subsidiaries and companies having special relationships prescribed by the cabinet order. These actions
include requiring a financial institution to formulate and implement reform measures, requiring it to reduce assets or take other specific actions and issuing an order to suspend all or part of its business operations.

Under the prompt warning system introduced in December 2002, the Financial Services Agency may take precautionary measures to maintain
and promote the sound operations of financial institutions, even before those financial institutions become subject to the prompt corrective action system. These measures require a financial institution to reform profitability, credit risk
management, stability and cash flow.

The Bank of Japan

The Bank of Japan is Japans central bank and serves as the principal instrument for the execution of Japans monetary policy.
The principal measures by which the Bank of Japan implements monetary policy are the adjustment of its discount rate, its operations in the open market and the imposition of deposit reserve requirements. Banks in Japan are allowed to obtain
borrowings from, and rediscounting bills with, the Bank of Japan. Moreover, most banks in Japan maintain current accounts under agreements with the Bank of Japan pursuant to which the Bank of Japan is entitled to supervise, examine and audit the
banks. The supervisory functions of the Bank of Japan are intended to enable it to ensure smooth settlement of funds among banks and other financial institutions, thereby contributing to the maintenance of an orderly financial system, whereas the
supervisory practices of the Prime Minister or the Commissioner of the Financial Services Agency are intended to maintain the sound operations of banks and promote the security of depositors.

Examination of Banks

The Banking Law authorizes the Prime Minister to inspect banks and bank holding companies in Japan at any time. By evaluating banks
systems of self-assessment, auditing their accounts and reviewing their compliance with laws and regulations, the Financial Services Agency monitors the financial soundness of banks, including the status and performance of their control systems for
business activities. The inspection of banks is performed pursuant to a Financial Inspection Manual published by the Financial Services Agency. Currently, the Financial Services Agency takes the better regulation approach in its
financial regulation and supervision. This consists of four pillars: optimal combination of rules-based and principles-based supervisory approaches; timely recognition of priority issues and effective response; encouraging voluntary efforts by
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placing greater emphasis on providing them with incentives; and improving the transparency and predictability of regulatory actions, in pursuit of improvement of the quality of financial
regulation and supervision. In addition to individual financial institutions, the Financial Services Agency also supervises financial groups as financial conglomerates based on its Guidelines for Financial Conglomerates Supervision that focus on
management, financial soundness and operational appropriateness of a financial conglomerate as a whole.

The Bank of Japan
also conducts examinations of banks similar to those undertaken by the Financial Services Agency. The examinations are normally conducted once every few years, and involve such matters as examining asset quality, risk management and reliability of
operations. Through these examinations, the Bank of Japan seeks to identify problems at an early stage and give corrective guidance where necessary.

In addition, the Securities and Exchange Surveillance Commission examines banks in connection with their financial instruments business
activities in accordance with the Financial Instruments and Exchange Law of Japan (Kinyu Shouhin Torihiki Hou) (Law No. 25 of 1948, as amended).

Examination and Reporting Applicable to Shareholders

Under the Banking Law, a person who intends to hold 20% (in certain exceptional cases, 15%) or more of the voting rights of a bank is
required to obtain prior approval of the Commissioner of the Financial Services Agency. In addition, the Financial Services Agency may request reports or submission of materials from, or inspect, any principal shareholder who holds 20% (in certain
exceptional cases, 15%) or more of the voting rights of a bank, if necessary in order to secure the sound and appropriate operation of the business of such bank. Under limited circumstances, the Financial Services Agency may order such principal
shareholder to take such measures as the Financial Services Agency deems necessary.

Furthermore, under the Banking Law, any
person who becomes a holder of more than 5% of the voting rights of a bank holding company or bank must report its ownership of voting rights to the director of the relevant local finance bureau within five business days. In addition, a similar
report must be made in respect of any subsequent change of 1% or more in any previously reported holding or any change in material matters set forth in reports previously filed, with some exceptions.

Deposit Insurance System

Under the Deposit Insurance Law (Yokin Hoken Hou) (Law No. 34 of 1971, as amended), depositors are protected through the
Deposit Insurance Corporation in cases where financial institutions fail to meet their obligations. The Deposit Insurance Corporation is supervised by the Prime Minister and the Minister of Finance. Subject to limited exceptions, the Prime
Ministers authority is entrusted to the Commissioner of the Financial Services Agency.

The Deposit Insurance
Corporation receives annual insurance premiums from insured banks, the amount of which is, from April 2010, equivalent to 0.107% of the deposits that bear no interest, are redeemable upon demand and are used by depositors primarily for payment and
settlement purposes, and 0.082% of other deposits. The insurance money may be paid out in case of a suspension of deposits repayments, banking license revocation, dissolution or bankruptcy of the bank. Pay outs are generally limited to a maximum of
¥10 million of principal amount, together with any interest accrued with respect to each depositor. Only non-interest bearing deposits, redeemable on demand and used by depositors primarily for payment and settlement functions are protected
in full.

Participation in the deposit insurance system is compulsory for city banks (including Mizuho Corporate Bank and
Mizuho Bank), regional banks, long-term credit banks, trust banks (including Mizuho Trust & Banking), credit associations and co-operatives, labor banks and other financial institutions.



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Governmental Measures to Treat Troubled Institutions

Under the Deposit Insurance Law, a Financial Reorganization Administrator can be appointed by the Prime Minister if the bank is unable to
fully perform its obligations with its assets or may suspend or has suspended repayment of deposits. The Financial Reorganization Administrator will take control of the assets of the bank, dispose of the assets and search for another institution
willing to take over its business. Its business may also be transferred to a bridge bank established by the Deposit Insurance Corporation for the purpose of the temporary maintenance and continuation of operations of these types of
institutions, and the bridge bank will seek to transfer the banks assets to another financial institution or dissolve the bank. The financial aid provided by the Deposit Insurance Corporation may take the form of a monetary grant, loan or
deposit of funds, purchase of assets, guarantee or assumption of debts, subscription of preferred stock, or loss sharing. Where it is anticipated that the failure of a bank may cause an extremely grave problem in maintaining the financial order in
Japan or the area where such bank is operating, the following measures may be taken: (i) the Deposit Insurance Corporation may subscribe for the shares or other instruments of the relevant bank in order to enhance capital adequacy of the bank;
(ii) if the bank fails or suffers a capital deficit, financial aid exceeding the pay-off cost may be available to such bank; and (iii) in the case where the systematic risk cannot be avoided by the measure mentioned in (ii) above, the
Deposit Insurance Corporation may acquire the banks shares.

Capital Injection by the Government

The Strengthening Financial Functions Law (Kinyu Kinou no Kyouka no tame no Tokubetsu Sochi ni kansuru Houritsu) (Law No. 128
of 2004) was enacted on June 18, 2004 in order to establish a scheme of public money injection into financial institutions and thereby enhance the soundness of such financial institutions on or prior to March 31, 2008 and revitalize
economic activities in the regions where they do business. On December 17, 2008, certain amendments to the Strengthening Financial Functions Law took effect. These amendments relaxed certain requirements for public money injection into Japanese
banks and bank holding companies and other financial institutions under the prior scheme and extended the period of application therefor, which had expired on March 31, 2008, to March 31, 2012. These amendments aim to promote not only the
soundness of such financial institutions but also loans or other forms of credit extended to small and medium-sized enterprises in order to revitalize local economies.

Bank Holding Companies

Under the Banking Law, a bank holding company is prohibited from carrying out businesses other than administrating the businesses of its
subsidiaries and matters incidental to such businesses. Business activities for subsidiaries of bank holding companies are limited to finance-related businesses and incidental businesses.

The Anti-Monopoly Law (Shiteki Dokusen no Kinshi oyobi Kousei Torihiki no Kakuho ni kansuru Houritsu) (Law No. 54 of 1947, as
amended) prohibits a bank from holding more than 5% of another companys voting rights. This does not apply to a bank holding company, although the bank holding company is subject to general shareholding restrictions under the Anti-Monopoly
Law. The Banking Law does, however, prohibit a bank holding company and its subsidiaries, on an aggregate basis, from holding more than 15% (in contrast to 5% in the case of a bank and its subsidiaries) of the voting rights of certain types of
companies not permitted to become subsidiaries of bank holding companies.

Financial Instruments and Exchange Law

The Financial Instruments and Exchange Law (Kinyu Shouhin Torihiki Hou) requires Mizuho Financial Group to file with the Director
General of the Kanto Local Finance Bureau an annual securities report including consolidated and non-consolidated financial statements in respect of each financial period, supplemented by quarterly and extraordinary reports.



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Under the Financial Instruments and Exchange Law, registered Financial Instruments Business
Operators (kinyu-shouhin torihiki gyousha), such as Mizuho Securities, as well as Registered Financial Institutions (touroku kinyu kikan), such as Mizuho Bank, Mizuho Corporate Bank and Mizuho Trust & Banking, are required to
provide customers with detailed disclosure regarding the financial products they offer and take other measures to protect investors, including a delivery of explanatory documents to such customers prior to and upon the conclusion of transactional
agreements.

Financial Instrument Business Operators and Registered Financial Institutions are subject to the supervision of
the Financial Services Agency pursuant to delegation by the Prime Minister of Japan. Some of the supervisory authority of the Financial Services Agency is further delegated to the Securities and Exchange Surveillance Commission, which exercises its
supervisory power over such registered institutions by conducting site inspections and requesting information necessary for such inspections. Non-compliance or interference with such inspection may result in such registrants being subject to
criminal penalty under the Financial Instruments and Exchange Law.

Certain amendments to the Financial Instruments and
Exchange Law and the Banking Law, which came into effect on June 1, 2009, revamped the firewall regulations regarding the holding of concurrent offices or posts among banks, securities firms and insurance firms and required banks, securities
firms and insurance firms to establish systems for managing conflicts of interest in order to protect customers interests and expanded business services that banks and certain other financial firms can provide.

Sales of Financial Products

As a result of financial deregulation, more financial products, including highly structured and complicated products, can now be more
freely marketed to customers. In response to this, the Law of Sales of Financial Products (Kinyu Shouhin no Hanbai tou ni kansuru Houritsu) (Law No. 101 of 2000, as amended), effective from April 2001, introduced measures to protect
financial service customers by: requiring financial service providers to provide customers with certain important information, including risks with respect to deficit of principal associated with the financial products they offer and any
restrictions on the period for exercising rights or the period for rescission, unless the customers fall within the ambit of professional investors or express their intent to the contrary; and holding financial service providers liable for damages
caused by a failure to follow those requirements. The amount of loss of principal is refutably presumed to be the amount of damages. Additionally, the law requires financial service providers to follow certain regulations on solicitation measures as
well as to endeavor to solicit customers in an appropriate manner and formulate and publicize a solicitation policy.

Self-Assessment and
Reserves

The prompt corrective action system requires financial institutions to establish a self-assessment program that
complies with the Inspection Manual issued by the Financial Services Agency and related laws such as the Financial Reconstruction Law (Kinyu Kinou no Saisei no tameno Kinkyu Sochi ni kansuru Houritsu) (Law No. 132 of 1998, as amended).
Financial institutions are required to analyze their assets, giving due consideration to accounting principles and other applicable rules and to classify their assets into four categories according to asset recovery risk and risk of impairment based
on the classification of the obligor (normal obligors, watch obligors, intensive control obligors, substantially bankrupt obligors and bankrupt obligors) taking into account the likelihood of repayment and the risk of impairment to the value of the
assets. The results of self-assessment should be reflected in the write-off and allowance according to the standard established by financial institutions pursuant to the guidelines issued by the Japanese Institute of Certified Public Accountants and
Inspection Manual issued by the Financial Services Agency. Based on the results of the self-assessment, financial institutions may establish reserve amounts for their loan portfolio as may be considered adequate at the relevant balance sheet date,
even if all or part of such reserves may not be immediately tax deductible under Japanese tax law.

Based on the accounting
standards for banks issued by the Japanese Bankers Association, a bank is required to establish general reserves, specific reserves and reserves for probable losses on loans relating to restructuring countries.



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Credit Limits

The Banking Law restricts the aggregate amount of loans to any single customer or customer group for the purposes of avoiding excessive
concentration of credit risks and promoting the fair and extensive utilization of bank credit. The limits applicable to a bank holding company and bank with respect to their aggregate lending to any single customer or customer group are established
by a cabinet order and by the Banking Law. The current limits are 25% of the total qualifying capital of the bank holding company or bank and its subsidiaries and affiliates with respect to a single customer and 40% of the total qualifying capital
of the bank holding company or bank and its subsidiaries and affiliates with respect to a customer group.

Restriction on Shareholdings

The Law Concerning Restriction on Shareholdings by Banks (Ginkou tou no Kabushiki tou no Hoyu no Seigen tou ni kansuru
Houritsu) (Law No. 131 of 2001, as amended) requires Japanese banks (including bank holding companies) and their subsidiaries to limit the aggregate market value (excluding unrealized gains, if any) of their holdings in equity securities to
an amount equal to 100% of their Tier 1 capital in order to reduce exposure to stock price fluctuations.

Share Purchase Program

The Banks Shareholdings Purchase Corporation was established in January 2002 in order to purchase shares from banks
and other financial institutions until September 30, 2006 pursuant to the Law Concerning Restriction on Shareholdings by Banks. This law was further amended effective March 10, 2009 to allow the Banks Shareholdings Purchase
Corporation to resume purchases of shares held by financial institutions as well as shares of financial institutions held by non-financial institutions, up to a maximum amount of ¥20 trillion between March 12, 2009 and March 31, 2012.
The Banks Shareholdings Purchase Corporation purchased ¥449.2 billion of shares during the period from March 12, 2009 through June 30, 2010. The Banks Shareholdings Purchase Corporation will dispose of the purchased shares
by March 31, 2022 by taking into consideration the effects on the stock market.

The Bank of Japan also purchased
¥387.8 billion of shares held by banks and other financial institutions during the period from February 23, 2009 through April 30, 2010. The Bank of Japan generally will not sell the purchased shares until March 31, 2012. The Bank
of Japan will dispose of the purchased shares by September 30, 2017 by taking into consideration the effects on the stock market.

Capital Adequacy

The
capital adequacy guidelines applicable to Japanese banks and bank holding companies with international operations supervised by the Financial Services Agency closely follow the risk-adjusted approach proposed by the Bank for International
Settlements and are intended to further strengthen the soundness and stability of Japanese banks. Under the risk-based capital framework of these guidelines, balance sheet assets and off-balance-sheet exposures are assessed according to broad
categories of relative risk, based primarily on the credit risk of the counterparty, country transfer risk and the risk regarding the category of transactions.

With regard to capital, these guidelines are in accordance with the standards of the Bank for International Settlements for a target
minimum standard capital adequacy ratio of 8% (at least half of which must consist of Core Capital (Tier 1), a Core Capital ratio of 4%) on both a consolidated and non-consolidated basis for banks with international operations, such as Mizuho
Corporate Bank, or on a consolidated basis for bank holding companies with international operations, such as Mizuho Financial Group.

Banks and bank holding companies are required to measure and apply capital charges with respect to their market risks in addition to
their credit risks. Market risk is defined as the risk of losses in on- and off-balance sheet positions arising from movements in market prices such as the risks pertaining to interest rate related instruments and equities.



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Japanese banks with only domestic operations, such as Mizuho Bank, and bank holding
companies the subsidiaries of which operate only within Japan are subject to Japanese capital adequacy requirements that are similar to those discussed above, except that those banks and holding companies are required to have a minimum capital
adequacy ratio of 4%, at least half of which must consist of Tier 1 capital and are not required to apply capital charges to their market risks.

Under the capital adequacy guidelines, the maximum amount of net deferred tax assets under Japanese GAAP that major Japanese banks,
including bank holding companies, can record without diminishing the amount of Tier 1 capital for purposes of calculating capital adequacy is 20% of Tier 1 capital.

In June 2004, the Basel Committee on Banking Supervision announced amended rules with respect to minimum capital requirements, which
include amended risk weight calculations that introduce an internal ratings-based approach and the inclusion of operational risk in the calculations, as well as an emphasis on supervisory review and market discipline through effective disclosure.
The amendments adopt variable risk weights according to the credit rating given to the obligor of the risk-weighted assets. The better the credit rating of an obligor is, the lower the risk weight applicable to the risk-weighted assets owed by it.
Also, the new rules require financial institutions to establish an internal risk management system, to make thorough disclosure of relevant information and to set an appropriate reserve against the operational risk based upon fair evaluation
thereof. The new Financial Services Agency guidelines, which follow the amended rules, became effective on March 31, 2007, except for the introduction of the advanced methodologies to calculate capital requirements for risks which took effect
on March 31, 2008. Under the new guidelines, banks and bank holding companies have several choices for the methodologies to calculate their capital requirements for credit risk, market risk and operational risk. Approval of the Financial
Services Agency is necessary to adopt advanced methodologies for calculation, and Mizuho Financial Group started to apply the AIRB approach for the calculation of credit risk from the fiscal year ended March 31, 2009 and also apply the AMA for
the calculation of operational risk from September 30, 2009.

In December, 2009, the Basel Committee on Banking
Supervision announced a package of proposals to strengthen global capital and liquidity regulations with the goal of promoting a more resilient banking sector.

The Basel Committee on Banking Supervisions proposals cover the following key areas:



| |  |  | Raising the quality, consistency and transparency of the capital base;
| | - |  | ----------------------------------------------------------------------



| |  |  | Strengthening the risk coverage of the capital framework;
| | - |  | ---------------------------------------------------------



| |  |  | Introducing a leverage ratio as a supplementary measure to the Basel II risk-based framework with a view to migrating to a minimum capital requirements
treatment based on appropriate review and calibration;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Introducing a series of measures to promote the build-up of capital buffers in good times that can be drawn upon in periods of stress; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Introducing a global minimum liquidity standard for internationally active banks that includes a 30-day liquidity coverage ratio requirement
underpinned by a longer-term structural liquidity ratio.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The fully calibrated set of standards will be
developed by the end of 2010 to be phased in as financial conditions improve and the economic recovery is assured, with the aim of implementation by the end of 2012. For further information of the proposals, see Item 5. Operating and Financial
Review and ProspectsCapital AdequacyRegulatory Capital Requirements.

Protection of Personal Information

The Personal Information Protection Law (Kojin Jouhou no Hogo ni kansuru Houritsu) (Law No. 57 of 2003, as amended) and
related guidelines impose various requirements on businesses, including us, that use databases containing personal information, such as appropriate custody of such information and restrictions on information sharing with third parties.
Non-compliance with the order issued by the Financial Services Agency to take necessary measures to comply with the law subjects us to criminal and/or administrative sanctions.



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Prevention of Money Laundering

Under the Law Preventing Transfer of Profits Generated from Crime (Hanzai ni yoru Syueki no Iten Boushi ni kansuru Houritsu) (Law
No. 22 of 2007, as amended), which addresses money laundering and terrorism concerns, financial institutions and other entities such as credit card companies are required to perform customer identification, submit suspicious transaction reports
and maintain records of transactions.

Law Concerning Protection of Depositors from Illegal Withdrawals Made by Forged or Stolen Cards

The Law Concerning Protection of Depositors from Illegal Withdrawals Made by Forged or Stolen Cards (Gizou Kaado tou oyobi
Tounan Kaado tou wo Mochiite Okonawareru Fuseina Kikaishiki Yochokin Haraimodoshi tou karano Yochokinsha no Hogo tou ni kansuru Houritsu) (Law No. 94 of 2005, as amended), requires financial institutions to establish internal systems to
prevent illegal withdrawals of deposits made using forged or stolen bank cards. The law also requires financial institutions, among other matters, to compensate depositors for any amount illegally withdrawn using forged bankcards, unless the
financial institution can verify that it acted in good faith without negligence and that there was gross negligence on the part of the relevant account holder.

Law Concerning Temporary Measures to Facilitate Financing for Small and Medium-Sized Enterprises (SMEs), etc.

The Law Concerning Temporary Measures to Facilitate Financing for Small and Medium-Sized Enterprises (SMEs), etc. (Chuushoukigyousha
tou ni taisuru Kinyuu no Enkatsuka wo Hakaru tameno Rinjisochi ni kansuru Houritsu) (Law No. 96 of 2009) was enacted on November 30, 2009. The legislation requires financial institutions, among other things, to make an effort to reduce
their customers burden of loan repayments by employing methods such as modifying the terms of loans at the request of eligible borrowers including SMEs and individual home loan borrowers. The legislation also requires financial institutions to
internally establish a system to implement the requirements of the legislation and periodically make disclosure of and report to the relevant authority on the status of implementation. These measures are effective until March 2011.

United States

As
a result of our operations in the United States, we are subject to extensive U.S. federal and state supervision and regulation. We engage in U.S. banking activities through Mizuho Corporate Banks New York, Chicago and Los Angeles branches and
Houston and Atlanta representative offices. We also own two banks in the United States, Mizuho Corporate Bank (USA) and Mizuho Corporate Bank of California, as well as controlling interests in several other subsidiaries, including Mizuho
Trust & Banking Co. (USA), which is engaged primarily in the trust and custody business, and Mizuho Securities USA Inc., a U.S. broker dealer engaged in the securities business.

The USA PATRIOT Act of 2001 (the PATRIOT Act) contains measures to prevent, detect and prosecute terrorism and international
money laundering by imposing significant compliance and due diligence obligations, creating new crimes and penalties and expanding the extraterritorial jurisdiction of the United States. The enactment of the PATRIOT Act and other events have
resulted in heightened scrutiny of compliance with the Bank Secrecy Act and anti-money laundering rules by federal and state regulatory and law enforcement authorities.

Mizuho Financial Group and Mizuho Corporate Bank are financial holding companies (FHCs), and Mizuho Trust & Banking
is a bank holding company, within the meaning of the U.S. Bank Holding Company Act of 1956, as amended (the BHCA), and are subject to regulation and supervision thereunder by the Board of Governors of the Federal Reserve System (the
Federal Reserve Board). Under current Federal Reserve Board policy, these three companies are expected to act as a source of financial strength to Mizuho Corporate Bank (USA), Mizuho Corporate Bank of California, and Mizuho
Trust & Banking Co. (USA). The BHCA generally prohibits us from acquiring, directly or indirectly, the ownership or control of more than 5% of any class of voting shares of any



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company engaged in the United States in activities other than banking or activities that are financial in nature or incidental or complementary to financial activity. This general prohibition is
subject to certain exceptions, including an exception that permits us to acquire up to 100% of the voting interests in any company engaged in nonfinancial activities under our merchant banking authority. In addition, U.S. regulatory approval is
generally required for us to acquire more than 5% of any class of voting shares of a U.S. bank or savings association.

Mizuho
Financial Group and Mizuho Corporate Bank became FHCs in December 2006. FHC status under the BHCA permits banking groups in the United States to engage in comprehensive investment banking businesses, such as the underwriting of and dealing in
corporate bonds, equities and other types of securities. FHC status enables our group to promote our investment banking business on a broader basis in the United States.

As a financial holding company, we are also subject to additional regulatory requirements. For example, each of our U.S. insured
depository institution subsidiaries with operations in the United States must be well capitalized, meaning a Tier 1 risk-based capital ratio of at least 6% and a total risk-based capital ratio of at least 10%. Our U.S. insured depository
institution subsidiaries must also be well managed, including that they maintain examination ratings that are at least satisfactory. Further, Mizuho Corporate Bank must also meet such capital standards as calculated under its home
country standards (which must be comparable to the capital required for a U.S. bank) and must be well managed under standards comparable to those required for a U.S. bank. Failure to comply with such requirements would require us to prepare a
remediation plan, and we would not be able to undertake new business activities or acquisitions based on our status as a financial holding company during any period of noncompliance without the prior approval of the Federal Reserve Board, and
divestiture or termination of certain business activities, or termination of our U.S. branches and agencies, may be required as a consequence of failing to correct such conditions within 180 days.

U.S. branches, agencies and representative offices of foreign banks must be licensed, and are also supervised and regulated, by either a
state banking authority or by the Office of the Comptroller of the Currency, the federal bank regulatory agency that charters and regulates national banks and federal branches and agencies of foreign banks. Each branch and representative office in
the United States of Mizuho Corporate Bank is state-licensed. Under U.S. federal banking laws, state-licensed branches and agencies of foreign banks may engage only in activities that would be permissible for their federally-licensed counterparts,
unless the Federal Reserve Board determines that the additional activity is consistent with sound practices. U.S. federal banking laws also subject state-licensed branches and agencies to the single-borrower lending limits that apply to federal
branches and agencies, which generally are the same as the lending limits applicable to national banks, but are based on the capital of the entire foreign bank.

The New York branch of Mizuho Corporate Bank is subject to supervision, examination and regulation by the New York State Banking
Department as well as by the Federal Reserve Board. Except for the prohibition on such branch accepting retail deposits, a state-licensed branch generally has the same powers as a state-chartered bank in such state. New York State has an asset
pledge requirement for branches equal to 1% of third party liabilities with a cap of $400 million, provided that an institution designated as a well-rated foreign banking corporation is permitted to maintain a reduced asset pledge with a
cap of $100 million. The New York State Banking Department may require higher amounts for supervisory reasons. Each U.S. branch and representative office of Mizuho Corporate Bank is subject to regulation and examination by the state banking
authority of the state in which it is located.

The deposits of Mizuho Corporate Bank (USA) are insured by the Federal Deposit
Insurance Corporation (FDIC), and it is a state-chartered bank that is a member of the Federal Reserve System. As such, Mizuho Corporate Bank (USA) is subject to regulation, supervision and examination by the Federal Reserve Board and the New York
State Banking Department, as well as to relevant FDIC regulation. The deposits of Mizuho Corporate Bank of California are FDIC-insured, and it is a state-chartered bank that is not a member of the Federal Reserve System. As such, Mizuho Corporate
Bank of California is subject to regulation, supervision and



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examination by the FDIC and the California Department of Financial Institutions. The deposits of Mizuho Trust & Banking Co. (USA) are also FDIC-insured, and it is a state-chartered bank
and trust company that is not a member of the Federal Reserve System. As such, Mizuho Trust & Banking Co. (USA) is subject to regulation, supervision and examination by the FDIC and the New York State Banking Department.

In the United States, U.S.-registered broker-dealers are regulated by the U.S. Securities and Exchange Commission. As a U.S.-registered
broker-dealer, Mizuho Securities USA is subject to regulations that cover all aspects of the securities business, including sales methods, trade practices among broker-dealers, use and safekeeping of customers funds and securities, capital
structure, recordkeeping, the financing of customers purchases and the conduct of directors, officers and employees.

In
the United States, comprehensive financial regulatory reform legislation, titled the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd Frank Act), was signed into law by President Obama on July 21, 2010. The
Dodd-Frank Act will have far-reaching implications across the financial services industry. Among other things, the Dodd-Frank Act directs the federal banking regulators to establish minimum leverage and risk-based capital requirements for
insured depository institutions and depository institution holding companies. The Dodd-Frank Act also creates a Bureau of Consumer Financial Protection with broad authority to regulate consumer financial products and services and imposes new
regulation of the over-the-counter derivatives market.

Other Jurisdictions

Our operations elsewhere in the world are subject to regulation and control by local supervisory authorities, including local central
banks.

4.C. Organizational Structure

The following diagram shows our basic corporate structure as of March 31, 2010:

LOGO



Notes:



|(1) | Mizuho Securities and Mizuho Investors Securities and Mizuho Trust & Banking are listed on the Tokyo Stock Exchange.
|--- | --------------------------------------------------------------------------------------------------------------------

|(2) | Two asset management companies consist of Mizuho Asset Management and DIAM. DIAM, in which we have a 50.0% equity interest, is an equity-method affiliate of ours.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



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The following table sets forth information with respect to our principal consolidated
subsidiaries as of March 31, 2010:



|                                             |  |                        |  |                               |  |                                   |   |  |                                |  
|-------------------------------------------- |  | ---------------------- |  | ----------------------------- |  | --------------------------------- | - |  | ------------------------------ | -
|Name                                         |  | Country oforganization |  | Main business                 |  | Proportion ofownershipinterest(%) |   |  | Proportion ofvotinginterest(%) |  
|Domestic                                     |  |                        |  |                               |  |                                   |   |  |                                |  
|Mizuho Bank, Ltd.                            |  | Japan                  |  | Banking                       |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Corporate Bank, Ltd.                  |  | Japan                  |  | Banking                       |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Securities Co., Ltd.                  |  | Japan                  |  | Securities                    |  | 57.9                              | % |  | 59.5                           | %
|Mizuho Trust & Banking Co., Ltd.             |  | Japan                  |  | Trust and banking             |  | 74.8                              | % |  | 74.8                           | %
|Mizuho Investors Securities Co., Ltd.        |  | Japan                  |  | Securities                    |  | 66.5                              | % |  | 66.8                           | %
|Trust & Custody Services Bank, Ltd.          |  | Japan                  |  | Trust and banking             |  | 54.0                              | % |  | 54.0                           | %
|Mizuho Asset Management Co., Ltd.            |  | Japan                  |  | Investment management         |  | 98.7                              | % |  | 98.7                           | %
|Mizuho Research Institute Ltd.               |  | Japan                  |  | Research and consulting       |  | 98.4                              | % |  | 98.6                           | %
|Mizuho Information & Research Institute Inc. |  | Japan                  |  | Information technology        |  | 91.5                              | % |  | 91.5                           | %
|Mizuho Financial Strategy Co., Ltd.          |  | Japan                  |  | Consulting                    |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Private Wealth Management Co., Ltd.   |  | Japan                  |  | Consulting                    |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Factors, Limited                      |  | Japan                  |  | Factoring                     |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Credit Guarantee Co., Ltd.            |  | Japan                  |  | Credit guarantee              |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Capital Co., Ltd.                     |  | Japan                  |  | Venture capital               |  | 50.0                              | % |  | 50.0                           | %
|Defined Contribution Plan Services Co., Ltd. |  | Japan                  |  | Pension plan-related business |  | 60.0                              | % |  | 60.0                           | %
|                                             |  |                        |  |                              
|Overseas                                     |  |                        |  |                               |  |                                   |   |  |                                |  
|Mizuho Bank (Switzerland) Ltd.               |  | Switzerland            |  | Trust and banking             |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Capital Markets Corporation           |  | U.S.A.                 |  | Derivatives                   |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Corporate Bank (China), Ltd.          |  | China                  |  | Banking                       |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Corporate Bank (USA)                  |  | U.S.A.                 |  | Banking                       |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Corporate Bank Nederland N.V.         |  | Netherlands            |  | Banking and securities        |  | 100.0                             | % |  | 100.0                          | %
|Mizuho International plc                     |  | U.K.                   |  | Securities and banking        |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Securities USA Inc.                   |  | U.S.A.                 |  | Securities                    |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Trust & Banking (Luxembourg) S.A.     |  | Luxembourg             |  | Trust and banking             |  | 100.0                             | % |  | 100.0                          | %
|Mizuho Trust & Banking Co. (USA)             |  | U.S.A.                 |  | Trust and banking             |  | 100.0                             | % |  | 100.0                          | %
|PT. Bank Mizuho Indonesia                    |  | Indonesia              |  | Banking                       |  | 99.0                              | % |  | 99.0                           | %



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4.D. Property, Plant and Equipment

The following table shows the breakdown of our premises and equipment at cost as of March 31, 2009 and 2010:



|                              |  |                      |           |      |   |          
|----------------------------- |  | -------------------- | --------- | ---- | - | ---------
|                              |  | At March 31,        
|                              |  | 2009                 |           | 2010
|                              |  | (in millions of yen)
|Land                          |  | ¥                    | 177,311   |      | ¥ | 242,056  
|Buildings                     |  |                      | 598,411   |      |   | 675,630  
|Equipment and furniture       |  |                      | 457,419   |      |   | 461,359  
|Leasehold improvements        |  |                      | 110,432   |      |   | 90,004   
|Construction in progress      |  |                      | 19,932    |      |   | 22,421   
|Software                      |  |                      | 545,078   |      |   | 645,321  
|                              |  |                      |           |      |   |          
|Total                         |  |                      | 1,908,583 |      |   | 2,136,791
|Less accumulated depreciation |  |                      | 1,008,835 |      |   | 1,088,874
|                              |  |                      |           |      |   |          
|Premises and equipmentnet    |  | ¥                    | 899,748   |      | ¥ | 1,047,917
|                              |  |                      |           |      |   |          

Our head office is located at 5-1, Marunouchi 2-chome,
Chiyoda-ku, Tokyo, Japan with 13,185 square meters of office space. The headquarter buildings of Mizuho Financial Group, Mizuho Corporate Bank and Mizuho Bank are each leased from third parties.

The total area of land related to our material office and other properties at March 31, 2010 was approximately 830,000 square meters
for owned land and approximately 21,000 square meters for leased land.

Our owned land and buildings are primarily used by our
branches. Most of the buildings and land owned by us are free from material encumbrances.

ITEM 4A.
UNRESOLVED STAFF COMMENTS

None.



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##### Table of Contents

ITEM 5.    OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion and analysis should be read in conjunction with Item 3.A. Key InformationSelected
Financial Data, Selected Statistical Data and our consolidated financial statements, including the notes thereto, included elsewhere in this annual report.

Table of Contents for Item 5.



|                                              |  |     
|--------------------------------------------- |  | ----
|                                              |  | Page
|Overview                                      |  | 44  
|Critical Accounting Estimates                 |  | 64  
|Operating Results                             |  | 66  
|Business Segments Analysis                    |  | 81  
|Geographical Segment Analysis                 |  | 90  
|Financial Condition                           |  | 93  
|Liquidity                                     |  | 102 
|Capital Adequacy                              |  | 103 
|Off-balance-sheet Arrangements                |  | 111 
|Tabular Disclosure of Contractual Obligations |  | 114 
|Recent Accounting Pronouncements              |  | 114 
|Reconciliation with Japanese GAAP             |  | 116 

Overview

The Mizuho Group

We provide a broad range of financial services in domestic and overseas markets through three Global Groups: the Global Corporate Group;
the Global Retail Group; and the Global Asset & Wealth Management Group. The principal activities and subsidiaries of the three Global Groups are the following:



| |  |  | The Global Corporate Group provides wholesale and international banking and securities services, principally through Mizuho Corporate Bank and Mizuho
Securities;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Global Retail Group provides retail and SME and middle-market corporation banking and securities services in Japan, principally through Mizuho Bank
and Mizuho Investors Securities; and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Global Asset & Wealth Management Group provides trust and asset management services and private banking products and services, principally
through Mizuho Trust & Banking, Trust & Custody Services Bank, our asset management companies, namely Mizuho Asset Management and DIAM (an equity method affiliate of ours) and Mizuho Private Wealth Management.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We also provide other services such as research services through Mizuho Research Institute, information
technology-related services through Mizuho Information & Research Institute and advisory services for financial institutions through Mizuho Financial Strategy.

The former Shinko Securities (a former equity method affiliate of ours) and the former Mizuho Securities (a former consolidated
subsidiary of ours) merged on May 7, 2009. The surviving entity was the former Shinko Securities which changed its name to Mizuho Securities upon the merger. Our proportion of voting interest in the new Mizuho Securities as of March 31,
2010 was 59.5%.

In May 2010, we announced that Mizuho Bank and Mizuho Corporate Bank will convert preferred shares of Orient
Corporation (Orico) that they own into common shares during the first half of the fiscal year ending March 31, 2011 and make Orico an equity method affiliate of ours. See Item 4.B. Information on the CompanyBusiness
Overview.



44



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##### Table of Contents

For a further discussion of our business and group organization, see Item 4.B.
Information on the CompanyBusiness Overview.

Principal Sources of Income and Expenses

Net Interest Income

Net
interest income arises principally from the lending and deposit-taking and securities investment activities of our banking subsidiaries and is a function of:



| |  |  | the amount of interest-earning assets and interest-bearing liabilities;
| | - |  | -----------------------------------------------------------------------



| |  |  | the average interest rate spread (the difference between the average yield of interest earned on interest-earning assets and the average rate of
interest paid on interest-bearing liabilities); and
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the general level of interest rates.
| | - |  | ------------------------------------

Principal items constituting interest-earning assets include loans, investments, trading account assets, receivables under resale
agreements and receivables under securities borrowing transactions. Principal items constituting interest-bearing liabilities include deposits, trading account liabilities, short-term borrowings (such as payables under repurchase agreements and
payables under securities lending transactions) and debentures.

Provision (Credit) for Loan Losses

Provision (credit) for loan losses is charged against or credited to income to keep the allowance for loan losses at a level that is
appropriate to absorb probable losses inherent in the credit portfolio. For a description of the approach and methodology used to establish the allowance for loan losses, see Financial ConditionAllowance for loan losses.

Noninterest Income

Noninterest income consists mainly of fees and commissions, investment gains (losses)net, trading account gainsnet and foreign
exchange gains (losses)net.

Fees and commissions include the following:



| |  |  | fees and commissions from deposits, debentures and lending business, which consist mostly of fees and commissions related to our loan businesses,
including fees related to the arrangement of syndicated loans and other financing transactions such as arrangement fees related to management buy-out transactions and fees related to deposits such as account transfer charges;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | fees and commissions from remittance business, including service charges for domestic and international funds transfers and collections;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------



| |  |  | fees and commissions from securities-related business, including brokerage fees and commissions related to securities underwriting and other
securities-related activities;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | trust fees, including trust fees earned primarily through fiduciary asset management and administration services for corporate pension plans and
investment funds; and
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | fees for other customer services, including fees related to our agency businesses, such as administration fees related to Japans principal public
lottery program, as well as guarantee fees and others.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Investment gains (losses)net include primarily
net gains on sales of marketable securities, such as equity and bond investments. In addition, impairment losses are recognized when management concludes that declines in fair value of investments are other-than-temporary.



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##### Table of Contents

Trading account gainsnet include gains and losses from transactions undertaken for
trading purposes, including both market making for customers and proprietary trading, or transactions through which we seek to capture gains arising from short-term changes in market value. Trading account gainsnet also include gains and
losses related to changes in the fair value of derivatives and other financial instruments not eligible for hedge accounting under U.S. GAAP that are utilized to offset mainly interest rate risk related to our various assets and liabilities, as well
as gains and losses related to changes in the fair value of foreign currency-denominated available-for-sale securities that are elected for fair value treatment under ASC 825. For further information on the fair value option, see note 29 to our
consolidated financial statements included elsewhere in this annual report.

Foreign exchange gains (losses)net include
mainly translation gains and losses related to our foreign currency-denominated assets and liabilities and gains and losses related to foreign exchange trading activities, including market making for customers and proprietary trading.

Noninterest Expenses

Noninterest expenses include primarily salaries and employee benefits, general and administrative expenses, occupancy expenses and fees
and commission expenses.

Salaries and employee benefits include expenses incurred for salaries, bonuses and compensation to
directors and employees. They also include expenses related to pension and other employee retirement benefit plans.

The
principal items included in general and administrative expenses are amortization of software, tax expenses such as consumption tax and property tax that are not income taxes and other expenses, including premiums for deposit insurance.

The principal items included in occupancy expenses are expenses related to premises and equipment, including depreciation, losses on
disposal and lease expenses.

The principal items included in fees and commission expenses are fees and commission expenses
for remittance services, which include mainly commission expenses paid in connection with remittance transactions and securities-related businesses, which include mainly transactions costs such as brokerage fees paid.

Operating Environment

We operate principally in Japan, and our performance has generally tracked the macro economy of Japan. After years of persistent weakness
beginning in the 1990s, the Japanese economy had gradually improved over the years by confronting structural issues such as deflationary pressures, excess capacity, excess employment and excess leverage. However, since the fiscal year ended
March 31, 2008, the global economy has weakened due mainly to the effects of the dislocation in the global financial markets. The global economy continued to worsen in the fiscal year ended March 31, 2009, and financial results in the
financial and industrial sectors deteriorated significantly.

In the fiscal year ended March 31, 2010, the actions taken
to stabilize the financial system and stimulate the economy by major countries in cooperation with each other in response to the financial crisis have been effective, and the global economy has emerged from its worst and is maintaining a gradual
recovery. As for the Japanese economy, it has entered a mild deflationary state with a severe employment and income environment continuing, and prospects of a self-sustaining recovery in domestic private-sector demand remain weak. However, exports
and personal consumption, especially of durable goods, continue to strengthen, reflecting improvements in the foreign economic environment and the effectiveness of economic stimulus packages, and the economy is beginning to recover, with a return to
positive real gross domestic product growth from the second quarter of



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calendar year 2009 compared to the preceding quarter. Although the annualized real gross domestic product increased by 5.0% in the first quarter of calendar year 2010, compared to the preceding
quarter (seasonally adjusted), in a situation where causes for concern exist, such as the effects of the cessation of economic stimulus packages, worsening employment and the aggravation of the financial condition of certain nations in Europe and
other areas, it remains uncertain whether the global economy will be capable of maintaining growth going forward as the risk that the global economy will continue to stagnate still remains. Key indicators of economic conditions in recent periods
include the following:



| |  |  | Japans real gross domestic product on a year-on-year basis continued to increase by 2.3%, 2.3%, 1.8% in the fiscal years ended March 31,
2006, 2007 and 2008, respectively, but decreased by 3.7% and 2.0% in the fiscal years ended March 31, 2009 and 2010, respectively. After showing a gradual reduction in the rate of decline in each quarter of calendar 2009, Japans real
gross domestic product on a quarterly basis, compared to the corresponding period of the previous year, increased by 4.6% in the first quarter of calendar 2010. The Japanese Government stated in its monthly economic reports for January and February
2010 that although the economy has been picking up, it is short of autonomous factors and remains in a difficult situation such as a high unemployment rate. From March through May 2010, the reports began to reflect improvement of the economic
situation and stated that, although the economy has been picking up steadily, it is only weakly self-sustaining and remains in a difficult situation such as a high unemployment rate. In the June 2010 report, it added that a foundation for a
self-sustaining recovery is being laid, although the difficult situation such as the high unemployment rate remains. Japans core nationwide consumer price index increased by 0.1%, 0.1%, 0.3% and 1.2% in the fiscal years ended March 31,
2006, 2007, 2008 and 2009, respectively but decreased by 1.6% in the fiscal year ended March 31, 2010. The Japanese Government stated in its monthly economic reports from November 2009 onwards that the Japanese economy is in a mild deflationary
phase. The following chart shows the growth rates of Japans gross domestic product on a year-on-year basis and Japans core nationwide consumer price indices from the first quarter of 2005 through the first quarter of 2010:
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |  |  | The Bank of Japan, following its announcement on March 9, 2006 to end its quantitative easing monetary policy that it had maintained
since March 2001, announced on July 14, 2006 and on February 21, 2007 that it raised its target for the uncollateralized overnight call rate from 0% to 0.25% and from 0.25% to 0.5%, respectively, but it lowered its target for the
uncollateralized overnight call rate from 0.5% to 0.3% in October 2008 and to 0.1% in December 2008. In December 2009, the Bank of Japan announced that it would provide approximately ¥10 trillion in short-term funds to commercial banks at a low
fixed rate in order to boost liquidity and recover stability in the financial markets and that it would increase the amount to approximately ¥20 trillion in March 2010. In addition, in June 2010, the Bank of Japan announced that it would
introduce a fund-provisioning measure under which it would provide long-term funds to commercial banks at a low fixed rate in order to support the strengthening of the foundations for economic growth. The measure is expected to be implemented
beginning around the end of August 2010. The following charts show movements in long-term rates from January 2007 through June 2010, represented by the yield on newly issued 10-year Japanese government bonds, and in short-term interest rates from
January 2007 through June 2010, represented by the three-month Tokyo interbank offered rate, or TIBOR, and the uncollateralized overnight call rate used in the interbank market:
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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##### Table of Contents

LOGO



| |  |  | According to the Bank of Japan, after a prolonged period of generally declining demand for bank loans in Japan, the aggregate monthly average balance
of bank loans compared with that of the previous year started to increase in August 2005. The growth generally peaked in December 2008 and began showing a declining trend beginning December 2009.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The CDS index called iTraxx Japan 50, which is composed of 50 of the most liquid investment grade CDSs for Japanese entities, fell to 113.1 basis
points as of March 31, 2010 from 421.7 basis points as of March 31, 2009, reflecting improved market environment for credit products, but rose to 139.8 basis points as of June 30, 2010. For information on financial transactions for
hedging in relation to credit derivatives, see Item 3.D. Key InformationRisk FactorsRisks Relating to Our BusinessFinancial transactions entered into for hedging and other similar purposes could adversely affect our financial
condition and results of operations.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | According to Teikoku Databank, a Japanese research institution, there were approximately 11,300 corporate bankruptcies in Japan in the fiscal year
ended March 31, 2008, involving approximately ¥5.5 trillion in total liabilities, approximately 13,200 corporate bankruptcies in the fiscal year ended March 31, 2009, involving approximately ¥13.7 trillion in total
liabilities, and approximately 12,900 corporate bankruptcies in the fiscal year ended March 31, 2010, involving approximately ¥7.2 trillion in total liabilities.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | According to the Tokyo Stock Exchange, or the TSE, the aggregate ordinary profits and net income of all companies listed on the TSE with a
March 31 fiscal year end, excluding financial institutions and companies newly listed during the relevant fiscal year, decreased from ¥35.9 trillion and ¥20.0 trillion, respectively, for the fiscal year ended March 31, 2008 to
¥13.5 trillion and ¥0.2 trillion, respectively, for the fiscal year ended March 31, 2009 and increased to ¥17.1 trillion and ¥7.5 trillion, respectively, for the fiscal year ended March 31, 2010.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

| |  |  | According to the Bank of Japan, total financial assets of households decreased from ¥1,464.9 trillion as of March 31, 2008 to ¥1,408.9
trillion as of March 31, 2009 and increased to ¥1,452.8 trillion as of March 31, 2010. The following chart shows the amount of total financial assets of households and breakdown based on type of financial asset as of the ends of the
first quarter of 2006 through the first quarter of 2010:
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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##### Table of Contents

| |  |  | The Nikkei Stock Average, which is an average of the price of 225 stocks listed on the Tokyo Stock Exchange, decreased by 27.5% to ¥12,525.54
during the fiscal year ended March 31, 2008 and decreased again by 35.3% to ¥8,109.53 during the fiscal year ended March 31, 2009, but increased by 36.8% to ¥11,089.94 during the fiscal year ended March 31, 2010. Thereafter,
the Nikkei Stock Average decreased to ¥9,382.64 as of June 30, 2010. The following chart shows the daily closing price of the Nikkei Stock Average from January 2007 through June 2010:
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

LOGO



| |  |  | The Japanese yen to U.S. dollar spot exchange rate, according to the Bank of Japan, was ¥99.37 to $1.00 as of March 31, 2008, ¥98.31 to
$1.00 as of March 31, 2009 and ¥93.27 to $1.00 as of March 31, 2010. The following chart shows the yen/dollar spot rate of 5 p.m. Tokyo time published by the Bank of Japan from January 2007 through June 2010:
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

LOGO



| |  |  | According to the Ministry of Land, Infrastructure and Transport of Japan, housing starts in Japan increased by 2.9% in the fiscal year ended
March 31, 2007, decreased by 19.4% in the fiscal year ended March 31, 2008, increased by 0.3% in the fiscal year ended March 31, 2009 and decreased by 25.4% in the fiscal year ended March 31, 2010.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

| |  |  | According to the Ministry of Land, Infrastructure and Transport, the average published land prices in Japan rose by 0.1% during calendar year 2006,
which was the first increase in 16 years, rose again by 1.3% during calendar year 2007, but decreased by 3.2% and 4.2% during calendar year 2008 and 2009, respectively.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Improvements

All yen figures in this subsection are truncated. Accordingly, the total of each column of figures may not be equal to the total of the
individual items.

Our basic policy is to pursue disciplined capital management, by which we pursue an optimal
balance between strengthening of stable capital base and steady returns to shareholders in accordance with changes in the business environment, our financial condition and other factors.

Shift of Priority

While
our basic policy remains unchanged, we have been putting more priority on strengthening our stable capital base from the second half of the fiscal year ended March 31, 2009, having recognized the importance of capital during the financial
dislocation and global economic downturn. Measures we took for responding to the above priority include the following:



| |  |  | We suspended repurchases and cancellation of shares of our common stock since the second half of the fiscal year ended March 31, 2009.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We paid cash dividends for the fiscal year ended March 31, 2010 of ¥8 per share of common stock, a year-on-year decrease of
¥2 per share.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------



| |  |  | In June, August and September 2009, we issued ¥139.5 billion, ¥72.5 billion and ¥25.0 billion, respectively, of non-dilutive preferred
securities through our overseas special purpose companies to enhance our Tier 1 capital and improve the flexibility of our future capital strategy.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | In July and August 2009, we issued an aggregate of ¥529.2 billion in common stock through a global offering to strengthen our prime
capital, as such term is defined in Capital AdequacyPrime Capital, in order to build a solid and sufficient capital buffer.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Announcement of Proposals Regarding New Bank Capital Regulations

In December 2009, the Basel Committee announced a package of proposals, covering key areas such as raising the quality of the capital
base, establishing a countercyclical capital framework and introducing a global minimum liquidity standard, with the goal of promoting a more resilient banking sector. The proposals are subject to further discussion of details. The proposal
regarding raising the quality of the capital base aims to ensure that the banking system is in a better position to absorb losses. The specific levels of minimum regulatory capital requirement including that for the Common Equity
component of Tier 1 capital, together with the fully calibrated set of standards, are currently scheduled to be determined by the end of calendar year 2010 after a comprehensive impact assessment, with the aim of implementation by the end of 2012 as
financial conditions improve and the economic recovery is assured. The Basel Committee also stated that it will consider appropriate phase-in measures and grandfathering arrangements for a sufficiently long period to ensure a smooth transition to
the new standards.

While closely monitoring the ongoing global discussions with respect to capital, we took the following
measures to further strengthen our capital base:



| |  |  | In April 2010, we redeemed all of the $1.5 billion of perpetual subordinated bonds.
| | - |  | -----------------------------------------------------------------------------------



52



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##### Table of Contents

| |  |  | In May 2010, we announced our plan to reduce dividends on our common stock for the fiscal year ending March 31, 2011 by ¥2 per share
compared to the previous fiscal year to ¥6 per share. The foregoing statement constitutes a forward-looking statement and is subject to risks, uncertainties and assumptions. See Forward-looking Statements and Item 3.D. Key
InformationRisk Factors.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | In addition to the above measures, in July 2010, we issued an aggregate of ¥751.62 billion in common stock (including the shares to be issued
pursuant to the exercise of the over-allotment option in Japan) through a global offering to establish capital base as a cornerstone for our sustainable growth for the future, in anticipation of the revision of capital regulations, and thereby
ensuring capital flexibility for us to expand our business areas with high growth potential and to promote customer-related businesses further.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We will continue to pursue optimal balance between strengthening of stable capital base and steady returns to
shareholders. Following this basic policy, we will take various measures in anticipation of the revision of capital regulations. See Item 4.B. Information on the CompanyBusiness OverviewThe Transformation Program (Aiming at
Sustainable Growth).

Business Trends

Based on our current operating environment and management focus, we believe that the trends that are most significant to our current and
future results of operations include the following:

Loans and Deposits

Loan volume

Our total loan balance decreased on a year-on-year basis in the fiscal year ended March 31, 2010 due mainly to decreases in loans to
Deposit Insurance Corporation of Japan, the Japanese government, overseas borrowers and large Japanese corporations despite our continuing efforts to meet the financing needs of domestic borrowers.

Margins between loans and deposits

The Bank of Japan announced on July 14, 2006 and on February 21, 2007 that it raised its target for the uncollateralized
overnight call rate from 0% to 0.25% and from 0.25% to 0.5%, respectively. Reflecting these raises, the average yield on domestic loans increased from 1.54% in the fiscal year ended March 31, 2007 to 1.77% in the fiscal year ended
March 31, 2008, and the average rate on domestic interest-bearing deposits increased from 0.38% to 0.52%. The increase of 0.23% in average yield on domestic loans in the fiscal year ended March 31, 2008 compared to the previous fiscal year
was larger than the increase of 0.14% in the average rate on domestic interest-bearing deposits over the same period, resulting in a widening of the difference between such average yield and average rate. In response to the weakening economic
environment, the Bank of Japan announced a reduction of its target for the uncollateralized overnight call rate from 0.5% to 0.3% in October 2008 and to 0.1% in December 2008. Reflecting these reductions, the average yield on domestic loans
decreased from 1.72% in the fiscal year ended March 31, 2009 to 1.51% in the fiscal year ended March 31, 2010, and the average rate on domestic interest-bearing deposits decreased from 0.43% to 0.21%. In the fiscal year ended
March 31, 2010, the difference between the decrease of 0.21% in the average yield on domestic loans and the decrease of 0.22% in the average rate on domestic interest-bearing deposits was not significant.

Provision (credit) for loan losses

Provision for loan losses decreased by ¥345 billion from the previous fiscal year to ¥222 billion for the fiscal year ended
March 31, 2010. The decrease in provision for loan losses was due mainly to an improvement in economic conditions and our efforts for appropriate credit management. The amount of provision for loan losses in future fiscal years will depend
largely on trends in the credit quality of borrowers, which in turn will be



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affected by the domestic and global economic environment and other factors, and changes in the value of collateral on our loans. If worldwide demand for Japanese products and services declines
and if weakness in the Japanese and global economy worsens or if another financial crisis develops, there can be no assurance that the amount of provision for loan losses will not increase significantly in future periods due to further declines in
the credit quality of our customers both in and outside of Japan.

Fees and Commissions

Fees and commissions from corporate and retail customers have been significantly affected by the domestic and global economic environment.
Until the fiscal year ended March 31, 2006, we experienced a period of significant increases in fees and commissions due to an expansion in various fee businesses that we offer to our corporate customers, such as fees from syndicated loans,
other forms of financing arrangements and various advisory services, as demand for such products and services grew among Japanese corporations. Fees and commissions from retail customers had also increased due to growth in sales commissions related
to various investment products as Japanese individuals increased the proportion of investments other than deposits within their total financial assets as interest rates on deposits maintained historically low levels. Despite our expectation at the
time for continued growth in fees and commissions, a weak economic environment and turmoil in the global financial market, as well as increased competition within the domestic financial services industry, drove a decline in fees and commissions in
the fiscal year ended March 31, 2008, and the decline accelerated in the fiscal year ended March 31, 2009. Fees and commissions earned from businesses involving corporate customers decreased in the fiscal year ended March 31, 2009 due
to increased competition and the dislocation in the global financial markets which negatively impacted areas such as overseas leveraged buyout and other financings. Under unstable market conditions, sales of investment products to retail customers
were negatively affected due mainly to the growing risk aversion of individuals. Although this trend may continue while the current global and domestic economic uncertainty continues, we do not believe that the general trend in recent years of
Japanese individuals to shift their financial assets from savings to investments was only short term and instead believe that the trend will return over the long term.

Fees and commissions income increased by ¥25 billion from the previous fiscal year to ¥586 billion in the fiscal year ended
March 31, 2010 due mainly to an increase at Mizuho Securities, while those of our principal banking subsidiaries continued to decrease. However, the rate of decrease of our principal banking subsidiaries fees and commissions has slowed as
the Japanese economy has begun to recover.

Debt and Equity Securities Portfolio

The amount of our funding through deposits and debentures significantly exceeds our total loans. As a result, we allocate a significant
portion of such excess among investments in debt securities, including Japanese government bonds and credit and alternative investments, which we promote to diversify our risks and to expand our income sources, and we also hold investments in equity
securities consisting mainly of common stock of Japanese listed company customers.

The fair value of available-for-sale
marketable equity securities within our investments was ¥3,284 billion, or ¥2,007 billion based on cost, as of March 31, 2010. Because the size of our portfolio of marketable equity securities is substantial, we are subject to
significant equity market risk, as increases in unrealized gains and losses related to changes in the fair value of available-for-sale marketable equity securities are reflected in accumulated other comprehensive income, net of tax in equity or, in
the case of other-than-temporary impairments to fair value, charged to income as an impairment loss. Although we expect the size of our portfolio of marketable equity securities to continue to be significant, we are reducing our holdings of
marketable equity securities and have achieved our former medium-term target to lower the acquisition cost of marketable equity securities to 50% of our Tier 1 capital as of March 31, 2010 (the ratio of the acquisition cost to Tier 1 capital as
of March 31, 2010 was 49%). We will continue to make efforts to lower the acquisition cost of marketable equity securities. See Item 4.B. Information on the CompanyBusiness OverviewThe Transformation Program (Aiming at
Sustainable Growth).



54



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Increases in long-term interest rates generally lead to a decline in the fair value of our
portfolio of debt securities, a vast majority of which consists of Japanese government bonds, while decreases in long-term interest rates generally lead to an increase in fair value of the portfolio. As of March 31, 2010, we had a total of
¥34,517 billion of available-for-sale debt securities within our investments, of which ¥28,229 billion was Japanese government bonds. Changes in fair value of such available-for-sale debt securities are reflected in accumulated other
comprehensive income, net of tax in equity or, in the case of other-than-temporary impairments, charged to income as an impairment loss. We had ¥24,685 billion and ¥34,517 billion of available-for-sale debt securities as of March 31,
2009 and 2010, respectively, and unrealized losses of ¥26 billion and unrealized gains of ¥9 billion were reflected in accumulated other comprehensive income, net of tax as of such dates, respectively. In the fiscal year ended March 31,
2010, we incurred investment losses related to bonds of ¥2 billion compared to losses of ¥178 billion in the fiscal year ended March 31, 2009. The decrease was due mainly to the absence of impairment losses on Japanese government bonds
as we adopted ASC 320 which amends the other-than-temporary impairment model for debt securities.

Trading Account GainsNet

Trading account gainsnet increased by ¥300 billion from the previous fiscal year to ¥422 billion in the
fiscal year ended March 31, 2010. The increase was due mainly to the gains earned by consolidated VIEs, such as stock investment trusts, as a result of a positive change in market conditions, an increase in gains related to changes in the fair
value of derivative financial instruments used to hedge market risks, mainly interest rate risk, that are not eligible for hedge accounting under U.S. GAAP and an increase in gains related to changes in the fair value of foreign currency denominated
available-for-sale securities for which the fair value option was elected.

Costs and Expenses

In the fiscal year ended March 31, 2010, salaries and employee benefits increased by ¥96 billion from the previous fiscal year to
¥592 billion due mainly to the effect of increased employee retirement benefit expenses as a result of a decline in expected return on plan assets, which reflects various aspects of long-term prospects for the economy, historical performance of
investments of plan assets and the market environment, including stock market conditions, at the beginning of the fiscal period, and the amortization of net actuarial loss, which primarily reflects past declines in the value of plan assets.
Occupancy expenses and general and administrative expenses decreased by ¥6 billion and ¥2 billion, respectively, due mainly to our efforts to enhance our cost efficiency through detailed reviews. Although expenses related to employee
retirement benefits reflect the market environment including stock markets conditions, we plan to continue our efforts to reduce general and administrative expenses and occupancy expenses through detailed reviews for the entire group. See
Item 4.B. Information on the CompanyBusiness OverviewThe Transformation Program (Aiming at Sustainable Growth).

Impact of the Dislocation in the Global Financial Markets

All figures in this subsection are approximate amounts used for risk monitoring purposes that are managerial accounting compilations of
Japanese GAAP-based figures.

The global financial market dislocation, which had caused not only significant liquidity
problems and declines in value with respect to securitization products such as residential mortgage backed securities (RMBS) and collateralized debt obligations (CDOs) backed by RMBS but also adverse impacts on various markets, had thereby adversely
affected our financial condition and results of operations in recent years. However, in the fiscal year ended March 31, 2010, due primarily to our efforts to reduce the balances of our securitization products through sales and other measures
and to reinforce our risk management platform for securitization products and the gradual market recovery, the negative impact of the dislocation became more limited, and the losses incurred decreased significantly compared to the previous fiscal
year. This subsection sets forth information relating to such impact.



55



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In the fiscal years ended March 31, 2009 and 2010, our principal banking subsidiaries,
Mizuho Corporate Bank, Mizuho Bank and Mizuho Trust & Banking (including their overseas subsidiaries, but excluding subsidiaries of Mizuho Securities) and Mizuho Securities (including its overseas subsidiaries) recorded the following gains
and losses:



|                                                                                                                                             |  |                             |      |   |      |   |     |  
|-------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------- | ---- | - | ---- | - | --- | -
|                                                                                                                                             |  | Fiscal years endedMarch 31, |     
|                                                                                                                                             |  | 2009                        |      |   | 2010 |  
|                                                                                                                                             |  | (in billions of yen)        |     
|Principal banking subsidiaries (including their overseas subsidiaries, but excluding subsidiaries of Mizuho
Securities):                     |  |                             |      |   |      |   |     |  
|Gains (losses) on sales of securitization products, etc. (including devaluation and provision of reserve for possible losses on
investments) |  | ¥                           | (126 | ) |      | ¥ | (3  | )
|Gains (losses) associated with ABCP programs                                                                                                 |  |                             | (4   | ) |      |   | 0   |  
|Net gains from reversal of (losses on provision of) reserve for possible losses on sales of loans                                            |  |                             | (12  | ) |      |   | 0   |  
|Gains (losses) from hedging of securitization products exposure with credit default swaps                                                    |  |                             | 23   |   |      |   | (13 | )
|                                                                                                                                             |  |                             |      |   |      |   |     |  
|Subtotal                                                                                                                                     |  |                             | (119 | ) |      |   | (16 | )
|Mizuho Securities (including its overseas
subsidiaries):(1)                                                                                  |  |                             |      |   |      |   |     |  
|Trading gains (losses) (net of hedges) on securitization products                                                                            |  |                             | (16  | ) |      |   | 2   |  
|                                                                                                                                             |  |                             |      |   |      |   |     |  
|Subtotal                                                                                                                                     |  |                             | (16  | ) |      |   | 2   |  
|                                                                                                                                             |  |                             |      |   |      |   |     |  
|Total                                                                                                                                        |  | ¥                           | (135 | ) |      | ¥ | (14 | )
|                                                                                                                                             |  |                             |      |   |      |   |     |  



Note:



|(1) | Our other principal securities subsidiary, Mizuho Investors Securities, held only a negligible amount of securitization products as of March 31, 2009 and 2010, and
its related gains (losses) were also negligible. The figures do not include reserves for counterparty risks associated with the amount to be claimed at settlement of the CDS related to securitization products described in the table titled
Credit default swaps related to foreign currency-denominated securitization products held by Mizuho Securities (including its overseas subsidiaries) on page 58.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Securitization Products

We continue to hold a significant amount of securitization products. The balance (fair value) (banking account) of securitization products
held by our principal banking subsidiaries (including their overseas subsidiaries, but excluding subsidiaries of Mizuho Securities) was approximately ¥2,469 billion, of which approximately ¥487 billion was foreign currency-denominated as of
March 31, 2010. Similarly, the net balance (fair value) (trading account) held by Mizuho Securities (including its overseas subsidiaries) was approximately ¥149 billion, of which approximately ¥21 billion was foreign
currency-denominated as of March 31, 2010.



56



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We reduced significantly the amount of securitization products, in particular, foreign
currency-denominated securitization products held by Mizuho Securities (including its overseas subsidiaries), in recent years. The following table shows a breakdown of foreign currency-denominated securitization products held by (i) our
principal banking subsidiaries (including their overseas subsidiaries, but excluding subsidiaries of Mizuho Securities (banking account)) and (ii) Mizuho Securities (including its overseas subsidiaries (trading account)), respectively, as of
March 31, 2010:



|                                                               |  |                                                                                                                                      |     |                                    |                                                                       |   |                            |   |     |                             |  |   |                                 |   |  |                     |   |                                    |   |    |                        |    |   |  |   |    |  
|-------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------ | --- | ---------------------------------- | --------------------------------------------------------------------- | - | -------------------------- | - | --- | --------------------------- |  | - | ------------------------------- | - |  | ------------------- | - | ---------------------------------- | - | -- | ---------------------- | -- | - |  | - | -- | -
|                                                               |  | Principal banking
subsidiaries(including their overseas subsidiaries, butexcluding subsidiaries of Mizuho
Securities)Banking Account |     |                                    | Mizuho Securities(including its
overseas subsidiaries)Trading Account |  
|                                                               |  | As of or for the fiscal year
endedMarch 31, 2010                                                                                     |     |                                    | As of or for the fiscal year endedMarch 31, 2010                      |  
|Foreign currency-denominatedsecuritization products            |  | Balance(1)(2)(fair
value)                                                                                                            |     | Marks (%)(fair value)/(face value) |                                                                       |   | Unrealizedgains(Losses)(2) |   |     | Realizedgains(Losses)(1)(2) |  |   | (Reference)Hedgedproportions(3) |   |  | Balance(fair value) |   | Marks (%)(fair value)/(face value) |   |    | Realizedgains (losses) |   
|                                                               |  | (in billions of yen, except percentages)                                                                                             |    
|ABSCDOs, CDOs                                                  |  | ¥                                                                                                                                    | 30  |                                    | 15                                                                    | % |                            | ¥ | 2   |                             |  | ¥ | (2                              | ) |  | 40                  | % |                                    | ¥ | 0  |                        | 0  | % |  | ¥ | (0 | )
|CDOs backed by RMBS                                            |  |                                                                                                                                      | 6   |                                    | 4                                                                     |   |                            |   | 3   |                             |  |   | 0                               |   |  |                    |   |                                    |   | 0  |                        | 0  |   |  |   | (0 | )
|CDOs backed by CMBS                                            |  |                                                                                                                                      |    |                                    |                                                                      |   |                            |   |    |                             |  |   |                                |   |  |                    |   |                                    |   | 0  |                        | 0  |   |  |   | (0 | )
|CDOs backed by claims against
corporations(4)                  |  |                                                                                                                                      | 24  |                                    | 41                                                                    |   |                            |   | (1  | )                           |  |   | (2                              | ) |  | 60                  |   |                                    |   |   |                        |   |   |  |   |   |  
|RMBS(5)                                                        |  |                                                                                                                                      | 183 |                                    | 71                                                                    |   |                            |   | (6  | )                           |  |   | (1                              | ) |  | 70                  |   |                                    |   | 0  |                        | 0  |   |  |   | 0  |  
|RMBS with underlying assets outside the U.S., mainly in Europe |  |                                                                                                                                      | 183 |                                    | 71                                                                    |   |                            |   | (6  | )                           |  |   | (1                              | ) |  | 70                  |   |                                    |   |   |                        |   |   |  |   |   |  
|RMBS with underlying assets in the U.S.                        |  |                                                                                                                                      |    |                                    |                                                                      |   |                            |   |    |                             |  |   |                                |   |  |                    |   |                                    |   | 0  |                        | 0  |   |  |   | 0  |  
|ABS, CLOs and others                                           |  |                                                                                                                                      | 274 |                                    | 84                                                                    |   |                            |   | (7  | )                           |  |   | (1                              | ) |  | 50                  |   |                                    |   | 21 |                        | 75 |   |  |   | 2  |  
|CLOs                                                           |  |                                                                                                                                      | 185 |                                    | 98                                                                    |   |                            |   | (3  | )                           |  |   | (0                              | ) |  | 50                  |   |                                    |   | 21 |                        | 77 |   |  |   | (1 | )
|ABS                                                            |  |                                                                                                                                      | 43  |                                    | 73                                                                    |   |                            |   | (1  | )                           |  |   | 2                               |   |  | 60                  |   |                                    |   |   |                        |   |   |  |   |   |  
|CMBS                                                           |  |                                                                                                                                      | 46  |                                    | 75                                                                    |   |                            |   | (3  | )                           |  |   | (3                              | ) |  | 70                  |   |                                    |   | 0  |                        | 2  |   |  |   | (0 | )
|SIV-related                                                    |  |                                                                                                                                      |    |                                    |                                                                      |   |                            |   |    |                             |  |   |                                |   |  |                    |   |                                    |   |   |                        |   |   |  |   | 3  |  
|                                                               |  |                                                                                                                                      |     |                                    |                                                                       |   |                            |   |     |                             |  |   |                                 |   |  |                     |   |                                    |   |    |                        |    |   |  |   |    |  
|Total                                                          |  | ¥                                                                                                                                    | 487 |                                    | 63                                                                    |   |                            | ¥ | (11 | )                           |  | ¥ | (4                              | ) |  | 60                  |   |                                    | ¥ | 21 |                        | 9  |   |  | ¥ | 2  |  
|                                                               |  |                                                                                                                                      |     |                                    |                                                                       |   |                            |   |     |                             |  |   |                                 |   |  |                     |   |                                    |   |    |                        |    |   |  |   |    |  



Notes:



|(1) | Except for the securitization products which were the reference assets of our securitization schemes for transferring credit risk to third parties (hedged portion), a
reserve for possible losses on investments has been provided against unrealized losses on securitization products related to the discontinuation of business regarding credit investments primarily in Europe, which had been made as an alternative to
loans. The balance of the reserve was approximately ¥15 billion as of March 31, 2010. Since securities were recognized at fair value on the consolidated balance sheet, the balances as of March 31, 2010 were those after being offset by
the amount of reserve for possible losses on investments.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | With respect to the vast majority of credit investments in securitization products made as an alternative to loans by the European, North American and other offices, we
have been applying reasonably calculated prices based on the reasonable estimates of our management as fair value since the fiscal year ended March 31, 2009.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | The approximate proportions of balances (fair value) of the securitization products, as of March 31, 2010, which were the reference assets of our securitization
schemes (with CDS and other means) for transferring credit risk to third parties until maturity. In some of the securitization schemes, a portion of credit risk of the reference assets remained with us through our retaining a small first loss
position and a portion of senior tranches.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | <Reference> Status of CDS counterparties (notional amount basis; ratings were based on the lowest external ratings as of March 31, 2010): Financial services
subsidiary (A-rating) of a multi-line insurance company: approximately ¥144 billion; Government-affiliated financial institution (AA-rating): approximately ¥91 billion.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | All of them were securitization products backed by original assets (non-securitized assets).
|--- | --------------------------------------------------------------------------------------------



57



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|(5) | Excluding U.S. government-owned corporation bonds and government-sponsored enterprise bonds. As of March 31, 2010, U.S. government-owned corporation bonds and
government-sponsored enterprise bonds held by us were as follows:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Principal banking subsidiaries (including their overseas subsidiaries, but excluding subsidiaries of Mizuho Securities): U.S. government-owned corporation (Ginnie Mae)
bonds and government-sponsored enterprise (Fannie Mae and Freddie Mac) bonds were approximately ¥583 billion (fair value), of which almost all consisted of RMBS guaranteed by Ginnie Mae, with approximately ¥9 billion of unrealized gains.
Mizuho Securities (including its overseas subsidiaries): approximately ¥40 billion (fair value) of RMBS issued or guaranteed by Ginnie Mae or government-sponsored enterprise (Fannie Mae and Freddie Mac) and approximately ¥171 billion (fair
value) of corporate bonds issued by Fannie Mae and Freddie Mac were held for the purpose of, among other things, market-making activities in the U.S.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The following table shows a breakdown of credit ratings of the counterparties and reference assets of credit default swaps related to
foreign currency-denominated securitization products held by Mizuho Securities (including its overseas subsidiaries), respectively, as of March 31, 2010:



|                                                                                                                                                      |  |                      |     |                                 |   |                                                                    |  |                 |    |  |   |  
|----------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------- | --- | ------------------------------- | - | ------------------------------------------------------------------ |  | --------------- | -- |  | - | -
|                                                                                                                                                      |  | As of March 31, 2010
|                                                                                                                                                      |  | Notionalamount(A)    |     | Fair value ofreference asset(B) |   | Amount to beclaimed atsettlement(Net present value)(A)  (B) =
(C) |  | Reserves for(C)
|                                                                                                                                                      |  | (in billions of yen)
|Credit default swaps related to foreign currency-denominated securitization products held by Mizuho Securities (including its
overseas subsidiaries): |  |                      |     |                                 |   |                                                                    |  |                 |    |  |   |  
|AAA(1)                                                                                                                                                |  | ¥                    |    |                                 | ¥ |                                                                   |  | ¥               |   |  | ¥ | 
|CDOs backed by RMBS                                                                                                                                   |  |                      |    |                                 |   |                                                                   |  |                 |   |  |   | 
|CDOs backed by claims against corporations                                                                                                            |  |                      |    |                                 |   |                                                                   |  |                 |   |  |   | 
|AA(1)                                                                                                                                                 |  |                      | 107 |                                 |   | 105                                                                |  |                 | 2  |  |   | 0
|CDOs backed by RMBS                                                                                                                                   |  |                      |    |                                 |   |                                                                   |  |                 |   |  |   | 
|CDOs backed by claims against corporations                                                                                                            |  |                      | 107 |                                 |   | 105                                                                |  |                 | 2  |  |   | 0
|of which counterparties are U.S. monoline insurers                                                                                                    |  |                      | 20  |                                 |   | 19                                                                 |  |                 | 1  |  |   | 0
|A to
BBB(1)                                                                                                                                           |  |                      | 18  |                                 |   | 7                                                                  |  |                 | 11 |  |   | 0
|CDOs backed by RMBS                                                                                                                                   |  |                      | 18  |                                 |   | 7                                                                  |  |                 | 11 |  |   | 0
|CDOs backed by claims against corporations                                                                                                            |  |                      |    |                                 |   |                                                                   |  |                 |   |  |   | 
|Non-investment grade or no
ratings(1)                                                                                                                 |  |                      |    |                                 |   |                                                                   |  |                 |   |  |   | 
|CDOs backed by RMBS                                                                                                                                   |  |                      |    |                                 |   |                                                                   |  |                 |   |  |   | 
|CDOs backed by claims against corporations                                                                                                            |  |                      |    |                                 |   |                                                                   |  |                 |   |  |   | 
|                                                                                                                                                      |  |                      |     |                                 |   |                                                                    |  |                 |    |  |   |  
|Total                                                                                                                                                 |  | ¥                    | 126 |                                 | ¥ | 112                                                                |  | ¥               | 13 |  | ¥ | 0
|                                                                                                                                                      |  |                      |     |                                 |   |                                                                    |  |                 |    |  |   |  
|Of which counterparties are U.S. monoline insurers                                                                                                    |  | ¥                    | 20  |                                 | ¥ | 19                                                                 |  | ¥               | 1  |  | ¥ | 0
|                                                                                                                                                      |  |                      |     |                                 |   |                                                                    |  |                 |    |  |   |  



Note:



|(1) | Categorized by the lowest external credit ratings as of March 31, 2010. When the counterparty was guaranteed by third parties, categorized by the higher external
credit ratings of either of them.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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The following table shows a breakdown of yen-denominated securitization products held by
(i) our principal banking subsidiaries (including their overseas subsidiaries, but excluding subsidiaries of Mizuho Securities) and (ii) Mizuho Securities (including its overseas subsidiaries) as of March 31, 2010:



|                                                 |  |                                                                                                                                      |       |                          |                                                                       |     |                     |  |                        |     |  |   |    |  
|------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------ | ----- | ------------------------ | --------------------------------------------------------------------- | --- | ------------------- |  | ---------------------- | --- |  | - | -- | -
|                                                 |  | Principal banking subsidiaries (includingtheir overseas
subsidiaries, butexcluding subsidiaries of Mizuho Securities)Banking Account |       |                          | Mizuho Securities(including its overseas subsidiaries)Trading Account |    
|                                                 |  | As of or for the fiscal year endedMarch 31, 2010                                                                                     |       |                          | As of or for the fiscal year endedMarch 31, 2010                      |    
|                                                 |  | Balance(fair value)                                                                                                                  |       | Unrealizedgains (losses) |                                                                       |     | Balance(fair value) |  | Realized gains(losses) |    
|                                                 |  | (in billions of yen)                                                                                                                 |      
|Japanese yen-denominated securitization products |  |                                                                                                                                      |       |                          |                                                                       |     |                     |  |                        |     |  |   |    |  
|ABSCDOs, CDOs                                    |  | ¥                                                                                                                                    | 85    |                          | ¥                                                                     | 5   |                     |  | ¥                      | 17  |  | ¥ | 9  |  
|CDOs backed by RMBS                              |  |                                                                                                                                      |      |                          |                                                                       |    |                     |  |                        | 1   |  |   | (0 | )
|CDOs backed by CMBS                              |  |                                                                                                                                      | 1     |                          |                                                                       | (0  | )                   |  |                        |    |  |   |   |  
|CDOs backed by claims against corporations       |  |                                                                                                                                      | 84    |                          |                                                                       | 5   |                     |  |                        | 16  |  |   | 9  |  
|RMBS(2)                                          |  |                                                                                                                                      | 972   |                          |                                                                       | (1  | )                   |  |                        | 5   |  |   | (0 | )
|ABS, CLOs and others                             |  |                                                                                                                                      | 926   |                          |                                                                       | (15 | )                   |  |                        | 105 |  |   | (8 | )
|CLOs                                             |  |                                                                                                                                      | 39    |                          |                                                                       | (0  | )                   |  |                        | 5   |  |   | 1  |  
|ABS                                              |  |                                                                                                                                      | 236   |                          |                                                                       | 1   |                     |  |                        | 89  |  |   | (9 | )
|CMBS                                             |  |                                                                                                                                      | 651   |                          |                                                                       | (16 | )                   |  |                        | 11  |  |   | (0 | )
|                                                 |  |                                                                                                                                      |       |                          |                                                                       |     |                     |  |                        |     |  |   |    |  
|Total                                            |  | ¥                                                                                                                                    | 1,982 |                          | ¥                                                                     | (12 | )(1)                |  | ¥                      | 128 |  | ¥ | 0  |  
|                                                 |  |                                                                                                                                      |       |                          |                                                                       |     |                     |  |                        |     |  |   |    |  



Notes:



|(1) | Realized gains for the principal banking subsidiaries (including their overseas subsidiaries, but excluding subsidiaries of Mizuho Securities) for the fiscal year ended
March 31, 2010 was approximately ¥1 billion.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Represents RMBS originated by Japanese financial institutions and others. Japan Housing Finance Agency Bonds were excluded. Balance of Japan Housing Finance Agency
Bonds as of March 31, 2010 was as follows:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                                                                        |  |                                                                                             
|----------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------
|Principal banking subsidiaries (including their overseas subsidiaries, but excluding subsidiaries of Mizuho
Securities) |  | Balance (fair value): approximately ¥476 billion, Unrealized gains: approximately ¥3 billion
|Mizuho Securities (including its overseas subsidiaries)                                                                 |  | Balance (fair value): approximately ¥1 billion, Realized gains (losses): negligible         

Loans Held for Sale for which Reserve for Possible Losses on Sales of Loans was Recorded (the Principal Banking Subsidiaries (including their Overseas
Subsidiaries, but excluding Subsidiaries of Mizuho Securities))

As of March 31, 2010, we had a total of approximately
¥61 billion in loans held for sale. We recorded approximately ¥15 billion of reserve for possible losses on sales of loans against these loans held for sale as of March 31, 2010 at a reserve ratio of approximately 25%. These figures
exclude those related to intensive control obligors classification or below. The reserve ratio would be approximately 25%, if including the balances of loans held for sale to such obligors and the amounts of both reserves for possible losses on
loans and reserve for contingencies in relation to the relevant balances.

The total balance of leveraged loans, primarily
including LBO financing and MBO financing, including loans held for sale and loans held within our loan portfolio, was approximately ¥1.0 trillion of which



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approximately ¥0.05 trillion was included in loans held for sale as of March 31, 2010. The balances include commitments that had not been drawn but for which documentation had been
concluded.

Overseas Asset-backed Commercial Paper Programs (the Principal Banking Subsidiaries (including their Overseas Subsidiaries, but
excluding Subsidiaries of Mizuho Securities))

As of March 31, 2010, the balance of the total assets acquired by
overseas asset-backed commercial paper conduits was approximately ¥59 billion, which included approximately ¥32 billion of securitization products backed by credit card receivables and account receivables. Of the total balance of ¥59
billion, credit card receivables constituted 31%, account receivable constituted 29%, loans against auto dealers constituted 25% and others constituted 15%.

Loans Guaranteed by U.S. Monoline Insurers (the Principal Banking Subsidiaries (including their Overseas Subsidiaries, but excluding Subsidiaries of
Mizuho Securities))

As of March 31, 2010, approximately ¥16 billion of loan commitments to overseas
infrastructure projects (of which approximately ¥8 billion was drawn) was guaranteed by U.S. monoline insurers.

Outstanding Loan
Balances to U.S. Mortgage Lenders (the Principal Banking Subsidiaries (including their Overseas Subsidiaries, but excluding Subsidiaries of Mizuho Securities))

As of March 31, 2010, we had a total of approximately ¥10 billion in outstanding loans to U.S. mortgage lenders.

As shown in this subsection, we continue to hold a significant amount of assets that are exposed to the risk of further declines in value
or that may otherwise lead to further losses. While we will endeavor to continue reducing the amount of foreign currency-denominated securitization products through sales or other measures, our exposure to assets that are subject to such risks may
increase in the future depending on market conditions and other factors.

Our Special Purpose Entities

Our use of special purpose entities relates mainly to variable interest entities, or VIEs, and qualifying special purpose entities, or
QSPEs. The following sets forth information regarding our VIEs and QSPEs.

Variable Interest Entities (VIEs)

Our VIEs are distinguished between those that are consolidated for purposes of our consolidated financial statements and those that are
not. VIEs are consolidated if we are deemed to be the primary beneficiary of those VIEs. With respect to certain unconsolidated VIEs, we determined that, while we were not the primary beneficiary, they were significant or sponsored
unconsolidated variable interest entities due to our significant variable interests. In the normal course of business, we are involved with VIEs primarily through the following types of transactions:



| |  |  | asset-backed commercial paper/loan programs;
| | - |  | --------------------------------------------



| |  |  | asset-backed securitizations;
| | - |  | -----------------------------



| |  |  | investments in securitization products;
| | - |  | ---------------------------------------



| |  |  | investment funds; and
| | - |  | ---------------------



| |  |  | trust arrangements and other.
| | - |  | -----------------------------



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The following table shows the amount of assets held by consolidated VIEs and total assets
and maximum exposure to loss for our significant or sponsored unconsolidated VIEs related to each type of transaction:



|                                            |  |                                                                           |                     |                   |              |                                             |                            |   |       |  |   |    
|------------------------------------------- |  | ------------------------------------------------------------------------- | ------------------- | ----------------- | ------------ | ------------------------------------------- | -------------------------- | - | ----- |  | - | ---
|                                            |  | As of March 31, 2010                                                     
|                                            |  | Total assets ofconsolidated andsignificant
orsponsoredunconsolidated VIEs |                     | Consolidated VIEs |              | Significant or sponsoredunconsolidated VIEs
|                                            |  |                                                                           | Consolidated assets |                   | Total assets |                                             | Maximum exposureto
loss(1)
|                                            |  | (in billions of yen)                                                     
|Asset-backed commercial paper/loan programs |  | ¥                                                                         | 2,024               |                   | ¥            | 2,024                                       |                            | ¥ |      |  | ¥ |   
|Asset-backed securitizations                |  |                                                                           | 1,608               |                   |              | 355                                         |                            |   | 1,253 |  |   | 40 
|Single-seller programs                      |  |                                                                           | 81                  |                   |              | 66                                          |                            |   | 15    |  |   | 15 
|Investments in securitization products      |  |                                                                           | 101                 |                   |              | 101                                         |                            |   |      |  |   |   
|Investment funds                            |  |                                                                           | 3,345               |                   |              | 568                                         |                            |   | 2,777 |  |   | 401
|Trust arrangements and other                |  |                                                                           | 933                 |                   |              |                                            |                            |   | 933   |  |   | 381
|                                            |  |                                                                           |                     |                   |              |                                             |                            |   |       |  |   |    
|Total                                       |  | ¥                                                                         | 8,011               |                   | ¥            | 3,048                                       |                            | ¥ | 4,963 |  | ¥ | 822
|                                            |  |                                                                           |                     |                   |              |                                             |                            |   |       |  |   |    



Note:



|(1) | Maximum exposure to loss is the contractual or notional amounts of liquidity facilities and other off-balance-sheet credit related support or principal amount of
financing or investments, and is not indicative of the ongoing exposure which is managed within our risk management framework.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Asset-backed commercial paper/loan programs in the above table consist of multi-seller programs that we manage, which provide our clients
with off-balance-sheet and/or cost-effective financing. Asset-backed securitizations in the above table consist of non-multi-seller programs that we arrange, which include various types of structured financings to meet clients various
off-balance-sheet financing needs (referred to as single-seller programs in this subsection) and CDOs, CLOs or other repackaged instruments that are issued by VIEs to meet clients or investors financial needs.

We generally provide liquidity and credit support facilities and other financing to VIEs related to the multi- and single-seller
programs, and as a result, these VIEs are generally treated as consolidated VIEs.

See note 27 in our consolidated financial
statements included elsewhere in this annual report for further descriptions regarding the above transaction types including those other than the two described above.

Asset-backed commercial paper/loan programs

VIEs categorized under asset-backed commercial paper/loan programs consist of conduits for multi-seller programs. These VIEs purchase
receivables from participating clients and other financial assets to meet off-balance-sheet or liquidity needs. The following tables show certain information related to such multi-seller asset-backed commercial paper/loan programs and their acquired
assets as of March 31, 2010. All figures in the tables below and in the accompanying footnotes are approximate amounts based on a managerial accounting basis used for risk monitoring purposes.



|                                                                       |  |                      |      
|---------------------------------------------------------------------- |  | -------------------- | -----
|                                                                       |  | As of March 31, 2010
|                                                                       |  | (in billions of yen)
|Consolidated multi-seller asset-backed commercial paper/loan programs: |  |                      |      
|Total assets held by conduits                                          |  | ¥                    | 2,024
|Total commercial paper issued by conduits                              |  |                      | 144  
|Liquidity, credit support facilities and other
financing(1)            |  |                      | 5,344



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Note:



|(1) | Liquidity, credit support facilities and other financing include conditional and unconditional liquidity and credit facilities as well as loans actually provided.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                                       |  |                                             |   |  |               |   |  |       |  
|---------------------------------------------------------------------- |  | ------------------------------------------- | - |  | ------------- | - |  | ----- | -
|                                                                       |  | Geographic distribution as ofMarch 31, 2010 |  
|                                                                       |  | Japan                                       |   |  | United States |   |  | Total |  
|Consolidated multi-seller asset-backed commercial paper/loan programs: |  |                                             |   |  |               |   |  |       |  
|Type of acquired assets:                                               |  |                                             |   |  |               |   |  |       |  
|Credit cards                                                           |  | 2                                           | % |  | 1             | % |  | 3     | %
|Residential mortgage loans                                             |  | 0                                           |   |  | 0             |   |  | 0     |  
|Auto loans                                                             |  | 3                                           |   |  | 0             |   |  | 3     |  
|Lease payment receivables                                              |  | 7                                           |   |  | 0             |   |  | 7     |  
|Account and note receivables                                           |  | 82                                          |   |  | 1             |   |  | 83    |  
|Others                                                                 |  | 3                                           |   |  | 1             |   |  | 4     |  
|                                                                       |  |                                             |   |  |               |   |  |       |  
|Total                                                                  |  | 97                                          | % |  | 3             | % |  | 100   | %
|                                                                       |  |                                             |   |  |               |   |  |       |  



|                                                                                                             |  |                      |   |  |                               |   |  |    |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  
|------------------------------------------------------------------------------------------------------------ |  | -------------------- | - |  | ----------------------------- | - |  | -- | - |  | --- | - |  | -------------------- | - |  | ----- | - |  | -------------- | - |  | ----------- | - |  | ----------- | - |  | ----- | -
|                                                                                                             |  | As of March 31, 2010 |  
|                                                                                                             |  | Credit
ratings(1)    |   |  | Balances by expected maturity |  
|                                                                                                             |  | AAA                  |   |  | AA                            |   |  | A  |   |  | BBB |   |  | BB orlower;noratings |   |  | Total |   |  | Lessthan1 year |   |  | 1 to5 years |   |  | Over5 years |   |  | Total |  
|Consolidated multi-seller asset-backed commercial paper/loan programs of which acquired assets are in Japan: |  |                      |   |  |                               |   |  |    |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  
|Type of acquired assets:                                                                                     |  |                      |   |  |                               |   |  |    |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  
|Credit cards                                                                                                 |  | 0                    | % |  | 0                             | % |  | 2  | % |  | 0   | % |  | 0                    | % |  | 2     | % |  | 2              | % |  | 0           | % |  | 0           | % |  | 2     | %
|Residential mortgage loans                                                                                   |  | 0                    |   |  | 0                             |   |  | 0  |   |  | 0   |   |  | 0                    |   |  | 0     |   |  | 0              |   |  | 0           |   |  | 0           |   |  | 0     |  
|Auto loans                                                                                                   |  | 0                    |   |  | 0                             |   |  | 0  |   |  | 0   |   |  | 3                    |   |  | 3     |   |  | 2              |   |  | 1           |   |  | 0           |   |  | 3     |  
|Lease payment receivables                                                                                    |  | 0                    |   |  | 0                             |   |  | 5  |   |  | 1   |   |  | 1                    |   |  | 7     |   |  | 3              |   |  | 4           |   |  | 0           |   |  | 7     |  
|Account and note receivables                                                                                 |  | 1                    |   |  | 3                             |   |  | 22 |   |  | 20  |   |  | 36                   |   |  | 82    |   |  | 81             |   |  | 1           |   |  | 0           |   |  | 82    |  
|Others                                                                                                       |  | 0                    |   |  | 0                             |   |  | 1  |   |  | 1   |   |  | 1                    |   |  | 3     |   |  | 2              |   |  | 1           |   |  | 0           |   |  | 3     |  
|                                                                                                             |  |                      |   |  |                               |   |  |    |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  
|Total                                                                                                        |  | 1                    | % |  | 3                             | % |  | 30 | % |  | 22  | % |  | 41                   | % |  | 97    | % |  | 90             | % |  | 7           | % |  | 0           | % |  | 97    | %
|                                                                                                             |  |                      |   |  |                               |   |  |    |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  



Note:



|(1) | Credit ratings are based on internal credit ratings.
|--- | ----------------------------------------------------



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|                                                                                                                     |  |                      |   |  |                               |   |  |   |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  
|-------------------------------------------------------------------------------------------------------------------- |  | -------------------- | - |  | ----------------------------- | - |  | - | - |  | --- | - |  | -------------------- | - |  | ----- | - |  | -------------- | - |  | ----------- | - |  | ----------- | - |  | ----- | -
|                                                                                                                     |  | As of March 31, 2010 |  
|                                                                                                                     |  | Credit
ratings(1)    |   |  | Balances by expected maturity |  
|                                                                                                                     |  | AAA                  |   |  | AA                            |   |  | A |   |  | BBB |   |  | BB orlower;noratings |   |  | Total |   |  | Lessthan1 year |   |  | 1 to5 years |   |  | Over5 years |   |  | Total |  
|Consolidated multi-seller asset-backed commercial paper/loan programs of which acquired assets are located
overseas: |  |                      |   |  |                               |   |  |   |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  
|Type of acquired assets:                                                                                             |  |                      |   |  |                               |   |  |   |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  
|Credit cards                                                                                                         |  | 0                    | % |  | 0                             | % |  | 1 | % |  | 0   | % |  | 0                    | % |  | 1     | % |  | 0              | % |  | 1           | % |  | 0           | % |  | 1     | %
|Residential mortgage loans                                                                                           |  | 0                    |   |  | 0                             |   |  | 0 |   |  | 0   |   |  | 0                    |   |  | 0     |   |  | 0              |   |  | 0           |   |  | 0           |   |  | 0     |  
|Auto loans                                                                                                           |  | 0                    |   |  | 0                             |   |  | 0 |   |  | 0   |   |  | 0                    |   |  | 0     |   |  | 0              |   |  | 0           |   |  | 0           |   |  | 0     |  
|Lease payment receivables                                                                                            |  | 0                    |   |  | 0                             |   |  | 0 |   |  | 0   |   |  | 0                    |   |  | 0     |   |  | 0              |   |  | 0           |   |  | 0           |   |  | 0     |  
|Account and note receivables                                                                                         |  | 0                    |   |  | 0                             |   |  | 0 |   |  | 0   |   |  | 1                    |   |  | 1     |   |  | 1              |   |  | 0           |   |  | 0           |   |  | 1     |  
|Others                                                                                                               |  | 0                    |   |  | 0                             |   |  | 0 |   |  | 1   |   |  | 0                    |   |  | 1     |   |  | 1              |   |  | 0           |   |  | 0           |   |  | 1     |  
|                                                                                                                     |  |                      |   |  |                               |   |  |   |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  
|Total                                                                                                                |  | 0                    | % |  | 0                             | % |  | 1 | % |  | 1   | % |  | 1                    | % |  | 3     | % |  | 2              | % |  | 1           | % |  | 0           | % |  | 3     | %
|                                                                                                                     |  |                      |   |  |                               |   |  |   |   |  |     |   |  |                      |   |  |       |   |  |                |   |  |             |   |  |             |   |  |       |  



Note:



|(1) | Credit ratings are based on internal credit ratings.
|--- | ----------------------------------------------------

Asset-backed securitizations

VIEs categorized under asset-backed securitizations include several single-seller programs used for the purpose of off-balance-sheet
financing for our corporate customers, to which we provide liquidity and credit support facilities and other financing and are thus generally consolidated. Typically, VIEs related to single-seller programs purchase corporate claims such as account
receivables from our corporate customers and provide factoring services. Those claims are generally generated in the normal course of the on-going businesses of our Japanese corporate customers in Japan, and thus we view the risks related to our
providing liquidity and credit support facilities and other financing to be relatively limited under current circumstances. The aggregate amount of assets of such single-seller VIEs was ¥81 billion as of March 31, 2010.

VIEs categorized under asset-backed securitizations also include VIEs that issue CDOs, CLOs or other repackaged instruments that we
arrange. The aggregate amounts of assets held by VIEs that issue CDOs categorized as consolidated VIEs and significant or sponsored unconsolidated VIEs were ¥12 billion and ¥77 billion, respectively. Our maximum exposure to loss with
respect to such significant or sponsored unconsolidated VIEs was negligible.

Losses relating to VIEs that issue such CDOs,
CLOs or other repackaged instruments due to the dislocation in the global financial markets in the fiscal year ended March 31, 2010 are generally reflected in our financial statements either through consolidation in the case of consolidated
VIEs or through a decline in the value of our interest in VIEs in the case of unconsolidated VIEs.

Qualifying Special Purpose Entities
(QSPEs)

QSPEs are passive entities designed to purchase assets and pass through the cash flows from those assets to the
investors and, subject to specified conditions, are generally exempt from consolidation pursuant to ASC 810. The total assets of our QSPEs were ¥308 billion as of March 31, 2010. The acquired assets of such QSPEs were primarily residential
mortgage loans in Japan.



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Critical Accounting Estimates

Note 1 to our consolidated financial statements included elsewhere in this annual report contains a summary of our significant accounting
policies. These accounting policies are essential to understanding our financial condition and results of operations. Certain of these accounting policies require management to make critical accounting estimates that involve complex and subjective
judgments and the use of assumptions, some of which may be for matters that are inherently uncertain and susceptible to change. Such critical accounting estimates are based on information available to us as of the date of the financial statements
and could change from period to period. Critical accounting estimates could also involve estimates for which management could have reasonably used another estimate for the relevant accounting period. The use of different estimates could have a
material impact on our financial condition and results of operations. The following is a discussion of significant accounting policies for which critical accounting estimates are used.

Allowance for Loan Losses and Allowance for Losses on Off-Balance-Sheet Instruments

The allowance for loan losses is based on managements estimate of probable credit losses existing in our lending portfolio, and the
allowance for losses on off-balance-sheet instruments is based on managements estimate of probable losses related to off-balance-sheet arrangements such as guarantees and commitments to extend credit.

The allowance for loan losses is categorized and evaluated using the following methods:



| |  |  | Allowance based on ASC 310.In accordance with ASC 310, Receivables (ASC 310), we measure the value of specifically
identified impaired loans based on the expected cash flows discounted at the loans initial effective interest rates, or as a practical expedient, using the observable market prices or the fair value of collateral if the loan is collateral
dependent, when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Management identifies impaired loans through the credit quality review process, in which the debtors
ability to service its debt is assessed. The difference between our evaluation of the value of the impaired loan and its principal amount is the amount of the impairment which is recorded in the allowance for loan losses. Estimation of future cash
flows is based on a comprehensive analysis of the borrowers ability to service the debt, any progress made on the borrowers rehabilitation program and the assumptions used therein.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Allowance based on ASC 450. In accordance with ASC 450, Contingencies (ASC 450), a formula-based allowance utilizing
historical loss factors is applied to certain impaired loans which are aggregated for purposes of measuring impairment, groups of small balance, homogeneous loans and other non-homogenous loans which have not been identified as impaired. The
determination of expected losses is based on a statistical analysis of our historical default and loan loss data, as well as data from third-party sources. The estimation of the formula allowance is back-tested on a periodic basis by comparing the
allowance with the actual results subsequent to the balance sheet date.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Adjustment of ASC 450 Allowance. In addition to the allowance for loan losses based on historical loss factors, the historical loss rate is
adjusted, where appropriate, to reflect current factors, such as general economic and business conditions affecting key lending areas, credit quality trends, specific industry conditions and recent loss experience in the segments of the loan
portfolio. For loans which are not deemed to be impaired under ASC 310 but to which special isolated risks apply, management assesses each loan individually to determine appropriate allowance amounts in lieu of mechanically applying the ASC 450
formula-based allowance.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We assess probable loss amounts for guarantees using the same categories and
evaluation methods as loans. We similarly assess probable loss amounts for loan commitments, taking into account the probability of drawdowns.

The determination of the allowance for loan losses and the allowance for losses on off-balance-sheet instruments requires a great deal of
judgment and the use of estimates as discussed above. Furthermore,



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information available at the time of the determination is limited, and it is not possible to eliminate uncertainty. Significant changes in any of the factors underlying our determination of the
allowances could materially affect our financial condition and results of operations. For example, if our current judgment with respect to expected future cash flows differ from actual results, including as a result of an unexpected adverse change
in the economic environment in Japan or a sudden and unanticipated failure of a large borrower, or if the value of collateral declines, we may need to increase the allowances with additional charges to earnings.

Valuation of Financial Instruments

ASC 820, Fair Value Measurements and Disclosures (ASC 820) specifies a hierarchy of valuation techniques based on
whether the inputs to those valuation techniques are observable or unobservable. The standard describes the following three levels of inputs that may be used to measure fair value:



|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Level 1 |  | Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in
an active exchange market.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        | 
|Level 2 |  | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are
observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded
instruments. If no quoted market price is available, the fair values of debt securities and over-the-counter derivative contracts in this category are determined using a pricing model with inputs that are observable in the market or can be derived
principally from or corroborated by observable market data.
|        | 
|Level 3 |  | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities
include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques.                                                                                                                                                                                                                                                                                                                                                                                                                                  

For assets and liabilities classified in Level 1 and 2 of the hierarchy, where inputs are principally based on observable market data,
there is less judgment or estimate in determining fair value, while the determination of fair value of Level 3 assets and liabilities involves more significant management judgments and estimates. For further information, including valuation
methodologies and the use of management estimates and judgments in connection therewith, see note 29 to the consolidated financial statements included elsewhere in this annual report.

Valuation of Deferred Income Taxes

Deferred income taxes reflect the net tax effects of (1) temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income tax purposes, and (2) operating loss and tax credit carryforwards. Pursuant to ASC 740, Income Taxes (ASC 740), a valuation allowance is recognized for any
portion of the deferred tax assets where it is considered more likely than not that it will not be realized, based on projected future income and future reversals of existing taxable temporary differences. Because we have not opted to be subject to
consolidated taxation, deferred tax assets and liabilities are calculated separately for each member of our consolidated group.

The determination of a valuation allowance is an inherently uncertain process due to the use of projected future taxable income and
subjective assessments in the effectiveness of our available tax planning strategies provided for under ASC 740. For example, variances in future projected operating performance or tax law changes that impact our tax planning strategies could result
in a change in the valuation allowance. If we are not able to realize all or part of our net deferred tax assets in the future, an adjustment to our valuation allowance would be charged to income tax expense in the period such determination is made,
and this could materially and adversely affect our financial condition and results of operations.



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Pension and Other Employee Benefit Plans

Mizuho Financial Group, its principal banking subsidiaries and certain other subsidiaries sponsor severance indemnities and pension plans,
which provide defined benefits to retired employees. Periodic expense and accrued liabilities are computed based on a number of actuarial assumptions, including mortality, withdrawals, discount rates, expected long-term rates of return on our plan
assets and rates of increase in future compensation levels.

Actual results that differ from the assumptions are accumulated
and amortized over future periods and therefore generally affect future pension expenses. While management believes that the assumptions used are appropriate, differences in actual experience or changes in assumptions may adversely affect pension
expenses in the future.

In estimating the discount rates, we use interest rates on high-quality fixed-income governmental and
corporate bonds that received a rating of AA(Aa) or higher from rating agencies. The durations of such bonds closely match that of the pension benefit obligation. Assumed discount rates were reevaluated at each measurement date.

The expected rate of return for each asset category is based primarily on various aspects of the long-term prospects for the economy that
include historical performance and the market environment.

For further information on our pension benefits, see note 22 to
the consolidated financial statements included elsewhere in this annual report.

Operating Results

The following table shows certain information as to our income, expenses and net income (loss) attributable to MHFG shareholders for the
fiscal years ended March 31, 2008, 2009 and 2010:



|                                                                    |  |                              |       |   |      |   |        |      |  |   |       |  
|------------------------------------------------------------------- |  | ---------------------------- | ----- | - | ---- | - | ------ | ---- |  | - | ----- | -
|                                                                    |  | Fiscal years ended March 31, |      
|                                                                    |  | 2008                         |       |   | 2009 |   |        | 2010 | 
|                                                                    |  | (in billions of yen)         |      
|Interest and dividend income                                        |  | ¥                            | 3,110 |   |      | ¥ | 2,384  |      |  | ¥ | 1,632 |  
|Interest expense                                                    |  |                              | 1,912 |   |      |   | 1,102  |      |  |   | 528   |  
|                                                                    |  |                              |       |   |      |   |        |      |  |   |       |  
|Net interest income                                                 |  |                              | 1,198 |   |      |   | 1,282  |      |  |   | 1,104 |  
|Provision (credit) for loan losses                                  |  |                              | (58   | ) |      |   | 567    |      |  |   | 222   |  
|                                                                    |  |                              |       |   |      |   |        |      |  |   |       |  
|Net interest income after provision (credit) for loan losses        |  |                              | 1,256 |   |      |   | 715    |      |  |   | 882   |  
|Noninterest income                                                  |  |                              | 1,095 |   |      |   | 452    |      |  |   | 1,331 |  
|Noninterest expenses                                                |  |                              | 1,504 |   |      |   | 1,525  |      |  |   | 1,526 |  
|                                                                    |  |                              |       |   |      |   |        |      |  |   |       |  
|Income (loss) before income tax expense (benefit)                   |  |                              | 847   |   |      |   | (358   | )    |  |   | 687   |  
|Income tax expense (benefit)                                        |  |                              | 672   |   |      |   | 762    |      |  |   | (360  | )
|                                                                    |  |                              |       |   |      |   |        |      |  |   |       |  
|Net income (loss)                                                   |  |                              | 175   |   |      |   | (1,120 | )    |  |   | 1,047 |  
|Less: Net income (loss) attributable to noncontrolling
interests(1) |  |                              | (54   | ) |      |   | (62    | )    |  |   | 47    |  
|                                                                    |  |                              |       |   |      |   |        |      |  |   |       |  
|Net income (loss) attributable to MHFG shareholders                 |  | ¥                            | 229   |   |      | ¥ | (1,058 | )    |  | ¥ | 1,000 |  
|                                                                    |  |                              |       |   |      |   |        |      |  |   |       |  



Note:



|(1) | Net income (loss) attributable to noncontrolling interests was relocated from minority interest in consolidated subsidiaries included within noninterest expenses in the
fiscal year ended March 31, 2009 as we adopted ASC 810. For further information, see note 2 to our consolidated financial statements included elsewhere in this report.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Executive Summary

Fiscal Year Ended March 31, 2010 Compared to Fiscal Year Ended March 31, 2009

Net interest income decreased by ¥178 billion, or 13.9%, from the previous fiscal year to ¥1,104 billion in the fiscal year ended
March 31, 2010 due to a decrease in net foreign interest and dividend income of ¥186 billion. The decrease was due mainly to a decrease of ¥521 billion in foreign interest and dividend income offset in part by a decrease of ¥335
billion in foreign interest expense. The decrease in foreign interest and dividend income was due mainly to decreases in interest from foreign loans and income from foreign call loans and funds sold, and receivables under resale agreements and
securities borrowing transactions, both of which reflect general declines in U.S. dollar and euro interest rate levels. The decrease in foreign interest expense was due mainly to decreases in interest expense on foreign short-term borrowings and
foreign interest-bearing deposits. These decreases were due mainly to the decrease in average interest rates, reflecting general declines in U.S. dollar and euro interest rate levels. Domestic interest and dividend income and domestic interest
expense both declined significantly due to declines in yen interest rate levels, but net domestic interest and dividend income showed a slight increase due to the amounts of decline being similar.

Noninterest income increased by ¥879 billion from the previous fiscal year to ¥1,331 billion in the fiscal year ended
March 31, 2010. The increase was due mainly to gains in investment gains (losses)net of ¥67 billion in the fiscal year ended March 31, 2010, compared to losses in investment gains (losses)net of ¥462 billion in the
fiscal year ended March 31, 2009 and an increase in trading account gainsnet of ¥300 billion. The increase in investment gains (losses)net was due mainly to investment gains related to bonds and investment gains related to
equity securities. Investment gains related to bonds in the fiscal year ended March 31, 2010 were due mainly to an absence of impairment losses on Japanese government bonds as we adopted ASC 320 which amends the other-than-temporary impairment
model for debt securities. Investment gains related to equity securities were due mainly to a decrease in impairment losses on equity securities as a result of a recovery in the stock markets. The increase in trading account gainsnet was due
mainly to the gains earned by consolidated VIEs, such as stock investment trusts, as a result of a positive change in market conditions, an increase in gains related to changes in the fair value of derivative financial instruments used to hedge
market risks, mainly interest rate risk, that are not eligible for hedge accounting under U.S. GAAP and an increase in gains related to changes in the fair value of foreign currency denominated available-for-sale securities for which the fair value
option was elected.

Noninterest expenses in the fiscal year ended March 31, 2010 was almost the same level compared to
the previous fiscal year. Salaries and employee benefits increased by ¥96 billion in the fiscal year ended March 31, 2010, offset in part by provision (credit) for losses on off-balance-sheet instruments being a credit of ¥24 billion in
the fiscal year ended March 31, 2010 compared to a provision of ¥84 billion in the previous fiscal year. The increase in salaries and employee benefits were due mainly to the effect of increased employee retirement benefit expenses as a
result of a decline in expected return on plan assets, which reflects various aspects of long-term prospects for the economy, historical performance of investments of plan assets and the market environment, including stock market conditions, at the
beginning of the fiscal period, and the amortization of net actuarial loss, which primarily reflects past declines in the value of plan assets. The decrease was due mainly to a decrease in allowance for losses on off-balance-sheet transactions
primarily as a result of the decrease in the balance of guarantees to overseas obligors.

As a result of the foregoing, income
(loss) before income tax expense (benefit) was income of ¥687 billion in the fiscal year ended March 31, 2010 compared to a loss of ¥358 billion in the fiscal year ended March 31, 2009. We had an income tax benefit of ¥360
billion in the fiscal year ended March 31, 2010 compared to an income tax expense of ¥762 billion in the fiscal year ended March 31, 2009. The benefit was the result of an increase in deferred tax assets.

Net income (loss) was income of ¥1,047 billion in the fiscal year ended March 31, 2010 compared to a loss of ¥1,120 billion
in the fiscal year ended March 31, 2009. Net income (loss) attributable to noncontrolling



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interests was income of ¥47 billion in the fiscal year ended March 31, 2010 compared to a loss of ¥62 billion in the fiscal year ended March 31, 2009. As a result, net income
(loss) attributable to MHFG shareholders was income of ¥1,000 billion in the fiscal year ended March 31, 2010 compared to a loss of ¥1,058 billion in the fiscal year ended March 31, 2009.

Fiscal Year Ended March 31, 2009 Compared to Fiscal Year Ended March 31, 2008

Net interest income increased by ¥84 billion, or 7.0%, from the previous fiscal year to ¥1,282 billion in the fiscal year ended
March 31, 2009 due to an increase in net foreign interest and dividend income of ¥47 billion and an increase in net domestic interest and dividend income of ¥37 billion. The increase in net foreign interest and dividend income was due
mainly to decreases in interest expense on foreign short-term borrowings and foreign interest-bearing deposits as a result of decrease in the average interest rates, offset in part by a decrease in interest and dividend income from foreign call
loans and funds sold, and receivables under resale agreements and securities borrowing transactions as a result of decrease in the average yields, both of which reflect general declines in U.S. dollar and euro interest rate levels. The increase in
net domestic interest and dividend income was due mainly to a decrease in interest expense on domestic interest-bearing deposits, reflecting a decrease in the average interest rate as a result of a decline in yen interest rate levels, offset in part
by a decrease in interest and dividend income from domestic investments and a decrease in interest income from interest-bearing deposits in other banks. The decrease in interest and dividend income from domestic investments was due to a decrease in
the average balance of domestic investments due mainly to the decrease in the balance of equity securities reflecting declines in domestic stock prices and the balance of debt securities as a result of the turmoil in the financial markets, and the
decrease in interest income from interest-bearing deposits in other banks was due mainly to a decrease in average yields as a result of a decline in yen interest rate levels. We had a provision for loan losses of ¥567 billion compared to a
credit of ¥58 billion in the previous fiscal year due mainly to declines in the financial condition of domestic SMEs and middle-market corporations, the effect of the collapse of Lehman Brothers on our exposures to related entities and the
weakening credit status of overseas loans reflecting the global economic downturn, as well as increased estimated loss rates related to normal obligors.

Noninterest income decreased by ¥643 billion, or 58.7%, from the previous fiscal year to ¥452 billion in the fiscal year ended
March 31, 2009 due mainly to a decrease in foreign exchange gainsnet, an increase in investment lossesnet and a decrease in fees and commissions. The decrease in foreign exchange gainsnet was due mainly to translation gains
with respect to foreign currency-denominated liabilities in the fiscal year ended March 31, 2008 that were funded and incurred to offset foreign exchange risk related to foreign currency-denominated available-for-sale securities. The increase
in investment lossesnet was due mainly to investment losses related to equity securities in the fiscal year ended March 31, 2009, compared to investment gains related to equity securities in the previous fiscal year, as a result of an
increase in impairment losses on and a decrease in gains on sales of equity securities reflecting declines in domestic and overseas stock markets. The decrease in fees and commissions was due mainly to a decrease in fees for other customer services
and a decrease in fees and commissions from securities-related business. The decrease in fees for other customer services was due mainly to a decrease in trust business-related fees other than those included in trust fees such as brokerage fees
related to real estate transactions and other fees and commissions such as sales agency fees related to insurance products including individual annuities. The decrease in fees and commissions from securities-related business was due mainly to
decreases in underwriting commissions related to private offerings of debt securities and sales commissions related to investment trusts which were negatively impacted by adverse market conditions, including declines in domestic stock markets.

Noninterest expenses increased by ¥21billion, or 1.4%, from the previous fiscal year to ¥1,525 billion in the fiscal
year ended March 31, 2009 due mainly to an increase in the provision for losses on off-balance-sheet instruments and an increase in salaries and employee benefits, offset in part by a decrease in impairment of goodwill and a decrease in other
noninterest expenses. The increase in provision for losses on off-balance-sheet instruments was due mainly to an increase in allowance for losses on off-balance-sheet transactions primarily as a result of downgrades in credit ratings of some
obligors reflecting declines in their financial condition. The



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increase in salaries and employee benefits was due mainly to the effect of increased employee retirement benefit expenses as a result of a decline in expected return on plan assets and the
amortization of net actuarial loss in the fiscal year ended March 31, 2009 compared to the amortization of net actuarial gain in the previous fiscal year. The decrease in impairment of goodwill was due to impairment of goodwill incurred in the
fiscal year ended March 31, 2008 as a result of the carrying amount of Mizuho Investors Securities and Mizuho Securities exceeding their fair value. The decrease in other noninterest expenses was due mainly to the decrease in valuation losses
related to loans held for sale mainly in connection with overseas leveraged buyout financings.

As a result of the foregoing,
income (loss) before income tax expense was a loss of ¥358 billion in the fiscal year ended March 31, 2009 compared to income of ¥847 billion in the previous fiscal year. Income tax expense increased by ¥90 billion to ¥762
billion in the fiscal year ended March 31, 2009 due mainly to an increase in deferred income tax expense. Income (loss) attributable to noncontrolling interests was a loss of ¥62 billion. As a result, net income (loss) attributable to MHFG
shareholders was a loss of ¥1,058 billion in the fiscal year ended March 31, 2009 compared to income of ¥229 billion in the previous fiscal year.



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Net Interest Income

The following table shows the average balance of interest-earning assets and interest-bearing liabilities, interest amounts and the
average interest rates on such assets and liabilities for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|-------------------------------------------------------------------------------------------------------- |  | ---------------------------------------- | ------- | -------------- | ---- | ------------ |  | ---- | -------------- |  | - | -------------- | - | ------------ | - | ----- | -------------- | ---- | - | -------------- | - | ------------ | - |  | - | ----- |  | ---- | -
|                                                                                                         |  | Fiscal years ended March 31,             |        
|                                                                                                         |  | 2008                                     |         |                | 2009 |              |  | 2010 |               
|                                                                                                         |  | Averagebalance                           |         | Interestamount |      | Interestrate |  |      | Averagebalance |  |   | Interestamount |   | Interestrate |   |       | Averagebalance |      |   | Interestamount |   | Interestrate |  
|                                                                                                         |  | (in billions of yen, except percentages) |        
|Domestic:                                                                                                |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Interest-bearing deposits in other banks                                                                 |  | ¥                                        | 779     |                | ¥    | 25           |  | 3.18 | %              |  | ¥ | 1,903          |   |              | ¥ | 12    |                | 0.63 | % |                | ¥ | 176          |   |  | ¥ | 1     |  | 0.56 | %
|Call loans and funds sold, and receivables under resale agreements and securities borrowing transactions |  |                                          | 7,544   |                |      | 49           |  | 0.65 |                |  |   | 6,988          |   |              |   | 40    |                | 0.57 |   |                |   | 5,712        |   |  |   | 10    |  | 0.17 |  
|Trading account assets                                                                                   |  |                                          | 7,389   |                |      | 34           |  | 0.46 |                |  |   | 5,972          |   |              |   | 37    |                | 0.63 |   |                |   | 6,547        |   |  |   | 37    |  | 0.57 |  
|Investments                                                                                              |  |                                          | 27,900  |                |      | 282          |  | 1.01 |                |  |   | 26,472         |   |              |   | 264   |                | 1.00 |   |                |   | 32,349       |   |  |   | 229   |  | 0.71 |  
|Loans                                                                                                    |  |                                          | 57,662  |                |      | 1,020        |  | 1.77 |                |  |   | 59,387         |   |              |   | 1,019 |                | 1.72 |   |                |   | 57,074       |   |  |   | 864   |  | 1.51 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Total interest-earning assets                                                                            |  |                                          | 101,274 |                |      | 1,410        |  | 1.39 |                |  |   | 100,722        |   |              |   | 1,372 |                | 1.36 |   |                |   | 101,858      |   |  |   | 1,141 |  | 1.12 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Deposits                                                                                                 |  |                                          | 64,296  |                |      | 337          |  | 0.52 |                |  |   | 67,047         |   |              |   | 287   |                | 0.43 |   |                |   | 66,946       |   |  |   | 137   |  | 0.21 |  
|Debentures                                                                                               |  |                                          | 3,965   |                |      | 24           |  | 0.60 |                |  |   | 2,755          |   |              |   | 18    |                | 0.64 |   |                |   | 1,938        |   |  |   | 12    |  | 0.62 |  
|Short-term
borrowings(1)                                                                                 |  |                                          | 19,043  |                |      | 158          |  | 0.83 |                |  |   | 21,299         |   |              |   | 150   |                | 0.71 |   |                |   | 21,684       |   |  |   | 48    |  | 0.22 |  
|Trading account liabilities                                                                              |  |                                          | 4,233   |                |      | 8            |  | 0.19 |                |  |   | 2,442          |   |              |   | 7     |                | 0.27 |   |                |   | 2,242        |   |  |   | 10    |  | 0.46 |  
|Long-term debt                                                                                           |  |                                          | 7,548   |                |      | 188          |  | 2.48 |                |  |   | 8,010          |   |              |   | 178   |                | 2.22 |   |                |   | 9,063        |   |  |   | 194   |  | 2.14 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Total interest-bearing liabilities                                                                       |  |                                          | 99,085  |                |      | 715          |  | 0.72 |                |  |   | 101,553        |   |              |   | 640   |                | 0.63 |   |                |   | 101,873      |   |  |   | 401   |  | 0.39 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Net                                                                                                      |  |                                          | 2,189   |                |      | 695          |  | 0.67 |                |  |   | (831           | ) |              |   | 732   |                | 0.73 |   |                |   | (15          | ) |  |   | 740   |  | 0.73 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Foreign:                                                                                                 |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Interest-bearing deposits in other banks                                                                 |  |                                          | 1,439   |                |      | 53           |  | 3.72 |                |  |   | 942            |   |              |   | 26    |                | 2.76 |   |                |   | 1,056        |   |  |   | 8     |  | 0.78 |  
|Call loans and funds sold, and receivables under resale agreements and securities borrowing transactions |  |                                          | 11,260  |                |      | 535          |  | 4.75 |                |  |   | 8,739          |   |              |   | 169   |                | 1.93 |   |                |   | 8,412        |   |  |   | 38    |  | 0.45 |  
|Trading account assets                                                                                   |  |                                          | 4,337   |                |      | 50           |  | 1.16 |                |  |   | 14,180         |   |              |   | 250   |                | 1.76 |   |                |   | 17,034       |   |  |   | 167   |  | 0.98 |  
|Investments                                                                                              |  |                                          | 9,840   |                |      | 447          |  | 4.54 |                |  |   | 3,623          |   |              |   | 103   |                | 2.83 |   |                |   | 3,261        |   |  |   | 49    |  | 1.50 |  
|Loans                                                                                                    |  |                                          | 10,861  |                |      | 615          |  | 5.66 |                |  |   | 10,670         |   |              |   | 464   |                | 4.35 |   |                |   | 10,206       |   |  |   | 229   |  | 2.25 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Total interest-earning assets                                                                            |  |                                          | 37,737  |                |      | 1,700        |  | 4.50 |                |  |   | 38,154         |   |              |   | 1,012 |                | 2.65 |   |                |   | 39,969       |   |  |   | 491   |  | 1.23 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Deposits                                                                                                 |  |                                          | 9,349   |                |      | 417          |  | 4.46 |                |  |   | 7,250          |   |              |   | 200   |                | 2.75 |   |                |   | 7,794        |   |  |   | 58    |  | 0.74 |  
|Short-term
borrowings(1)                                                                                 |  |                                          | 15,539  |                |      | 738          |  | 4.75 |                |  |   | 11,871         |   |              |   | 225   |                | 1.89 |   |                |   | 11,600       |   |  |   | 34    |  | 0.30 |  
|Trading account liabilities                                                                              |  |                                          | 3,361   |                |      | 19           |  | 0.56 |                |  |   | 7,357          |   |              |   | 11    |                | 0.16 |   |                |   | 10,134       |   |  |   | 21    |  | 0.20 |  
|Long-term debt                                                                                           |  |                                          | 785     |                |      | 23           |  | 2.97 |                |  |   | 889            |   |              |   | 26    |                | 2.92 |   |                |   | 842          |   |  |   | 14    |  | 1.63 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Total interest-bearing liabilities                                                                       |  |                                          | 29,034  |                |      | 1,197        |  | 4.12 |                |  |   | 27,367         |   |              |   | 462   |                | 1.69 |   |                |   | 30,370       |   |  |   | 127   |  | 0.42 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Net                                                                                                      |  |                                          | 8,703   |                |      | 503          |  | 0.38 |                |  |   | 10,787         |   |              |   | 550   |                | 0.96 |   |                |   | 9,599        |   |  |   | 364   |  | 0.81 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Total:                                                                                                   |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Total interest-earning assets                                                                            |  |                                          | 139,011 |                |      | 3,110        |  | 2.24 |                |  |   | 138,876        |   |              |   | 2,384 |                | 1.72 |   |                |   | 141,827      |   |  |   | 1,632 |  | 1.15 |  
|Total interest-bearing liabilities                                                                       |  |                                          | 128,119 |                |      | 1,912        |  | 1.49 |                |  |   | 128,920        |   |              |   | 1,102 |                | 0.85 |   |                |   | 132,243      |   |  |   | 528   |  | 0.40 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  
|Net                                                                                                      |  | ¥                                        | 10,892  |                | ¥    | 1,198        |  | 0.75 |                |  | ¥ | 9,956          |   |              | ¥ | 1,282 |                | 0.87 |   |                | ¥ | 9,584        |   |  | ¥ | 1,104 |  | 0.75 |  
|                                                                                                         |  |                                          |         |                |      |              |  |      |                |  |   |                |   |              |   |       |                |      |   |                |   |              |   |  |   |       |  |      |  



Note:



|(1) | Short-term borrowings consist of due to trust accounts, call money and funds purchased, payables under repurchase agreements and securities lending transactions,
commercial paper and other short-term borrowings.
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Fiscal Year Ended March 31, 2010 Compared to Fiscal Year Ended March 31, 2009

Interest and dividend income decreased by ¥752 billion, or 31.5%, from the previous fiscal year to ¥1,632 billion in the
fiscal year ended March 31, 2010. Domestic interest and dividend income accounted for ¥1,141 billion of the total amount, a decrease of ¥231 billion from the previous fiscal year, and foreign interest and dividend income accounted for
¥491 billion, a decrease of ¥521 billion from the previous fiscal year.

The decrease in domestic interest and
dividend income was due mainly to the decrease in interest income from domestic loans. The decrease in interest income from domestic loans was due mainly to the decrease in average yield, reflecting a decline in yen interest rate levels. Changes in
average yields on domestic interest-earning assets contributed to an overall decrease in interest and dividend income of ¥222 billion, and changes in average balances of domestic interest-earning assets contributed to an overall decrease in
interest and dividend income of ¥9 billion, resulting in the ¥231 billion decrease in domestic interest and dividend income.

The decrease in foreign interest and dividend income was due mainly to decreases in interest from foreign loans and income from foreign
call loans and funds sold, and receivables under resale agreements and securities borrowing transactions. The decreases in interest income from foreign loans and from foreign call loans and funds sold, and receivables under resale agreements and
securities borrowing transactions were due mainly to a decrease in average yields, reflecting general declines in U.S. dollar and euro interest rate levels. Changes in average yields on foreign interest-earning assets contributed to an overall
decrease in interest and dividend income of ¥515 billion, and changes in average balances of foreign interest-earning assets contributed to an overall decrease in interest and dividend income of ¥6 billion, resulting in the ¥521 billion
decrease in foreign interest and dividend income.

Interest expense decreased by ¥574 billion, or 52.1%, from the previous
fiscal year to ¥528 billion in the fiscal year ended March 31, 2010. Domestic interest expense accounted for ¥401 billion of the total amount, a decrease of ¥239 billion from the previous fiscal year, and foreign interest expense
accounted for ¥127 billion of the total amount, a decrease of ¥335 billion from the previous fiscal year.

The
decrease in domestic interest expense was due mainly to decreases in interest expense on domestic interest-bearing deposits and short-term borrowings. The decreases in interest expense on domestic interest-bearing deposits and short-term borrowings
were due mainly to a decrease in the average interest rate, reflecting a decline in yen interest rate levels. The changes in average interest rates on domestic interest-bearing liabilities contributed to an overall decrease in interest expense of
¥256 billion, and the changes in average balances of domestic interest-bearing liabilities contributed to an overall increase in interest expense of ¥17 billion, resulting in the ¥239 billion decrease in domestic interest expense.

The decrease in foreign interest expense was due mainly to decreases in interest expense on foreign short-term borrowings and
foreign interest-bearing deposits. These decreases were due mainly to the decrease in average interest rates, reflecting general declines in U.S. dollar and euro interest rate levels. The changes in average interest rates on foreign interest-bearing
liabilities contributed to an overall decrease in interest expense of ¥338 billion, and the changes in average balances of foreign interest-bearing liabilities contributed to an overall increase in interest expense of ¥3 billion, resulting
in the ¥335 billion decrease in foreign interest expense.

The decrease of 0.49% in the average yield on loans in the
fiscal year ended March 31, 2010 compared to the fiscal year ended March 31, 2009 was larger than the decrease of 0.40% in the average rate on interest-bearing deposits over the same period. Taking into account only domestic loans and
domestic deposits, the difference between the decrease of 0.21% in the average yield on domestic loans and the decrease of 0.22% in the average rate on domestic interest-bearing deposits was not significant.

As a result of the foregoing, net interest income decreased by ¥178 billion, or 13.9%, from the previous fiscal year to ¥1,104
billion. Average interest rate spread decreased by 0.12% to 0.75%, with the domestic



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average interest rate spread remaining unchanged due mainly to a comparable decrease in the average interest rate on deposits and the decrease in average yield on loans, both of which reflect
declining yen interest rate levels, and foreign average interest rate spread decreasing by 0.15% due mainly to the effect of the decrease in average yield on loans exceeding the effect of the decrease in average interest rate on deposits, both of
which reflects declining U.S. dollar and euro interest rate levels.

Fiscal Year Ended March 31, 2009 Compared to Fiscal Year Ended
March 31, 2008

Interest and dividend income decreased by ¥726 billion, or 23.3%, from the previous fiscal year to
¥2,384 billion in the fiscal year ended March 31, 2009. Domestic interest and dividend income accounted for ¥1,372 billion of the total amount, a decrease of ¥38 billion from the previous fiscal year, and foreign interest and
dividend income accounted for ¥1,012 billion, a decrease of ¥688 billion from the previous fiscal year.

The decrease
in domestic interest and dividend income was due mainly to the decrease in interest and dividend income from domestic investments and interest-bearing deposits in other banks. The decrease in interest and dividend income from domestic investments
was due to a decrease in the average balance of domestic investments of ¥1,428 billion, due mainly to the decrease in the balance of equity securities reflecting declines in domestic stock prices and the balance of debt securities as a result of
the turmoil in the financial markets. The decrease in interest income from domestic interest-bearing deposits in other banks was due mainly to the decrease in average yield, reflecting a decline in yen interest rate levels. The changes in the
average yields on domestic interest-earning assets contributed to an overall decrease in interest and dividend income of ¥50 billion, and the changes in average balances of domestic interest-earning assets contributed to an overall increase in
interest and dividend income of ¥12 billion, resulting in the ¥38 billion decrease in domestic interest and dividend income.

The decrease in foreign interest and dividend income was due mainly to decreases in interest and dividend income from foreign call loans
and funds sold, and receivables under resale agreements and securities borrowing transactions and foreign investments, offset in part by an increase in interest income from foreign trading account assets. The decrease in interest income from foreign
call loans and funds sold, and receivables under resale agreements and securities borrowing transactions was due mainly to a decrease in average yields, reflecting general declines in U.S. dollar and euro interest rate levels. The decrease in
interest and dividend income from foreign investments and the increase in interest income from foreign trading account assets was due mainly to the reclassification from investments to trading account assets of foreign currency denominated
available-for-sale securities that were elected for fair value treatment under ASC 825 as of April 1, 2008. For further information on the fair value option, see note 29 to our consolidated financial statements included elsewhere in this annual
report. The changes in average yields on foreign interest-earning assets contributed to an overall decrease in interest and dividend income of ¥508 billion, and the changes in average balances of foreign interest-earning assets contributed to an
overall decrease in interest and dividend income of ¥180 billion, resulting in the ¥688 billion decrease in foreign interest and dividend income.

Interest expense decreased by ¥810 billion, or 42.3%, from the previous fiscal year to ¥1,102 billion in the fiscal year ended
March 31, 2009. Domestic interest expense accounted for ¥640 billion of the total amount, a decrease of ¥75 billion from the previous fiscal year, and foreign interest expense accounted for ¥462 billion of the total amount, a
decrease of ¥735 billion from the previous fiscal year.

The decrease in domestic interest expense was due mainly to a
decrease in interest expense on domestic interest-bearing deposits. The decrease in interest expense on domestic interest-bearing deposits was due to a decrease in the average interest rate, reflecting a decline in yen interest rate levels. The
changes in average interest rates on domestic interest-bearing liabilities contributed to an overall decrease in interest expense of ¥102 billion, and the changes in average balances of domestic interest-bearing liabilities contributed to an
overall increase in interest expense of ¥27 billion, resulting in the ¥75 billion decrease in domestic interest expense.



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The decrease in foreign interest expense was due mainly to decreases in interest expense on
foreign short-term borrowings and foreign interest-bearing deposits. These decreases were due mainly to the decrease in average interest rates, reflecting general declines in U.S. dollar and euro interest rate levels. The changes in average interest
rates on foreign interest-bearing liabilities contributed to an overall decrease in interest expense of ¥519 billion, and the changes in average balances of foreign interest-bearing liabilities contributed to an overall decrease in interest
expense of ¥216 billion, resulting in the ¥735 billion decrease in foreign interest expense.

The decrease of 0.27% in
the average yield on loans in the fiscal year ended March 31, 2009 compared to the fiscal year ended March 31, 2008 was smaller than the decrease of 0.36% in the average rate on interest-bearing deposits over the same period. Taking into
account only domestic loans and domestic deposits, the difference between the decrease of 0.05% in the average yield on domestic loans and the decrease of 0.09% in the average rate on domestic interest-bearing deposits was not significant.

As a result of the foregoing, net interest income increased by ¥84 billion, or 7.0%, from the previous fiscal year to
¥1,282 billion. Average interest rate spread rose by 0.12% to 0.87%, with domestic average interest rate spread rising by 0.06%, due mainly to a decrease in average interest rate on deposits, which more than offset the effect of a decrease in
average yield on loans, both of which reflect declining yen interest rate levels, and foreign average interest rate spread rising by 0.58% due mainly to the effect of the decrease in average interest rate on deposits exceeding the effect of the
decrease in average yield on loans, both of which reflects declining U.S. dollar and euro interest rate levels.

Provision (Credit) for
Loan Losses

Fiscal Year Ended March 31, 2010 Compared to Fiscal Year Ended March 31, 2009

Provision for loan losses decreased by ¥345 billion, or 60.8%, from the previous fiscal year to ¥222 billion in the fiscal year
ended March 31, 2010. The decrease was due mainly to an improvement in economic conditions and our efforts for appropriate credit management. See Financial ConditionAssetsAllowance for Loan LossesProvision for loan
losses.

Fiscal Year Ended March 31, 2009 Compared to Fiscal Year Ended March 31, 2008

We had a provision for loan losses of ¥567 billion in the fiscal year ended March 31, 2009 compared to a credit for loan losses
of ¥58 billion in the previous fiscal year. The provision for loan losses was due mainly to declines in the financial condition of domestic SMEs and middle-market corporations, the effect of the collapse of Lehman Brothers on our exposures to
related entities and the weakening credit status of overseas loans reflecting the global economic downturn, as well as increased estimated loss rates related to normal obligors. See Financial ConditionAssetsAllowance for Loan
LossesProvision (credit) for loan losses.



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Noninterest Income

The following table shows a breakdown of noninterest income for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                                                    |  |                              |       |   |      |   |      |      |  |   |       |  
|------------------------------------------------------------------- |  | ---------------------------- | ----- | - | ---- | - | ---- | ---- |  | - | ----- | -
|                                                                    |  | Fiscal years ended March 31, |      
|                                                                    |  | 2008                         |       |   | 2009 |   |      | 2010 | 
|                                                                    |  | (in billions of yen)         |      
|Fees and commissions                                                |  | ¥                            | 633   |   |      | ¥ | 561  |      |  | ¥ | 586   |  
|Fees and commissions from securities-related business               |  |                              | 95    |   |      |   | 57   |      |  |   | 115   |  
|Fees and commissions from remittance business                       |  |                              | 117   |   |      |   | 112  |      |  |   | 105   |  
|Fees and commissions from deposits, debentures and lending business |  |                              | 88    |   |      |   | 110  |      |  |   | 95    |  
|Trust fees                                                          |  |                              | 64    |   |      |   | 56   |      |  |   | 49    |  
|Fees for other customer services                                    |  |                              | 269   |   |      |   | 226  |      |  |   | 222   |  
|Foreign exchange gains (losses)net                                 |  |                              | 297   |   |      |   | 24   |      |  |   | (2    | )
|Trading account gainsnet                                           |  |                              | 136   |   |      |   | 122  |      |  |   | 422   |  
|Investment gains (losses)net                                       |  |                              | (191  | ) |      |   | (462 | )    |  |   | 67    |  
|Investment losses related to bonds                                  |  |                              | (314  | ) |      |   | (178 | )    |  |   | (2    | )
|Investment gains (losses) related to equity securities              |  |                              | 121   |   |      |   | (282 | )    |  |   | 55    |  
|Others                                                              |  |                              | 2     |   |      |   | (2   | )    |  |   | 14    |  
|Gains on disposal of premises and equipment                         |  |                              | 37    |   |      |   | 23   |      |  |   | 28    |  
|Other noninterest income                                            |  |                              | 183   |   |      |   | 184  |      |  |   | 230   |  
|                                                                    |  |                              |       |   |      |   |      |      |  |   |       |  
|Total noninterest income                                            |  | ¥                            | 1,095 |   |      | ¥ | 452  |      |  | ¥ | 1,331 |  
|                                                                    |  |                              |       |   |      |   |      |      |  |   |       |  

Fiscal Year Ended March 31, 2010 Compared to Fiscal Year Ended March 31, 2009

Noninterest income increased by ¥879 billion from the previous fiscal year to ¥1,331 billion in the fiscal year ended
March 31, 2010. The increase was due mainly to gains in investment gains (losses)net of ¥67 billion in the fiscal year ended March 31, 2010 compared to losses in investment gains (losses)net of ¥462 billion in the
previous fiscal year and an increase in trading account gainsnet of ¥300 billion.

Fees and commissions

Fees and commissions income increased by ¥25 billion, or 4.5%, from the previous fiscal year to ¥586 billion in
the fiscal year ended March 31, 2010. The increase was due mainly to an increase of ¥58 billion in fees and commissions from securities-related business, offset in part by a decrease of ¥15 billion in fees and commissions from deposits,
debentures and lending business. The increase in fees and commissions from securities-related business was due mainly to an increase in fees of our securities subsidiaries as a result of a positive change in market conditions.

Foreign exchange gains (losses)net

Foreign exchange gains (losses)net was a loss of ¥2 billion in the fiscal year ended March 31, 2010 compared to a gain of
¥24 billion in the previous fiscal year. The change was due mainly to fluctuations in foreign exchange rates in the fiscal year ended March 31, 2010.

Trading account gainsnet

Trading account gainsnet increased by ¥300 billion from the previous fiscal year to ¥422 billion in the fiscal year ended
March 31, 2010. The increase was due mainly to the gains earned by consolidated VIEs, such as stock investment trusts, as a result of a positive change in market conditions, an increase in gains related to changes in the fair value of
derivative financial instruments used to hedge market risks, mainly interest rate risk,



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that are not eligible for hedge accounting under U.S. GAAP and an increase in gains related to changes in the fair value of foreign currency denominated available-for-sale securities for which
the fair value option was elected. For further information on the fair value option, see note 29 to our consolidated financial statements included elsewhere in this annual report.

Investment gains (losses)net

Investment gains (losses)net was a gain of ¥67 billion in the fiscal year ended March 31, 2010 compared to a loss of
¥462 billion in the previous fiscal year. The change was due mainly to investment gains related to equity securities of ¥55 billion recorded in the fiscal year ended March 31, 2010 compared to investment losses related to equity
securities of ¥282 billion in the previous fiscal year as well as a decrease of ¥176 billion in investment losses related to bonds compared to the previous fiscal year. The change in investment gains (losses) related to equity securities
between the fiscal year ended March 31, 2009 and the fiscal year ended March 31, 2010 was due mainly to a decrease in impairment losses on equity securities as a result of a recovery of the stock markets. The decrease in investment losses
related to bonds in the fiscal year ended March 31, 2010 was due mainly to the absence of impairment losses on Japanese government bonds as we adopted ASC 320 which amends the other-than-temporary impairment model for debt securities. For
further information, see notes 2 and 5 to our consolidated financial statements included elsewhere in this report.

Gains
on disposal of premises and equipment

Gains on disposal of premises and equipment increased by ¥5 billion, or 21.7%,
from the previous fiscal year to ¥28 billion in the fiscal year ended March 31, 2010 due mainly to increased gains on the sale of real estate.

Other noninterest income

Other noninterest income increased by ¥46 billion, or 25.0%, from the previous fiscal year to ¥230 billion in the fiscal year
ended March 31, 2010. The increase was due mainly to a gain relating to the merger of Mizuho Securities and Shinko Securities.

Fiscal
Year Ended March 31, 2009 Compared to Fiscal Year Ended March 31, 2008

Noninterest income decreased by ¥643
billion, or 58.7%, from the previous fiscal year to ¥452 billion in the fiscal year ended March 31, 2009. The decrease was due mainly to a decrease in foreign exchange gainsnet of ¥273 billion, an increase in investment
lossesnet of ¥271 billion and a decrease in fees and commissions of ¥72 billion.

Fees and commissions

Fees and commissions income decreased by ¥72 billion, or 11.5%, from the previous fiscal year to ¥561 billion in the
fiscal year ended March 31, 2009. The decrease was due mainly to a decrease of ¥43 billion in fees for other customer services and a decrease of ¥38 billion in fees and commissions from securities-related business, offset in part by an
increase of ¥22 billion in fees and commissions from deposits, debentures and lending business. The decrease in fees for other customer services was due mainly to a decrease in trust business-related fees other than those included in trust fees
such as brokerage fees related to real estate transactions and other fees and commissions such as sales agency fees related to insurance products including individual annuities. The decrease in fees and commissions from securities-related business
was due mainly to decreases in underwriting commissions related to private offerings of debt securities and sales commissions related to investment trusts which were negatively impacted by adverse market conditions, including declines in domestic
stock markets. The increase in fees and commissions from deposits, debentures and lending business was due mainly to recognition of deferred fees in connection with the loans reclassified from the held-for-sale account during this fiscal year and an
increase in fee income associated with domestic syndicated loans reflecting the increased funding needs of domestic corporate customers.



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Foreign exchange gains (losses)net

Foreign exchange gainsnet decreased by ¥273 billion, or 92.0%, from the previous fiscal year to ¥24 billion in the fiscal
year ended March 31, 2009. The decrease was due mainly to translation gains with respect to foreign currency denominated liabilities in the fiscal year ended March 31, 2008 that were funded and incurred to offset foreign exchange risk
related to foreign currency denominated available-for-sale securities. In the fiscal year ended March 31, 2009, the translation gains with respect to foreign currency denominated liabilities were offset by translation losses on foreign currency
denominated available-for-sale securities as a result of the reclassification of foreign currency denominated available-for-sale securities from investments to trading account assets following the adoption of the fair value option under ASC 825 as
of April 1, 2008. In the previous fiscal year, the translation losses on foreign currency denominated available-for-sale securities were recorded in other comprehensive income. For further information on the fair value option, see note 29 to
our consolidated financial statements included elsewhere in this annual report.

Trading account gainsnet

Trading account gainsnet decreased by ¥14 billion, or 10.3%, from the previous fiscal year to ¥122 billion
in the fiscal year ended March 31, 2009. The decrease was due mainly to the decrease in gains related to changes in the fair value of derivative financial instruments used to hedge market risks, mainly interest rate risk, that are not eligible
for hedge accounting under U.S. GAAP and the losses incurred by consolidated VIEs, such as stock investment trusts, due mainly to declines in the stock markets. Trading account gainsnet also include losses related to changes in the fair value
of foreign currency denominated available-for-sale securities that were elected for fair value treatment under ASC 825 as of April 1, 2008. For further information on the fair value option, see note 29 to our consolidated financial statements
included elsewhere in this annual report. The increase in these losses was offset in part by the decrease in the trading losses on securitization products incurred by Mizuho Securities, including overseas subsidiaries, in connection with the
dislocation in the global financial markets. See OverviewImpact of the Dislocation in the Global Financial Markets.

Investment lossesnet

Investment lossesnet increased by ¥271 billion from the previous fiscal year to ¥462 billion in the fiscal year ended
March 31, 2009. The increase was due mainly to investment losses related to equity securities of ¥282 billion in the fiscal year ended March 31, 2009, compared to investment gains related to equity securities of ¥121 billion in the
previous fiscal year, offset in part by a decrease in investment losses related to bonds of ¥136 billion from the previous fiscal year to ¥178 billion in the fiscal year ended March 31, 2009. The investment losses related to equity
securities in the fiscal year ended March 31, 2009 were due mainly to an increase in impairment losses on and a decrease in gains on sales of equity securities reflecting declines in domestic and overseas stock markets. The decrease in
investment losses related to bonds was due mainly to reclassification of investment losses related to foreign currency denominated available-for-sale securities from investments gains (losses) to trading account gains (losses) following the adoption
of the fair value option under ASC 825 as of April 1, 2008. Investment losses related to bonds for both fiscal years also include the losses on sales of, and impairment losses on various types of, securitization products due to the impact of
the dislocation in the global financial markets. See OverviewImpact of the Dislocation in the Global Financial Markets.

Gains on disposal of premises and equipment

Gains on disposal of premises and equipment decreased by ¥14 billion, or 37.1%, from the previous fiscal year to ¥23 billion in
the fiscal year ended March 31, 2009 due mainly to decreased gains on the sale of real estate.



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Noninterest Expenses

The following table shows a breakdown of noninterest expenses for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                                               |  |                              |       |      |   |       |  |   |       |  
|-------------------------------------------------------------- |  | ---------------------------- | ----- | ---- | - | ----- |  | - | ----- | -
|                                                               |  | Fiscal years ended March 31, |      
|                                                               |  | 2008                         |       | 2009 |   | 2010  | 
|                                                               |  | (in billions of yen)         |      
|Salaries and employee benefits                                 |  | ¥                            | 436   |      | ¥ | 496   |  | ¥ | 592   |  
|General and administrative expenses                            |  |                              | 508   |      |   | 499   |  |   | 497   |  
|Impairment of goodwill                                         |  |                              | 50    |      |   |      |  |   |      |  
|Occupancy expenses                                             |  |                              | 197   |      |   | 178   |  |   | 172   |  
|Fees and commission expenses                                   |  |                              | 111   |      |   | 106   |  |   | 92    |  
|Provision (credit) for losses on off-balance-sheet instruments |  |                              | 5     |      |   | 84    |  |   | (24   | )
|Other noninterest expenses                                     |  |                              | 197   |      |   | 162   |  |   | 197   |  
|                                                               |  |                              |       |      |   |       |  |   |       |  
|Total noninterest expenses                                     |  | ¥                            | 1,504 |      | ¥ | 1,525 |  | ¥ | 1,526 |  
|                                                               |  |                              |       |      |   |       |  |   |       |  

Fiscal Year Ended March 31, 2010 Compared to Fiscal Year Ended March 31, 2009

Noninterest expenses increased by ¥1 billion, or 0.1%, from the previous fiscal year to ¥1,526 billion in the fiscal year ended
March 31, 2010.

Salaries and employee benefits

Salaries and employee benefits increased by ¥96 billion, or 19.4%, from the previous fiscal year to ¥592 billion in the fiscal
year ended March 31, 2010 due mainly to the effect of increased employee retirement benefit expenses as a result of a decline in expected return on plan assets, which reflects various aspects of long-term prospects for the economy, historical
performance of investments of plan assets and the market environment, including stock market conditions, at the beginning of the fiscal period, and the amortization of net actuarial loss, which primarily reflects past declines in the value of plan
assets. Additional information regarding pension and other employee benefit plans is included in note 22 to our consolidated financial statements included elsewhere in this annual report.

General and administrative expenses

General and administrative expenses decreased by ¥2 billion, or 0.4%, from the previous fiscal year to ¥497 billion in the fiscal
year ended March 31, 2010. The decrease was due mainly to our efforts to enhance our cost efficiency through detailed reviews.

Occupancy expenses

Occupancy expenses decreased by ¥6 billion, or 3.4%, from the previous fiscal year to ¥172 billion in the fiscal year ended
March 31, 2010. The decrease was due mainly to a decrease in depreciation expenses of tangible fixed assets and a decrease in losses on disposal of premises and equipment.

Provision (credit) for losses on off-balance-sheet instruments

Provision (credit) for losses on off-balance-sheet instruments was a credit of ¥24 billion in the fiscal year ended March 31,
2010 compared to a provision of ¥84 billion in the previous fiscal year. The change was due mainly to a decrease in allowance for losses on off-balance-sheet transactions primarily as a result of the decrease in the balance of guarantees to
overseas obligors.



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Fiscal Year Ended March 31, 2009 Compared to Fiscal Year Ended March 31, 2008

Noninterest expenses increased by ¥21 billion, or 1.4%, from the previous fiscal year to ¥1,525 billion in the fiscal year ended
March 31, 2009. The increase was due mainly to an increase in provision for losses on off-balance-sheet instruments of ¥79 billion and an increase in salaries and employee benefits of ¥60 billion, offset in part by a decrease in
impairment of goodwill of ¥50 billion and a decrease in other noninterest expenses of ¥35 billion.

Salaries and
employee benefits

Salaries and employee benefits increased by ¥60 billion, or 13.7%, from the previous fiscal year to
¥496 billion in the fiscal year ended March 31, 2009 due mainly to the effect of increased employee retirement benefit expenses as a result of a decline in expected return on plan assets, from ¥95 billion in the previous fiscal year to
¥52 billion in the fiscal year ended March 31, 2009, and the amortization of net actuarial loss of ¥6 billion in the fiscal year ended March 31, 2009 compared to the amortization of net actuarial gain of ¥6 billion in the
previous fiscal year. Additional information regarding pension and other employee benefit plans is included in note 22 to our consolidated financial statements included elsewhere in this annual report.

General and administrative expenses

General and administrative expenses decreased by ¥9 billion, or 1.8%, from the previous fiscal year to ¥499 billion in the fiscal
year ended March 31, 2009. The decrease was due mainly to our efforts to enhance our cost efficiency through detailed reviews while we allocated our management resources to focused areas, such as further enhancement to our infrastructure to
promote our domestic consulting activities with individuals.

Impairment of goodwill

We did not record impairment of goodwill in the fiscal year ended March 31, 2009. Impairment of goodwill of ¥50 billion was
incurred in the fiscal year ended March 31, 2008 due to the carrying amount of Mizuho Investors Securities and Mizuho Securities, each a subsidiary of ours, exceeding their fair value as a result of a decrease in the market price of common
stock of Mizuho Investors Securities and decreased future cash flows estimation of Mizuho Securities. Additional information regarding the impairment of goodwill is included in note 9 to our consolidated financial statements included elsewhere in
this annual report.

Occupancy expenses

Occupancy expenses decreased by ¥19 billion, or 9.7%, from the previous fiscal year to ¥178 billion in the fiscal year ended
March 31, 2009. The decrease was due mainly to an increase in depreciation expenses in the fiscal year ended March 31, 2008 as a result of a change in the declining-balance method for depreciating premises and equipment, along with a
reduction of the estimated salvage values of the relevant assets.

Provision (credit) for losses on off-balance-sheet
instruments

Provision for losses on off-balance-sheet instruments increased by ¥79 billion from the previous fiscal
year to ¥84 billion in the fiscal year ended March 31, 2009. The increase was due mainly to an increase in allowance for losses on off-balance-sheet transactions primarily as a result of downgrades in credit ratings of some obligors
reflecting declines in their financial condition.

Other noninterest expenses

Other noninterest expenses decreased by ¥35 billion, or 17.1%, from the previous fiscal year to ¥162 billion in the fiscal year
ended March 31, 2009. The decrease was due mainly to the decrease in valuation losses related to loans held for sale mainly in connection with overseas leveraged buyout financings from ¥60 billion in the



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previous fiscal year to ¥38 billion in the fiscal year ended March 31, 2009 as a result of the decrease in the outstanding balance of loans held for sale which remained unsold due to the
impact of the dislocation in the global financial markets.

Income Tax Expense

The following table shows the components of income tax expense (benefit) for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                     |  |                              |     |      |   |      |  |   |      |  
|------------------------------------ |  | ---------------------------- | --- | ---- | - | ---- |  | - | ---- | -
|                                     |  | Fiscal years ended March 31, |    
|                                     |  | 2008                         |     | 2009 |   | 2010 | 
|                                     |  | (in billions of yen)         |    
|Current:                             |  |                              |     |      |   |      |  |   |      |  
|Domestic                             |  | ¥                            | 10  |      | ¥ | 10   |  | ¥ | 11   |  
|Foreign                              |  |                              | 35  |      |   | 41   |  |   | 6    |  
|                                     |  |                              |     |      |   |      |  |   |      |  
|Total current tax expense            |  |                              | 45  |      |   | 51   |  |   | 17   |  
|Deferred:                            |  |                              |     |      |   |      |  |   |      |  
|Domestic                             |  |                              | 626 |      |   | 710  |  |   | (378 | )
|Foreign                              |  |                              | 1   |      |   | 1    |  |   | 1    |  
|                                     |  |                              |     |      |   |      |  |   |      |  
|Total deferred tax expense (benefit) |  |                              | 627 |      |   | 711  |  |   | (377 | )
|                                     |  |                              |     |      |   |      |  |   |      |  
|Total income tax expense (benefit)   |  | ¥                            | 672 |      | ¥ | 762  |  | ¥ | (360 | )
|                                     |  |                              |     |      |   |      |  |   |      |  

Fiscal Year Ended March 31, 2010 Compared to Fiscal Year Ended March 31, 2009

Income tax expense (benefit) was a benefit of ¥360 billion in the fiscal year ended March 31, 2010 compared to an expense of
¥762 billion in the previous fiscal year. Current income tax expense in the fiscal year ended March 31, 2010 decreased by ¥34 billion to ¥17 billion from the previous fiscal year.

Deferred income tax expense (benefit) was a benefit of ¥377 billion in the fiscal year ended March 31, 2010 compared to an
expense of ¥711 billion in the previous fiscal year. The benefit was the result of an increase in deferred tax assets, net of valuation allowance, reflecting primarily changes in our estimation of future taxable income as a result of the
increase in net unrealized gains on available-for-sale securities reflecting primarily the rise in domestic stock markets.

Gross deferred tax assets decreased by ¥833 billion in the fiscal year ended March 31, 2010 due mainly to a decrease of net
operating loss carryforwards resulting from its expiration.

Valuation allowance decreased by ¥1,175 billion in the fiscal
year ended March 31, 2010 due mainly to recuperated realizability of future tax benefits based on a recovery of domestic stock markets and an upward revision to our estimation of future taxable income in light of the results of operations of
the fiscal year ended March 31, 2010. As a result, deferred tax assets, net of valuation allowance increased by ¥342 billion from the end of the previous fiscal year to ¥1,487 billion at March 31, 2010.

Fiscal Year Ended March 31, 2009 Compared to Fiscal Year Ended March 31, 2008

Income tax expense increased by ¥90 billion from the previous fiscal year to ¥762 billion in the fiscal year ended March 31,
2009. Current income tax expense in the fiscal year ended March 31, 2009 increased by ¥6 billion to ¥51 billion from the previous fiscal year.

Deferred income tax expense increased by ¥84 billion from the previous fiscal year to ¥711 billion in the fiscal year ended
March 31, 2009 due mainly to the declining realizability of future tax benefits based on a decrease in expected future taxable income resulting from declines in domestic stock markets.



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Gross deferred tax assets increased by ¥663 billion in the fiscal year ended
March 31, 2009 due mainly to an increase in investments, resulting from an increase in impairment losses on equity securities reflecting declines in domestic and overseas stock markets, and an increase in net operating loss carryforwards,
resulting from the losses incurred in the fiscal year.

Valuation allowance increased by ¥1,328 billion in the fiscal year
ended March 31, 2009 due mainly to deteriorated realizability of future tax benefits based on declines in domestic stock markets and a downward revision to our estimation of future taxable income in light of the results of operations of the
fiscal year ended March 31, 2009. As a result, deferred tax assets, net of valuation allowance decreased by ¥665 billion from the end of the previous fiscal year to ¥1,145 billion at March 31, 2009.

The following table shows components of deferred tax assets as of March 31, 2008, 2009 and 2010:



|                                                     |  |                              |        |   |      |   |        |      |  |   |        |  
|---------------------------------------------------- |  | ---------------------------- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | -
|                                                     |  | Fiscal years ended March 31, |       
|                                                     |  | 2008                         |        |   | 2009 |   |        | 2010 | 
|                                                     |  | (in billions of yen)         |       
|Deferred tax assets:                                 |  |                              |        |   |      |   |        |      |  |   |        |  
|Investments                                          |  | ¥                            | 1,176  |   |      | ¥ | 1,266  |      |  | ¥ | 1,155  |  
|Allowance for loan losses                            |  |                              | 334    |   |      |   | 495    |      |  |   | 487    |  
|Trading account assets                               |  |                              |       |   |      |   | 86     |      |  |   | 75     |  
|Prepaid pension cost and accrued pension liabilities |  |                              |       |   |      |   | 123    |      |  |   | 41     |  
|Financial Stabilization Funds                        |  |                              | 26     |   |      |   | 21     |      |  |   | 17     |  
|Premises and equipment                               |  |                              | 38     |   |      |   | 27     |      |  |   | 15     |  
|Undistributed earning of subsidiaries                |  |                              |       |   |      |   | 15     |      |  |   | 5      |  
|Derivative financial instruments                     |  |                              | 9      |   |      |   |       |      |  |   |       |  
|Net operating loss carryforwards                     |  |                              | 2,403  |   |      |   | 2,559  |      |  |   | 1,996  |  
|Other                                                |  |                              | 275    |   |      |   | 332    |      |  |   | 300    |  
|                                                     |  |                              |        |   |      |   |        |      |  |   |        |  
|Gross deferred tax assets                            |  |                              | 4,261  |   |      |   | 4,924  |      |  |   | 4,091  |  
|                                                     |  |                              |        |   |      |   |        |      |  |   |        |  
|Valuation allowance                                  |  |                              | (2,451 | ) |      |   | (3,779 | )    |  |   | (2,604 | )
|                                                     |  |                              |        |   |      |   |        |      |  |   |        |  
|Deferred tax assets, net of valuation allowance      |  |                              | 1,810  |   |      |   | 1,145  |      |  |   | 1,487  |  
|Deferred tax liabilities:                            |  |                              |        |   |      |   |        |      |  |   |        |  
|Available-for-sale securities                        |  |                              | 784    |   |      |   | 283    |      |  |   | 551    |  
|Derivative financial instruments                     |  |                              |       |   |      |   | 27     |      |  |   | 43     |  
|Undistributed earnings of subsidiaries               |  |                              | 5      |   |      |   |       |      |  |   |       |  
|Prepaid pension cost and accrued pension liabilities |  |                              | 3      |   |      |   |       |      |  |   |       |  
|Other                                                |  |                              | 106    |   |      |   | 51     |      |  |   | 79     |  
|                                                     |  |                              |        |   |      |   |        |      |  |   |        |  
|Gross deferred tax liabilities                       |  |                              | 898    |   |      |   | 361    |      |  |   | 673    |  
|                                                     |  |                              |        |   |      |   |        |      |  |   |        |  
|Net deferred tax assets                              |  | ¥                            | 912    |   |      | ¥ | 784    |      |  | ¥ | 814    |  
|                                                     |  |                              |        |   |      |   |        |      |  |   |        |  

Net Income (Loss) Attributable to Noncontrolling Interests

Fiscal Year Ended March 31, 2010 Compared to Fiscal Year Ended March 31, 2009

Net income (loss) attributable to noncontrolling interests was income of ¥47 billion in the fiscal year ended March 31, 2010
compared to a loss of ¥62 billion in the fiscal year ended March 31, 2009. This change was due mainly to the allocation of income earned by a principal banking subsidiary in the fiscal year ended March 31, 2010 which recorded a loss in
the fiscal year ended March 31, 2009.



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Fiscal Year Ended March 31, 2009 Compared to Fiscal Year Ended March 31, 2008

Net loss attributable to noncontrolling interests increased by ¥8 billion to ¥62 billion in the fiscal year ended March 31,
2009 due mainly to an increase in the allocation to minority shareholders of the losses incurred by several of our consolidated subsidiaries as a result of the impact of the rapid deterioration of macroeconomic conditions in and out of Japan with
the global recession.

Net Income (Loss) Attributable to MHFG Shareholders

Fiscal Year Ended March 31, 2010 Compared to Fiscal Year Ended March 31, 2009

As a result of the foregoing, net income (loss) attributable to MHFG shareholders was income of ¥1,000 billion in the fiscal year
ended March 31, 2010 compared to a loss of ¥1,058 billion in the previous fiscal year.

Fiscal Year Ended March 31, 2009
Compared to Fiscal Year Ended March 31, 2008

As a result of the foregoing, net income (loss) attributable to MHFG
shareholders was a loss of ¥1,058 billion in the fiscal year ended March 31, 2009 compared to income of ¥229 billion in the previous fiscal year.

Business Segments Analysis

The business segment information set forth below is derived from the internal management reporting systems used by management to measure
the performance of our business segments. We measure the performance of each of our operating segments primarily in terms of net business profits following internal managerial accounting rules and practices. Net business profits is used
as a measure of the profitability of core banking operations in Japan and is defined as gross profits (or the sum of net interest income, fiduciary income, net fee and commission income, net trading income and net other operating income) less
general and administrative expenses (excluding non-recurring expenses). Measurement by net business profits is required for regulatory reporting to the Financial Services Agency. Therefore, the format and information are presented primarily on the
basis of Japanese GAAP and are not consistent with the consolidated financial statements prepared in accordance with U.S. GAAP. A reconciliation of total net business profits with income before income tax expense under U.S. GAAP is provided in note
31 to our consolidated financial statements included elsewhere in this annual report.

We manage our business portfolio
through three Global Groups: the Global Corporate Group; the Global Retail Group; and the Global Asset & Wealth Management Group. The Global Corporate Group consists primarily of Mizuho Corporate Bank and Mizuho Securities, the Global
Retail Group consists primarily of Mizuho Bank and Mizuho Investors Securities, and the Global Asset & Wealth Management Group consists primarily of Mizuho Trust & Banking. We divide the businesses of each of Mizuho Corporate Bank
and Mizuho Bank into three reportable segments based on customer characteristics and functions. Reportable segments of Mizuho Corporate Bank are: domestic banking; international banking; and trading and others. Reportable segments of Mizuho Bank
are: retail banking; corporate banking; and trading and others. In addition to the three Global Groups, subsidiaries that provide services to a wide range of customers and that do not belong to a specific Global Group are aggregated in Others.

The Global Corporate Group

Mizuho Corporate Bank

Mizuho Corporate Bank 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 of Japanese corporations, and foreign governmental entities.



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Domestic banking

This segment provides a variety of financial products and services to large corporations, financial institutions and public sector
entities in Japan. The products and services it offers include commercial banking, advisory services, syndicated loan arrangements and structured finance.

International banking

This segment mainly offers commercial banking and foreign exchange transaction services to foreign corporations, including foreign
subsidiaries of Japanese corporations, through Mizuho Corporate Banks overseas network.

Trading and others

This segment supports the domestic corporate banking and international banking segments in offering derivatives and other
risk hedging products to satisfy Mizuho Corporate Banks customers financial and business risk control requirements. It is also engaged in Mizuho Corporate Bank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 Mizuho Corporate Bank.

Mizuho
Securities

Mizuho Securities is the securities arm of the Global Corporate Group. After the merger with the former Shinko
Securities consummated on May 7, 2009, the new Mizuho Securities has been pursuing merger synergies, with the combination of the former Mizuho Securities wholesale business expertise and global investment banking business platform and the
former Shinko Securities nationwide customer base and full-service securities company network, its strong distribution capabilities in the middle and retail markets as well as its strong track record in Japanese initial public offerings.

Others

This
segment consists of Mizuho Corporate Banks subsidiaries other than Mizuho Securities, but including Mizuho Securities subsidiaries. These subsidiaries offer financial products and services in specific areas of business or countries
mainly to customers of the Global Corporate Group. This segment also includes elimination of transactions between companies within the Global Corporate Group.

The Global Retail Group

Mizuho Bank

Mizuho Bank
is the main operating company of the Global Retail Group. Mizuho Bank provides banking and other financial services mainly to individuals, SMEs and middle-market corporations through its domestic branches and ATM network.

Retail banking

This segment offers banking products and services, including housing and other personal loans, credit cards, deposits, investment products
and consulting services, to Mizuho Banks individual customers through its nationwide branches and ATM network, as well as telephone and Internet banking services.

Corporate banking

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 other public sector entities in Japan.



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Trading and others

This segment supports the retail banking and corporate banking segments in offering derivatives and other risk hedging products to satisfy
Mizuho Banks customers financial and business risk control requirements. It is also engaged in Mizuho Bank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 Mizuho Bank.

Mizuho Investors Securities

Mizuho Investors Securities offers securities services to individuals and corporate customers of the Global Retail Group and provides
those corporate customers with support in procuring funds through capital markets.

Others

This segment consists of Mizuho Banks subsidiaries other than Mizuho Investors Securities. These subsidiaries, such as Mizuho
Capital and Mizuho Business Financial Center Co., Ltd., offer financial products and services in specific areas of business to customers of the Global Retail Group. This segment also includes elimination of transactions between companies within the
Global Retail Group.

The Global Asset & Wealth Management Group

Mizuho Trust & Banking

Mizuho Trust & Banking is the main operating company of the Global Asset & Wealth Management Group and offers products
and services related to trust, real estate, securitization and structured finance, pension and asset management and stock transfers.

The information below for reportable segments for the fiscal years ended March 31, 2008, 2009 and 2010 is derived from our internal
management reporting system.

Others

This segment includes companies other than Mizuho Trust & Banking that are a part of the Global Asset & Wealth
Management Group. These companies include Mizuho Private Wealth Management, Trust & Custody Services Bank, Mizuho Asset Management and DIAM, which is an equity-method affiliate. They offer products and services related to private banking,
trust and custody, and asset management. This segment also includes elimination of transactions between companies within the Global Asset & Wealth Management Group.

Others

This
segment consists of Mizuho Financial Group and its subsidiaries that do not belong to a specific Global Group but provide their services to a wide range of customers. Under this segment, we offer non-banking services, including research and
consulting services, through Mizuho Research Institute, information technology-related services through Mizuho Information & Research Institute and advisory services to financial institutions through Mizuho Financial Strategy. This segment
also includes elimination of transactions between the Global Groups.

The information below for reportable segments is derived
from our internal management reporting system.

Results of Operations by Business Segment

Consolidated Results of Operations

Consolidated gross profits for the fiscal year ended March 31, 2010 were ¥1,996.6 billion, an increase of ¥189.6 billion
compared to the fiscal year ended March 31, 2009. Consolidated general and administrative



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expenses (excluding non-recurring expenses) for the fiscal year ended March 31, 2010 were ¥1,213.2 billion, an increase of ¥89.6 billion compared to the fiscal year ended
March 31, 2009. Consolidated net business profits for the fiscal year ended March 31, 2010 were ¥702.6 billion, an increase of ¥80.0 billion compared to the fiscal year ended March 31, 2009.

Global Corporate Group Financial Results

The following tables show gross profits, general and administrative expenses (excluding non-recurring expenses) and net business profits
for the Global Corporate Group for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                    |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|----------------------------------- |  | --------------------- | ----- | ---------------- | - | ----------------- | ------ | -------- | ----- | ------------------------- | - | ----- |  | - | ----- | - |  | - | ------ | - |  | - | ----- | -
|                                    |  | Mizuho Corporate Bank |       | MizuhoSecurities |   |                   | Others |          |       | TotalGlobalCorporateGroup |  
|                                    |  | Domestic              |       | International    |   | Tradingand others |        | Subtotal |       |                           |  
|                                    |  | (in billions of yen)  |      
|Fiscal year ended March 31, 2008:   |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Gross profits:                      |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Net interest income (expenses)      |  | ¥                     | 180.5 |                  | ¥ | 73.4              |        | ¥        | 39.7  |                           | ¥ | 293.6 |  | ¥ | (5.6  | ) |  | ¥ | 80.8   |   |  | ¥ | 368.8 |  
|Net noninterest income (expenses)   |  |                       | 106.0 |                  |   | 68.0              |        |          | 138.8 |                           |   | 312.8 |  |   | 41.7  |   |  |   | (339.1 | ) |  |   | 15.4  |  
|Total                               |  |                       | 286.5 |                  |   | 141.4             |        |          | 178.5 |                           |   | 606.4 |  |   | 36.1  |   |  |   | (258.3 | ) |  |   | 384.2 |  
|General and administrative expenses |  |                       | 85.5  |                  |   | 67.1              |        |          | 83.6  |                           |   | 236.2 |  |   | 66.4  |   |  |   | 91.4   |   |  |   | 394.0 |  
|Others                              |  |                       |      |                  |   |                  |        |          |      |                           |   |      |  |   |      |   |  |   | (48.3  | ) |  |   | (48.3 | )
|                                    |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Net business profits (losses)       |  | ¥                     | 201.0 |                  | ¥ | 74.3              |        | ¥        | 94.9  |                           | ¥ | 370.2 |  | ¥ | (30.3 | ) |  | ¥ | (398.0 | ) |  | ¥ | (58.1 | )
|                                    |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Fiscal year ended March 31, 2009:   |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Gross profits:                      |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Net interest income (expenses)      |  | ¥                     | 172.7 |                  | ¥ | 90.1              |        | ¥        | 53.7  |                           | ¥ | 316.5 |  | ¥ | (9.7  | ) |  | ¥ | 74.5   |   |  | ¥ | 381.3 |  
|Net noninterest income              |  |                       | 102.5 |                  |   | 40.4              |        |          | 68.8  |                           |   | 211.7 |  |   | 78.0  |   |  |   | 53.5   |   |  |   | 343.2 |  
|Total                               |  |                       | 275.2 |                  |   | 130.5             |        |          | 122.5 |                           |   | 528.2 |  |   | 68.3  |   |  |   | 128.0  |   |  |   | 724.5 |  
|General and administrative expenses |  |                       | 92.0  |                  |   | 66.0              |        |          | 88.9  |                           |   | 246.9 |  |   | 59.5  |   |  |   | 75.0   |   |  |   | 381.4 |  
|Others                              |  |                       |      |                  |   |                  |        |          |      |                           |   |      |  |   |      |   |  |   | (35.4  | ) |  |   | (35.4 | )
|                                    |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Net business profits                |  | ¥                     | 183.2 |                  | ¥ | 64.5              |        | ¥        | 33.6  |                           | ¥ | 281.3 |  | ¥ | 8.8   |   |  | ¥ | 17.6   |   |  | ¥ | 307.7 |  
|                                    |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Fiscal year ended March 31, 2010:   |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Gross profits:                      |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Net interest income (expenses)      |  | ¥                     | 175.0 |                  | ¥ | 85.8              |        | ¥        | 184.0 |                           | ¥ | 444.8 |  | ¥ | (10.7 | ) |  | ¥ | 36.5   |   |  | ¥ | 470.6 |  
|Net noninterest income              |  |                       | 110.7 |                  |   | 31.7              |        |          | 55.1  |                           |   | 197.5 |  |   | 188.5 |   |  |   | 63.9   |   |  |   | 449.9 |  
|Total                               |  |                       | 285.7 |                  |   | 117.5             |        |          | 239.1 |                           |   | 642.3 |  |   | 177.8 |   |  |   | 100.4  |   |  |   | 920.5 |  
|General and administrative expenses |  |                       | 97.5  |                  |   | 54.4              |        |          | 95.0  |                           |   | 246.9 |  |   | 153.4 |   |  |   | 77.8   |   |  |   | 478.1 |  
|Others                              |  |                       |      |                  |   |                  |        |          |      |                           |   |      |  |   |      |   |  |   | (11.8  | ) |  |   | (11.8 | )
|                                    |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  
|Net business profits                |  | ¥                     | 188.2 |                  | ¥ | 63.1              |        | ¥        | 144.1 |                           | ¥ | 395.4 |  | ¥ | 24.4  |   |  | ¥ | 10.8   |   |  | ¥ | 430.6 |  
|                                    |  |                       |       |                  |   |                   |        |          |       |                           |   |       |  |   |       |   |  |   |        |   |  |   |       |  

Fiscal year ended March 31, 2010 compared to the fiscal year ended March 31, 2009

Gross profits for Mizuho Corporate Bank for the fiscal year ended March 31, 2010 were ¥642.3 billion, an increase
of ¥114.1 billion, or 21.6%, compared to the fiscal year ended March 31, 2009. This increase was due to an increase in gross profits from trading and others of ¥116.6 billion (including an increase of approximately ¥61 billion
(which is eliminated upon consolidation) due to the effect of, based on the structure of our capital raising



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through the issuance of preferred debt securities by our special purpose companies, Mizuho Financial Group, instead of Mizuho Corporate Bank, providing funds for the dividend payments made on
such preferred debt securities specifically during the fiscal year ended March 31, 2010) as a result of an absence of losses on credit investments, such as equity investment trusts, we recorded in the fiscal year ended March 31, 2009 and
robust profits from flexible and timely asset-and-liability management operations, and an increase in gross profits from domestic operations of ¥10.5 billion due primarily to an increase in non-interest income due to absence of impairment losses
related to alternative investments recorded in the previous year and an increase in interest income as a result of a widening of the domestic average loan interest rate spread. This increase was offset in part by a decrease of ¥13.0 billion in
gross profits from international operations, due mainly to a decrease in non-interest income reflecting increased valuation losses from credit default swaps related to credit investments in Europe and a decrease in interest income reflecting a
decline in total loan balance.

General and administrative expenses of Mizuho Corporate Bank for the fiscal year ended
March 31, 2010 were ¥246.9 billion, which was unchanged from the fiscal year ended March 31, 2009, due mainly to the effect of the appreciation of the Japanese yen in addition to our group-wide cost reduction efforts offset in part by
an increase in expenses related to employee retirement benefits.

As a result, net business profits of Mizuho Corporate Bank
for the fiscal year ended March 31, 2010 were ¥395.4 billion, an increase of ¥114.1 billion, or 40.6%, compared to the fiscal year ended March 31, 2009.

Net business profits of Mizuho Securities for the fiscal year ended March 31, 2010 were ¥24.4 billion, an increase of ¥15.6
billion compared to the fiscal year ended March 31, 2009 due mainly to an increase in commission and fee income and improved trading profits, including the effects of the merger between the former Shinko Securities and the former Mizuho
Securities on May 7, 2009.

As a result mainly of the foregoing, net business profits for the Global Corporate Group for
the fiscal year ended March 31, 2010 increased by ¥122.9 billion, or 39.9%, compared to the fiscal year ended March 31, 2009 to ¥430.6 billion.

Fiscal year ended March 31, 2009 compared to fiscal year ended March 31, 2008

Gross profits for Mizuho Corporate Bank for the fiscal year ended March 31, 2009 decreased by ¥78.2 billion, or 12.9%, from the
previous fiscal year to ¥528.2 billion. This decrease was due to a decrease of ¥11.3 billion in domestic operations reflecting a decrease in domestic loan interest income and a decrease of ¥10.9 billion in international operations as a
result of a decrease in non-interest income due to the dislocation in global financial markets. Given the severe market environment, losses in credit investments such as on equity investment trusts and a ¥11.4 billion decrease in dividends from
Mizuho Securities resulted in a decrease of ¥56.0 billion in gross profits of trading and others. These decreases were offset in part by an increase in fees from syndicated loans due to our responding promptly and appropriately to the needs of
our customers that required substitutes for commercial paper and corporate bond financing.

General and administrative
expenses of Mizuho Corporate Bank for the fiscal year ended March 31, 2009 increased by ¥10.7 billion, or 4.5%, from the previous fiscal year to ¥246.9 billion due mainly to an increase in employee retirement benefit expenses.

Mizuho Securities recorded net business profits of ¥8.8 billion compared to net business losses of ¥30.3 billion due
mainly to the increase in bond trading profits and the effects of its business reform program that decreased general and administrative expenses offset in part by a decrease in stock and corporate bond commissions as a result of sluggish market
environment.

Net business profits for others were ¥17.6 billion compared to net business losses of ¥398.0
billion in the previous fiscal year due mainly to the losses incurred in the CDO business in the previous fiscal year by an overseas subsidiary of Mizuho Securities.



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As a result mainly of the foregoing, net business profits for the Global Corporate Group for
the fiscal year ended March 31, 2009 were ¥307.7 billion compared to net business losses of ¥58.1 billion in the previous fiscal year.

Global Retail Group Financial Results

The following table shows gross profits, general and administrative expenses (excluding non-recurring expenses) and net business profits
for the Global Retail Group for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                     |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|------------------------------------ |  | -------------------- | ----- | ------------------------- | - | ----------------- | ------ | - | -------- | ---------------------- |  | - | ----- |  | - | ----- | - |  | - | ----- | - |  | - | ------- | -
|                                     |  | Mizuho Bank          |       | MizuhoInvestorsSecurities |   |                   | Others |   |          | TotalGlobalRetailGroup | 
|                                     |  | RetailBanking        |       | CorporateBanking          |   | Tradingand others |        |   | Subtotal |                        |  |  
|                                     |  | (in billions of yen) |      
|Fiscal year ended March 31, 2008:    |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Gross profits:                       |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Net interest income (expenses)       |  | ¥                    | 311.0 |                           | ¥ | 328.9             |        | ¥ | (33.0    | )                      |  | ¥ | 606.9 |  | ¥ | 0.7   |   |  | ¥ | 46.8  |   |  | ¥ | 654.4   |  
|Net noninterest income (expenses)    |  |                      | 42.7  |                           |   | 174.5             |        |   | 118.7    |                        |  |   | 335.9 |  |   | 52.3  |   |  |   | (2.8  | ) |  |   | 385.4   |  
|Total                                |  |                      | 353.7 |                           |   | 503.4             |        |   | 85.7     |                        |  |   | 942.8 |  |   | 53.0  |   |  |   | 44.0  |   |  |   | 1,039.8 |  
|General and administrative expenses  |  |                      | 214.8 |                           |   | 229.3             |        |   | 93.1     |                        |  |   | 537.2 |  |   | 45.2  |   |  |   | (1.6  | ) |  |   | 580.8   |  
|Others                               |  |                      |      |                           |   |                  |        |   |         |                        |  |   |      |  |   |      |   |  |   | (14.7 | ) |  |   | (14.7   | )
|                                     |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Net business profits (losses)        |  | ¥                    | 138.9 |                           | ¥ | 274.1             |        | ¥ | (7.4     | )                      |  | ¥ | 405.6 |  | ¥ | 7.8   |   |  | ¥ | 30.9  |   |  | ¥ | 444.3   |  
|                                     |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Fiscal year ended March 31, 2009:    |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Gross profits:                       |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Net interest income (expenses)       |  | ¥                    | 327.3 |                           | ¥ | 297.9             |        | ¥ | (21.5    | )                      |  | ¥ | 603.7 |  | ¥ | 0.4   |   |  | ¥ | 44.0  |   |  | ¥ | 648.1   |  
|Net noninterest income (expenses)    |  |                      | 25.2  |                           |   | 144.4             |        |   | 54.4     |                        |  |   | 224.0 |  |   | 30.9  |   |  |   | (2.7  | ) |  |   | 252.2   |  
|Total                                |  |                      | 352.5 |                           |   | 442.3             |        |   | 32.9     |                        |  |   | 827.7 |  |   | 31.3  |   |  |   | 41.3  |   |  |   | 900.3   |  
|General and administrative expenses  |  |                      | 235.7 |                           |   | 234.2             |        |   | 101.2    |                        |  |   | 571.1 |  |   | 44.0  |   |  |   | 0.8   |   |  |   | 615.9   |  
|Others                               |  |                      |      |                           |   |                  |        |   |         |                        |  |   |      |  |   |      |   |  |   | (13.8 | ) |  |   | (13.8   | )
|                                     |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Net business profits (losses)        |  | ¥                    | 116.8 |                           | ¥ | 208.1             |        | ¥ | (68.3    | )                      |  | ¥ | 256.6 |  | ¥ | (12.7 | ) |  | ¥ | 26.7  |   |  | ¥ | 270.6   |  
|                                     |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Fiscal year ended March 31,
2010(1): |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Gross profits:                       |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Net interest income                  |  | ¥                    | 263.5 |                           | ¥ | 266.4             |        | ¥ | 83.0     |                        |  | ¥ | 612.9 |  | ¥ | 0.4   |   |  | ¥ | 28.3  |   |  | ¥ | 641.6   |  
|Net noninterest income               |  |                      | 25.0  |                           |   | 126.5             |        |   | 54.4     |                        |  |   | 205.9 |  |   | 47.2  |   |  |   | 5.7   |   |  |   | 258.8   |  
|Total                                |  |                      | 288.5 |                           |   | 392.9             |        |   | 137.4    |                        |  |   | 818.8 |  |   | 47.6  |   |  |   | 34.0  |   |  |   | 900.4   |  
|General and administrative expenses  |  |                      | 245.8 |                           |   | 228.9             |        |   | 95.7     |                        |  |   | 570.4 |  |   | 40.0  |   |  |   | 7.3   |   |  |   | 617.7   |  
|Others                               |  |                      |      |                           |   |                  |        |   |         |                        |  |   |      |  |   |      |   |  |   | (2.0  | ) |  |   | (2.0    | )
|                                     |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  
|Net business profits                 |  | ¥                    | 42.7  |                           | ¥ | 164.0             |        | ¥ | 41.7     |                        |  | ¥ | 248.4 |  | ¥ | 7.6   |   |  | ¥ | 24.7  |   |  | ¥ | 280.7   |  
|                                     |  |                      |       |                           |   |                   |        |   |          |                        |  |   |       |  |   |       |   |  |   |       |   |  |   |         |  



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Note:



|(1) | We changed our managerial accounting rules in a manner that changed the breakdown of Mizuho Bank figures due to a change in internal transfer rates for funding
beginning the fiscal year ending March 31, 2010. The above table shows figures reflecting such change. The change does not affect the Mizuho Bank subtotals. The Mizuho Bank breakdown figures prior to such change are as follows:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                    |  |                      |       |                  |   |                   |  |   |          |   |  |   |      
|----------------------------------- |  | -------------------- | ----- | ---------------- | - | ----------------- |  | - | -------- | - |  | - | -----
|                                    |  | Mizuho Bank         
|                                    |  | RetailBanking        |       | CorporateBanking |   | Tradingand others |  |   | Subtotal
|                                    |  | (in billions of yen)
|Fiscal year ended March 31, 2010:   |  |                      |       |                  |   |                   |  |   |          |   |  |   |      
|Gross profits:                      |  |                      |       |                  |   |                   |  |   |          |   |  |   |      
|Net interest income                 |  | ¥                    | 297.7 |                  | ¥ | 272.7             |  | ¥ | 42.5     |   |  | ¥ | 612.9
|Net noninterest income              |  |                      | 25.0  |                  |   | 126.5             |  |   | 54.4     |   |  |   | 205.9
|Total                               |  |                      | 322.7 |                  |   | 399.2             |  |   | 96.9     |   |  |   | 818.8
|General and administrative expenses |  |                      | 232.6 |                  |   | 237.5             |  |   | 100.3    |   |  |   | 570.4
|Others                              |  |                      |      |                  |   |                  |  |   |         |   |  |   |     
|                                    |  |                      |       |                  |   |                   |  |   |          |   |  |   |      
|Net business profits (losses)       |  | ¥                    | 90.1  |                  | ¥ | 161.7             |  | ¥ | (3.4     | ) |  | ¥ | 248.4
|                                    |  |                      |       |                  |   |                   |  |   |          |   |  |   |      

Fiscal year ended March 31, 2010 compared to
fiscal year ended March 31, 2009

Gross profits for Mizuho Bank for the fiscal year ended March 31, 2010
decreased by ¥8.9 billion, or 1.1%, from the fiscal year ended March 31, 2009 to ¥818.8 billion. The decrease was due mainly to a decrease in gross profits of ¥64.0 billion from retail banking, reflecting a decrease in loan interest
income and deposit income and income from sales of individual annuities, offset in part by an increase in sales of investment trusts. Gross profits from corporate banking also decreased by ¥49.4 billion, reflecting a decrease in loan interest
income and deposit income as well as a decrease in non-interest income such as from our solutions business and foreign exchange business such as currency options. These decreases were offset in part by an increase in gross profits of ¥104.5
billion from trading and others (including an increase of approximately ¥17 billion (which is eliminated upon consolidation) due to the effect of, based on the structure of our capital raising through the issuance of preferred debt securities by
our special purpose companies, Mizuho Financial Group, instead of Mizuho Bank, providing funds for the dividend payments made on such preferred debt securities specifically during the fiscal year ended March 31, 2010) as a result of robust
profits from flexible and timely asset-and-liability management operations mainly in Japanese yen in response to interest rate movements.

General and administrative expenses for Mizuho Bank decreased by ¥0.7 billion, or 0.1%, compared to the fiscal year ended
March 31, 2009 to ¥570.4 billion due mainly to our group-wide cost reduction efforts offset in part by an increase in expenses related to employee retirement benefits.

As a result, net business profits of Mizuho Bank for the fiscal year ended March 31, 2010 were ¥248.4 billion, a decrease of
¥8.2 billion, or 3.2%, compared to the fiscal year ended March 31, 2009.

Mizuho Investors Securities recorded net
business profits of ¥7.6 billion for the fiscal year ended March 31, 2010, compared to net business losses of ¥12.7 billion for the fiscal year ended March 31, 2009, due mainly to an increase in commission income such as
equity-related income and sales of investment trust and an increase in trading income with the absence of the negative impact of the global financial crisis incurred in the previous fiscal year and a decrease in general and administrative expenses
through cost-cutting efforts.

As a result mainly of the foregoing, net business profits for the Global Retail Group for the
fiscal year ended March 31, 2010 increased by ¥10.1 billion, or 3.7%, compared to the fiscal year ended March 31, 2009 to ¥280.7 billion.



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Fiscal year ended March 31, 2009 compared to fiscal year ended March 31, 2008

Gross profits for Mizuho Bank for the fiscal year ended March 31, 2009 decreased by ¥115.1 billion, or 12.2%,
from the previous fiscal year to ¥827.7 billion. This decrease was due to a decrease in gross profits of ¥1.2 billion from retail banking, reflecting decreases in income from loans and fee income from sales of investment trusts and
individual annuities due to the weakness in stock markets, and a decrease of ¥61.1 billion from corporate banking, reflecting decreases in income from loans and net noninterest income from our solutions business, foreign exchange business and
others. In addition, gross profits from trading and others decreased by ¥52.8 billion due mainly to a decline in trading income and from our conservative asset-and-liability-management operations. These decreases were offset in part by an
improvement in the profitability of deposits due to an increase in outstanding balances and other factors.

General and
administrative expenses for Mizuho Bank increased by ¥33.9 billion, or 6.3%, from the previous fiscal year to ¥571.1 billion due mainly to an increase in employee retirement benefit expenses.

Mizuho Investors Securities incurred net business losses of ¥12.7 billion compared to net business profits of ¥7.8 billion in the
previous fiscal year due mainly to a decrease in commission income from its stock brokerage business as a result of weak domestic stock markets, sluggish foreign bond sales and write-downs of yen-denominated samurai bonds issued by Lehman Brothers.

As a result mainly of the foregoing, net business profits for the Global Retail Group for the fiscal year ended
March 31, 2009 decreased by ¥173.7 billion, or 39.1%, from the previous fiscal year to ¥270.6 billion.



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Global Asset & Wealth Management Group Financial Results

The following table shows gross profits, general and administrative expenses (excluding non-recurring expenses) and net business profits
for the Global Asset & Wealth Management Group for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                    |  |                       |       |        |   |      |                                           |  |   |       |  
|----------------------------------- |  | --------------------- | ----- | ------ | - | ---- | ----------------------------------------- |  | - | ----- | -
|                                    |  | Mizuho Trust &Banking |       | Others |   |      | Total GlobalAsset & WealthManagementGroup | 
|                                    |  | (in billions of yen)  |      
|Fiscal year ended March 31, 2008:   |  |                       |       |        |   |      |                                           |  |   |       |  
|Gross profits:                      |  |                       |       |        |   |      |                                           |  |   |       |  
|Net interest income                 |  | ¥                     | 53.5  |        | ¥ | 1.9  |                                           |  | ¥ | 55.4  |  
|Net noninterest income              |  |                       | 119.2 |        |   | 56.5 |                                           |  |   | 175.7 |  
|Total                               |  |                       | 172.7 |        |   | 58.4 |                                           |  |   | 231.1 |  
|General and administrative expenses |  |                       | 86.8  |        |   | 40.8 |                                           |  |   | 127.6 |  
|Others                              |  |                       |      |        |   | (1.5 | )                                         |  |   | (1.5  | )
|                                    |  |                       |       |        |   |      |                                           |  |   |       |  
|Net business profits                |  | ¥                     | 85.9  |        | ¥ | 16.1 |                                           |  | ¥ | 102.0 |  
|                                    |  |                       |       |        |   |      |                                           |  |   |       |  
|Fiscal year ended March 31, 2009:   |  |                       |       |        |   |      |                                           |  |   |       |  
|Gross profits:                      |  |                       |       |        |   |      |                                           |  |   |       |  
|Net interest income                 |  | ¥                     | 48.6  |        | ¥ | 1.2  |                                           |  | ¥ | 49.8  |  
|Net noninterest income              |  |                       | 81.5  |        |   | 45.6 |                                           |  |   | 127.1 |  
|Total                               |  |                       | 130.1 |        |   | 46.8 |                                           |  |   | 176.9 |  
|General and administrative expenses |  |                       | 91.3  |        |   | 40.7 |                                           |  |   | 132.0 |  
|Others                              |  |                       |      |        |   | (3.2 | )                                         |  |   | (3.2  | )
|                                    |  |                       |       |        |   |      |                                           |  |   |       |  
|Net business profits                |  | ¥                     | 38.8  |        | ¥ | 2.9  |                                           |  | ¥ | 41.7  |  
|                                    |  |                       |       |        |   |      |                                           |  |   |       |  
|Fiscal year ended March 31, 2010:   |  |                       |       |        |   |      |                                           |  |   |       |  
|Gross profits:                      |  |                       |       |        |   |      |                                           |  |   |       |  
|Net interest income                 |  | ¥                     | 44.9  |        | ¥ | 1.3  |                                           |  | ¥ | 46.2  |  
|Net noninterest income              |  |                       | 87.1  |        |   | 43.4 |                                           |  |   | 130.5 |  
|Total                               |  |                       | 132.0 |        |   | 44.7 |                                           |  |   | 176.7 |  
|General and administrative expenses |  |                       | 89.9  |        |   | 38.6 |                                           |  |   | 128.5 |  
|Others                              |  |                       |      |        |   | (2.8 | )                                         |  |   | (2.8  | )
|                                    |  |                       |       |        |   |      |                                           |  |   |       |  
|Net business profits                |  | ¥                     | 42.1  |        | ¥ | 3.3  |                                           |  | ¥ | 45.4  |  
|                                    |  |                       |       |        |   |      |                                           |  |   |       |  

Fiscal year ended March 31, 2010 compared to fiscal year ended March 31, 2009

Gross profits for Mizuho Trust & Banking for the fiscal year ended March 31, 2010 increased by ¥1.9 billion, or 1.5%,
from the fiscal year ended March 31, 2009 to ¥132.0 billion. The increase was due mainly to an increase in noninterest income, including a significant increase in a portion of income from the treasury business.

General and administrative expenses for Mizuho Trust & Banking decreased by ¥1.4 billion, or 1.5%, compared to the fiscal
year ended March 31, 2009 to ¥89.9 billion due mainly to our group-wide cost reduction efforts offset in part by an increase in expenses related to employee retirement benefits.

As a result mainly of the foregoing, net business profits for the Global Asset & Wealth Management Group for the fiscal year
ended March 31, 2010 increased by ¥3.7 billion, or 8.9%, compared to the fiscal year ended March 31, 2009 to ¥45.4 billion.



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Fiscal year ended March 31, 2009 compared to fiscal year ended March 31, 2008

Gross profits of Mizuho Trust & Banking for the fiscal year ended March 31, 2009 decreased by ¥42.6
billion, or 24.7%, from the previous fiscal year to ¥130.1 billion. The decrease was due mainly to a decline in noninterest income from trust and asset management businesses, such as real estate related transactions.

General and administrative expenses for Mizuho Trust & Banking increased by ¥4.5 billion, or 5.2%, from the previous fiscal
year to ¥91.3 billion due mainly to an increase in employee retirement benefit expenses.

As a result of the foregoing, as
well as a decrease in others which was a result mainly of losses of overseas subsidiaries in connection with the collapse of Lehman Brothers, net business profits for the Global Asset & Wealth Management Group for the fiscal
year ended March 31, 2009 decreased by ¥60.3 billion from the previous fiscal year to ¥41.7 billion.

Geographical Segment Analysis

The following table presents consolidated income statement and total assets information by major geographic area. Foreign activities are
defined as business transactions that involve customers residing outside of Japan. However, as our operations are highly integrated globally, we have made estimates and assumptions for the allocation of assets, liabilities, income and expenses among
the geographic areas.



|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|---------------------------------- |  | -------------------- | ------- | - | -------- | - | ------ |  | - | -------------------------------------- | - | ----- | - | ----- |  | - | ------- | -
|                                   |  | Japan                |         |   | Americas |   | Europe |  |   | Asia/Oceaniaexcluding Japan,and others |   | Total |  
|                                   |  | (in billions of yen) |        
|Fiscal year ended March 31, 2008:  |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Total
revenue(1)                   |  | ¥                    | 3,015   |   |          | ¥ | 833    |  | ¥ | 93                                     |   |       | ¥ | 264   |  | ¥ | 4,205   |  
|Total
expenses(2)                  |  |                      | 1,902   |   |          |   | 709    |  |   | 580                                    |   |       |   | 167   |  |   | 3,358   |  
|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Income before income tax expense   |  | ¥                    | 1,113   |   |          | ¥ | 124    |  | ¥ | (487                                   | ) |       | ¥ | 97    |  | ¥ | 847     |  
|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Net income (loss)                  |  | ¥                    | 477     |   |          | ¥ | 104    |  | ¥ | (491                                   | ) |       | ¥ | 85    |  | ¥ | 175     |  
|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Total assets at end of fiscal year |  | ¥                    | 115,715 |   |          | ¥ | 19,026 |  | ¥ | 11,490                                 |   |       | ¥ | 5,087 |  | ¥ | 151,318 |  
|                                   |  |                      |         |   |         
|Fiscal year ended March 31, 2009:  |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Total
revenue(1)                   |  | ¥                    | 1,867   |   |          | ¥ | 424    |  | ¥ | 347                                    |   |       | ¥ | 198   |  | ¥ | 2,836   |  
|Total
expenses(2)                  |  |                      | 2,424   |   |          |   | 263    |  |   | 364                                    |   |       |   | 143   |  |   | 3,194   |  
|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Income before income tax expense   |  | ¥                    | (557    | ) |          | ¥ | 161    |  | ¥ | (17                                    | ) |       | ¥ | 55    |  | ¥ | (358    | )
|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Net income (loss)                  |  | ¥                    | (1,277  | ) |          | ¥ | 131    |  | ¥ | (20                                    | ) |       | ¥ | 46    |  | ¥ | (1,120  | )
|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Total assets at end of fiscal year |  | ¥                    | 115,589 |   |          | ¥ | 24,995 |  | ¥ | 9,816                                  |   |       | ¥ | 4,683 |  | ¥ | 155,083 |  
|                                   |  |                      |         |   |         
|Fiscal year ended March 31, 2010:  |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Total
revenue(1)                   |  | ¥                    | 2,324   |   |          | ¥ | 284    |  | ¥ | 230                                    |   |       | ¥ | 125   |  | ¥ | 2,963   |  
|Total
expenses(2)                  |  |                      | 1,907   |   |          |   | 134    |  |   | 163                                    |   |       |   | 72    |  |   | 2,276   |  
|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Income before income tax expense   |  | ¥                    | 417     |   |          | ¥ | 150    |  | ¥ | 67                                     |   |       | ¥ | 53    |  | ¥ | 687     |  
|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Net income                         |  | ¥                    | 784     |   |          | ¥ | 149    |  | ¥ | 66                                     |   |       | ¥ | 48    |  | ¥ | 1,047   |  
|                                   |  |                      |         |   |          |   |        |  |   |                                        |   |       |   |       |  |   |         |  
|Total assets at end of fiscal year |  | ¥                    | 121,556 |   |          | ¥ | 21,951 |  | ¥ | 10,179                                 |   |       | ¥ | 4,665 |  | ¥ | 158,351 |  



Notes:



|(1) | Total revenue is comprised of interest and dividend income and noninterest income.
|--- | ----------------------------------------------------------------------------------

|(2) | Total expenses are comprised of interest expense, provision (credit) for loan losses and noninterest expenses.
|--- | --------------------------------------------------------------------------------------------------------------



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Fiscal Year Ended March 31, 2010 Compared to Fiscal Year Ended March 31, 2009

In the fiscal year ended March 31, 2010, 74.9% of our net income was derived from Japan, 14.3% from the Americas,
6.3% from Europe and 4.5% from Asia/Oceania, excluding Japan, and others. At March 31, 2010, 76.8% of total assets were allocated to Japan, 13.9% to the Americas, 6.4% to Europe and 2.9% to Asia/Oceania, excluding Japan, and others.

Total revenue in Japan increased by ¥457 billion from the previous fiscal year due primarily to the change from investment
lossesnet to investment gainsnet, as a result of a decrease in impairment losses on equity securities reflecting a recovery of the domestic stock markets, and absence of impairment losses on Japanese government bonds as we adopted ASC
320 which amends the other-than-temporary impairment model for debt securities. Total expenses decreased by ¥517 billion due to a decrease in provision for loan losses, reflecting an improvement in Japanese economic conditions, and a decrease in
interest expense on domestic interest-bearing deposits, reflecting a decline in yen interest rate levels. In addition, we had an income tax benefit of ¥367 billion in Japan in the fiscal year ended March 31, 2010 compared to an income tax
expense of ¥720 billion in the previous fiscal year. The tax benefit was due mainly to an increase in deferred tax assets, net of valuation allowance, reflecting primarily changes in our estimation of future taxable income as a result of the
increase in net unrealized gains on available-for-sale securities, reflecting primarily the rise in domestic stock markets. As a result, net income in Japan increased by ¥2,061 billion. Total assets in Japan increased by ¥5,967 billion due
primarily to increases in investments, especially Japanese government bonds, and trading account assets, offset in part by a decrease in loans.

In the Americas, total revenue decreased by ¥140 billion due primarily to a decrease in interest income from receivables under resale
agreements, investments and loans, reflecting general declines in U.S. dollar interest rate levels, offset in part by the change from trading account lossesnet to trading account gainsnet. Total expenses decreased by ¥129 billion due
primarily to a decrease in interest expenses from receivables under resale agreements reflecting general declines in U.S. dollar interest rate levels. As a result, net income in the Americas increased by ¥18 billion. Total assets in the Americas
decreased by ¥3,044 billion due primarily to a decrease in trading account assets, consisting mainly of those regarding derivative contracts and the effect of the depreciation of U.S. dollars against the Japanese yen.

In Europe, total revenue decreased by ¥117 billion due primarily to a decrease in interest income from loans, investments and
receivables under resale agreements, reflecting general declines in euro interest rate levels, offset in part by a decrease in trading account lossesnet. Total expenses decreased by ¥201 billion due primarily to decreases in interest
expense on interest-bearing deposits and interest expense from receivables under resale agreements, reflecting general declines in euro interest rate levels. As a result, net income in Europe increased by ¥86 billion. Total assets in Europe
increased by ¥363 billion due primarily to increases in investments and receivables under resale agreements, partially offset by decreases in trading account assets and loans and the effect of the depreciation of the euro against the Japanese
yen.

In Asia/Oceania excluding Japan, and others, total revenue decreased by ¥73 billion due primarily to a decrease in
loan interest income. Total expenses decreased by ¥71 billion due primarily to decreases in interest expenses and provision for loan losses. As a result, net income in Asia/Oceania excluding Japan, and others increased by ¥2 billion. Total
assets in Asia/Oceania excluding Japan, and others decreased by ¥18 billion due primarily to decreases in trading account assets and loans, partially offset by an increase in investments.

Fiscal Year Ended March 31, 2009 Compared to Fiscal Year Ended March 31, 2008

In the fiscal year ended March 31, 2009, we recorded a net loss in Japan and Europe. Among the geographical regions in which we
recorded net income, 73.9% of the net income was derived from the Americas and 26.1% from Asia/Oceania, excluding Japan, and others. At March 31, 2009, 74.5% of total assets were allocated to Japan, 16.1% to the Americas, 6.3% to Europe and
3.1% to Asia/Oceania, excluding Japan, and others.



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Total revenue in Japan decreased by ¥1,148 billion from the previous fiscal year due
primarily to an increase in investment lossesnet, as a result of an increase in impairment losses on, and a decrease in gains on sales of, equity securities reflecting declines in domestic stock markets, and a decrease in foreign exchange
gains as a result of translation gains with respect to foreign currency denominated liabilities that were funded and incurred to offset foreign exchange risk related to foreign currency denominated available-for-sale securities in the fiscal year
ended March 31, 2008. In the fiscal year ended March 31, 2009, the translation gains with respect to foreign currency denominated liabilities were offset by translation losses on foreign currency denominated available-for-sale securities
as a result of the reclassification of foreign currency denominated available-for-sale securities from investments to trading account assets following the adoption of the fair value option under ASC 825 as of April 1, 2008. In the previous
fiscal year, the translation losses on foreign currency denominated available-for-sale securities were recorded in other comprehensive income. Total expenses increased by ¥522 billion due to an increase in provision for loan losses, reflecting
the effects of the rapid deterioration of macroeconomic conditions in Japan as a result of the global recession, worsening business environment and economic condition surrounding domestic companies, and abrupt bankruptcies of real estate companies.
As a result, net income in Japan decreased by ¥1,754 billion. Total assets in Japan decreased by ¥126 billion due primarily to decreases in receivables under securities borrowing transactions and trading account assets, offset in part by an
increase in loans as corporate borrowing increased during the financial market turmoil.

In the Americas, total revenue
decreased by ¥409 billion due primarily to a decrease in interest income as a result of decreases in average yields reflecting general declines in U.S. dollar interest rate levels, offset in part by a decrease in investment lossesnet, as
the impairment losses on various types of securitization products due to the impact of the dislocation in the global financial markets significantly decreased compared to the previous fiscal year. Total expenses decreased by ¥446 billion due
primarily to a decrease in interest expenses reflecting general declines in U.S. dollar interest rate levels. As a result, net income in the Americas increased by ¥27 billion. Total assets in the Americas increased by ¥5,969 billion due
primarily to an increase in trading account assets, consisting mainly of those regarding derivative contracts, offset in part by a decrease in investments due primarily to the reclassification to trading account assets as a result of the adoption of
the fair value option under ASC 825.

In Europe, total revenue increased by ¥254 billion due primarily to the decrease in
losses incurred in the trading account and investments during the previous fiscal year affected by the impact of the dislocation in the global financial markets, offset in part by a decrease in interest income as a result of decreases in average
yields reflecting general declines in euro interest rate levels. Total expenses decreased by ¥216 billion due primarily to a decrease in interest expenses reflecting general declines in euro interest rate levels. As a result, net income in
Europe increased by ¥471 billion. Total assets in Europe decreased by ¥1,674 billion due primarily to a decrease in investments, which included a reclassification to trading account assets as a result of the adoption of ASC 825, and a
decrease in receivables under resale agreements, partially offset by an increase in trading account assets.

In Asia/Oceania
excluding Japan, and others, total revenue decreased by ¥66 billion due primarily to decreases in interest income and trading account gainsnet, offset in part by an increase in foreign exchange gainsnet. Total expenses decreased by
¥24 billion due primarily to a decrease in interest expenses, offset in part by an increase in provision for loan losses. As a result, net income in Asia/Oceania excluding Japan, and others decreased by ¥39 billion. Total assets in
Asia/Oceania excluding Japan, and others decreased by ¥404 billion due primarily to a decrease in investments which included reclassification as a result of the adoption of ASC 825, and a decrease in loans, partially offset by an increase in
trading account assets.



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Financial Condition

Assets

Our assets
as of March 31, 2009 and 2010 were as follows:



|                                                    |  |                      |         |   |                    |   |         |   |  |   |        |  
|--------------------------------------------------- |  | -------------------- | ------- | - | ------------------ | - | ------- | - |  | - | ------ | -
|                                                    |  | As of March 31,      |         |   | Increase(decrease) |  
|                                                    |  | 2009                 |         |   | 2010               |   |        
|                                                    |  | (in billions of yen) |        
|Cash and due from banks                             |  | ¥                    | 2,733   |   |                    | ¥ | 3,399   |   |  | ¥ | 666    |  
|Interest-bearing deposits in other banks            |  |                      | 3,128   |   |                    |   | 2,027   |   |  |   | (1,101 | )
|Call loans and funds sold                           |  |                      | 145     |   |                    |   | 607     |   |  |   | 462    |  
|Receivables under resale agreements                 |  |                      | 6,277   |   |                    |   | 7,132   |   |  |   | 855    |  
|Receivables under securities borrowing transactions |  |                      | 5,819   |   |                    |   | 5,745   |   |  |   | (74    | )
|Trading account assets                              |  |                      | 31,006  |   |                    |   | 31,528  |   |  |   | 522    |  
|Investments                                         |  |                      | 28,746  |   |                    |   | 39,253  |   |  |   | 10,507 |  
|Loans                                               |  |                      | 72,657  |   |                    |   | 63,783  |   |  |   | (8,874 | )
|Allowance for loan losses                           |  |                      | (870    | ) |                    |   | (880    | ) |  |   | (10    | )
|                                                    |  |                      |         |   |                    |   |         |   |  |   |        |  
|Loans, net of allowance                             |  |                      | 71,787  |   |                    |   | 62,903  |   |  |   | (8,884 | )
|Premises and equipmentnet                          |  |                      | 900     |   |                    |   | 1,048   |   |  |   | 148    |  
|Due from customers on acceptances                   |  |                      | 54      |   |                    |   | 51      |   |  |   | (3     | )
|Accrued income                                      |  |                      | 296     |   |                    |   | 266     |   |  |   | (30    | )
|Goodwill                                            |  |                      | 15      |   |                    |   | 15      |   |  |   |       |  
|Intangible assets                                   |  |                      | 10      |   |                    |   | 81      |   |  |   | 71     |  
|Deferred tax assets                                 |  |                      | 791     |   |                    |   | 826     |   |  |   | 35     |  
|Other assets                                        |  |                      | 3,376   |   |                    |   | 3,470   |   |  |   | 94     |  
|                                                    |  |                      |         |   |                    |   |         |   |  |   |        |  
|Total assets                                        |  | ¥                    | 155,083 |   |                    | ¥ | 158,351 |   |  | ¥ | 3,268  |  
|                                                    |  |                      |         |   |                    |   |         |   |  |   |        |  

Total assets increased by ¥3,268 billion from the end of the previous fiscal year to ¥158,351
billion as of March 31, 2010. This increase was due primarily to an increase of ¥10,507 billion in investments, primarily Japanese government bonds, offset in part by a decrease of ¥8,884 billion in loans, net of allowance.



93



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Loans

Loans Outstanding

The following table shows our loans outstanding as of March 31, 2009 and 2010:



|                                                 |  |                                          |        |   |                    |       |   |  |   |        |   |  |       |   |  |   |        |   |  |      |  
|------------------------------------------------ |  | ---------------------------------------- | ------ | - | ------------------ | ----- | - |  | - | ------ | - |  | ----- | - |  | - | ------ | - |  | ---- | -
|                                                 |  | As of March 31,                          |        |   | Increase(decrease) |      
|                                                 |  | 2009(1)                                  |        |   | 2010               |       |  
|                                                 |  | (in billions of yen, except percentages) |       
|Domestic:                                        |  |                                          |        |   |                    |       |   |  |   |        |   |  |       |   |  |   |        |   |  |      |  
|Manufacturing                                    |  | ¥                                        | 8,903  |   |                    | 12.3  | % |  | ¥ | 8,065  |   |  | 12.6  | % |  | ¥ | (838   | ) |  | 0.3  | %
|Construction                                     |  |                                          | 1,306  |   |                    | 1.8   |   |  |   | 1,165  |   |  | 1.8   |   |  |   | (141   | ) |  | 0.0  |  
|Real estate                                      |  |                                          | 7,302  |   |                    | 10.0  |   |  |   | 6,689  |   |  | 10.5  |   |  |   | (613   | ) |  | 0.5  |  
|Services                                         |  |                                          | 5,324  |   |                    | 7.3   |   |  |   | 5,153  |   |  | 8.1   |   |  |   | (171   | ) |  | 0.8  |  
|Wholesale and retail                             |  |                                          | 5,978  |   |                    | 8.2   |   |  |   | 5,306  |   |  | 8.3   |   |  |   | (672   | ) |  | 0.1  |  
|Transportation                                   |  |                                          | 2,716  |   |                    | 3.7   |   |  |   | 2,558  |   |  | 4.0   |   |  |   | (158   | ) |  | 0.3  |  
|Banks and other financial institutions           |  |                                          | 4,727  |   |                    | 6.5   |   |  |   | 4,290  |   |  | 6.7   |   |  |   | (437   | ) |  | 0.2  |  
|Government and public institutions               |  |                                          | 8,655  |   |                    | 11.9  |   |  |   | 5,459  |   |  | 8.6   |   |  |   | (3,196 | ) |  | (3.3 | )
|Other
industries(2)                              |  |                                          | 4,636  |   |                    | 6.4   |   |  |   | 4,011  |   |  | 6.3   |   |  |   | (625   | ) |  | (0.1 | )
|Individuals                                      |  |                                          | 11,899 |   |                    | 16.4  |   |  |   | 11,882 |   |  | 18.6  |   |  |   | (17    | ) |  | 2.2  |  
|Mortgage loans                                   |  |                                          | 11,067 |   |                    | 15.2  |   |  |   | 11,093 |   |  | 17.4  |   |  |   | 26     |   |  | 2.2  |  
|Other                                            |  |                                          | 832    |   |                    | 1.2   |   |  |   | 789    |   |  | 1.2   |   |  |   | (43    | ) |  | 0.0  |  
|                                                 |  |                                          |        |   |                    |       |   |  |   |        |   |  |       |   |  |   |        |   |  |      |  
|Total domestic                                   |  |                                          | 61,446 |   |                    | 84.5  |   |  |   | 54,578 |   |  | 85.5  |   |  |   | (6,868 | ) |  | 1.0  |  
|Foreign:                                         |  |                                          |        |   |                    |       |   |  |   |        |   |  |       |   |  |   |        |   |  |      |  
|Commercial and industrial                        |  |                                          | 8,680  |   |                    | 11.9  |   |  |   | 7,237  |   |  | 11.3  |   |  |   | (1,443 | ) |  | (0.6 | )
|Banks and other financial institutions           |  |                                          | 2,224  |   |                    | 3.1   |   |  |   | 1,722  |   |  | 2.7   |   |  |   | (502   | ) |  | (0.4 | )
|Government and public institutions               |  |                                          | 301    |   |                    | 0.4   |   |  |   | 292    |   |  | 0.5   |   |  |   | (9     | ) |  | 0.1  |  
|Other(2)                                         |  |                                          | 94     |   |                    | 0.1   |   |  |   | 32     |   |  | 0.0   |   |  |   | (62    | ) |  | (0.1 | )
|                                                 |  |                                          |        |   |                    |       |   |  |   |        |   |  |       |   |  |   |        |   |  |      |  
|Total foreign                                    |  |                                          | 11,299 |   |                    | 15.5  |   |  |   | 9,283  |   |  | 14.5  |   |  |   | (2,016 | ) |  | (1.0 | )
|                                                 |  |                                          |        |   |                    |       |   |  |   |        |   |  |       |   |  |   |        |   |  |      |  
|Subtotal                                         |  |                                          | 72,745 |   |                    | 100.0 | % |  |   | 63,861 |   |  | 100.0 | % |  |   | (8,884 | ) |  |     |  
|                                                 |  |                                          |        |   |                    |       |   |  |   |        |   |  |       |   |  |   |        |   |  |      |  
|Less: Unearned income and deferred loan feesnet |  |                                          | (88    | ) |                    |       |   |  |   | (78    | ) |  |       |   |  |   | 10     |   |  |      |  
|                                                 |  |                                          |        |   |                    |       |   |  |   |        |   |  |       |   |  |   |        |   |  |      |  
|Total loans before allowance for loan losses     |  | ¥                                        | 72,657 |   |                    |       |   |  | ¥ | 63,783 |   |  |       |   |  | ¥ | (8,874 | ) |  |      |  
|                                                 |  |                                          |        |   |                    |       |   |  |   |        |   |  |       |   |  |   |        |   |  |      |  



Notes:



|(1) | Following the revision of Japan Standard Industrial Classification, we partially changed the classification of industries as of March 31, 2010. The change
consisted primarily of a reclassification of loans to private lessors of apartments, which were previously primarily categorized by the industry of the relevant borrower, to real estate. Amounts as of March 31, 2009 have been
reclassified to conform to the presentation as of March 31, 2010.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Other industries within domestic and other within foreign include trade receivables and lease receivables of consolidated VIEs.
|--- | -----------------------------------------------------------------------------------------------------------------------------------

Total loans before allowance for loan losses decreased by ¥8,874 billion from the end of the previous
fiscal year to ¥63,783 billion as of March 31, 2010. Domestic loans decreased by ¥6,868 billion to ¥54,578 billion due mainly to a decrease in loans to government and public institutions attributable mainly to loans to the Japanese
government. Domestic loans decreased in almost all of the industries as funding needs of large corporate borrowers, their affiliates and others eased compared to the end of the previous fiscal year.



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Loans to foreign borrowers decreased by ¥2,016 billion from the end of the previous
fiscal year to ¥9,283 billion as of March 31, 2010. Foreign loans decreased in all of the categories due mainly to the translation impact of the strengthening of the Japanese yen and our appropriate credit management reflecting the
continuing stagnation of overseas economies.

Within our loan portfolio, loans to domestic borrowers increased from 84.5% to
85.5% while loans to foreign borrowers decreased from 15.5% to 14.5%.

Impaired Loans

Japanese banks are required to categorize obligors into the groups listed below based on their financial condition and other factors and
then to classify loans and off-balance-sheet instruments against obligors, taking into consideration the risk of collection and risk of impairment. We refer to this categorization and classification process as the self-assessment procedures which
are conducted in conjunction with our credit rating system. Through the self-assessment procedures, we categorize obligors into the following categories:



| |  |  | normal: Obligors for which business conditions are favorable and are deemed not to have any particular problems in terms of their financial
position.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | watch:Obligors that require observation going forward because of either concerns regarding their financial position or weak or unstable
business conditions.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | special attention: Among watch obligors, those having difficulty meeting loan conditions, such as reduced or suspended interest payments, or
those in default of payment obligations such as failure to make principal or interest payments beyond a specified period.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | intensive control:Obligors that are not yet bankrupt but are in financial difficulties and are deemed likely to become bankrupt in the future
because of failure to make progress in implementing their management improvement plans or other measures (including obligors that are receiving ongoing support from financial institutions).
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | substantially bankrupt:Obligors that have not yet become legally or formally bankrupt but are effectively insolvent because they are in serious
financial difficulties and are deemed to be not capable of restructuring.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | bankrupt: Obligors that have become legally or formally bankrupt.
| | - |  | -----------------------------------------------------------------

We consider both loans that are subject to impairment under ASC 310, Receivables and small balance, homogeneous loans to be
impaired when it is probable that we will be unable to collect all the scheduled payments of principal and interest when due according to the contractual terms of the loan. Restructured loans and loans that are 90 days or more delinquent are
generally considered to be impaired. We determine loans to special attention, intensive control, substantially bankrupt and bankrupt obligors as impaired loans in connection with our consideration of collectibility mentioned above. All of our
impaired loans are designated as nonaccrual loans. See Item 11. Quantitative and Qualitative Disclosures about Market RiskCredit Risk Management for descriptions of our self-assessment procedures and our internal credit rating
system.

We endeavor to remove impaired loans from our balance sheet within three years of their being so categorized through
methods such as collection, charge-offs, disposal and improving the borrowers credit rating through restructuring efforts.



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The following table shows our impaired loans as of March 31, 2009 and 2010 based on
classifications by domicile and industry segment:



|                                       |  |                                          |       |                                      |                     |   |               |   |                                      |  |     |               |  |   |                                      |   |  |      |  
|-------------------------------------- |  | ---------------------------------------- | ----- | ------------------------------------ | ------------------- | - | ------------- | - | ------------------------------------ |  | --- | ------------- |  | - | ------------------------------------ | - |  | ---- | -
|                                       |  | As of March 31,                          |       |                                      | Increase (decrease) |  
|                                       |  | 2009                                     |       |                                      | 2010                |   |              
|                                       |  | Impairedloans                            |       | Ratio to grosstotal loans toindustry |                     |   | Impairedloans |   | Ratio to grosstotal loans toindustry |  |     | Impairedloans |  |   | Ratio to grosstotal loans toindustry |  
|                                       |  | (in billions of yen, except percentages) |      
|Domestic:                              |  |                                          |       |                                      |                     |   |               |   |                                      |  |     |               |  |   |                                      |   |  |      |  
|Manufacturing                          |  | ¥                                        | 213   |                                      | 2.4                 | % |               | ¥ | 270                                  |  | 3.3 | %             |  | ¥ | 57                                   |   |  | 0.9  | %
|Construction                           |  |                                          | 87    |                                      | 6.6                 |   |               |   | 72                                   |  | 6.2 |               |  |   | (15                                  | ) |  | (0.4 | )
|Real estate                            |  |                                          | 309   |                                      | 4.2                 |   |               |   | 230                                  |  | 3.4 |               |  |   | (79                                  | ) |  | (0.8 | )
|Services                               |  |                                          | 213   |                                      | 4.0                 |   |               |   | 181                                  |  | 3.5 |               |  |   | (32                                  | ) |  | (0.5 | )
|Wholesale and retail                   |  |                                          | 160   |                                      | 2.7                 |   |               |   | 159                                  |  | 3.0 |               |  |   | (1                                   | ) |  | 0.3  |  
|Transportation                         |  |                                          | 104   |                                      | 3.8                 |   |               |   | 99                                   |  | 3.9 |               |  |   | (5                                   | ) |  | 0.1  |  
|Banks and other financial institutions |  |                                          | 26    |                                      | 0.6                 |   |               |   | 21                                   |  | 0.5 |               |  |   | (5                                   | ) |  | (0.1 | )
|Other industries                       |  |                                          | 40    |                                      | 0.3                 |   |               |   | 41                                   |  | 0.4 |               |  |   | 1                                    |   |  | 0.1  |  
|Individuals                            |  |                                          | 165   |                                      | 1.4                 |   |               |   | 201                                  |  | 1.7 |               |  |   | 36                                   |   |  | 0.3  |  
|                                       |  |                                          |       |                                      |                     |   |               |   |                                      |  |     |               |  |   |                                      |   |  |      |  
|Total domestic                         |  |                                          | 1,317 |                                      | 2.1                 |   |               |   | 1,274                                |  | 2.3 |               |  |   | (43                                  | ) |  | 0.2  |  
|Foreign                                |  |                                          | 115   |                                      | 1.0                 |   |               |   | 130                                  |  | 1.4 |               |  |   | 15                                   |   |  | 0.4  |  
|                                       |  |                                          |       |                                      |                     |   |               |   |                                      |  |     |               |  |   |                                      |   |  |      |  
|Total impaired loans                   |  | ¥                                        | 1,432 |                                      | 2.0                 | % |               | ¥ | 1,404                                |  | 2.2 | %             |  | ¥ | (28                                  | ) |  | 0.2  | %
|                                       |  |                                          |       |                                      |                     |   |               |   |                                      |  |     |               |  |   |                                      |   |  |      |  

Impaired loans decreased by ¥28 billion, or 1.9%, from the end of the previous fiscal year to ¥1,404
billion as of March 31, 2010. Domestic impaired loans decreased by ¥43 billion due primarily to decreases in impaired loans to borrowers in the real estate industry, the services industry and the construction industry, each due primarily to
charge-offs, restructurings and collections, related to large borrowers, offset in part by an increase in the manufacturing industry due primarily to downgrades in internal credit ratings to large borrowers, and an increase in individuals. Foreign
impaired loans increased by ¥15 billion, reflecting the continuing stagnation of overseas economies.

The percentage of
impaired loans within gross total loans increased from 2.0% as of March 31, 2009 to 2.2% as of March 31, 2010. The percentage of impaired loans net of allowance to gross total loans net of allowance increased from 0.78% as of
March 31, 2009 to 0.83% as of March 31, 2010, as the percentage decrease of gross total loans was larger than that of impaired loans.

Allowance for Loan Losses

Calculation of allowance for loan losses

Our self-assessment and credit-rating procedures serve as the basis for determining the amount of the allowance for loan losses. The
specific methods of calculating the allowance for each category of obligors are as follows:



|Normal and watch obligors | A formula allowance is calculated separately for obligors with small balance, homogenous loans and for each credit rating category of corporate obligors by multiplying the loan balance with the
applicable default ratio (based on internal historical data as well as data provided by third-party credit rating agencies) and the applicable average impairment ratio on defaulted loans (based on internal historical data).
|------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|Special attention obligors | The allowance for special attention obligors is generally calculated individually based on the present value of expected future cash flows discounted at the loans initial effective
interest rate. A formula allowance for certain special attention obligors is calculated by grouping the loans to such obligors and applying the formula described above for normal and watch obligors but using the default ratio and average impairment
ratio specific to this category.
|-------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Intensive control obligors | The allowance for intensive control obligors is generally calculated individually based on the present value of expected future cash flows discounted at the loans initial effective
interest rate, based on the loans observable market price, or based on the fair value of the collateral if the loan is collateral dependent. The allowance for certain intensive control obligors is calculated by grouping the loans to such
obligors and multiplying the amount of loans less estimated collateral value by the default ratio and average impairment ratio specific to this category.
|-------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Substantially bankrupt and bankrupt obligors | The allowance is calculated individually and is equal to loan balance, less estimated collateral value.
|-------------------------------------------- | -------------------------------------------------------------------------------------------------------

Balance of allowance for loan losses

The following table summarizes the allowance for loan losses by component and as a percentage of the corresponding loan balance as of
March 31, 2009 and 2010:



|                                                                                                                                   |  |                                          |        |   |                    |   |        |   |  |   |        |  
|---------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------- | ------ | - | ------------------ | - | ------ | - |  | - | ------ | -
|                                                                                                                                   |  | As of March 31,                          |        |   | Increase(decrease) |  
|                                                                                                                                   |  | 2009                                     |        |   | 2010               |   |       
|                                                                                                                                   |  | (in billions of yen, except percentages) |       
|Allowance for loan losses on impaired loans (A)                                                                                    |  | ¥                                        | 440    |   |                    | ¥ | 435    |   |  | ¥ | (5     | )
|Allowance for loan losses on other loans (B)                                                                                       |  |                                          | 430    |   |                    |   | 445    |   |  |   | 15     |  
|Total allowance for loan losses (C)                                                                                                |  |                                          | 870    |   |                    |   | 880    |   |  |   | 10     |  
|                                                                                                                                   |  |                                          |       
|Impaired loans requiring an allowance for loan losses (D)                                                                          |  |                                          | 1,148  |   |                    |   | 1,108  |   |  |   | (40    | )
|Impaired loans not requiring an allowance for loan losses (E)                                                                      |  |                                          | 284    |   |                    |   | 296    |   |  |   | 12     |  
|Other loans (F)                                                                                                                    |  |                                          | 71,313 |   |                    |   | 62,457 |   |  |   | (8,856 | )
|                                                                                                                                   |  |                                          |        |   |                    |   |        |   |  |   |        |  
|Gross total loans (G)                                                                                                              |  | ¥                                        | 72,745 |   |                    | ¥ | 63,861 |   |  | ¥ | (8,884 | )
|                                                                                                                                   |  |                                          |        |   |                    |   |        |   |  |   |        |  
|                                                                                                                                   |  |                                          |       
|Percentage of allowance for loan losses on impaired loans against the balance of impaired loans requiring an allowance
(A)/(D)x100 |  |                                          | 38.4   | % |                    |   | 39.3   | % |  |   | 0.9    | %
|Percentage of allowance for loan losses on other loans against the balance of other loans (B)/(F)x100                              |  |                                          | 0.6    |   |                    |   | 0.7    |   |  |   | 0.1    |  
|Percentage of total allowance for loan losses against gross total loans (C)/(G)x100                                                |  |                                          | 1.2    |   |                    |   | 1.4    |   |  |   | 0.2    |  

Allowance for loan
losses increased by ¥10 billion from the end of the previous fiscal year to ¥880 billion as of March 31, 2010. This increase was due to an increase of ¥15 billion in the allowance for loan losses on other loans, primarily as a
result of increased estimated loss rates related to normal obligors, offset in part by a decrease of ¥5 billion in the allowance for loan losses on impaired loans. As a result, the percentage of total allowance for loan losses against gross
total loans increased by 0.2% to 1.4%, and the percentage of allowance for loan losses on impaired loans against the balance of impaired loans requiring an allowance increased by 0.9% to 39.3%.



97



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Provision for loan losses

The following table summarizes changes in our allowance for loan losses, including a breakdown of charge-offs and recoveries by domicile
and industry segment, in the fiscal years ended March 31, 2009 and 2010:



|                                                      |  |                              |     |   |                    |   |     |   |  |   |      |  
|----------------------------------------------------- |  | ---------------------------- | --- | - | ------------------ | - | --- | - |  | - | ---- | -
|                                                      |  | Fiscal years ended March 31, |     |   | Increase(decrease) |  
|                                                      |  | 2009                         |     |   | 2010               |   |    
|                                                      |  | (in billions of yen)         |    
|Allowance for loan losses at beginning of fiscal year |  | ¥                            | 650 |   |                    | ¥ | 870 |   |  | ¥ | 220  |  
|Provision for loan losses                             |  |                              | 567 |   |                    |   | 222 |   |  |   | (345 | )
|Charge-offs:                                          |  |                              |     |   |                    |   |     |   |  |   |      |  
|Domestic:                                             |  |                              |     |   |                    |   |     |   |  |   |      |  
|Manufacturing                                         |  |                              | 39  |   |                    |   | 17  |   |  |   | (22  | )
|Construction                                          |  |                              | 24  |   |                    |   | 4   |   |  |   | (20  | )
|Real estate                                           |  |                              | 93  |   |                    |   | 52  |   |  |   | (41  | )
|Services                                              |  |                              | 18  |   |                    |   | 17  |   |  |   | (1   | )
|Wholesale and retail                                  |  |                              | 57  |   |                    |   | 48  |   |  |   | (9   | )
|Transportation                                        |  |                              | 4   |   |                    |   | 2   |   |  |   | (2   | )
|Banks and other financial institutions                |  |                              | 19  |   |                    |   | 1   |   |  |   | (18  | )
|Other industries                                      |  |                              | 9   |   |                    |   | 26  |   |  |   | 17   |  
|Individuals                                           |  |                              | 24  |   |                    |   | 27  |   |  |   | 3    |  
|                                                      |  |                              |     |   |                    |   |     |   |  |   |      |  
|Total domestic charge-offs                            |  |                              | 287 |   |                    |   | 194 |   |  |   | (93  | )
|Foreign                                               |  |                              | 57  |   |                    |   | 66  |   |  |   | 9    |  
|                                                      |  |                              |     |   |                    |   |     |   |  |   |      |  
|Total charge-offs                                     |  |                              | 344 |   |                    |   | 260 |   |  |   | (84  | )
|                                                      |  |                              |     |   |                    |   |     |   |  |   |      |  
|Recoveries:                                           |  |                              |     |   |                    |   |     |   |  |   |      |  
|Domestic:                                             |  |                              |     |   |                    |   |     |   |  |   |      |  
|Manufacturing                                         |  |                              | 3   |   |                    |   | 7   |   |  |   | 4    |  
|Construction                                          |  |                              | 1   |   |                    |   | 4   |   |  |   | 3    |  
|Real estate                                           |  |                              | 3   |   |                    |   | 21  |   |  |   | 18   |  
|Services                                              |  |                              | 2   |   |                    |   | 3   |   |  |   | 1    |  
|Wholesale and retail                                  |  |                              | 4   |   |                    |   | 5   |   |  |   | 1    |  
|Transportation                                        |  |                              | 1   |   |                    |   | 0   |   |  |   | (1   | )
|Banks and other financial institutions                |  |                              | 0   |   |                    |   | 4   |   |  |   | 4    |  
|Other industries                                      |  |                              | 2   |   |                    |   | 1   |   |  |   | (1   | )
|Individuals                                           |  |                              | 3   |   |                    |   | 3   |   |  |   | 0    |  
|                                                      |  |                              |     |   |                    |   |     |   |  |   |      |  
|Total domestic recoveries                             |  |                              | 19  |   |                    |   | 48  |   |  |   | 29   |  
|Foreign                                               |  |                              | 10  |   |                    |   | 6   |   |  |   | (4   | )
|                                                      |  |                              |     |   |                    |   |     |   |  |   |      |  
|Total recoveries                                      |  |                              | 29  |   |                    |   | 54  |   |  |   | 25   |  
|                                                      |  |                              |     |   |                    |   |     |   |  |   |      |  
|Net charge-offs                                       |  |                              | 315 |   |                    |   | 206 |   |  |   | (109 | )
|Others(1)                                             |  |                              | (32 | ) |                    |   | (6  | ) |  |   | 26   |  
|                                                      |  |                              |     |   |                    |   |     |   |  |   |      |  
|Balance at end of fiscal year                         |  | ¥                            | 870 |   |                    | ¥ | 880 |   |  | ¥ | 10   |  
|                                                      |  |                              |     |   |                    |   |     |   |  |   |      |  



Note:



|(1) | Others include primarily foreign exchange translation.
|--- | --------------------------------------------------------

Provision for loan losses decreased by ¥345 billion from the previous fiscal year to ¥222 billion for the fiscal year ended
March 31, 2010. The decrease in provision for loan losses was due mainly to an improvement in economic conditions and our efforts for appropriate credit management.



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Charge-offs decreased by ¥84 billion from the previous fiscal year to ¥260 billion
for the fiscal year ended March 31, 2010. Charge-offs of domestic loans decreased by ¥93 billion compared to the previous fiscal year to ¥194 billion in the fiscal year ended March 31, 2010, reflecting the improvement in economic
conditions. Charge-offs of foreign loans increased by ¥9 billion compared to the previous fiscal year to ¥66 billion in the fiscal year ended March 31, 2010.

Recoveries increased by ¥25 billion from the previous fiscal year to ¥54 billion in the fiscal year ended March 31, 2010,
reflecting an increase in recoveries with respect to domestic loans offset in part by a decrease with respect to foreign loans.

Investments

The
majority of our investments are available-for-sale securities, which at March 31, 2009 and 2010 were as follows:



|                                     |  |                      |        |           |                     |                            |  |   |               |   |           |   |                            |  |   |               |  |   |           |   |                            |   |       |   |  |   |        |  |   |     |  
|------------------------------------ |  | -------------------- | ------ | --------- | ------------------- | -------------------------- |  | - | ------------- | - | --------- | - | -------------------------- |  | - | ------------- |  | - | --------- | - | -------------------------- | - | ----- | - |  | - | ------ |  | - | --- | -
|                                     |  | As of March 31,      |        |           | Increase (decrease) |                           
|                                     |  | 2009                 |        |           | 2010                |                            | 
|                                     |  | Amortizedcost        |        | Fairvalue |                     | Netunrealizedgains(losses) |  |   | Amortizedcost |   | Fairvalue |   | Netunrealizedgains(losses) |  |   | Amortizedcost |  |   | Fairvalue |   | Netunrealizedgains(losses) |  
|                                     |  | (in billions of yen) |       
|Available-for-sale securities:       |  |                      |        |           |                     |                            |  |   |               |   |           |   |                            |  |   |               |  |   |           |   |                            |   |       |   |  |   |        |  |   |     |  
|Debt securities                      |  | ¥                    | 24,711 |           | ¥                   | 24,685                     |  | ¥ | (26           | ) |           | ¥ | 34,508                     |  | ¥ | 34,517        |  | ¥ | 9         |   |                            | ¥ | 9,797 |   |  | ¥ | 9,832  |  | ¥ | 35  |  
|Japanese government bonds            |  |                      | 18,450 |           |                     | 18,458                     |  |   | 8             |   |           |   | 28,272                     |  |   | 28,229        |  |   | (43       | ) |                            |   | 9,822 |   |  |   | 9,771  |  |   | (51 | )
|Other than Japanese government bonds |  |                      | 6,261  |           |                     | 6,227                      |  |   | (34           | ) |           |   | 6,236                      |  |   | 6,288         |  |   | 52        |   |                            |   | (25   | ) |  |   | 61     |  |   | 86  |  
|Equity securities (marketable)       |  |                      | 2,237  |           |                     | 2,870                      |  |   | 633           |   |           |   | 2,007                      |  |   | 3,284         |  |   | 1,277     |   |                            |   | (230  | ) |  |   | 414    |  |   | 644 |  
|                                     |  |                      |        |           |                     |                            |  |   |               |   |           |   |                            |  |   |               |  |   |           |   |                            |   |       |   |  |   |        |  |   |     |  
|Total                                |  | ¥                    | 26,948 |           | ¥                   | 27,555                     |  | ¥ | 607           |   |           | ¥ | 36,515                     |  | ¥ | 37,801        |  | ¥ | 1,286     |   |                            | ¥ | 9,567 |   |  | ¥ | 10,246 |  | ¥ | 679 |  
|                                     |  |                      |        |           |                     |                            |  |   |               |   |           |   |                            |  |   |               |  |   |           |   |                            |   |       |   |  |   |        |  |   |     |  

Available-for-sale securities increased by ¥10,246 billion from the end of the previous fiscal year to
¥37,801 billion at March 31, 2010. This increase was due primarily to an increase in medium- to long-term Japanese government bonds with relatively shorter remaining periods to maturity for the purpose of earning interest income. Equity
securities increased by ¥414 billion from March 31, 2009 to ¥3,284 billion at March 31, 2010 due mainly to the recovery in Japanese stock prices as of March 31, 2010 compared to March 31, 2009, while those on an amortized
cost basis decreased as we sold a portion of our equity portfolio in our efforts to reduce the risks involved in holding stocks. See note 5 to our consolidated financial statements included elsewhere in this annual report for details of other
investments included within investments.

Cash and Due from Banks

Cash and due from banks increased by ¥666 billion from the end of the previous fiscal year to ¥3,399 billion at March 31,
2010. The increase was due to net cash provided by financing activities of ¥4,105 billion being offset in part by net cash used in investing activities of ¥2,424 billion and net cash used in operating activities of ¥1,014 billion.



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Liabilities

The following table shows our liabilities as of March 31, 2009 and 2010:



|                                               |  |                      |         |                    |   |         |  |   |        |  
|---------------------------------------------- |  | -------------------- | ------- | ------------------ | - | ------- |  | - | ------ | -
|                                               |  | As of March 31,      |         | Increase(decrease) |  
|                                               |  | 2009                 |         | 2010               |  
|                                               |  | (in billions of yen) |        
|Deposits                                       |  | ¥                    | 87,076  |                    | ¥ | 86,776  |  | ¥ | (300   | )
|Debentures                                     |  |                      | 2,300   |                    |   | 1,518   |  |   | (782   | )
|Due to trust accounts                          |  |                      | 986     |                    |   | 1,025   |  |   | 39     |  
|Call money and funds purchased                 |  |                      | 6,450   |                    |   | 5,786   |  |   | (664   | )
|Payables under repurchase agreements           |  |                      | 9,183   |                    |   | 12,076  |  |   | 2,893  |  
|Payables under securities lending transactions |  |                      | 4,303   |                    |   | 6,825   |  |   | 2,522  |  
|Commercial paper                               |  |                      | 316     |                    |   | 151     |  |   | (165   | )
|Other short-term borrowings                    |  |                      | 8,399   |                    |   | 8,895   |  |   | 496    |  
|Trading account liabilities                    |  |                      | 21,508  |                    |   | 19,402  |  |   | (2,106 | )
|Bank acceptances outstanding                   |  |                      | 54      |                    |   | 51      |  |   | (3     | )
|Income taxes payable                           |  |                      | 22      |                    |   | 18      |  |   | (4     | )
|Deferred tax liabilities                       |  |                      | 8       |                    |   | 12      |  |   | 4      |  
|Accrued expenses                               |  |                      | 216     |                    |   | 208     |  |   | (8     | )
|Long-term debt                                 |  |                      | 8,018   |                    |   | 8,482   |  |   | 464    |  
|Other liabilities                              |  |                      | 5,207   |                    |   | 3,794   |  |   | (1,413 | )
|                                               |  |                      |         |                    |   |         |  |   |        |  
|Total liabilities                              |  | ¥                    | 154,046 |                    | ¥ | 155,019 |  | ¥ | 973    |  
|                                               |  |                      |         |                    |   |         |  |   |        |  

Total liabilities increased by ¥973 billion from the end of the previous fiscal year to ¥155,019
billion at March 31, 2010. This increase was due primarily to an increase of ¥5,121 billion in short-term borrowings, offset in part by a decrease of ¥2,106 billion in trading account liabilities and a decrease of ¥1,413 billion in
other liabilities, primarily accounts payable to brokers, dealers and customers for securities transactions. Short-term borrowings include due to trust accounts, call money and funds purchased, payables under repurchase agreements, payables under
securities lending transactions, commercial paper and other short-term borrowings.

Deposits

The following table shows a breakdown of our deposits as of March 31, 2009 and 2010:



|                              |  |                      |        |                    |   |        |  |   |      |  
|----------------------------- |  | -------------------- | ------ | ------------------ | - | ------ |  | - | ---- | -
|                              |  | As of March 31,      |        | Increase(decrease) |  
|                              |  | 2009                 |        | 2010               |  
|                              |  | (in billions of yen) |       
|Domestic:                     |  |                      |        |                    |   |        |  |   |      |  
|Non-interest-bearing deposits |  | ¥                    | 11,843 |                    | ¥ | 11,101 |  | ¥ | (742 | )
|Interest-bearing deposits     |  |                      | 67,115 |                    |   | 67,137 |  |   | 22   |  
|                              |  |                      |        |                    |   |        |  |   |      |  
|Total domestic deposits       |  |                      | 78,958 |                    |   | 78,238 |  |   | (720 | )
|                              |  |                      |        |                    |   |        |  |   |      |  
|Foreign:                      |  |                      |        |                    |   |        |  |   |      |  
|Non-interest-bearing deposits |  |                      | 471    |                    |   | 531    |  |   | 60   |  
|Interest-bearing deposits     |  |                      | 7,647  |                    |   | 8,007  |  |   | 360  |  
|                              |  |                      |        |                    |   |        |  |   |      |  
|Total foreign deposits        |  |                      | 8,118  |                    |   | 8,538  |  |   | 420  |  
|                              |  |                      |        |                    |   |        |  |   |      |  
|Total deposits                |  | ¥                    | 87,076 |                    | ¥ | 86,776 |  | ¥ | (300 | )
|                              |  |                      |        |                    |   |        |  |   |      |  

Deposits decreased by ¥300 billion from the end of the previous fiscal year to ¥86,776 billion at
March 31, 2010. Domestic deposits decreased by ¥720 billion from March 31, 2009 to ¥78,238 billion at March 31, 2010. Non-interest-bearing deposits, mainly from Japanese companies, decreased by ¥742 billion due primarily
to a decline in the amounts that corporations secured for fiscal-year-end funding, and interest-bearing deposits,



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mainly from individuals, increased by ¥22 billion. Foreign deposits increased by ¥420 billion from the end of the previous fiscal year to ¥8,538 billion due mainly to an increase in
interest-bearing deposits affected by the good and stable market conditions overseas offset in part by the impact of the appreciation of the yen.

Debentures

Debentures decreased by ¥782 billion from the end of the previous fiscal year to ¥1,518 billion at March 31, 2010. In Japan,
certain banks are entitled to issue discount and coupon debentures in the domestic market under applicable banking laws. Mizuho Corporate Bank and Mizuho Bank benefit from such entitlement originally held by The Industrial Bank of Japan, one of our
predecessor banks. While the two bank subsidiaries have this entitlement through March 2012, we have been reducing our reliance on debentures in recent years and are shifting to other sources of financing, including mainly bonds. See
Liquidity.

Short-term Borrowings

The following table shows a breakdown of our short-term borrowings as of March 31, 2009 and 2010:



|                                                                                                             |  |                      |        |                     |   |       |  |          |        |         |   |        |  |          |        |  |         |        |  |       |       |   |  |   |       |   |  |   |       |  
|------------------------------------------------------------------------------------------------------------ |  | -------------------- | ------ | ------------------- | - | ----- |  | -------- | ------ | ------- | - | ------ |  | -------- | ------ |  | ------- | ------ |  | ----- | ----- | - |  | - | ----- | - |  | - | ----- | -
|                                                                                                             |  | As of March 31,      |        | Increase (decrease) |  
|                                                                                                             |  | 2009                 |        | 2010                |  
|                                                                                                             |  | Domestic             |        | Foreign             |   | Total |  | Domestic |        | Foreign |   | Total  |  | Domestic |        |  | Foreign |        |  | Total |      
|                                                                                                             |  | (in billions of yen) |       
|Due to trust accounts                                                                                        |  | ¥                    | 986    |                     | ¥ |      |  | ¥        | 986    |         | ¥ | 1,025  |  | ¥        |       |  | ¥       | 1,025  |  | ¥     | 39    |   |  | ¥ |      |   |  | ¥ | 39    |  
|Call money and funds purchased, and payables under repurchase agreements and securities lending transactions |  |                      | 12,592 |                     |   | 7,344 |  |          | 19,936 |         |   | 14,783 |  |          | 9,904  |  |         | 24,687 |  |       | 2,191 |   |  |   | 2,560 |   |  |   | 4,751 |  
|Commercial paper                                                                                             |  |                      | 161    |                     |   | 155   |  |          | 316    |         |   | 92     |  |          | 59     |  |         | 151    |  |       | (69   | ) |  |   | (96   | ) |  |   | (165  | )
|Other short-term borrowings                                                                                  |  |                      | 7,908  |                     |   | 491   |  |          | 8,399  |         |   | 8,590  |  |          | 305    |  |         | 8,895  |  |       | 682   |   |  |   | (186  | ) |  |   | 496   |  
|                                                                                                             |  |                      |        |                     |   |       |  |          |        |         |   |        |  |          |        |  |         |        |  |       |       |   |  |   |       |   |  |   |       |  
|Total short-term borrowings                                                                                  |  | ¥                    | 21,647 |                     | ¥ | 7,990 |  | ¥        | 29,637 |         | ¥ | 24,490 |  | ¥        | 10,268 |  | ¥       | 34,758 |  | ¥     | 2,843 |   |  | ¥ | 2,278 |   |  | ¥ | 5,121 |  
|                                                                                                             |  |                      |        |                     |   |       |  |          |        |         |   |        |  |          |        |  |         |        |  |       |       |   |  |   |       |   |  |   |       |  

Short-term borrowings increased by ¥5,121 billion from the end of the previous fiscal year to
¥34,758 billion at March 31, 2010. Domestic short-term borrowings increased by ¥2,843 billion due mainly to an increase in payables under securities lending transactions. Foreign short-term borrowings increased by ¥2,278 billion due
mainly to an increase in payables under repurchase agreements.

Equity

The following table shows a breakdown of equity as of March 31, 2009 and 2010:



|                                                          |  |                      |        |   |                    |   |        |   |  |   |       |  
|--------------------------------------------------------- |  | -------------------- | ------ | - | ------------------ | - | ------ | - |  | - | ----- | -
|                                                          |  | As of March 31,      |        |   | Increase(decrease) |  
|                                                          |  | 2009                 |        |   | 2010               |   |       
|                                                          |  | (in billions of yen) |       
|MHFG shareholders equity:                                |  |                      |        |   |                    |   |        |   |  |   |       |  
|Preferred stock                                           |  | ¥                    | 949    |   |                    | ¥ | 536    |   |  | ¥ | (413  | )
|Common stock                                              |  |                      | 3,387  |   |                    |   | 4,324  |   |  |   | 937   |  
|Accumulated deficit                                       |  |                      | (3,294 | ) |                    |   | (2,325 | ) |  |   | 969   |  
|Accumulated other comprehensive income (loss), net of tax |  |                      | (190   | ) |                    |   | 436    |   |  |   | 626   |  
|Treasury stock, at cost                                   |  |                      | (6     | ) |                    |   | (5     | ) |  |   | 1     |  
|                                                          |  |                      |        |   |                    |   |        |   |  |   |       |  
|Total MHFG shareholders equity                           |  | ¥                    | 846    |   |                    | ¥ | 2,966  |   |  | ¥ | 2,120 |  
|Noncontrolling interests                                  |  |                      | 191    |   |                    |   | 366    |   |  |   | 175   |  
|                                                          |  |                      |        |   |                    |   |        |   |  |   |       |  
|Total equity                                              |  | ¥                    | 1,037  |   |                    | ¥ | 3,332  |   |  | ¥ | 2,295 |  
|                                                          |  |                      |        |   |                    |   |        |   |  |   |       |  



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Equity increased by ¥2,295 billion from the end of the previous fiscal year to
¥3,332 billion due mainly to a decrease in accumulated deficit, increase in common stock and the change from accumulated other comprehensive loss, net of tax to accumulated other comprehensive income, net of tax, offset in part by a decrease in
preferred stock.

Accumulated deficit decreased by ¥969 billion from the end of the previous fiscal year to ¥2,325
billion. This decrease was due primarily to net income attributable to MHFG shareholders for the fiscal year ended March 31, 2010 of ¥1,000 billion, offset in part by dividend payments of ¥131 billion.

Common stock increased by ¥937 billion from the end of the previous fiscal year to ¥4,324 billion at March 31, 2010 as a
result of the issuance of new shares of common stock through a global offering and through the conversion of preferred stock. See OverviewCapital Improvements.

Accumulated other comprehensive income (loss), net of tax, improved by ¥626 billion from the end of the previous fiscal year to
income of ¥436 billion at March 31, 2010 due primarily to an increase in unrealized net gains on available-for-sale securities of ¥506 billion and a decrease in pension liability adjustments of ¥203 billion.

Preferred stock decreased by ¥413 billion from the end of the previous fiscal year to ¥536 billion at March 31, 2010 as a
result of the conversion of preferred stock to common stock.

Treasury stock, at cost, decreased by ¥1 billion from ¥6
billion at the end of the previous fiscal year to ¥5 billion at March 31, 2010 due primarily to reissuances from treasury stock related to stock-based compensation.

Noncontrolling interests increased by ¥175 billion from the end of the previous fiscal year to ¥366 billion at March 31,
2010 due primarily to the effect of the business combination of Mizuho Securities and Shinko Securities. See note 3 to our consolidated financial statements included elsewhere in this annual report for details of the business combination.

Liquidity

We continuously endeavor to enhance the management of our liquidity profile and strengthen our capital base to meet our customers
loan requirements and deposit withdrawals and respond to unforeseen situations such as adverse movements in stock, foreign currency, interest rate and other markets or changes in general domestic or international conditions.

Deposits and debentures, based on our broad customer base and brand recognition in Japan, have been our primary sources of liquidity. Our
total deposits and debentures decreased by ¥1,082 billion, or 1.2%, from the end of the previous fiscal year to ¥88,294 billion as of March 31, 2010. As shown in the following table, our average balance of deposits and debentures
combined for the fiscal year ended March 31, 2010 exceeded our average balance of loans for the same period by ¥19,742 billion. We invested the excess portion primarily in marketable securities and other high liquidity assets.



|                                                         |  |   |        |  |            |  |   |       
|-------------------------------------------------------- |  | - | ------ |  | ---------- |  | - | ------
|Average balance for the fiscal year ended
March 31, 2010
|(in billions of yen)                                    
|Loans                                                    |  | ¥ | 67,280 |  | Deposits   |  | ¥ | 85,084
|                                                         |  |   |        |  | Debentures |  |   | 1,938 

We will no longer be
able to issue debentures beginning April 2012 due to applicable regulations. Mizuho Corporate Bank ceased issuing debentures, which were issued mainly to institutional investors, in April 2006 and started to issue senior straight bonds each quarter.
We also ceased all new issuances of debentures by Mizuho Bank through its retail branch network in April 2007. The balance of our debentures has been decreasing significantly in recent years as a result.



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Secondary sources of liquidity include short-term borrowings such as call money and funds
purchased and payables under repurchase agreement. We also issue long-term debt, including both senior and subordinated debt, as additional sources for liquidity. We utilize short-term borrowings to diversify our funding sources and to manage our
funding costs. We raise subordinated long-term debt mainly for purposes of enhancing our capital adequacy ratios. We believe we are able to access such sources of liquidity on a stable and flexible basis based on our current credit ratings. The
following table shows credit ratings assigned to our principal banking subsidiaries by S&P and Moodys as of June 30, 2010:



|                       |  |                     |  |            |  |                     |  |           |  |            |  |                  
|---------------------- |  | ------------------- |  | ---------- |  | ------------------- |  | --------- |  | ---------- |  | -----------------
|                       |  | As of June 30, 2010
|                       |  | S&P                 |  | Moodys   
|                       |  | Long-term           |  | Short-term |  | Fundamentalstrength |  | Long-term |  | Short-term |  | Financialstrength
|Mizuho Corporate Bank  |  | A+                  |  | A-1        |  | B                   |  | Aa3       |  | P-1        |  | D+               
|Mizuho Bank            |  | A+                  |  | A-1        |  | B                   |  | Aa3       |  | P-1        |  | D+               
|Mizuho Trust & Banking |  | A+                  |  | A-1        |  | B                   |  | Aa3       |  | P-1        |  | D+               

We source our
funding in foreign currencies primarily from foreign governments, financial institutions and institutional investors, through short-term and long-term financing, under terms and pricing commensurate with our credit ratings above. In the event of
future declines in our credit quality or that of Japan in general, we expect to be able to purchase foreign currencies in sufficient amounts using the yen funds raised through our domestic customer base. As further measures to support our foreign
currency liquidity, we hold foreign debt securities, maintain credit lines and swap facilities denominated in foreign currencies and pledge collateral to the U.S. Federal Reserve Bank to support future credit extensions.

We maintain management and control systems to support our ability to access liquidity on a stable and cost-effective basis. For a
description of our management of liquidity risk, see Item 11. Quantitative and Qualitative Disclosures about Market RiskMarket and Liquidity Risk Management.

Capital Adequacy

All yen figures and percentages in this subsection are truncated. Accordingly, the total of each column of figures may not be equal to the
total of the individual items.

Regulatory Capital Requirements

Mizuho Financial Group and its principal banking subsidiaries are subject to regulatory capital requirements administered by the FSA in
accordance with the provisions of the Banking Law and related regulations. Failure to meet minimum capital requirements may initiate certain mandatory actions by regulators that, if undertaken, could have a direct material effect on our consolidated
financial statements.

The capital adequacy guidelines applicable to Japanese banks and bank holding companies with
international operations supervised by the FSA closely follow the risk-adjusted approach proposed by the Bank for International Settlements (BIS) and are intended to further strengthen the soundness and stability of Japanese banks.
Effective March 31, 2007, new guidelines were implemented by the FSA to comply with the new capital adequacy requirements set by BIS called Basel II. The framework of Basel II is based on the following three pillars: minimum capital
requirements; supervisory review; and market discipline.

Under the first pillar, the capital ratio is calculated by dividing
regulatory capital by risk-weighted assets. With respect to the calculation of risk-weighted assets, Mizuho Financial Group adopted the advanced internal ratings-based approach (AIRB approach) instead of the foundation internal
ratings-based approach (FIRB approach) in the fiscal year ended March 31, 2009. Under the AIRB approach, balance sheet assets and



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off-balance sheet exposures, calculated under Japanese GAAP, are assessed in terms of credit risk according to risk components such as the probability of default and loss given default, which are
derived from our own internal credit experience. Under the FIRB approach, only the probability of default was derived by our own internal credit experience. In addition to credit risk, banks are required to measure and apply capital charges with
respect to their market risks. Market risk is defined as the risk of losses in on- and off-balance-sheet positions arising from movements in market prices. Operational risk, which was introduced under Basel II with respect to regulatory capital
requirements, is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Mizuho Financial Group adopted the advanced measurement approach (AMA) instead of the standardized
approach (TSA) as of September 30, 2009 for the measurement of operational risk equivalent by taking account of the following four elements: internal loss data; external loss data; scenario analysis; and business environment and
internal control factors (BEICFs).

With regard to risk-based capital, these guidelines are consistent with the
original BIS framework, or Basel I, in requiring a target minimum standard capital adequacy ratio of 8%, at least half of which must consist of Tier 1 capital, on both a consolidated and non-consolidated basis for banks with international
operations, such as Mizuho Corporate Bank and Mizuho Trust & Banking, or on a consolidated basis for bank holding companies with international operations, such as Mizuho Financial Group.

Risk-based capital, calculated from financial statements prepared under Japanese GAAP, is classified into the following three tiers: Tier
1 capital; Tier 2 capital; and Tier 3 capital. Tier 1 capital generally consists of shareholders equity less any recorded goodwill, unrealized losses on other securities (net of taxes) (if any), consolidation adjustment accounts and others.
Tier 2 capital generally consists of the following components:



| |  |  | general reserve for possible losses on loans, equaling the sum of (i) the excess of the amount of qualified reserves over the amount of expected
losses and (ii) the amount of general reserves calculated based on the TSA;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 45% of each of the unrealized gains on valuation of certain securities classified as other securities under Japanese GAAP, if any, and the
unrealized appreciation in the value of land;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the balance of subordinated perpetual debt; and
| | - |  | -----------------------------------------------



| |  |  | the balance of subordinated term debt with an original maturity of over five years and preferred term shares up to 50% of Tier 1 capital.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------

Tier 2 capital may be included in a banks risk-based capital up to the amount equivalent to Tier 1
capital, less Tier 3 capital if market risk is taken into account in the capital adequacy ratio calculation. Tier 3 capital consists of the balance of subordinated term debt with original maturity of at least two years. Tier 3 capital may be
included in total risk-based capital subject to certain conditions, depending on the measure for market risk equivalent and the amount of Tier 1 capital.

Japanese banks are also required to comply with the supervisory review process (second pillar) and disclosure requirements for market
discipline (third pillar). Under the second pillar, banks are required to maintain adequate capital to support all of the major risks in their business and are encouraged to develop and use better risk management techniques in monitoring and
managing such risks. Under the third pillar, banks are required to enhance disclosure, including disclosure of details of the capital adequacy ratio, the amount of each type of risk and the method of calculation used so that the market may make more
effective evaluations.

Japanese banks with only domestic operations, such as Mizuho Bank, are subject to Japanese capital
adequacy requirements that are similar to those discussed above, except that domestic banks are required to maintain a minimum capital adequacy ratio of 4%, at least half of which must consist of Tier 1 capital, on both a consolidated and
non-consolidated basis.

In December 2008, the FSA implemented special temporary measures, applicable through March 2012,
which (i) allow Japanese banks and bank holding companies with international operations to elect not to add



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unrealized gains on valuation of bonds with a zero risk weighting to Tier 2 capital and not to deduct unrealized losses on valuation of bonds with a zero risk weighting from Tier 1 capital, and
(ii) require Japanese banks and bank holding companies with only domestic operations not to deduct unrealized losses on valuation of other securities under Japanese GAAP (including equity securities) from Tier 1 capital. The
Japanese capital adequacy requirements applicable to Japanese banks and bank holding companies with only domestic operations do not allow unrealized gains on other securities to be added to Tier 2 capital before or after this special
temporary measures.

If the capital adequacy ratio of a financial institution falls below the required level, the FSA may,
depending upon the extent of capital deterioration, take certain corrective action, including requiring the financial institution to submit an improvement plan to strengthen its capital base, reduce its total assets, restrict its business operations
or other actions that could have a material effect on its financial statements.

In the wake of the recent global financial
crisis, in July 2009, the Basel Committee approved a package of measures to strengthen the rules governing trading book capital and enhance the Basel II framework, including an introduction of higher capital requirements to capture the credit risk
of complex trading activities and resecuritization exposures, which will take effect at the end of 2010. Further, in December 2009, the Basel Committee issued a consultative document entitled Strengthening the resilience of the banking
sector that contains a package of proposals on measures to strengthen global bank capital. The Basel Committees proposals focus on raising the quality, consistency and transparency of the regulatory capital base through measures
including the application of the following requirements:



| |  |  | the predominant form of Tier 1 capital must be common shares and retained earnings;
| | - |  | -----------------------------------------------------------------------------------



| |  |  | the remainder of the Tier 1 capital base must be comprised of instruments that are subordinated, have fully discretionary noncumulative dividends or
coupons and have neither a maturity date nor an incentive to redeem;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | regulatory adjustments, including deductions of the amount of net deferred tax assets which rely on the future profitability, are to be applied to the
common equity generally; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | an additional disclosure requirement regarding regulatory capital levels.
| | - |  | -------------------------------------------------------------------------

The proposals of the Basel Committee also focus on strengthening the capital requirements for counterparty credit risk exposures arising
from derivatives, repos and securities financing activities and introduce measures to mitigate excessive reliance on external ratings. Other areas of focus include the following:



| |  |  | introduction of an internationally harmonized leverage ratio as a supplementary measure to the Basel II risk-based framework;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------



| |  |  | proposal of a framework for countercyclical capital buffers established above the regulatory minimum capital requirements, including constraints on
distributions such as ordinary dividends and share buybacks;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | promotion of more forward-looking provisioning based on expected losses; and
| | - |  | ----------------------------------------------------------------------------



| |  |  | measures to address the systemic risk arising from the interconnectedness of banks and other financial institutions.
| | - |  | --------------------------------------------------------------------------------------------------------------------

At the same time, the Basel Committee published a consultative document containing proposals on the introduction of a global minimum
liquidity standard for internationally active banks that includes a 30-day liquidity coverage ratio requirement underpinned by a longer-term structural liquidity ratio.

The proposals contained in the two consultative documents are subject to further discussion of details. The Basel Committee is carrying
out a comprehensive impact assessment of the proposed standards and plans to develop by the end of 2010 a fully calibrated set of standards, including minimum requirements for the overall



105



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level of capital, Tier 1 capital and the predominant form of Tier 1 capital, to be phased in as financial conditions improve and the economic recovery is assured, with the aim of implementation
by the end of 2012. The Basel Committee also stated that it will consider appropriate phase-in measures and grandfathering arrangements for a sufficiently long period to ensure a smooth transition to the new standards. Once the new standards are
adopted, the Japanese capital ratio framework, which is based on Basel II, is likely to be revised to implement the more stringent requirements in accordance with the new standards. While closely monitoring the ongoing global discussions with
respect to capital, we will take various measures in anticipation of the revision of capital regulations to be globally agreed.

Consolidated Capital Adequacy Ratios

Our capital adequacy ratios as of March 31, 2009 and 2010 calculated in accordance with Japanese GAAP and guidelines established by
the FSA are as set forth in the following table:



|                                              |  |                                          |          |   |                    |   |          |   |  |   |          |  
|--------------------------------------------- |  | ---------------------------------------- | -------- | - | ------------------ | - | -------- | - |  | - | -------- | -
|                                              |  | As of March 31,                          |          |   | Increase(decrease) |  
|                                              |  | 2009                                     |          |   | 2010               |   |         
|                                              |  | (in billions of yen, except percentages) |         
|Tier 1 capital                                |  | ¥                                        | 3,765.0  |   |                    | ¥ | 5,173.4  |   |  | ¥ | 1,408.4  |  
|Tier 2 capital included as qualifying capital |  |                                          | 2,793.1  |   |                    |   | 2,725.4  |   |  |   | (67.7    | )
|Deductions for total risk-based capital       |  |                                          | (334.5   | ) |                    |   | (240.8   | ) |  |   | 93.6     |  
|                                              |  |                                          |          |   |                    |   |          |   |  |   |          |  
|Total risk-based capital                      |  | ¥                                        | 6,223.6  |   |                    | ¥ | 7,658.0  |   |  | ¥ | 1,434.3  |  
|                                              |  |                                          |          |   |                    |   |          |   |  |   |          |  
|Risk-weighted assets                          |  | ¥                                        | 59,056.2 |   |                    | ¥ | 56,863.2 |   |  | ¥ | (2,192.9 | )
|Tier 1 capital ratio                          |  |                                          | 6.37     | % |                    |   | 9.09     | % |  |   | 2.72     | %
|Required Tier 1 ratio                         |  |                                          | 4.00     |   |                    |   | 4.00     |   |  |   |         |  
|Capital adequacy ratio                        |  |                                          | 10.53    |   |                    |   | 13.46    |   |  |   | 2.93     |  
|Required capital adequacy ratio               |  |                                          | 8.00     |   |                    |   | 8.00     |   |  |   |         |  

Our capital adequacy
ratio as of March 31, 2010 was 13.46%. Our Tier 1 capital ratio as of March 31, 2010 was 9.09%, which significantly improved from March 31, 2009 due to an increase in Tier 1 capital as well as a decrease in our risk-weighted assets.
Tier 1 capital increased as a result of the issuance of common stock in July and August 2009, the absence of unrealized losses on other securities, the effect of the merger between the former Shinko Securities and the former Mizuho Securities,
issuance of non-dilutive preferred securities through overseas special purpose companies and increase in retained earnings as a result of recording net income for the fiscal year ended March 31, 2010, which was offset in part by redemption of
non-dilutive preferred securities issued through overseas special purpose companies. Risk-weighted assets decreased by ¥2,192.9 billion to ¥56,863.2 billion as of the end of the fiscal year ended March 31, 2010 due mainly to a decrease
in balance of loans to large Japanese corporations and overseas borrowers. We believe that we were in compliance with all capital adequacy requirements to which we were subject as of March 31, 2010.



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Capital

The following table shows a breakdown of our total risk-based capital as of March 31, 2009 and 2010:



|                                                  |  |                      |         |   |                     |   |         |   |  |   |         |  
|------------------------------------------------- |  | -------------------- | ------- | - | ------------------- | - | ------- | - |  | - | ------- | -
|                                                  |  | As of March 31,      |         |   | Increase (decrease) |  
|                                                  |  | 2009                 |         |   | 2010                |   |        
|                                                  |  | (in billions of yen) |        
|Tier 1 capital:                                   |  |                      |         |   |                     |   |         |   |  |   |         |  
|Common stock and preferred stock                  |  | ¥                    | 1,540.9 |   |                     | ¥ | 1,805.5 |   |  | ¥ | 264.6   |  
|Capital surplus                                   |  |                      | 411.3   |   |                     |   | 552.1   |   |  |   | 140.8   |  
|Retained earnings                                 |  |                      | 607.9   |   |                     |   | 854.6   |   |  |   | 246.7   |  
|Minority interest in consolidated subsidiaries    |  |                      | 2,036.8 |   |                     |   | 2,289.0 |   |  |   | 252.2   |  
|Treasury stock                                    |  |                      | (6.2    | ) |                     |   | (5.1    | ) |  |   | 1.0     |  
|Dividends, etc                                    |  |                      | (131.0  | ) |                     |   | (134.9  | ) |  |   | (3.9    | )
|Unrealized losses on other securities             |  |                      | (516.0  | ) |                     |   |        |   |  |   | 516.0   |  
|Foreign currency translation adjustments          |  |                      | (114.7  | ) |                     |   | (92.6   | ) |  |   | 22.1    |  
|Other                                             |  |                      | (63.9   | ) |                     |   | (95.1   | ) |  |   | (31.2   | )
|                                                  |  |                      |         |   |                     |   |         |   |  |   |         |  
|Total Tier 1 capital                              |  | ¥                    | 3,765.0 |   |                     | ¥ | 5,173.4 |   |  | ¥ | 1,408.4 |  
|                                                  |  |                      |         |   |                     |   |         |   |  |   |         |  
|Tier 2 capital:                                   |  |                      |         |   |                     |   |         |   |  |   |         |  
|45% of unrealized gains on other securities       |  | ¥                    |        |   |                     | ¥ | 122.6   |   |  | ¥ | 122.6   |  
|45% of revaluation reserve for land               |  |                      | 112.8   |   |                     |   | 106.7   |   |  |   | (6.0    | )
|General reserve for possible losses on loans, etc |  |                      | 7.9     |   |                     |   | 5.4     |   |  |   | (2.5    | )
|Debt capital, etc                                 |  |                      | 2,759.0 |   |                     |   | 2,490.5 |   |  |   | (268.4  | )
|                                                  |  |                      |         |   |                     |   |         |   |  |   |         |  
|Total Tier 2 capital                              |  |                      | 2,879.9 |   |                     |   | 2,725.4 |   |  |   | (154.4  | )
|                                                  |  |                      |         |   |                     |   |         |   |  |   |         |  
|Tier 2 capital included as qualifying capital     |  |                      | 2,793.1 |   |                     |   | 2,725.4 |   |  |   | (67.7   | )
|Deductions for total risk-based capital           |  |                      | (334.5  | ) |                     |   | (240.8  | ) |  |   | 93.6    |  
|                                                  |  |                      |         |   |                     |   |         |   |  |   |         |  
|Total risk-based capital                          |  | ¥                    | 6,223.6 |   |                     | ¥ | 7,658.0 |   |  | ¥ | 1,434.3 |  
|                                                  |  |                      |         |   |                     |   |         |   |  |   |         |  

Our Tier 1 capital increased by ¥1,408.4 billion from ¥3,765.0 billion as of March 31, 2009 to
¥5,173.4 billion as of March 31, 2010. This increase was due mainly to the issuance of common stock of ¥529.2 billion, the absence of unrealized losses on other securities of ¥516.0 billion, the effect of the merger between the
former Shinko Securities and the former Mizuho Securities, issuance of non-dilutive preferred securities through overseas special purpose companies and an increase in retained earnings as a result of recording net income of ¥239.4 billion for
the fiscal year ended March 31, 2010, which was offset in part by redemption of non-dilutive preferred securities issued through overseas special purpose companies.

Minority interest in consolidated subsidiaries included within our Tier 1 capital includes non-dilutive preferred securities issued by
our overseas special purpose companies to investors. As of March 31, 2010, the amount of minority interest in consolidated subsidiaries within our Tier 1 capital that was attributable to such non-dilutive preferred securities was ¥1,937.8
billion. Although such non-dilutive preferred securities are perpetual in term, they are redeemable at our option, subject to prior approval from regulatory authorities, on, and on specified dates after, the relevant initial optional redemption
date. The following table shows the initial optional redemption dates for the non-dilutive preferred securities included within our Tier 1 capital as of March 31, 2010 and the total amount of non-dilutive preferred securities with each such
initial optional redemption date. The non-dilutive preferred securities are denominated in yen, unless otherwise noted.



|                                 |  |                                                                          |       |    
|-------------------------------- |  | ------------------------------------------------------------------------ | ----- | ---
|Initial optional redemption date |  | Amount of non-dilutivepreferred securities includedwithin Tier 1 capital |      
|                                 |  | (in billions of yen)                                                     |      
|June 2011                        |  | ¥                                                                        | 62.4  | (1)
|June 2012                        |  |                                                                          | 171.0 |    
|June 2014                        |  |                                                                          | 218.5 | (2)
|June 2015                        |  |                                                                          | 452.5 |    
|June 2016                        |  |                                                                          | 455.8 | (3)
|June 2018                        |  |                                                                          | 274.5 |    
|June 2019                        |  |                                                                          | 303.0 |    



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Notes:



|(1) | Denominated in euros (500.0 million).
|--- | --------------------------------------

|(2) | Denominated in yen (¥139.5 billion) and dollars ($850.0 million).
|--- | -----------------------------------------------------------------

|(3) | Denominated in yen (¥400.0 billion) and dollars ($600.0 million).
|--- | -----------------------------------------------------------------

The following table shows the outstanding balances of preferred stock and non-dilutive preferred securities included in our Tier 1
capital as of the dates indicated:



|                                       |  |                                          |         |     |      |   |         |      |  |   |         |   |  |      |         |     |  |   |         |       
|-------------------------------------- |  | ---------------------------------------- | ------- | --- | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | --- |  | - | ------- | ------
|                                       |  | As of March 31,                          |        
|                                       |  | 2006                                     |         |     | 2007 |   |         | 2008 |  |   | 2009    |   |  | 2010 |        
|                                       |  | (in billions of yen, except percentages) |        
|Preferred stock                        |  | ¥                                        | 1,580.4 | (1) |      | ¥ | 980.4   |      |  | ¥ | 980.4   |   |  | ¥    | 948.6   | (2) |  | ¥ | 535.9   | (2)(4)
|Non-dilutive preferred securities      |  |                                          | 1,095.7 |     |      |   | 1,504.9 |      |  |   | 1,539.7 |   |  |      | 1,886.8 |     |  |   | 1,937.8 |       
|Percentage within Tier 1
capital(1)(3) |  |                                          | 58.7    | %   |      |   | 50.3    | %    |  |   | 51.6    | % |  |      | 75.3    | %   |  |   | 47.8    | %     



Notes:



|(1) | Preferred stock as of March 31, 2006 includes public funds, or preferred stock we issued to the Resolution and Collection Corporation, in the amount of ¥600.0
billion. We completed repayment of all public funds in July 2006.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Excludes treasury stock.
|--- | ------------------------

|(3) | Tier 1 capital on a Basel I basis was used for March 31, 2006 figures, and that on a Basel II basis was used for March 31, 2007, 2008, 2009 and 2010 figures.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | During the period from April 1, 2010 to June 30, 2010, holders of our eleventh series class XI preferred stock converted 6,500,000 shares (or ¥ 6.5
billion) by requesting us to acquire the preferred stock and issue common stock to them.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In relation to the
components of Tier 1 capital, changes to the definition of capital such as the predominant form of Tier 1 are proposed in the consultative document issued by the Basel Committee in December 2009. See Capital AdequacyRegulatory
Capital Requirements.

Our Tier 2 capital included as qualifying capital as of March 31, 2010 was ¥2,725.4
billion, a decrease of ¥67.7 billion compared to March 31, 2009. The decrease was due mainly to the decreases in debt capital.

As a result of the above, together with deductions of ¥240.8 billion, total risk-based capital as of March 31, 2010 was
¥7,658.0 billion, an increase of ¥1,434.3 billion compared to March 31, 2009.

Prime Capital

Alongside the regulatory capital requirements supervised by the FSA, we calculate and monitor prime capital as our
important management indicator. Prime capital represents capital items with a stronger ability to absorb losses. Prime capital is calculated as Tier 1 capital less the sum of the preferred securities and preferred stock (excluding mandatory
convertible preferred stock), and prime capital ratio is the ratio of prime capital against risk-weighted assets. We aim to increase our prime capital ratio to 8% or above, as calculated under current Basel II rules, by the end of the fiscal year
ending March 31, 2013. The foregoing statements constitute forward-looking statements and are subject to risks, uncertainties and assumptions. See Forward-looking Statements and Item 3.D. Key InformationRisk
Factors.

Prime capital differs in certain significant respects from the predominant form of Tier 1 capital as proposed
in the consultative document issued by the Basel Committee in December 2009.



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The following table shows a breakdown of our capital items as of March 31, 2009 and
2010:



|                                            |  |                                          |          |   |      |   |          |  
|------------------------------------------- |  | ---------------------------------------- | -------- | - | ---- | - | -------- | -
|                                            |  | As of March 31,                          |         
|                                            |  | 2009                                     |          |   | 2010 |  
|                                            |  | (in billions of yen, except percentages) |         
|Tier 1 capital (i)                          |  | ¥                                        | 3,765.0  |   |      | ¥ | 5,173.4  |  
|Preferred stock (ii)                        |  |                                          | 948.6    |   |      |   | 535.9    |  
|Mandatory convertible preferred stock (iii) |  |                                          | 911.9    |   |      |   | 499.2    |  
|Preferred securities (iv)                   |  |                                          | 1,886.8  |   |      |   | 1,937.8  |  
|Prime capital (i) - (ii) + (iii) - (iv)     |  |                                          | 1,841.4  |   |      |   | 3,198.9  |  
|Risk-weighted assets                        |  |                                          | 59,056.2 |   |      |   | 56,863.2 |  
|Tier 1 capital ratio                        |  |                                          | 6.37     | % |      |   | 9.09     | %
|Prime capital ratio                         |  |                                          | 3.11     | % |      |   | 5.62     | %

Risk-weighted Assets

The following table shows a breakdown of our risk-weighted assets as of March 31, 2009 and 2010:



|                                   |  |                      |          |                    |   |          |  |   |          |  
|---------------------------------- |  | -------------------- | -------- | ------------------ | - | -------- |  | - | -------- | -
|                                   |  | As of March 31,      |          | Increase(decrease) |  
|                                   |  | 2009                 |          | 2010               |  
|                                   |  | (in billions of yen) |         
|Risk-weighted assets:              |  |                      |          |                    |   |          |  |   |          |  
|On-balance-sheet items             |  | ¥                    | 43,629.3 |                    | ¥ | 42,796.2 |  | ¥ | (833.0   | )
|Off-balance-sheet items            |  |                      | 10,602.3 |                    |   | 9,112.4  |  |   | (1,489.8 | )
|                                   |  |                      |          |                    |   |          |  |   |          |  
|Credit risk assets                 |  |                      | 54,231.6 |                    |   | 51,908.7 |  |   | (2,322.9 | )
|Market risk equivalent assets      |  |                      | 1,342.1  |                    |   | 1,297.9  |  |   | (44.2    | )
|Operational risk equivalent assets |  |                      | 3,482.3  |                    |   | 3,656.5  |  |   | 174.1    |  
|Adjusted floor amount              |  |                      |         |                    |   |         |  |   |         |  
|                                   |  |                      |          |                    |   |          |  |   |          |  
|Total                              |  | ¥                    | 59,056.2 |                    | ¥ | 56,863.2 |  | ¥ | (2,192.9 | )
|                                   |  |                      |          |                    |   |          |  |   |          |  

Risk-weighted assets as of March 31, 2010 were ¥56,863.2 billion, representing a decrease of
¥2,192.9 billion compared to March 31, 2009. Credit risk assets decreased by ¥2,322.9 billion to ¥51,908.7 billion due mainly to a decrease in balance of loans to large Japanese corporations and overseas borrowers. Market risk
equivalent assets decreased by ¥44.2 billion to ¥1,297.9 billion. Operational risk equivalent assets increased by ¥174.1 billion to ¥3,656.5 billion due mainly to the merger between the former Shinko Securities and the former Mizuho
Securities offset in part by the effect of application of AMA instead of TSA.



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Principal Banking Subsidiaries

Capital adequacy ratios of our principal banking subsidiaries, on a consolidated basis, as of March 31, 2009 and 2010, calculated in
accordance with Japanese GAAP and guidelines established by the FSA, were as set forth in the following table:



|                       |  |                 |   |  |          |   |  |      |  
|---------------------- |  | --------------- | - |  | -------- | - |  | ---- | -
|                       |  | As of March 31, |   |  | Increase |  
|                       |  | 2009            |   |  | 2010     |   | 
|Mizuho Corporate Bank  |  |                 |   |  |          |   |  |      |  
|BIS standard:          |  |                 |   |  |          |   |  |      |  
|Tier 1 capital ratio   |  | 8.48            | % |  | 12.57    | % |  | 4.09 | %
|Capital adequacy ratio |  | 11.89           |   |  | 16.00    |   |  | 4.11 |  
|Mizuho
Bank(1)         |  |                 |   |  |          |   |  |      |  
|Domestic standard:     |  |                 |   |  |          |   |  |      |  
|Tier 1 capital ratio   |  | 6.65            |   |  | 7.74     |   |  | 1.09 |  
|Capital adequacy ratio |  | 11.77           |   |  | 12.88    |   |  | 1.11 |  
|                       |  |                 |  
|BIS standard:          |  |                 |   |  |          |   |  |      |  
|Tier 1 capital ratio   |  | 5.82            |   |  | 7.69     |   |  | 1.87 |  
|Capital adequacy ratio |  | 10.56           |   |  | 12.83    |   |  | 2.27 |  
|Mizuho Trust & Banking |  |                 |   |  |          |   |  |      |  
|BIS standard:          |  |                 |   |  |          |   |  |      |  
|Tier 1 capital ratio   |  | 8.18            |   |  | 10.07    |   |  | 1.89 |  
|Capital adequacy ratio |  | 13.32           |   |  | 15.73    |   |  | 2.41 |  



Note:



|(1) | BIS standards apply only to banks with international operations. Because Mizuho Bank does not operate overseas, it is subject solely to domestic capital adequacy
requirements. As such, information based on the BIS standards is included for reference purpose only.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We
believe each of our principal banking subsidiaries was in compliance with all capital adequacy requirements to which it was subject as of March 31, 2010.

Our securities subsidiaries in Japan are also subject to the capital adequacy requirement under the Financial Instruments and Exchange
Law. Under this requirement, securities firms must maintain a minimum capital adequacy ratio of 120% calculated on a non-consolidated basis as a percentage of capital accounts less certain assets, as determined in accordance with Japanese GAAP,
against amounts equivalent to market, counterparty and basic risks. Specific guidelines are issued as a ministerial ordinance that details the definition of essential components of the capital ratios, including capital, disallowed assets and risks,
and related measures. Failure to maintain a minimum capital ratio will trigger mandatory regulatory actions. A capital ratio of less than 140% will call for regulatory reporting and a capital ratio of 100% or less may lead to a temporary suspension
of all or part of the business operations and cancellation of the license to act as a securities broker and dealer. Further, on May 19, 2010, certain amendments to the Financial Instruments and Exchange Law were promulgated, including
introduction of a minimum capital adequacy regulation on a consolidated basis applicable to securities firms whose total assets exceed certain threshold. The amendments relevant to such regulation will become effective by May 2011. We believe, as of
March 31, 2010, that our securities subsidiaries in Japan are in compliance with all capital adequacy requirements to which they are subject.



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Off-balance-sheet Arrangements

We engage in various types of off-balance-sheet arrangements in the ordinary course of our business to meet the financing needs of our
customers. These arrangements include various guarantees and commitments. The following tables show the contractual or notional amounts of our guarantees and undrawn commitments as of March 31, 2009 and 2010:



|                                                |  |                      |        |                    |   |        |  |   |         |  
|----------------------------------------------- |  | -------------------- | ------ | ------------------ | - | ------ |  | - | ------- | -
|                                                |  | As of March 31,      |        | Increase(decrease) |  
|                                                |  | 2009                 |        | 2010               |  
|                                                |  | (in billions of yen) |       
|Guarantees:                                     |  |                      |        |                    |   |        |  |   |         |  
|Performance guarantees                          |  | ¥                    | 1,681  |                    | ¥ | 1,579  |  | ¥ | (102    | )
|Guarantees on loans                             |  |                      | 860    |                    |   | 739    |  |   | (121    | )
|Guarantees on securities                        |  |                      | 20     |                    |   | 16     |  |   | (4      | )
|Other guarantees                                |  |                      | 992    |                    |   | 867    |  |   | (125    | )
|Guarantees for the repayment of trust principal |  |                      | 932    |                    |   | 932    |  |   | 0       |  
|Liabilities of trust accounts                   |  |                      | 6,942  |                    |   | 8,529  |  |   | 1,587   |  
|Derivative financial instruments                |  |                      | 58,569 |                    |   | 43,074 |  |   | (15,495 | )
|                                                |  |                     
|                                                |  | As of March 31,      |        | Increase(decrease) |  
|                                                |  | 2009                 |        | 2010               |  
|                                                |  | (in billions of yen) |       
|Commitments:                                    |  |                      |        |                    |   |        |  |   |         |  
|Commitments to extend credit                    |  | ¥                    | 47,900 |                    | ¥ | 48,778 |  | ¥ | 878     |  
|Commercial letters of credit                    |  |                      | 332    |                    |   | 392    |  |   | 60      |  
|                                                |  |                      |        |                    |   |        |  |   |         |  
|Total commitments                               |  | ¥                    | 48,232 |                    | ¥ | 49,170 |  | ¥ | 938     |  
|                                                |  |                      |        |                    |   |        |  |   |         |  

See note 25 to our consolidated financial statements included elsewhere in this annual report for a
description of the nature of the various types of guarantees and commitments.

The contractual or notional amounts of these
instruments generally represent the maximum potential amounts of future payments without consideration of possible recoveries under recourse provisions or from collateral held. For example, the amount under commitments to extend credit does not
necessarily equal the impact that such commitment will have on our future cash flow, because many of these commitments expire without our making actual credit extensions up to the full commitment amount or at all. Also, many of the agreements
related to the commitments to extend credit include terms that allow us to refuse, or reduce the amount of, credit extensions based on changes in the financial environment, declines in the obligors credit quality and other reasons. Finally, we
receive collateral such as real estate and securities at the time of contract as we deem necessary, and we regularly review the credit quality of the customer based on internal guidelines and revise the terms of the contract as we deem necessary to
manage credit risk.

Some of our off-balance-sheet arrangements are related to activities of special purpose entities, most of
which are variable interest entities, including those that do not meet the consolidation requirements under ASC 810 Consolidation. These off-balance-sheet arrangements include the types of transactions discussed below.

Asset-backed Commercial Paper/Loan Programs

We manage several asset-backed commercial paper/loan programs that provide our clients off-balance-sheet and cost-effective
financing. The variable interest entities used in the programs purchase assets, primarily receivables, from clients participating in the programs and provide liquidity through the issuance of commercial paper or borrowings from us backed by the
assets. While customers normally continue to service the transferred receivables, we underwrite, distribute and make a market in commercial paper issued by the variable interest



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entities. We typically provide program-wide liquidity and credit support facilities and, in some instances, financing to the variable interest entities. We determined that we absorb a majority of
expected losses or expected residual returns through the facilities and, therefore, consolidated this type of variable interest entities.

Asset-backed Securitizations

We act as an arranger of various types of structured finance to meet clients various off-balance-sheet financing needs. In
substantially all of these structured financing transactions, the transfer of the asset by the client is structured to be bankruptcy remote by use of a bankruptcy remote entity, which is deemed to be a variable interest entity because its equity
holder does not have decision-making rights. We receive fees for structuring and/or distributing the securities sold to investors. In some cases, we ourselves purchase the securities issued by the entities and/or provide loans to the variable
interest entities.

In addition, from time to time we establish single-issue and multi-issue special purpose entities that
issue collateralized debt obligations or collateralized loan obligations, synthetic collateralized debt obligations or collateralized loan obligations or other repackaged instruments to meet clients and investors needs. We also arrange
securitization transactions including commercial mortgage-backed securities and residential mortgage-backed securities mainly in Japan and others. In these transactions, we act as an underwriter, placement agent, asset manager, derivatives
counterparty and/or investor for debt and equity instruments.

In certain variable interest entities, where we provide
liquidity and credit support facilities, write credit protection or invest in debt or equity instruments, we determined that we absorb a majority of expected losses or expected residual returns and, therefore, consolidated the variable interest
entities.

Investments in Securitization Products

We invest in, among other things, various types of collateralized debt obligations and collateralized loan obligations, synthetic
collateralized debt obligations and collateralized loan obligations and repackaged instruments, commercial mortgage-backed securities and residential mortgage-backed securities arranged by third parties for the purpose of current income or capital
appreciations, which all utilize entities that are deemed variable interest entities.

By design, such investments were
investment grade at issuance and held by a diverse group of investors. We usually take into consideration the seniority and the share of our investments by each tranche to evaluate whether we are the primary beneficiary. The loss amount of
securities and loans is generally limited to the amount invested because we have no contractual involvement in such variable interest entities beyond our investments. However, we consolidated some variable interest entities, mostly where the
transactions were tailored by the third party arrangers to meet our needs as a sole investor.

Investment Funds

We invest in various investment funds, including securities investment trusts that invest in equity and debt securities such as listed
Japanese securities and investment grade bonds. Investment advisory companies or fund management companies, including our subsidiaries and affiliates, administer and make the investment decisions with respect to such investment funds. We consolidate
certain investment funds where we are deemed to be the primary beneficiary.

Trust Arrangements

We offer a variety of asset management and administration services under trust arrangements, including security investment trusts, pension
trusts and trusts used in the securitization of assets originated by and transferred to third parties. We receive trust fees for providing services as an agent or fiduciary on behalf of beneficiaries.



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With respect to guaranteed principal money trust products, we assume certain risks by
providing guarantees for the repayment of principal as required by the trust agreements or relevant Japanese legislation. We manage entrusted funds primarily through the origination of high-quality loans and other credit-related products, investing
in high-grade marketable securities such as Japanese government bonds and placing cash with our subsidiary trust banks to maintain liquidity and for cash management purposes. We have determined through expected loss calculation that we do not absorb
a majority of the expected losses or expected residual returns in connection with these trust arrangements but had significant variable interests and, therefore, the trust accounts are not included in our consolidated financial statements but are
disclosed in the tables below regarding significant or sponsored unconsolidated VIEs.

Significant or Sponsored Unconsolidated VIEs

The tables below summarize our involvement in significant or sponsored unconsolidated VIEs as of March 31, 2009
and 2010:



|                                            |  |                                             |       |                         |   |    
|------------------------------------------- |  | ------------------------------------------- | ----- | ----------------------- | - | ---
|                                            |  | Significant or sponsoredunconsolidated VIEs
|As of March 31, 2009                        |  | Total assets                                |       | Maximumexposure to loss
|                                            |  | (in billions of yen)                       
|Asset-backed commercial paper/loan programs |  | ¥                                           |      |                         | ¥ |   
|Asset-backed securitizations                |  |                                             | 1,418 |                         |   | 44 
|Investments in securitization products      |  |                                             |      |                         |   |   
|Investment funds                            |  |                                             | 2,435 |                         |   | 413
|Trust arrangements and other                |  |                                             | 933   |                         |   | 452
|                                            |  |                                             |       |                         |   |    
|Total                                       |  | ¥                                           | 4,786 |                         | ¥ | 909
|                                            |  |                                             |       |                         |   |    



|                                            |  |                                             |       |                         |   |    
|------------------------------------------- |  | ------------------------------------------- | ----- | ----------------------- | - | ---
|                                            |  | Significant or sponsoredunconsolidated VIEs
|As of March 31, 2010                        |  | Total assets                                |       | Maximumexposure to loss
|                                            |  | (in billions of yen)                       
|Asset-backed commercial paper/loan programs |  | ¥                                           |      |                         | ¥ |   
|Asset-backed securitizations                |  |                                             | 1,253 |                         |   | 40 
|Investments in securitization products      |  |                                             |      |                         |   |   
|Investment funds                            |  |                                             | 2,777 |                         |   | 401
|Trust arrangements and other                |  |                                             | 933   |                         |   | 381
|                                            |  |                                             |       |                         |   |    
|Total                                       |  | ¥                                           | 4,963 |                         | ¥ | 822
|                                            |  |                                             |       |                         |   |    

Asset-backed commercial paper/loan programs include
multi-seller programs managed by us, under which the related conduits purchase various types of assets from our clients, consisting mainly of account and note receivables as well as credit card receivables, auto loans, leases and other receivables.
Our involvement with conduits for multi-seller programs is generally more significant than other types of conduits in terms of liquidity support and credit enhancement obligations. All of the conduits for our asset-backed commercial paper/loan
programs to which we provided liquidity support or credit enhancements were consolidated VIEs as of March 31, 2010. See OverviewOur Special Purpose EntitiesVariable Interest Entities (VIEs) for more information on
our VIEs.

Other Types of Off-balance-sheet Arrangements

See note 27 to our consolidated financial statements included elsewhere in this annual report for further descriptions of variable
interest entities and securitizations.



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Tabular Disclosure of Contractual Obligations

In the normal course of business, we enter into contractual obligations that require future cash payments. The following table sets forth
a summary of our contractual cash obligations as of March 31, 2010:



|                        |  |                        |        |                              |   |                                 |  |                                  |       |                                 |   |                     |  |       |       |  |   |       |  |   |       
|----------------------- |  | ---------------------- | ------ | ---------------------------- | - | ------------------------------- |  | -------------------------------- | ----- | ------------------------------- | - | ------------------- |  | ----- | ----- |  | - | ----- |  | - | ------
|                        |  | Due in oneyear or less |        | Due fromone year totwo years |   | Due fromtwo years tothree years |  | Due fromthree years tofour years |       | Due fromfour years tofive years |   | Due afterfive years |  | Total
|                        |  | (in billions of yen)  
|Time deposits           |  | ¥                      | 30,281 |                              | ¥ | 1,867                           |  | ¥                                | 1,387 |                                 | ¥ | 282                 |  | ¥     | 253   |  | ¥ | 126   |  | ¥ | 34,196
|Certificates of deposit |  |                        | 10,284 |                              |   | 4                               |  |                                  |      |                                 |   |                    |  |       |      |  |   |      |  |   | 10,288
|Debentures              |  |                        | 861    |                              |   | 173                             |  |                                  | 141   |                                 |   | 161                 |  |       | 182   |  |   |      |  |   | 1,518 
|Long-term debt          |  |                        | 463    |                              |   | 988                             |  |                                  | 855   |                                 |   | 688                 |  |       | 1,170 |  |   | 4,318 |  |   | 8,482 
|Operating leases        |  |                        | 38     |                              |   | 30                              |  |                                  | 26    |                                 |   | 21                  |  |       | 7     |  |   | 21    |  |   | 143   
|                        |  |                        |        |                              |   |                                 |  |                                  |       |                                 |   |                     |  |       |       |  |   |       |  |   |       
|Total                   |  | ¥                      | 41,927 |                              | ¥ | 3,062                           |  | ¥                                | 2,409 |                                 | ¥ | 1,152               |  | ¥     | 1,612 |  | ¥ | 4,465 |  | ¥ | 54,627
|                        |  |                        |        |                              |   |                                 |  |                                  |       |                                 |   |                     |  |       |       |  |   |       |  |   |       

Recent Accounting Pronouncements

Accounting pronouncements issued but not yet effective

In June 2007, the American Institute of Certified Public Accountants (AICPA) issued Statement of Position (SOP)
No.07-1, Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies, which is now included in ASC 946,
Financial ServicesInvestment Companies (ASC 946), and provides guidance for determining whether an entity is within the scope of the AICPA Audit and Accounting Guide Investment Companies (the Guide). The
statement was expected to be effective for fiscal years beginning on or after December 15, 2007, with earlier application encouraged. However, in February 2008, the FASB issued FSP No.SOP07-1-1, Effective Date of AICPA Statement of
Position 07-1, which is now included in ASC 946 as well, to delay the effective date of SOP No.07-1 indefinitely in order to address implementation issues. We dos not expect that the current form of the statement will have a material impact on
our consolidated results of operations or financial condition.

In June 2009, the FASB issued SFAS No.166, Accounting
for Transfers of Financial Assetsan amendment of FASB Statement No.140, which is now included in ASC 860. The statement requires more information about transfers of financial assets, including securitization transactions, where
enterprises have continuing exposure to the risks related to the transferred financial assets. The statement eliminates the concept of qualifying SPE and modifies the requirements for derecognizing financial assets. The statement is effective as of
the beginning of the first fiscal year that begins after November 15, 2009. Early adoption is prohibited.

In June 2009,
the FASB issued SFAS No.167, Amendments to FASB Interpretation No.46(R), which is now included in ASC 810. The statement provides a new guidance how an enterprise determines whether the enterprises variable interests give it a
controlling financial interest in VIEs. The determination is based on, among other things, VIEs purpose and design, an enterprises ability to direct the activities of the VIE that most significantly impact the entitys economic
performance, and if an enterprise has the obligation to absorb losses of or the right to receive benefits from the VIE that could be significant. The statement is effective as of the beginning of the first fiscal year that begins after
November 15, 2009. Early adoption is prohibited. In February 2010, the FASB issued ASU No.2010-10, Consolidation (Topic 810)Amendments for Certain Investment Funds (ASU No.2010-10). The ASU provides that the
consolidation requirements of SFAS No.167 are deferred for an entity that has all the attributes of an investment company (or similar entity). On April 1, 2010, we adopted SFAS No.167, together with SFAS No.166, which primarily resulted in the
consolidation of certain former qualifying SPEs, guaranteed principal money trust products and collateral loan obligations (CLO) where we act as an asset manager. The impact of adoption of SFAS No.166 and SFAS No.167 was a net increase
in assets of approximately ¥460 billion, with no material impact on equity as of April 1, 2010.



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In January 2010, the FASB issued ASU No.2010-06, Fair Value Measurements and
Disclosures (Topic 820)Improving Disclosures about Fair Value Measurements (ASU No.2010-06). The ASU provides amendments to ASC 820-10 that require new disclosures regarding (1) transfers in and out of Levels 1 and 2 and
(2) more detailed activity in Level 3. The ASU also provides amendments to ASC 820-10 that clarify existing disclosures regarding (1) level of disaggregation and (2) inputs and valuation techniques. The ASU is effective for interim
and annual reporting periods beginning after December 15, 2009, except for the new disclosures related to the activity in Level 3, which do not become effective until fiscal years beginning after December 15, 2010, and for interim periods
within those fiscal years. ASU No.2010-06 is an accounting principle which expands disclosure requirements, and has no impact on our consolidated results of operations or financial condition.

In March 2010, the FASB issued ASU No.2010-11, Derivatives and Hedging (Topic 815)Scope Exception Related to Embedded Credit
Derivatives (ASU No.2010-11). The ASU clarifies the scope exception for embedded credit derivative features related to the transfer of credit risk, which are subject to potential bifurcation, and indicate circumstances which do not
qualify for the scope exception. The ASU is effective at the beginning of the first fiscal quarter beginning after June 15, 2010. Early adoption is permitted. We are currently evaluating the potential impact that the adoption of ASU No.2010-11
will have on our consolidated results of operations and financial condition.

In July 2010, the FASB issued ASU No.2010-20,
Receivables (Topic 310)Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (ASU No.2010-20). The ASU requires disclosures that facilitate financial statement users
evaluation of (1) the nature of credit risk inherent in the entitys portfolio of financing receivables, (2) how that risk is analyzed and assessed in arriving at the allowance for credit losses, and (3) the changes and reasons
for those changes in the allowance for credit losses. The new disclosures required include (1) aging of past due receivables, (2) credit quality indicators, and (3) modifications of financing receivables. It is also required that the
certain existing disclosures should be provided on a disaggregated basis. The disclosures as of the end of a reporting period are effective for interim and annual reporting periods ending on or after December 15, 2010, whereas the disclosures
about activity that occurs during a reporting period are effective for interim and annual reporting periods beginning on or after December 15, 2010. ASU No.2010-20 is an accounting principle which expands disclosure requirements, and has no
impact on our consolidated results of operations or financial condition.



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Reconciliation with Japanese GAAP

Our consolidated financial statements are prepared in accordance with accounting principles and policies as summarized in note 1 to our
consolidated financial statements included elsewhere in this annual report. These principles and policies differ in some respects from Japanese GAAP. Under Japanese banking regulations, we are required to report our annual financial results using
financial statements prepared under Japanese GAAP. In addition, pursuant to the requirements of the Tokyo Stock Exchange, we prepare quarterly financial statements which are also under Japanese GAAP. To show the major reconciling items between our
U.S. GAAP financial statements and our Japanese GAAP financial statements, we have provided below, with respect to our most recent fiscal year, a reconciliation of consolidated net income and shareholders equity under U.S. GAAP with those
amounts under Japanese GAAP.



|                                                                                  |  |                                                   |         |   |                                           |   |        |  
|--------------------------------------------------------------------------------- |  | ------------------------------------------------- | ------- | - | ----------------------------------------- | - | ------ | -
|                                                                                  |  | As of and for the fiscalyear ended March 31, 2010 |        
|                                                                                  |  | Total MHFGshareholdersequity                     |         |   | Net incomeattributableto MHFGshareholders |  
|                                                                                  |  | (in billions of yen)                              |        
|U.S. GAAP                                                                         |  | ¥                                                 | 2,966.2 |   |                                           | ¥ | 999.7  |  
|Differences arising from different accounting for:                                |  |                                                   |         |   |                                           |   |        |  
|1.  Derivative financial instruments and hedging activities                       |  |                                                   | (19.3   | ) |                                           |   | (41.8  | )
|2.  Investments                                                                   |  |                                                   | (75.3   | ) |                                           |   | (88.6  | )
|3.  Loans                                                                         |  |                                                   | 127.3   |   |                                           |   | (7.5   | )
|4.  Allowances for loan losses and off-balance-sheet instruments                  |  |                                                   | 97.7    |   |                                           |   | (10.1  | )
|5.  Premises and equipment                                                        |  |                                                   | (34.7   | ) |                                           |   | 0.5    |  
|6.  Real estate sales and leasebacks                                              |  |                                                   | 44.1    |   |                                           |   | (13.0  | )
|7.  Land revaluation                                                              |  |                                                   | 177.7   |   |                                           |   | (8.3   | )
|8.  Business combinations                                                         |  |                                                   | (56.5   | ) |                                           |   | (85.2  | )
|9.  Non-interest-earning deposits made under government-led restructuring program |  |                                                   | 39.3    |   |                                           |   | (11.2  | )
|10. Pension liabilities                                                           |  |                                                   | 456.9   |   |                                           |   | (63.0  | )
|11. Consolidation of variable interest entities                                   |  |                                                   | 25.9    |   |                                           |   | (37.8  | )
|12. Deferred taxes                                                                |  |                                                   | (266.0  | ) |                                           |   | (397.3 | )
|13. Other                                                                         |  |                                                   | 32.1    |   |                                           |   | 3.0    |  
|                                                                                  |  |                                                   |         |   |                                           |   |        |  
|Japanese GAAP                                                                     |  | ¥                                                 | 3,515.4 |   |                                           | ¥ | 239.4  |  
|                                                                                  |  |                                                   |         |   |                                           |   |        |  

The following is a summary of the significant adjustments made to consolidated shareholders equity and
net income, as shown in the above table, to reconcile the U.S. GAAP results with Japanese GAAP. The paragraphs below refer to the corresponding items set forth in the table above.

1.    Derivative financial instruments and hedging activities

Under U.S. GAAP, for a derivative to qualify for hedge accounting, it must be highly effective at achieving offsetting changes in fair
values or variable cash flows from the hedged items attributable to the particular risk being hedged. The hedging relationship must be designated and formally documented at inception. Such documentation must include the particular risk management
objective and strategy for the hedge, the identification of the derivative used as the hedging instrument, the hedged item and the risk exposure being hedged and the method for assessing the hedge effectiveness. The criteria for designation and
measurement of hedge effectiveness under U.S. GAAP are more rigorous than under Japanese GAAP. As a result, most of the eligible hedge derivatives under Japanese GAAP are accounted for as trading account assets or liabilities under U.S. GAAP with
changes in fair value of the derivatives recognized in earnings.



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Requirements for bifurcation of embedded derivatives differ between Japanese GAAP and U.S.
GAAP. Embedded derivatives that are deemed to be clearly and closely related to their host contract are not bifurcated under U.S. GAAP, while Japanese GAAP allows an entity to bifurcate embedded derivatives if the entity manages the risk of the
embedded derivatives and host contracts separately. Bifurcated derivatives are recorded on the balance sheet at fair value with changes in fair value recognized in earnings under both Japanese GAAP and U.S. GAAP.

2.    Investments

The cost basis of certain investments differs between Japanese GAAP and U.S. GAAP primarily due to the following reasons:

Certain sales and subsequent repurchases of available-for-sale securities under Japanese GAAP do not meet the sale accounting criteria
under U.S. GAAP. These sales and subsequent repurchases resulted in realized gains or losses being recognized in earnings under Japanese GAAP. Under U.S. GAAP, these gains or losses are recognized as unrealized gains or losses within accumulated
other comprehensive income, net of tax.

Under U.S. GAAP, declines in the fair value of available-for-sale securities below
cost that are deemed to be other-than-temporary are recorded in earnings. Both quantitative and qualitative factors are considered to determine whether the impairment is other-than-temporary, including the duration and extent
of the decline, near-term prospects of the issuer, as well as our ability and intent to hold the investments until an anticipated market price recovery or maturity. Under Japanese GAAP, significant declines in the fair value of securities below cost
that are deemed to be other-than-temporary are recorded in earnings unless short term recovery is reasonably expected. A decline in fair value of a security of 50% or more of its cost is a strong indicator of an other-than-temporary
decline, which requires compelling evidence to prove otherwise. A decline in fair value of 30% or more but less than 50% of its cost is an indicator of an other-than-temporary decline in which case the probability of recovery must be evaluated to
determine whether an other-than-temporary decline has occurred. Generally, if the decline in fair value is less than 30%, it is not considered to be an other-than-temporary decline.

Under U.S. GAAP, the election of the fair value option for financial assets and liabilities is permitted according to ASC 825, while it
is not permitted under Japanese GAAP. As we elected the fair value option for foreign currency denominated available-for-sale securities under U.S. GAAP, these securities were reclassified as trading securities and the entire amount of changes in
their fair value are now recognized in earnings, while under Japanese GAAP, only the changes attributable to movements in foreign currency exchange rates are recognized in earnings.

Reconciliation amounts for investments in the above table are presented net of taxes.

3.    Loans

Under U.S. GAAP, loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the
contractual life of the relevant loan using the interest method, while under Japanese GAAP, fees and costs are recognized in earnings at the time the loan is originated.

In addition, certain loan participations and sales of loans to special purpose vehicles in connection with asset securitization
transactions under Japanese GAAP do not meet sales criteria under U.S. GAAP due to different applicable criteria, and therefore the relevant loans are recognized on the balance sheet under U.S. GAAP.

4.    Allowances for loan losses and off-balance-sheet instruments

Under both Japanese GAAP and U.S. GAAP, the allowance for loan losses for specifically identified impaired loans is based on the present
value of expected future cash flows discounted at the loans initial



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effective interest rate or as a practical expedient, the loans observable market price or the fair value of the collateral if the loan is collateral dependent. For certain impaired loans
which are aggregated for the purpose of measuring impairment, pools of smaller balance homogeneous loans and other non-homogenous loans that have not been identified as impaired, the allowance for loan losses is determined based on a formula
allowance utilizing historical loss factors, as adjusted, considering recent trends.

The differences between Japanese GAAP
and U.S. GAAP arise from the difference in application of the formula allowance and the scope of the loans that are subject to the individual and portfolio impairment analysis. In addition to these effects based on differences between Japanese GAAP
and U.S. GAAP, provision (credit) for loan losses may differ between Japanese GAAP and U.S. GAAP due to the difference in the timing of accounting closings between our consolidated financial statements under U.S. GAAP and those under Japanese GAAP.

This reconciling item also includes the differences between U.S. GAAP and Japanese GAAP relating to the allowance for
off-balance-sheet instruments. We generally use the same methodology to reserve for losses on these instruments as we do for loans.

5.    Premises and equipment

Under U.S. GAAP, the fair value of a non-monetary asset acquired in exchange for another non-monetary asset is generally deemed to be the
new cost of the asset acquired in the exchange, and a gain or loss is recognized on the exchange. Under Japanese GAAP, the cost of the asset surrendered is assigned to the newly acquired asset in certain types of exchange transactions, resulting in
no gains or losses. In addition, the difference in carrying value of assets acquired in a non-monetary exchange results in a difference in the depreciation schedule between U.S. GAAP and Japanese GAAP.

6.    Real estate sales and leasebacks

Our principal banking subsidiaries entered into sale and leaseback transactions in prior years with respect to land and buildings used as
their headquarters. Each sale of such real estate is accounted for as a sale under Japanese GAAP with profits on the sale recorded in earnings. Under U.S. GAAP, the profits are deferred and amortized within the respective lease periods as the
subsidiaries continue to occupy the buildings under operating leases.

7.    Land
revaluation

Under Japanese GAAP, we revalued our holdings of land during the fiscal year ended March 31, 1998 pursuant to
the Law Concerning Revaluation of Land (Law No. 34 of 1998). The revaluation gains are recorded directly in equity, and the related deferred tax liabilities are also recognized. Under U.S. GAAP, there is no applicable provision that allows for
the revaluation of land other than for impairments, and accordingly the revaluation gains are reversed.

8.    Business combinations

U.S. GAAP and Japanese GAAP differ with regard to accounting for business combinations, primarily in accounting for goodwill. Under U.S.
GAAP, goodwill is not amortized and an impairment loss is recorded to the extent the carrying amount of the goodwill exceeds its estimated fair value at the measurement date. Under Japanese GAAP, goodwill is amortized over an appropriate period not
to exceed 20 years and an impairment loss is recorded only if the effects of the goodwill are no longer expected. In the fiscal year ended March 31, 2010, the merger between former Mizuho Securities and Shinko Securities which consummated in May
2009 affected net income differently.

9.    Non-interest-bearing deposits made under
government-led restructuring program

In connection with the government-led restructuring program for seven failed housing loan
companies, we made non-interest bearing deposits of ¥359,017 million in the fiscal year ended March 31, 1997. Under Japanese



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GAAP, these deposits are recorded at cost. Under U.S. GAAP, these deposits are discounted to their present value at the time of deposit, and the discount is subsequently accreted to income over
the expected period to maturity.

10.    Pension liabilities

Under Japanese GAAP, we adopted as of April 1, 2000, pension accounting that is based on the actuarial present value of accrued
benefit obligations. The cumulative effect of the accounting change has been amortized and actuarial gains and losses are deferred and amortized. Under U.S. GAAP, we recalculated the benefit obligation at April 1, 2004 and accounted for the
obligation as if we had adopted the accounting method in accordance with ASC 715, CompensationRetirement Benefits, beginning in the fiscal year ended March 31, 1990, as permitted for a foreign private issuer. The cumulative
effect of the accounting change, as well as actuarial gains and losses since the adoption, had been fully amortized by April 1, 2004.

Under U.S. GAAP, an employer is required to recognize the overfunded or underfunded status of a defined benefit plan as an asset or
liability in its consolidated balance sheets, according to ASC 715. Under ASC 715, actuarial gains or losses and prior service costs or benefits that have not yet been recognized through earnings as net periodic benefit cost are recognized in other
comprehensive income, net of tax, until they are amortized as a component of net periodic benefit cost based on corridor approach. Under Japanese GAAP, they are not immediately recognized in the consolidated balance sheets and are instead amortized
over a specified number of years. This results in a difference in the amount of the shareholders equity between U.S. GAAP and Japanese GAAP. See note 22 to our consolidated financial statements included elsewhere in this annual report for
further discussion.

11.    Consolidation of variable interest entities

Under U.S. GAAP, variable interest entities are to be consolidated if we are deemed to be the primary beneficiary of the variable interest
entity. Under Japanese GAAP, consolidation is not based on variable interests. We consolidate certain variable interest entities, such as entities related to asset-backed commercial paper/loan programs, asset-backed securitizations, investments in
securitization products and investment funds. See note 27 to our consolidated financial statements included elsewhere in this annual report for further discussion.

12.    Deferred taxes

Under U.S. GAAP, all available evidence, both positive and negative, must be considered to determine whether, based on the weight of that
evidence, deferred tax assets are realizable or whether a valuation allowance is needed. Possible sources of taxable income, which are considered to determine whether deferred tax assets are realizable, include unrealized gains on available-for-sale
securities. The sources also include tax planning strategies that are prudent and feasible. Under Japanese GAAP, the assessment as to whether deferred tax assets are realizable is primarily based on estimates of future taxable income.

Additionally, differences in the carrying amount of assets and liabilities between U.S. GAAP and Japanese GAAP create temporary
differences that result in differences in deferred tax assets and liabilities.

13.    Other

This adjustment reflects the effects of miscellaneous items that are not individually material.



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ITEM 6.    DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

6.A. Directors and Senior Management

Directors and Corporate Auditors

The following table provides information regarding our directors and corporate auditors as of June 30, 2010:



|                                 |  |                                                            |  |                                                                                                                                                                           |  |                                                         |  |          
|-------------------------------- |  | ---------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------- |  | ---------
|Name
(date of birth)             |  | Current positions
andprincipal outside positions           |  | Business experience                                                                                                                                                       |  | Expiration ofcurrent termas
directoror corporateauditor
|Takashi Tsukamoto
(Aug. 2, 1950) |  | President & CEO(since Apr. 2009)
(Representative Director) |  | Apr. 1974                                                                                                                                                                 |  | Joined The Dai-Ichi Kangyo Bank, Limited                |  | June 2012
|                                 |  | Apr. 2002                                                  |  | Executive Officer/General
Manager of Human Resources Division of Mizuho Corporate Bank, Ltd.                                                                              | 
|                                 |  | Mar. 2003                                                  |  | Managing Executive
Officer/Head of Risk Management Group, Head of Human Resources Group and General Manager of Post-retirement Counseling of Mizuho Financial Group, Inc. | 
|                                 |  | Feb. 2004                                                  |  | Managing Executive
Officer/Head of Risk Management Group and Head of Human Resources Group                                                                                | 
|                                 |  | Apr. 2004                                                  |  | Managing Executive
Officer/Head of Europe, Middle East and Africa of Mizuho Corporate Bank, Ltd.                                                                          | 
|                                 |  | Mar. 2006                                                  |  | Managing Director/Chief
Strategy Officer and Chief Financial Officer                                                                                                      | 
|                                 |  | Apr. 2007                                                  |  | Deputy
President                                                                                                                                                          | 
|                                 |  | Apr. 2008                                                  |  | Deputy President-Executive
Officer/Head of Financial Control and Accounting Group of Mizuho Financial Group, Inc.                                                         | 
|                                 |  | Apr. 2008                                                  |  | President & CEO of
Mizuho Financial Strategy Co., Ltd. (until Apr. 2009)                                                                                                  | 
|                                 |  | June 2008                                                  |  | Deputy President/Head of
Financial Control and Accounting Group of Mizuho Financial Group, Inc.                                                                           | 



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|                            |  |                                                                                                                                                                                                         |  |                                                                                                                                                      |  |                                                         |  |          
|--------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------- |  | ---------
|Name
(date of birth)        |  | Current positions
andprincipal outside positions                                                                                                                                                        |  | Business experience                                                                                                                                  |  | Expiration ofcurrent termas
directoror corporateauditor
|                            |  |                                                                                                                                                                                                         |  | Apr. 2009                                                                                                                                            |  | President & CEO/Head
of Human Resources Group           |  |          
|                            |  | Apr. 2010                                                                                                                                                                                               |  | President & CEO
(current)                                                                                                                            | 
|Setsu Onishi
(Dec. 4, 1955) |  | Deputy
President(since June 2010) (Representative Director)
 Head of Internal Audit Group
 Chief Auditor                                                                                                |  | Apr. 1978                                                                                                                                            |  | Joined The Industrial
Bank of Japan, Limited            |  | June 2012
|                            |  | Apr. 2005                                                                                                                                                                                               |  | Executive Officer/General
Manager of Corporate Banking Division No.14 of Mizuho Corporate Bank, Ltd.                                                 | 
|                            |  | Apr. 2007                                                                                                                                                                                               |  | Managing Executive
Officer/Head of Global Syndicated Finance Unit and Head of Global Financial Products Unit                                         | 
|                            |  | Apr. 2010                                                                                                                                                                                               |  | Deputy President-Executive
Officer/Head of Internal Audit Group of Mizuho Financial Group, Inc.                                                      | 
|                            |  | June 2010                                                                                                                                                                                               |  | Deputy President/ Head of
Internal Audit Group (current)                                                                                             | 
|Hajime Saito
(July 7, 1956) |  | Managing
Director(since June 2009) 
Head of Risk Management Group 
Head of Human Resources Group 
Head of Compliance Group 
Chief Risk Officer 
Chief Human Resources Officer 
Chief Compliance Officer |  | Apr. 1979                                                                                                                                            |  | Joined The Dai-Ichi
Kangyo Bank, Limited                |  | June 2011
|                            |  | Apr. 2004                                                                                                                                                                                               |  | General Manager of
Financial Planning of Mizuho Financial Group, Inc.                                                                                | 
|                            |  | Mar. 2006                                                                                                                                                                                               |  | Executive Officer/General
Manager of Treasury Division of Mizuho Bank, Ltd.                                                                          | 
|                            |  | Apr. 2008                                                                                                                                                                                               |  | Managing Executive
Officer/Head of Risk Management Group, Head of Human Resources Group and Head of Compliance Group of Mizuho Financial Group, Inc. | 
|                            |  | Apr. 2009                                                                                                                                                                                               |  | Managing Executive
Officer/Head of Internal Audit Group                                                                                              | 
|                            |  | June 2009                                                                                                                                                                                               |  | Managing Director/Head of
Internal Audit Group                                                                                                       | 
|                            |  | Apr. 2010                                                                                                                                                                                               |  | Managing Director/Head of
Risk Management Group, Head of Human Resources Group and Head of Compliance Group (current)                                | 



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|                                |  |                                                                                                             |           |                                                                                                                                                                            |                                                                            |                                                         |  |          
|------------------------------- |  | ----------------------------------------------------------------------------------------------------------- | --------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------- | ------------------------------------------------------- |  | ---------
|Name
(date of birth)            |  | Current positions
andprincipal outside positions                                                            |           | Business experience                                                                                                                                                        |                                                                            | Expiration ofcurrent termas
directoror corporateauditor
|Takeo Nakano (June
28, 1956)    |  | Managing Director(since June 2010)
 Head of Financial Control and Accounting
Group  Chief Financial Officer |           | Apr. 1980                                                                                                                                                                  |                                                                            | Joined The Fuji Bank, Limited                           |  | June 2012
|                                |  | Apr. 2004                                                                                                   |           | Senior Corporate Officer
of Financial Control & Accounting Group of Mizuho Corporate Bank, Ltd.                                                                            |                                                                           
|                                |  | Apr. 2007                                                                                                   |           | Executive Officer/General
Manager of Kobunacho Branch of Mizuho Bank, Ltd.                                                                                                 |                                                                           
|                                |  | Apr. 2009                                                                                                   |           | Managing Executive
Officer/Head of Risk Management Group, Head of Compliance Group and In charge of Financial Control and Accounting Group of Mizuho Financial Group, Inc. |                                                                           
|                                |  | Apr. 2010                                                                                                   |           | Managing Executive
Officer/Head of Financial Control and Accounting Group                                                                                                  |                                                                           
|                                |  | Apr. 2010                                                                                                   |           | President & CEO of
Mizuho Financial Strategy Co., Ltd. (current)                                                                                                           |                                                                           
|                                |  |                                                                                                             | June 2010 |                                                                                                                                                                            | Managing Director/Head of
Financial Control and Accounting Group (current) |                                                        
|Satoru Nishibori
(Mar. 2, 1953) |  | Director(since June 2009) 
President & CEO of Mizuho Bank, Ltd.                                             |           | Apr. 1975                                                                                                                                                                  |                                                                            | Joined The Fuji Bank,
Limited                           |  | June 2011
|                                |  | Apr. 2002                                                                                                   |           | Executive Officer/General
Manager of Financial Planning Division of Mizuho Corporate Bank, Ltd.                                                                            |                                                                           
|                                |  | Dec. 2002                                                                                                   |           | Executive Officer/Senior
Corporate Officer of Financial Control and Accounting Group                                                                                       |                                                                           
|                                |  | Apr. 2004                                                                                                   |           | Managing Executive
Officer/Head of Financial Control and Accounting Group of Mizuho Financial Group, Inc.                                                                  |                                                                           
|                                |  | June 2004                                                                                                   |           | Managing Director/Head of
Financial Control and Accounting Group                                                                                                           |                                                                           
|                                |  | Apr. 2007                                                                                                   |           | President & CEO of
Mizuho Financial Strategy Co., Ltd. (until Apr. 2008)                                                                                                   |                                                                           



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|                                       |  |                                                                            |  |                                                                                                         |  |                                                            |  |          
|-------------------------------------- |  | -------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------- |  | ---------
|Name
(date of birth)                   |  | Current positions
andprincipal outside positions                           |  | Business experience                                                                                     |  | Expiration ofcurrent termas
directoror corporateauditor   
|                                       |  |                                                                            |  | Apr. 2008                                                                                               |  | Director of Mizuho Financial Group, Inc. (until June 2008) |  |          
|                                       |  |                                                                            |  | Apr. 2008                                                                                               |  | Deputy President of Mizuho
Bank, Ltd.                      |  |          
|                                       |  |                                                                            |  | Apr. 2009                                                                                               |  | President & CEO
(current)                                  |  |          
|                                       |  |                                                                            |  | June 2009                                                                                               |  | Director of Mizuho
Financial Group, Inc. (current)         |  |          
|Yasuhiro Sato
(Apr. 15, 1952)          |  | Director(since June 2009) 
President & CEO of Mizuho Corporate Bank, Ltd   |  | Apr. 1976                                                                                               |  | Joined The Industrial
Bank of Japan, Limited               |  | June 2011
|                                       |  | Mar. 2003                                                                  |  | Executive Officer/Senior
Corporate Officer of International Banking Unit of Mizuho Corporate Bank, Ltd. | 
|                                       |  | Apr. 2004                                                                  |  | Managing Executive Officer                                                                              | 
|                                       |  | Mar. 2006                                                                  |  | Managing Director/Head of
Corporate Banking Unit                                                        | 
|                                       |  | Apr. 2007                                                                  |  | Deputy President/Chief
Auditor                                                                          | 
|                                       |  | Apr. 2009                                                                  |  | President & CEO
(current)                                                                               | 
|                                       |  | June 2009                                                                  |  | Director of Mizuho
Financial Group, Inc. (current)                                                      | 
|Akihiko
Nomiyama(1)(3)
(June 15, 1934) |  | Director(since June 2007) 
Special Advisor of NIPPON MINING HOLDINGS, INC. |  | Apr. 1957                                                                                               |  | Joined Nippon Mining Co.,
Ltd.                             |  | June 2011
|                                       |  | June 1984                                                                  |  | Director                                                                                                | 
|                                       |  | June 1989                                                                  |  | Managing
Director                                                                                       | 
|                                       |  | Dec. 1992                                                                  |  | Managing Director of Nikko
Kyodo Co., Ltd.                                                              | 
|                                       |  | Dec. 1993                                                                  |  | Managing Director of Japan
Energy Corporation                                                           | 
|                                       |  | June 1994                                                                  |  | Senior Managing Director                                                                                | 
|                                       |  | June 1996                                                                  |  | President and CEO
(Representative Director)                                                             | 
|                                       |  | June 2000                                                                  |  | Chairman, President and
CEO (Representative Director)                                                   | 
|                                       |  | Apr. 2002                                                                  |  | Chairman and CEO
(Representative Director)                                                              | 
|                                       |  | Sep. 2002                                                                  |  | President and CEO
(Representative Director) of NIPPON MINING HOLDINGS, INC.                             | 



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|                                        |  |                                                               |  |                                                                                   |  |                                                                     |  |          
|--------------------------------------- |  | ------------------------------------------------------------- |  | --------------------------------------------------------------------------------- |  | ------------------------------------------------------------------- |  | ---------
|Name
(date of birth)                    |  | Current positions
andprincipal outside positions              |  | Business experience                                                               |  | Expiration ofcurrent termas
directoror corporateauditor            
|                                        |  |                                                               |  | June 2003                                                                         |  | Chairman (Representative Director)                                  |  |          
|                                        |  |                                                               |  | June 2006                                                                         |  | Special Advisor (current)                                           |  |          
|                                        |  |                                                               |  | June 2007                                                                         |  | Director of Mizuho
Financial Group, Inc. (current)                  |  |          
|Mitsuo
Ohashi(1)(3) (Jan.
18, 1936)     |  | Director(since June 2005) 
Senior Advisor of Showa Denko K.K. |  | Mar. 1959                                                                         |  | Joined Mitsui Bank, Ltd.                                            |  | June 2011
|                                        |  | Dec. 1961                                                     |  | Joined Showa Denko K.K.                                                           | 
|                                        |  | May 1988                                                      |  | General Manager of
Corporate Planning Division                                    | 
|                                        |  | Mar. 1989                                                     |  | Director/General Manager
of Corporate Planning Division                           | 
|                                        |  | Mar. 1993                                                     |  | Managing
Director                                                                 | 
|                                        |  | Mar. 1995                                                     |  | Senior Managing Director                                                          | 
|                                        |  | Mar. 1997                                                     |  | President and Chief
Executive Officer                                             | 
|                                        |  | Jan. 2005                                                     |  | Representative Director
and Chairman of the Board of Directors                    | 
|                                        |  |                                                               |  | June 2005                                                                         |  | Director of Mizuho
Financial Group, Inc. (current)                  |  |          
|                                        |  |                                                               |  | Mar. 2007                                                                         |  | Director and Chairman of
the Board of Directors of Showa Denko K.K. |  |          
|                                        |  |                                                               |  | Mar. 2010                                                                         |  | Senior Advisor (current)                                            |  |          
|Kanemitsu 
Anraku(1)(3) (Apr.
21, 1941) |  | Director(since June 2007)                                     |  | Apr. 1964                                                                         |  | Joined Nissan Motor Co.,
Ltd.                                       |  | June 2011
|                                        |  | June 1993                                                     |  | Director                                                                          | 
|                                        |  | June 1997                                                     |  | Managing
Director                                                                 | 
|                                        |  | May 1999                                                      |  | Executive Vice President
(Representative Director)                                | 
|                                        |  | Apr. 2000                                                     |  | Vice Chairman (member of
the board of directors)                                  | 
|                                        |  | June 2000                                                     |  | Vice
Chairman                                                                     | 
|                                        |  | Apr. 2002                                                     |  | President (Representative
Director) of Nissan Real Estate Development Corporation | 
|                                        |  | June 2005                                                     |  | Counselor                                                                         | 



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|                                   |  |                                                                                                                              |  |                                                                    |  |                                                                  |  |          
|---------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------ |  | ---------------------------------------------------------------- |  | ---------
|Name
(date of birth)               |  | Current positions
andprincipal outside positions                                                                             |  | Business experience                                                |  | Expiration ofcurrent termas
directoror corporateauditor         
|                                   |  |                                                                                                                              |  | July 2006                                                          |  | Counselor of Nissan Network Holdings Co., Ltd. (until June 2007) |  |          
|                                   |  |                                                                                                                              |  | June 2007                                                          |  | Director of Mizuho
Financial Group, Inc. (current)               |  |          
|Tsuneo Morita
(Apr. 29, 1954)      |  | Corporate
Auditor(since June 2009) 
Corporate Auditor of Mizuho Securities Co., Ltd.                                         |  | Apr. 1978                                                          |  | Joined The Fuji Bank,
Limited                                    |  | June 2013
|                                   |  | Aug. 2003                                                                                                                    |  | General Manager of
Administration of Mizuho Financial Group, Inc.  | 
|                                   |  | Mar. 2006                                                                                                                    |  | Executive Officer/General
Manager of Administration                | 
|                                   |  | Apr. 2008                                                                                                                    |  | Managing Executive
Officer/Head of Internal Audit Group            | 
|                                   |  | June 2008                                                                                                                    |  | Managing Director/Head of
Internal Audit Group                     | 
|                                   |  | Apr. 2009                                                                                                                    |  | Director                                                           | 
|                                   |  | June 2009                                                                                                                    |  | Corporate Auditor
(current)                                        | 
|                                   |  | June 2009                                                                                                                    |  | Corporate Auditor of
Mizuho Securities Co., Ltd. (current)         | 
|Shuzo Haimoto
(June 27, 1954)      |  | Corporate
Auditor(since June 2010)                                                                                           |  | Apr. 1978                                                          |  | Joined The Industrial
Bank of Japan, Limited                     |  | June 2014
|                                   |  | Apr. 2003                                                                                                                    |  | General Manager of Human
Resources of Mizuho Financial Group, Inc. | 
|                                   |  | Mar. 2006                                                                                                                    |  | Executive Officer/General
Manager of Human Resources               | 
|                                   |  | Apr. 2007                                                                                                                    |  | Managing Director of
Mizuho Bank, Ltd.                             | 
|                                   |  | Apr. 2010                                                                                                                    |  | Advisor                                                            | 
|                                   |  | June 2010                                                                                                                    |  | Corporate Auditor of
Mizuho Financial Group, Inc. (current)        | 
|Yukio
Nozaki(2)(3) (Aug.
19, 1931) |  | Corporate
Auditor(since Jan. 2003) 
Corporate Auditor of Mizuho Corporate Bank, Ltd.
 Corporate Auditor of Mizuho Bank,
Ltd. |  | Apr. 1956                                                          |  | Assistant Judge of the
Tokyo District Court                      |  | June 2011
|                                   |  | Mar. 1992                                                                                                                    |  | President of the Sendai
High Court                                 | 
|                                   |  | Mar. 1993                                                                                                                    |  | President of the Nagoya
High Court                                 | 
|                                   |  | Aug. 1996                                                                                                                    |  | Resigned from
judge                                                | 



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|                                    |  |                                                  |  |                                                                                                                      |  |                                                                          |  |          
|----------------------------------- |  | ------------------------------------------------ |  | -------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------ |  | ---------
|Name
(date of birth)                |  | Current positions
andprincipal outside positions |  | Business experience                                                                                                  |  | Expiration ofcurrent termas
directoror corporateauditor                 
|                                    |  |                                                  |  | Oct. 1996                                                                                                            |  | Registered as attorney at law (Daiichi Tokyo Bar Association)            |  |          
|                                    |  |                                                  |  | June 1997                                                                                                            |  | Corporate Auditor of The
Dai-Ichi Kangyo Bank, Limited (until Mar. 2002) |  |          
|                                    |  |                                                  |  | Sep. 2000                                                                                                            |  | Corporate Auditor of
Mizuho Holdings, Inc. (until Mar. 2003)             |  |          
|                                    |  |                                                  |  | Apr. 2002                                                                                                            |  | Corporate Auditor of
Mizuho Corporate Bank, Ltd. (current)               |  |          
|                                    |  |                                                  |  | Jan. 2003                                                                                                            |  | Corporate Auditor of
Mizuho Financial Group, Inc. (current)              |  |          
|                                    |  |                                                  |  | Mar. 2006                                                                                                            |  | Corporate Auditor of
Mizuho Bank, Ltd. (current)                         |  |          
|Masahiro
Seki(2)(3) (Sep.
11, 1934) |  | Corporate
Auditor(since June 2006)               |  | Apr. 1959                                                                                                            |  | Joined Deloitte Haskins
& Sells, Tokyo Office                            |  | June 2014
|                                    |  | June 1987                                        |  | General Representative                                                                                               | 
|                                    |  | Feb. 1990                                        |  | Senior Managing Director
of International Affairs of Deloitte Touche Tohmatsu                                        | 
|                                    |  | June 1997                                        |  | Senior Researcher of the
Japanese Institute of Certified Public Accountants                                          | 
|                                    |  | Oct. 2000                                        |  | Visiting Professor of
Graduate School of International University of Japan                                           | 
|                                    |  | Apr. 2001                                        |  | Professor of Graduate
School (until Mar. 2004)                                                                       | 
|                                    |  | June 2002                                        |  | President of the
non-profit organization, Japanese Institute of International Accounting Education (until June 2006) | 
|                                    |  | Apr. 2004                                        |  | Established Seki Certified
Public Accountants                                                                        | 
|                                    |  | June 2006                                        |  | Senior Advisor of the
non-profit organization, Japanese Institute of International Accounting Education (current)    | 
|                                    |  | June 2006                                        |  | Corporate Auditor of
Mizuho Financial Group, Inc. (current)                                                          | 



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|                                      |  |                                                  |  |                                                                                 |  |                                                         |  |          
|------------------------------------- |  | ------------------------------------------------ |  | ------------------------------------------------------------------------------- |  | ------------------------------------------------------- |  | ---------
|Name
(date of birth)                  |  | Current positions
andprincipal outside positions |  | Business experience                                                             |  | Expiration ofcurrent termas
directoror corporateauditor
|Masami 
Ishizaka(2)(3) (Dec.
5, 1939) |  | Corporate Auditor(since June 2008)               |  | Apr. 1963                                                                       |  | Joined Ministry of Finance                              |  | June 2012
|                                      |  | June 1993                                        |  | Director-General of the
Financial Bureau                                        | 
|                                      |  | July 1994                                        |  | Director-General of the
Planning and Co-ordination Bureau of Environment Agency | 
|                                      |  | July 1995                                        |  | Administrative Vice
Minister                                                    | 
|                                      |  | July 1996                                        |  | Vice Chairman of
Automobile Insurance Rating Organization of Japan              | 
|                                      |  | July 1998                                        |  | Executive Vice President
of Japan National Oil Corporation                      | 
|                                      |  | Mar. 2004                                        |  | Advisor                                                                         | 
|                                      |  | July 2004                                        |  | Vice Chairman of The
General Insurance Association of Japan                     | 
|                                      |  | Sep. 2007                                        |  | Chairman of Okura Zaimu
Kyokai (current)                                        | 
|                                      |  | June 2008                                        |  | Corporate Auditor of
Mizuho Financial Group, Inc. (current)                     | 



Notes:



|(1) | Messrs. Nomiyama, Ohashi and Anraku satisfy the requirements for an outside director under the Company Law of Japan.
|--- | ----------------------------------------------------------------------------------------------------------------------

|(2) | Messrs. Nozaki, Seki and Ishizaka satisfy the requirements for an outside corporate auditor under the Company Law of Japan.
|--- | -----------------------------------------------------------------------------------------------------------------------------

|(3) | Messrs. Nomiyama, Ohashi, Anraku, Nozaki, Seki and Ishizaka were notified to stock exchanges in Japan as independent director/auditor, as the case may be,
pursuant to the recent amendments to the regulations of stock exchanges in Japan.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Executive Officers

The following table provides information about our executive officers as of June 30, 2010, other than information regarding those
that are also directors and listed above:



|                               |  |                                                                                                                                                                                                                       |  |                                                                                                                                                                                               |  |                                             
|------------------------------ |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------
|Name
(date of birth)           |  | Current positions and
principal outside positions                                                                                                                                                                     |  | Business experience                                                                                                                                                                          
|Daisaku Abe
(June 20, 1957)    |  | Managing Executive Officer(since Apr. 2009)
 Head of Strategic Planning Group
 Head of IT, Systems & Operations Group  General Manager of Group
Strategic Planning  Chief Strategy
Officer  Chief Information Officer |  | Apr. 1980                                                                                                                                                                                     |  | Joined The Industrial Bank of Japan, Limited
|                               |  | Apr. 2005                                                                                                                                                                                                             |  | General Manager of
Administration Division of Mizuho Corporate Bank, Ltd                                                                                                                     
|                               |  | Mar. 2006                                                                                                                                                                                                             |  | General Manager of
Executive Secretariat                                                                                                                                                     
|                               |  | Apr. 2007                                                                                                                                                                                                             |  | Executive Officer/General
Manager of Executive Secretariat                                                                                                                                   
|                               |  | Apr. 2009                                                                                                                                                                                                             |  | Managing Executive
Officer/Head of Strategic Planning Group, Head of IT, Systems & Operations Group and General Manager of Group Strategic Planning of Mizuho Financial Group, Inc. (current)
|Masakane Koike (July 9, 1959)  |  | Executive
Officer(since Apr. 2009) 
General Manager of Financial Planning                                                                                                                                             |  | Apr. 1982                                                                                                                                                                                     |  | Joined The Dai-ichi
Kangyo Bank, Limited    
|                               |  | July 2003                                                                                                                                                                                                             |  | Corporate Officer of
Financial Control & Accounting Group and Deputy General Manager of Accounting Division of Mizuho Corporate Bank, Ltd.                                                   
|                               |  | Apr. 2007                                                                                                                                                                                                             |  | General Manager of Credit
Coordination Division                                                                                                                                              
|                               |  | Apr. 2008                                                                                                                                                                                                             |  | General Manager of
Financial Planning of Mizuho Financial Group, Inc.                                                                                                                        
|                               |  | Apr. 2009                                                                                                                                                                                                             |  | Executive Officer/General
Manager of Financial Planning (current)                                                                                                                            
|Tatsuya Yamada
(Feb. 20, 1960) |  | Executive
Officer(since Apr. 2010) 
General Manager of Accounting                                                                                                                                                     |  | Apr. 1982                                                                                                                                                                                     |  | Joined The Industrial
Bank of Japan, Limited
|                               |  | May 2005                                                                                                                                                                                                              |  | Senior Manager of
Disclosure Project Team and Senior Manager of Accounting Division of Mizuho Corporate Bank, Ltd                                                                            
|                               |  | Oct. 2006                                                                                                                                                                                                             |  | General Manager of
Disclosure Control Department of Accounting Division                                                                                                                      



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|                               |  |                                                                              |  |                                                                                           |  |                                                              
|------------------------------ |  | ---------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------- |  | -------------------------------------------------------------
|Name
(date of birth)           |  | Current positions and
principal outside positions                            |  | Business experience                                                                      
|                               |  |                                                                              |  | Apr. 2007                                                                                 |  | General Manager of Osaka
Corporate Banking Division No. 1    
|                               |  |                                                                              |  | Apr. 2009                                                                                 |  | General Manager of
Accounting of Mizuho Financial Group, Inc.
|                               |  |                                                                              |  | Apr. 2010                                                                                 |  | Executive Officer/General
Manager of Accounting (current)    
|Shusaku Tsuhara
(Jan. 6, 1960) |  | Executive
Officer(since Apr. 2010) 
General Manager of Executive Secretariat |  | Apr. 1983                                                                                 |  | Joined The Fuji Bank,
Limited                                
|                               |  | Apr. 2005                                                                    |  | General Manager of Branch
Banking Unit VI of Branch Banking Division of Mizuho Bank, Ltd.
|                               |  | Apr. 2007                                                                    |  | General Manager of Kudan
Branch                                                          
|                               |  | Feb. 2009                                                                    |  | General Manager for
Executive Secretariat of Mizuho Financial Group, Inc.                
|                               |  | Apr. 2009                                                                    |  | General Manager of
Executive Secretariat                                                 
|                               |  | Apr. 2010                                                                    |  | Executive Officer/General
Manager of Executive Secretariat (current)                     

An Executive Officer may serve any number of consecutive terms.
The term of office of the Executive Officers currently in office will expire at the close of the first meeting of our board of directors after the ordinary general meeting of shareholders.

No family relationship exists among any of our directors, executive officers or corporate auditors.

6.B. Compensation

In accordance with the Company Law, compensation for our directors and corporate auditors, including bonuses, retirement allowances and
incentive stock options, must be approved at our general meeting of shareholders, unless otherwise specified in our articles of incorporation in the future. The shareholders approval may specify the upper limit of the aggregate amount of
compensation or calculation methods, but if compensation includes benefits in kind, the shareholders approval must include the description of such benefits. Compensation for a director or corporate auditor is fixed by our board of directors or
by consultation among our corporate auditors in accordance with our internal regulations and practice and, in the case of retirement allowances, generally reflects the position of the director or corporate auditor at the time of retirement, the
length of his service as a director or corporate auditor and his contribution to our performance.

The aggregate compensation,
including bonuses and stock compensation-type stock options (stock acquisition rights) but excluding retirement allowances, paid by Mizuho Financial Group and its subsidiaries to the directors and corporate auditors of Mizuho Financial Group during
the fiscal year ended March 31, 2010 was ¥602 million and ¥79 million, respectively.

Beginning the
fiscal year ended on or after March 31, 2010, listed companies in Japan are required under Cabinet Office Ordinance on Disclosure of Corporate Affairs, etc., to disclose the compensation provided to their directors and corporate auditors for
the relevant fiscal year if the aggregate annual compensation per the director/corporate auditor equals or exceeds ¥100 million (including any compensation provided by major subsidiaries of



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such listed company as directors and corporate auditors of such subsidiaries). The following table sets forth information regarding the compensation of our directors that we disclosed pursuant to
such regulations:



|                             |  |                                                      |                     |                        |                             |                                    |          |    |                       |   |           |    |  |  
|---------------------------- |  | ---------------------------------------------------- | ------------------- | ---------------------- | --------------------------- | ---------------------------------- | -------- | -- | --------------------- | - | --------- | -- |  | -
|                             |  | Aggregateconsolidatedcompensation(in millions ofyen) |                     | Company                |                             | Consolidated compensation per type
|Name(Title)                  |  |                                                      |                     | (in millions of yen)  
|                             |  |                                                      | (a)Baseremuneration |                        | (b)Stock
optionremuneration |                                    | (c)Bonus |    | (d)Retirementbenefits |   | (e)Others
|Terunobu Maeda (Director)    |  | 110                                                  |                     | Mizuho Financial Group |                             | 80                                 |          | 29 |                       |  |           |   |  | 0
|                             |  |                                                      |                     |                        |                             |                                    |         
|Takashi Tsukamoto (Director) |  | 114                                                  |                     | Mizuho Financial Group |                             | 82                                 |          | 30 |                       |  |           |   |  | 0
|                             |  | Mizuho Information & Research Institute              |                     | 2                      |                             |                                   |          |   |                       |  |           |  
|                             |  |                                                      |                     |                        |                             |                                    |         
|Satoru Nishibori (Director)  |  | 114                                                  |                     | Mizuho Financial Group |                             | 3                                  |          |   |                       |  |           |   |  | 0
|                             |  | Mizuho Bank                                          |                     | 81                     |                             | 30                                 |          |   |                       |  |           | 0 
|                             |  |                                                      |                     |                        |                             |                                    |         
|Yasuhiro Sato (Director)     |  | 122                                                  |                     | Mizuho Financial Group |                             | 3                                  |          |   |                       |  |           |   |  | 0
|                             |  | Mizuho Corporate Bank                                |                     | 81                     |                             | 30                                 |          |   |                       |  |           | 8 
|                             |  |                                                      |                     |                        |                             |                                    |         
|Hiroshi Saito (Director)     |  | 123                                                  |                     | Mizuho Financial Group |                             | 1                                  |          |   |                       |  |           |   |  | 0
|                             |  | Mizuho Corporate Bank                                |                     | 79                     |                             | 29                                 |          |   |                       |  |           | 13
|                             |  |                                                      |                     |                        |                             |                                    |         
|Seiji Sugiyama (Director)    |  | 110                                                  |                     | Mizuho Financial Group |                             | 1                                  |          |   |                       |  |           |   |  | 0
|                             |  | Mizuho Bank                                          |                     | 79                     |                             | 29                                 |          |   |                       |  |           | 0 



Notes:



|(1) | Base remuneration indicates the aggregate fixed monthly remuneration.
|--- | ---------------------------------------------------------------------

|(2) | Stock option remuneration indicates the amounts relating to stock acquisition rights that were granted during the fiscal year.
|--- | ------------------------------------------------------------------------------------------------------------------------------

|(3) | Any compensation other than those included in (a) through (d) above is set forth in (e).
|--- | ----------------------------------------------------------------------------------------

Mizuho Financial Group and some of its subsidiaries, including Mizuho Bank and Mizuho Corporate Bank, abolished their respective
retirement allowance programs for directors, corporate auditors and officers. At the ordinary general meeting of shareholders held in June 2008, Mizuho Financial Group and such subsidiaries obtained shareholders approval for a payment of lump
sum retirement allowances for directors and corporate auditors (other than those elected after such shareholders meeting) at the time of their respective retirement.

In conjunction with the abolishment of the retirement allowance program, we obtained shareholders approval for the introduction of
stock acquisition rights for the directors (excluding outside directors) at the ordinary general meeting of shareholders held on June 26, 2008. On January 30, 2009, our board of directors resolved to issue stock acquisition rights to
directors and executive officers and subsequently allotted an aggregate of 5,409 stock acquisition rights on February 16, 2009. As the directors of Mizuho Financial Group, our directors received 435 stock acquisition rights. Each stock
acquisition right represents a right to purchase 1,000 shares of our common stock at ¥1 per share of common stock. The period during which the stock acquisition rights may be exercised shall be until February 16, 2029. Their exercise
is conditioned on the holder losing his or her status as director or executive officer. The book value of each stock acquisition right was ¥190,910 as of March 31, 2010.

On September 3, 2009, our board of directors resolved to issue stock acquisition rights to directors and executive officers and
subsequently allotted an aggregate of 5,835 stock acquisition rights on September 25, 2009. As the directors of Mizuho Financial Group, our directors received 500 stock acquisition rights. Each stock



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acquisition right represents a right to purchase 1,000 shares of our common stock at ¥1 per share of common stock. The period during which the stock acquisition rights may be exercised
shall be until September 25, 2029. Their exercise is conditioned on the holder losing his or her status as director or executive officer. The book value of each stock acquisition right was ¥168,690 as of March 31, 2010.

6.C. Board Practices

Pursuant to our articles of incorporation, we maintain a corporate governance system consisting of general meetings of shareholders,
individual directors, board of directors, individual corporate auditors, board of corporate auditors and an accounting auditor as its primary components.

Our board of directors has the ultimate responsibility for the administration of our affairs. Our articles of incorporation provide for a
board of directors consisting of not more than 15 members, in order to facilitate efficient and responsive decision making, and provide for not more than six corporate auditors. All directors and corporate auditors are appointed by our shareholders
at general meetings. The normal term of office is two years for directors and four years for corporate auditors after their respective appointment, but directors and corporate auditors may serve any number of consecutive terms. Our board of
directors designates, from among its members, representative directors and appoints a president. Our board of directors may also appoint a chairman, a deputy chairman, deputy presidents, senior managing directors and managing directors. Each
representative director has the authority to represent us in the conduct of our affairs.

While one of our corporate auditors
is a certified public accountant, our corporate auditors are not required to be certified public accountants. None of the corporate auditors may at the same time be directors, accounting participants, executive officers, or managers or employees of
the company or any of its subsidiaries and at least one-half of them must be persons who have not been directors, accounting participants, executive officers or any other employees of us or any of our subsidiaries at any time prior to their
appointment as corporate auditors. Each corporate auditor has a statutory duty to audit the directors performance of their duties and to audit the accounting records and the business reports submitted by the directors to general meetings of
shareholders. Corporate auditors shall attend each meeting of the board of directors and, when necessary, state their opinion at the meeting, but are not entitled to vote.

The board of corporate auditors is composed of all corporate auditors. The board of corporate auditors has a statutory duty to prepare
and submit an audit report to the directors each year. If any corporate auditor has an opinion that is different from the opinion of the board of corporate auditors, such opinion shall also be described in the audit report. The board of corporate
auditors shall determine policies regarding audits, the method of investigation by the corporate auditors into the status of corporate affairs and financial position and other matters relating to the performance of the corporate auditors
duties, provided, however, that a resolution of the board of corporate auditors may not prevent any corporate auditor from exercising his or her own power.

None of our directors or corporate auditors has service contracts with us providing for benefits upon termination of service.

Our articles of incorporation, in accordance with the Company Law, allow us to enter into an agreement with outside directors and outside
corporate auditors that limits their liabilities incurred in connection with their service. The limitation of the liabilities under such agreement must be the higher of either (i) a pre-determined amount not less than ¥20 million or
(ii) the amount prescribed in laws and regulations, which is currently equivalent to two times the annual compensation to such outside director or outside corporate auditor. Pursuant to the provisions, we have entered into such agreements with
all of our outside directors and outside corporate auditors that were in office at any time after June 2006.

Based on an
amendment to the rules of the Tokyo Stock Exchange and the Osaka Securities Exchange, companies listed on those stock exchanges are required to have at least one member of the board of directors or



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the board of corporate auditors to be independent by the date of the general meeting of shareholders with respect to the fiscal year ended on or after March 1, 2010. Currently,
three of our directors and three of our corporate auditors meet such independence requirements.

To ensure transparency and
objectivity in personnel matters relating to directors, we have established a nominating committee and a compensation committee. Each committee is comprised of six members, of whom three are outside directors.

For additional information on our directors and corporate auditors and our board practices, see Item 6.A. Directors and
Senior ManagementDirectors and Corporate Auditors and Item 10.B. Additional InformationMemorandum and Articles of Association in this annual report.

The rights of holders of American Depositary Receipts, or ADRs, which evidence ADSs, including such ADR holders rights relating to
corporate governance practices, are governed by the deposit agreement, which is included as Exhibit 2.3 to this annual report.

Corporate
Governance Practices

Companies listed on the New York Stock Exchange, or NYSE, must comply with certain standards
regarding corporate governance under Section 303A of the NYSE Listed Company Manual. However, NYSE-listed companies that are foreign private issuers meeting certain criteria, such as us, are permitted to follow home country practices in lieu of
certain provisions of Section 303A, and we are relying on this exemption. See Item 16.G. Corporate Governance for a summary of significant ways in which our corporate governance practices differ from those followed by NYSE-listed
U.S. companies.

6.D. Employees

As of March 31, 2008, 2009 and 2010, we had 49,114, 50,191 and 57,014 employees, respectively, on a consolidated basis, including
overseas local staff but excluding advisers and temporary employees. We also had an average of approximately 20,031 temporary employees during the fiscal year ended March 31, 2010.

The following tables show our full-time employees as of March 31, 2010 and average number of temporary employees for the fiscal year
ended March 31, 2010, each broken down based on business segment and geographical location:



|                                          |  |                                  |   |  |                                          |  
|----------------------------------------- |  | -------------------------------- | - |  | ---------------------------------------- | -
|Business segment                          |  | Number offull-time employees     |   |  | Average number oftemporary employees     |  
|Global Corporate Group                    |  | 18,219                           |   |  | 2,491                                    |  
|Global Retail Group                       |  | 28,344                           |   |  | 16,571                                   |  
|Global Asset & Wealth Management Group    |  | 5,589                            |   |  | 574                                      |  
|Others                                    |  | 4,862                            |   |  | 395                                      |  
|                                          |  |                                  |   |  |                                          |  
|Total                                     |  | 57,014                           |   |  | 20,031                                   |  
|                                          |  |                                  |   |  |                                          |  
|                                          |  |                                 
|Location                                  |  | Percentage offull-time employees |   |  | Average percentage oftemporary employees |  
|Japan                                     |  | 94.5                             | % |  | 99.9                                     | %
|Americas                                  |  | 1.3                              |   |  | 0.0                                      |  
|Europe                                    |  | 1.2                              |   |  | 0.0                                      |  
|Asia/Oceania (excluding Japan) and others |  | 2.9                              |   |  | 0.0                                      |  
|                                          |  |                                  |   |  |                                          |  
|Total                                     |  | 100.0                            | % |  | 100.0                                    | %
|                                          |  |                                  |   |  |                                          |  



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Most of our full-time non-management employees in Japan are members of a labor union.
Outside Japan, some of our employees are members of local unions. We consider our labor relations with employees to be good.

6.E. Share Ownership

The following table shows the number of shares of our common stock owned by our directors and
corporate auditors as of June 30, 2010:



|                  |  |                       
|----------------- |  | ----------------------
|Directors         |  | Number of shares owned
|Takashi Tsukamoto |  | 72,140                
|Setsu Onishi      |  | 147,440               
|Hajime Saito      |  | 79,300                
|Takeo Nakano      |  | 62,000                
|Satoru Nishibori  |  | 78,700                
|Yasuhiro Sato     |  | 19,080                
|Akihiko Nomiyama  |  | 9,400                 
|Mitsuo Ohashi     |  |                      
|Kanemitsu Anraku  |  | 7,000                 



|                   |  |                       
|------------------ |  | ----------------------
|Corporate Auditors |  | Number of shares owned
|Tsuneo Morita      |  | 84,450                
|Shuzo Haimoto      |  | 142,000               
|Yukio Nozaki       |  | 80,400                
|Masahiro Seki      |  | 1,000                 
|Masami Ishizaka    |  | 33,400                

None of our
directors or corporate auditors is the owner of more than one percent of our common stock, and no director or corporate auditor has voting rights with respect to our common stock that are different from any other holder of our common stock.

For information on our stock compensation-type stock options (stock acquisition rights) for directors, see Item 6.B.
Compensation.

We have employee stock ownership plan under which participating employees of the companies listed below
is able to purchase our shares with funds deducted from such employees salary and bonus payments. The plan administrator makes open-market purchases of our shares for the account of the plan on a monthly basis. The companies contribute
matching funds equivalent to 5% of the amounts contributed. The following table shows the numbers of shares that this plan held as of March 31, 2010:



|                                     |  |                                                                                                                                                    |  |                      
|------------------------------------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------
|                                     |  | As of March 31,
2010                                                                                                                              
|Plan                                 |  | Employer companies                                                                                                                                 |  | Number ofshares owned
|Mizuho Employee Stock Ownership Plan |  | Mizuho Financial Group
Mizuho Bank Mizuho Corporate Bank
Mizuho Asset Management Mizuho Research
Institute Mizuho Information & Research Institute |  | 57,261,570           



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ITEM 7.    MAJOR SHAREHOLDERS AND RELATED PARTY
TRANSACTIONS

7.A. Major Shareholders

Common Stock

The
following table sets forth information about the major shareholders of our common stock appearing on the register of shareholders as of March 31, 2010:



|                                                                                                                                                            |  |                       |  |                                 |  
|----------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------- |  | ------------------------------- | -
|                                                                                                                                                            |  | As of March 31, 2010  | 
|Name                                                                                                                                                        |  | Number ofshares owned |  | Percentage ofoutstanding shares |  
|Japan Trustee Services Bank, Ltd. (trustee account)                                                                                                         |  | 802,874,300           |  | 5.18                            | %
|The Master Trust Bank of Japan, Ltd. (trustee account)                                                                                                      |  | 494,670,700           |  | 3.19                            |  
|The Dai-ichi Mutual Life Insurance
Company(1)                                                                                                               |  | 209,950,000           |  | 1.36                            |  
|SSBT OD05 Omnibus Account China Treaty Clients                                                                                                              |  | 171,659,887           |  | 1.11                            |  
|Japan Trustee Services Bank, Ltd. (trustee account 4)                                                                                                       |  | 160,916,100           |  | 1.04                            |  
|Japan Trustee Services Bank, Ltd. (trustee account 9)                                                                                                       |  | 152,184,100           |  | 0.98                            |  
|Trust & Custody Services Bank, Ltd. (Meiji Yasuda Life Insurance Company Retirement Benefit Trust Account re-entrusted
by Mizuho Trust & Banking Co., Ltd.) |  | 137,000,000           |  | 0.88                            |  
|Nippon Life Insurance Company                                                                                                                               |  | 132,630,760           |  | 0.86                            |  
|Japan Trustee Services Bank, Ltd. (trustee account 1)                                                                                                       |  | 125,199,500           |  | 0.81                            |  
|State Street Bank And Trust Company 505225                                                                                                                  |  | 120,268,116           |  | 0.78                            |  
|                                                                                                                                                            |  |                       |  |                                 |  
|Total                                                                                                                                                       |  | 2,507,353,463         |  | 16.19                           | %
|                                                                                                                                                            |  |                       |  |                                 |  



Note:



|(1) | The Dai-ichi Mutual Life Insurance Company reorganized from a mutual life insurance company to a joint stock corporation as of April 1, 2010 and changed its name
to The Dai-ichi Life Insurance Company, Limited on the same day.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

As of March 31, 2010, there were 171
record holders of our common stock with addresses in the United States, whose shareholdings represented approximately 7% of our outstanding common stock on that date. Because some of these shares were held by brokers or other nominees, the number of
record holders with addresses in the United States might not fully reflect the number of beneficial owners in the United States.



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Preferred Stock

Classes of preferred stock with shares outstanding as of March 31, 2010 consisted of eleventh series class XI and thirteenth
series class XIII preferred stock, all of which are non-voting. The following tables set forth information about the ownership of shares of eleventh series class XI preferred stock and thirteenth series class XIII preferred stock by our major
shareholders of the respective preferred stock as of March 31, 2010, as appearing on the register of preferred shareholders:

Eleventh Series Class XI Preferred Stock



|                                                |  |                       |  |                                 |  
|----------------------------------------------- |  | --------------------- |  | ------------------------------- | -
|                                                |  | As of March 31, 2010  | 
|Name                                            |  | Number ofshares owned |  | Percentage ofoutstanding shares |  
|UBS AG London A/C Ipb Segregated Client Account |  | 20,625,000            |  | 4.13                            | %
|Sompo Japan Insurance Inc.                      |  | 19,000,000            |  | 3.81                            |  
|Marubeni Corporation                            |  | 14,500,000            |  | 2.90                            |  
|Shimizu Corporation                             |  | 10,000,000            |  | 2.00                            |  
|The Tokyo Electric Power Company, Incorporated  |  | 10,000,000            |  | 2.00                            |  
|Electric Power Development Co., Ltd.            |  | 10,000,000            |  | 2.00                            |  
|Nippon Express Co., Ltd.                        |  | 10,000,000            |  | 2.00                            |  
|Tokio Marine & Nichido Fire Insurance Co., Ltd. |  | 8,000,000             |  | 1.60                            |  
|Japan Airlines International Co., Ltd.          |  | 8,000,000             |  | 1.60                            |  
|JFE Steel Corporation                           |  | 6,000,000             |  | 1.20                            |  
|                                                |  |                       |  |                                 |  
|Total                                           |  | 116,125,000           |  | 23.26                           | %
|                                                |  |                       |  |                                 |  

Thirteenth Series Class XIII Preferred Stock



|                                       |  |                       |  |                                 |  
|-------------------------------------- |  | --------------------- |  | ------------------------------- | -
|                                       |  | As of March 31, 2010  | 
|Name                                   |  | Number ofshares owned |  | Percentage ofoutstanding shares |  
|Nippon Oil Finance (Netherlands) B.V.  |  | 6,000,000             |  | 16.35                           | %
|Shiseido Company, Limited              |  | 5,000,000             |  | 13.63                           |  
|Sharp International Finance (U.K.) Plc |  | 5,000,000             |  | 13.63                           |  
|Sharp Finance Corporation              |  | 5,000,000             |  | 13.63                           |  
|Nissin Foods Holdings Co., Ltd.        |  | 3,000,000             |  | 8.18                            |  
|Obayashi Corporation                   |  | 2,000,000             |  | 5.45                            |  
|Yanmar Co., Ltd.                       |  | 2,000,000             |  | 5.45                            |  
|KOSE Corporation                       |  | 1,000,000             |  | 2.73                            |  
|Fuji Media Holdings, Inc. .            |  | 1,000,000             |  | 2.73                            |  
|Kurabo Industries Ltd.                 |  | 500,000               |  | 1.36                            |  
|                                       |  |                       |  |                                 |  
|Total                                  |  | 30,500,000            |  | 83.13                           | %
|                                       |  |                       |  |                                 |  

As of March 31, 2010, there were no record holders of our preferred stock with addresses in the United
States.

To our knowledge, we are not directly or indirectly owned or controlled by any other corporation(s), by any foreign
government or by any other natural or legal person(s) severally or jointly. We know of no arrangements the operation of which may at a later time result in a change of control.



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7.B. Related Party Transactions

We and our subsidiary banks had, and expect to have in the future, banking transactions and other transactions in the ordinary course of
business with our related parties. Although for the fiscal year ended March 31, 2010, such transactions included, but were not limited to, call money, loans, deposits, guarantees and foreign exchange transactions, those transactions were
immaterial and were made at prevailing market rates, terms and conditions and do not involve more than the normal risk of collectibility or present other unfavorable features.

During the fiscal year ended March 31, 2010, none of our directors or executive officers or corporate auditors, and none of the
close members of their respective families, had any transactions that are material or any transactions that are unusual in their nature or conditions, involving goods, services or tangible or intangible assets, to which we were, are or will be a
party, and there were no such transactions proposed as of March 31, 2010.

During the fiscal year ended March 31,
2010, no loans were made to our directors or executive officers or corporate auditors other than in the normal course of business, on normal commercial terms and conditions.

7.C. Interests of Experts and Counsel

Not applicable.



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ITEM 8.    FINANCIAL INFORMATION

8.A. Consolidated Statements and Other Financial Information

Financial Statements

Our
consolidated financial statements are set forth in this annual report under Item 18. Financial Statements.

Legal Proceedings

We are involved in normal collection proceedings initiated by us and other legal proceedings in the ordinary course of our
business.

An Indonesian subsidiary of ours acts as collateral agent for the trustee of bond issuances made by subsidiaries of
Asia Pulp & Paper Company Ltd. (APP). In that role, the subsidiary is involved in disputes between the bondholders and such APP subsidiaries in their capacities as the issuers, guarantors and/or pledgors of security for the
bonds relating to foreclosure proceedings on the collateral and has been named as a defendant in lawsuits brought by the obligors under the bonds in Indonesia. Our consolidated financial statements do not include a reserve in relation to these
disputes because we do not believe the resolution of this matter will have a significant impact on our consolidated financial condition or results of operations, although there can be no assurance as to the foregoing.

Dividend Policy

We have
pursued strengthening of stable capital base and steady returns to shareholders as our disciplined capital management, and have been putting more priority on strengthening of stable capital base,
considering global discussions about capital adequacy and the uncertainty of economic and market trends.

Based on the above
policy, we paid cash dividends for the fiscal year ended March 31, 2010 of ¥8 per share of common stock, a decrease of ¥2 from the previous fiscal year. With respect to each class of preferred stock, we made dividend payments for
the fiscal year ended March 31, 2010 as prescribed.

Although our articles of incorporation provide for our ability to
distribute an interim dividend to shareholders of record as of September 30 in each year pursuant to Article 454 Paragraph 5 of the Company Law, we have been distributing dividends only once per year.

The distribution of surplus for the fiscal year end is subject to the authorization by a general meeting of shareholders, while the
distribution of surplus for the interim period is made by resolution of our board of directors.

We will apply retained
earnings to funds for strengthen our financial condition and to the development of our business going forward.

8.B. Significant Changes

Except as disclosed in note 34 to our consolidated financial statements, no significant change in our financial position has occurred
since the date of the financial statements included in this annual report.



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ITEM 9.    THE OFFER AND LISTING

9.A. Listing Details

Market Price Information for Our American Depositary Shares

Our ADSs are listed on the New York Stock Exchange.

The following table sets forth, for the periods indicated, the high and low trading prices and average daily trading volume on the New
York Stock Exchange for our ADSs since their listing on November 8, 2006:



|                                    |      |               |       |                             |   |          |  |          
|----------------------------------- | ---- | ------------- | ----- | --------------------------- | - | -------- |  | ---------
|Fiscal years ended/ending March 31, |      | Price per ADS |       | Average dailytrading volume
|                                    | High |               | Low   |                            
|                                    |      |               |       |                             |   | (shares)
|2007 (from November 8, 2006)        |      | $             | 15.35 |                             | $ | 12.74    |  | 46,049   
|2008                                |      |               | 14.95 |                             |   | 7.01     |  | 164,439  
|2009                                |      |               | 12.00 |                             |   | 3.26     |  | 420,986  
|2010                                |      |               | 5.70  |                             |   | 3.33     |  | 520,497  
|2009:                               |      |               |       |                             |   |          |  |          
|First quarter                       |      |               | 11.45 |                             |   | 7.44     |  | 322,107  
|Second quarter                      |      |               | 12.00 |                             |   | 6.74     |  | 433,753  
|Third quarter                       |      |               | 8.89  |                             |   | 3.56     |  | 465,130  
|Fourth quarter                      |      |               | 6.67  |                             |   | 3.26     |  | 465,017  
|2010:                               |      |               |       |                             |   |          |  |          
|First quarter                       |      |               | 5.70  |                             |   | 3.72     |  | 400,287  
|Second quarter                      |      |               | 5.02  |                             |   | 3.76     |  | 585,357  
|Third quarter                       |      |               | 4.26  |                             |   | 3.33     |  | 557,715  
|Fourth quarter                      |      |               | 4.32  |                             |   | 3.56     |  | 537,550  
|2011:                               |      |               |       |                             |   |          |  |          
|First quarter                       |      |               | 4.12  |                             |   | 3.23     |  | 347,132  
|Most recent six months:             |      |               |       |                             |   |          |  |          
|January                             |      |               | 4.22  |                             |   | 3.56     |  | 936,410  
|February                            |      |               | 4.05  |                             |   | 3.74     |  | 375,016  
|March                               |      |               | 4.32  |                             |   | 3.93     |  | 342,325  
|April                               |      |               | 4.12  |                             |   | 3.80     |  | 274,669  
|May                                 |      |               | 3.89  |                             |   | 3.43     |  | 433,067  
|June                                |      |               | 3.64  |                             |   | 3.23     |  | 338,179  
|July (through July 28)              |      |               | 3.46  |                             |   | 2.99     |  | 1,339,264



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Market Prices Information for Our Shares

See Item 9.C. The Offer and ListingMarkets for information on the stock exchanges on which our common stock is listed.

The following table sets forth, for the periods indicated, the high and low trading prices and average daily trading volume
on the First Section of the Tokyo Stock Exchange for our common stock:



|                                    |      |                 |     |                             |  |            
|----------------------------------- | ---- | --------------- | --- | --------------------------- |  | -----------
|Fiscal years ended/ending March 31, |      | Price per share |     | Average dailytrading volume
|                                    | High |                 | Low |                            
|                                    |      |                 |     |                             |  | (shares)   
|2006(1)                             |      | 969,000         |     | 469,000                     |  | 93,074     
|2007(1)                             |      | 1,030,000       |     | 733,000                     |  | 78,245     
|2008(1)                             |      | 911,000         |     | 360,000                     |  | 120,603    
|2009(2)                             |      | 606             |     | 166                         |  | 184,530,927
|2010                                |      | 274             |     | 146                         |  | 170,679,648
|2009:                               |      |                 |     |                             |  |            
|First
quarter(1)                    |      | 606,000         |     | 364,000                     |  | 218,046    
|Second
quarter(1)                   |      | 597,000         |     | 378,000                     |  | 171,448    
|Third
quarter(1)                    |      | 466,000         |     | 190,000                     |  | 209,333    
|Fourth quarter                      |      | 299             |     | 166                         |  | 139,320,754
|2010:                               |      |                 |     |                             |  |            
|First quarter                       |      | 274             |     | 188                         |  | 203,334,564
|Second quarter                      |      | 240             |     | 170                         |  | 198,726,140
|Third quarter                       |      | 192             |     | 146                         |  | 148,868,898
|Fourth quarter                      |      | 196             |     | 161                         |  | 130,673,372
|2011:                               |      |                 |     |                             |  |            
|First quarter                       |      | 192             |     | 145                         |  | 123,783,646
|Most recent six months:             |      |                 |     |                             |  |            
|January                             |      | 194             |     | 161                         |  | 178,872,147
|February                            |      | 181             |     | 169                         |  | 86,111,632 
|March                               |      | 196             |     | 174                         |  | 127,532,295
|April                               |      | 192             |     | 180                         |  | 121,308,052
|May                                 |      | 179             |     | 158                         |  | 161,550,639
|June                                |      | 168             |     | 145                         |  | 95,246,445 
|July (through July 29)              |      | 147             |     | 131                         |  | 354,599,215



Notes:



|(1) | Under the new central book-entry transfer system in Japan, which became effective in January 2009, fractional shares are not eligible for book-entry transfer.
Accordingly, an allotment of shares or fractions of a share without consideration was made to all shareholders and holders of fractional shares at the rate of 999 shares per 1 share and 9.99 shares per every 0.01 of a share, effective on
January 4, 2009. The price and volume figures in the above table prior to December 31, 2008 are figures before such allotment was made.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | The price and volume figures prior to December 31, 2008 are adjusted to reflect the allotment of shares or fractions of a share without consideration at the rate
of 999 shares per 1 share and 9.99 shares per every 0.01 of a share.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9.B. Plan of Distribution

Not applicable.



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9.C. Markets

The principal trading market for our shares of common stock is the First Section of the Tokyo Stock Exchange. Our shares have been listed
on the First Section of the Tokyo Stock Exchange and the First Section of the Osaka Securities Exchange, under the code 8411, since our establishment as the holding company of the Mizuho group on March 12, 2003, as the successor to
Mizuho Holdings.

Our ADSs have been listed on the New York Stock Exchange since November 8, 2006 and are quoted under
the ticker symbol MFG.

9.D. Selling Shareholders

Not applicable.

9.E. Dilution

Not applicable.

9.F. Expenses of the Issue

Not applicable.



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##### Table of Contents

ITEM 10.    ADDITIONAL INFORMATION

10.A. Share Capital

Not applicable.

10.B. Memorandum and Articles of Association

Objects and Purposes in our Articles of Incorporation

Our corporate purpose, as specified in article 2 of our articles of incorporation, which is included in this annual report as Exhibit 1.1,
is to engage in the following businesses as a bank holding company:



| |  |  | operation and management of bank holding companies, banks, long-term credit banks, specialized securities companies and other companies which we may
own as our subsidiaries under the Banking Law; and
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | any other business incidental to the foregoing.
| | - |  | -----------------------------------------------

Our Board of Directors

There is no provision in our articles of incorporation as to our directors power to vote on a proposal, arrangement or contract in
which a director is materially interested. The Company Law, however, requires such director to refrain from voting on such matters at meetings of the board of directors.

The Company Law provides that compensation for directors be determined at a general meeting of shareholders. Our board of directors will
determine the compensation for each director without exceeding the upper limit on the aggregate amount of compensation for directors as a group approved by the general meeting of shareholders. Our board of directors may, by its resolution, leave
this decision to the discretion of our president.

The Company Law provides that the board of directors must approve
significant loans from any third party to the company.

Neither the Company Law nor our articles of incorporation set a
mandatory retirement age for our directors.

There is no requirement concerning the number of shares an individual must hold
to qualify as a director under the Company Law or our articles of incorporation.

Common Stock

General

Set forth
below is information concerning our shares of common stock, including brief summaries of certain provisions of our articles of incorporation, our share handling regulations and the Company Law (Kaisha Hou) (Law No. 86 of 2005, as
amended) relating to joint stock corporations (kabushiki kaisha) and certain related legislation, all as currently in effect.

Where relevant to the common stock, provisions of our preferred stock are also described below.

Distribution of Surplus

General

Under the
Company Law, distribution of cash or other assets by a joint stock corporation to its shareholders, including dividends, takes the form of distribution of Surplus (as defined in Restriction on Distribution of Surplus). We are
permitted to make distributions of Surplus to our shareholders any number of times per fiscal year pursuant to resolutions of our general meeting of shareholders, subject to certain limitations described in



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Restriction on Distribution of Surplus. Distributions of Surplus are required in principle to be authorized by a resolution of a general meeting of shareholders. Distributions
of Surplus are, however, permitted pursuant to a resolution of the board of directors if:



| | (1) | our articles of incorporation so provide (our current articles of incorporation do not have such provision);
| | --- | ------------------------------------------------------------------------------------------------------------



| | (2) | the normal term of office of our directors is one year; and
| | --- | -----------------------------------------------------------



| | (3) | our non-consolidated annual financial statements and certain documents for the latest fiscal year fairly present our assets and profit and loss, as required by an
ordinance of the Ministry of Justice.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In an exception to the above rule, even if the requirements described in
(1) through (3) are not met, we are permitted to make distributions of Surplus in cash to our shareholders by resolutions of the board of directors once per fiscal year if our articles of incorporation so provide. Our current articles of
incorporation provide such distribution of Surplus as interim dividends, the record date for which is September 30 each year.

Distributions of Surplus may be made in cash or in kind in proportion to the number of shares of common stock held by each shareholder. A
resolution of a general meeting of shareholders or the board of directors authorizing a distribution of Surplus must specify the kind and aggregate book value of the assets to be distributed, the manner of allocation of such assets to shareholders,
and the effective date of the distribution. If a distribution of Surplus is to be made in kind, we may, pursuant to a resolution of a general meeting of shareholders or (as the case may be) the board of directors, grant the right to our shareholders
to require us to make such distribution in cash instead of in kind. If no such right is granted to shareholders, the relevant distribution of Surplus must be approved by a special resolution of a general meeting of shareholders (see
Voting Rights with respect to a special resolution).

Under our articles of incorporation, the
record date for annual dividends and interim dividends is March 31 and September 30, respectively, in each year. In Japan, the ex-dividend date (the date from which purchasers of shares through Japanese stock exchanges will not
be entitled to the dividends to be paid to registered shareholders as of any record date) and the record date for dividends precede the date of determination of the amount of the dividend to be paid. The ex-dividend date of the shares of common
stock is generally the second business day prior to the record date. Under our articles of incorporation, we are not obligated to pay any distribution of Surplus to be made in cash which has not been received after the lapse of five years from the
commencement date of such distribution.

Restriction on Distribution of Surplus

Payment of annual dividends on shares of common stock is subject to the prior payment of dividends on shares of preferred stock of
¥20 per share of eleventh series class XI preferred stock and ¥30 per share of thirteenth series class XIII preferred stock. Payment of an interim dividend on shares of our common stock is also subject to the prior payment of an
interim preferred dividend of one-half the annual preferred dividend amount on the shares of the two series of preferred stock.

In making a distribution of Surplus, we must set aside in our additional paid-in capital and/or legal reserve an amount equal to
one-tenth of the amount of Surplus so distributed, until the sum of its additional paid-in capital and legal reserve reaches one-quarter of its stated capital.

The amount of Surplus at any given time must be calculated in accordance with the following formula:

A + B + C + D - (E + F + G)

In the above formula:

A = the total amount of other capital surplus and other retained earnings, each such amount being that appearing on our
non-consolidated balance sheet as of the end of the last fiscal year

B = (if we have disposed of our treasury
stock after the end of the last fiscal year) the amount of the consideration for such treasury stock received by us less the book value thereof



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C = (if we have reduced our stated capital after the end of the last fiscal
year) the amount of such reduction less the portion thereof that has been transferred to additional paid-in capital or legal reserve (if any)

D = (if we have reduced our additional paid-in capital or legal reserve after the end of the last fiscal year) the amount
of such reduction less the portion thereof that has been transferred to stated capital (if any)

E = (if we
have cancelled our treasury stock after the end of the last fiscal year) the book value of such treasury stock

F
= (if we have distributed Surplus to our shareholders after the end of the last fiscal year) the total book value of the Surplus so distributed

G = certain other amounts set forth in an ordinance of the Ministry of Justice, including:



| |  |  | if we have reduced Surplus and increased our stated capital, additional paid-in capital or legal reserve after the end of the last fiscal year, the
amount of such reduction; and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | if we have distributed Surplus to shareholders after the end of the last fiscal year, the amount set aside in our additional paid-in capital or legal
reserve, if any, as required by ordinances of the Ministry of Justice.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The aggregate book value of Surplus
distributed by us may not exceed a prescribed distributable amount (the Distributable Amount), as calculated on the effective date of such distribution. The Distributable Amount at any given time shall be the amount of Surplus less the
aggregate of (a) the book value of our treasury stock, (b) the amount of consideration for any of our treasury stock disposed of by us after the end of the last fiscal year and (c) certain other amounts set forth in an ordinance of
the Ministry of Justice, including (if the sum of one-half of our goodwill and deferred assets exceeds the total of the stated capital, additional paid-in capital and legal reserve, each such amount being the amount in our non-consolidated balance
sheet as of the end of the last fiscal year) all or certain part of such exceeding amount as calculated in accordance with the ordinances of the Ministry of Justice.

If we have become at our option a company with respect to which its consolidated balance sheet should also be considered in the
calculation of the Distributable Amount (renketsu haito kisei tekiyo kaisha), we shall further deduct from the amount of Surplus the excess amount, if any, of (x) the total amount of the shareholders equity appearing on our
non-consolidated balance sheet as of the end of the last fiscal year and certain other amounts set forth by an ordinance of the Ministry of Justice over (y) the total amount of the shareholders equity and certain other amounts set forth
by an ordinance of the Ministry of Justice appearing on our consolidated balance sheet as of the end of the last fiscal year. We did not opt for becoming such a company with respect to the fiscal year ended March 31, 2010.

If we have prepared interim financial statements as described below, and if such interim financial statements have been approved by the
board of directors or (if so required by the Company Law) by a general meeting of shareholders, then the Distributable Amount must be adjusted to take into account the amount of profit or loss, and the amount of consideration for any of our treasury
stock disposed of by us, during the period in respect of which such interim financial statements have been prepared. We may prepare non-consolidated interim financial statements consisting of a balance sheet as of any date subsequent to the end of
the last fiscal year and an income statement for the period from the first day of the current fiscal year to the date of such balance sheet. Interim financial statements so prepared by us must be audited by our corporate auditors and/or outside
accounting auditor, as required by an ordinance of the Ministry of Justice.

Capital and Reserves

We may reduce our additional paid-in capital or legal reserve generally by resolution of a general meeting of shareholders and, if so
decided by the same resolution, may account for the whole or any part of the amount of such reduction as stated capital. On the other hand, we may reduce our stated capital generally by special resolution of a general meeting of shareholders and, if
so decided by the same resolution, may account for the



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whole or any part of the amount of such reduction as additional paid-in capital or legal reserve. In addition, we may reduce our Surplus and increase either (i) stated capital or
(ii) additional paid-in capital and/or legal reserve by the same amount, in either case by resolution of a general meeting of shareholders.

Stock Splits

We
may at any time split shares of common stock into a greater number of shares of common stock by resolution of the board of directors. When a stock split is to be made, so long as our only class of outstanding stock is the common stock, we may
increase the number of authorized shares in the same ratio as that of such stock split by amending our articles of incorporation, of which amendment may be effected by resolution of the board of directors without approval by shareholders.

Abolishment of Fractional Share System

With the implementation of the electronic share certificate system for listed shares under the Law for Partial Amendments to the Law
Concerning Book-entry Transfer of Corporate Bonds and Other Securities for the Purpose of Streamlining the Settlements of Trades of Stocks and Other Securities (Law No. 88 of 2004) which became effective on January 5, 2009, all listed
shares became eligible for book-entry transfer. However, because fractional shares are not eligible for book-entry transfer and are not handled under the new book-entry transfer system, we implemented the allotment of shares or fractions
of a share without consideration to the shareholders or the holders of fractional shares in order to abolish all the fractional shares. The shares and fractions of a share were allotted on January 4, 2009 in proportion to the number of shares
of common stock, shares of each class of preferred stock and fractional shares held by the holders thereof, in each case without any additional consideration, at the rate of 999 shares per 1 share and 9.99 shares per every 0.01 of a share. As a
result, currently there are no outstanding fractional shares.

Unit Share System

We have adopted the unit share system under which shareholders will have one voting right for each unit of shares consisting of 100 shares
held by them at general meetings of shareholders or at meetings of holders of a particular class of shares, and shares constituting less than a full unit will carry no voting rights. See Preferred StockVoting Rights for
information on the voting rights that holders of preferred stock may have at general meetings of shareholders. Our articles of incorporation provide that the holders of shares constituting less than a full unit will not have shareholder rights,
except for those specified in an ordinance of the Ministry of Justice which include rights (i) to receive dividends, (ii) to receive cash or other assets in case of a consolidation or split of shares, share exchange or share transfer, or
merger or (iii) to be allotted rights to subscribe for free for new shares and stock acquisition rights when such rights are granted to shareholders. Holders of shares constituting less than a full unit may at any time request us to purchase
such shares constituting less than a full unit (a) at the current market price as determined pursuant to the Company Law in cases of such shares having a market price (such as our common stock) or (b) at the price as determined through
negotiations between the holders of shares constituting less than a full unit and us in cases where such shares have no market price (such as our preferred stock), which request may not be withdrawn without our consent. In addition, holders of
shares constituting less than a full unit may require us to sell them such number of shares, which, when combined with the number of shares already held by such holder, shall constitute a whole unit of shares; provided that we will be obliged to
comply with such request only when we own a sufficient number of shares to accommodate such request. As prescribed in our share handling regulations, such requests shall be made through an account managing institution at which such shareholder has
its account and Japan Securities Depository Center, Inc. (JASDEC) pursuant to the rules of JASDEC, without going through the notification procedure required for the exercise of shareholders rights entitled regardless of record
dates as described in Transfer of Shares.  The board of directors may reduce the number of shares constituting one unit of shares or cease to use the unit share system by amendments to the articles of incorporation without a
special resolution of the general meeting of shareholders which would otherwise be required.



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General Meetings of Shareholders

The ordinary general meeting of shareholders shall be held no later than three months from the last day of each business year and is
normally held in June of each year. In addition, we may hold an extraordinary general meeting of shareholders whenever necessary. Notice of a general meeting of shareholders stating the place, the time and the purpose thereof must be given to each
shareholder having voting rights (or, in the case of a non-resident shareholder, to its standing proxy or mailing address in Japan) at least two weeks prior to the date set for the meeting. The record date for an ordinary general meeting of
shareholders is March 31 of each year.

Any shareholder holding at least 300 voting rights or 1% of the total number of
voting rights for six months or longer may propose a matter to be considered at a general meeting of shareholders by submitting a request to a representative director at least eight weeks prior to the date of such meeting. Any of the minimum
percentages, time periods and number of voting rights necessary for exercising the minority shareholder rights described above may be decreased or shortened if our articles of incorporation so provide.

Voting Rights

Our shareholders have one voting right for each unit of shares held by them (regarding the voting rights held by holders of preferred
stock, see Preferred StockVoting Rights).

Except as otherwise provided by law or in our articles of
incorporation, a resolution shall be adopted at a general meeting of shareholders by a majority of the voting rights held by the shareholders present at the meeting. Our articles of incorporation provide that the quorum for election of directors and
corporate auditors is one-third of the total number of voting rights. Our shareholders are not entitled to cumulative voting in the election of directors. A shareholder may exercise its voting rights in writing or through a proxy, provided that the
proxy shall also be a holder of our shares having voting rights at such meeting.

The Company Law provides that certain
important matters shall be approved by a special resolution of a general meeting of shareholders. Under our articles of incorporation, the quorum for a special resolution is one-third of the total number of voting rights, and the
approval of not less than two-thirds of the voting rights held by the shareholders present at the meeting is required for adopting a special resolution. Such important matters include:



| | 1. | any amendment to our articles of incorporation (except for such amendments that may be authorized by the board of directors under the Company Law such as (i) an
increase of the number of authorized shares in the same ratio as that of a stock split, (ii) a reduction of the number of shares per unit of shares and (iii) abolishing the unit share system);
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | dismissal of a corporate auditor;
| | -- | ---------------------------------



| | 3. | our dissolution, merger or consolidation requiring shareholders approval;
| | -- | --------------------------------------------------------------------------



| | 4. | establishment of a parent and wholly-owned subsidiary relationship by way of a share transfer (kabushiki-iten) or share exchange (kabushiki-kokan)
requiring shareholders approval;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | transfer of the whole or a substantial part of our business;
| | -- | ------------------------------------------------------------



| | 6. | taking over of the whole of the business of another company requiring shareholders approval;
| | -- | ---------------------------------------------------------------------------------------------



| | 7. | our corporate split requiring shareholders approval;
| | -- | -----------------------------------------------------



| | 8. | consolidation of shares of common stock;
| | -- | ----------------------------------------



| | 9. | acquisition of shares of common stock by us from a specific shareholder other than our subsidiary;
| | -- | --------------------------------------------------------------------------------------------------



| | 10. | distribution of Surplus in kind (except when shareholders are granted the right to require to make such distribution in cash instead of in kind);
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



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| | 11. | issuance or transfer of new shares or existing shares held by us as treasury stock to persons other than the shareholders at a specially favorable price;
and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12. | issuance of stock acquisition rights (including those incorporated in bonds with stock acquisition rights) to persons other than the shareholders at a specially
favorable price or under specially favorable conditions.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Liquidation Rights

In the event of our liquidation, the assets remaining after payment of all debts, liquidation expenses, taxes and distributions of
residual assets relating to the then outstanding preferred stock will be distributed among holders of common stock in proportion to the respective numbers of shares held by them. See Preferred StockLiquidation Rights.

Issue of Additional Shares and Pre-emptive Rights

Holders of the common stock have no pre-emptive rights. Authorized but unissued shares of common stock may be issued at such times and
upon such terms as the board of directors determines, subject to the limitations as to the issuance of new shares of common stock at a specially favorable price mentioned in Voting Rights. In the case of an issuance or
transfer of shares or stock acquisition rights by way of an allotment to a third party which would dilute the outstanding voting shares by 25% or more or change the controlling shareholder, in addition to a board resolution, the approval of the
shareholders or an affirmative opinion from a person independent of our management is generally required pursuant to the regulations of the stock exchanges in Japan. The board of directors may, however, determine that shareholders of a particular
class of stock shall be given subscription rights to new shares of the same class, in which case they must be given on uniform terms to all shareholders of that class as of a record date of which not less than two weeks prior public notice
must be given. Each of the shareholders to whom such rights are given must also be given at least two weeks prior notice of the date on which such rights expire (but see Preferred StockIssue of Additional Shares and
Pre-emptive Rights regarding our preferred stock).

Stock Acquisition Rights

We may issue stock acquisition rights (shinkabu yoyakuken). Holders of stock acquisition rights are entitled to acquire shares from
us, upon payment of the applicable exercise price, and subject to other terms and conditions thereof. We may also issue bonds with stock acquisition rights (shinkabu yoyakuken-tsuki shasai). The issuance of stock acquisition rights and bonds
with stock acquisition rights may be authorized by the board of directors unless it is made at a specially favorable price or under specially favorable conditions, as described in Voting Rights.

Record Date

As
mentioned above, March 31 is the record date for the payment of annual dividends and the determination of shareholders entitled to vote at the ordinary general meeting of shareholders. September 30 is the record date for the payment of
interim dividends. In addition, by a resolution of the board of directors and after giving at least two weeks prior public notice, we may at any time set a record date in order to determine the shareholders who are entitled to certain rights
pertaining to our stock.

JASDEC is required to give us notice of the names and addresses of our shareholders, the numbers of
shares held by them and other relevant information as of such record date promptly after we set each record date.



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Acquisition by Us of Common Stock

We may acquire shares of common stock:



| | 1. | by way of purchase on any Japanese stock exchange on which the shares of our common stock are listed or by way of tender offer (in either case pursuant to a resolution
of the board of directors as currently authorized by our articles of incorporation);
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | from a specific shareholder other than any of our subsidiaries (pursuant to a special resolution of a general meeting of shareholders); or
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | from any of our subsidiaries (pursuant to a resolution of the board of directors).
| | -- | ----------------------------------------------------------------------------------

In the case of 2. above, any other shareholder may make a request to a representative director to be included as a seller in the proposed purchase,
unless the purchase price or any other consideration to be received by the relevant specific shareholder will not exceed the last trading price of the shares on the relevant stock exchange on the day immediately preceding the date on which the
resolution mentioned in 2. above was adopted (or, if there is no trading in the shares on the stock exchange or if the stock exchange is not open on such day, the price at which the shares are first traded on such stock exchange thereafter).

The total amount of the purchase price of shares of common stock may not exceed the Distributable Amount, as described in
Distribution of SurplusRestriction on Distribution of Surplus.

We may hold the shares of common stock
acquired, and may generally transfer or cancel such shares by resolution of the board of directors.

Disposal of Shares of Common Stock
Held by Shareholders whose Location is Unknown

We are not required to send notices to a shareholder if notices given
by us to such shareholder fail to arrive for five consecutive years or more at its address registered in our register of shareholders or otherwise notified to us.

In the above case, if the relevant shareholder also fails to receive dividends on the shares continuously for five years or more at its
address registered in our register of shareholders or otherwise notified to us, then we may in general dispose of such shares at their then market price and hold or deposit the proceeds of such disposition on behalf of the relevant shareholder.

Reporting of Substantial Shareholders

The Financial Instruments and Exchange Law and its related regulations require any person who has become, beneficially and solely or
jointly, a holder of more than 5% of the total issued shares of capital stock of a company that is listed on any Japanese stock exchange to file a report with the Director of the relevant Local Finance Bureau of the Ministry of Finance within five
business days. With certain exceptions, a similar report must also be filed in respect of any subsequent change of 1% or more in the holding or of any change in material matters set forth in any previously filed reports. For this purpose, shares
issuable to such person upon conversion of convertible securities or exercise of share subscription warrants or stock acquisition rights are taken into account in determining both the number of shares held by the holder and the companys total
issued share capital. Copies of each report must also be furnished to the company issuing the shares and to all the Japanese stock exchanges on which the shares are listed.

There are other reporting requirements under the Banking Law. See Item 4.B. Information on the CompanyBusiness
OverviewSupervision and RegulationJapanExamination and Reporting Applicable to Shareholders.



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Holding of Shares of Our Common Stock by Foreign Investors

There are no limitations imposed by the laws of Japan, our articles of incorporation or our other constituent documents on the rights of
non-residents or foreign shareholders to hold or exercise voting rights on our shares of common stock or preferred stock.

Transfer of
Shares

At present, JASDEC is the only institution that is designated by the relevant authorities as a clearing house
which is permitted to engage in the clearing operations of listed shares under the Law Concerning Book-Entry Transfer of Corporate Bonds, Stocks, etc. (Law No. 75 of 2001, including regulations promulgated thereunder; the Book-entry
Law). Under the clearing system above, in order for any person to hold, sell or otherwise dispose of listed shares, such person must have an account at an account managing institution unless such person has an account at JASDEC. Account
managing institutions are financial instruments business operators (i.e., securities companies), banks, trust companies and certain other financial institutions which meet the requirements prescribed by the Book-entry Law, and only those
financial institutions that meet further stringent requirements of the Book-entry Law can open accounts directly at JASDEC. Under the Book-entry Law, any transfer of shares is effected through book entry, and title to the shares passes to the
transferee at the time when the transferred number of the shares is recorded at the transferees account at an account managing institution. The holder of an account at an account managing institution is presumed to be the legal owner of the
shares held in such account. Under the Company Law and the Book-entry Law, in order to assert shareholders rights to which shareholders as of record dates are entitled (such as the rights to vote at a general meeting of shareholders or receive
dividends) against us, a shareholder must have its name and address registered in our register of shareholders. Under the clearing system, such registration is made upon our receipt of necessary information from JASDEC. On the other hand, in order
to assert shareholders rights to which shareholders are entitled regardless of record dates such as minority shareholders rights including the right to propose a matter to be considered at a general meeting of shareholders, except for
shareholders rights to request us to purchase or sell shares constituting less than a full unit (as described in Unit Share System), upon the shareholders request, JASDEC shall issue a notice of certain information,
including the name and address of such shareholder, to us. Thereafter, such shareholder is required to present us a receipt of the request of the notice in accordance with our share handling regulations. Under the Book-entry Law, the shareholder
shall exercise such shareholders right within four weeks after the notice above. Non-resident shareholders are required to appoint a standing proxy in Japan or provide a mailing address in Japan. Each such shareholder must give notice of such
standing proxy or mailing address to the relevant account managing institution. Such notice will be forwarded to us through JASDEC. Japanese securities companies and commercial banks customarily act as standing proxies and provide related services
for standard fees. Notices from us to non-resident shareholders are delivered to such standing proxies or mailing addresses.

Under the clearing system, shares constituting less than one unit are transferable. Under the rules of the Japanese stock exchanges,
however, shares constituting less than one unit do not comprise a trading unit, except in limited circumstances, and accordingly may not be sold on Japanese stock exchanges.

Our transfer agent is Mizuho Trust & Banking, located at 2-1, Yaesu 1-chome, Chuo-ku, Tokyo 103-8670, Japan.

Preferred Stock

The
following is a summary of information concerning the shares of our preferred stock, including brief summaries of the relevant provisions of our articles of incorporation, our share handling regulations and the Company Law and certain related
legislation, all as currently in effect. The detailed rights of our preferred stock are set forth in our articles of incorporation and the resolutions of our board of directors relating to the issuance of the relevant series of preferred stock.



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General

Under our articles of incorporation, we are authorized to issue 1,369,512,000 shares of class XI preferred stock, 1,500,000,000 shares of
class XII preferred stock and 1,500,000,000 shares of class XIII preferred stock.

As of March 31, 2010, 914,752,000
shares of eleventh series class XI preferred stock and 36,690,000 shares of thirteenth series class XIII preferred stock were issued and there were no fractional shares of each series of preferred stock.

Preferred Dividends

Payment of annual dividends on shares of common stock is subject to the prior payment on shares of preferred stock. The amount of
preferred dividends for each type of outstanding preferred stock is as follows:



| |  |  | Eleventh series class XI preferred stock bears an annual non-cumulative dividend of ¥20 per share, and in the event we pay an interim
dividend, holders are entitled to receive ¥10 per share in preference to common stock.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Thirteenth series class XIII preferred stock bears an annual non-cumulative dividend of ¥30 per share, and in the event we pay an interim
dividend, holders are entitled to receive ¥15 per share in preference to common stock.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The amount
of any preferred interim dividend will be deducted from the preferred dividend payable on preferred stock in respect of the same fiscal year.

No payment of dividends on our preferred stock or any other stock may be made unless we have sufficient Distributable Amount and a
resolution to pay such dividend is obtained at the relevant ordinary general meeting of shareholders, in the case of annual dividends or at the board of directors, in the case of preferred interim dividends.

Dividends on our preferred stock are non-cumulative. If the full amount of any dividend is not declared on our preferred stock in respect
of any fiscal year, holders of our preferred stock do not have any right to receive dividends in respect of the deficiency in any subsequent fiscal year, and we will have no obligation to pay the deficiency or to pay any interest regardless of
whether or not dividends are paid in respect of any subsequent fiscal year. The holders of our preferred stock are not entitled to any further dividends or other participation in or distribution of surplus.

Liquidation Rights

In the event of our voluntary or involuntary liquidation, holders of our preferred stock will be entitled, equally in rank as among
themselves and in preference over shares of common stock, to receive a distribution of ¥1,000 per share out of our residual assets upon our liquidation in the case of eleventh series class XI and thirteenth series class XIII preferred
stock.

Holders of our preferred stock are not entitled to any further dividends or other participation in or distribution of
our residual assets upon our liquidation.

Voting Rights

No holder of preferred stock has a right to receive notice of, or to vote at, a general meeting of shareholders, except as otherwise
specifically provided under the Company Law or other applicable law or our articles of incorporation. Under our articles of incorporation, holders of units of our preferred stock will be entitled to receive notice of, and to vote at, general
meetings of shareholders:



| |  |  | from the commencement of any ordinary general meeting of shareholders if an agenda for approval to declare a preferred dividend is not submitted to
such meeting; or
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | from the close of any ordinary general meeting of shareholders if a proposed resolution to declare a preferred dividend is not approved at such
meeting,
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------

until in each case such time as a resolution of an ordinary general meeting of shareholders declaring a preferred
dividend is approved.

A separate resolution of a meeting of the holders of the preferred stock is required in order to
approve the following matters which would prejudice the interests of the holders of the relevant preferred stock:



| | (i) | an amendment to the articles of incorporation to add new classes of shares to be issued, alter the terms of the shares or increase the number of authorized number of
shares or authorized number of any class of shares, with certain exceptions;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | consolidation or split of shares;
| | ---- | ---------------------------------



| | (iii) | pro rated allocation of shares or stock acquisition rights to shareholders without any consideration;
| | ----- | -----------------------------------------------------------------------------------------------------



| | (iv) | granting pre-emptive rights for new shares or stock acquisition rights to shareholders;
| | ---- | ---------------------------------------------------------------------------------------



| | (v) | amalgamations or mergers;
| | --- | -------------------------



| | (vi) | certain corporate splits;
| | ---- | -------------------------



| | (vii) | share exchanges;
| | ----- | ----------------



| | (viii) | share transfers; and
| | ------ | --------------------



| | (ix) | other matters set forth in the articles of incorporation.
| | ---- | ---------------------------------------------------------

Such separate resolution is not required when the articles of incorporation so provide, except in the case of (i) above.

Ranking

We will
not (unless the requisite sanction has been given by holders of preferred stock) create or issue any other shares ranking, as regards order of participation in the profits or assets of us on a liquidation or otherwise, in priority to the preferred
stock in issue, but we may issue, without obtaining the consent of holders of the preferred stock in issue, other preferred stock ranking pari passu with the preferred stock in issue as regards the order of such participation in profits or assets of
us and carrying such rights as to rates of preferred dividends or terms of conversion as the board of directors may determine, subject to the limitations set forth in our articles of incorporation and the Company Law.

Acquisition of Preferred Stock

We may, if required, subject to regulatory approval, acquire any shares of the preferred stock then outstanding at any time out of the
Distributable Amount (as defined in Common StockRestriction on Distribution of Surplus). We may also, acquire all or a portion of the thirteenth series class XIII preferred stock on or after April 1, 2013 at a price of
¥1,000 per share, with the equivalent amount of preferred dividends accrued to such acquisition, without consent of the holders of such preferred stock. When a portion of a certain class of preferred stock is acquired, such acquisition
shall be made from each holder thereof in number of shares determined by way of a lot or pro rata allocation.

Stock Splits

Our articles of incorporation provide that no stock split, stock consolidation or free distribution of stock shall be made in
respect of the preferred stock unless otherwise provided for in any law or regulation.



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Issue of Additional Shares and Pre-emptive Rights

Our articles of incorporation provide that no holder of our preferred stock has any pre-emptive right to subscribe for or purchase shares,
stock acquisition rights or bonds with stock acquisition rights in the event of an issuance of additional shares or bonds and that no free distribution of stock acquisition rights may be made to the holders of our preferred stock.

Conversion

Our
articles of incorporation provide that holders of class XI or XII (currently not in issue) preferred stock may, at their option, convert their shares to common stock by requesting us to acquire such shares and issue or transfer common stock to them.
Other classes of our preferred stock outstanding are non-convertible.

Our articles of incorporation also provide that class
XI or XII (currently not in issue) preferred stock outstanding on the last day of the acquisition period will be mandatorily acquired by us on the immediately following day (the mandatory conversion date) in consideration of shares of
common stock of which number shall be calculated at the then-current market price per share of our common stock (the mandatory conversion price).

Eleventh series class XI preferred stock may, at the option of the holder thereof, be acquired at any time from July 1, 2008 to
June 30, 2016 in consideration of shares of common stock of which number shall be calculated at ¥286.20 per share, subject to anti-dilution adjustments due to, among other things, issuance of new shares of our common stock at issue
price below the market price. For the purpose of determining the mandatory conversion price and the conversion price adjusted pursuant to the anti-dilution clause, the market price shall mean the average price of daily closing prices of our common
stock on the Tokyo Stock Exchange for the 30 consecutive trading days commencing on the 45th trading day prior to the mandatory conversion date or the date on which the conversion price after the adjustment becomes effective, respectively.
Anti-dilution adjustments are triggered upon an issuance of common stock at prices that are lower than the then current market price, stock splits and free allotments of common stock, and other similar events, so that the impact of these events are
properly reflected in the conversion price.

The anti-dilution adjustments will generally be made in accordance with the
following formula.



|                     |  |                   |  |                            |  |                                                  |  |                        |  | 
|-------------------- |  | ----------------- |  | -------------------------- |  | ------------------------------------------------ |  | ---------------------- |  | 
|                     |  |                   |  | Number ofshares of         |  | Number of shares ofcommon stock                × |  | Subscription money per |  | 
|Conversion           |  | Conversion        |  | common stock             + |  | to be newly issued                               |  | share                  |  | 
|price after        = |  | price before    × |  | already issued             |  | Current market price per share                   |  |                       
|adjustment(1)        |  | adjustment(1)     |  | Number of shares of        |  | Number of shares of                              |  |                        |  | 
|                     |  |                   |  | common stock already     + |  | common stock to be newly                         |  |                        |  | 
|                     |  |                   |  | issued                     |  | issued                                           |  |                        |  | 



Note:



|(1) | Conversion of the preferred stock is conducted through the acquisition of the relevant shares of preferred stock by us followed by the delivery of the applicable number
of shares of common stock. As such, the word acquisition is used in lieu of conversion in our articles of incorporation.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10.C. Material Contracts

There were no material contracts entered into by us for the two years preceding the filing of this annual report that were not entered
into in the ordinary course of business.



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10.D. Exchange Controls

Foreign Exchange and Foreign Trade Law

The Foreign Exchange and Foreign Trade Law of Japan and the cabinet orders and ministerial ordinances incidental thereto, collectively the
Foreign Exchange Law, set forth, among other matters, the regulations relating to the receipt by non-residents of Japan of payment with respect to shares to be issued by us and the acquisition and holding of shares by non-residents of Japan and
foreign investors, both as defined below. It also applies in some cases to the acquisition and holding of ADSs representing such shares acquired and held by non-residents of Japan and by foreign investors. Generally, the Foreign Exchange Law
currently in effect does not affect the right of a non-resident of Japan to purchase or sell ADSs outside Japan for non-Japanese currency.

Non-residents of Japan are defined as individuals who are not resident in Japan and corporations whose principal offices are
located outside Japan. Generally, the branches and offices of non-resident corporations that are located in Japan are regarded as residents of Japan while the branches and offices of Japanese corporations located outside Japan are regarded as
non-residents of Japan.

Foreign investors are defined as:



| |  |  | individuals not resident in Japan;
| | - |  | ----------------------------------



| |  |  | judicial persons or other organizations that are organized under the laws of foreign countries or whose principal offices are located outside Japan;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | corporations of which 50% or more of the shares are held by individuals not resident of Japan and/or judicial persons or other organizations that are
organized under the laws of foreign countries or whose principal offices are located outside Japan; and
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | judicial persons or other organizations, a majority of officers (or a majority of officers having the power of representation) of which are
non-resident individuals.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dividends and Proceeds of Sales

Under the Foreign Exchange Law, dividends paid on, and the proceeds of sales in Japan of, shares held by non-residents of Japan may in
general be converted into any foreign currency and repatriated abroad. The acquisition of our shares by non-residents of Japan by way of a stock split is not subject to any notification or reporting requirements.

Acquisition of Shares

In general, a non-resident of Japan who acquires shares from a resident of Japan is not subject to any prior filing requirement, although
the Foreign Exchange Law empowers the Minister of Finance of Japan to require prior approval for any such acquisition in certain limited circumstances. While such prior approval is not required in general, in the case where a resident of Japan
transfers shares of a Japanese company for consideration exceeding ¥100 million to a non-resident of Japan, the resident of Japan that transfers the shares is required to report the transfer to the Minister of Finance of Japan within 20
days from the date of the transfer, unless the transfer is made through a bank or financial instruments business operator licensed or registered under Japanese law.

If a foreign investor acquires our shares and, together with parties who have a special relationship with that foreign investor, holds
10% or more of our issued shares as a result of such acquisition, the foreign investor must file a report of such acquisition with the Minister of Finance and any other competent Minister on or before the 15th day of the month following the month in
which the acquisition was made, in principle. In certain limited circumstances, however, a prior notification of such acquisition must be filed with the Minister of Finance and any other competent Minister, who may modify or prohibit the proposed
acquisition.



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Deposit and Withdrawal under American Depositary Facility

The deposit of shares with Mizuho Corporate Bank, in its capacity as custodian and agent for the depositary, in Tokyo, the issuance of
ADSs by the depositary to a non-resident of Japan in respect of the deposit and the withdrawal of the underlying shares upon the surrender of the ADR are not subject to any of the formalities or restrictions referred to above. However, where as a
result of a deposit or withdrawal the aggregate number of shares held by the depositary, including shares deposited with Mizuho Corporate Bank as custodian for the depositary, or the holder surrendering the ADR, as the case may be, would be 10% or
more of the total outstanding shares, a report will be required, and in specified circumstances, a prior notification may be required, as noted above.

10.E. Taxation

Japanese Taxation

The
following is a general summary of major Japanese tax consequences (limited to national tax) to holders of shares of our common stock or ADSs representing shares of our common stock who are non-residents of Japan or non-Japanese corporations without
a permanent establishment in Japan, which we refer to as non-resident holders in this section. The statements regarding Japanese tax laws set forth below are based on the laws in force and as interpreted by the Japanese tax authorities
as at the date of this Annual Report and are subject to changes in the applicable Japanese laws or tax treaties, conventions or agreements, or interpretations thereof, occurring after that date. This summary is not exhaustive of all possible tax
considerations that may apply to a particular investor, and potential investors are advised to satisfy themselves as to the overall tax consequences of the acquisition, ownership and disposition of shares of our common stock or ADSs, including
specifically the tax consequences under Japanese law, the laws of the jurisdiction of which they are resident, and any tax treaty, convention or agreement between Japan and their country of residence, by consulting their own tax advisers.

For the purpose of Japanese tax law and the tax treaty between the United States and Japan, a U.S. holder of ADSs will
generally be treated as the owner of the shares underlying the ADSs evidenced by the ADRs.

Generally, a non-resident holder
of shares of our common stock or ADSs is subject to Japanese income tax collected by way of withholding on dividends paid by us, and such tax will be withheld prior to payment of dividends. Stock splits are, in general, not a taxable event.

In the absence of any applicable tax treaty, convention or agreement reducing the maximum rate of Japanese withholding tax or
allowing exemption from Japanese withholding tax, the rate of Japanese withholding tax applicable to dividends paid by Japanese corporations on their shares of stock to non-resident holders is generally 20% under Japanese tax law. However, with
respect to dividends paid on listed shares issued by a Japanese corporation (such as shares of our common stock or ADSs) to non-resident holders, other than any individual shareholder who holds 5% or more of the total number of shares issued by the
relevant Japanese corporation, the aforementioned 20% withholding tax rate is reduced to (i) 7% for dividends due and payable on or before December 31, 2011 and (ii) 15% for dividends due and payable on or after January 1,2012.

Under the income tax treaty between the United States and Japan, the maximum rate of Japanese withholding tax which may be
imposed on dividends paid to a qualified United States resident eligible to enjoy treaty benefits that is either a corporation owning, directly or indirectly, less than 10% of the voting stock of a Japanese corporation or an individual is generally
reduced to 10% of the gross amount actually distributed, except where such United States resident conducts business in Japan through a permanent establishment situated therein and the holding in respect of which the dividends are paid is effectively
connected with such permanent establishment. Dividends paid to pension funds which are qualified United States residents eligible to enjoy treaty benefits are exempt from Japanese income taxation by way of withholding or otherwise unless such
dividends are derived from the carrying on of a business, directly or indirectly, by such pension funds. Under Japanese tax law, any reduced maximum rate applicable under a tax treaty shall be available when such



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maximum rate is below the rate otherwise applicable under the Japanese tax law referred to in the preceding paragraph with respect to the dividends to be paid by us on shares of our common stock
or ADSs. A non-resident holder of shares of our common stock who is entitled, under any applicable tax treaty, to a reduced rate of Japanese withholding tax, or exemption therefrom, as the case may be, is required to submit an Application Form for
Income Tax Convention Regarding Relief from Japanese Income Tax on Dividends (together with any other required forms and documents) in advance, through the withholding agent, to the relevant tax authority before payment of dividends. A standing
proxy for a non-resident holder may provide such application service. With respect to ADSs, this reduced rate or exemption will be applicable to non-resident holders of ADSs if the Depositary or its Agent submits two Application Forms (one before
payment of dividends and the other within eight months after the record date concerning such payment of dividends ), together with certain other documents. To claim this reduced rate or exemption, non-resident holders of ADSs will be required to
file a proof of taxpayer status, residence and beneficial ownership, as applicable, and to provide other information or documents as may be required by the Depositary. Non-resident holders who are entitled, under any applicable tax treaty, to a
reduced rate of Japanese withholding tax below the rate otherwise applicable under Japanese tax law, or exemption therefrom, as the case may be, but fail to submit the required application in advance may nevertheless be entitled to claim a refund
from the relevant Japanese tax authority of withholding taxes withheld in excess of the rate under an applicable tax treaty (if such non-resident holders are entitled to a reduced treaty rate under the applicable tax treaty) or the full amount of
tax withheld (if such non-resident holders are entitled to an exemption under the applicable tax treaty), as the case may be, by complying with a certain subsequent filing procedure.

We do not assume any responsibility to ensure withholding at the reduced rate, or exemption therefrom, for non-resident holders who would
be so eligible under an applicable tax treaty but where the required procedures as stated above are not followed.

Gains
derived from the sale or other disposition of shares of our common stock or ADSs outside Japan by a non-resident holder, who is a portfolio investor, are not, in general, subject to Japanese income tax or corporation tax.

Any deposits or withdrawals of shares of our common stock by a non-resident holder in exchange for ADSs are, in general, not subject to
Japanese income or corporation tax.

Japanese inheritance and gift taxes, at progressive rates, may be payable by an
individual who has acquired our shares of our common stock or ADSs from an individual, as a legatee, heir or donee, even if none of the acquiring individual, the decedent or the donor is a Japanese resident.

U.S. Taxation

The
following sets forth the material United States federal income tax consequences of the ownership of shares and ADSs as of the date hereof. The discussion set forth below is applicable to U.S. holders (as defined below) (i) who are residents of
the United States for purposes of the current income tax treaty between Japan and the United States (the Treaty), (ii) whose shares or ADSs are, for purposes of the Treaty, neither effectively connected with nor attributable to a
permanent establishment in Japan and (iii) who otherwise qualify for the full benefits of the Treaty.

The following
summary is not a complete analysis or description of all potential U.S. federal income tax consequences to a particular U.S. holder. It does not address all U.S. federal income tax considerations that may be relevant to all categories of potential
purchasers, certain of which (such as banks or other financial institutions, insurance companies, dealers in securities or currencies, tax-exempt entities, non-U.S. persons, persons holding a share or an ADS as part of a straddle,
hedge, conversion or integrated transaction, partnerships or other pass-through entities for U.S. federal income tax purposes, traders in securities who have elected the mark-to-market method of accounting for their securities, regulated
investment companies, real estate investment trusts, holders whose functional currency is not the U.S. dollar, holders liable for alternative minimum tax and holders of 10% or



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more of our voting shares) are subject to special tax treatment. This summary does not address any foreign, state, local or other tax consequences of investments in our shares or ADSs.

This summary addresses only shares or ADSs held as capital assets.

As used herein, a U.S. holder is a beneficial owner of shares or ADSs, as the case may be, that is, for U.S. federal income
tax purposes:



| |  |  | an individual citizen or resident of the United States;
| | - |  | -------------------------------------------------------



| |  |  | a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United
States or any political subdivision thereof;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | an estate, the income of which is subject to U.S. federal income tax regardless of its source; or
| | - |  | -------------------------------------------------------------------------------------------------



| |  |  | a trust if it (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons as
described in Section 7701(a)(30) of the Code or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

If a partnership holds shares or ADSs, the tax treatment of a partner will generally depend on the status of the partner and the
activities of the partnership. If you are a partner of a partnership holding shares or ADSs, you should consult your tax advisor.

The discussion below is based upon the provisions of the Internal Revenue Code of 1986, as amended (the Code), and
regulations, rulings and judicial decisions thereunder as of the date hereof, and such authorities may be replaced, revoked or modified so as to result in U.S. federal income tax consequences different from those discussed below. In addition, this
summary is based, in part, upon representations made by the depositary to us and assumes that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.

We urge U.S. holders to consult their own tax advisors concerning the U.S. federal, state and local and other tax consequences to them of
the purchase, ownership and disposition of shares or ADSs.

The U.S. Treasury has expressed concerns that parties through whom
ADSs are pre-released may be taking actions that are inconsistent with the claiming of foreign tax credits by U.S. holders of ADSs. Such actions would also be inconsistent with the claiming of the reduced rate of tax, described in U.S.
TaxationTaxation of Dividends below, applicable to dividends received by certain non-corporate holders. Accordingly, the analysis of the creditability of Japanese taxes and the availability of the reduced tax rate for dividends received
by certain non-corporate holders, each described in U.S. TaxationTaxation of Dividends below, could be affected by actions taken by parties through whom the ADSs are released.

ADSs

If a U.S.
holder holds ADSs, for U.S. federal income tax purposes, such holder will generally be treated as the owner of the underlying shares that are represented by such ADSs. Accordingly, deposits or withdrawals of shares in exchange for ADSs are not
subject to U.S. federal income tax.

Taxation of Dividends

Subject to the discussion under U.S. Taxation-Passive Foreign Investment Company Rules below, the gross amount of any
distribution received with respect to our shares or ADSs (including amounts withheld to reflect Japanese withholding taxes), will be taxable as dividends, to the extent paid out of the current or accumulated earnings and profits (as determined for
U.S. federal income tax purposes). The amount of distribution of property other than cash will be the fair market value of such property on the date of the distribution. Such cash or non-cash



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income, including withheld taxes, will be includable in a U.S. holders gross income as ordinary income on the day actually or constructively received by such U.S. holder in the case of
shares, or by the depositary, in the case of ADSs. Such dividends received by a U.S. holder will not be eligible for the dividends-received deduction allowed to U.S. corporations in respect of dividends received from other U.S.
corporations. To the extent that an amount received by a U.S. holder exceeds such holders allocable share of our current and accumulated earnings and profits, such excess will be applied first to reduce such holders tax basis in its
shares or ADSs, thereby increasing the amount of gain or decreasing the amount of loss recognized on a subsequent disposition of the shares or ADSs. Then, to the extent such distribution exceeds such U.S. holders tax basis, such excess will be
treated as capital gain. However, we do not expect to keep earnings and profits in accordance with U.S. federal income tax principles. Therefore, U.S. holders should expect that a distribution will generally be treated as a dividend.

The amount of the dividend paid in Japanese yen will be the U.S. dollar value of the Japanese yen payments received. This value will be
determined at the spot Japanese yen/U.S. dollar rate on the date the dividend is received by the depositary in the case of U.S. holders of ADSs, or by the shareholder in the case of U.S. holders of shares, regardless of whether the dividend payment
is in fact converted into U.S. dollars at that time. If the Japanese yen received as a dividend are not converted into U.S. dollars on the date of receipt, a U.S. holder will have basis in such Japanese yen equal to their dollar value on the date of
receipt, and any foreign currency gains or losses resulting from the conversion of the Japanese yen will generally be treated as U.S. source ordinary income or loss.

The maximum rate of withholding tax on dividends paid to you pursuant to the Treaty is 10%. As discussed under Japanese
Taxation above, if the Japanese statutory rate is lower than the maximum applicable treaty rate, the Japanese statutory rate will be applicable. If the statutory rate applicable to you is higher than the maximum Treaty rate, you will be
required to properly demonstrate to us and the Japanese tax authorities your entitlement to the reduced withholding rate under the Treaty. Subject to certain limitations, the Japanese tax withheld may be creditable against the U.S. holders
U.S. federal income tax liability or may be claimed as a deduction from the U.S. holders federal adjusted gross income provided that the U.S. holder elects to deduct all foreign taxes paid on the same taxable year. For foreign tax credit
limitation purposes, the dividend will be income from sources outside the United States. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends we pay will
generally constitute passive category income. Further, in certain circumstances, if a U.S. holder:



| |  |  | has held shares or ADSs for less than a specified minimum period during which such U.S. holder is not protected from the risk of loss; or
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------



| |  |  | is obligated to make payments related to the dividends,
| | - |  | -------------------------------------------------------

such U.S. holder will not be allowed a foreign tax credit for foreign taxes imposed on dividends paid on shares or ADSs. The rules governing U.S. foreign
tax credits are very complex and U.S. holders should consult their tax advisors regarding the availability of foreign tax credits under their particular circumstances.

With respect to non-corporate U.S. investors, certain dividends received in taxable years beginning before January 1, 2011 from a
qualified foreign corporation may be subject to reduced rates of taxation. A qualified foreign corporation includes a corporation that is eligible for the benefits of a comprehensive income tax treaty with the United States which the U.S. Treasury
Department determines to be satisfactory for these purposes and which includes an exchange of information provision. The U.S. Treasury Department has determined that the Treaty meets these requirements. In addition, it is expected that we will be
eligible for the benefits of the Treaty. A foreign corporation is also treated as a qualified foreign corporation with respect to individuals paid by that corporation on shares (or ADSs backed by such shares) that are readily tradable on an
established securities market in the United States. United States Treasury Department guidance indicates that our ADSs (which are listed on the New York Stock Exchange), but not the shares, are readily tradable on an established securities market in
the United States. There can be no assurance that our ADSs will be considered readily tradable on an established securities market in later years. Non-corporate holders who do not meet a minimum holding period



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requirement during which they are not protected from a risk of loss or that elect to treat the dividend income as investment income pursuant to Section 163(d)(4) of the Code will
not be eligible for the reduced rates of taxation. In addition, the rate reduction will not apply to dividends if the recipient of a dividend is obligated to make related payments with respect to positions in substantially similar or related
property. This disallowance applies even if the minimum holding period has been met. U.S. holders should consult their own tax advisors regarding the application of the foregoing rules to their particular circumstances.

Taxation of Capital Gains

Subject to the discussion under U.S. Taxation-Passive Foreign Investment Company Rules below, upon a sale or other
disposition of shares or ADSs, a U.S. holder will recognize gain or loss in an amount equal to the difference between the U.S. dollar value of the amount realized and the U.S. holders tax basis, determined in U.S. dollars, in such shares or
ADSs. Such gain or loss will be capital gain or loss and will be long-term capital gain or loss if the U.S. holders holding period for such shares or ADSs exceeds one year. A U.S. holders tax basis in its shares or ADSs will generally be
the cost to the holder of such shares or ADSs. Any such gain or loss realized by a U.S. holder upon disposal of the shares or ADSs will generally be income or loss from sources within the United States for foreign tax credit limitation purposes. The
deductibility of capital losses is subject to limitations.

Passive Foreign Investment Company Rules

Based on our projected composition of income and valuation of assets, including goodwill, we do not believe that we will be a passive
foreign investment company (PFIC) for this year and do not expect to become one in the future, although there can be no assurance in this regard. However, PFIC status is a factual determination that is made annually. Accordingly, it is
possible that we may become a PFIC in the current or any future taxable year due to changes in valuation or composition of our income or assets. In addition, this determination is based in part upon certain proposed U.S. Treasury regulations that
are not yet in effect (the Proposed Regulations) and are subject to change in the future. The Proposed Regulations and other administrative pronouncements from the Internal Revenue Service (the IRS) provide special rules for
determining the character of income and assets derived in the banking business for purposes of the PFIC rules. Although we believe we have adopted a reasonable interpretation of the Proposed Regulations and administrative pronouncements, there can
be no assurance that the IRS will follow the same interpretation.

In general, a foreign corporation is considered a PFIC for
any taxable year if either:



| |  |  | at least 75% of its gross income is passive income; or
| | - |  | ------------------------------------------------------



| |  |  | at least 50% of the value of its assets is attributable to assets that produce or are held for the production of passive income.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------

The 50% of value test is based on the average of the value of our assets for each quarter during the
taxable year. If we own at least 25% by value of another companys stock, we will be treated, for purposes of the PFIC rules, as owning the proportionate share of the assets and receiving our proportionate share of the income of that company.

If we are a PFIC for any taxable year during which a U.S. holder holds shares or ADSs, the U.S. holder will be subject to
special tax rules with respect to any excess distribution that the U.S. holder receives and any gain the U.S. holder realizes from the sale or other disposition (including a pledge) of shares or ADSs. Additionally, non-corporate U.S.
holders will not be eligible for reduced rates of taxation on any dividends received from us in taxable years beginning prior to January 1, 2011, if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable
year.

These special tax rules generally will apply even if we cease to be a PFIC in future years. Distributions U.S. holders
receive in a taxable year that are greater than 125% of the average annual distributions they received



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during the shorter of the three preceding taxable years or their holding period for shares or ADSs will be treated as excess distributions. Under these special tax rules:



| |  |  | the excess distribution or gain will be allocated ratably over the U.S. holders holding period for shares or ADSs;
| | - |  | -------------------------------------------------------------------------------------------------------------------



| |  |  | the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as
ordinary income; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year, and the interest charge generally
applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Alternatively, a U.S. holder could make a mark-to-market election provided that shares or ADSs are regularly traded on a qualified
exchange. Under current law, the mark-to-market election may be available to U.S. holders of ADSs because the ADSs are listed on the New York Stock Exchange which constitutes a qualified exchange, although there can be no assurance that the ADSs
will be regularly traded for purposes of the mark-to-market election. Under current law, the mark-to-market election may be available to U.S. holders of shares because the shares are listed on the Tokyo Stock Exchange, which constitutes
a qualified exchange, although there can be no assurance that the shares will be regularly traded for purposes of the mark-to-market election. In addition, a U.S. holder of shares in a PFIC can sometimes avoid the rules described above
by electing to treat the company as a qualified electing fund under Section 1295 of the Code. This option is not available to U.S. holders of shares because we do not intend to comply with the requirements necessary to permit U.S.
Holders to make this election.

If a U.S. holder holds shares or ADSs in any year in which we are classified as a PFIC, such
holder would be required to file IRS Form 8621.

U.S. holders should consult their own tax advisors concerning the
determination of our PFIC status and the U.S. federal income tax consequences of holding shares or ADSs if we are considered a PFIC in any taxable year.

Information Reporting and Backup Withholding

In general, information reporting requirements will apply to dividends in respect of the shares or ADSs or the proceeds from the sale,
exchange or redemption of the shares or ADSs paid within the United States, and, in some cases, outside of the United States, to you, unless you are an exempt recipient, such as a corporation. In addition, backup withholding tax may apply to those
amounts if you fail to provide an accurate taxpayer identification number or fail either to report interest and dividends required to be shown on your U.S. federal income tax returns or make certain certifications. The amount of any backup
withholding from a payment to you will be allowed as a refund or credit against your U.S. federal income tax liability, provided you furnish the required information to the IRS.

Recently enacted legislation requires certain U.S. holders to report information with respect to their investment in shares not held in
an account maintained by a financial institution to the IRS. Investors who fail to report required information could become subject to substantial penalties. Potential investors are urged to consult with their own tax advisors regarding the possible
implications of this legislation on their investment in shares.

10.F. Dividends and Paying Agents

Not applicable.

10.G. Statement by Experts

Not applicable.



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10.H. Documents on Display

We file reports, including annual reports on Form 20-F, and other information, including information filed on Form 6-K, with the U.S.
Securities and Exchange Commission. These reports, including this annual report on Form 20-F and the exhibits thereto, and other information can be inspected without charge at the Commissions Public Reference Room at 100 F Street, N.E.,
Washington, D.C. 20549. You can also obtain copies of such materials by mail, at prescribed fees, from the Commissions Public Reference Room or from commercial document retrieval services. You may obtain information on the operation of the
Commissions Public Reference Room by calling the Securities and Exchange Commission in the United States at 1-800-SEC-0330. You can also access to the documents filed via the Electronic Data Gathering, Analysis, and Retrieval system on the
Commissions website (http://www.sec.gov).

10.I. Subsidiary Information

Not applicable.



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ITEM 11.    QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK

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 such risks as a key issue relating to overall 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 the entire 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 line with these basic policies, we maintain various measures to strengthen
and enhance the sophistication of our risk management system. All yen figures and percentages in this item are truncated. Accordingly, the total of each column of figures may not be equal to the total of the individual items.

Approach to Basel II

The BIS Regulations, the regulations for international standards of the health of banks first implemented in 1992, have been revised in
light of developments in risk management methods in order to better reflect the actual substance of the risks. These amended regulations, known as Basel II, focus on three main points. The first is minimum capital requirements relating
to risk which should be maintained by banks, with respect to which the calculation method for credit risk was changed and operational risk was added. The second includes a supervisory review process with respect to assessment of risks that cannot be
fully addressed through minimum capital requirements alone. The third is market discipline allowing for assessment by the market through appropriate disclosure. We have obtained the necessary approvals from government authorities on calculation
methods for each type of risk and have been calculating capital adequacy ratios based on Basel II from March 31, 2007, when the Basel II was implemented in Japan. With regard to credit risk, we have been applying the AIRB approach, the most
sophisticated of the three methods provided for by Basel II, from March 31, 2009. In addition, we have been applying the AMA for the calculation of operational risk from September 30, 2009.

Overview of Risk Management

Risk
Management Structure

Each of our subsidiaries adopts appropriate risk management measures for its business based on
the size and nature of its risk exposures, while Mizuho Financial Group controls risk management for the Mizuho group as a whole. Mizuho Financial Group regularly receives reports and applications concerning the risk management situation from our
principal banking subsidiaries and other core group companies and gives them appropriate instructions concerning risk management. Our principal banking subsidiaries and other core group companies each maintains its own system for managing various
types of risk, regularly receiving reports on the status of risk at their respective subsidiaries, and gives them appropriate instructions concerning risk management.

Basic Approach

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 are managerially acceptable in both qualitative and quantitative terms. In line with the basic policies relating to overall risk management laid down by Mizuho Financial Group, companies within
the Mizuho 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.



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Risk Capital Allocation

We endeavor to obtain a clear grasp of the groups overall risk exposure and have implemented measures to keep such risks within the
groups financial base in accordance with the risk capital allocation framework. 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 this framework. Reports are also submitted to the board of directors and other committees of each company. Risk capital is allocated to Mizuho Corporate Bank, Mizuho Bank, Mizuho Securities and Mizuho
Trust & Banking by risk category, and is further allocated within their respective business units based on established frameworks.

Credit Risk Management

We define credit risk as the Mizuho groups exposure to the risk of losses that may be incurred due to a decline in, or total loss
of, 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. Mizuho Financial Group manages credit risk for the Mizuho 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 our
assessment of the credit quality of the customer. Through this 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 risk and respond appropriately.

Credit Risk Management Structure

Credit Risk Management of the Mizuho Group

Our board of directors determines the Mizuho groups key matters pertaining to credit risk management. In addition, the portfolio
management committee of Mizuho Financial Group 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 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 in
connection with basic matters pertaining to credit risk management.

Credit Risk Management at Our Principal Banking Subsidiaries and Other
Core Group Companies

Our principal banking subsidiaries and other core group companies manage their credit risk according
to the scale and nature of their exposures in line with basic policies set forth by Mizuho Financial Group. The board of directors of each company determines key matters pertaining to credit risk management. 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 matters relating 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, and such division regularly presents reports regarding its risk management situation to Mizuho Financial Group. Each credit division determines policies and approves/disapproves individual transactions in terms of
credit review,



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credit management and collection from customers in accordance with the lines of authority set forth by each principal banking subsidiary. In addition, from the standpoint of internal controls,
each of our principal banking subsidiaries has established internal audit divisions that are independent of the business divisions in order to ensure appropriate credit risk management.

Individual Credit Management

Our principal banking subsidiaries use a unified credit rating system and credit risk measurement tools to ascertain and monitor the
status of their portfolios. They are also improving their credit decisions and post- transaction management functions by examining individual transactions from these viewpoints, providing internal audits and risk management guidance to individual
business promotion offices. Mizuho Securities and other core group companies follow credit risk management procedures that suit the characteristics of their respective business sectors.

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, our basic 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 our principal banking subsidiaries 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 as required whenever a obligors credit standing changes. This enables our principal banking subsidiaries 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 quality of our loans and off-balance-sheet instruments, such obligor
ratings are closely linked to the obligor classifications and are an integral part of the process for determining the provision for loan losses and charge-offs in our self-assessment of loans and off-balance-sheet instruments.

Pool allocations are applied to small claims that are less than 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 and credit screening by dispersing a sufficient number of small claims within each pool. We generally review the appropriateness and
effectiveness of our approach to obligor ratings and pool allocations once a year in accordance with predetermined procedures.

Self-assessment, provision for loan losses and off-balance-sheet instruments and charge-offs

We conduct self-assessment of assets to ascertain the status of assets both as an integral part of credit risk management and in
preparation for appropriate accounting treatment, including provision for loan losses and off-balance-sheet instruments and charge-offs. During the process of self-assessment, 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 certain classes based on the risk
of impairment. This process allows us to identify and control the actual quality of assets and determine the appropriate accounting treatment, including provision for loan losses and off-balance-sheet instruments and charge-offs. Specifically, the
credit risk management division of each of our principal subsidiaries is responsible for the overall control of the self-assessment of assets of the



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respective banking subsidiaries, cooperating with the administrative divisions specified for each type of asset, including loan portfolios and securities, in executing and managing
self-assessments.

Credit review

Prevention of new impaired loans through routine credit management is important in maintaining the quality of our overall loan assets.
Credit review involves analysis and screening of each potential transaction within the relevant business division. In case the screening exceeds the authority of 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, in the case of obligors with low credit 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 impaired loans

With respect to collection and disposal of impaired loans, our specialist unit maintains central control and pursues corporate
restructuring or collection efforts, as appropriate, toward taking the impaired 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 restructuring methods and utilizing corporate restructuring schemes such as divestitures and mergers and acquisitions, taking advantage of our group-wide resources. These
efforts have been steadily producing satisfactory results. In addition, we work on final disposal of impaired loans efficiently and swiftly by conducting bulk sales and by utilizing Mizuho Servicing Co., Ltd., 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-year risk horizon (Expected Loss) , 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).

In establishing
transaction spread guidelines for credit transactions, we aim to ensure an appropriate return from the 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 certain limits 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.

Risk Control Methods

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 make appropriate management to control these risks in line
with our specific guidelines for each. The individual risk management divisions of our principal banking subsidiaries are responsible for monitoring adherence to these guidelines and reporting to their respective business policy committees.

Portfolios of Our Principal Banking Subsidiaries and Certain Other Core Group Companies

Mizuho Banks portfolio is diversified among relatively small accounts centered on individuals, domestic corporations including
mainly small and medium-sized enterprises and middle-market corporations, public sector entities and other customers in Japan. While Mizuho Corporate Banks credit portfolio consists primarily of loans



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to Japanese public companies and other major Japanese enterprises, it also includes a significant proportion of loans to overseas corporations, including foreign subsidiaries of Japanese
corporations, that are diversified in terms of the regions in which the borrowers are located. While retaining the principal features of each of the two banking subsidiaries respective portfolios, we aim to reduce expected losses while
simultaneously utilizing sophisticated financial tools based on which they make strategic acquisitions and sales of assets. While closely monitoring the potential for unexpected losses, they also aim to raise overall group capital efficiency, boost
profitability and shareholder value, and enhance the sophistication of their credit risk management.

Market and Liquidity Risk Management

We define market risk as the risk of losses incurred by the group due to fluctuations in interest rates, stock prices and
foreign exchange rates. Our definition includes the risk of losses incurred when it becomes impossible to execute transactions in the market because of market confusion or losses arising from transactions at prices that are significantly less
favorable than usual. We define liquidity risk as the risk 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 at
significantly higher interest rates than usual. Mizuho Financial Group manages market and liquidity risk for the Mizuho group as a whole.

The following diagram shows our risk management structure:

LOGO



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Market Risk Management Structure

Market Risk Management of the Mizuho Group

Our board of directors determines key matters pertaining to market risk management policies. The ALM & market risk management
committee of Mizuho Financial Group 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 as sudden 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 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 overall market risk of the Mizuho group. It also receives reports from our principal
banking subsidiaries and other core group companies on their market risk management that 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 Mizuho Financial Group on a regular basis.

To manage market risk, we set limits that
correspond to risk capital allocations according to the risk profiles of our principal banking subsidiaries and other core group companies and thereby prevent market risk from exceeding 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 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.

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 Risk Management at Our Principal Banking Subsidiaries and Other Core Group Companies

Our principal banking subsidiaries and Mizuho Securities which account for most of the Mizuho groups exposure to market risk have
formulated their basic policies in line with the basic policies determined by Mizuho Financial Group. Their boards of directors determine important matters relating to market risk management while their chief executive officers are responsible for
controlling market risk. Their respective business policy committees, including their ALM & market risk management committees, are responsible for overall 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 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.

These companies have established specialized company-wide market
risk management divisions to provide integrated monitoring of market risk, submit reports, analyses and proposals, set limits and formulate and implement plans relating to market risk management. The risk management divisions of each company submit
reports on the status of market risk management to their respective chief executive officers and top management on a daily basis, and to their board of directors and executive management committee on a regular basis. They also provide regular
reports to Mizuho Financial Group. 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 back offices, which are responsible for book entries and settlements. When VaR is not adequate to control risk, the middle offices manage risk using



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additional risk indices, carry out stress tests and set stop loss limits as needed. They monitor their market liquidity risk for individual financial products in the market while taking turnover
and other factors into consideration.

Liquidity Risk Management Structure

Liquidity Risk Management of the Mizuho Group

Our liquidity risk management structure is generally the same as the market risk management structure described above. 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 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 constructed a system under which we will be able to respond smoothly in the event of emergency situations that affect our funding by establishing action
plans.

Liquidity Risk Management at Our Principal Banking Subsidiaries and Other Core Group Companies

The liquidity risk management structures of Mizuho Corporate Bank, Mizuho Bank, Mizuho Trust & Banking and Mizuho Securities are
generally the same as the aforementioned market risk management structures, but the senior executives responsible for risk management are responsible for matters pertaining to planning and conducting liquidity risk management, while the senior
executives of the asset and liability management and trading units are responsible for matters pertaining to planning and conducting cash flow management.

The methodologies used for ensuring precise control of liquidity risk include the formulation of management indices pertaining to cash
flow, such as limits on funds raised in the market. As with Mizuho Financial Group, 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 call for 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.



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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 with assumptive 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, 2010, and the
corresponding paired distribution of profits and losses:

LOGO

We had no case where profits/losses exceeded value-at-risk during the period.

Because the value-at-risk method is based on statistical assumptions, we conduct stress testing to simulate the levels of 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 of losses on the basis of the largest fluctuations occurring over a period of more than
five years and the calculation of losses based on market fluctuations occurring during historical market events. In addition, we conduct stress testing based on a sharp drop in the price of securitization and other products due to diminished market
liquidity. The table below shows the assumed maximum loss results of stress testing in trading activities using the methods described above:



|                                                                                                                                                                                               |  |                      |     
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------- | ----
|Assumed maximum loss results                                                                                                                                                                   |  | As of March 31, 2010
|                                                                                                                                                                                               |  | (in billions of yen)
|Assumed maximum loss result calculated by stress testing (holding period: one month)                                                                                                           |  | ¥                    | 30.3
|Assumed maximum loss result calculated by stress testing based on a sharp drop in the price of securitization and other products
due to diminished market liquidity (holding period: one year) |  | ¥                    | 35.4

Outlier Criteria

As part of the new capital adequacy requirements under Basel II, the losses arising from a banking book in
hypothetical interest rate shock scenarios under certain stress conditions are calculated and compared with the sum of Tier 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 book risk or adopt other responses. We measure losses arising from our banking book each month as a part of our stress tests.



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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 8.8% 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 increased from the previous fiscal year due mainly to the expansion of interest rate risk related to the U.S. dollar for
the fiscal year ended March 31, 2010.



|                                                    |  |                                          |       |                        |   |                      |  |     |  
|--------------------------------------------------- |  | ---------------------------------------- | ----- | ---------------------- | - | -------------------- |  | --- | -
|Results of calculations under the outlier framework |  | Amount ofloss                            |       | Broadly-definedcapital |   | Loss ratio tocapital | 
|                                                    |  | (in billions of yen, except percentages) |      
|As of March 31, 2008                                |  | ¥                                        | 679.3 |                        | ¥ | 7,708.3              |  | 8.8 | %
|As of March 31, 2009                                |  |                                          | 532.4 |                        |   | 6,223.6              |  | 8.5 |  
|As of March 31, 2010                                |  |                                          | 681.4 |                        |   | 7,658.0              |  | 8.8 |  
|Effect of yen interest rate                         |  |                                          | 487.0 |                        |   |                      |  |     |  
|Effect of dollar interest rate                      |  |                                          | 128.8 |                        |   |                      |  |     |  
|Effect of euro interest rate                        |  |                                          | 56.5  |                        |   |                      |  |     |  



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 with the 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.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Value-at-Risk

We use
the value-at-risk (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 be incurred 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 Monte-Carlo simulation for non-linear 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, 2008, 2009
and 2010 and as of March 31, 2008, 2009 and 2010:



|                 |  |                                  |     |                     |   |         |  |   |     |  |   |    
|---------------- |  | -------------------------------- | --- | ------------------- | - | ------- |  | - | --- |  | - | ---
|                 |  | Fiscal year ended March 31, 2008 |     | As ofMarch 31, 2008
|Risk category    |  | Daily average                    |     | Maximum             |   | Minimum | 
|                 |  | (in billions of yen)            
|Interest rate    |  | ¥                                | 2.3 |                     | ¥ | 3.8     |  | ¥ | 1.5 |  | ¥ | 2.6
|Foreign exchange |  |                                  | 2.0 |                     |   | 6.4     |  |   | 0.9 |  |   | 4.4
|Equities         |  |                                  | 1.6 |                     |   | 2.8     |  |   | 0.8 |  |   | 1.3
|Commodities      |  |                                  | 0.2 |                     |   | 0.3     |  |   | 0.1 |  |   | 0.1
|                 |  |                                  |     |                     |   |         |  |   |     |  |   |    
|Total            |  | ¥                                | 4.4 |                     | ¥ | 7.9     |  | ¥ | 3.0 |  | ¥ | 6.7
|                 |  |                                  |     |                     |   |         |  |   |     |  |   |    



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|                 |  |                                  |     |                     |   |         |  |   |     |  |   |    
|---------------- |  | -------------------------------- | --- | ------------------- | - | ------- |  | - | --- |  | - | ---
|                 |  | Fiscal year ended March 31, 2009 |     | As ofMarch 31, 2009
|Risk category    |  | Daily average                    |     | Maximum             |   | Minimum | 
|                 |  | (in billions of yen)            
|Interest rate    |  | ¥                                | 2.3 |                     | ¥ | 3.9     |  | ¥ | 1.6 |  | ¥ | 2.2
|Foreign exchange |  |                                  | 2.4 |                     |   | 5.1     |  |   | 1.0 |  |   | 2.6
|Equities         |  |                                  | 1.3 |                     |   | 2.3     |  |   | 0.3 |  |   | 0.5
|Commodities      |  |                                  | 0.2 |                     |   | 0.3     |  |   | 0.0 |  |   | 0.0
|                 |  |                                  |     |                     |   |         |  |   |     |  |   |    
|Total            |  | ¥                                | 4.7 |                     | ¥ | 7.7     |  | ¥ | 3.3 |  | ¥ | 3.8
|                 |  |                                  |     |                     |   |         |  |   |     |  |   |    



|                 |  |                                  |     |                     |   |         |  |   |     |  |   |    
|---------------- |  | -------------------------------- | --- | ------------------- | - | ------- |  | - | --- |  | - | ---
|                 |  | Fiscal year ended March 31, 2010 |     | As ofMarch 31, 2010
|Risk category    |  | Daily average                    |     | Maximum             |   | Minimum | 
|                 |  | (in billions of yen)            
|Interest rate    |  | ¥                                | 1.7 |                     | ¥ | 2.9     |  | ¥ | 1.0 |  | ¥ | 1.2
|Foreign exchange |  |                                  | 1.4 |                     |   | 2.7     |  |   | 0.4 |  |   | 2.1
|Equities         |  |                                  | 1.2 |                     |   | 3.2     |  |   | 0.3 |  |   | 0.3
|Commodities      |  |                                  | 0.1 |                     |   | 0.3     |  |   | 0.0 |  |   | 0.0
|                 |  |                                  |     |                     |   |         |  |   |     |  |   |    
|Total            |  | ¥                                | 3.1 |                     | ¥ | 4.8     |  | ¥ | 2.1 |  | ¥ | 2.8
|                 |  |                                  |     |                     |   |         |  |   |     |  |   |    

The following graph shows VaR figures of our trading
activities for the fiscal year ended March 31, 2010:

LOGO

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



|                                                      |  |                                              |          |      |   |      |  |        |          |  |   |      |  
|----------------------------------------------------- |  | -------------------------------------------- | -------- | ---- | - | ---- |  | ------ | -------- |  | - | ---- | -
|                                                      |  | Fiscal years ended March 31,                 |         
|                                                      |  | 2008                                         |          | 2009 |   | 2010 |  | Change |         
|                                                      |  | (in billions of yen, except number of cases) |         
|As of fiscal year end                                 |  | ¥                                            | 6.7      |      | ¥ | 3.8  |  | ¥      | 2.8      |  | ¥ | (0.9 | )
|Maximum                                               |  |                                              | 7.9      |      |   | 7.7  |  |        | 4.8      |  |   | (2.8 | )
|Minimum                                               |  |                                              | 3.0      |      |   | 3.3  |  |        | 2.1      |  |   | (1.1 | )
|Average                                               |  |                                              | 4.4      |      |   | 4.7  |  |        | 3.1      |  |   | (1.5 | )
|The number of cases where profits/losses exceeded VaR |  |                                              | no cases |      |   | 1    |  |        | no cases |  |   |      |  



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Non-trading Activities

The VaR related to our banking activities is based on the same 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 strategic equity portfolio for the year
ended March 31, 2010.

LOGO

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



|                      |  |                              |       |      |   |       |  |        |       |  |   |       |  
|--------------------- |  | ---------------------------- | ----- | ---- | - | ----- |  | ------ | ----- |  | - | ----- | -
|                      |  | Fiscal years ended March 31, |      
|                      |  | 2008                         |       | 2009 |   | 2010  |  | Change |      
|                      |  | (in billions of yen)         |      
|As of fiscal year end |  | ¥                            | 258.6 |      | ¥ | 248.1 |  | ¥      | 167.0 |  | ¥ | (81.1 | )
|Maximum               |  |                              | 303.9 |      |   | 335.8 |  |        | 255.6 |  |   | (80.2 | )
|Minimum               |  |                              | 160.5 |      |   | 173.3 |  |        | 160.2 |  |   | (13.0 | )
|Average               |  |                              | 226.8 |      |   | 251.5 |  |        | 206.4 |  |   | (45.0 | )

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 account of, nor makes any statement about, any losses that might occur 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.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------



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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 of the dates indicated. As shown in the table, we have reduced overall sensitivity to the risk of future increases in interest rates. Interest rate
sensitivity (10 BPV) shows how much net present value varies when interest rates rise by 10 basis (0.1%), and it explains the impact of interest rate movements on net present value when short- and long-term interest rates behave differently.



|                       |  |                      |     |   |      |   |     |      |  |   |        |   |  |   |    |  
|---------------------- |  | -------------------- | --- | - | ---- | - | --- | ---- |  | - | ------ | - |  | - | -- | -
|                       |  | As of March 31,      |     |   |      |  
|                       |  | 2008                 |     |   | 2009 |   |     | 2010 |  |   | Change |  
|                       |  | (in billions of yen) |     |   |      |  
|Up to one year         |  | ¥                    | (7  | ) |      | ¥ | (9  | )    |  | ¥ | (10    | ) |  | ¥ | (0 | )
|From one to five years |  |                      | (14 | ) |      |   | (25 | )    |  |   | (28    | ) |  |   | (3 | )
|Over five years        |  |                      | (27 | ) |      |   | (18 | )    |  |   | (14    | ) |  |   | 4  |  
|                       |  |                      |     |   |      |   |     |      |  |   |        |   |  |   |    |  
|Total                  |  | ¥                    | (48 | ) |      | ¥ | (53 | )    |  | ¥ | (53    | ) |  | ¥ | 0  |  
|                       |  |                      |     |   |      |   |     |      |  |   |        |   |  |   |    |  

Market Risk Equivalent

In order to calculate the amount of capital necessary to meet 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, foreign exchange 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 are applied to trading transactions with market liquidity based on the relevant holding
period. Under the internal models, the market risk equivalent is calculated by taking the greater of (i) VaR on the calculation date and (ii) the average 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 the number of times VaR is exceeded upon back testing.

The following table shows total market risk equivalent as of the dates indicated calculated using the standardized measurement method and
internal models:



|                                                 |  |                      |       |      |   |        |  |   |       |  
|------------------------------------------------ |  | -------------------- | ----- | ---- | - | ------ |  | - | ----- | -
|                                                 |  | As of March 31,      |       |      |  
|                                                 |  | 2009                 |       | 2010 |   | Change | 
|                                                 |  | (in billions of yen) |       |      |  
|Calculated using standardized measurement method |  | ¥                    | 64.1  |      | ¥ | 77.9   |  | ¥ | 13.7  |  
|Calculated using internal models                 |  |                      | 43.2  |      |   | 25.9   |  |   | (17.2 | )
|                                                 |  |                      |       |      |   |        |  |   |       |  
|Total market risk equivalent                     |  | ¥                    | 107.3 |      | ¥ | 103.8  |  | ¥ | (3.5  | )
|                                                 |  |                      |       |      |   |        |  |   |       |  



Note:

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;
| | - |  | ------------------------------------------------------------------------------------------



| |  |  | confidence interval: one-tailed 99.0%;
| | - |  | --------------------------------------



| |  |  | holding period of 10 days; and
| | - |  | ------------------------------



| |  |  | historical observation period of one year.
| | - |  | ------------------------------------------



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Operational Risk Management

We define operational risk as the risk of loss that we may incur resulting from inadequate or failed internal processes, people and
systems or from external events. We recognize that operational risk includes information technology risk, operations risk, legal risk, human resources risk, tangible asset risk, regulatory change risk and reputational risk. We have determined risk
management policies concerning risk management structures and methods for each kind of risk. Mizuho Corporate Bank, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Investors Securities and Trust & Custody Services
Bank respectively manage operational risk in an appropriate manner pursuant to risk management policies determined by Mizuho Financial Group.

Mizuho Financial Group, Mizuho Corporate Bank, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Investors
Securities and Trust & Custody Services Bank share common rules for data gathering, and we measure operational risk on a regular basis, taking into account possible future loss events and the changes in the business environment and internal
management.

We have established and are strengthening management methods and systems to appropriately identify, assess,
measure, monitor and control the operational risks which arise from the growing sophistication and diversification of financial operations and developments relating to information technology by utilizing control self-assessments and improving
measurement methods.

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 nature of each risk.



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



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|                       |  |                                                                                                                                                                                                                                                                                                          |  |                                                                                                                                                                                                                                                                                                                                                                         
|---------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                       |  | Definition                                                                                                                                                                                                                                                                                               |  | Principal Risk Management Methods                                                                                                                                                                                                                                                                                                                                       
|Legal Risk             |  | Risk that the group may incur losses due to violation of laws and regulations, breach of contract, entering into improper contracts or other legal factors.                                                                                                                                              |  |    Review and confirm legal issues, including the legality of material
decisions, agreements and external documents, etc.    Collect and distribute
legal information and conduct internal training programs.    Analyze and manage
issues related to lawsuits.                                                                                                      
|                       |  |                                                                                                                                                                                                                                                                                                         
|Human Resources Risk   |  | Risk that the group may incur losses due to drain or loss of personnel, deterioration of morale, inadequate development of human resources, inappropriate working schedule,
inappropriate working and safety environment, inequality or inequity in human resource management or discriminatory conduct. |  |    Conduct employee satisfaction surveys.
   Understand the status of vacation days taken by personnel.
   Understand the status of voluntary resignations.                                                                                                                                                                                                          
|                       |  |                                                                                                                                                                                                                                                                                                         
|Tangible Asset Risk    |  | Risk that the group may incur losses from damage to tangible assets or a decline in the quality of working environment as a result of disasters, criminal actions or defects in asset
maintenance.                                                                                                       |  |    Manage the planning and implementation of construction projects related
to the repair and replacement of facilities.    Identify and evaluate the status
of damage to tangible assets caused by natural disasters, etc., and respond appropriately to such damage.                                                                                                 
|                       |  |                                                                                                                                                                                                                                                                                                         
|Regulatory Change Risk |  | Risk that the group may incur losses due to changes in various regulations or systems, such as those related to law, taxation and accounting.                                                                                                                                                            |  |    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.                      
|                       |  |                                                                                                                                                                                                                                                                                                         
|Reputational Risk      |  | Risk that the group may incur losses due to damage to our credibility or the value of the Mizuho brand when market participants or others learn about, or the media
reports on, various adverse events, including actual materialization of risks or false rumors.                                     |  |    Establish framework to identify and manage, on an integrated basis,
information that may have a serious impact on group management and respond to such risk in a manner appropriate to its scale and nature.
   Swiftly identify rumors and devise appropriate responses depending on the urgency and
possible impact of the situation to minimize possible losses.

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.



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Measurement of operational risk equivalent

Implementation of the AMA

We have been implementing the AMA from September 30, 2009, in place of the gross profit allocation approach (The Standardized
Approach (TSA)) that we had been using previously, for the calculation of operational risk equivalent in association with capital adequacy ratios based on Basel II. However, we use the Basic Indicator Approach (BIA) for entities that are deemed to
be less important in the measurement of operational risk 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 calculation of capital
adequacy ratios but also as Operational VAR for internal risk management purposes for implementing action plans 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) is taken for the calculation of operational risk equivalent, employing both internal loss data
(i.e., actually experienced operational loss events) and scenario data to reflect unexperienced potential future loss events in the measurement.

In the measurement of operational risk equivalent as of March 31, 2010, we did not exclude expected losses and also 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 measurement of operational risk equivalent as of March 31, 2010, 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, and loss severity is expressed through a separate distribution. Operational risk is calculated for each of the seven loss event types employing both
internal loss data, based on our actual experience as operational loss 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 data and scenario data, and Monte-Carlo simulations are then applied to these distributions to measure operational risk. The detailed steps of creation of
scenario data are explained later in (3) Scenario Analysis.



| |  |  | Estimation of Frequency Distribution and Loss Severity Distribution
| | - |  | -----------------------------------------------------------------------

Frequency Distribution is estimated by applying information on occurrence frequency of both internal loss data and scenario
data to Poisson Distribution. Loss Severity Distribution 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 by
internal loss data and another loss distribution (Log-normal Distribution or Generalized Pareto Distribution) for the high severity distribution portion created by scenario data.



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| |  |  | 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 large-scale natural
disasters and the probable loss amount in case of such occurrence, as opposed to estimating Frequency Distribution and Loss Severity Distribution.



| |  |  | Operational risk of litigation
| | - |  | ------------------------------

Each litigation is converted into data according to the profile of the individual litigation to which Monte-Carlo simulation is applied,
as opposed to estimating Frequency Distribution and Loss Severity Distribution. In 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 model by verifying it, in principle, semi-annually.

Scenario analysis



| |  |  | Outline of scenario analysis
| | - |  | ----------------------------

In the process of scenario analysis, scenario data is created as numerical values of occurrence frequency and loss severity reflecting
external loss data and BEICFs, in order to estimate unexperienced potential future operational risk events (of low frequency and high severity).

As for external loss data, we refer to data publicly reported by domestic and overseas media, and such data are reflected 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 analyses into four approaches in accordance with the characteristics of each loss event type and risk
management structures.



|         |  |                                                                                                                        
|-------- |  | -----------------------------------------------------------------------------------------------------------------------
|Approach |  | Loss event type(s) to be applied                                                                                       
|A        |  | Internal fraud / External fraud / Clients, products and business practices / Execution, delivery and process management
|B        |  | Employment practices and workplace safety                                                                              
|C        |  | Damage to physical assets                                                                                              
|D        |  | Business disruption and system failure                                                                                 

At
Mizuho Financial Group, 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.



| |  |  | 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 on which
scenario analysis is conducted from the units established on a groupwide basis in accordance with its business activities and operational risk profile.



| |  |  | Estimation of occurrence frequency
| | - |  | ----------------------------------

Basic occurrence frequency (once a year) is calculated for each scenario analysis unit. If a certain scenario analysis unit has relative
internal loss data of a pre-determined threshold amount or above, its basic occurrence frequency is calculated based on such data, and if not, the basic occurrence frequency



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(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 of less than the threshold
amount and/or external loss data. The basic occurrence frequency is then adjusted within a pre-determined range for the purpose of reflecting the most recent BEICF to determine the final occurrence frequency.



| |  |  | Estimation of loss severity distribution
| | - |  | ----------------------------------------

In order to estimate loss severity distribution, we use a pre-determined series of severity ranges. Basic loss severity distribution is
calculated for each scenario analysis unit as an occurrence ratio (in percentile figures) of loss at 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 is adjusted, if necessary, from the viewpoint of statistical data processing to determine the final loss severity distribution.



| |  |  | Creation of scenario data
| | - |  | -------------------------

For each scenario analysis unit, scenario data is generated as a series of combinations of occurrence frequency per year at each severity
range, based on the final occurrence frequency and the final loss severity distribution.

Certification of Information Security
Management System

Mizuho Financial Group obtained certifications for the Information Security Management Systems of
all divisions of the company under both the Conformity Assessment Scheme, ISO/IEC27001: 2005, the international standard, and JIS Q 27001: 2006, the domestic standard. Mizuho Bank also obtained the same certifications for its
Planning, promotion and sales supporting divisions of financial products and services for individuals, corporate and public sector customers of the head office. Mizuho Financial Group, as the holding company for the Mizuho group, is
responsible for the planning, design and promotion of information security management of its group companies and has implemented various measures to enhance our management of information security, including protection of personal information. Mizuho
Financial Group will encourage its other group companies to obtain similar certifications and will continue to make efforts to further strengthen information security management of the entire group.

Compliance

As one of
Japans leading comprehensive financial groups, we remain conscious of the importance of our social responsibilities and public mission at all times. We define compliance as the strict observance of all laws and regulations and the
pursuit of fair and honest corporate activities that conform to the norms accepted by society and view ongoing compliance as 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 Mizuho Financial Group.

Compliance Structure

The chief executive officer of Mizuho Financial Group, Mizuho Corporate Bank and Mizuho Bank each generally oversees compliance matters of
the respective company, and such chief executive officers also head their respective compliance committees at which important matters concerning compliance are discussed. The three 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
three companies, the head of the unit is responsible for guidance and implementation related to compliance matters within such unit, and the compliance officer or the compliance administrator at each unit reviews the status of compliance.

Other core group companies such as Mizuho Trust & Banking and Mizuho Securities have also established compliance
structures adapted to the characteristics of their respective businesses.



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Mizuho Financial Group monitors the status of compliance of the Mizuho group through reports
submitted by our principal banking subsidiaries and other core group companies and adopts appropriate responses when necessary.

Compliance at subsidiaries of our principal banking subsidiaries and other core group companies is monitored and managed by their
respective parent.

Compliance Activities

We have established the Mizuho Code of Conduct, which sets forth clear and concrete standards of ethical behavior, and
distributed it to all directors, senior management and employees of the Mizuho group so that they 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 and regulations 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 status of compliance levels through self assessments conducted by individual 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 measures for compliance
enforcement such as measures related to the management of the compliance framework, training and assessments. Progress regarding the implementation of the compliance program is monitored every six months.

Internal Audit

Internal
audits are designed as an integrated process, independent from other business operations, for evaluating the extent to which internal control achieves its objectives in key areas, including appropriate risk management, efficient and effective
business operations, reliable financial reporting and compliance 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 this process, internal audits assist the boards of directors of each of our group companies to fulfill their managerial duties efficiently and effectively.

In line with the Basic Policy for Internal Audit established by Mizuho Financial Group, our principal banking subsidiaries
and other core group companies conduct internal audits, which include the auditing of their respective subsidiaries. In addition, with respect to the management of risks applicable across the Mizuho group, we coordinate internal audits throughout
the group to assess the risk management status of the group as a whole.

Internal Audit Management Structure

Mizuho Financial Group

Our internal audit committee determines all important matters concerning internal audits. The committee is chaired by our president and
chief executive officer and is independent of our other business operations.

Our internal audit committee monitors and
manages internal audits at our principal banking subsidiaries and other core group companies through internal audit reports submitted by such subsidiaries. Our internal audit committee discusses and makes decisions regarding internal audits at our
principal banking subsidiaries and other core group companies and submits the results, together with the results of their examination of the internal audit reports, to our board of directors.



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Mizuho Corporate Bank and Mizuho Bank

Mizuho Corporate Bank and Mizuho Bank have also established internal audit committees that are independent of their other business
operations.

Mizuho Corporate Bank and Mizuho Bank have established internal audit divisions and credit review divisions 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 business activities associated with
compliance and risk management. The credit review divisions audit credit ratings and the status of credit management in addition to auditing the self-assessment of assets to verify the accuracy and suitability of matters deemed necessary to assure
the soundness of assets.

Other Core Group Companies

Mizuho Trust & Banking, Mizuho Securities and our other core group companies have also established effective and efficient
internal audit structures adapted to the characteristics of their respective businesses.



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ITEM 12.    DESCRIPTION OF SECURITIES OTHER THAN EQUITY
SECURITIES

12.A. Debt Securities

Not applicable.

12.B. Warrants and Rights

Not applicable.

12.C. Other Securities

Not applicable.

12.D. American Depository Shares

The depositary collects its fees for delivery and surrender of ADSs directly from
investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The table below sets out such fees payable to the depository:



|                                                                                                                                                          |  |                                                                                                                                                       
|--------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------
|Persons depositing or withdrawing shares must pay:                                                                                                        |  | For:                                                                                                                                                  
|$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)                                                                                                     |  |  Execution and delivery of ADRs and the surrender of ADRs                                                                                            
|                                                                                                                                                          | 
|$.02 (or less) per ADS                                                                                                                                    |  |  Any cash distribution to ADS registered holders                                                                                                     
|                                                                                                                                                          | 
|A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been
deposited for issuance of ADSs |  |  Distribution of securities distributed to holders of deposited securities that are distributed by the depositary to ADS registered holders          
|                                                                                                                                                          | 
|Registration or transfer fees                                                                                                                             |  |  Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares    
|                                                                                                                                                          | 
|Expenses of the depositary                                                                                                                                |  |  Cable, telex and facsimile transmissions expenses (as are expressly provided in the deposit agreement)
 Converting foreign currency to U.S. dollars
|                                                                                                                                                          | 
|Taxes and other governmental charges                                                                                                                      |  |  As necessary                                                                                                                                        
|                                                                                                                                                          | 
|Any other charge incurred by the depositary or its agents in connection with the servicing of the deposited
securities                                    |  |  As necessary                                                                                                                                        

The Bank of New York
Mellon (BNYM), as depositary, has agreed to reimburse us annually for expenses related to the administration and maintenance of the depositary receipt facility including, but not limited to, investor relations expenses, legal fees, New
York Stock Exchange continue listing fees or any other direct or non-direct depositary receipt program related expenses. There are limits on the amount of expenses for which the depository will reimburse us, and the terms and conditions of the
annual reimbursement are subject to be reviewed by us and BNYM on an annual basis. In the fiscal year ended March 31, 2010, the depositary reimbursed us $75,000 as portion of our investor relations expenses and legal fees.



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PART II



|ITEM 13.    DEFAULTS, | DIVIDEND ARREARAGES AND DELINQUENCIES
|--------------------- | -------------------------------------

None.



|ITEM 14.    MATERIAL | MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
|-------------------- | -------------------------------------------------------------------

None.



|ITEM 15.    CONTROLS | AND PROCEDURES
|-------------------- | --------------

Disclosure Controls
and Procedures

We carried out an evaluation under the supervision and with the participation of our management,
including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of March 31,
2010. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective
disclosure controls and procedures can only provide reasonable, not absolute, assurance of achieving their control objectives. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Based upon the evaluation referred to above, our Chief Executive Officer and Chief Financial Officer concluded that the
design and operation of our disclosure controls and procedures as of March 31, 2010 were effective to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the SECs rules and forms.

Managements Annual Report
on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate
internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with applicable generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:



| | (i) | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that our receipts and expenditures are being made only in accordance with authorizations of management and directors; and
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on
the financial statements.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Because of its inherent limitations, internal control over financial reporting may
not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

Our management evaluated the effectiveness of our internal control over financial
reporting as of March 31, 2010 based on the criteria established in Internal ControlIntegrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the evaluation, management has
concluded that we maintained effective internal control over financial reporting as of March 31, 2010.



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Our independent registered public accounting firm, Ernst & Young ShinNihon LLC has
issued an attestation report on our internal control over financial reporting as of March 31, 2010, which appears on page F-3.

Attestation Report of the Registered Public Accounting Firm

See the attestation report of our independent registered public accounting firm, Ernst & Young ShinNihon LLC, which appears on page
F-3.

Changes in Internal Control over Financial Reporting

During the period covered by this annual report, there were no changes in our internal control over financial reporting that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.



|ITEM 16A. AUDIT | COMMITTEE FINANCIAL EXPERT
|--------------- | --------------------------

Our board of corporate auditors has determined that Mr. Masahiro Seki is an audit committee financial expert as defined
in Item 16A of Form 20-F and is independent as defined in the listing standards of the NYSE. Mr. Seki, a corporate auditor, has spent most of his career auditing Japanese companies that prepare their financial statements based
on accounting standards generally accepted in the United States as well as multinational companies that operate in Japan and is a Japanese-qualified certified public accountant.



|ITEM 16B. CODE | OF ETHICS
|-------------- | ---------

Mizuho
Financial Group has adopted a code of ethics, which is applicable to all directors and executive officers, as well as all managers and other employees of the Company who engage in financial reporting, accounting or disclosure. The code of ethics is
included in this annual report as Exhibit 11.



|ITEM 16C. PRINCIPAL | ACCOUNTANT FEES AND SERVICES
|------------------- | ----------------------------

Fees for
Services provided by Ernst & Young ShinNihon LLC

The aggregate fees billed by Ernst & Young ShinNihon
LLC (E&Y), our independent registered public accounting firm, and its affiliates, for the fiscal years ended March 31, 2009 and 2010 are presented in the following table:



|                      |  |                             |       |      |   |      
|--------------------- |  | --------------------------- | ----- | ---- | - | -----
|                      |  | Fiscal year ended March 31,
|                      |  | 2009                        |       | 2010
|                      |  | (in millions of yen)       
|Audit
fees(1)         |  | ¥                           | 4,783 |      | ¥ | 4,740
|Audit-related
fees(2) |  |                             | 512   |      |   | 538  
|Tax
fees(3)           |  |                             | 74    |      |   | 83   
|All other
fees(4)     |  |                             | 22    |      |   | 4    
|                      |  |                             |       |      |   |      
|Total                 |  | ¥                           | 5,391 |      | ¥ | 5,365
|                      |  |                             |       |      |   |      



Notes:



|(1) | Audit fees include fees related to the audit of U.S. GAAP financial statements as well as Japanese GAAP financial statements used for home-country reporting purposes.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Audit-related fees include fees for services relating to agreed-upon procedures on internal controls, due diligence services related to our securitization business and
services related to the implementation of Section 404 of the Sarbanes-Oxley Act.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Tax fees include fees for services relating to the preparation of tax returns and tax advice.
|--- | ---------------------------------------------------------------------------------------------

|(4) | All other fees include fees for services relating to education to improve the financial business knowledge of our employees.
|--- | ----------------------------------------------------------------------------------------------------------------------------



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Pre-Approval Policies and Procedures

We established the pre-approval policies and procedures required by the Sarbanes-Oxley Act on April 1, 2006. Under the procedures,
Mizuho Financial Group and its subsidiaries must apply to our corporate auditors for pre-approval before entering into an agreement regarding audit and permitted non-audit services with E&Y.

We follow two types of pre-approval policies and procedures:



|                      |  |                                                                                                                                                                                                                                                                                                                                                                        
|--------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|General pre-approval  |  | General pre-approval is required for services which are expected to be performed during a given fiscal year. Our board of corporate auditors reviews the fees for each service and
the maximum amount of aggregate fees that may be incurred and authorizes pre-approval at the beginning of each fiscal year.                                                         
|                      | 
|Specific pre-approval |  | For those services which have not been approved pursuant to the general pre-approval procedure, specific pre-approval by our corporate auditors is required prior to each
engagement. With respect to such services, two full-time corporate auditors must provide pre-approval and report such pre-approval at the monthly meeting of the board of corporate auditors.

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Mizuho Financial Group does not have an audit committee. We are relying on the general exemption contained in Rule 10A-3(c)(3) under the
Exchange Act, which provides an exemption from the NYSEs listing standards relating to audit committees for foreign companies that have a board of corporate auditors that meet the requirements set forth in Rule 10A-3(c)(3). Our reliance on
Rule 10A-3(c)(3) does not, in our opinion, materially adversely affect the ability of our board of corporate auditors to act independently and to satisfy the other requirements of Rule 10A-3.



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##### Table of Contents

ITEM 16E. PURCHASE OF EQUITY SECURITIES
BY THE ISSUER AND AFFILIATED PURCHASERS

The following table sets forth purchases of our common stock by us and our
affiliated purchasers during the fiscal year ended March 31, 2010:



|                                  |  |                                 |  |                             |     |                                                                              |   |                                                                           |  
|--------------------------------- |  | ------------------------------- |  | --------------------------- | --- | ---------------------------------------------------------------------------- | - | ------------------------------------------------------------------------- | -
|                                  |  | Total number ofshares purchased |  | Average pricepaid per share |     | Total number ofshares purchasedas part of publiclyannounced plansor
programs |   | Maximumnumber of sharesthat may yet bepurchased underthe plansor
programs
|April 1 to April 30, 2009         |  | 3,132                           |  | ¥                           | 198 |                                                                              |  |                                                                           | 
|May 1 to May 31, 2009             |  | 2,186                           |  |                             | 224 |                                                                              |  |                                                                           | 
|June 1 to June 30, 2009           |  | 1,838                           |  |                             | 243 |                                                                              |  |                                                                           | 
|July 1 to July 31, 2009           |  | 3,650                           |  |                             | 212 |                                                                              |  |                                                                           | 
|August 1 to August 31, 2009       |  | 2,380                           |  |                             | 225 |                                                                              |  |                                                                           | 
|September 1 to September 30, 2009 |  | 1,730                           |  |                             | 207 |                                                                              |  |                                                                           | 
|October 1 to October 31, 2009     |  | 1,222                           |  |                             | 178 |                                                                              |  |                                                                           | 
|November 1 to November 30, 2009   |  | 740                             |  |                             | 174 |                                                                              |  |                                                                           | 
|December 1 to December 31, 2009   |  | 1,781                           |  |                             | 170 |                                                                              |  |                                                                           | 
|January 1 to January 31, 2010     |  | 1,381                           |  |                             | 178 |                                                                              |  |                                                                           | 
|February 1 to February 28, 2010   |  | 1,599                           |  |                             | 176 |                                                                              |  |                                                                           | 
|March 1 to March 31, 2010         |  | 2,028                           |  |                             | 182 |                                                                              |  |                                                                           | 
|                                  |  |                                 |  |                             |     |                                                                              |   |                                                                           |  
|Total                             |  | 23,667                          |  | ¥                           | 201 |                                                                              |  |                                                                           | 
|                                  |  |                                 |  |                             |     |                                                                              |   |                                                                           |  



Note:



|(1) | A total of 23,667 shares were purchased other than through a publicly announced plan or program during the fiscal year ended March 31, 2010, due to our purchase of
shares constituting less than one (1) unit from registered holders of shares constituting less than one (1) unit at the current market price of those shares.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

ITEM 16F. CHANGE IN REGISTRANTS CERTIFYING ACCOUNTANT

None.

ITEM 16G. CORPORATE GOVERNANCE

Our corporate governance practices are governed by applicable Japanese law, specifically the Company Law and Financial Instruments and
Exchange Law of Japan, and our Articles of Incorporation. Also, because our shares are registered with the U.S. Securities and Exchange Commission and are listed on the New York Stock Exchange (NYSE), we are subject to corporate
governance requirements applicable to NYSE-listed foreign private issuers. NYSE-listed companies that are foreign private issuers meeting certain criteria are permitted to follow home country practices in lieu of certain provision of
Section 303A, and we are relying on this exemption.



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A NYSE-listed foreign private issuer is required to provide to its US investors, a brief,
general summary of the significant differences of corporate governance practices that differ from US companies under NYSE listing standards. The following is a summary of the significant ways in which our corporate governance practices differ from
NYSE standards followed by U.S. companies:



| |  |  | A NYSE-listed U.S. company is required to have a majority of directors, and an audit committee composed entirely of directors, that meet the
independence requirements under Section 303A of the NYSEs Listed Company Manual. Under the Japanese Company Law, we are required to have a corporate governance system based on either (i) a board of corporate auditors or
(ii) committees. We adopt a corporate governance system based on a board of corporate auditors. The basic function of the board of corporate auditors is similar to that of independent directors, including those who are members of the audit
committee, of a NYSE-listed U.S. company, i.e., to monitor the performance of the directors and review and express opinions on the method of auditing by the independent public accounting firm and on such accounting firms audit reports for the
protection of the companys shareholders. Under the Company Law, we are required to have at least half of our corporate auditors be outside corporate auditors who meet the independence requirements under the Company Law. Currently, three of our
five corporate auditors are outside corporate auditors who meet such independence requirements. In addition, none of the corporate auditors may at the same time be directors, managers or employees of the company or any subsidiaries, or accounting
participants or executive officers of such subsidiaries. While the Company Law does not require corporate auditors to have expertise in accounting or other special knowledge and experience, one of our corporate auditors is a certified public
accountant. We rely on an exemption from the audit committee requirements imposed by Rule 10A-3 of the U.S. Securities Exchange Act of 1934, as amended, which is available to foreign private issuers with a board of auditors (or similar body) meeting
specified criteria. With respect to our board of corporate auditors, the criteria that we meet include the following:
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | responsible, to the extent permitted by law, for the appointment, retention and supervision of the work of a registered public accounting firm engaged
for the purpose of preparing or issuing an audit report or performing other audit, review or attestation services for us;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | subject to procedures for the receipt, retention and treatment of complaints and the confidential, anonymous submission of concerns by employees
regarding the status of our internal control system on accounting and financial reporting and internal and external audits;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | each corporate auditor has the authority to engage independent counsel and other advisers if such engagement is necessary to carry out his or her
duties; and
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | each corporate auditor has the ability to require us to pay any and all expenses necessary for carrying out his or her duties.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------

Under the Company Law, companies that adopt a corporate governance system based on a board of corporate
auditors, such as us, are note required to maintain directors that are outside directors who meet the independence requirements under the Company Law. However, three of our nine directors are outside directors who meet such requirements.



| |  |  | A NYSE-listed U.S. company is required to have a nominating/corporate governance committee and a compensation committee, all of which must be composed
entirely of independent directors. While we, a company that has corporate auditors, are not required to establish a nominating committee or a compensation committee under Japanese law, we voluntarily established similar committees, each with six
members, three of which are outside directors, to advise the board of directors on these matters in order to ensure transparency and impartiality in matters of personnel decisions affecting the board of directors and directors compensation.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | A NYSE-listed U.S. company must hold regularly scheduled executive sessions where participants are limited to non-management directors. Under the
Company Law, Japanese corporations are not obliged to hold executive sessions where participants are limited to non-management directors.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | The Company Law of Japan requires that the aggregate amount of remuneration to be paid to all directors and the aggregate amount of remuneration to be
paid to all corporate auditors to be determined by a resolution of a general meeting of shareholders, unless their remuneration is provided for in the articles of incorporation. Such remuneration includes bonuses, retirement allowances and incentive
stock options. Based on the above resolution, the distribution of remuneration among directors is broadly delegated to our board of directors, which takes into consideration of the advisory opinion by the compensation committee, and the distribution
of remuneration among corporate auditors is determined by consultation among our corporate auditors.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | A NYSE-listed U.S. company must adopt a code of business conduct and ethics and must post the code on its website. While we are not required to adopt
such code under Japanese law or the rules of stock exchanges in Japan on which we are listed, we maintain the Mizuho Code of Conduct as our standard for corporate conduct to be observed by our directors, officers and employees.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



185



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##### Table of Contents

PART III

ITEM 17.    FINANCIAL STATEMENTS

We have elected to provide the financial statements and related information specified in Item 18.

ITEM 18.    FINANCIAL STATEMENTS

The information required by this item is set forth in our consolidated financial statements starting on page F-1 of this annual report.

ITEM 19.    EXHIBITS



|              |  |                                                                                                                                                                                                                          
|------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  | Description of Exhibits                                                                                                                                                                                                  
|1.1           |  | Articles of Incorporation of Mizuho Financial Group, Inc., dated January 6, 2010 (English Translation)                                                                                                                   
|              | 
|1.2           |  | Bylaws Regarding the Board of Directors of Mizuho Financial Group, Inc., effective from January 8, 2003 and as amended on June 8, 2003 and amended on June 27, 2006 (English
Translation)*                               
|              | 
|1.3           |  | Regulations of Board of Corporate Auditors of Mizuho Financial Group, Inc., effective from January 9, 2003 and as amended on September 25, 2006 (English
Translation)*                                                   
|              | 
|1.4           |  | Share Handling Regulations of Mizuho Financial Group, Inc., dated January 6, 2010 (English Translation)                                                                                                                  
|              | 
|2.1           |  | Form of American Depositary Receipt**                                                                                                                                                                                    
|              | 
|2.2           |  | Form of Deposit Agreement among the registrant, The Bank of New York Mellon (formerly The Bank of New York) as Depositary and all owners and holders from time to time of American
Depositary Receipts issued thereunder*
|              | 
|8             |  | List of significant subsidiaries of Mizuho Financial Group, Inc.see Item 4.C. Information on the CompanyOrganizational Structure.                                                                                    
|              | 
|11            |  | Code of Ethics of Mizuho Financial Group, Inc.***                                                                                                                                                                        
|              | 
|12.1          |  | CEO Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).                                                                                                                                                     
|              | 
|12.2          |  | CFO Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).                                                                                                                                                     
|              | 
|13.1          |  | Certification required by Rule 13a-14(b) (17 CFR 240.13a-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).                                                                   



|* | Incorporated by reference to our registration statement on Form 20-F (No. 001-33098) filed on October 19, 2006.
|- | ---------------------------------------------------------------------------------------------------------------

|** | Incorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on August 19, 2009.
|-- | -----------------------------------------------------------------------------------------------------

|*** | Incorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on August 10, 2007.
|--- | -----------------------------------------------------------------------------------------------------



186



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##### Table of Contents

SELECTED STATISTICAL DATA

In preparing the selected statistical data set forth below, foreign activities are defined as business transactions that involve customers residing
outside of Japan. However, as the operations of Mizuho Financial Group, Inc. and its subsidiaries (the MHFG Group or the Group) are highly integrated globally, the MHFG Group has made certain estimates and assumptions in
allocating assets, liabilities, income and expense between domestic and foreign operations. The Group considers domestic and foreign activities determined by such methods to be representative of the Groups operations.



A-1



---

##### Table of Contents

I. Distribution of assets, liabilities and equity; interest rates and interest differential

Average balances of balance sheet items, interest and dividend income, interest expense and average yields and rates

The following tables show the MHFG Groups average balances of balance sheet items, Interest and dividend income, Interest expense, average yields on
interest-earning assets, and average rates on interest-bearing liabilities for the fiscal years ended March 31, 2008, 2009 and 2010. Average balances are generally based on a daily average. Month-end or quarter-end averages are used for certain
average balances where it is not practicable to obtain applicable daily averages. The average balances determined by such methods are considered to be representative of the MHFG Groups operations.



|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|--------------------------------------------------------------------------------------------------------- |  | ---------------------------------------- | - |  | --------------------------- |  | ------------ | ---- |  | -------------- | - |  | -------------------------- |  | ------------ | - |  | -------------- | - |  | --------------------------- |  | ------------ | -
|                                                                                                          |  | 2008                                     |   |  | 2009                        |  |              | 2010 | 
|                                                                                                          |  | Averagebalance                           |   |  | Interest 
anddividendincome |  | Averageyield |      |  | Averagebalance |   |  | Interest anddividendincome |  | Averageyield |   |  | Averagebalance |   |  | Interest 
anddividendincome |  | Averageyield |  
|                                                                                                          |  | (in billions of yen, except percentages) |  
|Assets:                                                                                                   |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Interest-earning assets:                                                                                  |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Interest-bearing deposits in other banks:                                                                 |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Domestic                                                                                                  |  | 779                                      |   |  | 25                          |  | 3.18         | %    |  | 1,903          |   |  | 12                         |  | 0.63         | % |  | 176            |   |  | 1                           |  | 0.56         | %
|Foreign                                                                                                   |  | 1,439                                    |   |  | 53                          |  | 3.72         | %    |  | 942            |   |  | 26                         |  | 2.76         | % |  | 1,056          |   |  | 8                           |  | 0.78         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Total                                                                                                     |  | 2,218                                    |   |  | 78                          |  | 3.53         | %    |  | 2,845          |   |  | 38                         |  | 1.34         | % |  | 1,232          |   |  | 9                           |  | 0.75         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Call loans and funds sold, and receivables under resale agreements and securities borrowing transactions: |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Domestic                                                                                                  |  | 7,544                                    |   |  | 49                          |  | 0.65         | %    |  | 6,988          |   |  | 40                         |  | 0.57         | % |  | 5,712          |   |  | 10                          |  | 0.17         | %
|Foreign                                                                                                   |  | 11,260                                   |   |  | 535                         |  | 4.75         | %    |  | 8,739          |   |  | 169                        |  | 1.93         | % |  | 8,412          |   |  | 38                          |  | 0.45         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Total                                                                                                     |  | 18,804                                   |   |  | 584                         |  | 3.11         | %    |  | 15,727         |   |  | 209                        |  | 1.33         | % |  | 14,124         |   |  | 48                          |  | 0.34         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Trading account assets:                                                                                   |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Domestic                                                                                                  |  | 7,389                                    |   |  | 34                          |  | 0.46         | %    |  | 5,972          |   |  | 37                         |  | 0.63         | % |  | 6,547          |   |  | 37                          |  | 0.57         | %
|Foreign                                                                                                   |  | 4,337                                    |   |  | 50                          |  | 1.16         | %    |  | 14,180         |   |  | 250                        |  | 1.76         | % |  | 17,034         |   |  | 167                         |  | 0.98         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Total                                                                                                     |  | 11,726                                   |   |  | 84                          |  | 0.72         | %    |  | 20,152         |   |  | 287                        |  | 1.43         | % |  | 23,581         |   |  | 204                         |  | 0.87         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Investments:                                                                                              |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Domestic                                                                                                  |  | 27,900                                   |   |  | 282                         |  | 1.01         | %    |  | 26,472         |   |  | 264                        |  | 1.00         | % |  | 32,349         |   |  | 229                         |  | 0.71         | %
|Foreign                                                                                                   |  | 9,840                                    |   |  | 447                         |  | 4.54         | %    |  | 3,623          |   |  | 103                        |  | 2.83         | % |  | 3,261          |   |  | 49                          |  | 1.50         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Total                                                                                                     |  | 37,740                                   |   |  | 729                         |  | 1.93         | %    |  | 30,095         |   |  | 367                        |  | 1.22         | % |  | 35,610         |   |  | 278                         |  | 0.78         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Loans (Note):                                                                                             |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Domestic                                                                                                  |  | 57,662                                   |   |  | 1,020                       |  | 1.77         | %    |  | 59,387         |   |  | 1,019                      |  | 1.72         | % |  | 57,074         |   |  | 864                         |  | 1.51         | %
|Foreign                                                                                                   |  | 10,861                                   |   |  | 615                         |  | 5.66         | %    |  | 10,670         |   |  | 464                        |  | 4.35         | % |  | 10,206         |   |  | 229                         |  | 2.25         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Total                                                                                                     |  | 68,523                                   |   |  | 1,635                       |  | 2.39         | %    |  | 70,057         |   |  | 1,483                      |  | 2.12         | % |  | 67,280         |   |  | 1,093                       |  | 1.63         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Total interest-earning assets:                                                                            |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Domestic                                                                                                  |  | 101,274                                  |   |  | 1,410                       |  | 1.39         | %    |  | 100,722        |   |  | 1,372                      |  | 1.36         | % |  | 101,858        |   |  | 1,141                       |  | 1.12         | %
|Foreign                                                                                                   |  | 37,737                                   |   |  | 1,700                       |  | 4.50         | %    |  | 38,154         |   |  | 1,012                      |  | 2.65         | % |  | 39,969         |   |  | 491                         |  | 1.23         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Total                                                                                                     |  | 139,011                                  |   |  | 3,110                       |  | 2.24         | %    |  | 138,876        |   |  | 2,384                      |  | 1.72         | % |  | 141,827        |   |  | 1,632                       |  | 1.15         | %
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Noninterest-earning assets:                                                                               |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Cash and due from banks                                                                                   |  | 1,922                                    |   |  |                             |  |              |      |  | 1,713          |   |  |                            |  |              |   |  | 2,959          |   |  |                             |  |              |  
|Other noninterest-earning assets                                                                          |  | 7,248                                    |   |  |                             |  |              |      |  | 7,369          |   |  |                            |  |              |   |  | 6,254          |   |  |                             |  |              |  
|Allowance for loan losses                                                                                 |  | (1,088                                   | ) |  |                             |  |              |      |  | (904           | ) |  |                            |  |              |   |  | (1,062         | ) |  |                             |  |              |  
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Total noninterest-earning assets                                                                          |  | 8,082                                    |   |  |                             |  |              |      |  | 8,178          |   |  |                            |  |              |   |  | 8,151          |   |  |                             |  |              |  
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  
|Total average assets                                                                                      |  | 147,093                                  |   |  |                             |  |              |      |  | 147,054        |   |  |                            |  |              |   |  | 149,978        |   |  |                             |  |              |  
|                                                                                                          |  |                                          |   |  |                             |  |              |      |  |                |   |  |                            |  |              |   |  |                |   |  |                             |  |              |  



|Note: | Average balances of loans include all nonaccrual loans. The amortized portion of net loan origination fees (costs) is included in interest income on loans.
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

Within total average assets, the percentage attributable to foreign activities was 26.7%, 27.4% and 28.0%, respectively, for
the fiscal years ended March 31, 2008, 2009 and 2010.



A-2



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##### Table of Contents

|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|---------------------------------------------------------------------------- |  | ---------------------------------------- |  | --------------- | ---- | ----------- | - | ---- | -------------- |  | --------------- |  | ----------- | - |  | -------------- |  | --------------- |  | ----------- | -
|                                                                             |  | 2008                                     |  |                 | 2009 |             |   | 2010 |               
|                                                                             |  | Averagebalance                           |  | Interestexpense |      | Averagerate |   |      | Averagebalance |  | Interestexpense |  | Averagerate |   |  | Averagebalance |  | Interestexpense |  | Averagerate |  
|                                                                             |  | (in billions of yen, except percentages) | 
|Liabilities and equity:                                                      |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Interest-bearing liabilities:                                                |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Deposits:                                                                    |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Domestic                                                                     |  | 64,296                                   |  | 337             |      | 0.52        | % |      | 67,047         |  | 287             |  | 0.43        | % |  | 66,946         |  | 137             |  | 0.21        | %
|Foreign                                                                      |  | 9,349                                    |  | 417             |      | 4.46        | % |      | 7,250          |  | 200             |  | 2.75        | % |  | 7,794          |  | 58              |  | 0.74        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Total                                                                        |  | 73,645                                   |  | 754             |      | 1.02        | % |      | 74,297         |  | 487             |  | 0.66        | % |  | 74,740         |  | 195             |  | 0.26        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|DebenturesDomestic                                                          |  | 3,965                                    |  | 24              |      | 0.60        | % |      | 2,755          |  | 18              |  | 0.64        | % |  | 1,938          |  | 12              |  | 0.62        | %
|Short-term borrowings (Note):                                                |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Domestic                                                                     |  | 19,043                                   |  | 158             |      | 0.83        | % |      | 21,299         |  | 150             |  | 0.71        | % |  | 21,684         |  | 48              |  | 0.22        | %
|Foreign                                                                      |  | 15,539                                   |  | 738             |      | 4.75        | % |      | 11,871         |  | 225             |  | 1.89        | % |  | 11,600         |  | 34              |  | 0.30        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Total                                                                        |  | 34,582                                   |  | 896             |      | 2.59        | % |      | 33,170         |  | 375             |  | 1.13        | % |  | 33,284         |  | 82              |  | 0.25        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Trading account liabilities:                                                 |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Domestic                                                                     |  | 4,233                                    |  | 8               |      | 0.19        | % |      | 2,442          |  | 7               |  | 0.27        | % |  | 2,242          |  | 10              |  | 0.46        | %
|Foreign                                                                      |  | 3,361                                    |  | 19              |      | 0.56        | % |      | 7,357          |  | 11              |  | 0.16        | % |  | 10,134         |  | 21              |  | 0.20        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Total                                                                        |  | 7,594                                    |  | 27              |      | 0.36        | % |      | 9,799          |  | 18              |  | 0.18        | % |  | 12,376         |  | 31              |  | 0.25        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Long-term debt:                                                              |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Domestic                                                                     |  | 7,548                                    |  | 188             |      | 2.48        | % |      | 8,010          |  | 178             |  | 2.22        | % |  | 9,063          |  | 194             |  | 2.14        | %
|Foreign                                                                      |  | 785                                      |  | 23              |      | 2.97        | % |      | 889            |  | 26              |  | 2.92        | % |  | 842            |  | 14              |  | 1.63        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Total                                                                        |  | 8,333                                    |  | 211             |      | 2.53        | % |      | 8,899          |  | 204             |  | 2.29        | % |  | 9,905          |  | 208             |  | 2.10        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Total interest-bearing liabilities:                                          |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Domestic                                                                     |  | 99,085                                   |  | 715             |      | 0.72        | % |      | 101,553        |  | 640             |  | 0.63        | % |  | 101,873        |  | 401             |  | 0.39        | %
|Foreign                                                                      |  | 29,034                                   |  | 1,197           |      | 4.12        | % |      | 27,367         |  | 462             |  | 1.69        | % |  | 30,370         |  | 127             |  | 0.42        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Total                                                                        |  | 128,119                                  |  | 1,912           |      | 1.49        | % |      | 128,920        |  | 1,102           |  | 0.85        | % |  | 132,243        |  | 528             |  | 0.40        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Noninterest-bearing liabilities                                              |  | 14,762                                   |  |                 |      |             |   |      | 15,714         |  |                 |  |             |   |  | 15,578         |  |                 |  |             |  
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Equity                                                                       |  | 4,212                                    |  |                 |      |             |   |      | 2,420          |  |                 |  |             |   |  | 2,157          |  |                 |  |             |  
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Total average liabilities and equity                                         |  | 147,093                                  |  |                 |      |             |   |      | 147,054        |  |                 |  |             |   |  | 149,978        |  |                 |  |             |  
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Net interest income and average interest rate spread                         |  |                                          |  | 1,198           |      | 0.75        | % |      |                |  | 1,282           |  | 0.87        | % |  |                |  | 1,104           |  | 0.75        | %
|                                                                             |  |                                          |  |                 |      |             |   |      |                |  |                 |  |             |   |  |                |  |                 |  |             |  
|Net interest income as a percentage of average total interest-earning assets |  |                                          |  |                 |      | 0.86        | % |      |                |  |                 |  | 0.92        | % |  |                |  |                 |  | 0.78        | %



|Note: | Short-term borrowings consist of Due to trust accounts, Call money and funds purchased, Payables under repurchase agreements and securities lending transactions,
Commercial paper, and Other short-term borrowings.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Within total average liabilities, which is the total of interest-bearing
liabilities and noninterest-bearing liabilities shown in the above table, the percentage attributable to foreign activities was 21.2%, 22.3% and 23.2%, respectively, for the fiscal years ended March 31, 2008, 2009 and 2010.



A-3



---

##### Table of Contents

Analysis of net interest income

The following tables show changes in the MHFG Groups Interest and dividend income, Interest expense, and Net interest income based on changes in
volume and changes in rate for the fiscal year ended March 31, 2009 compared to the fiscal year ended March 31, 2008 and the fiscal year ended March 31, 2010 compared to the fiscal year ended March 31, 2009. Changes attributable
to the combined impact of changes in rate and volume have been allocated proportionately to the changes due to volume changes and changes due to rate changes.



|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|--------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------- | - |  | ----------------------------------------------------------------------- | - |  | ------------------------------------ | ------ |  | --------- | ----- |  | ---- | - |  | ---- | -
|                                                                                                          |  | Fiscal year ended March 31, 
2009versusfiscal year ended March 31, 2008 |   |  | Fiscal year ended March 31, 
2010versusfiscal year ended March 31, 2009 |  
|                                                                                                          |  | Increase (decrease)due to changes in                                    |   |  | Netchange                                                               |   |  | Increase (decrease)due to changes in |        |  | Netchange |      
|                                                                                                          |  | Volume                                                                  |   |  | Yield                                                                   |   |  |                                      | Volume |  |           | Yield |  |     
|                                                                                                          |  | (in billions of yen)                                                    |  
|Interest and dividend income:                                                                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Interest-bearing deposits in other banks:                                                                 |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                                                                                                  |  | 7                                                                       |   |  | (20                                                                     | ) |  | (13                                  | )      |  | (10       | )     |  | (1   | ) |  | (11  | )
|Foreign                                                                                                   |  | (16                                                                     | ) |  | (12                                                                     | ) |  | (28                                  | )      |  | 1         |       |  | (19  | ) |  | (18  | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                                                                                                     |  | (9                                                                      | ) |  | (32                                                                     | ) |  | (41                                  | )      |  | (9        | )     |  | (20  | ) |  | (29  | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Call loans and funds sold, and receivables under resale agreements and securities borrowing transactions: |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                                                                                                  |  | (4                                                                      | ) |  | (6                                                                      | ) |  | (10                                  | )      |  | (6        | )     |  | (24  | ) |  | (30  | )
|Foreign                                                                                                   |  | (100                                                                    | ) |  | (265                                                                    | ) |  | (365                                 | )      |  | (6        | )     |  | (125 | ) |  | (131 | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                                                                                                     |  | (104                                                                    | ) |  | (271                                                                    | ) |  | (375                                 | )      |  | (12       | )     |  | (149 | ) |  | (161 | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Trading account assets:                                                                                   |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                                                                                                  |  | (7                                                                      | ) |  | 10                                                                      |   |  | 3                                    |        |  | 4         |       |  | (4   | ) |  |     |  
|Foreign                                                                                                   |  | 163                                                                     |   |  | 37                                                                      |   |  | 200                                  |        |  | 28        |       |  | (111 | ) |  | (83  | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                                                                                                     |  | 156                                                                     |   |  | 47                                                                      |   |  | 203                                  |        |  | 32        |       |  | (115 | ) |  | (83  | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Investments:                                                                                              |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                                                                                                  |  | (14                                                                     | ) |  | (3                                                                      | ) |  | (17                                  | )      |  | 42        |       |  | (77  | ) |  | (35  | )
|Foreign                                                                                                   |  | (216                                                                    | ) |  | (128                                                                    | ) |  | (344                                 | )      |  | (10       | )     |  | (44  | ) |  | (54  | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                                                                                                     |  | (230                                                                    | ) |  | (131                                                                    | ) |  | (361                                 | )      |  | 32        |       |  | (121 | ) |  | (89  | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Loans:                                                                                                    |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                                                                                                  |  | 30                                                                      |   |  | (31                                                                     | ) |  | (1                                   | )      |  | (39       | )     |  | (116 | ) |  | (155 | )
|Foreign                                                                                                   |  | (11                                                                     | ) |  | (140                                                                    | ) |  | (151                                 | )      |  | (19       | )     |  | (216 | ) |  | (235 | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                                                                                                     |  | 19                                                                      |   |  | (171                                                                    | ) |  | (152                                 | )      |  | (58       | )     |  | (332 | ) |  | (390 | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total interest and dividend income:                                                                       |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                                                                                                  |  | 12                                                                      |   |  | (50                                                                     | ) |  | (38                                  | )      |  | (9        | )     |  | (222 | ) |  | (231 | )
|Foreign                                                                                                   |  | (180                                                                    | ) |  | (508                                                                    | ) |  | (688                                 | )      |  | (6        | )     |  | (515 | ) |  | (521 | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                                                                                                     |  | (168                                                                    | ) |  | (558                                                                    | ) |  | (726                                 | )      |  | (15       | )     |  | (737 | ) |  | (752 | )
|                                                                                                          |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  



A-4



---

##### Table of Contents

|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|---------------------------- |  | ----------------------------------------------------------------------- | - |  | ----------------------------------------------------------------------- | - |  | ------------------------------------ | ------ |  | --------- | ----- |  | ---- | - |  | ---- | -
|                             |  | Fiscal year ended March 31, 
2009versusfiscal year ended March 31, 2008 |   |  | Fiscal year ended March 31, 
2010versusfiscal year ended March 31, 2009 |  
|                             |  | Increase (decrease)due to changes in                                    |   |  | Netchange                                                               |   |  | Increase (decrease)due to changes in |        |  | Netchange |      
|                             |  | Volume                                                                  |   |  | Yield                                                                   |   |  |                                      | Volume |  |           | Yield |  |     
|                             |  | (in billions of yen)                                                    |  
|Interest expense:            |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Deposits:                    |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                     |  | 11                                                                      |   |  | (61                                                                     | ) |  | (50                                  | )      |  |          |       |  | (150 | ) |  | (150 | )
|Foreign                      |  | (80                                                                     | ) |  | (137                                                                    | ) |  | (217                                 | )      |  | 4         |       |  | (146 | ) |  | (142 | )
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                        |  | (69                                                                     | ) |  | (198                                                                    | ) |  | (267                                 | )      |  | 4         |       |  | (296 | ) |  | (292 | )
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|DebenturesDomestic          |  | (7                                                                      | ) |  | 1                                                                       |   |  | (6                                   | )      |  | (5        | )     |  | (1   | ) |  | (6   | )
|Short-term borrowings:       |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                     |  | 16                                                                      |   |  | (24                                                                     | ) |  | (8                                   | )      |  | 1         |       |  | (103 | ) |  | (102 | )
|Foreign                      |  | (145                                                                    | ) |  | (368                                                                    | ) |  | (513                                 | )      |  | (5        | )     |  | (186 | ) |  | (191 | )
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                        |  | (129                                                                    | ) |  | (392                                                                    | ) |  | (521                                 | )      |  | (4        | )     |  | (289 | ) |  | (293 | )
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Trading account liabilities: |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                     |  | (3                                                                      | ) |  | 2                                                                       |   |  | (1                                   | )      |  | (1        | )     |  | 4    |   |  | 3    |  
|Foreign                      |  | 6                                                                       |   |  | (14                                                                     | ) |  | (8                                   | )      |  | 5         |       |  | 5    |   |  | 10   |  
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                        |  | 3                                                                       |   |  | (12                                                                     | ) |  | (9                                   | )      |  | 4         |       |  | 9    |   |  | 13   |  
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Long-term debt:              |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                     |  | 10                                                                      |   |  | (20                                                                     | ) |  | (10                                  | )      |  | 22        |       |  | (6   | ) |  | 16   |  
|Foreign                      |  | 3                                                                       |   |  |                                                                        |   |  | 3                                    |        |  | (1        | )     |  | (11  | ) |  | (12  | )
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                        |  | 13                                                                      |   |  | (20                                                                     | ) |  | (7                                   | )      |  | 21        |       |  | (17  | ) |  | 4    |  
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total interest expense:      |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                     |  | 27                                                                      |   |  | (102                                                                    | ) |  | (75                                  | )      |  | 17        |       |  | (256 | ) |  | (239 | )
|Foreign                      |  | (216                                                                    | ) |  | (519                                                                    | ) |  | (735                                 | )      |  | 3         |       |  | (338 | ) |  | (335 | )
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                        |  | (189                                                                    | ) |  | (621                                                                    | ) |  | (810                                 | )      |  | 20        |       |  | (594 | ) |  | (574 | )
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Net interest income:         |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Domestic                     |  | (15                                                                     | ) |  | 52                                                                      |   |  | 37                                   |        |  | (26       | )     |  | 34   |   |  | 8    |  
|Foreign                      |  | 36                                                                      |   |  | 11                                                                      |   |  | 47                                   |        |  | (9        | )     |  | (177 | ) |  | (186 | )
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  
|Total                        |  | 21                                                                      |   |  | 63                                                                      |   |  | 84                                   |        |  | (35       | )     |  | (143 | ) |  | (178 | )
|                             |  |                                                                         |   |  |                                                                         |   |  |                                      |        |  |           |       |  |      |   |  |      |  



A-5



---

##### Table of Contents

II. Investment portfolio

The following table shows amortized cost, fair value and net unrealized gains (losses) of available-for-sale and held-to-maturity securities at
March 31, 2008, 2009 and 2010:



|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|----------------------------------------- |  | -------------------- |  | ---------- | ---- | -------------------------- | - | ---- | ------------- |  | ---------- |  | -------------------------- | - |  | ------------- |  | ---------- |  | -------------------------- | -
|                                          |  | 2008                 |  |            | 2009 |                            |   | 2010 |              
|                                          |  | Amortizedcost        |  | Fair value |      | Netunrealizedgains(losses) |   |      | Amortizedcost |  | Fair value |  | Netunrealizedgains(losses) |   |  | Amortizedcost |  | Fair value |  | Netunrealizedgains(losses) |  
|                                          |  | (in billions of yen) | 
|Available-for-sale securities:            |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Domestic:                                 |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Japanese government bonds                 |  | 16,216               |  | 16,212     |      | (4                         | ) |      | 18,450        |  | 18,458     |  | 8                          |   |  | 28,272        |  | 28,229     |  | (43                        | )
|Agency mortgage-backed securities(1)      |  | 251                  |  | 252        |      | 1                          |   |      | 160           |  | 157        |  | (3                         | ) |  | 474           |  | 477        |  | 3                          |  
|Corporate bonds and other debt securities |  | 5,566                |  | 5,574      |      | 8                          |   |      | 4,735         |  | 4,717      |  | (18                        | ) |  | 4,406         |  | 4,428      |  | 22                         |  
|Equity securities (marketable)            |  | 2,502                |  | 4,392      |      | 1,890                      |   |      | 2,221         |  | 2,854      |  | 633                        |   |  | 1,972         |  | 3,248      |  | 1,276                      |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Total domestic                            |  | 24,535               |  | 26,430     |      | 1,895                      |   |      | 25,566        |  | 26,186     |  | 620                        |   |  | 35,124        |  | 36,382     |  | 1,258                      |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Foreign:                                  |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|U.S. Treasury bonds                       |  | 2,571                |  | 2,550      |      | (21                        | ) |      | 190           |  | 194        |  | 4                          |   |  | 112           |  | 112        |  |                           |  
|Other foreign govt bonds                 |  | 1,769                |  | 1,868      |      | 99                         |   |      | 182           |  | 182        |  |                           |   |  | 318           |  | 319        |  | 1                          |  
|Agency mortgage-backed securities(2)      |  | 1,311                |  | 1,269      |      | (42                        | ) |      | 48            |  | 49         |  | 1                          |   |  | 56            |  | 58         |  | 2                          |  
|Corporate bonds and other debt securities |  | 2,160                |  | 2,135      |      | (25                        | ) |      | 946           |  | 928        |  | (18                        | ) |  | 870           |  | 894        |  | 24                         |  
|Equity securities (marketable)            |  | 118                  |  | 120        |      | 2                          |   |      | 16            |  | 16         |  |                           |   |  | 35            |  | 36         |  | 1                          |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Total foreign                             |  | 7,929                |  | 7,942      |      | 13                         |   |      | 1,382         |  | 1,369      |  | (13                        | ) |  | 1,391         |  | 1,419      |  | 28                         |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Total                                     |  | 32,464               |  | 34,372     |      | 1,908                      |   |      | 26,948        |  | 27,555     |  | 607                        |   |  | 36,515        |  | 37,801     |  | 1,286                      |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Held-to-maturity securities:              |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Domestic:                                 |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Japanese government bonds                 |  | 490                  |  | 490        |      |                           |   |      | 50            |  | 50         |  |                           |   |  | 600           |  | 604        |  | 4                          |  
|Corporate bonds and other debt securities |  | 49                   |  | 49         |      |                           |   |      | 11            |  | 11         |  |                           |   |  | 3             |  | 3          |  |                           |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Total domestic                            |  | 539                  |  | 539        |      |                           |   |      | 61            |  | 61         |  |                           |   |  | 603           |  | 607        |  | 4                          |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Foreign:                                  |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|U.S. Treasury bonds                       |  | 240                  |  | 245        |      | 5                          |   |      | 118           |  | 119        |  | 1                          |   |  |              |  |           |  |                           |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Total foreign                             |  | 240                  |  | 245        |      | 5                          |   |      | 118           |  | 119        |  | 1                          |   |  |              |  |           |  |                           |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  
|Total                                     |  | 779                  |  | 784        |      | 5                          |   |      | 179           |  | 180        |  | 1                          |   |  | 603           |  | 607        |  | 4                          |  
|                                          |  |                      |  |            |      |                            |   |      |               |  |            |  |                            |   |  |               |  |            |  |                            |  



Notes:

|(1) | All of domestic agency mortgage-backed securities are mortgage-backed securities issued by Japan Housing Finance Agency, a Japanese government-sponsored enterprise.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Foreign agency mortgage-backed securities primarily consist of Government National Mortgage Association or Ginnie Mae securities, which are guaranteed by the United
States government.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A-6



---

##### Table of Contents

The following table shows the book values, contractual maturities and weighted average yields of
available-for-sale and held-to-maturity debt securities at March 31, 2010. Fair value and amortized cost are the basis of the book value for available-for-sale and held-to-maturity debt securities, respectively. Weighted average yields are
calculated based on amortized cost for all debt securities.



|                                          |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|----------------------------------------- |  | ---------------------------------------- |  | ----- | ------------------------------- |  | ------ | -------------------------------- | ----- | - | --------------- | ------ |  | ----- | - |  | ------ |  | ----- | - |  | ------ |  | ----- | -
|                                          |  | Maturity                                 | 
|                                          |  | One year or less                         |  |       | After one yearthroughfive years |  |        | After five yearsthroughten years |       |   | After ten years |        |  | Total |  
|                                          |  | Amount                                   |  | Yield |                                 |  | Amount |                                  | Yield |   |                 | Amount |  | Yield |   |  | Amount |  | Yield |   |  | Amount |  | Yield |  
|                                          |  | (in billions of yen, except percentages) | 
|Available-for-sale securities:            |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Domestic:                                 |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Japanese government bonds                 |  | 15,597                                   |  | 0.38  | %                               |  | 10,145 |                                  | 0.44  | % |                 | 1,738  |  | 0.66  | % |  | 749    |  | 0.88  | % |  | 28,229 |  | 0.43  | %
|Agency mortgage-backed securities         |  |                                         |  |      | %                               |  |       |                                  |      | % |                 |       |  |      | % |  | 477    |  | 1.91  | % |  | 477    |  | 1.91  | %
|Corporate bonds and other debt securities |  | 440                                      |  | 0.87  | %                               |  | 2,355  |                                  | 1.06  | % |                 | 531    |  | 1.18  | % |  | 1,102  |  | 1.86  | % |  | 4,428  |  | 1.25  | %
|                                          |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Total domestic                            |  | 16,037                                   |  | 0.39  | %                               |  | 12,500 |                                  | 0.55  | % |                 | 2,269  |  | 0.78  | % |  | 2,328  |  | 1.55  | % |  | 33,134 |  | 0.56  | %
|                                          |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Foreign:                                  |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|U.S. Treasury bonds                       |  | 2                                        |  | 0.06  | %                               |  | 110    |                                  | 1.35  | % |                 |       |  |      | % |  |       |  |      | % |  | 112    |  | 1.33  | %
|Other foreign govt bonds                 |  | 268                                      |  | 1.29  | %                               |  | 50     |                                  | 1.86  | % |                 | 1      |  | 6.23  | % |  |       |  |      | % |  | 319    |  | 1.39  | %
|Agency mortgage-backed securities         |  | 2                                        |  | 6.59  | %                               |  |       |                                  |      | % |                 |       |  |      | % |  | 56     |  | 5.17  | % |  | 58     |  | 5.23  | %
|Corporate bonds and other debt securities |  | 216                                      |  | 3.62  | %                               |  | 432    |                                  | 1.56  | % |                 | 105    |  | 0.84  | % |  | 141    |  | 0.64  | % |  | 894    |  | 1.85  | %
|                                          |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Total foreign                             |  | 488                                      |  | 2.34  | %                               |  | 592    |                                  | 1.54  | % |                 | 106    |  | 0.89  | % |  | 197    |  | 1.92  | % |  | 1,383  |  | 1.84  | %
|                                          |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Total                                     |  | 16,525                                   |  | 0.45  | %                               |  | 13,092 |                                  | 0.60  | % |                 | 2,375  |  | 0.78  | % |  | 2,525  |  | 1.57  | % |  | 34,517 |  | 0.61  | %
|                                          |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Held-to-maturity securities:              |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Domestic:                                 |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Japanese government bonds                 |  |                                         |  |      | %                               |  | 600    |                                  | 0.67  | % |                 |       |  |      | % |  |       |  |      | % |  | 600    |  | 0.67  | %
|Corporate bonds and other debt securities |  | 1                                        |  | 1.04  | %                               |  | 2      |                                  | 1.46  | % |                 |       |  |      | % |  |       |  |      | % |  | 3      |  | 1.26  | %
|                                          |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Total domestic                            |  | 1                                        |  | 1.04  | %                               |  | 602    |                                  | 0.67  | % |                 |       |  |      | % |  |       |  |      | % |  | 603    |  | 0.67  | %
|                                          |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  
|Total                                     |  | 1                                        |  | 1.04  | %                               |  | 602    |                                  | 0.67  | % |                 |       |  |      | % |  |       |  |      | % |  | 603    |  | 0.67  | %
|                                          |  |                                          |  |       |                                 |  |        |                                  |       |   |                 |        |  |       |   |  |        |  |       |   |  |        |  |       |  

Other than Japanese government bonds and Japanese agency mortgage-backed securities issued by Japan Housing
Finance Agency, the MHFG Group did not have any securities of individual issuers with respect to which their aggregate book value exceeded 10% of the Groups shareholders equity at March 31, 2010.

In addition to Available-for-sale securities and Held-to-maturity securities, the MHFG Groups Investments also include Other investments. See Note
5 Investments to the consolidated financial statements included elsewhere in this annual report for information regarding Other investments.



A-7



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##### Table of Contents

III. Loan portfolio

Types of loans

The following table shows
loans outstanding by domicile and industry of borrower at March 31, 2006, 2007, 2008, 2009 and 2010.



|                                                 |  |                      |  |         |  |         |  |         |  |       
|------------------------------------------------ |  | -------------------- |  | ------- |  | ------- |  | ------- |  | ------
|                                                 |  | 2006(1)              |  | 2007(1) |  | 2008(1) |  | 2009(1) |  | 2010  
|                                                 |  | (in billions of yen)
|Domestic:                                        |  |                      |  |         |  |         |  |         |  |       
|Manufacturing                                    |  | 7,766                |  | 7,649   |  | 7,794   |  | 8,903   |  | 8,065 
|Construction                                     |  | 1,303                |  | 1,270   |  | 1,250   |  | 1,306   |  | 1,165 
|Real estate                                      |  | 8,077                |  | 7,733   |  | 7,596   |  | 7,302   |  | 6,689 
|Services                                         |  | 5,802                |  | 5,885   |  | 5,460   |  | 5,324   |  | 5,153 
|Wholesale and retail                             |  | 6,903                |  | 6,361   |  | 6,069   |  | 5,978   |  | 5,306 
|Transportation                                   |  | 2,979                |  | 2,790   |  | 2,662   |  | 2,716   |  | 2,558 
|Banks and other financial institutions           |  | 6,455                |  | 4,141   |  | 4,086   |  | 4,727   |  | 4,290 
|Government and public institutions               |  | 4,574                |  | 6,099   |  | 5,807   |  | 8,655   |  | 5,459 
|Other industries(2)                              |  | 5,166                |  | 5,440   |  | 5,051   |  | 4,636   |  | 4,011 
|Individuals:                                     |  |                      |  |         |  |         |  |         |  |       
|Mortgage loans                                   |  | 10,638               |  | 10,677  |  | 10,791  |  | 11,067  |  | 11,093
|Other                                            |  | 1,039                |  | 1,039   |  | 893     |  | 832     |  | 789   
|                                                 |  |                      |  |         |  |         |  |         |  |       
|Total domestic                                   |  | 60,702               |  | 59,084  |  | 57,459  |  | 61,446  |  | 54,578
|                                                 |  |                      |  |         |  |         |  |         |  |       
|Foreign:                                         |  |                      |  |         |  |         |  |         |  |       
|Commercial and industrial                        |  | 6,105                |  | 7,964   |  | 8,815   |  | 8,680   |  | 7,237 
|Banks and other financial institutions           |  | 1,437                |  | 1,675   |  | 1,545   |  | 2,224   |  | 1,722 
|Government and public institutions               |  | 331                  |  | 366     |  | 415     |  | 301     |  | 292   
|Other(2)                                         |  | 205                  |  | 185     |  | 94      |  | 94      |  | 32    
|                                                 |  |                      |  |         |  |         |  |         |  |       
|Total foreign                                    |  | 8,078                |  | 10,190  |  | 10,869  |  | 11,299  |  | 9,283 
|                                                 |  |                      |  |         |  |         |  |         |  |       
|Total                                            |  | 68,780               |  | 69,274  |  | 68,328  |  | 72,745  |  | 63,861
|Less: Unearned income and deferred loan feesnet |  | 69                   |  | 91      |  | 106     |  | 88      |  | 78    
|                                                 |  |                      |  |         |  |         |  |         |  |       
|Total loans before allowance for loan losses     |  | 68,711               |  | 69,183  |  | 68,222  |  | 72,657  |  | 63,783
|                                                 |  |                      |  |         |  |         |  |         |  |       



Notes:

|(1) | Following the revision of Japan Standard Industrial Classification, the MHFG Group partially changed the classification of the industry. Certain amounts in the prior
periods have been reclassified to conform to the current periods presentation.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Other industries of domestic and other of foreign include trade receivables and lease receivables of consolidated variable interest entities.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------

There were no concentrations of loans exceeding 10% of total loans which are not disclosed as a category of loans in the table above.



A-8



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##### Table of Contents

Maturities and sensitivities of loans to changes in interest rates

The following table shows the maturities of loan portfolio by domicile and industry of borrower at March 31, 2010:



|                                       |  |                      |  |                                 |  |                 |  |       
|-------------------------------------- |  | -------------------- |  | ------------------------------- |  | --------------- |  | ------
|                                       |  | Maturity            
|                                       |  | One yearor less      |  | After one yearthroughfive years |  | Afterfive years |  | Total 
|                                       |  | (in billions of yen)
|Domestic:                              |  |                      |  |                                 |  |                 |  |       
|Manufacturing                          |  | 4,330                |  | 3,222                           |  | 513             |  | 8,065 
|Construction                           |  | 755                  |  | 371                             |  | 39              |  | 1,165 
|Real estate                            |  | 2,240                |  | 3,056                           |  | 1,393           |  | 6,689 
|Services                               |  | 2,677                |  | 2,039                           |  | 437             |  | 5,153 
|Wholesale and retail                   |  | 3,504                |  | 1,585                           |  | 217             |  | 5,306 
|Transportation                         |  | 905                  |  | 1,407                           |  | 246             |  | 2,558 
|Banks and other financial institutions |  | 2,373                |  | 1,400                           |  | 517             |  | 4,290 
|Government and public institutions     |  | 4,450                |  | 592                             |  | 417             |  | 5,459 
|Other industries                       |  | 2,836                |  | 854                             |  | 321             |  | 4,011 
|Individuals                            |  | 1,394                |  | 2,441                           |  | 8,047           |  | 11,882
|                                       |  |                      |  |                                 |  |                 |  |       
|Total domestic                         |  | 25,464               |  | 16,967                          |  | 12,147          |  | 54,578
|Foreign:                               |  |                      |  |                                 |  |                 |  |       
|Total foreign                          |  | 3,173                |  | 4,472                           |  | 1,638           |  | 9,283 
|                                       |  |                      |  |                                 |  |                 |  |       
|Total                                  |  | 28,637               |  | 21,439                          |  | 13,785          |  | 63,861
|                                       |  |                      |  |                                 |  |                 |  |       

Of the above loans due after one year, loans which had floating rates
and fixed rates at March 31, 2010 were as follows:



|               |  |                     
|-------------- |  | --------------------
|               |  | (in billions of yen)
|Floating rates |  | 25,383              
|Fixed rates    |  | 9,841               
|               |  |                     
|Total          |  | 35,224              
|               |  |                     



A-9



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##### Table of Contents

Impaired loans

The MHFG Group considers both loans that are subject to impairment under ASC 310, Receivables (ASC 310) and small balance,
homogenous loans to be impaired when it is probable that the MHFG Group will be unable to collect all the scheduled payments of principal and interest when due according to the contractual terms of the loan. Restructured loans and loans that are 90
days or more delinquent are generally considered to be impaired. All of the MHFG Groups impaired loans are designated as nonaccrual loans. The following table shows the distribution of impaired loans at March 31, 2006, 2007, 2008, 2009
and 2010 by domicile and industry of borrower:



|                                       |  |                      |  |       |  |       |  |       |  |      
|-------------------------------------- |  | -------------------- |  | ----- |  | ----- |  | ----- |  | -----
|                                       |  | 2006                 |  | 2007  |  | 2008  |  | 2009  |  | 2010 
|                                       |  | (in billions of yen)
|Domestic:                              |  |                      |  |       |  |       |  |       |  |      
|Manufacturing                          |  | 106                  |  | 97    |  | 161   |  | 213   |  | 270  
|Construction                           |  | 53                   |  | 71    |  | 88    |  | 87    |  | 72   
|Real estate                            |  | 188                  |  | 119   |  | 106   |  | 309   |  | 230  
|Services                               |  | 140                  |  | 168   |  | 200   |  | 213   |  | 181  
|Wholesale and retail                   |  | 203                  |  | 217   |  | 243   |  | 160   |  | 159  
|Transportation                         |  | 316                  |  | 371   |  | 115   |  | 104   |  | 99   
|Banks and other financial institutions |  | 5                    |  | 293   |  | 178   |  | 26    |  | 21   
|Other industries                       |  | 9                    |  | 9     |  | 12    |  | 40    |  | 41   
|Individuals                            |  | 139                  |  | 137   |  | 146   |  | 165   |  | 201  
|                                       |  |                      |  |       |  |       |  |       |  |      
|Total domestic                         |  | 1,159                |  | 1,482 |  | 1,249 |  | 1,317 |  | 1,274
|Foreign:                               |  |                      |  |       |  |       |  |       |  |      
|Total foreign                          |  | 70                   |  | 47    |  | 46    |  | 115   |  | 130  
|                                       |  |                      |  |       |  |       |  |       |  |      
|Total impaired loans                   |  | 1,229                |  | 1,529 |  | 1,295 |  | 1,432 |  | 1,404
|                                       |  |                      |  |       |  |       |  |       |  |      

Had interest on nonaccrual loans been accrued at the original
contractual terms, gross interest income on domestic nonaccrual loans outstanding during the fiscal year ended March 31, 2010 would have been ¥40 billion, of which ¥27 billion was included in interest income on loans in the consolidated
statements of income. Gross interest income which would have been accrued at the original contractual terms on foreign nonaccrual loans outstanding during the fiscal year ended March 31, 2010 was ¥10 billion, of which ¥8 billion was
included in interest income on loans in the consolidated statements of income.

Cross-border outstandings

Cross-border outstandings are defined as loans (including accrued interest), acceptances, interest-bearing deposits with other banks, other
interest-bearing investments and any other monetary assets denominated in Japanese yen or other non-local currencies. This cross-border disclosure is based on the reports to the Bank of Japan required under Japanese foreign exchange-related law.
Local currency outstandings are netted out from cross-border outstandings.

The following table sets forth the cross-border outstandings to
borrowers in countries with respect to which the total of such outstandings exceeded 0.75% of consolidated total assets at March 31, 2008:



|               |  |                                          |  |       |  |        |  |       |  |                  |   |  |                   
|-------------- |  | ---------------------------------------- |  | ----- |  | ------ |  | ----- |  | ---------------- | - |  | ------------------
|               |  | Publicinstitutions                       |  | Banks |  | Others |  | Total |  | % of totalassets |   |  | Undrawncommitments
|               |  | (in billions of yen, except percentages)
|United States  |  | 3,093                                    |  | 490   |  | 2,770  |  | 6,353 |  | 4.20             | % |  | 2,139             
|Germany        |  | 3,171                                    |  | 223   |  | 194    |  | 3,588 |  | 2.37             | % |  | 249               
|United Kingdom |  | 100                                      |  | 323   |  | 755    |  | 1,178 |  | 0.78             | % |  | 490               
|France         |  | 704                                      |  | 338   |  | 123    |  | 1,165 |  | 0.77             | % |  | 351               



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##### Table of Contents

The following table sets forth the cross-border outstandings to borrowers in countries with respect to which
the total of such outstandings exceeded 0.75% of consolidated total assets at March 31, 2009:



|               |  |                                          |  |       |  |        |  |       |  |                  |   |  |                   
|-------------- |  | ---------------------------------------- |  | ----- |  | ------ |  | ----- |  | ---------------- | - |  | ------------------
|               |  | Publicinstitutions                       |  | Banks |  | Others |  | Total |  | % of totalassets |   |  | Undrawncommitments
|               |  | (in billions of yen, except percentages)
|United States  |  | 1,416                                    |  | 1,205 |  | 1,602  |  | 4,223 |  | 2.72             | % |  | 1,837             
|Germany        |  | 1,923                                    |  | 364   |  | 217    |  | 2,504 |  | 1.61             | % |  | 203               
|France         |  | 223                                      |  | 799   |  | 233    |  | 1,255 |  | 0.81             | % |  | 260               
|United Kingdom |  | 17                                       |  | 368   |  | 820    |  | 1,205 |  | 0.78             | % |  | 346               

The following table sets forth the
cross-border outstandings to borrowers in countries with respect to which the total of such outstandings exceeded 0.75% of consolidated total assets at March 31, 2010:



|              |  |                                          |  |       |  |        |  |       |  |                  |   |  |                   
|------------- |  | ---------------------------------------- |  | ----- |  | ------ |  | ----- |  | ---------------- | - |  | ------------------
|              |  | Publicinstitutions                       |  | Banks |  | Others |  | Total |  | % of totalassets |   |  | Undrawncommitments
|              |  | (in billions of yen, except percentages)
|United States |  | 2,548                                    |  | 509   |  | 1,672  |  | 4,729 |  | 2.99             | % |  | 1,822             
|Germany       |  | 3,100                                    |  | 114   |  | 163    |  | 3,377 |  | 2.13             | % |  | 172               
|France        |  | 964                                      |  | 288   |  | 245    |  | 1,497 |  | 0.95             | % |  | 268               



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##### Table of Contents

IV. Summary of loan loss experience

The following table shows an analysis of loan loss experience by domicile and industry of borrower for the fiscal years ended March 31, 2006, 2007,
2008, 2009, and 2010:



|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|----------------------------------------------------- |  | ---------------------------------------- | - |  | ---- | - |  | ---- | - |  | ---- | - |  | ---- | -
|                                                      |  | 2006                                     |   |  | 2007 |   |  | 2008 |   |  | 2009 |   |  | 2010 |  
|                                                      |  | (in billions of yen, except percentages) |  
|Allowance for loan losses at beginning of fiscal year |  | 1,207                                    |   |  | 812  |   |  | 946  |   |  | 650  |   |  | 870  |  
|Provision (credit) for loan losses                    |  | (158                                     | ) |  | 182  |   |  | (58  | ) |  | 567  |   |  | 222  |  
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Charge-offs:                                          |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Domestic:                                             |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Manufacturing                                         |  | 38                                       |   |  | 11   |   |  | 31   |   |  | 39   |   |  | 17   |  
|Construction                                          |  | 11                                       |   |  | 3    |   |  | 8    |   |  | 24   |   |  | 4    |  
|Real estate                                           |  | 85                                       |   |  | 5    |   |  | 4    |   |  | 93   |   |  | 52   |  
|Services                                              |  | 29                                       |   |  | 18   |   |  | 89   |   |  | 18   |   |  | 17   |  
|Wholesale and retail                                  |  | 45                                       |   |  | 26   |   |  | 41   |   |  | 57   |   |  | 48   |  
|Transportation                                        |  | 5                                        |   |  |     |   |  | 4    |   |  | 4    |   |  | 2    |  
|Banks and other financial institutions                |  | 1                                        |   |  | 6    |   |  | 53   |   |  | 19   |   |  | 1    |  
|Other industries                                      |  | 12                                       |   |  | 5    |   |  | 13   |   |  | 9    |   |  | 26   |  
|Individuals                                           |  | 64                                       |   |  | 18   |   |  | 17   |   |  | 24   |   |  | 27   |  
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Total domestic                                        |  | 290                                      |   |  | 92   |   |  | 260  |   |  | 287  |   |  | 194  |  
|Total foreign                                         |  | 16                                       |   |  | 19   |   |  | 11   |   |  | 57   |   |  | 66   |  
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Total charge-offs                                     |  | 306                                      |   |  | 111  |   |  | 271  |   |  | 344  |   |  | 260  |  
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Recoveries:                                           |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Domestic:                                             |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Manufacturing                                         |  | 4                                        |   |  | 3    |   |  | 2    |   |  | 3    |   |  | 7    |  
|Construction                                          |  | 6                                        |   |  | 2    |   |  | 1    |   |  | 1    |   |  | 4    |  
|Real estate                                           |  | 21                                       |   |  | 3    |   |  | 14   |   |  | 3    |   |  | 21   |  
|Services                                              |  | 10                                       |   |  | 13   |   |  | 7    |   |  | 2    |   |  | 3    |  
|Wholesale and retail                                  |  | 11                                       |   |  | 5    |   |  | 7    |   |  | 4    |   |  | 5    |  
|Transportation                                        |  |                                         |   |  |     |   |  |     |   |  | 1    |   |  |     |  
|Banks and other financial institutions                |  | 1                                        |   |  |     |   |  | 4    |   |  |     |   |  | 4    |  
|Other industries                                      |  | 2                                        |   |  | 3    |   |  | 1    |   |  | 2    |   |  | 1    |  
|Individuals                                           |  | 6                                        |   |  | 3    |   |  | 3    |   |  | 3    |   |  | 3    |  
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Total domestic                                        |  | 61                                       |   |  | 32   |   |  | 39   |   |  | 19   |   |  | 48   |  
|Total foreign                                         |  | 13                                       |   |  | 26   |   |  | 8    |   |  | 10   |   |  | 6    |  
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Total recoveries                                      |  | 74                                       |   |  | 58   |   |  | 47   |   |  | 29   |   |  | 54   |  
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Net charge-offs                                       |  | 232                                      |   |  | 53   |   |  | 224  |   |  | 315  |   |  | 206  |  
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Others (Note)                                         |  | (5                                       | ) |  | 5    |   |  | (14  | ) |  | (32  | ) |  | (6   | )
|Balance at end of fiscal year                         |  | 812                                      |   |  | 946  |   |  | 650  |   |  | 870  |   |  | 880  |  
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  
|Ratio of net charge-offs to average loans outstanding |  | 0.35                                     | % |  | 0.08 | % |  | 0.33 | % |  | 0.45 | % |  | 0.31 | %
|                                                      |  |                                          |   |  |      |   |  |      |   |  |      |   |  |      |  



|Note: | Others include primarily foreign exchange translation.
|----- | ------------------------------------------------------



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##### Table of Contents

The following table shows an allocation of the MHFG Groups allowance for loan losses by domicile and
industry of borrower at March 31, 2006, 2007, 2008, 2009 and 2010:



|                                       |  |                                          |  |                                       |      |  |        |      |                                       |   |      |        |  |                                       |   |  |        |  |                                       |   |  |        |  |                                       |  
|-------------------------------------- |  | ---------------------------------------- |  | ------------------------------------- | ---- |  | ------ | ---- | ------------------------------------- | - | ---- | ------ |  | ------------------------------------- | - |  | ------ |  | ------------------------------------- | - |  | ------ |  | ------------------------------------- | -
|                                       |  | 2006                                     |  |                                       | 2007 |  |        | 2008 |                                       |   | 2009 |        |  | 2010                                  |  
|                                       |  | Amount                                   |  | % ofloans ineachcategoryto totalloans |      |  | Amount |      | % ofloans ineachcategoryto totalloans |   |      | Amount |  | % ofloans ineachcategoryto totalloans |   |  | Amount |  | % ofloans ineachcategoryto totalloans |   |  | Amount |  | % ofloans ineachcategoryto totalloans |  
|                                       |  | (in billions of yen, except percentages) | 
|Domestic:                              |  |                                          |  |                                       |      |  |        |      |                                       |   |      |        |  |                                       |   |  |        |  |                                       |   |  |        |  |                                       |  
|Manufacturing                          |  | 62                                       |  | 11.33                                 | %    |  | 61     |      | 11.06                                 | % |      | 75     |  | 11.43                                 | % |  | 124    |  | 12.26                                 | % |  | 165    |  | 12.63                                 | %
|Construction                           |  | 28                                       |  | 2.27                                  | %    |  | 30     |      | 2.17                                  | % |      | 31     |  | 2.09                                  | % |  | 34     |  | 2.00                                  | % |  | 31     |  | 1.82                                  | %
|Real estate                            |  | 74                                       |  | 10.24                                 | %    |  | 57     |      | 9.60                                  | % |      | 49     |  | 9.50                                  | % |  | 123    |  | 8.54                                  | % |  | 97     |  | 10.47                                 | %
|Services                               |  | 91                                       |  | 9.17                                  | %    |  | 107    |      | 8.83                                  | % |      | 90     |  | 8.15                                  | % |  | 111    |  | 7.39                                  | % |  | 96     |  | 8.07                                  | %
|Wholesale and retail                   |  | 144                                      |  | 10.08                                 | %    |  | 116    |      | 9.18                                  | % |      | 117    |  | 8.93                                  | % |  | 106    |  | 8.26                                  | % |  | 102    |  | 8.31                                  | %
|Transportation                         |  | 115                                      |  | 4.06                                  | %    |  | 142    |      | 3.75                                  | % |      | 41     |  | 3.68                                  | % |  | 45     |  | 3.56                                  | % |  | 71     |  | 4.01                                  | %
|Banks and other financial institutions |  | 85                                       |  | 9.51                                  | %    |  | 219    |      | 6.19                                  | % |      | 74     |  | 6.37                                  | % |  | 27     |  | 6.92                                  | % |  | 29     |  | 6.72                                  | %
|Other industries (Note)                |  | 9                                        |  | 14.19                                 | %    |  | 13     |      | 16.66                                 | % |      | 10     |  | 15.90                                 | % |  | 36     |  | 18.29                                 | % |  | 32     |  | 14.83                                 | %
|Individuals                            |  | 139                                      |  | 17.41                                 | %    |  | 152    |      | 17.85                                 | % |      | 119    |  | 18.04                                 | % |  | 121    |  | 17.25                                 | % |  | 128    |  | 18.60                                 | %
|Mortgage loans                         |  | 107                                      |  | 15.49                                 | %    |  | 115    |      | 15.92                                 | % |      | 86     |  | 16.28                                 | % |  | 89     |  | 15.65                                 | % |  | 101    |  | 17.37                                 | %
|Other                                  |  | 32                                       |  | 1.92                                  | %    |  | 37     |      | 1.93                                  | % |      | 33     |  | 1.76                                  | % |  | 32     |  | 1.60                                  | % |  | 27     |  | 1.23                                  | %
|                                       |  |                                          |  |                                       |      |  |        |      |                                       |   |      |        |  |                                       |   |  |        |  |                                       |   |  |        |  |                                       |  
|Total domestic                         |  | 747                                      |  | 88.26                                 | %    |  | 897    |      | 85.29                                 | % |      | 606    |  | 84.09                                 | % |  | 727    |  | 84.47                                 | % |  | 751    |  | 85.46                                 | %
|Total foreign                          |  | 65                                       |  | 11.74                                 | %    |  | 49     |      | 14.71                                 | % |      | 44     |  | 15.91                                 | % |  | 143    |  | 15.53                                 | % |  | 129    |  | 14.54                                 | %
|                                       |  |                                          |  |                                       |      |  |        |      |                                       |   |      |        |  |                                       |   |  |        |  |                                       |   |  |        |  |                                       |  
|Total allowance for loan losses        |  | 812                                      |  | 100.00                                | %    |  | 946    |      | 100.00                                | % |      | 650    |  | 100.00                                | % |  | 870    |  | 100.00                                | % |  | 880    |  | 100.00                                | %
|                                       |  |                                          |  |                                       |      |  |        |      |                                       |   |      |        |  |                                       |   |  |        |  |                                       |   |  |        |  |                                       |  



|Note: | Other industries include government and public institutions.
|----- | ------------------------------------------------------------



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##### Table of Contents

V. Deposits

The following table shows the average amount of, and the average rate on, the following deposit categories for the fiscal years ended March 31, 2008,
2009 and 2010:



|                                                                      |  |                                          |  |             |      |  |               |      |             |   |  |               |  |             |  
|--------------------------------------------------------------------- |  | ---------------------------------------- |  | ----------- | ---- |  | ------------- | ---- | ----------- | - |  | ------------- |  | ----------- | -
|                                                                      |  | 2008                                     |  |             | 2009 |  |               | 2010 |            
|                                                                      |  | Averageamount                            |  | Averagerate |      |  | Averageamount |      | Averagerate |   |  | Averageamount |  | Averagerate |  
|                                                                      |  | (in billions of yen, except percentages) | 
|Domestic offices:                                                     |  |                                          |  |             |      |  |               |      |             |   |  |               |  |             |  
|Noninterest-bearing demand deposits                                   |  | 9,675                                    |  |            | %    |  | 9,595         |      |            | % |  | 9,865         |  |            | %
|Interest-bearing demand deposits                                      |  | 27,475                                   |  | 0.31        | %    |  | 27,532        |      | 0.17        | % |  | 27,744        |  | 0.04        | %
|Deposits at notice (Note)                                             |  | 600                                      |  | 0.20        | %    |  | 572           |      | 0.15        | % |  | 638           |  | 0.04        | %
|Time deposits                                                         |  | 27,551                                   |  | 0.71        | %    |  | 28,995        |      | 0.60        | % |  | 29,741        |  | 0.35        | %
|Certificates of deposit                                               |  | 8,670                                    |  | 0.65        | %    |  | 9,948         |      | 0.65        | % |  | 8,823         |  | 0.23        | %
|                                                                      |  |                                          |  |             |      |  |               |      |             |   |  |               |  |             |  
|Foreign offices, principally from banks located in foreign countries: |  |                                          |  |             |      |  |               |      |             |   |  |               |  |             |  
|Noninterest-bearing demand deposits                                   |  | 365                                      |  |            | %    |  | 429           |      |            | % |  | 479           |  |            | %
|Interest-bearing deposits, principally time deposits                  |  | 7,980                                    |  | 4.20        | %    |  | 6,521         |      | 2.68        | % |  | 6,491         |  | 0.75        | %
|Certificates of deposit                                               |  | 1,369                                    |  | 5.93        | %    |  | 729           |      | 3.44        | % |  | 1,303         |  | 0.69        | %
|                                                                      |  |                                          |  |             |      |  |               |      |             |   |  |               |  |             |  
|Total                                                                 |  | 83,685                                   |  | 0.90        | %    |  | 84,321        |      | 0.58        | % |  | 85,084        |  | 0.23        | %
|                                                                      |  |                                          |  |             |      |  |               |      |             |   |  |               |  |             |  



|Note: | Deposits at notice represent interest-bearing demand deposits which require the depositor to give two or more days notice in advance of withdrawal.
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------

The amounts of total deposits by foreign depositors in domestic offices at March 31, 2008, 2009 and 2010 were ¥1,132
billion, ¥627 billion and ¥366 billion, respectively.

At March 31, 2010, the balance and remaining maturities of time deposits
and certificates of deposit issued by domestic offices in amounts of ¥10 million (approximately US$107 thousand at the Federal Reserve Bank of New Yorks noon buying rate on March 31, 2010) or more as well as the balance of those
deposits issued by foreign offices in amounts of US$100,000 or more are shown in the following table:



|                                           |  |                      |  |                        |  |       
|------------------------------------------ |  | -------------------- |  | ---------------------- |  | ------
|                                           |  | Timedeposits         |  | Certificates ofdeposit |  | Total 
|                                           |  | (in billions of yen)
|Domestic offices:                          |  |                      |  |                        |  |       
|Due in three months or less                |  | 9,336                |  | 8,255                  |  | 17,591
|Due after three months through six months  |  | 4,360                |  | 279                    |  | 4,639 
|Due after six months through twelve months |  | 3,506                |  | 26                     |  | 3,532 
|Due after twelve months                    |  | 1,558                |  | 4                      |  | 1,562 
|                                           |  |                      |  |                        |  |       
|Total                                      |  | 18,760               |  | 8,564                  |  | 27,324
|Foreign offices                            |  | 5,704                |  | 1,724                  |  | 7,428 
|                                           |  |                      |  |                        |  |       
|Total                                      |  | 24,464               |  | 10,288                 |  | 34,752
|                                           |  |                      |  |                        |  |       



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##### Table of Contents

VI. Short-term borrowings

The following table shows certain additional information with respect to the MHFG Groups short-term borrowings for the fiscal years ended
March 31, 2008, 2009 and 2010:



|                                                                                                              |  |                                          |   |  |        |   |  |        |  
|------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------- | - |  | ------ | - |  | ------ | -
|                                                                                                              |  | 2008                                     |   |  | 2009   |   |  | 2010   |  
|                                                                                                              |  | (in billions of yen, except percentages) |  
|Due to trust accounts:                                                                                        |  |                                          |   |  |        |   |  |        |  
|Average balance outstanding during the fiscal year                                                            |  | 1,210                                    |   |  | 1,058  |   |  | 1,041  |  
|Maximum balance outstanding at any month-end during the fiscal year                                           |  | 1,266                                    |   |  | 1,230  |   |  | 1,304  |  
|Balance at end of fiscal year                                                                                 |  | 1,120                                    |   |  | 986    |   |  | 1,025  |  
|Weighted average interest rate during the fiscal year                                                         |  | 0.73                                     | % |  | 0.64   | % |  | 0.47   | %
|Weighted average interest rate on balance at end of fiscal year                                               |  | 0.70                                     | % |  | 0.53   | % |  | 0.43   | %
|                                                                                                              |  |                                          |  
|Call money and funds purchased, and payables under repurchase agreements and securities lending transactions: |  |                                          |   |  |        |   |  |        |  
|Average balance outstanding during the fiscal year                                                            |  | 28,538                                   |   |  | 25,855 |   |  | 25,119 |  
|Maximum balance outstanding at any month-end during the fiscal year                                           |  | 32,300                                   |   |  | 28,255 |   |  | 27,347 |  
|Balance at end of fiscal year                                                                                 |  | 25,300                                   |   |  | 19,936 |   |  | 24,687 |  
|Weighted average interest rate during the fiscal year                                                         |  | 2.87                                     | % |  | 1.18   | % |  | 0.23   | %
|Weighted average interest rate on balance at end of fiscal year                                               |  | 2.46                                     | % |  | 0.38   | % |  | 0.14   | %
|                                                                                                              |  |                                          |  
|Commercial paper and other short-term borrowings:                                                             |  |                                          |   |  |        |   |  |        |  
|Average balance outstanding during the fiscal year                                                            |  | 4,834                                    |   |  | 6,257  |   |  | 7,124  |  
|Maximum balance outstanding at any month-end during the fiscal year                                           |  | 7,048                                    |   |  | 9,561  |   |  | 9,930  |  
|Balance at end of fiscal year                                                                                 |  | 5,374                                    |   |  | 8,715  |   |  | 9,046  |  
|Weighted average interest rate during the fiscal year                                                         |  | 1.38                                     | % |  | 1.01   | % |  | 0.28   | %
|Weighted average interest rate on balance at end of fiscal year                                               |  | 0.83                                     | % |  | 0.41   | % |  | 0.15   | %



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC.

Index to Consolidated Financial Statements



|                                                                                                          |  |     
|--------------------------------------------------------------------------------------------------------- |  | ----
|                                                                                                          |  | Page
|Consolidated Financial Statements of Mizuho Financial Group, Inc. and Subsidiaries                        |  |     
|Report of Independent Registered Public Accounting Firm                                                   |  | F-2 
|Consolidated Balance Sheets as of March 31, 2009 and 2010                                                 |  | F-4 
|Consolidated Statements of Income for the fiscal years ended March 31, 2008, 2009 and
2010                |  | F-6 
|Consolidated Statements of Comprehensive Income for the fiscal years ended March 
31, 2008, 2009 and 2010 |  | F-7 
|Consolidated Statements of Equity for the fiscal years ended March 31, 2008, 2009 and
2010                |  | F-8 
|Consolidated Statements of Cash Flows for the fiscal years ended March 31, 2008, 2009 and 2010            |  | F-10
|Notes to Consolidated Financial Statements                                                                |  | F-12



F-1



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##### Table of Contents

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

of Mizuho Financial Group, Inc.

We have
audited the accompanying consolidated balance sheets of Mizuho Financial Group, Inc. and subsidiaries (the Company) as of March 31, 2010 and 2009, and the related consolidated statements of income, comprehensive income, equity, and cash
flows for each of the three years in the period ended March 31, 2010. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Mizuho Financial Group, Inc. and subsidiaries at March 31, 2010 and 2009, and the consolidated results of their operations and their cash flows for each of the three years in the period ended March 31, 2010, in conformity
with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the Companys internal control over financial reporting as of March 31, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission and our report dated July 29, 2010 expressed an unqualified opinion thereon.

/s/ Ernst & Young ShinNihon LLC

Tokyo, Japan

July 29, 2010



F-2



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##### Table of Contents

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

of
Mizuho Financial Group, Inc.

We have audited Mizuho Financial Group, Inc. and subsidiaries (the Company) internal control
over financial reporting as of March 31, 2010, based on criteria established in Internal ControlIntegrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). The Companys
management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Managements Annual Report on
Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Companys internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.

A companys internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A
companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys
assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

In our opinion, Mizuho Financial Group, Inc. and subsidiaries maintained, in all material
respects, effective internal control over financial reporting as of March 31, 2010, based on the COSO criteria.

We also have audited, in
accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Mizuho Financial Group, Inc. and subsidiaries as of March 31, 2010 and 2009, and the related consolidated statements
of income, comprehensive income, equity, and cash flows for each of the three years in the period ended March 31, 2010 and our report dated July 29, 2010 expressed an unqualified opinion thereon.

/s/ Ernst & Young ShinNihon LLC

Tokyo,
Japan

July 29, 2010



F-3



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2009 AND 2010



|                                                                                                                                                                                           |  |                      |   |  |             |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------------- | - |  | ----------- | -
|                                                                                                                                                                                           |  | 2009                 |   |  | 2010        |  
|                                                                                                                                                                                           |  | (in millions of yen) |  
|Assets:                                                                                                                                                                                    |  |                      |   |  |             |  
|Cash and due from banks (Note 10)                                                                                                                                                          |  | 2,732,912            |   |  | 3,399,459   |  
|Interest-bearing deposits in other banks (Note 10)                                                                                                                                         |  | 3,128,135            |   |  | 2,027,054   |  
|Call loans and funds sold                                                                                                                                                                  |  | 144,505              |   |  | 607,017     |  
|Receivables under resale agreements                                                                                                                                                        |  | 6,276,539            |   |  | 7,131,621   |  
|Receivables under securities borrowing transactions                                                                                                                                        |  | 5,819,418            |   |  | 5,744,901   |  
|Trading account assets (including assets pledged that secured parties are permitted to sell or repledge of
¥4,054,073 million in 2009 and ¥7,750,764 million in 2010) (Notes 4, 10 and 29) |  | 31,006,311           |   |  | 31,527,969  |  
|Investments (Notes 5, 10 and 29):                                                                                                                                                          |  |                      |   |  |             |  
|Available-for-sale securities (including assets pledged that secured parties are permitted to sell or repledge of
¥2,502,478 million in 2009 and ¥3,766,797 million in 2010)               |  | 27,554,734           |   |  | 37,801,365  |  
|Held-to-maturity securities                                                                                                                                                                |  | 179,134              |   |  | 603,379     |  
|Other investments                                                                                                                                                                          |  | 1,011,838            |   |  | 847,928     |  
|Loans (Notes 6, 7, 10 and 29)                                                                                                                                                              |  | 72,657,095           |   |  | 63,782,851  |  
|Allowance for loan losses                                                                                                                                                                  |  | (869,786             | ) |  | (879,433    | )
|                                                                                                                                                                                           |  |                      |   |  |             |  
|Loans, net of allowance                                                                                                                                                                    |  | 71,787,309           |   |  | 62,903,418  |  
|Premises and equipmentnet (Note 8)                                                                                                                                                        |  | 899,748              |   |  | 1,047,917   |  
|Due from customers on acceptances                                                                                                                                                          |  | 54,208               |   |  | 51,010      |  
|Accrued income                                                                                                                                                                             |  | 296,208              |   |  | 265,747     |  
|Goodwill (Note 9)                                                                                                                                                                          |  | 15,016               |   |  | 15,016      |  
|Intangible assets (Notes 3 and 9)                                                                                                                                                          |  | 10,018               |   |  | 80,994      |  
|Deferred tax assets (Note 21)                                                                                                                                                              |  | 791,462              |   |  | 826,157     |  
|Other assets (Notes 6, 10, 15, 22 and 29)                                                                                                                                                  |  | 3,375,536            |   |  | 3,470,504   |  
|                                                                                                                                                                                           |  |                      |   |  |             |  
|Total assets                                                                                                                                                                               |  | 155,083,031          |   |  | 158,351,456 |  
|                                                                                                                                                                                           |  |                      |   |  |             |  

See the accompanying Notes to the Consolidated Financial
Statements.



F-4



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS(Continued)

MARCH 31, 2009 AND 2010



|                                                                                                                                                                                              |  |                      |   |  |             |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------- | - |  | ----------- | -
|                                                                                                                                                                                              |  | 2009                 |   |  | 2010        |  
|                                                                                                                                                                                              |  | (in millions of yen) |  
|Liabilities and equity:                                                                                                                                                                       |  |                      |   |  |             |  
|Deposits (Notes 10 and 11):                                                                                                                                                                   |  |                      |   |  |             |  
|Domestic:                                                                                                                                                                                     |  |                      |   |  |             |  
|Noninterest-bearing deposits                                                                                                                                                                  |  | 11,843,441           |   |  | 11,100,878  |  
|Interest-bearing deposits                                                                                                                                                                     |  | 67,114,628           |   |  | 67,136,833  |  
|Foreign:                                                                                                                                                                                      |  |                      |   |  |             |  
|Noninterest-bearing deposits                                                                                                                                                                  |  | 470,757              |   |  | 530,818     |  
|Interest-bearing deposits                                                                                                                                                                     |  | 7,646,901            |   |  | 8,007,722   |  
|Debentures (Note 12)                                                                                                                                                                          |  | 2,300,460            |   |  | 1,517,798   |  
|Due to trust accounts (Note 13)                                                                                                                                                               |  | 986,148              |   |  | 1,025,431   |  
|Call money and funds purchased                                                                                                                                                                |  | 6,449,830            |   |  | 5,786,370   |  
|Payables under repurchase agreements                                                                                                                                                          |  | 9,183,363            |   |  | 12,075,799  |  
|Payables under securities lending transactions                                                                                                                                                |  | 4,302,824            |   |  | 6,824,807   |  
|Commercial paper                                                                                                                                                                              |  | 315,819              |   |  | 150,834     |  
|Other short-term borrowings                                                                                                                                                                   |  | 8,399,639            |   |  | 8,894,961   |  
|Trading account liabilities (Notes 4 and 29)                                                                                                                                                  |  | 21,507,485           |   |  | 19,402,556  |  
|Bank acceptances outstanding                                                                                                                                                                  |  | 54,208               |   |  | 51,010      |  
|Income taxes payable (Note 21)                                                                                                                                                                |  | 22,239               |   |  | 17,753      |  
|Deferred tax liabilities (Note 21)                                                                                                                                                            |  | 7,443                |   |  | 11,705      |  
|Accrued expenses                                                                                                                                                                              |  | 216,206              |   |  | 207,677     |  
|Long-term debt (including liabilities accounted for at fair value of ¥267,539 million in 2009, and ¥353,604 million
in 2010) (Notes 14 and 29)                                                |  | 8,017,770            |   |  | 8,482,434   |  
|Other liabilities (Notes 15, 22, 25 and 29)                                                                                                                                                   |  | 5,206,690            |   |  | 3,794,052   |  
|                                                                                                                                                                                              |  |                      |   |  |             |  
|Total liabilities                                                                                                                                                                             |  | 154,045,851          |   |  | 155,019,438 |  
|                                                                                                                                                                                              |  |                      |   |  |             |  
|Commitments and contingencies (Note 25)                                                                                                                                                       |  |                      |   |  |             |  
|                                                                                                                                                                                              |  |                     
|Equity:                                                                                                                                                                                       |  |                      |   |  |             |  
|MHFG shareholders equity:                                                                                                                                                                    |  |                      |   |  |             |  
|Preferred stock (Note 16)                                                                                                                                                                     |  | 948,641              |   |  | 535,971     |  
|Common stock (Note 17)no par value, authorized 24,115,759,000 shares in 2009, and 24,115,759,000 shares in 2010, and issued
11,178,940,660 shares in 2009, and 15,494,397,690 shares in 2010 |  | 3,386,792            |   |  | 4,324,705   |  
|Accumulated deficit                                                                                                                                                                           |  | (3,293,692           | ) |  | (2,325,109  | )
|Accumulated other comprehensive income (loss), net of tax                                                                                                                                     |  | (189,476             | ) |  | 435,832     |  
|Less: Treasury stock, at costCommon stock 11,335,903 shares in 2009, and 9,397,093 shares in 2010                                                                                            |  | (6,218               | ) |  | (5,184      | )
|                                                                                                                                                                                              |  |                      |   |  |             |  
|Total MHFG shareholders equity                                                                                                                                                               |  | 846,047              |   |  | 2,966,215   |  
|Noncontrolling interests (Note 26)                                                                                                                                                            |  | 191,133              |   |  | 365,803     |  
|                                                                                                                                                                                              |  |                      |   |  |             |  
|Total equity                                                                                                                                                                                  |  | 1,037,180            |   |  | 3,332,018   |  
|                                                                                                                                                                                              |  |                      |   |  |             |  
|Total liabilities and equity                                                                                                                                                                  |  | 155,083,031          |   |  | 158,351,456 |  
|                                                                                                                                                                                              |  |                      |   |  |             |  

See the accompanying Notes to the Consolidated Financial Statements.



F-5



---

##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE FISCAL YEARS ENDED MARCH 31, 2008, 2009 AND 2010



|                                                                          |  |                      |   |  |            |   |  |           |  
|------------------------------------------------------------------------- |  | -------------------- | - |  | ---------- | - |  | --------- | -
|                                                                          |  | 2008                 |   |  | 2009       |   |  | 2010      |  
|                                                                          |  | (in millions of yen) |  
|Interest and dividend income:                                             |  |                      |   |  |            |   |  |           |  
|Loans, including fees (Note 6)                                            |  | 1,634,902            |   |  | 1,482,824  |   |  | 1,093,463 |  
|Investments:                                                              |  |                      |   |  |            |   |  |           |  
|Interest                                                                  |  | 637,455              |   |  | 269,529    |   |  | 203,744   |  
|Dividends                                                                 |  | 91,131               |   |  | 97,395     |   |  | 74,226    |  
|Trading account assets                                                    |  | 84,426               |   |  | 287,458    |   |  | 204,088   |  
|Call loans and funds sold                                                 |  | 13,568               |   |  | 8,937      |   |  | 3,432     |  
|Receivables under resale agreements and securities borrowing transactions |  | 570,434              |   |  | 199,966    |   |  | 44,147    |  
|Deposits                                                                  |  | 78,344               |   |  | 38,082     |   |  | 9,182     |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Total interest and dividend income                                        |  | 3,110,260            |   |  | 2,384,191  |   |  | 1,632,282 |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Interest expense:                                                         |  |                      |   |  |            |   |  |           |  
|Deposits                                                                  |  | 754,180              |   |  | 487,470    |   |  | 195,543   |  
|Debentures                                                                |  | 23,746               |   |  | 17,594     |   |  | 11,960    |  
|Trading account liabilities                                               |  | 27,107               |   |  | 18,028     |   |  | 30,743    |  
|Call money and funds purchased                                            |  | 59,829               |   |  | 48,259     |   |  | 10,948    |  
|Payables under repurchase agreements and securities lending transactions  |  | 760,367              |   |  | 257,338    |   |  | 46,104    |  
|Other short-term borrowings                                               |  | 75,498               |   |  | 69,820     |   |  | 24,958    |  
|Long-term debt                                                            |  | 210,795              |   |  | 203,506    |   |  | 207,903   |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Total interest expense                                                    |  | 1,911,522            |   |  | 1,102,015  |   |  | 528,159   |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Net interest income                                                       |  | 1,198,738            |   |  | 1,282,176  |   |  | 1,104,123 |  
|Provision (credit) for loan losses (Notes 6 and 7)                        |  | (57,766              | ) |  | 567,396    |   |  | 222,102   |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Net interest income after provision (credit) for loan losses              |  | 1,256,504            |   |  | 714,780    |   |  | 882,021   |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Noninterest income:                                                       |  |                      |   |  |            |   |  |           |  
|Fees and commissions (Note 28)                                            |  | 633,064              |   |  | 560,539    |   |  | 586,408   |  
|Foreign exchange gains (losses)net (Note 4)                              |  | 296,732              |   |  | 23,769     |   |  | (1,311    | )
|Trading account gainsnet (Note 4)                                        |  | 135,955              |   |  | 122,018    |   |  | 421,593   |  
|Investment gains (losses)net (Note 5)                                    |  | (191,314             | ) |  | (462,207   | ) |  | 66,763    |  
|Gains on disposal of premises and equipment                               |  | 37,264               |   |  | 23,359     |   |  | 27,543    |  
|Other noninterest income (Notes 3, 22 and 31)                             |  | 183,242              |   |  | 184,749    |   |  | 229,851   |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Total noninterest income                                                  |  | 1,094,943            |   |  | 452,227    |   |  | 1,330,847 |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Noninterest expenses:                                                     |  |                      |   |  |            |   |  |           |  
|Salaries and employee benefits (Note 22)                                  |  | 436,100              |   |  | 495,943    |   |  | 592,520   |  
|General and administrative expenses                                       |  | 508,749              |   |  | 499,441    |   |  | 496,987   |  
|Impairment of goodwill (Note 9)                                           |  | 50,258               |   |  |           |   |  |          |  
|Occupancy expenses                                                        |  | 196,735              |   |  | 177,646    |   |  | 172,160   |  
|Fees and commission expenses                                              |  | 111,172              |   |  | 105,744    |   |  | 91,621    |  
|Provision (credit) for losses on off-balance-sheet instruments (Note 25)  |  | 5,090                |   |  | 83,628     |   |  | (24,107   | )
|Other noninterest expenses (Notes 6, 24 and 31)                           |  | 196,205              |   |  | 162,699    |   |  | 197,232   |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Total noninterest expenses                                                |  | 1,504,309            |   |  | 1,525,101  |   |  | 1,526,413 |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Income (loss) before income tax expense (benefit)                         |  | 847,138              |   |  | (358,094   | ) |  | 686,455   |  
|Income tax expense (benefit) (Note 21)                                    |  | 672,176              |   |  | 761,908    |   |  | (360,195  | )
|                                                                          |  |                      |   |  |            |   |  |           |  
|Net income (loss)                                                         |  | 174,962              |   |  | (1,120,002 | ) |  | 1,046,650 |  
|Less: Net income (loss) attributable to noncontrolling interests          |  | (53,656              | ) |  | (61,555    | ) |  | 46,961    |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Net income (loss) attributable to MHFG shareholders                       |  | 228,618              |   |  | (1,058,447 | ) |  | 999,689   |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|                                                                          | 
|                                                                          |  | (in yen)             |  
|Earnings per common share (Note 20):                                      |  |                      |  
|Basic net income (loss) per common share                                  |  | 18.17                |   |  | (95.96     | ) |  | 70.55     |  
|                                                                          |  |                      |   |  |            |   |  |           |  
|Diluted net income (loss) per common share                                |  | 16.77                |   |  | (95.96     | ) |  | 61.64     |  
|                                                                          |  |                      |   |  |            |   |  |           |  

See the accompanying Notes to the Consolidated Financial Statements.



F-6



---

##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE FISCAL YEARS ENDED MARCH 31, 2008, 2009 AND 2010



|                                                                                             |  |                      |   |  |            |   |  |          
|-------------------------------------------------------------------------------------------- |  | -------------------- | - |  | ---------- | - |  | ---------
|                                                                                             |  | 2008                 |   |  | 2009       |   |  | 2010     
|                                                                                             |  | (in millions of yen)
|Net income (loss)                                                                            |  | 174,962              |   |  | (1,120,002 | ) |  | 1,046,650
|                                                                                             |  |                      |   |  |            |   |  |          
|Other comprehensive income (loss), net of tax:                                               |  |                      |   |  |            |   |  |          
|Unrealized net gains (losses) on available-for-sale securities, net of tax (Notes 5 and 21): |  |                      |   |  |            |   |  |          
|Unrealized holding gains (losses)                                                            |  | (886,567             | ) |  | (715,266   | ) |  | 508,333  
|Less: reclassification adjustments for losses (gains) included in net income                 |  | (250,043             | ) |  | (40,090    | ) |  | 13,032   
|                                                                                             |  |                      |   |  |            |   |  |          
|Total                                                                                        |  | (1,136,610           | ) |  | (755,356   | ) |  | 521,365  
|                                                                                             |  |                      |   |  |            |   |  |          
|Foreign currency translation adjustments, net of tax:                                        |  |                      |   |  |            |   |  |          
|Foreign currency translation adjustments                                                     |  | (19,474              | ) |  | (102,254   | ) |  | 17,269   
|Less: reclassification adjustments for losses (gains) included in net income                 |  |                     |   |  |           |   |  |         
|                                                                                             |  |                      |   |  |            |   |  |          
|Total                                                                                        |  | (19,474              | ) |  | (102,254   | ) |  | 17,269   
|                                                                                             |  |                      |   |  |            |   |  |          
|Pension liability adjustments, net of tax (Notes 21 and 22):                                 |  |                      |   |  |            |   |  |          
|Unrealized gains (losses)                                                                    |  | (245,429             | ) |  | (273,792   | ) |  | 187,485  
|Less: reclassification adjustments for losses (gains) included in net income                 |  | (4,115               | ) |  | 3,972      |   |  | 22,691   
|                                                                                             |  |                      |   |  |            |   |  |          
|Total                                                                                        |  | (249,544             | ) |  | (269,820   | ) |  | 210,176  
|                                                                                             |  |                      |   |  |            |   |  |          
|Total other comprehensive income (loss), net of tax                                          |  | (1,405,628           | ) |  | (1,127,430 | ) |  | 748,810  
|                                                                                             |  |                      |   |  |            |   |  |          
|Total comprehensive income (loss)                                                            |  | (1,230,666           | ) |  | (2,247,432 | ) |  | 1,795,460
|Less: Total comprehensive income (loss) attributable to noncontrolling interests             |  | (91,519              | ) |  | (96,716    | ) |  | 68,952   
|                                                                                             |  |                      |   |  |            |   |  |          
|Total comprehensive income (loss) attributable to MHFG shareholders                          |  | (1,139,147           | ) |  | (2,150,716 | ) |  | 1,726,508
|                                                                                             |  |                      |   |  |            |   |  |          

See the accompanying Notes to the Consolidated
Financial Statements.



F-7



---

##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

FOR THE FISCAL YEARS ENDED MARCH 31, 2008, 2009 AND 2010



|                                                                                 |  |                      |   |  |            |   |  |            |  
|-------------------------------------------------------------------------------- |  | -------------------- | - |  | ---------- | - |  | ---------- | -
|                                                                                 |  | 2008                 |   |  | 2009       |   |  | 2010       |  
|                                                                                 |  | (in millions of yen) |  
|Preferred stock (Note 16):                                                       |  |                      |   |  |            |   |  |            |  
|Balance at beginning of fiscal year                                              |  | 980,430              |   |  | 980,430    |   |  | 948,641    |  
|Change during year                                                               |  |                     |   |  | (31,789    | ) |  | (412,670   | )
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Balance at end of fiscal year                                                    |  | 980,430              |   |  | 948,641    |   |  | 535,971    |  
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Common stock (Note 17):                                                          |  |                      |   |  |            |   |  |            |  
|Balance at beginning of fiscal year                                              |  | 3,532,492            |   |  | 3,437,420  |   |  | 3,386,792  |  
|Issuance of new shares of common stock                                           |  |                     |   |  |           |   |  | 533,794    |  
|Issuance of new shares of common stock by conversion of preferred stock          |  |                     |   |  | 31,789     |   |  | 412,670    |  
|Cancellation of common stock                                                     |  | (95,055              | ) |  | (83,729    | ) |  |           |  
|Gains (losses) on sales of treasury stock                                        |  |                     |   |  | 124        |   |  | (662       | )
|Stock-based compensation (Note 23)                                               |  |                     |   |  | 1,188      |   |  | 1,114      |  
|Change in ownership interest in consolidated subsidiaries                        |  |                     |   |  |           |   |  | (9,003     | )
|Other                                                                            |  | (17                  | ) |  |           |   |  |           |  
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Balance at end of fiscal year                                                    |  | 3,437,420            |   |  | 3,386,792  |   |  | 4,324,705  |  
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Accumulated deficit:                                                             |  |                      |   |  |            |   |  |            |  
|Balance at beginning of fiscal year, previously reported                         |  | (2,105,719           | ) |  | (2,066,604 | ) |  | (3,293,692 | )
|Cumulative effect of change in accounting principles, net of tax (Notes 2 and 5) |  | (2,597               | ) |  | 27,837     |   |  | 99,910     |  
|Balance at beginning of fiscal year, adjusted                                    |  | (2,108,316           | ) |  | (2,038,767 | ) |  | (3,193,782 | )
|Net income (loss)                                                                |  | 228,618              |   |  | (1,058,447 | ) |  | 999,689    |  
|Dividends declared                                                               |  | (101,230             | ) |  | (133,898   | ) |  | (131,016   | )
|Cancellation of common stock                                                     |  | (85,134              | ) |  | (62,580    | ) |  |           |  
|Other                                                                            |  | (542                 | ) |  |           |   |  |           |  
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Balance at end of fiscal year                                                    |  | (2,066,604           | ) |  | (3,293,692 | ) |  | (2,325,109 | )
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Accumulated other comprehensive income (loss), net of tax:                       |  |                      |   |  |            |   |  |            |  
|Unrealized net gains on available-for-sale securities (Note 5):                  |  |                      |   |  |            |   |  |            |  
|Balance at beginning of fiscal year, previously reported                         |  | 2,214,375            |   |  | 1,103,213  |   |  | 348,789    |  
|Cumulative effect of change in accounting principles (Notes 2 and 5)             |  |                     |   |  | (17,269    | ) |  | (99,910    | )
|Balance at beginning of fiscal year, adjusted                                    |  | 2,214,375            |   |  | 1,085,944  |   |  | 248,879    |  
|Change during year                                                               |  | (1,111,162           | ) |  | (737,155   | ) |  | 506,131    |  
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Balance at end of fiscal year                                                    |  | 1,103,213            |   |  | 348,789    |   |  | 755,010    |  
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Foreign currency translation adjustments:                                        |  |                      |   |  |            |   |  |            |  
|Balance at beginning of fiscal year                                              |  | (57,403              | ) |  | (71,125    | ) |  | (166,575   | )
|Change during year                                                               |  | (13,722              | ) |  | (95,450    | ) |  | 16,371     |  
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Balance at end of fiscal year                                                    |  | (71,125              | ) |  | (166,575   | ) |  | (150,204   | )
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Pension liability adjustments (Note 22):                                         |  |                      |   |  |            |   |  |            |  
|Balance at beginning of fiscal year                                              |  | 130,855              |   |  | (112,026   | ) |  | (371,690   | )
|Change during year                                                               |  | (242,881             | ) |  | (259,664   | ) |  | 202,716    |  
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Balance at end of fiscal year                                                    |  | (112,026             | ) |  | (371,690   | ) |  | (168,974   | )
|                                                                                 |  |                      |   |  |            |   |  |            |  
|Balance at end of fiscal year                                                    |  | 920,062              |   |  | (189,476   | ) |  | 435,832    |  
|                                                                                 |  |                      |   |  |            |   |  |            |  

See the accompanying Notes to the Consolidated Financial
Statements.



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY(Continued)

FOR THE FISCAL YEARS ENDED MARCH 31, 2008, 2009 AND 2010



|                                                                                               |  |                      |   |  |           |   |  |           |  
|---------------------------------------------------------------------------------------------- |  | -------------------- | - |  | --------- | - |  | --------- | -
|                                                                                               |  | 2008                 |   |  | 2009      |   |  | 2010      |  
|                                                                                               |  | (in millions of yen) |  
|Treasury stock, at cost:                                                                       |  |                      |   |  |           |   |  |           |  
|Balance at beginning of fiscal year                                                            |  | (32,330              | ) |  | (2,508    | ) |  | (6,218    | )
|Purchases of treasury stock                                                                    |  | (150,464             | ) |  | (150,359  | ) |  | (5        | )
|Disposal of treasury stock                                                                     |  | 100                  |   |  | 280       |   |  | 1,039     |  
|Cancellation of treasury stock                                                                 |  | 180,189              |   |  | 146,309   |   |  |          |  
|Other                                                                                          |  | (3                   | ) |  | 60        |   |  |          |  
|                                                                                               |  |                      |   |  |           |   |  |           |  
|Balance at end of fiscal year                                                                  |  | (2,508               | ) |  | (6,218    | ) |  | (5,184    | )
|                                                                                               |  |                      |   |  |           |   |  |           |  
|Total MHFG shareholders equity                                                                |  | 3,268,800            |   |  | 846,047   |   |  | 2,966,215 |  
|                                                                                               |  |                      |   |  |           |   |  |           |  
|Noncontrolling interests:                                                                      |  |                      |   |  |           |   |  |           |  
|Balance at beginning of fiscal year                                                            |  | 341,603              |   |  | 299,357   |   |  | 191,133   |  
|Effect of business combination (Note 3)                                                        |  |                     |   |  |          |   |  | 151,584   |  
|Effect of increase/decrease in consolidated subsidiaries                                       |  | 61,932               |   |  | 4,639     |   |  | (40,204   | )
|Dividends paid to noncontrolling interests                                                     |  | (12,659              | ) |  | (16,147   | ) |  | (5,662    | )
|Net income (loss) attributable to noncontrolling interests                                     |  | (53,656              | ) |  | (61,555   | ) |  | 46,961    |  
|Unrealized net gains on available-for-sale securities attributable to noncontrolling interests |  | (25,448              | ) |  | (18,201   | ) |  | 15,234    |  
|Foreign currency translation adjustments attributable to noncontrolling interests              |  | (5,752               | ) |  | (6,803    | ) |  | (1,144    | )
|Pension liability adjustments attributable to noncontrolling interests                         |  | (6,663               | ) |  | (10,157   | ) |  | 7,901     |  
|                                                                                               |  |                      |   |  |           |   |  |           |  
|Balance at end of fiscal year                                                                  |  | 299,357              |   |  | 191,133   |   |  | 365,803   |  
|                                                                                               |  |                      |   |  |           |   |  |           |  
|Total equity                                                                                   |  | 3,568,157            |   |  | 1,037,180 |   |  | 3,332,018 |  
|                                                                                               |  |                      |   |  |           |   |  |           |  



See the accompanying Notes to the
Consolidated Financial Statements.



F-9



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE FISCAL YEARS ENDED MARCH 31, 2008, 2009 AND 2010



|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|-------------------------------------------------------------------------------------------------------------------------- |  | -------------------- | - |  | ----------- | - |  | ----------- | -
|                                                                                                                           |  | 2008                 |   |  | 2009        |   |  | 2010        |  
|                                                                                                                           |  | (in millions of yen) |  
|Cash flows from operating activities:                                                                                      |  |                      |   |  |             |   |  |             |  
|Net income (loss)                                                                                                          |  | 174,962              |   |  | (1,120,002  | ) |  | 1,046,650   |  
|Less: Net income (loss) attributable to noncontrolling interests                                                           |  | (53,656              | ) |  | (61,555     | ) |  | 46,961      |  
|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|Net income (loss) attributable to MHFG shareholders                                                                        |  | 228,618              |   |  | (1,058,447  | ) |  | 999,689     |  
|Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                         |  |                      |   |  |             |   |  |             |  
|Depreciation and amortization                                                                                              |  | 169,925              |   |  | 146,191     |   |  | 156,393     |  
|Provision (credit) for loan losses                                                                                         |  | (57,766              | ) |  | 567,396     |   |  | 222,102     |  
|Investment losses (gains)net                                                                                              |  | 191,314              |   |  | 462,207     |   |  | (66,763     | )
|Foreign exchange losses (gains)net                                                                                        |  | (77,285              | ) |  | (9,379      | ) |  | (26,236     | )
|Deferred income tax expense (benefit)                                                                                      |  | 626,993              |   |  | 711,122     |   |  | (377,308    | )
|Net change in trading account assets                                                                                       |  | (7,361,861           | ) |  | (94,841     | ) |  | 458,239     |  
|Net change in trading account liabilities                                                                                  |  | 3,121,154            |   |  | 2,466,501   |   |  | (2,679,240  | )
|Net change in loans held for sale                                                                                          |  | (508,544             | ) |  | 118,061     |   |  | 7,294       |  
|Net change in accrued income                                                                                               |  | 42,176               |   |  | 61,503      |   |  | 38,118      |  
|Net change in accrued expenses                                                                                             |  | (3,685               | ) |  | (64,062     | ) |  | (13,462     | )
|Othernet                                                                                                                  |  | 50,813               |   |  | 191,170     |   |  | 267,222     |  
|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|Net cash provided by (used in) operating activities                                                                        |  | (3,578,148           | ) |  | 3,497,422   |   |  | (1,013,952  | )
|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|Cash flows from investing activities:                                                                                      |  |                      |   |  |             |   |  |             |  
|Proceeds from sales of available-for-sale securities                                                                       |  | 67,552,771           |   |  | 47,038,991  |   |  | 39,430,098  |  
|Proceeds from maturities of available-for-sale securities                                                                  |  | 17,172,457           |   |  | 18,466,507  |   |  | 12,558,894  |  
|Purchases of available-for-sale securities                                                                                 |  | (85,919,342          | ) |  | (65,128,275 | ) |  | (62,815,825 | )
|Proceeds from maturities of held-to-maturity securities                                                                    |  | 511,008              |   |  | 594,915     |   |  | 180,497     |  
|Purchases of held-to-maturity securities                                                                                   |  |                     |   |  |            |   |  | (602,036    | )
|Proceeds from sales of other investments                                                                                   |  | 278,151              |   |  | 33,522      |   |  | 26,704      |  
|Purchases of other investments                                                                                             |  | (306,014             | ) |  | (103,651    | ) |  | (120,662    | )
|Proceeds from sales of loans                                                                                               |  | 225,456              |   |  | 326,781     |   |  | 367,069     |  
|Net change in loans                                                                                                        |  | (1,063,414           | ) |  | (5,980,581  | ) |  | 8,327,521   |  
|Net change in interest-bearing deposits in other banks                                                                     |  | (469,747             | ) |  | (1,597,417  | ) |  | 1,063,622   |  
|Net change in call loans and funds sold, and receivables under resale agreements and securities borrowing
transactions     |  | 419,782              |   |  | 3,296,830   |   |  | (718,570    | )
|Proceeds from sales of premises and equipment                                                                              |  | 37,895               |   |  | 7,068       |   |  | 15,819      |  
|Purchases of premises and equipment                                                                                        |  | (215,259             | ) |  | (221,070    | ) |  | (255,596    | )
|Cash and due from banks acquired in business combination (Note 3)                                                          |  |                     |   |  |            |   |  | 118,703     |  
|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|Net cash used in investing activities                                                                                      |  | (1,776,256           | ) |  | (3,266,380  | ) |  | (2,423,762  | )
|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|Cash flows from financing activities:                                                                                      |  |                      |   |  |             |   |  |             |  
|Net change in deposits                                                                                                     |  | 3,955,538            |   |  | 1,916,425   |   |  | (221,970    | )
|Net change in debentures                                                                                                   |  | (1,564,759           | ) |  | (858,984    | ) |  | (782,662    | )
|Net change in call money and funds purchased, and payables under repurchase agreements and securities lending
transactions |  | 1,227,192            |   |  | (4,090,352  | ) |  | 4,260,291   |  
|Net change in due to trust accounts                                                                                        |  | (15,412              | ) |  | (133,799    | ) |  | 39,283      |  
|Net change in commercial paper and other short-term borrowings                                                             |  | (190,847             | ) |  | 3,406,013   |   |  | (6,527      | )
|Proceeds from issuance of long-term debt                                                                                   |  | 2,114,094            |   |  | 1,824,193   |   |  | 1,582,902   |  
|Repayment of long-term debt                                                                                                |  | (914,274             | ) |  | (1,323,482  | ) |  | (1,150,366  | )
|Proceeds from noncontrolling interests                                                                                     |  | 49,805               |   |  | 14,776      |   |  | 1,516       |  
|Payment to noncontrolling interests                                                                                        |  | (12,603              | ) |  | (8,563      | ) |  | (15,459     | )
|Proceeds from issuance of common stock                                                                                     |  |                     |   |  |            |   |  | 533,794     |  
|Proceeds from sales of treasury stock                                                                                      |  | 99                   |   |  | 179         |   |  | 4           |  
|Purchases of treasury stock                                                                                                |  | (150,464             | ) |  | (150,359    | ) |  | (5          | )
|Dividends paid                                                                                                             |  | (101,115             | ) |  | (133,394    | ) |  | (130,297    | )
|Dividends paid to noncontrolling interests                                                                                 |  | (12,659              | ) |  | (16,147     | ) |  | (5,662      | )
|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|Net cash provided by financing activities                                                                                  |  | 4,384,595            |   |  | 446,506     |   |  | 4,104,842   |  
|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|Effect of exchange rate changes on cash and due from banks                                                                 |  | (20,204              | ) |  | (30,483     | ) |  | (581        | )
|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|Net increase (decrease) in cash and due from banks                                                                         |  | (990,013             | ) |  | 647,065     |   |  | 666,547     |  
|Cash and due from banks at beginning of fiscal year                                                                        |  | 3,075,860            |   |  | 2,085,847   |   |  | 2,732,912   |  
|                                                                                                                           |  |                      |   |  |             |   |  |             |  
|Cash and due from banks at end of fiscal year                                                                              |  | 2,085,847            |   |  | 2,732,912   |   |  | 3,399,459   |  
|                                                                                                                           |  |                      |   |  |             |   |  |             |  

See the accompanying Notes to the Consolidated Financial
Statements.



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS(Continued)

FOR THE FISCAL YEARS ENDED MARCH 31, 2008, 2009 AND 2010



|                                                                                                |  |                      |   |  |           |   |  |           |  
|----------------------------------------------------------------------------------------------- |  | -------------------- | - |  | --------- | - |  | --------- | -
|                                                                                                |  | 2008                 |   |  | 2009      |   |  | 2010      |  
|                                                                                                |  | (in millions of yen) |  
|Supplemental disclosure of cash flow information:                                               |  |                      |   |  |           |   |  |           |  
|Interest paid                                                                                   |  | 1,905,955            |   |  | 1,222,552 |   |  | 518,937   |  
|Income taxes paid (refunded), net                                                               |  | (47,426              | ) |  | (35,705   | ) |  | (54,885   | )
|Noncash investing activities:                                                                   |  |                      |   |  |           |   |  |           |  
|Transfer from loans into other investments                                                      |  | 92,409               |   |  |          |   |  | 2,222     |  
|Transfer from loans held for sale into loans                                                    |  |                     |   |  | 378,038   |   |  |          |  
|Investment in capital leases                                                                    |  | 3,805                |   |  | 2,439     |   |  | 6,763     |  
|Noncash assets acquired and liabilities assumed at fair value in business combination (Note 3): |  |                      |   |  |           |   |  |           |  
|Noncash assets acquired at fair value                                                           |  |                     |   |  |          |   |  | 2,200,521 |  
|Noncash liabilities assumed at fair value                                                       |  |                     |   |  |          |   |  | 2,025,753 |  

See the
accompanying Notes to the Consolidated Financial Statements.



F-11



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of presentation and summary of significant accounting policies

Basis of presentation

Mizuho Financial
Group, Inc. (MHFG) is a joint stock corporation with limited liability under the laws of Japan. MHFG, through its subsidiaries (the MHFG Group, or the Group), provides domestic and international financial services
in Japan and other countries. MHFGs subsidiaries are segmented on the basis of the nature of the financial products and services and the type of customers. Mizuho Bank, Ltd. (MHBK), a retail-oriented banking subsidiary, offers
financial services mainly to individual customers, small and medium enterprises (SMEs), middle-market corporations and local governmental entities in Japan. Mizuho Corporate Bank, Ltd. (MHCB), a wholesale banking subsidiary,
offers various financial services to large Japanese corporations, financial institutions, public sector entities and foreign corporations. Mizuho Trust & Banking Co., Ltd. (MHTB), a trust bank subsidiary, offers mainly
trust-related products and consulting services. Other major subsidiaries include Mizuho Securities Co., Ltd. (MHSC), Trust & Custody Service Bank, Ltd. (TCSB), Mizuho Investors Securities Co., Ltd.
(MHIS), Mizuho Capital Co., Ltd., and Mizuho Business Financial Center Co., Ltd. See Note 31 Business segment information for further discussion of the Groups segment information.

The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United
States of America (U.S. GAAP). The consolidated financial statements are stated in Japanese yen, the currency of the country in which MHFG is incorporated and principally operates.

The accompanying consolidated financial statements include the accounts of MHFG and its subsidiaries. The consolidated financial statements also include
the accounts of the variable interest entities (VIEs) for which MHFG or its subsidiaries have been determined to be the primary beneficiary under the Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) 810, Consolidation (ASC 810). All significant intercompany transactions and balances have been eliminated in consolidation. The MHFG Group accounts for investments in entities over which it has
significant influence using the equity method of accounting. These investments are included in Other investments and the Groups proportionate share of income or loss is included in Investment gains (losses)net.

Use of estimates

The preparation of
consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. Specific areas, among others, requiring the application of managements
estimates and judgment include assumptions pertaining to the allowance for loan losses, allowance for losses on off-balance-sheet instruments, deferred tax assets, derivative financial instruments, investments and pension and other employee
benefits. Actual results could differ from estimates and assumptions made.

Definition of cash and due from banks

For purposes of the consolidated statements of cash flows, Cash and due from banks include cash on hand, cash items in the process of collection and
noninterest-bearing deposits with banks.

Translation of foreign currency financial statements and foreign currency transactions

Financial statements of overseas entities are prepared using the functional currency of each entity and translated into Japanese yen for
consolidation purposes. Assets and liabilities are translated using the fiscal-year-end exchange rate of each functional currency, and income and expense using the average rate of each functional currency for the period.



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Foreign currency translation gains and losses related to the financial statements of overseas entities
of the MHFG Group, net of related income tax effects, are credited or charged directly to Foreign currency translation adjustments, a component of Accumulated other comprehensive income (loss), net of tax. Tax effects of gains and losses on foreign
currency translation of financial statements of overseas entities are not recognized unless it is apparent that the temporary differences will reverse in the foreseeable future.

Assets and liabilities denominated in foreign currencies are translated into Japanese yen at the fiscal-year-end foreign exchange rates, and gains and
losses resulting from such translation are included in Foreign exchange gains (losses)net, as appropriate. Foreign currency denominated income and expenses are translated using average exchange rates for the period.

Call loans and call money

Call loans
and call money represent lending/borrowing through the Japanese short-term money market to/from other financial institutions such as banks, insurance companies, and securities brokerage houses.

Repurchase and resale agreements, securities lending and borrowing and other secured financing transactions

Securities sold under agreements to repurchase (repurchase agreements), securities purchased under agreements to resell (resale
agreements) and securities lending and borrowing transactions are accounted for as secured financing or lending transactions when control over the underlying securities is not deemed to be surrendered by the transferor. Otherwise, they are
recorded as sales of securities with related forward repurchase commitments or purchases of securities with related forward resale commitments in accordance with ASC 860 Transfers and Servicing (ASC 860).

Under resale agreements, securities borrowing and certain derivatives transactions, the MHFG Group receives collateral in the form of securities. In many
cases, the MHFG Group is permitted to sell or repledge the securities obtained as collateral. Disclosures of such collateral are presented in Note 10 Pledged assets and collateral. With respect to securities lending, repurchase
agreements, and certain derivative transactions, counterparties may have the right to sell or repledge securities that the MHFG Group has pledged as collateral. The MHFG Group separately discloses those pledged securities in the consolidated balance
sheets.

The MHFG Group monitors credit exposure arising from resale agreements, repurchase agreements, securities borrowing and securities
lending transactions on a daily basis, and additional collateral is obtained from or returned to counterparties as appropriate.

Trading
securities and trading securities sold, not yet purchased

Trading securities consist of securities and money market instruments that are
bought and held principally for the purpose of reselling in the near term with the objective of generating profits on short-term fluctuations in price. Trading securities sold, not yet purchased, are securities and money market instruments sold to
third parties that the MHFG Group does not own and is obligated to purchase at a later date to cover the short position. Trading securities and trading securities sold, not yet purchased, are classified at the date of commitment or purchase. Trading
securities and trading securities sold, not yet purchased, are recorded at fair value in the consolidated balance sheets in Trading account assets and Trading account liabilities with realized and unrealized gains and losses recorded on a trade date
basis in Trading account gainsnet in earnings. Interest and dividends on trading account debt and equity securities, including securities sold, not yet purchased, are recorded in Interest and dividend income or Interest expense on an accrual
basis.



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Investments

Debt securities that the MHFG Group has both the positive intent and ability to hold to maturity are classified as Held-to-maturity securities and carried
at amortized cost. Debt securities that the MHFG Group may not hold to maturity as well as any marketable equity securities, other than those classified as trading account securities, are classified as Available-for-sale securities, and are carried
at fair value, with unrealized gains and losses reported in Accumulated other comprehensive income (loss), net of tax. Available-for-sale securities also include retained subordinated beneficial interests in a securitization transaction that can
contractually be repaid or otherwise settled in such a way that the holder would not recover substantially all of its recorded investments.

Prior to April 1, 2009, declines in the fair value of Held-to-maturity and Available-for-sale securities below their amortized cost, that were
deemed to be other-than-temporary, were all reported in Investment gains (losses)net. Effective April 1, 2009, the MHFG Group adopted new accounting guidance for impairments of debt securities that are deemed to be other-than-temporary.
Under the new impairment model, the credit component of an other-than-temporary impairment of a debt security is reported in Investment gains (losses)net and the noncredit component is reported in Other comprehensive income (loss). See Note 5
Investments for further discussion of the new impairment model for debt securities. In addition, other-than-temporary declines in beneficial interests purchased or retained in a securitization transaction which are classified as
available-for-sale debt securities are recognized if there has been an adverse change in the cash flows as of the balance sheet date. Interest and dividends, as well as amortization of premiums and accretion of discounts, are reported in Interest
and dividend income. Amortization of premiums and accretion of discounts on debt securities are recognized over the remaining maturity under the interest method. Gains and losses on disposition of investments are computed using the first-in
first-out method for debt securities and the average method for equity securities, and are recorded on the trade date.

Other investments
include marketable and non-marketable equity securities accounted for using the equity method, marketable and non-marketable investments held by consolidated investment companies which are held at fair value under specialized industry accounting
principles for investment companies, and other non-marketable equity securities carried at cost, less other-than-temporary impairment, if any.

Derivative financial instruments

Derivative financial instruments are bought and held principally for the purpose of market making for customers, proprietary trading in order to generate
trading revenues and fee income, and also to manage the MHFG Groups exposure to interest rate, credit and market risks related to asset and liability management. Such derivative financial instruments include interest rate, commodity, foreign
currency, equity and credit default swap agreements, options, caps and floors, and financial futures and forward contracts.

Derivatives
bought and held for trading purposes are recorded in the consolidated balance sheets at fair value in Trading account assets and Trading account liabilities. The fair value of derivatives in a gain position and a loss position are reported as
Trading account assets and Trading account liabilities, respectively.

Derivatives used for asset and liability management include contracts
that qualify for hedge accounting under ASC 815, Derivatives and Hedging (ASC 815). To be eligible for hedge accounting, derivative instruments must be highly effective in achieving offsetting changes in fair values or
variable cash flows from the hedged items attributable to the particular risk being hedged. All qualifying hedging derivatives are valued at fair value and included in Trading account assets or Trading account liabilities. Derivatives that do not
qualify for hedge accounting under ASC 815 are treated as trading positions and are accounted for as such. The fair value amounts recognized for such derivatives are not offset against the amounts recognized for the right to reclaim cash collateral
or the obligation to return cash collateral under master netting agreement with the same counterparty.



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The fair value of derivative financial instruments is based on quoted market prices or broker-dealer
quotes. If quoted market prices or broker-dealer quotes are not available, the fair value is estimated using quoted market prices for similar instruments, option or binomial pricing models or present value cash flow analysis, applying current
observable market information, where available. The determination of fair value includes various factors such as exchange or over-the-counter market quotes, time value and volatility factors for options and warrants, observed prices for similar or
synthetic instruments, and counterparty credit quality including potential exposure.

Changes in fair value of all derivatives are recorded in
earnings, except for derivatives qualifying as net investment hedges under ASC 815 which are recorded in Accumulated other comprehensive income (loss), net of tax. The fair value changes of all derivatives relating to foreign currency exchange rates
are included in Foreign exchange gains (losses)net. Other elements of the fair value changes, including interest rate, equity and credit related components except that of certain credit derivatives hedging the credit risk in corporate loan
portfolio, are recognized in Trading account gainsnet. The net gain (loss) resulting from changes in the fair values of certain credit derivatives where the Group purchases protection to mitigate its credit risk exposure related to its
corporate loan portfolio is recorded in Other noninterest income (expenses).

Certain financial and hybrid instruments often contain embedded
derivative instruments that possess implicit or explicit contract terms in a manner similar to that of a derivative instrument. Such derivative instruments are required to be fair-valued separately from the host contracts if they meet the criteria
of an embedded derivative. Such criteria include whether the entire instrument is not marked to market through earnings, the economics of the embedded terms are not clearly and closely related to those of the host contract and the embedded terms
would meet the definition of a derivative on a stand-alone basis.

Loans

Loans are generally carried at the principal amount adjusted for unearned income and deferred net nonrefundable loan fees and costs. Loan origination
fees, net of certain direct origination costs are deferred and recognized over the contractual life of the loan as an adjustment of yield using a method that approximates the interest method. Interest income on performing loans is accrued and
credited to income as it is earned. Unearned income and discounts or premiums on purchased loans are deferred and recognized over the life of the loan using a method that approximates the interest method.

Loans are considered impaired when, based on current information and events, it is probable that the MHFG Group will be unable to collect all the
scheduled payments of principal and interest when due according to the contractual terms of the loan. Factors considered by management in determining if a loan is impaired include delinquency status and the ability of the debtor to make payment of
the principal and interest when due.

Loans are designated as nonaccrual when management determines them to be impaired based on all the
relevant facts and circumstances. When a loan is placed on nonaccrual status, interest accrual and amortization of net origination fees are suspended and the capitalized interest is written off. Cash received on nonaccrual loans is accounted for as
reduction of the loan principal if the ultimate collectibility of the principal amount is uncertain, otherwise, as interest income. Loans are not restored to accrual status until interest and principal payments are current and future payments are
reasonably assured.

Fees received in connection with a modification of the terms of a restructured loan that meet the definition of troubled
debt restructurings in accordance with ASC 310, Receivables (ASC 310) are applied as a reduction of the recorded investment in the loan. All related costs, including direct loan origination costs, are charged to expense as
incurred.



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Loans that have been identified to be sold are classified as loans held for sale within Other assets and
are accounted for at the lower of cost or fair value. If management decides to retain certain loans held for sale for the foreseeable future or until maturity or payoff, such items are transferred to Loans at the lower of cost or fair value.

Securitization

The MHFG
Group engages in securitization activities related to mortgage loans and other loans in the normal course of business. The MHFG Group records a loan securitization as a sale when the transferred loans are legally isolated from the Groups
creditors and the accounting criteria for a sale are met in accordance with ASC 860. Otherwise, the transfer is accounted for as a collateralized borrowing. Gains or losses on securitization depending in part on the carrying amount of the loans are
allocated between the loans derecognized and the retained interests based on their relative fair values at the date of the transfer. Interests in loans sold through securitization may be retained by the Group in the form of subordinated beneficial
interests. The MHFG Group estimates fair value of these subordinated beneficial interests based on the present value of future expected cash flows, using managements best estimates of the key assumptions, such as default rates, discount rates,
and prepayment rates, and records them as available-for-sale debt securities.

Allowance and provision (credit) for loan losses

The MHFG Group maintains an appropriate amount of allowance for loan losses to absorb probable losses inherent in the loan portfolio and
makes adjustments to such allowance through Provision (credit) for loan losses in the consolidated statements of income. Loan principal which management judges to be uncollectible, based on detailed loan reviews and a credit quality assessment, is
charged off against the allowance for loan losses. Subsequent recoveries of previously charged-off loan balances are recorded as an increase to the allowance for loan losses as the recoveries are received.

The credit quality review process and the credit rating process serve as the basis for determining the allowance for loan losses. Through such processes
loans are categorized into groups to reflect the probability of default, whereby the MHFG Groups management assesses the ability of borrowers to service their debt, taking into consideration current financial information, ability to generate
cash, historical payment experience, analyses of relevant industry segments and current trends. In determining the appropriate level of the allowance, the MHFG Group evaluates the probable loss by category of loan based on its risk type and
characteristics.

The allowance for loan losses is determined in accordance with ASC 310 and ASC 450, Contingencies
(ASC 450). The MHFG Group measures the impairment of a loan, based on the present value of expected future cash flows discounted at the loans initial effective interest rate, the loans observable market price, or the
fair value of the collateral if the loan is collateral dependent, when it is probable that the MHFG Group will be unable to collect all amounts due according to the contractual terms of the loan agreement. Certain impaired loans are aggregated for
the purpose of measuring impairment and a formula allowance utilizing historical loss factors is applied. The formula allowance is also applied to groups of small balance, homogeneous loans that are collectively evaluated for impairment and for
non-homogeneous loans that have not been identified as impaired. The evaluation of inherent loss for these loans involves a high degree of uncertainty, subjectivity and judgment because probable loan losses are not easily identifiable or measurable.
In determining the formula allowance, the MHFG Group therefore relies on a statistical analysis that incorporates loss rates based on its own historical loss experience and third party data. The estimation of the formula allowance is back-tested on
a periodic basis by comparing the allowance with the actual results subsequent to the balance sheet date.



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The historical loss rate is adjusted, where appropriate, to reflect current factors, such as general
economic and business conditions affecting the key lending areas of the MHFG Group, credit quality trends, specific industry conditions within portfolio segments, and recent loss experience in particular segments of the portfolio.

Allowance and provision (credit) for losses on off-balance-sheet instruments

The MHFG Group maintains an allowance for losses on off-balance-sheet credit instruments, such as guarantees, standby letters of credit, commitments to
invest in securities and commitments to extend credit, in the same manner as the allowance for loan losses. The allowance is recorded in Other liabilities. Net changes in the allowance for losses on off-balance-sheet instruments are accounted for in
the Provision (credit) for losses on off-balance-sheet instruments in the consolidated statements of income.

Premises and equipment

Premises and equipment are stated at historical cost, and depreciation and amortization are recorded over the estimated useful lives of the
assets, except for leasehold improvements, which are amortized over the shorter of the estimated useful lives of the assets or the lease term. Depreciation and amortization are principally computed under the straight-line method with respect to
buildings and leasehold improvements and under the declining-balance method with respect to other premises and equipment.

The useful lives of
premises and equipment are as follows:



|                        |  |        
|----------------------- |  | -------
|                        |  | Years  
|Buildings               |  | 3 to 50
|Equipment and furniture |  | 2 to 20
|Leasehold improvements  |  | 3 to 50

Regular repairs and maintenance
costs that do not extend the estimated useful life are charged to expense as incurred. Upon sale or disposition of premises and equipment, the cost and related accumulated depreciation or amortization are removed from the accounts, and any gains or
losses on disposal are included in Gains on disposal of premises and equipment or Occupancy expenses.

Impairment of long-lived assets

The MHFG Groups long-lived assets that are held for use are reviewed periodically for events or changes in circumstances that indicate
possible impairment. The Groups impairment review is based on an undiscounted cash flow analysis of a group of assets, combined with associated liabilities, at the lowest level for which identifiable cash flows exist. Impairment occurs when
the carrying value of the asset group exceeds the future undiscounted cash flows that the asset group is expected to generate. When there is impairment, the future cash flows are then discounted to determine the estimated fair value of the asset
group and an impairment charge is recorded for the difference between the carrying value and the estimated fair value of the asset group. The long-lived assets to be disposed of by sale are carried at the lower of the carrying amount or fair value,
less estimated cost to sell.

Software

Internal and external costs incurred in connection with developing and obtaining software for internal use that occur during the application development
stage are capitalized. Such costs include salaries and benefits for employees directly involved with and who devote time to the project, to the extent such time is incurred directly



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on the internal use software project. The capitalization of software ceases when the software project has been substantially completed. The capitalized software is amortized on a straight-line
basis over the estimated useful life, generally 5 years. Impairment of internal use software is assessed and recognized periodically when triggering events occur.

Goodwill

Goodwill represents the excess
of the cost of an acquisition over the fair value of the MHFG Groups share of net identifiable assets acquired at the date of acquisition in a business combination. The Group accounts for goodwill in accordance with ASC350,
IntangiblesGoodwill and Other (ASC 350). Goodwill is recorded at a designated reporting unit level for the purpose of assessing impairment. An impairment loss is recorded to the extent the carrying amount of goodwill
exceeds its estimated fair value.

Intangible assets

Intangible assets having definite useful lives are amortized over their estimated useful lives under the straight-line method. Intangible assets acquired
by the merger of MHSC and Shinko Securities Co., Ltd. (Shinko) consist primarily of customer relationship intangibles, and are amortized over a weighted-average amortization period of 16 years. Intangible assets having indefinite useful
lives are not amortized and are subject to impairment tests. An impairment loss is recorded to the extent the carrying amount of indefinite-lived intangible asset exceeds its estimated fair value. For intangible assets subject to amortization, an
impairment loss is recorded if the carrying amount is not recoverable and exceeds its estimated fair value.

Pension and other employee
benefits

MHFG and certain subsidiaries including MHBK, MHCB, and MHTB sponsor severance indemnities and pension plans, which provide
defined benefits to retired employees. Periodic expense and accrued liabilities are computed based on the actuarial present value of benefits, net of investment returns expected from plan assets and their fair values at the balance sheet date. Net
periodic expense is charged to Salaries and employee benefits.

Debentures and long-term debt

Premiums, discounts and issuance costs of debentures and long-term debt are amortized based on a method that approximates the interest method over the
terms of the debentures and long-term debt.

Obligations under guarantees

The MHFG Group provides customers with a variety of guarantees and similar arrangements, including standby letters of credit, financial and performance
guarantees, credit protections, and liquidity facilities. The MHFG Group recognizes guarantee fees income over the guarantee period. The MHFG Group receives such a guarantee fee at the inception of the guarantee or by installment, and in either case
approximates the fair value of the guarantee.

Fair Value Measurements

The MHFG Group carries certain of its financial assets and liabilities at fair value on a recurring basis. These financial assets and liabilities are
primarily composed of trading account assets, trading account liabilities and available-for-sale securities. In addition, the Group measures certain financial assets and liabilities, at fair value on a non-recurring basis. Those assets and
liabilities primarily include items that are measured at the lower of cost or fair value such as loans held for sale, and items that were initially measured at cost and have been written down to fair value for impairment such as loans and other
investments.



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Fair value is defined as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurements and Disclosures (ASC 820), the Group classifies its financial assets and liabilities
into the fair value hierarchy (Level 1, 2, and 3). See Note 29 Fair value for the detailed definition of each level.

When
determining fair value, the MHFG Group considers the principal or most advantageous market in which the Group would transact and consider assumptions that market participants would use when pricing the asset or liability. The Group maximizes the use
of observable inputs and minimizes the use of unobservable inputs when measuring fair value. See Note 29 Fair value for descriptions of valuation methodologies used for its assets and liabilities by product.

Fees and commissions

Fee revenue is
recognized when all of the following criteria have been met: persuasive evidence of an agreement exists, services have been rendered, the price is fixed or determinable, and collectibility is reasonably assured. Trust fees are recognized on an
accrual basis and are usually based on the volume of assets under custody or management. Performance-related fees associated with certain trust products are recognized on an accrual basis. Fees on funds transfer and collection services are generally
recognized as revenue when the related services are performed. Revenues from investment banking services are recorded at the time the underlying transactions are substantially completed and there are no other contingencies associated with the fees.
Fees from trade-related financing services are recognized over the period of the financing.

Fees and commissions are presented on a gross
basis.

Income taxes

Income
taxes are accounted for in accordance with ASC 740, Income Taxes (ASC 740). Deferred income taxes reflect the net tax effects of (1) temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and those corresponding amounts used for income tax purposes, and (2) operating loss and tax credit carryforwards. A valuation allowance for any portion of the deferred tax assets is recorded unless it is more
likely than not that the deferred tax assets will be realized. Deferred income tax benefit or expense is recognized for the changes in the net deferred tax asset or liability between periods.

Earnings per common share

Basic
earnings per common share are computed by dividing net income attributable to MHFG common shareholders by the weighted average number of common shares outstanding during the fiscal year. Diluted earnings per common share reflect the possible
exercise of all convertible securities, such as convertible preferred stock to the extent they are not anti-dilutive. See Note 20 Earnings per common share for the computation of basic and diluted earnings per common share.

2. Recently issued accounting pronouncements

Recently adopted accounting pronouncements

On July 1, 2009, the ASC was officially launched. The ASC, which reorganized the thousands of U.S. GAAP pronouncements into roughly 90 accounting
topics, is the single source of authoritative U.S. GAAP for nongovernmental entities.

In July 2006, the FASB issued FASB Interpretation
(FIN) No.48, Accounting for Uncertainty in Income Taxes, which is now included in ASC 740. The interpretation creates a single model to address uncertainty in all



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tax positions and clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial
statements. The interpretation also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The MHFG Group adopted the interpretation as of April 1,
2007, which resulted in an increase to the beginning balance of Accumulated deficit of ¥2,597 million.

In September 2006, the FASB issued
Statement of Financial Accounting Standards (SFAS) No.157, Fair Value Measurements which is now included in ASC 820. The statement clarifies the definition of fair value and the method used to measure fair value and
expands the disclosure requirements about fair value measurements. The statement establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent
of the reporting entity and (2) the reporting entitys own assumptions about market participant assumptions developed based on the best information available in the circumstances. The statement nullifies certain guidance provided for in
the FASB Emerging Issues Task Force (EITF) Issue No.02-3, Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and Contracts Involved in Energy Trading and Risk Management Activities, and the
related provisions of SFAS No.133. The statement is effective for fiscal years beginning after November 15, 2007. In February 2008, the FASB issued FASB Staff Position (FSP) No.FAS157-1, Application of FASB Statement No.157 to
FASB Statement No.13 and Other Accounting Pronouncements That Address Fair Value Measurements for Purposes of Lease Classification or Measurement under Statement 13 and FSP No.FAS157-2, Effective Date of FASB Statement No.157,
which are now included in ASC 820, and partially delay the effective date of the statement for one year for certain nonfinancial assets and liabilities and remove certain leasing transactions from its scope. In October 2008, the FASB issued FSP No.
FAS157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, which is now included in ASC 820, and clarifies the application of the statement in markets that are not active and provides an
example to illustrate key considerations in determining the fair value of a financial asset when the market for that financial asset is not active. In April 2009, the FASB issued FSP No.FAS157-4, Determining Fair Value When the Volume and
Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly, which is now included in ASC 820, and provides additional guidance for estimating fair value when the volume and level
of activity for the asset or liability have significantly decreased and for identifying circumstances that indicate a transaction is not orderly, as well as requires detailed disclosures for debt and equity securities. The impact of adoption of the
statement was a decrease of ¥1,464 million to the beginning balance of Accumulated deficit as of April 1, 2008.

In February
2007, the FASB issued SFAS No.159, The Fair Value Option for Financial Assets and Financial Liabilities Including an amendment of FASB Statement No.115, which is now included in ASC 825, Financial Instruments (ASC
825). The statement allows entities to choose, at specified election dates, to measure eligible financial assets and liabilities and certain other items at fair value that are not otherwise required to be measured at fair value. If a company
elects the fair value option for an eligible item, changes in that items fair value in subsequent reporting periods must be recognized in current earnings. The statement is effective for fiscal years beginning after November 15, 2007. The
financial assets or liabilities for which the MHFG Group elected the fair value option as of April 1, 2008 are primarily foreign currency denominated available-for-sale securities and certain hybrid financial instruments that contain embedded
derivatives that had not been previously elected or eligible for fair value treatment. The impact of adoption of the statement was a decrease of ¥26,373 million to the beginning balance of Accumulated deficit as of April 1, 2008.

In April 2007, the FASB issued FSP No.FIN39-1, Amendment of FASB Interpretation No.39 which is now included in ASC 815. The
pronouncement amends FIN No.39, Offsetting of Amounts Related to Certain Contractsan interpretation of APB Opinion No.10 and FASB Statement No.105, to permit a reporting entity to offset fair value amounts recognized for the right
to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) against fair value amounts recognized for derivative instruments executed with



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the same counterparty under the same master netting arrangement. The adoption of the pronouncement did not have an impact on the MHFG Groups consolidated results of operations or financial
condition, as the Group did not adopt such offsets.

In December 2007, the FASB issued SFAS No.141 (revised 2007), Business
Combinations, which is now included in ASC 805, Business Combinations (ASC 805). The statement establishes principles and requirements for how the acquirer (1) recognizes and measures in its financial statements
the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in the acquiree, (2) recognizes and measures goodwill acquired in the business combination or a gain from a bargain purchase, and (3) determines
what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. The statement applies prospectively to business combinations for which the acquisition date is on or
after the beginning of the first annual reporting period beginning on or after December 15, 2008. In April 2009, the FASB issued FSP No.FAS141(R)-1, Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That
Arise from Contingencies, which is now included in ASC 805. The pronouncement provides the guidance for initial recognition and measurement of all assets acquired and liabilities assumed in a business combination that arise from contingencies
as well as subsequent measurement and accounting of such assets and liabilities. As a result of the transaction discussed in Note 3 Business Combination, the MHFG Group recognized an increase in pretax income of
¥106,674 million, which consists of a gain on the bargain purchase of ¥106,310 million and a gain of ¥364 million resulting from the remeasurement of preexisting shares, during the fiscal year ended March 31, 2010.

In December 2007, the FASB issued SFAS No.160, Noncontrolling Interests in Consolidated Financial Statementsan amendment of ARB
No.51, which is now included in ASC 810. The statement establishes accounting and reporting standards for noncontrolling interests in a subsidiary and for the deconsolidation of a subsidiary. The statement requires expanded disclosures in the
consolidated financial statements that clearly identify and distinguish between the interests of the parents owners and the interests of the noncontrolling owners of a subsidiary. The statement is effective for fiscal years beginning on or
after December 15, 2008. The adoption of the statement did not have a material impact on the MHFG Groups consolidated results of operations or financial condition.

In February 2008, the FASB issued FSP No.FAS140-3, Accounting for Transfers of Financial Assets and Repurchase Financing Transactions, which
is now included in ASC 860. The pronouncement provides that if an initial transfer of a financial asset and a repurchase financing that is entered into contemporaneously with, or in contemplation of, the initial transfer meet certain conditions, the
initial transfer shall be accounted for separately from the repurchase financing. Otherwise, the initial transfer and repurchase financing should be evaluated as a linked transaction, which shall be accounted for based on the economics of the
combined transactions. The pronouncement is effective for fiscal years beginning after November 15, 2008. The adoption of the pronouncement did not have a material impact on the MHFG Groups consolidated results of operations or financial
condition.

In March 2008, the FASB issued SFAS No.161, Disclosures about Derivative Instruments and Hedging Activitiesan
amendment of FASB Statement No.133, which is now included in ASC 815. The statement requires enhanced disclosures about derivative instruments and hedged items. The statement is effective for fiscal years beginning after November 15,
2008. The statement is an accounting principle which expands disclosure requirements, and had no impact on the MHFG Groups consolidated results of operations or financial condition.

In June 2008, the EITF reached a consensus on Issue No.07-5, Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entitys
Own Stock, which is now included in ASC 815. The consensus provides guidance for determining whether an equity-linked financial instrument (or embedded feature) is



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indexed to an entitys own stock. The consensus is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2008. The adoption of the
consensus did not have a material impact on the MHFG Groups consolidated results of operations or financial condition.

In September
2008, the FASB issued FSP No.FAS133-1 and FIN45-4, Disclosures about Credit Derivatives and Certain GuaranteesAn Amendment of FASB Statement No.133 and FASB Interpretation No.45; and Clarification of the Effective Date of FASB Statement
No.161, which is now included in ASC 815. The pronouncement requires enhanced disclosures about credit derivatives and certain guarantees to address the potential adverse effects of changes in credit risk on the financial position, financial
performance, and cash flows of the sellers of credit derivatives and certain guarantees. The pronouncement is effective for reporting periods ending after November 15, 2008. The pronouncement is an accounting principle which expands disclosure
requirements, and had no impact on the MHFG Groups consolidated results of operations or financial condition.

In November 2008, the
EITF reached a consensus on Issue No.08-6, Equity Method Investment Accounting Considerations, which is now included in ASC 323, InvestmentsEquity Method and Joint Ventures (ASC 323). The consensus
clarifies the accounting for (1) initial measurement, (2) decrease in investment value and (3) change in level of ownership or degree of influence related to equity method investments. The consensus is effective for reporting periods
beginning after December 15, 2008. The adoption of the consensus did not have a material impact on the MHFG Groups consolidated results of operations or financial condition.

In December 2008, the FASB issued FSP No.FAS132(R)-1, Employers Disclosures about Postretirement Benefit Plan Assets, which is now
included in ASC 715, CompensationRetirement Benefits (ASC 715). The pronouncement requires additional disclosures about plan assets of a defined benefit pension or other postretirement plan, including investment
strategies, fair value of major categories of plan assets and valuation techniques used to measure the fair value of plan assets. The pronouncement is effective for fiscal years ending after December 15, 2009, with early adoption permitted. The
pronouncement is an accounting principle which expands disclosure requirements, and had no impact on the MHFG Groups consolidated results of operations or financial condition.

In December 2008, the FASB issued FSP No.FAS140-4 and FIN46(R)-8, Disclosures by Public Entities (Enterprises) about Transfers of Financial Assets
and Interests in Variable Interest Entities, which is now included in ASC 810 and ASC 860. The pronouncement requires public entities to provide additional disclosures about transfers of financial assets. It also requires public enterprises,
including sponsors that have a variable interest in a VIE, to provide additional disclosures about their involvement with VIEs. In addition, the pronouncement requires disclosures by a public enterprise that is (a) a sponsor of a qualifying
special-purpose entity (SPE) that holds a variable interest in the qualifying SPE but was not the transferor of financial assets to the qualifying SPE and (b) a servicer of a qualifying SPE that holds a significant variable interest
in the qualifying SPE but was not the transferor of financial assets to the qualifying SPE. The pronouncement is effective for the first reporting period ending after December 15, 2008. The pronouncement is an accounting principle which expands
disclosure requirements, and had no impact on the MHFG Groups consolidated results of operations or financial condition.

In January
2009, the FASB issued FSP No.EITF99-20-1, Amendments to the Impairment Guidance of EITF Issue No.99-20, which is now included in ASC 320, InvestmentsDebt and Equity Securities (ASC 320). The pronouncement
amends the impairment guidance in EITF Issue No.99-20, Recognition of Interest Income and Impairment on Purchased Beneficial Interests and Beneficial Interests That Continue to Be Held by a Transferor in Securitized Financial Assets, to
achieve more consistent determination of whether an other-than-temporary impairment has occurred. The pronouncement also retains and emphasizes the objective of an other-than-temporary impairment assessment and the related disclosure requirements
and other related guidance. The



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pronouncement is effective for reporting periods ending after December 15, 2008. The adoption of the pronouncement did not have a material impact on the MHFG Groups consolidated
results of operations or financial condition.

In April 2009, the FASB issued FSP No.FAS107-1 and APB28-1, Interim Disclosures about
Fair Value of Financial Instruments, which is now included in ASC 825. The pronouncement requires disclosures about the fair value of financial instruments for interim financial reporting periods of publicly traded companies as well as in
annual financial statements. The pronouncement also amends ASC 270, Interim Reporting (ASC 270), to require those disclosures in summarized financial information at interim reporting periods. The pronouncement is effective
for interim reporting periods ending after June 15, 2009. The pronouncement is an accounting principle which expands disclosure requirements, and had no impact on the MHFG Groups consolidated results of operations or financial condition.

In April 2009, the FASB issued FSP No.FAS115-2 and FAS124-2, Recognition and Presentation of Other-Than-Temporary Impairments,
which is now included in ASC 320, and amends the other-than-temporary impairment model for debt securities. The pronouncement requires an entity to recognize the credit component of an other-than-temporary impairment of a debt security in earnings
and the noncredit component in other comprehensive income when the entity does not intend to sell the security and it is more likely than not that the entity will not be required to sell the security prior to recovery. In addition, the pronouncement
expands existing disclosures and requires new disclosures about other-than-temporary impairments. The pronouncement is effective for interim and annual reporting periods ending after June 15, 2009. The MHFG Group adopted the pronouncement as of
April 1, 2009 that resulted in a decrease to the beginning balance of Accumulated deficit of ¥99,910 million, which was reclassified to Accumulated other comprehensive income, net of tax. See Note 5 Investments for further
discussion of the impact of the pronouncement.

In May 2009, the FASB issued SFAS No.165, Subsequent Events, which is now included
in ASC 855, Subsequent Events (ASC 855). The statement establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are
available to be issued. The statement is effective for interim or annual financial periods ending after June 15, 2009. In February 2010, the FASB issued Accounting Standards Update (ASU) No.2010-09, Subsequent Events (Topic
855)Amendments to Certain Recognition and Disclosure Requirements (ASU No.2010-09). The ASU removes the requirement for a U.S. Securities and Exchange Commission (SEC) filer to disclose the date through which
subsequent events have been evaluated. The ASU is effective upon issuance. The adoption of the statement and the ASU did not have a material impact on the MHFG Groups consolidated results of operations or financial condition.

In August 2009, the FASB issued ASU No.2009-05, Fair Value Measurements and Disclosures (Topic 820)Measuring Liabilities at Fair Value
(ASU No.2009-05). The ASU provides new guidance clarifying how to measure the fair value of liabilities, particularly in circumstances in which a quoted price in an active market for the identical liability is not available. It also
clarifies that a restriction preventing the transfer of a liability should not be considered as a separate input or adjustment in measurement of the fair value. The ASU is effective for the first reporting period, including interim periods,
beginning after issuance. The adoption of ASU No.2009-05 did not have a material impact on the MHFG Groups consolidated results of operations or financial condition.

In September 2009, the FASB issued ASU No.2009-12, Fair Value Measurements and Disclosures (Topic 820)Investments in Certain Entities That
Calculate Net Asset Value per Share (or Its Equivalent) (ASU No.2009-12). The ASU permits, as a practical expedient, a reporting entity to measure the fair value of an alternative investment on the basis of the net asset value per
share (NAV), if certain criteria are met. The ASU only applies to investments that do not have a readily determinable fair value in investment companies or similar



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



entities. The ASU also provides guidance on the clarification of fair value hierarchy for such investments and requires enhanced disclosures by each major category of those investments. The ASU
is effective for interim and annual reporting periods ending after December 15, 2009. The adoption of ASU No.2009-12 did not have a material impact on the MHFG Groups consolidated results of operations or financial condition.

In January 2010, the FASB issued ASU No.2010-02, Consolidation (Topic 810)Accounting and Reporting for Decreases in Ownership of a
Subsidiarya Scope Clarification (ASU No.2010-02). The ASU amends ASC 810-10 and related guidance within U.S. GAAP to clarify the scope of decreases in ownership. The ASU also expands disclosure requirements about (1) the
valuation techniques used to measure the fair value of retained investments in the former subsidiary and (2) the nature of continuing involvement and related party relationships. The ASU is effective beginning in the first interim or annual
reporting period ending on or after December 15, 2009 and the amendments should be applied retrospectively to the first period that SFAS No.160 was adopted. The adoption of ASU No.2010-02 did not have a material impact on the MHFG Groups
consolidated results of operations or financial condition.

Accounting pronouncements issued but not yet effective

In June 2007, the American Institute of Certified Public Accountants (AICPA) issued Statement of Position (SOP) No.07-1,
Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies, which is now included in ASC 946, Financial
ServicesInvestment Companies (ASC 946), and provides guidance for determining whether an entity is within the scope of the AICPA Audit and Accounting Guide Investment Companies (the Guide). The statement was
expected to be effective for fiscal years beginning on or after December 15, 2007, with earlier application encouraged. However, in February 2008, the FASB issued FSP No.SOP07-1-1, Effective Date of AICPA Statement of Position 07-1,
which is now included in ASC 946 as well, to delay the effective date of SOP No.07-1 indefinitely in order to address implementation issues. The MHFG Group does not expect that the current form of the statement will have a material impact on its
consolidated results of operations or financial condition.

In June 2009, the FASB issued SFAS No.166, Accounting for Transfers of
Financial Assetsan amendment of FASB Statement No.140, which is now included in ASC 860. The statement requires more information about transfers of financial assets, including securitization transactions, where enterprises have
continuing exposure to the risks related to the transferred financial assets. The statement eliminates the concept of qualifying SPE and modifies the requirements for derecognizing financial assets. The statement is effective as of the beginning of
the first fiscal year that begins after November 15, 2009. Early adoption is prohibited.

In June 2009, the FASB issued SFAS No.167,
Amendments to FASB Interpretation No.46(R), which is now included in ASC 810. The statement provides a new guidance how an enterprise determines whether the enterprises variable interests give it a controlling financial interest in
VIEs. The determination is based on, among other things, VIEs purpose and design, an enterprises ability to direct the activities of the VIE that most significantly impact the entitys economic performance, and if an enterprise has
the obligation to absorb losses of or the right to receive benefits from the VIE that could be significant. The statement is effective as of the beginning of the first fiscal year that begins after November 15, 2009. Early adoption is
prohibited. In February 2010, the FASB issued ASU No.2010-10, Consolidation (Topic 810)Amendments for Certain Investment Funds (ASU No.2010-10). The ASU provides that the consolidation requirements of SFAS No.167 are
deferred for an entity that has all the attributes of an investment company (or similar entity). On April 1, 2010, The MHFG Group adopted SFAS No.167, together with SFAS No.166, which primarily resulted in the consolidation of certain former
qualifying SPEs, guaranteed principal money trust products and collateral loan



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



obligations (CLO) where the MHFG Group acts as an asset manager. The impact of adoption of SFAS No.166 and SFAS No.167 was a net increase in assets of approximately ¥460 billion,
with no material impact on equity as of April 1, 2010.

In January 2010, the FASB issued ASU No.2010-06, Fair Value Measurements
and Disclosures (Topic 820)Improving Disclosures about Fair Value Measurements (ASU No.2010-06). The ASU provides amendments to ASC 820-10 that require new disclosures regarding (1) transfers in and out of Levels 1 and 2
and (2) more detailed activity in Level 3. The ASU also provides amendments to ASC 820-10 that clarify existing disclosures regarding (1) level of disaggregation and (2) inputs and valuation techniques. The ASU is effective for
interim and annual reporting periods beginning after December 15, 2009, except for the new disclosures related to the activity in Level 3, which do not become effective until fiscal years beginning after December 15, 2010, and for interim
periods within those fiscal years. ASU No.2010-06 is an accounting principle which expands disclosure requirements, and has no impact on the MHFG Groups consolidated results of operations or financial condition.

In March 2010, the FASB issued ASU No.2010-11, Derivatives and Hedging (Topic 815)Scope Exception Related to Embedded Credit
Derivatives (ASU No.2010-11). The ASU clarifies the scope exception for embedded credit derivative features related to the transfer of credit risk, which are subject to potential bifurcation, and indicate circumstances which do not
qualify for the scope exception. The ASU is effective at the beginning of the first fiscal quarter beginning after June 15, 2010. Early adoption is permitted. The MHFG Group is currently evaluating the potential impact that the adoption of ASU
No.2010-11 will have on its consolidated results of operations and financial condition.

In July 2010, the FASB issued ASU No.2010-20,
Receivables (Topic 310)Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (ASU No.2010-20). The ASU requires disclosures that facilitate financial statement users
evaluation of (1) the nature of credit risk inherent in the entitys portfolio of financing receivables, (2) how that risk is analyzed and assessed in arriving at the allowance for credit losses, and (3) the changes and reasons for those
changes in the allowance for credit losses. The new disclosures required include (1) aging of past due receivables, (2) credit quality indicators, and (3) modifications of financing receivables. It is also required that the certain existing
disclosures should be provided on a disaggregated basis. The disclosures as of the end of a reporting period are effective for interim and annual reporting periods ending on or after December 15, 2010, whereas the disclosures about activity that
occurs during a reporting period are effective for interim and annual reporting periods beginning on or after December 15, 2010. ASU No.2010-20 is an accounting principle which expands disclosure requirements, and has no impact on the MHFG
Groups consolidated results of operations or financial condition.

3. Business Combination

Shinko was a broker and dealer in securities and an equity method affiliate of the MHFG Group in which the Group owned 27.32 percent of the voting equity
interests immediately before the business combination. On May 7, 2009, MHFG exchanged 30.30 percent of the voting equity interests in MHSC for 32.19 percent of the voting equity interests in Shinko and merged the two entities, in order to
strengthen the Groups securities arm so it is more competitive in a market with high uncertainty, improve its service providing capabilities and enable it to offer financial services to clients on a global basis.

This transaction was accounted for as a bargain purchase because the opening market price of Shinkos common shares on the acquisition date was less
than the fair value of net assets per common share. As a result, a pretax gain of ¥106,310 million is recorded in Other noninterest income during the fiscal year ended March 31, 2010.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The following table summarizes the consideration paid for Shinko and the amounts of the assets acquired
and liabilities assumed recognized at the acquisition date, as well as the fair value at the acquisition date of the noncontrolling interests in Shinko.



|                                                                                     |  |                     
|------------------------------------------------------------------------------------ |  | --------------------
|                                                                                     |  | At May 7, 2009      
|                                                                                     |  | (in millions of yen)
|Consideration                                                                        |  |                     
|Equity instruments (3,451,755 common shares of MHSC)                                 |  | 58,600              
|                                                                                     |  |                     
|Fair value of total consideration transferred                                        |  | 58,600              
|Fair value of MHFGs equity interests in Shinko held before the business combination |  | 49,265              
|                                                                                     |  |                     
|                                                                                     |  | 107,865             
|                                                                                     |  |                     
|                                                                                     | 
|Recognized amounts of identifiable assets acquired                                   |  |                     
|Cash and due from banks                                                              |  | 118,725             
|Interest-bearing deposits in other banks                                             |  | 32,344              
|Receivables under securities borrowing transactions                                  |  | 831,839             
|Trading account assets                                                               |  | 1,008,004           
|Investments                                                                          |  | 98,937              
|Loans                                                                                |  | 14,248              
|Premises and equipment                                                               |  | 57,004              
|Accrued income                                                                       |  | 7,462               
|Intangible assets (Note)                                                             |  | 73,949              
|Other assets                                                                         |  | 76,734              
|                                                                                     | 
|Recognized amounts of identifiable liabilities assumed                               |  |                     
|Call money and funds purchased                                                       |  | 41,000              
|Payables under repurchase agreements                                                 |  | 27,111              
|Payables under securities lending transactions                                       |  | 745,131             
|Other short-term borrowings                                                          |  | 357,813             
|Trading account liabilities                                                          |  | 671,841             
|Income taxes payable                                                                 |  | 490                 
|Deferred tax liabilities                                                             |  | 25,633              
|Accrued expenses                                                                     |  | 5,777               
|Long-term debt                                                                       |  | 75,795              
|Other liabilities                                                                    |  | 75,162              
|                                                                                     |  |                     
|Total identifiable net assets                                                        |  | 293,493             
|                                                                                     | 
|Noncontrolling interests in Shinko                                                   |  | 79,318              
|Gain on the bargain purchase                                                         |  | 106,310             
|                                                                                     |  |                     
|                                                                                     |  | 107,865             
|                                                                                     |  |                     



|Note: | Amounts represent customer relationships subject to amortization, of which the weighted-average amortization period is 16 years.
|----- | --------------------------------------------------------------------------------------------------------------------------------

The fair value of the 3,451,755 common shares of MHSC as the consideration paid for Shinko (¥58,600 million) and the noncontrolling interests in
Shinko (¥79,318 million) were determined on the basis of the opening market price of Shinkos common shares on the acquisition date.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The MHFG Group recognized a gain of ¥364 million as a result of remeasuring to fair value its
27.32 percent of the voting equity interests in Shinko held before the business combination. The gain is included in Other noninterest income in the Groups consolidated statements of income for the fiscal year ended March 31, 2010.

The revenue and earnings of Shinko since the acquisition date included in the Groups consolidated statements of income for the fiscal
year ended March 31, 2010 are not material. Furthermore, the revenue and earnings of the MHFG Group, other than a gain on the bargain purchase described above, would not differ significantly than those reported in the consolidated statements of
income if the business combination had occurred as of April 1, 2008 or April 1, 2009.

4. Trading account assets and trading
account liabilities

The following table presents the components of Trading account assets and Trading account liabilities at their fair
value at March 31, 2009 and 2010:



|                                                    |  |                      |  |           
|--------------------------------------------------- |  | -------------------- |  | ----------
|                                                    |  | 2009                 |  | 2010      
|                                                    |  | (in millions of yen)
|Trading account assets:                             |  |                      |  |           
|Trading securities:                                 |  |                      |  |           
|Japanese government and corporate debt securities   |  | 6,006,896            |  | 7,765,716 
|Japanese equity securities                          |  | 74,368               |  | 271,440   
|Foreign government bonds and other securities       |  | 5,408,636            |  | 7,449,783 
|                                                    |  |                      |  |           
|Total                                               |  | 11,489,900           |  | 15,486,939
|                                                    |  |                      |  |           
|Derivative assets:                                  |  |                      |  |           
|Interest rate contracts                             |  | 15,314,499           |  | 12,187,368
|Foreign exchange contracts                          |  | 3,206,098            |  | 3,457,282 
|Equity-related contracts                            |  | 215,486              |  | 157,534   
|Credit-related contracts                            |  | 548,980              |  | 116,102   
|Other contracts, mainly commodity-related contracts |  | 231,348              |  | 122,744   
|                                                    |  |                      |  |           
|Total                                               |  | 19,516,411           |  | 16,041,030
|                                                    |  |                      |  |           
|Total                                               |  | 31,006,311           |  | 31,527,969
|                                                    |  |                      |  |           
|Trading account liabilities:                        |  |                      |  |           
|Trading securities sold, not yet purchased          |  | 2,886,889            |  | 4,114,020 
|Derivative liabilities:                             |  |                      |  |           
|Interest rate contracts                             |  | 14,626,146           |  | 11,738,251
|Foreign exchange contracts                          |  | 3,102,176            |  | 3,174,580 
|Equity-related contracts                            |  | 228,586              |  | 170,484   
|Credit-related contracts                            |  | 461,089              |  | 104,113   
|Other contracts, mainly commodity-related contracts |  | 202,599              |  | 101,108   
|                                                    |  |                      |  |           
|Total                                               |  | 18,620,596           |  | 15,288,536
|                                                    |  |                      |  |           
|Total                                               |  | 21,507,485           |  | 19,402,556
|                                                    |  |                      |  |           

See Note 29 Fair value for the methodologies and
assumptions used to estimate fair values.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The MHFG Group performs trading activities through market-making, sales, and arbitrage. Net trading
gains for the fiscal years ended March 31, 2008, 2009 and 2010 are comprised of the following:



|                                                   |  |                      |   |  |          |   |  |         |  
|-------------------------------------------------- |  | -------------------- | - |  | -------- | - |  | ------- | -
|                                                   |  | 2008                 |   |  | 2009     |   |  | 2010    |  
|                                                   |  | (in millions of yen) |  
|Trading account gains (losses)net:                |  |                      |   |  |          |   |  |         |  
|Trading securities, excluding derivative contracts |  | (269,702             | ) |  | (160,804 | ) |  | 226,278 |  
|Derivative contracts                               |  | 405,657              |   |  | 282,822  |   |  | 195,315 |  
|                                                   |  |                      |   |  |          |   |  |         |  
|Total                                              |  | 135,955              |   |  | 122,018  |   |  | 421,593 |  
|Foreign exchange gains (losses)net                |  | 296,732              |   |  | 23,769   |   |  | (1,311  | )
|                                                   |  |                      |   |  |          |   |  |         |  
|Net trading gains                                  |  | 432,687              |   |  | 145,787  |   |  | 420,282 |  
|                                                   |  |                      |   |  |          |   |  |         |  

5. Investments

The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale and held-to-maturity securities at March 31, 2009 and
2010 are as follows:



|                                                  |  |                      |  |                       |  |                        |  |           
|------------------------------------------------- |  | -------------------- |  | --------------------- |  | ---------------------- |  | ----------
|2009                                              |  | Amortized cost       |  | Gross unrealizedgains |  | Gross unrealizedlosses |  | Fair value
|                                                  |  | (in millions of yen)
|Available-for-sale securities:                    |  |                      |  |                       |  |                        |  |           
|Debt securities:                                  |  |                      |  |                       |  |                        |  |           
|Japanese government bonds                         |  | 18,450,323           |  | 36,243                |  | 28,448                 |  | 18,458,118
|Japanese local govt bonds                        |  | 69,485               |  | 731                   |  | 219                    |  | 69,997    
|U.S. Treasury bonds                               |  | 189,491              |  | 3,770                 |  |                       |  | 193,261   
|Other foreign govt bonds                         |  | 181,871              |  | 911                   |  | 778                    |  | 182,004   
|Agency mortgage-backed
securities(Note)           |  | 208,277              |  | 1,089                 |  | 3,547                  |  | 205,819   
|Japanese corporate bonds                          |  | 2,125,965            |  | 9,887                 |  | 4,534                  |  | 2,131,318 
|Japanese other debt securities                    |  | 2,539,325            |  | 9,476                 |  | 32,842                 |  | 2,515,959 
|Foreign corporate bonds and other debt securities |  | 946,045              |  | 15,895                |  | 33,749                 |  | 928,191   
|Equity securities (marketable)                    |  | 2,237,254            |  | 801,431               |  | 168,618                |  | 2,870,067 
|                                                  |  |                      |  |                       |  |                        |  |           
|Total                                             |  | 26,948,036           |  | 879,433               |  | 272,735                |  | 27,554,734
|                                                  |  |                      |  |                       |  |                        |  |           
|Held-to-maturity securities:                      |  |                      |  |                       |  |                        |  |           
|Debt securities:                                  |  |                      |  |                       |  |                        |  |           
|Japanese government bonds                         |  | 50,039               |  | 101                   |  |                       |  | 50,140    
|Japanese local govt bonds                        |  | 11,189               |  | 4                     |  |                       |  | 11,193    
|U.S. Treasury bonds                               |  | 117,906              |  | 1,466                 |  |                       |  | 119,372   
|                                                  |  |                      |  |                       |  |                        |  |           
|Total                                             |  | 179,134              |  | 1,571                 |  |                       |  | 180,705   
|                                                  |  |                      |  |                       |  |                        |  |           



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



|                                                  |  |                      |  |                       |  |                        |  |           
|------------------------------------------------- |  | -------------------- |  | --------------------- |  | ---------------------- |  | ----------
|2010                                              |  | Amortizedcost        |  | Gross unrealizedgains |  | Gross unrealizedlosses |  | Fair value
|                                                  |  | (in millions of yen)
|Available-for-sale securities:                    |  |                      |  |                       |  |                        |  |           
|Debt securities:                                  |  |                      |  |                       |  |                        |  |           
|Japanese government bonds                         |  | 28,271,986           |  | 21,826                |  | 65,023                 |  | 28,228,789
|Japanese local govt bonds                        |  | 154,897              |  | 2,065                 |  | 115                    |  | 156,847   
|U.S. Treasury bonds                               |  | 112,680              |  | 57                    |  | 327                    |  | 112,410   
|Other foreign govt bonds                         |  | 318,167              |  | 1,324                 |  | 32                     |  | 319,459   
|Agency mortgage-backed
securities(Note)           |  | 530,204              |  | 5,386                 |  | 600                    |  | 534,990   
|Residential mortgage-backed securities            |  | 1,008,367            |  | 11,039                |  | 8,716                  |  | 1,010,690 
|Commercial mortgage-backed securities             |  | 674,964              |  | 2,870                 |  | 27,660                 |  | 650,174   
|Japanese corporate bonds                          |  | 2,396,898            |  | 45,511                |  | 8,474                  |  | 2,433,935 
|Japanese other debt securities                    |  | 326,411              |  | 8,190                 |  | 460                    |  | 334,141   
|Foreign corporate bonds and other debt securities |  | 713,613              |  | 30,949                |  | 8,577                  |  | 735,985   
|Equity securities (marketable)                    |  | 2,007,370            |  | 1,280,501             |  | 3,926                  |  | 3,283,945 
|                                                  |  |                      |  |                       |  |                        |  |           
|Total                                             |  | 36,515,557           |  | 1,409,718             |  | 123,910                |  | 37,801,365
|                                                  |  |                      |  |                       |  |                        |  |           
|Held-to-maturity securities:                      |  |                      |  |                       |  |                        |  |           
|Debt securities:                                  |  |                      |  |                       |  |                        |  |           
|Japanese government bonds                         |  | 600,456              |  | 4,413                 |  | 394                    |  | 604,475   
|Japanese corporate bonds                          |  | 2,923                |  | 14                    |  |                       |  | 2,937     
|                                                  |  |                      |  |                       |  |                        |  |           
|Total                                             |  | 603,379              |  | 4,427                 |  | 394                    |  | 607,412   
|                                                  |  |                      |  |                       |  |                        |  |           



|Note: | Agency mortgage-backed securities presented in the above table consist of U.S. agency securities and Japanese agency securities, of which the fair values were
¥49,154 million and ¥156,665 million, respectively, at March 31, 2009, and ¥57,539 million and ¥477,451 million, respectively, at March 31, 2010. U.S. agency securities primarily consist of Government
National Mortgage Association or Ginnie Mae securities, which are guaranteed by the United States government. All of Japanese agency securities are mortgage-backed securities issued by Japan Housing Finance Agency, a Japanese government-sponsored
enterprise.
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The amortized cost and fair value of available-for-sale and held-to-maturity debt securities at March 31, 2010
by contractual maturity are shown in the table below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity
date and securities embedded with call or prepayment options, such as mortgage-backed securities, are included in the table below based on their original final or contractual maturities.



|                                       |  |                                   |  |                                 |  |                |  |           
|-------------------------------------- |  | --------------------------------- |  | ------------------------------- |  | -------------- |  | ----------
|                                       |  | Available-for-saledebt
securities |  | Held-to-maturitydebt
securities
|                                       |  | Amortized cost                    |  | Fair value                      |  | Amortized cost |  | Fair value
|                                       |  | (in millions of yen)             
|Due in one year or less                |  | 16,511,404                        |  | 16,525,493                      |  | 1,405          |  | 1,409     
|Due after one year through five years  |  | 13,081,166                        |  | 13,092,746                      |  | 601,974        |  | 606,003   
|Due after five years through ten years |  | 2,404,552                         |  | 2,374,608                       |  |               |  |          
|Due after ten years                    |  | 2,511,065                         |  | 2,524,573                       |  |               |  |          
|                                       |  |                                   |  |                                 |  |                |  |           
|Total                                  |  | 34,508,187                        |  | 34,517,420                      |  | 603,379        |  | 607,412   
|                                       |  |                                   |  |                                 |  |                |  |           



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The following tables show the gross unrealized losses and fair value of available-for-sale and
held-to-maturity securities, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2009 and 2010:



|                                                  |            |                      |                       |                   |            |           |                       |        |            |           |                       |        
|------------------------------------------------- | ---------- | -------------------- | --------------------- | ----------------- | ---------- | --------- | --------------------- | ------ | ---------- | --------- | --------------------- | -------
|2009                                              |            | Less than 12 months  |                       | 12 months or more |            | Total    
|                                                  | Fair value |                      | Grossunrealizedlosses |                   | Fair value |           | Grossunrealizedlosses |        | Fair value |           | Grossunrealizedlosses
|                                                  |            | (in millions of yen)
|Available-for-sale securities:                    |            |                      |                       |                   |            |           |                       |        |            |           |                       |        
|Debt securities:                                  |            |                      |                       |                   |            |           |                       |        |            |           |                       |        
|Japanese government bonds                         |            | 5,362,022            |                       | 28,448            |            |          |                       |       |            | 5,362,022 |                       | 28,448 
|Japanese local govt bonds                        |            | 20,535               |                       | 121               |            | 16,668    |                       | 98     |            | 37,203    |                       | 219    
|U.S. Treasury bonds                               |            | 13                   |                       |                  |            | 4         |                       |       |            | 17        |                       |       
|Other foreign govt bonds                         |            | 43,755               |                       | 778               |            |          |                       |       |            | 43,755    |                       | 778    
|Agency
mortgage-backedsecurities(Note)            |            | 89,357               |                       | 1,484             |            | 58,186    |                       | 2,063  |            | 147,543   |                       | 3,547  
|Japanese corporate bonds                          |            | 1,307,149            |                       | 1,274             |            | 84,835    |                       | 3,260  |            | 1,391,984 |                       | 4,534  
|Japanese other debt securities                    |            | 436,133              |                       | 3,282             |            | 1,223,322 |                       | 29,560 |            | 1,659,455 |                       | 32,842 
|Foreign corporate bonds and other debt securities |            | 47,982               |                       | 699               |            | 364,824   |                       | 33,050 |            | 412,806   |                       | 33,749 
|Equity securities (marketable)                    |            | 835,997              |                       | 168,598           |            | 45        |                       | 20     |            | 836,042   |                       | 168,618
|                                                  |            |                      |                       |                   |            |           |                       |        |            |           |                       |        
|Total                                             |            | 8,142,943            |                       | 204,684           |            | 1,747,884 |                       | 68,051 |            | 9,890,827 |                       | 272,735
|                                                  |            |                      |                       |                   |            |           |                       |        |            |           |                       |        
|Held-to-maturity securities:                      |            |                      |                       |                   |            |           |                       |        |            |           |                       |        
|Total                                             |            |                     |                       |                  |            |          |                       |       |            |          |                       |       
|                                                  |            |                      |                       |                   |            |           |                       |        |            |           |                       |        



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



|                                                  |            |                      |                       |                   |            |           |                       |        |            |            |                       |        
|------------------------------------------------- | ---------- | -------------------- | --------------------- | ----------------- | ---------- | --------- | --------------------- | ------ | ---------- | ---------- | --------------------- | -------
|                                                  |            |                      |                      
|2010                                              |            | Less than 12 months  |                       | 12 months or more |            | Total    
|                                                  | Fair value |                      | Grossunrealizedlosses |                   | Fair value |           | Grossunrealizedlosses |        | Fair value |            | Grossunrealizedlosses
|                                                  |            | (in millions of yen)
|Available-for-sale securities:                    |            |                      |                       |                   |            |           |                       |        |            |            |                       |        
|Debt securities:                                  |            |                      |                       |                   |            |           |                       |        |            |            |                       |        
|Japanese government bonds                         |            | 10,159,459           |                       | 47,899            |            | 544,908   |                       | 17,124 |            | 10,704,367 |                       | 65,023 
|Japanese local govt bonds                        |            | 33,176               |                       | 104               |            | 261       |                       | 11     |            | 33,437     |                       | 115    
|U.S. Treasury bonds                               |            | 89,754               |                       | 327               |            | 16        |                       |       |            | 89,770     |                       | 327    
|Other foreign govt bonds                         |            | 45,805               |                       | 31                |            | 1,365     |                       | 1      |            | 47,170     |                       | 32     
|Agency mortgage-backed
securities(Note)           |            | 85,531               |                       | 227               |            | 41,075    |                       | 373    |            | 126,606    |                       | 600    
|Residential mortgage-backed securities            |            | 17,022               |                       | 131               |            | 451,421   |                       | 8,585  |            | 468,443    |                       | 8,716  
|Commercial mortgage-backed securities             |            | 45,712               |                       | 904               |            | 505,796   |                       | 26,756 |            | 551,508    |                       | 27,660 
|Japanese corporate bonds                          |            | 482,929              |                       | 7,422             |            | 25,909    |                       | 1,052  |            | 508,838    |                       | 8,474  
|Japanese other debt securities                    |            | 17,094               |                       | 13                |            | 69,274    |                       | 447    |            | 86,368     |                       | 460    
|Foreign corporate bonds and other debt securities |            | 83,703               |                       | 5,545             |            | 183,735   |                       | 3,032  |            | 267,438    |                       | 8,577  
|Equity securities (marketable)                    |            | 43,362               |                       | 3,421             |            | 4,942     |                       | 505    |            | 48,304     |                       | 3,926  
|                                                  |            |                      |                       |                   |            |           |                       |        |            |            |                       |        
|Total                                             |            | 11,103,547           |                       | 66,024            |            | 1,828,702 |                       | 57,886 |            | 12,932,249 |                       | 123,910
|                                                  |            |                      |                       |                   |            |           |                       |        |            |            |                       |        
|Held-to-maturity securities:                      |            |                      |                       |                   |            |           |                       |        |            |            |                       |        
|Debt securities:                                  |            |                      |                       |                   |            |           |                       |        |            |            |                       |        
|Japanese government bonds                         |            | 199,670              |                       | 394               |            |          |                       |       |            | 199,670    |                       | 394    
|                                                  |            |                      |                       |                   |            |           |                       |        |            |            |                       |        
|Total                                             |            | 199,670              |                       | 394               |            |          |                       |       |            | 199,670    |                       | 394    
|                                                  |            |                      |                       |                   |            |           |                       |        |            |            |                       |        



|Note: | Agency mortgage-backed securities presented in the above table consist of U.S. agency securities and Japanese agency securities, of which the fair values were
¥17,004 million and ¥109,602 million, respectively, at March 31, 2010. There were no U.S. agency securities in a loss position at March 31, 2009. U.S. agency securities primarily consist of Government National Mortgage
Association or Ginnie Mae securities, which are guaranteed by the United States government. All of Japanese agency securities are mortgage-backed securities issued by Japan Housing Finance Agency, a Japanese government-sponsored enterprise.
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The MHFG Group performs periodic reviews to identify impaired securities. Impairment is evaluated
considering the length of time and extent to which the fair value has been below cost, the financial condition and near-term prospects of the issuer, as well as the MHFG Groups ability and intent to hold the investments for an adequate period
of time until an anticipated market price recovery or maturity.

Effective April 1, 2009, the MHFG Group adopted ASC 320, which amends
the other-than-temporary impairment model for debt securities. Under the new model, if an entity has the intent to sell a debt security or more likely than not will be required to sell a debt security before recovery of its amortized cost basis, the
full amount of an other-than-temporary impairment loss shall be recognized immediately through earnings. Other than either case described above, an entity must evaluate expected cash flows to be received and determine if a credit loss exists, and if
so, the amount of other-than-temporary impairment related to the credit loss shall be recognized in earnings, while the remaining decline in fair value shall be recognized in other comprehensive income, net of applicable taxes. As ASC 320 does not
affect the other-than-temporary impairment model for equity securities, equity securities deemed other-than-temporarily impaired are written down to fair value, with the full decline recognized in earnings.

For certain Japanese government bonds held at April 1, 2009 for which an other-than-temporary impairment was previously recognized, the MHFG Group
recorded the cumulative effect of initially applying ASC 320 as a decrease to the beginning balance of Accumulated deficit with a corresponding adjustment to Accumulated other comprehensive income (loss), net of tax. Considering the factors that the
MHFG Group does not intend to sell those securities, it is not more likely than not that the Group will be required to sell them before recovery of their amortized cost basis, and no credit deterioration exists in those securities,
¥99,910 million of other-than-temporary impairment charges previously recorded through earnings are reclassified to Accumulated other comprehensive income (loss), net of tax (pre-tax amount of ¥141,212 million offset by tax effect
of ¥33,775 million and noncontrolling interests of ¥7,527 million).

The MHFG Group has determined that the unrealized losses on
investments in a continuous loss position for 12 months or more at March 31, 2010, are not other-than-temporary, because such losses have resulted primarily from reduced liquidity, not due to credit deterioration, the Group has no intent to
sell nor is it more likely than not the Group will be required to sell those securities before recovery of their amortized costs, and the present value of cash flows expected to be collected is not less than the amortized cost basis of the security.

For the fiscal years ended March 31, 2008, 2009 and 2010, losses resulting from write-downs for other-than-temporary impairment on
available-for-sale securities were ¥661,088 million, ¥462,909 million and ¥92,497 million, respectively. No impairment losses were recorded on held-to-maturity securities for those fiscal years. For the fiscal year ended
March 31, 2010, all the other-than-temporary impairment losses were recorded through earnings, not other comprehensive income.

For the
fiscal years ended March 31, 2008, 2009 and 2010, proceeds from sales of available-for-sale securities were ¥67,553 billion, ¥47,039 billion and ¥39,430 billion, respectively. Gross realized gains on those sales were
¥597,361 million, ¥212,500 million and ¥248,254 million, respectively, and gross realized losses on those sales were ¥142,455 million, ¥120,324 million and ¥26,492 million, respectively, for the
fiscal years ended March 31, 2008, 2009 and 2010.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Other investments

The following table summarizes the composition of other investments:



|                                                      |  |                      |  |        
|----------------------------------------------------- |  | -------------------- |  | -------
|                                                      |  | 2009                 |  | 2010   
|                                                      |  | (in millions of yen)
|Equity method investments                             |  | 284,635              |  | 184,555
|Investments held by consolidated investment companies |  | 88,159               |  | 95,518 
|Other equity interests                                |  | 639,044              |  | 567,855
|                                                      |  |                      |  |        
|Total other investments                               |  | 1,011,838            |  | 847,928
|                                                      |  |                      |  |        

Equity method investments

Investments in investees over which the MHFG Group has the ability to exert significant influence are accounted for using the equity method of accounting.
Such investments included marketable equity securities carried at ¥49,694 million and ¥5,057 million, at March 31, 2009 and 2010, respectively. The aggregated market values of those marketable equity securities were
¥50,132 million and ¥7,695 million, respectively.

Investments held by consolidated investment companies

The MHFG Group consolidates certain investment companies for which it has control either through ownership or other means. Investment companies are
subject to specialized industry accounting which requires investments to be carried at fair value, with changes in fair value recorded in earnings. The MHFG Group maintains this specialized industry accounting for investments held by consolidated
investment companies, which consist of marketable and non-marketable investments.

Other equity interests

Other equity interests consist primarily of non-marketable equity securities outside the scope of ASC 320, for which the MHFG Group has neither
significant influence nor control over the investees. These securities are stated at acquisition cost, with other-than-temporary impairment, if any, included in earnings. The fair values of these securities at March 31, 2009 and 2010 were not
readily determinable. The MHFG Group monitors the status of each investee, including its credit rating, to determine whether impairment losses should be recognized.



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



6. Loans

The table below presents loans outstanding by domicile and industry of borrower at March 31, 2009 and 2010:



|                                                 |  |                      |  |           
|------------------------------------------------ |  | -------------------- |  | ----------
|                                                 |  | 2009 (1)             |  | 2010      
|                                                 |  | (in millions of yen)
|Domestic:                                        |  |                      |  |           
|Manufacturing                                    |  | 8,903,487            |  | 8,065,169 
|Construction                                     |  | 1,305,643            |  | 1,164,988 
|Real estate                                      |  | 7,302,320            |  | 6,689,081 
|Services                                         |  | 5,324,301            |  | 5,152,670 
|Wholesale and retail                             |  | 5,977,851            |  | 5,306,409 
|Transportation                                   |  | 2,715,894            |  | 2,558,460 
|Banks and other financial institutions           |  | 4,726,941            |  | 4,289,460 
|Government and public institutions               |  | 8,655,122            |  | 5,459,188 
|Other industries(2)                              |  | 4,635,987            |  | 4,011,371 
|Individuals:                                     |  |                      |  |           
|Mortgage loans                                   |  | 11,066,432           |  | 11,093,236
|Other                                            |  | 832,279              |  | 788,335   
|                                                 |  |                      |  |           
|Total domestic                                   |  | 61,446,257           |  | 54,578,367
|                                                 |  |                      |  |           
|Foreign:                                         |  |                      |  |           
|Commercial and industrial                        |  | 8,680,337            |  | 7,236,684 
|Banks and other financial institutions           |  | 2,223,733            |  | 1,721,861 
|Government and public institutions               |  | 300,524              |  | 292,466   
|Other(2)                                         |  | 94,263               |  | 31,503    
|                                                 |  |                      |  |           
|Total foreign                                    |  | 11,298,857           |  | 9,282,514 
|                                                 |  |                      |  |           
|Total                                            |  | 72,745,114           |  | 63,860,881
|Less: Unearned income and deferred loan feesnet |  | 88,019               |  | 78,030    
|                                                 |  |                      |  |           
|Total loans before allowance for loan losses     |  | 72,657,095           |  | 63,782,851
|                                                 |  |                      |  |           



|Note: | 
|----- | 

|(1) | Following the revision of Japan Standard Industrial Classification, the MHFG Group partially changed the classification of the industry. Certain amounts in the prior
period have been reclassified to conform to the current periods presentation.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Other industries of domestic and other of foreign include trade receivables and lease receivables of consolidated VIEs.
|--- | -----------------------------------------------------------------------------------------------------------------------

Net losses on sales of loans were ¥64,771 million, ¥49,822 million and ¥5,860 million, of which valuation losses related to
loans held for sale accounted for at the lower of cost or fair value were ¥59,766 million, ¥37,922 million and ¥1,759 million for the fiscal years ended March 31, 2008, 2009 and 2010, respectively.

The MHFG Group reclassified certain loans held for sale within Other assets to Loans at their lower of cost or fair value during the fiscal year ended
March 31, 2009. See consolidated statements of cash flows for the amount reclassified.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Impaired loans

The MHFG Group considers both loans that are subject to impairment under ASC 310 and small balance, homogenous loans to be impaired when it is probable
that the MHFG Group will be unable to collect all the scheduled payments of principal and interest when due according to the contractual terms of the loan. Restructured loans and loans that are 90 days or more delinquent are generally considered to
be impaired. All of the MHFG Groups impaired loans are designated as nonaccrual loans. A summary of the recorded balances of impaired loans and the related allowance for loan losses at March 31, 2009 and 2010 is shown below:



|                                                                 |  |                              |  |                                           |  |                              |  |                                          
|---------------------------------------------------------------- |  | ---------------------------- |  | ----------------------------------------- |  | ---------------------------- |  | -----------------------------------------
|                                                                 |  | 2009                         |  | 2010                                     
|                                                                 |  | Recordedimpaired loanbalance |  | Allowance forloan losses onimpaired loans |  | Recordedimpaired loanbalance |  | Allowance forloan losses onimpaired loans
|                                                                 |  | (in millions of yen)        
|Impaired loans requiring an allowance for loan losses            |  | 1,147,771                    |  | 440,340                                   |  | 1,107,860                    |  | 434,987                                  
|Impaired loans not requiring an allowance for loan losses (Note) |  | 284,277                      |  |                                          |  | 296,418                      |  |                                         
|                                                                 |  |                              |  |                                           |  |                              |  |                                          
|Total                                                            |  | 1,432,048                    |  | 440,340                                   |  | 1,404,278                    |  | 434,987                                  
|                                                                 |  |                              |  |                                           |  |                              |  |                                          



|Note: | These impaired loans do not require an allowance for loan losses because the MHFG Group has sufficient collateral to cover probable loan losses.
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------

The average recorded balance of impaired loans was ¥1,153 billion and ¥1,430 billion for the fiscal years ended
March 31, 2009 and 2010, respectively.

Gross interest income on nonaccrual loans which were included in Interest income on loans for the
fiscal years ended March 31, 2008, 2009 and 2010 were ¥33 billion, ¥38 billion and ¥35 billion, respectively.

7.
Allowance for loan losses

Changes in Allowance for loan losses for the fiscal years ended March 31, 2008, 2009 and 2010 are shown
below:



|                                    |  |                      |   |  |         |   |  |         |  
|----------------------------------- |  | -------------------- | - |  | ------- | - |  | ------- | -
|                                    |  | 2008                 |   |  | 2009    |   |  | 2010    |  
|                                    |  | (in millions of yen) |  
|Balance at beginning of fiscal year |  | 946,147              |   |  | 649,803 |   |  | 869,786 |  
|                                    |  |                      |   |  |         |   |  |         |  
|Provision (credit) for loan losses  |  | (57,766              | ) |  | 567,396 |   |  | 222,102 |  
|                                    |  |                      |   |  |         |   |  |         |  
|Charge-offs                         |  | 271,242              |   |  | 344,061 |   |  | 260,491 |  
|Less: Recoveries                    |  | 47,375               |   |  | 28,881  |   |  | 53,808  |  
|                                    |  |                      |   |  |         |   |  |         |  
|Net charge-offs                     |  | 223,867              |   |  | 315,180 |   |  | 206,683 |  
|                                    |  |                      |   |  |         |   |  |         |  
|Others (Note)                       |  | (14,711              | ) |  | (32,233 | ) |  | (5,772  | )
|                                    |  |                      |   |  |         |   |  |         |  
|Balance at end of fiscal year       |  | 649,803              |   |  | 869,786 |   |  | 879,433 |  
|                                    |  |                      |   |  |         |   |  |         |  



|Note: | Others include primarily foreign exchange translation.
|----- | ------------------------------------------------------

The MHFG Group recorded a credit for loan losses for the fiscal year ended March 31, 2008 due mainly to upgrades in the internal credit ratings of
some large borrowers, whose operating results and financial position improved. The credit was offset by provisions for loan losses relating to the declining trend in the financial



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



condition of SMEs that had relatively weak business bases, as well as downgrades to lower internal credit ratings of some large borrowers that experienced financial difficulties during the fiscal
year.

Both the amount of provision for loan losses and charge-offs significantly increased in the fiscal year ended March 31, 2009 due
mainly to the sharp downturn of the global economy.

Due mainly to an improvement in economic conditions, the amount of provision for loan
losses and charge-offs significantly decreased in the fiscal year ended March 31, 2010.

8. Premises and equipment

Premises and equipment at March 31, 2009 and 2010 consist of the following:



|                                                |  |                      |  |          
|----------------------------------------------- |  | -------------------- |  | ---------
|                                                |  | 2009                 |  | 2010     
|                                                |  | (in millions of yen)
|Land                                            |  | 177,311              |  | 242,056  
|Buildings                                       |  | 598,411              |  | 675,630  
|Equipment and furniture                         |  | 457,419              |  | 461,359  
|Leasehold improvements                          |  | 110,432              |  | 90,004   
|Construction in progress                        |  | 19,932               |  | 22,421   
|Software                                        |  | 545,078              |  | 645,321  
|                                                |  |                      |  |          
|Total                                           |  | 1,908,583            |  | 2,136,791
|Less: Accumulated depreciation and amortization |  | 1,008,835            |  | 1,088,874
|                                                |  |                      |  |          
|Premises and equipmentnet                      |  | 899,748              |  | 1,047,917
|                                                |  |                      |  |          

Depreciation and amortization expense for premises and equipment for
the fiscal years ended March 31, 2008, 2009 and 2010 was ¥169,925 million, ¥146,191 million and ¥156,393 million, respectively.

Premises and equipment under capital leases, which is primarily comprised of data processing equipment, amounted to ¥49,420 million and
¥46,022 million at March 31, 2009 and 2010, respectively. Accumulated depreciation and amortization on such premises and equipment at March 31, 2009 and 2010 amounted to ¥39,387 million and ¥33,962 million,
respectively.

The MHFG Group recognized impairment losses of ¥9,299 million on premises and equipment for the fiscal year ended
March 31, 2009, of which ¥7,703 million was recorded in General and administrative expenses and ¥1,596 million was recorded in Occupancy expenses. Such losses included ¥9,211 million of impairment losses on software
and related server equipment recognized in the Global Retail Group due to the discontinuance of development of a next generation mainframe computer system of certain domestic consolidated subsidiary.



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



9. Goodwill and intangible assets

Goodwill

The changes in Goodwill during the fiscal years ended March 31, 2008, 2009 and 2010 were as follows:



|                                    |  |                      |  |                   |  |       
|----------------------------------- |  | -------------------- |  | ----------------- |  | ------
|                                    |  | GlobalCorporateGroup |  | GlobalRetailGroup |  | Total 
|                                    |  | (in millions of yen)
|2008                                |  |                      |  |                   |  |       
|Balance at beginning of fiscal year |  |                     |  | 39,559            |  | 39,559
|Goodwill acquired                   |  | 25,715               |  |                  |  | 25,715
|Impairment losses recognized(1)     |  | 25,715               |  | 24,543            |  | 50,258
|Balance at end of fiscal year(2)    |  |                     |  | 15,016            |  | 15,016
|                                    |  |                      | 
|2009                                |  |                      |  |                   |  |       
|Balance at beginning of fiscal year |  |                     |  | 15,016            |  | 15,016
|Goodwill acquired                   |  |                     |  |                  |  |      
|Impairment losses recognized        |  |                     |  |                  |  |      
|Balance at end of fiscal year(2)    |  |                     |  | 15,016            |  | 15,016
|                                    |  |                      | 
|2010                                |  |                      |  |                   |  |       
|Balance at beginning of fiscal year |  |                     |  | 15,016            |  | 15,016
|Goodwill acquired                   |  |                     |  |                  |  |      
|Impairment losses recognized        |  |                     |  |                  |  |      
|Balance at end of fiscal year(2)    |  |                     |  | 15,016            |  | 15,016



|Notes: | 
|------ | 

|(1) | The amount was equal to the accumulated impairment losses.
|--- | ----------------------------------------------------------

|(2) | The gross amount of goodwill was ¥65,274 million at March 31, 2008, 2009 and 2010.
|--- | ----------------------------------------------------------------------------------

Goodwill in the Global Retail Group is entirely related to the MHIS operating segment. Due to an adverse change in the business climate during the fiscal
year ended March 31, 2008, it was determined that the carrying amount of the segment exceeded its fair value, which was calculated based on the quoted market price of MHISs common stock, as of March 31, 2008, the date of the annual
impairment test. Therefore, a goodwill impairment loss of ¥24,543 million was recognized in the Global Retail Group during the fiscal year ended March 31, 2008.

Goodwill in the Global Corporate Group was acquired through MHCBs subscriptions of the third-party allocations by its subsidiary, MHSC, in December
2007 and January 2008 (Refer to Note 26 Noncontrolling interests). Since the estimation of future cash flows of the MHSC operating segment was revised downward reflecting the overall economic outlook of MHSC, it was determined that the
carrying amount of the segment exceeded its fair value as of March 31, 2008, the date of the annual impairment test. Therefore, a goodwill impairment loss of ¥25,715 million was recognized in the Global Corporate Group during the
fiscal year ended March 31, 2008.



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##### Table of Contents

MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Intangible assets

The table below presents the gross carrying amount, accumulated amortization and net carrying amount of intangible assets, at March 31, 2009 and
2010.



|                                               |  |                      |  |                         |  |                   |  |                     |  |                         |  |                  
|---------------------------------------------- |  | -------------------- |  | ----------------------- |  | ----------------- |  | ------------------- |  | ----------------------- |  | -----------------
|                                               |  | 2009                 |  | 2010                   
|                                               |  | Grosscarryingamount  |  | Accumulatedamortization |  | Netcarryingamount |  | Grosscarryingamount |  | Accumulatedamortization |  | Netcarryingamount
|                                               |  | (in millions of yen)
|Intangible assets subject to amortization:     |  |                      |  |                         |  |                   |  |                     |  |                         |  |                  
|Customer
relationships(Note)                   |  |                     |  |                        |  |                  |  | 73,949              |  | 3,193                   |  | 70,756           
|Other                                          |  | 3,166                |  | 2,557                   |  | 609               |  | 2,867               |  | 2,384                   |  | 483              
|                                               |  |                      |  |                         |  |                   |  |                     |  |                         |  |                  
|Total                                          |  | 3,166                |  | 2,557                   |  | 609               |  | 76,816              |  | 5,577                   |  | 71,239           
|                                               |  |                      |  |                         |  |                   |  |                     |  |                         |  |                  
|Intangible assets not subject to amortization: |  |                      |  |                         |  |                   |  |                     |  |                         |  |                  
|Total                                          |  | 9,409                |  |                        |  | 9,409             |  | 9,755               |  |                        |  | 9,755            
|                                               |  |                      |  |                         |  |                   |  |                     |  |                         |  |                  
|Total                                          |  | 12,575               |  | 2,557                   |  | 10,018            |  | 86,571              |  | 5,577                   |  | 80,994           
|                                               |  |                      |  |                         |  |                   |  |                     |  |                         |  |                  



|Note: | Customer relationships were acquired by the merger of MHSC and Shinko. See Note 3 Business combination for further information.
|----- | ---------------------------------------------------------------------------------------------------------------------------------

For the fiscal years ended March 31, 2008, 2009, and 2010, the MHFG Group recognized ¥221 million, ¥200 million, and
¥3,917 million, respectively, of amortization expenses for intangible assets.

The table below presents the estimated aggregate
amortization expenses for intangible assets for the next five years:



|                             |  |                     
|---------------------------- |  | --------------------
|                             |  | (in millions of yen)
|Fiscal year ending March 31: |  |                     
|2011                         |  | 5,226               
|2012                         |  | 5,450               
|2013                         |  | 5,578               
|2014                         |  | 5,669               
|2015                         |  | 5,332               

10. Pledged assets and collateral

The following amounts, by balance sheet classifications, have been pledged as collateral for borrowings and for other purposes at
March 31, 2009 and 2010:



|                                         |  |                      |  |       
|---------------------------------------- |  | -------------------- |  | ------
|                                         |  | 2009                 |  | 2010  
|                                         |  | (in billions of yen)
|Interest-bearing deposits in other banks |  | 45                   |  | 101   
|Trading account assets                   |  | 6,575                |  | 10,231
|Available-for-sale securities            |  | 9,807                |  | 13,092
|Loans                                    |  | 12,837               |  | 8,711 
|Other assets                             |  | 1,344                |  | 987   
|                                         |  |                      |  |       
|Total                                    |  | 30,608               |  | 33,122
|                                         |  |                      |  |       



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The associated liabilities collateralized by the above assets at
March 31, 2009 and 2010 are summarized below:



|                                               |  |                      |  |       
|---------------------------------------------- |  | -------------------- |  | ------
|                                               |  | 2009                 |  | 2010  
|                                               |  | (in billions of yen)
|Deposits                                       |  | 643                  |  | 653   
|Call money and funds purchased                 |  | 2,020                |  | 1,959 
|Payables under repurchase agreements           |  | 2,983                |  | 5,608 
|Payables under securities lending transactions |  | 3,766                |  | 6,052 
|Other short-term borrowings                    |  | 3,791                |  | 4,696 
|Long-term debt                                 |  | 4,252                |  | 3,475 
|                                               |  |                      |  |       
|Total                                          |  | 17,455               |  | 22,443
|                                               |  |                      |  |       

The Bank of Japan (the BOJ) requires private depository
institutions to maintain a certain amount of funds as reserves in current accounts with the BOJ, based on average deposit balances and certain other factors. There are similar reserve deposit requirements for foreign offices engaged in banking
businesses in foreign countries. At March 31, 2009 and 2010, the reserve funds maintained by the MHFG Group, which were included in Cash and due from banks and Interest-bearing deposits in other banks, were ¥4,225 billion and ¥3,731
billion, respectively.

At March 31, 2009 and 2010, the MHFG Group had received collateral that can be sold or repledged, with a fair
value of ¥12,910 billion and ¥15,251 billion, respectively, of which ¥10,139 billion and ¥13,538 billion, respectively, were sold or repledged. Such collateral was primarily obtained under resale or securities borrowing agreements,
and was used generally as collateral under repurchase or securities lending agreements, or to cover short sales.

11. Deposits

The balances of time deposits and certificates of deposit issued by domestic offices in amounts of ¥10 million (approximately
US$107 thousand at the Federal Reserve Bank of New Yorks noon buying rate on March 31, 2010) or more as well as the balances of those deposits issued by foreign offices in amounts of US$100,000 or more at March 31, 2009 and 2010 are
as follows:



|                        |  |                      |  |           
|----------------------- |  | -------------------- |  | ----------
|                        |  | 2009                 |  | 2010      
|                        |  | (in millions of yen)
|Domestic offices:       |  |                      |  |           
|Time deposits           |  | 19,042,783           |  | 18,759,823
|Certificates of deposit |  | 8,519,700            |  | 8,563,870 
|                        |  |                      |  |           
|Total                   |  | 27,562,483           |  | 27,323,693
|                        |  |                      |  |           
|Foreign offices:        |  |                      |  |           
|Time deposits           |  | 6,267,038            |  | 5,704,577 
|Certificates of deposit |  | 839,748              |  | 1,723,924 
|                        |  |                      |  |           
|Total                   |  | 7,106,786            |  | 7,428,501 
|                        |  |                      |  |           

The aggregate amount of demand deposits in overdraft status that have
been reclassified as loan balances at March 31, 2009 and 2010 was ¥693 billion and ¥606 billion, respectively.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The balance and remaining maturities of time deposits and certificates of deposit issued by domestic and
foreign offices at March 31, 2010 are shown in the following table:



|                                         |  |                      |  |                        |  |           
|---------------------------------------- |  | -------------------- |  | ---------------------- |  | ----------
|                                         |  | Timedeposits         |  | Certificates ofdeposit |  | Total     
|                                         |  | (in millions of yen)
|Domestic offices:                        |  |                      |  |                        |  |           
|Due in one year or less                  |  | 24,548,040           |  | 8,559,920              |  | 33,107,960
|Due after one year through two years     |  | 1,864,666            |  | 3,950                  |  | 1,868,616 
|Due after two years through three years  |  | 1,382,700            |  |                       |  | 1,382,700 
|Due after three years through four years |  | 272,284              |  |                       |  | 272,284   
|Due after four years through five years  |  | 253,085              |  |                       |  | 253,085   
|Due after five years                     |  | 124,440              |  |                       |  | 124,440   
|                                         |  |                      |  |                        |  |           
|Total                                    |  | 28,445,215           |  | 8,563,870              |  | 37,009,085
|                                         |  |                      |  |                        |  |           
|Foreign offices:                         |  |                      |  |                        |  |           
|Due in one year or less                  |  | 5,732,449            |  | 1,723,939              |  | 7,456,388 
|Due after one year through two years     |  | 2,762                |  |                       |  | 2,762     
|Due after two years through three years  |  | 4,749                |  |                       |  | 4,749     
|Due after three years through four years |  | 9,378                |  |                       |  | 9,378     
|Due after four years through five years  |  | 121                  |  |                       |  | 121       
|Due after five years                     |  | 1,116                |  |                       |  | 1,116     
|                                         |  |                      |  |                        |  |           
|Total                                    |  | 5,750,575            |  | 1,723,939              |  | 7,474,514 
|                                         |  |                      |  |                        |  |           
|Total                                    |  | 34,195,790           |  | 10,287,809             |  | 44,483,599
|                                         |  |                      |  |                        |  |           

12. Debentures

MHCB and MHBK issue debentures denominated in Japanese yen with fixed interest rate to institutional and private investors as a source of funding for
their operational needs. The following table presents interest rates and maturities of debentures:



|                            |  |                |  |                     |  |                      |  |          
|--------------------------- |  | -------------- |  | ------------------- |  | -------------------- |  | ---------
|                            |  | Interest rates |  | Maturities          |  | 2009                 |  | 2010     
|                            |  | (%)            |  |                     |  | (in millions of yen)
|Five-year coupon debentures |  | 0.101.20      |  | Apr. 2010Apr. 2015 |  | 2,300,460            |  | 1,517,798



|Note:    Interest | rates and maturities shown are as of March 31, 2010.
|----------------- | ----------------------------------------------------

13. Due to trust accounts

MHTB and
TCSB, which are MHFGs subsidiary trust banks, hold assets on behalf of their customers in an agent, fiduciary or trust capacity. Such trust account assets are not the MHFG Groups proprietary assets and are managed and accounted for
separately. However, the cash of individual trust accounts is often placed with MHTB and TCSB for the customers short-term investment needs. These amounts which MHTB and TCSB owe to the trust accounts are recorded as Due to trust accounts.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



14. Long-term debt

Long-term debt with original maturities of more than one year at March 31, 2009 and 2010 is comprised of the following:



|                                  |  |                      |  |          
|--------------------------------- |  | -------------------- |  | ---------
|                                  |  | 2009                 |  | 2010     
|                                  |  | (in millions of yen)
|Obligations under capital leases  |  | 18,684               |  | 19,782   
|Loan participation borrowings     |  | 265,091              |  | 186,200  
|Senior borrowings and bonds       |  | 2,871,216            |  | 3,517,969
|Subordinated borrowings and bonds |  | 4,862,779            |  | 4,758,483
|                                  |  |                      |  |          
|Total                             |  | 8,017,770            |  | 8,482,434
|                                  |  |                      |  |          

The following table presents interest rates and maturities of senior
borrowings and bonds, and subordinated borrowings and bonds:



|                                              |  |                   |  |                     |  |                      |  |          
|--------------------------------------------- |  | ----------------- |  | ------------------- |  | -------------------- |  | ---------
|                                              |  | Interest rates(1) |  | Maturities(2)       |  | 2009                 |  | 2010     
|                                              |  | (%)               |  |                     |  | (in millions of yen)
|Senior borrowings and bonds:                  |  |                   |  |                     |  |                      |  |          
|fixed rate denominated in Japanese yen        |  | 012.0            |  | Apr. 2010Oct. 2038 |  | 1,964,082            |  | 2,486,198
|fixed rate denominated in U.S. dollars        |  | 07.49            |  | Oct. 2011Sep. 2038 |  | 5,324                |  | 4,810    
|fixed rate denominated in other currencies    |  | 6.167.37         |  | Jun. 2011Jan. 2012 |  | 30,642               |  | 24,842   
|floating rate denominated in Japanese yen     |  | 014.0            |  | Apr. 2010Feb. 2040 |  | 857,685              |  | 814,498  
|floating rate denominated in U.S. dollars     |  | 07.0             |  | Apr. 2010Jul. 2047 |  | 12,802               |  | 187,577  
|floating rate denominated in other currencies |  | 0                 |  | Nov. 2012           |  | 681                  |  | 44       
|                                              |  |                   |  |                     |  |                      |  |          
|Total                                         |  | 2,871,216         |  | 3,517,969          
|                                              |  |                   |  |                     |  |                      |  |          
|Subordinated borrowings and bonds:            |  |                   |  |                     |  |                      |  |          
|fixed rate denominated in Japanese yen        |  | 0.964.74         |  | Apr. 2010Perpetual |  | 3,257,319            |  | 3,627,819
|fixed rate denominated in U.S. dollars        |  | 5.8914.91        |  | Apr. 2010Perpetual |  | 512,139              |  | 484,902  
|fixed rate denominated in Euro                |  | 4.98              |  | Jun. 2011           |  | 163,196              |  | 63,324   
|floating rate denominated in Japanese yen     |  | 0.544.18         |  | Apr. 2010Perpetual |  | 847,500              |  | 505,004  
|floating rate denominated in U.S. dollars     |  | 0.631.23         |  | Sep. 2010Jan. 2013 |  | 74,186               |  | 69,315   
|floating rate denominated in Euro             |  | 1.791.8          |  | Sep. 2010           |  | 8,439                |  | 8,119    
|                                              |  |                   |  |                     |  |                      |  |          
|Total                                         |  | 4,862,779         |  | 4,758,483          
|                                              |  |                   |  |                     |  |                      |  |          
|Total                                         |  | 7,733,995         |  | 8,276,452          
|                                              |  |                   |  |                     |  |                      |  |          



Notes:

|(1) | The interest rates shown are the range of contractual rates in effect at March 31, 2010.
|--- | ----------------------------------------------------------------------------------------

|(2) | Maturity information shown is the range of maturities at March 31, 2010.
|--- | ------------------------------------------------------------------------

|(3) | None of the long-term debt issues listed above is convertible to common stock.
|--- | ------------------------------------------------------------------------------

|(4) | Certain debt agreements permit the MHFG Group to redeem the related debt, in whole or in part, prior to maturity at the MHFG Groups option on terms specified in
the respective agreements.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The following is a summary of contractual maturities of long-term debt subsequent to March 31,
2010:



|                              |  |                     
|----------------------------- |  | --------------------
|                              |  | (in millions of yen)
|Fiscal years ending March 31: |  |                     
|2011                          |  | 463,009             
|2012                          |  | 987,639             
|2013                          |  | 855,499             
|2014                          |  | 687,863             
|2015                          |  | 1,170,008           
|2016 and thereafter           |  | 4,318,416           
|                              |  |                     
|Total                         |  | 8,482,434           
|                              |  |                     

15. Other assets and liabilities

The following table sets forth the details of other assets and liabilities at March 31, 2009 and 2010:



|                                                                                    |  |                      |  |          
|----------------------------------------------------------------------------------- |  | -------------------- |  | ---------
|                                                                                    |  | 2009                 |  | 2010     
|                                                                                    |  | (in millions of yen)
|Other assets:                                                                       |  |                      |  |          
|Accounts receivable from brokers, dealers and customers for securities transactions |  | 1,067,925            |  | 1,627,189
|Collateral provided for derivative transactions                                     |  | 1,237,247            |  | 852,895  
|Financial Stabilization Funds                                                       |  | 306,511              |  | 318,112  
|Security deposits                                                                   |  | 110,904              |  | 111,828  
|Miscellaneous receivables                                                           |  | 146,424              |  | 60,115   
|Loans held for sale                                                                 |  | 80,500               |  | 45,072   
|Other                                                                               |  | 426,025              |  | 455,293  
|                                                                                    |  |                      |  |          
|Total                                                                               |  | 3,375,536            |  | 3,470,504
|                                                                                    |  |                      |  |          
|Other liabilities:                                                                  |  |                      |  |          
|Accounts payable to brokers, dealers and customers for securities transactions      |  | 2,362,118            |  | 1,407,575
|Collateral accepted for derivative transactions                                     |  | 813,666              |  | 497,822  
|Miscellaneous payables                                                              |  | 274,630              |  | 463,077  
|Factoring amounts owed to customers                                                 |  | 334,589              |  | 305,597  
|Matured debentures                                                                  |  | 208,225              |  | 179,012  
|Unearned income                                                                     |  | 147,304              |  | 145,357  
|Accrued pension liability                                                           |  | 251,124              |  | 29,748   
|Other                                                                               |  | 815,034              |  | 765,864  
|                                                                                    |  |                      |  |          
|Total                                                                               |  | 5,206,690            |  | 3,794,052
|                                                                                    |  |                      |  |          

Financial Stabilization Funds

The Financial Stabilization Funds were initiated in 1996 by the Japanese government in connection with the liquidation of certain failed housing-loan
companies. Several financial institutions including the BOJ were required by the Japanese government to invest in these Funds in an effort to stabilize the effects on the Japanese economy. The returns from the investment of the Funds are first to be
used to make up for a part of the losses incurred as the housing-loan companies loans are collected and disposed of. The Funds are principally invested in Japanese government bonds, but the investment income earned by the Funds does not accrue
to the MHFG Group, and as a result, the deposits are noninterest-bearing.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The MHFG Group made deposits with the Funds amounting to ¥359,017 million during the fiscal
year ended March 31, 1997. The deposits are expected to mature in 15 years from the deposit date. The deposits were discounted to their present value at the time of the deposit and the discount is being accreted over the expected period to
maturity using the interest method. The carrying amount of the deposits as of March 31, 2009 and 2010 was ¥306,511 million and ¥318,112 million, respectively.

Unearned income

Unearned income is
primarily comprised of refundable fees received from consumer loan customers at the time the loan was made, which is being deferred and recognized in earnings as earned.

Matured debentures

Matured debentures
represent the principal balance of debentures that have reached maturity but have not yet been repaid to customers.

16. Preferred stock

On January 4, 2009, MHFG abolished the fractional share system and adopted the unit share system concurrently with the allotment of
shares or fractions of a share without consideration. The allotment was made at the rate of 999 shares per one share and 9.99 shares per every 0.01 of a share. Therefore, as a result of the allotment, the number of shares has increased a
thousandfold.

The composition of preferred stock at March 31, 2008, 2009 and 2010 is as follows:



|                                             |  |                      |  |                            |  |                   |  |             |  |           |  |    
|-------------------------------------------- |  | -------------------- |  | -------------------------- |  | ----------------- |  | ----------- |  | --------- |  | ---
|2008                                         |  | Number of shares     |  | Liquidationvalue per share |  | Convertibleor not
|Class of stock                               |  | Aggregate amount     |  | Authorized                 |  | Issued            |  | In treasury |  |          
|                                             |  | (in millions of yen) |  |                            |  |                   |  |             |  | (in yen)  |  |    
|Eleventh series class XI preferred stock     |  | 943,740              |  | 1,398,500                  |  | 943,740           |  |            |  | 1,000,000 |  | Yes
|Class XII preferred stock                    |  |                     |  | 1,500,000                  |  |                  |  |            |  |          |  |   
|Thirteenth series class XIII preferred stock |  | 36,690               |  | 1,500,000                  |  | 36,690            |  |            |  | 1,000,000 |  | No 
|                                             |  |                      |  |                            |  |                   |  |             |  |           |  |    
|Total                                        |  | 980,430              |  | 4,398,500                  |  | 980,430           |  |            |  |           |  |    
|                                             |  |                      |  |                            |  |                   |  |             |  |           |  |    



|                                                |  |                      |  |                            |  |                   |  |             |  |          |  |    
|----------------------------------------------- |  | -------------------- |  | -------------------------- |  | ----------------- |  | ----------- |  | -------- |  | ---
|2009                                            |  | Number of shares     |  | Liquidationvalue per share |  | Convertibleor not
|Class of stock                                  |  | Aggregate amount     |  | Authorized                 |  | Issued            |  | In treasury |  |         
|                                                |  | (in millions of yen) |  |                            |  |                   |  |             |  | (in yen) |  |    
|Eleventh series class XI preferred stock (Note) |  | 914,752              |  | 1,369,512,000              |  | 914,752,000       |  | 2,801,000   |  | 1,000    |  | Yes
|Class XII preferred stock                       |  |                     |  | 1,500,000,000              |  |                  |  |            |  |         |  |   
|Thirteenth series class XIII preferred stock    |  | 36,690               |  | 1,500,000,000              |  | 36,690,000        |  |            |  | 1,000    |  | No 
|                                                |  |                      |  |                            |  |                   |  |             |  |          |  |    
|Total                                           |  | 951,442              |  | 4,369,512,000              |  | 951,442,000       |  | 2,801,000   |  |          |  |    
|                                                |  |                      |  |                            |  |                   |  |             |  |          |  |    



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



|                                                |  |                      |  |                            |  |                   |  |             |  |          |  |    
|----------------------------------------------- |  | -------------------- |  | -------------------------- |  | ----------------- |  | ----------- |  | -------- |  | ---
|2010                                            |  | Number of shares     |  | Liquidationvalue per share |  | Convertibleor not
|Class of stock                                  |  | Aggregate amount     |  | Authorized                 |  | Issued            |  | In treasury |  |         
|                                                |  | (in millions of yen) |  |                            |  |                   |  |             |  | (in yen) |  |    
|Eleventh series class XI preferred stock (Note) |  | 914,752              |  | 1,369,512,000              |  | 914,752,000       |  | 415,471,000 |  | 1,000    |  | Yes
|Class XII preferred stock                       |  |                     |  | 1,500,000,000              |  |                  |  |            |  |         |  |   
|Thirteenth series class XIII preferred stock    |  | 36,690               |  | 1,500,000,000              |  | 36,690,000        |  |            |  | 1,000    |  | No 
|                                                |  |                      |  |                            |  |                   |  |             |  |          |  |    
|Total                                           |  | 951,442              |  | 4,369,512,000              |  | 951,442,000       |  | 415,471,000 |  |          |  |    
|                                                |  |                      |  |                            |  |                   |  |             |  |          |  |    



|Note: | The aggregate amount and number of issued shares include the preferred stock in treasury which has been converted to common stock but not yet cancelled.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------

Holders or registered pledgees of preferred stock are entitled to receive annual dividends, and distribution of residual assets
of MHFG as set out above as liquidation value per share, in priority to holders of common stock but pari passu among themselves. MHFG may pay up to one-half of the annual dividend payable on each class of preferred stock as an interim dividend.
Dividends on preferred stock are not cumulative. Holders of preferred stock are not entitled to vote at a general meeting of shareholders except where the articles of incorporation entitle holders of preferred stock to vote.

Thirteenth series class XIII preferred stock is callable (in full or in part) at the option of the issuer after April 1, 2013. Call price is the sum
of the liquidation value per share and the accrued dividend. Accrued dividend is calculated on a daily basis starting on the first day of the fiscal period in which the call date belongs and ending on the call date. If an interim dividend is paid
during that fiscal period, the amount of this interim dividend will be subtracted from the accrued dividend.

Eleventh series class XI
preferred stock is convertible into common stock at the option of the holder. Material terms and conditions of conversion are as follows:



|                                         |  |                               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|---------------------------------------- |  | ----------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                         |  | Conversion period
(1)         |  | Conversion ratio
(2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|Eleventh series class XI preferred stock |  | July 1, 2008 to June 30, 2016 |  | ¥1,000/(conversion price), where the conversion price after adjustment is ¥303.50 on or after August 6, 2009; to be reset on July 1 of each year between 2010 and 2015
(each, a Reset Date) as ¥1,000/(conversion price), where the conversion price is the lower of (x) the average price of daily closing prices (including closing bid or offered price) of common stock as reported by the Tokyo Stock
Exchange (TSE) for the 30 consecutive trading days (excluding trading days on which no closing price, closing bid or offered price is reported) commencing on the 45th trading day prior to the Reset Date and (y) the conversion price after
adjustment effective as of the Reset Date, provided that the conversion price shall not be less than ¥303.50.



Notes:

|(1) | If the date to determine the shareholders entitled to exercise their voting rights at a general meeting of the shareholders of MHFG (the Record Date) is
prescribed, the period from and including the date immediately following such Record Date to and including the date on which such general meeting is concluded shall be excluded.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



|(2) | Subject to adjustment, where issuance or disposal by MHFG of common stock for a price below the current market price, a stock split, issuance of securities
convertible into common stock at a price below the current market price at the time of issuance thereof or determination of the conversion price thereof, merger or amalgamation, or a capital decrease or stock consolidation occurs and in
certain other circumstances.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Each share of preferred stock which has not been converted as described above by the end of the
relevant conversion period will be converted into common stock on the day following the end of the conversion period on the following terms:



|                                         |  |                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|---------------------------------------- |  | --------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                         |  | Conversion date |  | Conversion ratio                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Eleventh series class XI preferred stock |  | July 1, 2016    |  | ¥1,000/(current market price), where the current market price is the average price of daily closing prices (including closing bid or offered price) of common stock as reported
by the TSE for the 30 consecutive trading days (excluding trading days on which no closing price, closing bid or offered price is reported) commencing on the 45th trading day prior to July 1, 2016, provided that the current market price shall not be
less than ¥303.50.

The changes in the number of shares and the aggregate amount of preferred stock during the fiscal years
ended March 31, 2008, 2009 and 2010 were as follows:



|                                                |  |                        |  |           |  |                        |  |           |   |  |             |  |                        |  |           |  |                       
|----------------------------------------------- |  | ---------------------- |  | --------- |  | ---------------------- |  | --------- | - |  | ----------- |  | ---------------------- |  | --------- |  | ----------------------
|Class of stock                                  |  | Issued atMarch 31,2007 |  | Netchange |  | Issued atMarch 31,2008 |  | Cancelled |   |  | Allotment   |  | Issued atMarch 31,2009 |  | Cancelled |  | Issued
atMarch 31,2010
|                                                |  | (number of shares)    
|Eleventh series class XI preferred stock (Note) |  | 943,740                |  |          |  | 943,740                |  | (28,988   | ) |  | 913,837,248 |  | 914,752,000            |  |          |  | 914,752,000           
|Thirteenth series class XIII preferred stock    |  | 36,690                 |  |          |  | 36,690                 |  |          |   |  | 36,653,310  |  | 36,690,000             |  |          |  | 36,690,000            
|                                                |  |                        |  |           |  |                        |  |           |   |  |             |  |                        |  |           |  |                       
|Total                                           |  | 980,430                |  |          |  | 980,430                |  | (28,988   | ) |  | 950,490,558 |  | 951,442,000            |  |          |  | 951,442,000           
|                                                |  |                        |  |           |  |                        |  |           |   |  |             |  |                        |  |           |  |                       



|                                                |  |                                 |  |           |  |                                 |  |           |   |  |                                 |  |           |  |                                
|----------------------------------------------- |  | ------------------------------- |  | --------- |  | ------------------------------- |  | --------- | - |  | ------------------------------- |  | --------- |  | -------------------------------
|Class of stock                                  |  | Aggregateamount atMarch 31,2007 |  | Netchange |  | Aggregateamount atMarch 31,2008 |  | Cancelled |   |  | Aggregateamount atMarch 31,2009 |  | Netchange |  | Aggregateamount atMarch 31,2010
|                                                |  | (in millions of yen)           
|Eleventh series class XI preferred stock (Note) |  | 943,740                         |  |          |  | 943,740                         |  | (28,988   | ) |  | 914,752                         |  |          |  | 914,752                        
|Thirteenth series class XIII preferred stock    |  | 36,690                          |  |          |  | 36,690                          |  |          |   |  | 36,690                          |  |          |  | 36,690                         
|                                                |  |                                 |  |           |  |                                 |  |           |   |  |                                 |  |           |  |                                
|Total                                           |  | 980,430                         |  |          |  | 980,430                         |  | (28,988   | ) |  | 951,442                         |  |          |  | 951,442                        
|                                                |  |                                 |  |           |  |                                 |  |           |   |  |                                 |  |           |  |                                



|Note: | The aggregate amount and number of issued shares include the preferred stock in treasury which has been converted to common stock but not yet cancelled.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



17. Common stock

On January 4, 2009, MHFG abolished the fractional share system and adopted the unit share system concurrently with the allotment of shares or
fractions of a share without consideration. The allotment was made at the rate of 999 shares per one share and 9.99 shares per every 0.01 of a share. Therefore, as a result of the allotment, the number of shares has increased a thousandfold.

The changes in the number of issued shares of common stock during the fiscal years ended March 31, 2008, 2009, and 2010 were as follows:



|                                                                                                 |  |            |   |  |                |   |  |               
|------------------------------------------------------------------------------------------------ |  | ---------- | - |  | -------------- | - |  | --------------
|                                                                                                 |  | 2008       |   |  | 2009           |   |  | 2010          
|                                                                                                 |  |            |   |  | (shares)       |   |  |               
|Balance at beginning of fiscal year                                                              |  | 11,872,195 |   |  | 11,396,255     |   |  | 11,178,940,660
|Issuance of new shares of common stock by conversion of Eleventh series class XI preferred stock |  |           |   |  | 59,186         |   |  | 1,315,457,030 
|Issuance of new shares of common stock by public offering                                        |  |           |   |  |               |   |  | 2,804,400,000 
|Issuance of new shares of common stock by way of third-party allotment                           |  |           |   |  |               |   |  | 195,600,000   
|Cancellation of common stock                                                                     |  | (475,940   | ) |  | (276,500       | ) |  |              
|Allotment of common stock                                                                        |  |           |   |  | 11,167,761,719 |   |  |              
|                                                                                                 |  |            |   |  |                |   |  |               
|Balance at end of fiscal year                                                                    |  | 11,396,255 |   |  | 11,178,940,660 |   |  | 15,494,397,690
|                                                                                                 |  |            |   |  |                |   |  |               

18. Dividends

The amount available for dividends under the Company Law is based on the amount recorded in MHFGs non-consolidated general books of account,
maintained in accordance with accounting principles generally accepted in Japan (Japanese GAAP) and adjusted by post period-end changes. Therefore, the consolidated shareholders equity under U.S. GAAP has no effect on the
determination of the amount available for dividends. On March 31, 2010, MHFGs capital stock, capital surplus, and retained earnings were ¥1,805,565 million, ¥649,842 million, and ¥1,559,325 million,
respectively, under Japanese GAAP.

In making a distribution of retained earnings, an entity must set aside in its legal reserve an amount
equal to one-tenth of the amount of retained earnings so distributed, until its legal reserve reaches to one-quarter of its capital stock. MHFGs legal reserve at March 31, 2010 was ¥654,192 million, of which
¥649,842 million was included in capital surplus and ¥4,350 million in retained earnings.

In addition to the provision that
requires an appropriation for legal reserve, the Company Law and the Banking Law impose certain limitations on the amount available for dividends. Under the Company Law, MHFGs maximum amount available for dividends, at March 31, 2010, was
¥1,549,746 million, based on the amount recorded in MHFGs general books of account under Japanese GAAP. Under the Banking Law and related regulations, MHFG has to meet the minimum capital adequacy requirements. Distributions of
retained earnings, which are otherwise distributable to shareholders, are restricted in order to maintain the minimum 4.0% Tier 1 capital for capital adequacy purposes. See Note 19 Regulatory matters for further discussion of regulatory
capital requirements.

Payment of dividends on shares of common stock is also subject to the prior payment of dividends on shares of preferred
stock.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Dividends on preferred stock and common stock during the fiscal years ended March 31, 2008, 2009,
and 2010 were as follows:



|                                             |  |                |  |                     
|-------------------------------------------- |  | -------------- |  | --------------------
|2008                                         |  | Cash dividends
|Class of stock                               |  | Per share(1)   |  | In aggregate(2)     
|                                             |  | (in yen)       |  | (in millions of yen)
|Eleventh series class XI preferred stock     |  | 20             |  | 18,875              
|Thirteenth series class XIII preferred stock |  | 30             |  | 1,101               
|Common stock                                 |  | 7              |  | 81,254              
|                                             |  |                |  |                     
|Total                                        |  |                |  | 101,230             
|                                             |  |                |  |                     



|                                             |  |                |  |                     
|-------------------------------------------- |  | -------------- |  | --------------------
|2009                                         |  | Cash dividends
|Class of stock                               |  | Per share(1)   |  | In aggregate(2)     
|                                             |  | (in yen)       |  | (in millions of yen)
|Eleventh series class XI preferred stock     |  | 20             |  | 18,875              
|Thirteenth series class XIII preferred stock |  | 30             |  | 1,101               
|Common stock                                 |  | 10             |  | 113,922             
|                                             |  |                |  |                     
|Total                                        |  |                |  | 133,898             
|                                             |  |                |  |                     



|                                             |  |                |  |                     
|-------------------------------------------- |  | -------------- |  | --------------------
|2010                                         |  | Cash dividends
|Class of stock                               |  | Per share      |  | In aggregate(2)     
|                                             |  | (in yen)       |  | (in millions of yen)
|Eleventh series class XI preferred stock     |  | 20             |  | 18,239              
|Thirteenth series class XIII preferred stock |  | 30             |  | 1,101               
|Common stock                                 |  | 10             |  | 111,676             
|                                             |  |                |  |                     
|Total                                        |  |                |  | 131,016             
|                                             |  |                |  |                     



Notes:

|(1) | An allotment of shares or fractions of a share without consideration was made to all shareholders and holders of fractional shares at the rate of 999 shares per one
share and 9.99 shares per every 0.01 of a share, effective on January 4, 2009. Dividends per share for the fiscal years ended March 31, 2008 and 2009 have been adjusted retroactively to reflect the allotment.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Dividends paid on treasury stock are excluded.
|--- | ----------------------------------------------

19. Regulatory matters

Regulatory
capital requirements

MHFG, MHCB, MHBK, and MHTB are subject to regulatory capital requirements administered by the Financial Services
Agency (FSA) in accordance with the provisions of the Banking Law and related regulations. Failure to meet minimum capital requirements may initiate certain mandatory actions by regulators that, if undertaken, could have a direct
material effect on the MHFG Groups consolidated financial statements.

The capital adequacy guidelines applicable to Japanese banks and
bank holding companies with international operations supervised by the FSA closely follow the risk-adjusted approach proposed by the Bank for International Settlements (BIS) and are intended to further strengthen the soundness and
stability of Japanese banks. Effective March 31, 2007, new guidelines were implemented by the FSA to comply with the new capital adequacy requirements set by BIS called Basel II. The framework of Basel II is based on the following three
pillars: minimum capital requirements; supervisory review; and market discipline.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Under the first pillar, the capital ratio is calculated by dividing regulatory capital by risk-weighted
assets. With respect to the calculation of risk-weighted assets, the MHFG Group adopts the advanced internal ratings-based approach. Under such approach, balance sheet assets and off-balance sheet exposures, calculated under Japanese GAAP, are
assessed in terms of credit risk according to risk components such as probability of default (PD) and loss given default (LGD) which are derived by the Groups own internal credit experience. In addition to credit risk,
banks are required to measure and apply capital charges with respect to their market risks. Market risk is defined as the risk of losses in on- and off-balance-sheet positions arising from movements in market prices. Operational risk, which was
introduced under Basel II with respect to regulatory capital requirements, is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. The Group adopted the advanced measurement approach
instead of the standardized approach as of September 30, 2009 for the measurement of operational risk equivalent by taking account of the following four elements: internal loss data; external loss data; scenario analysis; and business
environment and internal control factors.

With regard to risk-based capital, these guidelines are consistent with the original BIS framework
(Basel I) in requiring a target minimum standard capital adequacy ratio of 8%, at least half of which must consist of core capital, on both a consolidated and non-consolidated basis for banks with international operations, such as MHCB and MHTB, or
on a consolidated basis for bank holding companies with international operations, such as MHFG.

Risk-based capital, calculated from financial
statements prepared under Japanese GAAP, is classified into the following three tiers: core capital (Tier 1 capital); supplementary capital (Tier 2 capital); and junior supplementary capital (Tier 3 capital). Tier 1 capital generally consists of
shareholders equity less any recorded goodwill and consolidation adjustment accounts. Tier 2 capital generally consists of: general loan-loss reserves; 45% of each of the unrealized gains on valuation of certain securities classified as
other securities under Japanese GAAP which is similar to available-for-sale securities under U.S. GAAP, and the unrealized appreciation in the value of land; the balance of subordinated perpetual debt; and the balance of subordinated
term debt with an original maturity of over five years and preferred term shares up to 50% of Tier 1 capital. Tier 2 capital may be included in a banks risk-based capital up to the amount equivalent to Tier 1 capital, less Tier 3 capital if
market risk is taken into account in the capital adequacy ratio calculation. Tier 3 capital consists of the balance of subordinated term debt with original maturity of at least two years. Tier 3 capital may be included in total risk-based capital
subject to certain conditions, depending on the measure for market risk and the amount of Tier 1 capital.

Japanese banks are also required to
comply with the supervisory review process (second pillar) and disclosure requirements for market discipline (third pillar). Under the second pillar, banks are required to maintain adequate capital to support all of the major risks in their business
and are encouraged to develop and use better risk management techniques in monitoring and managing such risks. Under the third pillar, banks are required to enhance disclosure, including disclosure of details of the capital adequacy ratio, the
amount of each type of risk and the method of calculation used, so that the market may make more effective evaluations.

Japanese banks with
only domestic operations, such as MHBK, are subject to Japanese capital adequacy requirements that are similar to those discussed above, except that domestic banks are required to maintain a minimum capital adequacy ratio of 4%, at least half of
which must consist of Tier 1 capital, on both a consolidated and non-consolidated basis.

If the capital adequacy ratio of a financial
institution falls below the required level, the FSA may, depending upon the extent of capital deterioration, take certain corrective action including requiring the financial institution to submit an improvement plan to strengthen its capital base,
reduce its total assets, restrict its business operations, or other actions that could have a material effect on the MHFG Groups financial statements.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Capital adequacy ratios of MHFG, MHCB, MHBK, and MHTB as of March 31, 2009 and 2010 calculated in
accordance with Japanese GAAP and guidelines established by the Ministry of Finance and the FSA are set forth in the following table:



|                          |  |                                          |  |       |  |        |  |      
|------------------------- |  | ---------------------------------------- |  | ----- |  | ------ |  | -----
|                          |  | 2009                                     |  | 2010 
|                          |  | Amount                                   |  | Ratio |  | Amount |  | Ratio
|                          |  | (in billions of yen, except percentages)
|Consolidated:             |  |                                          |  |       |  |        |  |      
|MHFG:                     |  |                                          |  |       |  |        |  |      
|Tier 1 capital:           |  |                                          |  |       |  |        |  |      
|Required                  |  | 2,362                                    |  | 4.00  |  | 2,275  |  | 4.00 
|Actual                    |  | 3,765                                    |  | 6.37  |  | 5,173  |  | 9.09 
|Total risk-based capital: |  |                                          |  |       |  |        |  |      
|Required                  |  | 4,724                                    |  | 8.00  |  | 4,549  |  | 8.00 
|Actual                    |  | 6,224                                    |  | 10.53 |  | 7,658  |  | 13.46
|MHCB:                     |  |                                          |  |       |  |        |  |      
|Tier 1 capital:           |  |                                          |  |       |  |        |  |      
|Required                  |  | 1,272                                    |  | 4.00  |  | 1,245  |  | 4.00 
|Actual                    |  | 2,698                                    |  | 8.48  |  | 3,914  |  | 12.57
|Total risk-based capital: |  |                                          |  |       |  |        |  |      
|Required                  |  | 2,543                                    |  | 8.00  |  | 2,490  |  | 8.00 
|Actual                    |  | 3,782                                    |  | 11.89 |  | 4,983  |  | 16.00
|MHBK:                     |  |                                          |  |       |  |        |  |      
|Tier 1 capital:           |  |                                          |  |       |  |        |  |      
|Required                  |  | 510                                      |  | 2.00  |  | 482    |  | 2.00 
|Actual                    |  | 1,697                                    |  | 6.65  |  | 1,866  |  | 7.74 
|Total risk-based capital: |  |                                          |  |       |  |        |  |      
|Required                  |  | 1,020                                    |  | 4.00  |  | 964    |  | 4.00 
|Actual                    |  | 3,002                                    |  | 11.77 |  | 3,105  |  | 12.88
|MHTB:                     |  |                                          |  |       |  |        |  |      
|Tier 1 capital:           |  |                                          |  |       |  |        |  |      
|Required                  |  | 123                                      |  | 4.00  |  | 112    |  | 4.00 
|Actual                    |  | 251                                      |  | 8.18  |  | 281    |  | 10.07
|Total risk-based capital: |  |                                          |  |       |  |        |  |      
|Required                  |  | 245                                      |  | 8.00  |  | 223    |  | 8.00 
|Actual                    |  | 408                                      |  | 13.32 |  | 439    |  | 15.73
|Non-consolidated:         |  |                                          |  |       |  |        |  |      
|MHCB:                     |  |                                          |  |       |  |        |  |      
|Tier 1 capital:           |  |                                          |  |       |  |        |  |      
|Required                  |  | 1,230                                    |  | 4.00  |  | 1,111  |  | 4.00 
|Actual                    |  | 1,863                                    |  | 6.05  |  | 3,330  |  | 11.99
|Total risk-based capital: |  |                                          |  |       |  |        |  |      
|Required                  |  | 2,459                                    |  | 8.00  |  | 2,221  |  | 8.00 
|Actual                    |  | 3,613                                    |  | 11.75 |  | 4,908  |  | 17.68
|MHBK:                     |  |                                          |  |       |  |        |  |      
|Tier 1 capital:           |  |                                          |  |       |  |        |  |      
|Required                  |  | 496                                      |  | 2.00  |  | 466    |  | 2.00 
|Actual                    |  | 1,645                                    |  | 6.63  |  | 1,825  |  | 7.83 
|Total risk-based capital: |  |                                          |  |       |  |        |  |      
|Required                  |  | 991                                      |  | 4.00  |  | 931    |  | 4.00 
|Actual                    |  | 2,915                                    |  | 11.76 |  | 3,021  |  | 12.97
|MHTB:                     |  |                                          |  |       |  |        |  |      
|Tier 1 capital:           |  |                                          |  |       |  |        |  |      
|Required                  |  | 121                                      |  | 4.00  |  | 110    |  | 4.00 
|Actual                    |  | 247                                      |  | 8.19  |  | 280    |  | 10.21
|Total risk-based capital: |  |                                          |  |       |  |        |  |      
|Required                  |  | 241                                      |  | 8.00  |  | 219    |  | 8.00 
|Actual                    |  | 403                                      |  | 13.35 |  | 437    |  | 15.97



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



MHFGs securities subsidiaries in Japan are also subject to the capital adequacy rules of the FSA
under the Financial Instrument and Exchange Law. This rule requires securities firms to maintain a minimum capital adequacy ratio of 120% calculated as a percentage of capital accounts less certain assets, as determined in accordance with Japanese
GAAP, against amounts equivalent to market, counterparty, and basic risks. Specific guidelines are issued as a ministerial ordinance which details the definition of essential components of the capital ratios, including capital, disallowed assets and
risks, and related measures. Failure to maintain a minimum capital ratio will trigger mandatory regulatory actions. A capital ratio of less than 140% will call for regulatory reporting and a capital ratio of 100% or less may lead to a temporary
suspension of all or part of the business operations and cancellation of the license to act as a securities broker and dealer.

Management
believes, as of March 31, 2010, that MHFG, MHCB, MHBK, MHTB, and their securities subsidiaries in Japan are in compliance with all capital adequacy requirements to which they are subject.

20. Earnings per common share

Basic
earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding during the fiscal year. Diluted earnings per common share reflect the assumed conversion to common shares of all convertible
securities such as convertible preferred stock.

On January 4, 2009, MHFG abolished the fractional share system and adopted the unit
share system concurrently with the allotment of shares or fractions of a share without consideration. The allotment was made at the rate of 999 shares per one share and 9.99 shares per every 0.01 of a share. Therefore, as a result of the allotment,
the number of shares has increased a thousandfold. The computations of basic and diluted earnings per common share are adjusted retroactively.

The following table sets forth the computation of basic and diluted earnings per common share for the fiscal years ended March 31, 2008, 2009 and
2010:



|                                                                                |  |                       |     |  |            |     |  |            |    
|------------------------------------------------------------------------------- |  | --------------------- | --- |  | ---------- | --- |  | ---------- | ---
|                                                                                |  | 2008                  |     |  | 2009       |     |  | 2010       |    
|                                                                                |  | (in millions of yen)  |    
|Net income (loss):                                                              |  |                       |     |  |            |     |  |            |    
|Net income (loss) attributable to MHFG shareholders                             |  | 228,618               |     |  | (1,058,447 | )   |  | 999,689    |    
|Less: Net income (loss) attributable to preferred shareholders                  |  | 19,975                |     |  | 19,340     |     |  | 11,086     |    
|                                                                                |  |                       |     |  |            |     |  |            |    
|Net income (loss) attributable to common shareholders                           |  | 208,643               |     |  | (1,077,787 | )   |  | 988,603    |    
|                                                                                |  |                       |     |  |            |     |  |            |    
|Effect of dilutive securities:                                                  |  |                       |     |  |            |     |  |            |    
|Convertible preferred stock                                                     |  | 18,875                |     |  |           | (2) |  | 9,986      |    
|Stock compensation-type stock options                                           |  |                      |     |  |           |     |  | (25        | )  
|                                                                                |  |                       |     |  |            |     |  |            |    
|Net income (loss) attributable to common shareholders after assumed conversions |  | 227,518               |     |  | (1,077,787 | )   |  | 998,564    |    
|                                                                                |  |                       |     |  |            |     |  |            |    
|                                                                                |  |                       |    
|                                                                                |  | 2008                  |     |  | 2009       |     |  | 2010       |    
|                                                                                |  | (thousands of shares) |    
|Shares:                                                                         |  |                       |     |  |            |     |  |            |    
|Weighted average common shares outstanding                                      |  | 11,479,942            |     |  | 11,231,269 |     |  | 14,013,058 |    
|                                                                                |  |                       |     |  |            |     |  |            |    
|Effect of dilutive securities:                                                  |  |                       |     |  |            |     |  |            |    
|Convertible preferred stock                                                     |  | 2,088,073             | (1) |  |           | (2) |  | 2,181,091  | (1)
|Stock compensation-type stock options                                           |  |                      |     |  |           |     |  | 6,663      |    
|                                                                                |  |                       |     |  |            |     |  |            |    
|Weighted average common shares after assumed conversions                        |  | 13,568,015            |     |  | 11,231,269 |     |  | 16,200,812 |    
|                                                                                |  |                       |     |  |            |     |  |            |    



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



|                                           |  |          |  |        |   |  |      
|------------------------------------------ |  | -------- |  | ------ | - |  | -----
|                                           |  | 2008     |  | 2009   |   |  | 2010 
|                                           |  | (in yen)
|Amounts per common share:                  |  |          |  |        |   |  |      
|Basic net income (loss) per common share   |  | 18.17    |  | (95.96 | ) |  | 70.55
|                                           |  |          |  |        |   |  |      
|Diluted net income (loss) per common share |  | 16.77    |  | (95.96 | ) |  | 61.64
|                                           |  |          |  |        |   |  |      



|Notes: | 
|------ | 

|(1) | For the fiscal years ended March 31, 2008 and 2010, the number of the dilutive common shares is based on the applicable conversion prices.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------

|(2) | For the fiscal year ended March 31, 2009, the computation of diluted earnings per common share did not assume conversion of convertible preferred stock, as the
effect of such conversion would be anti-dilutive due to the net loss.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

21. Income taxes

The following table presents the components of Income tax expense for the fiscal years ended March 31, 2008, 2009 and 2010:



|                           |  |                      |  |         |  |          |  
|-------------------------- |  | -------------------- |  | ------- |  | -------- | -
|                           |  | 2008                 |  | 2009    |  | 2010     |  
|                           |  | (in millions of yen) | 
|Current:                   |  |                      |  |         |  |          |  
|Domestic                   |  | 9,681                |  | 10,013  |  | 10,975   |  
|Foreign                    |  | 35,502               |  | 40,773  |  | 6,138    |  
|                           |  |                      |  |         |  |          |  
|Total current tax expense  |  | 45,183               |  | 50,786  |  | 17,113   |  
|                           |  |                      |  |         |  |          |  
|Deferred:                  |  |                      |  |         |  |          |  
|Domestic                   |  | 626,326              |  | 709,625 |  | (378,678 | )
|Foreign                    |  | 667                  |  | 1,497   |  | 1,370    |  
|                           |  |                      |  |         |  |          |  
|Total deferred tax expense |  | 626,993              |  | 711,122 |  | (377,308 | )
|                           |  |                      |  |         |  |          |  
|Total income tax expense   |  | 672,176              |  | 761,908 |  | (360,195 | )
|                           |  |                      |  |         |  |          |  

The preceding table does not reflect the tax effects of items recorded directly in Shareholders equity for the fiscal
years ended March 31, 2008, 2009 and 2010. The detailed amounts recorded directly in Shareholders equity are as follows:



|                                                                |  |                      |   |  |          |   |  |        
|--------------------------------------------------------------- |  | -------------------- | - |  | -------- | - |  | -------
|                                                                |  | 2008                 |   |  | 2009     |   |  | 2010   
|                                                                |  | (in millions of yen)
|Unrealized net gains (losses) on available-for-sale securities: |  |                      |   |  |          |   |  |        
|Unrealized gains (losses)                                       |  | (598,625             | ) |  | (488,671 | ) |  | 298,562
|Less: reclassification adjustments                              |  | (171,164             | ) |  | (29,684  | ) |  | 7,915  
|                                                                |  |                      |   |  |          |   |  |        
|Total                                                           |  | (769,789             | ) |  | (518,355 | ) |  | 306,477
|                                                                |  |                      |   |  |          |   |  |        
|Pension liability adjustments:                                  |  |                      |   |  |          |   |  |        
|Unrealized gains (losses)                                       |  | (165,059             | ) |  | (65,728  | ) |  | 9,051  
|Less: reclassification adjustments                              |  | (2,786               | ) |  | 2,715    |   |  | 14,481 
|                                                                |  |                      |   |  |          |   |  |        
|Total                                                           |  | (167,845             | ) |  | (63,013  | ) |  | 23,532 
|                                                                |  |                      |   |  |          |   |  |        
|Total tax effect before allocation to noncontrolling interests  |  | (937,634             | ) |  | (581,368 | ) |  | 330,009
|                                                                |  |                      |   |  |          |   |  |        



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Since the MHFG Group does not have the intention to divest its foreign subsidiaries in the foreseeable
future, deferred taxes are not provided on the temporary differences related to foreign currency translation adjustments.

The following table
shows a reconciliation of Income tax expense at the effective statutory tax rate to actual income tax expense for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                                                                            |  |                                        |   |  |           |   |  |            |  
|------------------------------------------------------------------------------------------- |  | -------------------------------------- | - |  | --------- | - |  | ---------- | -
|                                                                                            |  | 2008                                   |   |  | 2009      |   |  | 2010       |  
|                                                                                            |  | (in millions of yen, except tax rates) |  
|Income (loss) before income tax expense                                                     |  | 847,138                                |   |  | (358,094  | ) |  | 686,455    |  
|Effective statutory tax rate                                                                |  | 40.69                                  | % |  | 40.69     | % |  | 40.69      | %
|                                                                                            |  |                                        |   |  |           |   |  |            |  
|Income tax calculated at the statutory tax rate                                             |  | 344,700                                |   |  | (145,709  | ) |  | 279,319    |  
|Income not subject to tax                                                                   |  | (19,514                                | ) |  | (15,658   | ) |  | (23,207    | )
|Expenses not deductible for tax purposes                                                    |  | 2,035                                  |   |  | 1,823     |   |  | 1,496      |  
|Tax rate differentials of subsidiaries                                                      |  | 35,610                                 |   |  | (11,923   | ) |  | 650        |  
|Change in valuation allowance                                                               |  | 242,980                                |   |  | 1,256,799 |   |  | (1,104,610 | )
|Change in undistributed earnings of subsidiaries                                            |  | (32,405                                | ) |  | (19,706   | ) |  | 10,384     |  
|Change in net operating loss carryforwards resulting from intercompany capital transactions |  | 54,277                                 |   |  | (351,991  | ) |  | (1,400     | )
|Expiration of net operating loss carryforwards                                              |  |                                       |   |  | 15,915    |   |  | 481,805    |  
|Business combination (Note 3)                                                               |  |                                       |   |  |          |   |  | (38,721    | )
|Other                                                                                       |  | 44,493                                 |   |  | 32,358    |   |  | 34,089     |  
|                                                                                            |  |                                        |   |  |           |   |  |            |  
|Income tax expense                                                                          |  | 672,176                                |   |  | 761,908   |   |  | (360,195   | )
|                                                                                            |  |                                        |   |  |           |   |  |            |  

The components of net deferred tax assets at March 31, 2009 and 2010 are as follows:



|                                                     |  |                      |   |  |            |  
|---------------------------------------------------- |  | -------------------- | - |  | ---------- | -
|                                                     |  | 2009                 |   |  | 2010       |  
|                                                     |  | (in millions of yen) |  
|Deferred tax assets:                                 |  |                      |   |  |            |  
|Investments                                          |  | 1,265,923            |   |  | 1,155,141  |  
|Allowance for loan losses                            |  | 495,235              |   |  | 487,488    |  
|Trading account assets                               |  | 85,609               |   |  | 74,713     |  
|Prepaid pension cost and accrued pension liabilities |  | 122,321              |   |  | 40,688     |  
|Financial Stabilization Funds                        |  | 21,324               |   |  | 16,615     |  
|Premises and equipment                               |  | 26,526               |   |  | 15,062     |  
|Undistributed earnings of subsidiaries               |  | 15,183               |   |  | 4,799      |  
|Net operating loss carryforwards                     |  | 2,559,208            |   |  | 1,996,444  |  
|Other                                                |  | 332,191              |   |  | 300,133    |  
|                                                     |  |                      |   |  |            |  
|                                                     |  | 4,923,520            |   |  | 4,091,083  |  
|Valuation allowance                                  |  | (3,778,575           | ) |  | (2,603,292 | )
|                                                     |  |                      |   |  |            |  
|Deferred tax assets, net of valuation allowance      |  | 1,144,945            |   |  | 1,487,791  |  
|                                                     |  |                      |   |  |            |  
|Deferred tax liabilities:                            |  |                      |   |  |            |  
|Available-for-sale securities                        |  | 282,962              |   |  | 550,640    |  
|Derivative financial instruments                     |  | 27,217               |   |  | 43,447     |  
|Other                                                |  | 50,747               |   |  | 79,252     |  
|                                                     |  |                      |   |  |            |  
|Deferred tax liabilities                             |  | 360,926              |   |  | 673,339    |  
|                                                     |  |                      |   |  |            |  
|Net deferred tax assets                              |  | 784,019              |   |  | 814,452    |  
|                                                     |  |                      |   |  |            |  



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Deferred tax assets and deferred tax liabilities within the same tax jurisdiction have been netted for
presentation in the consolidated balance sheets.

In assessing the realizability of deferred tax assets, management considered whether it was
more likely than not that some portion or all of the deferred tax assets would not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary
differences become deductible. Management considered the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies available in making this assessment. Based upon the level of historical taxable
income and projections for future taxable income over the periods in which the deferred tax assets were deductible, management believed it was more likely than not that the MHFG Group would realize the benefits of these deductible differences, net
of the existing valuation allowances at March 31, 2009 and 2010.

At March 31, 2010, the MHFG Group had net operating loss
carryforwards totaling ¥5,002 billion. These net operating losses are scheduled to expire as follows:



|                             |  |                                
|---------------------------- |  | -------------------------------
|                             |  | Net operating losscarryforwards
|                             |  | (in billions of yen)           
|Fiscal year ending March 31: |  |                                
|2011                         |  | 504                            
|2012                         |  | 519                            
|2013                         |  | 2,696                          
|2014                         |  | 16                             
|2015                         |  | 6                              
|2016 and thereafter          |  | 1,261                          
|                             |  |                                
|Total                        |  | 5,002                          
|                             |  |                                

Included in net operating loss carryforwards in the above table are
carryforwards of the holding company and a subsidiary of ¥3,515 billion resulting mainly from intercompany capital transactions. The tax effect of these carryforwards is offset by a full valuation allowance.

The total amount of unrecognized tax benefits including ¥1,943 million and ¥602 million interest and penalties was
¥11,639 million and ¥4,193 million at March 31, 2009 and 2010, respectively, of which ¥11,639 million and ¥2,596 million would, if recognized, affect the Groups effective tax rate, respectively. The
Group classifies interest and penalties accrued relating to unrecognized tax benefits as Income tax expense.

The following table is a
roll-forward of unrecognized tax benefits for the fiscal years ended March 31, 2009 and 2010:



|                                                                        |  |                      |   |  |         |  
|----------------------------------------------------------------------- |  | -------------------- | - |  | ------- | -
|                                                                        |  | 2009                 |   |  | 2010    |  
|                                                                        |  | (in millions of yen) |  
|Total unrecognized tax benefits at beginning of fiscal year             |  | 4,923                |   |  | 11,639  |  
|                                                                        |  |                      |   |  |         |  
|Gross amount of increases related to positions taken during prior years |  | 7,412                |   |  | 3,394   |  
|Amount of decreases related to settlements                              |  | (328                 | ) |  | (10,306 | )
|Foreign exchange adjustments                                            |  | (368                 | ) |  | (534    | )
|                                                                        |  |                      |   |  |         |  
|Total unrecognized tax benefits at end of fiscal year                   |  | 11,639               |   |  | 4,193   |  
|                                                                        |  |                      |   |  |         |  



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The MHFG Group is currently subject to ongoing tax audits in some jurisdictions. The oldest years open
to tax audits in Japan, the United States and the United Kingdom are 2002, 1999 and 2002, respectively. The MHFG Group does not anticipate that increases or decreases of unrecognized tax benefits within the next twelve months would have a material
effect on its consolidated results of operations or financial condition.

22. Pension and other employee benefit plans

Severance indemnities and pension plans

MHFG and certain subsidiaries, including MHBK, MHCB, and MHTB, sponsor and offer their employees other than directors and corporate auditors, contributory
and non-contributory defined benefit plans. Under these plans, employees are provided with lump-sum cash payments upon leaving the company. The amount of benefits under the plans is principally determined based on the position, the length of service
and the reason for retirement. When employees meet certain conditions including the length of service, they may opt to receive annuity payments instead of lump-sum payments at retirement. MHFG and certain subsidiaries also offer special termination
benefits to former employees whose contributions during their career were deemed meritorious and to those with particular circumstances.

Some
of MHFGs subsidiaries offer closed Tax-Qualified Pension Plans (closed TQPPs). These plans are non-contributory defined benefit plans which provide retired employees other than directors and corporate auditors with retirement
benefits that are determined based on certain factors that include the length of service. Under the TQPPs, employers enter into contracts with financial institutions such as trust banks or life insurers that administer employer contributions and
benefit payments.

Certain foreign offices and subsidiaries have defined contribution plans and/or defined benefit plans, of which disclosures
are combined with those for domestic benefit plans, as they are not significant.

MHFG and certain subsidiaries have several defined
contribution plans. The costs recognized for contributions to the plans for the fiscal years ended March 31, 2008, 2009 and 2010 were ¥1,785 million, ¥1,987 million and ¥3,391 million, respectively.

Pension plans are not fully integrated among subsidiaries of MHFG and plan assets are managed separately by each plan.

Net periodic benefit cost and funded status

Net periodic benefit cost of the severance indemnities and pension plans, net of contributions made by employees, for the fiscal years ended
March 31, 2008, 2009 and 2010 includes the following components:



|                                                    |  |                      |   |  |         |   |  |         |  
|--------------------------------------------------- |  | -------------------- | - |  | ------- | - |  | ------- | -
|                                                    |  | 2008                 |   |  | 2009    |   |  | 2010    |  
|                                                    |  | (in millions of yen) |  
|Service cost-benefits earned during the fiscal year |  | 24,000               |   |  | 23,668  |   |  | 27,342  |  
|Interest costs on projected benefit obligation      |  | 26,757               |   |  | 25,192  |   |  | 25,062  |  
|Expected return on plan assets                      |  | (95,211              | ) |  | (52,273 | ) |  | (15,120 | )
|Amortization of prior service benefit               |  | (437                 | ) |  | (375    | ) |  | (318    | )
|Amortization of net actuarial loss (gain)           |  | (6,042               | ) |  | 6,297   |   |  | 36,483  |  
|Special termination benefits                        |  | 5,048                |   |  | 7,440   |   |  | 4,387   |  
|Loss on settlement                                  |  |                     |   |  | 1,791   |   |  |        |  
|Gain on curtailment                                 |  |                     |   |  | (748    | ) |  |        |  
|                                                    |  |                      |   |  |         |   |  |         |  
|Net periodic benefit cost                           |  | (45,885              | ) |  | 10,992  |   |  | 77,836  |  
|                                                    |  |                      |   |  |         |   |  |         |  



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
before-tax for the fiscal years ended March 31, 2009 and 2010 were summarized as follows:



|                                                                 |  |                      |   |  |          |  
|---------------------------------------------------------------- |  | -------------------- | - |  | -------- | -
|                                                                 |  | 2009                 |   |  | 2010     |  
|                                                                 |  | (in millions of yen) |  
|Net actuarial loss (gain)                                        |  | 336,362              |   |  | (196,508 | )
|Amortization of net actuarial loss                               |  | (6,297               | ) |  | (36,483  | )
|Prior service cost                                               |  | 744                  |   |  |         |  
|Amortization of prior service benefit                            |  | 375                  |   |  | 318      |  
|                                                                 |  |                      |   |  |          |  
|Total recognized in other comprehensive loss (income) before-tax |  | 331,184              |   |  | (232,673 | )
|                                                                 |  |                      |   |  |          |  

As of March 31, 2010, the amounts in Accumulated other comprehensive income (loss), which will be amortized as prior
service benefit and actuarial loss over the next fiscal year, are estimated to be ¥318 million and ¥15,601 million, respectively.

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost are as follows:



|                                                                                          |  |           |   |  |           |   |  |           |  
|----------------------------------------------------------------------------------------- |  | --------- | - |  | --------- | - |  | --------- | -
|                                                                                          |  | 2008      |   |  | 2009      |   |  | 2010      |  
|Weighted-average assumptions used to determine benefit obligations at fiscal year end:    |  |           |   |  |           |   |  |           |  
|Discount rates                                                                            |  | 1.99      | % |  | 1.93      | % |  | 1.93      | %
|Rates of increase in future compensation level                                            |  | 1.615.62 | % |  | 1.936.27 | % |  | 2.136.12 | %
|                                                                                          |  |           |  
|Weighted-average assumptions used to determine net periodic benefit cost during the year: |  |           |   |  |           |   |  |           |  
|Discount rates                                                                            |  | 2.09      | % |  | 1.99      | % |  | 1.93      | %
|Rates of increase in future compensation level                                            |  | 1.515.76 | % |  | 1.615.62 | % |  | 1.936.27 | %
|Expected rates of return on plan assets                                                   |  | 5.75      | % |  | 3.92      | % |  | 1.49      | %

In estimating the discount
rate, the MHFG Group used interest rates on high-quality fixed-income governmental and corporate bonds that received a rating of AA(Aa) or higher from rating agencies. The durations of such bonds closely match that of the benefit obligation. Assumed
discount rates were reevaluated at each measurement date. The expected rate of return for each asset category is based primarily on various aspects of long-term prospects for the economy that include historical performance and the market
environment.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The following table sets forth the combined funded status and amounts recognized in the accompanying
consolidated balance sheets at March 31, 2009 and 2010 for the plans of MHFG and its subsidiaries.



|                                                                                           |  |                      |   |  |           |  
|------------------------------------------------------------------------------------------ |  | -------------------- | - |  | --------- | -
|                                                                                           |  | 2009                 |   |  | 2010      |  
|                                                                                           |  | (in millions of yen) |  
|Change in benefit obligation:                                                              |  |                      |   |  |           |  
|Benefit obligation at beginning of fiscal year                                             |  | 1,293,747            |   |  | 1,256,538 |  
|Service cost                                                                               |  | 23,668               |   |  | 27,342    |  
|Interest cost                                                                              |  | 25,192               |   |  | 25,062    |  
|Plan participants contributions                                                           |  | 1,199                |   |  | 1,200     |  
|Business combination(1)                                                                    |  |                     |   |  | 45,586    |  
|Settlements                                                                                |  | (15,730              | ) |  |          |  
|Actuarial loss (gain)                                                                      |  | (4,377               | ) |  | 13,494    |  
|Foreign currency exchange rate changes                                                     |  | (5,303               | ) |  | (19       | )
|Benefits paid                                                                              |  | (43,906              | ) |  | (45,442   | )
|Lump-sum payments                                                                          |  | (17,952              | ) |  | (17,412   | )
|                                                                                           |  |                      |   |  |           |  
|Benefit obligation at end of fiscal year(2)                                                |  | 1,256,538            |   |  | 1,306,349 |  
|                                                                                           |  |                      |   |  |           |  
|Change in plan assets:                                                                     |  |                      |   |  |           |  
|Fair value of plan assets at beginning of fiscal year                                      |  | 1,320,374            |   |  | 1,005,422 |  
|Actual return (negative return) on plan assets                                             |  | (289,612             | ) |  | 225,154   |  
|Foreign currency exchange rate changes                                                     |  | (4,991               | ) |  | (58       | )
|Business combination(1)                                                                    |  |                     |   |  | 35,216    |  
|Settlements                                                                                |  | (15,730              | ) |  |          |  
|Employer contributions                                                                     |  | 38,088               |   |  | 55,291    |  
|Plan participants contributions                                                           |  | 1,199                |   |  | 1,200     |  
|Benefits paid                                                                              |  | (43,906              | ) |  | (45,442   | )
|                                                                                           |  |                      |   |  |           |  
|Fair value of plan assets at end of fiscal year                                            |  | 1,005,422            |   |  | 1,276,783 |  
|                                                                                           |  |                      |   |  |           |  
|Funded status                                                                              |  | (251,116             | ) |  | (29,566   | )
|                                                                                           |  |                      |   |  |           |  
|Amounts recognized in the consolidated balance sheets consist of:                          |  |                      |   |  |           |  
|Prepaid pension cost                                                                       |  | 8                    |   |  | 182       |  
|Accrued pension liability                                                                  |  | (251,124             | ) |  | (29,748   | )
|                                                                                           |  |                      |   |  |           |  
|Net amount recognized                                                                      |  | (251,116             | ) |  | (29,566   | )
|                                                                                           |  |                      |   |  |           |  
|Amounts recognized in Accumulated other comprehensive loss (income) before-tax consist of: |  |                      |   |  |           |  
|Prior service cost (benefit)                                                               |  | (2,616               | ) |  | (2,298    | )
|Net actuarial loss                                                                         |  | 526,328              |   |  | 293,337   |  
|                                                                                           |  |                      |   |  |           |  
|Net amount recognized                                                                      |  | 523,712              |   |  | 291,039   |  
|                                                                                           |  |                      |   |  |           |  



Notes:

|(1) | Business combination represents the effect of merger of MHSC and Shinko.
|--- | ------------------------------------------------------------------------

|(2) | The aggregated accumulated benefit obligations of these plans were ¥1,232,621 million and ¥1,280,344 million, respectively, as of March 31, 2009
and 2010. The defined benefit plans generally employ a multi-variable and non-linear formula based upon compensation at the time of severance, rank and years of service. Employees with service in excess of one year are qualified to receive lump-sum
severance indemnities.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The following table shows the projected benefit obligations and the fair value of plan assets for the
plans of MHFG and its subsidiaries with projected benefit obligations in excess of plan assets, and the accumulated benefit obligations and the fair value of plan assets for the plans with accumulated benefit obligations in excess of plan assets at
March 31, 2010:



|                                                                     |  |                      |  |          
|-------------------------------------------------------------------- |  | -------------------- |  | ---------
|                                                                     |  | 2009                 |  | 2010     
|                                                                     |  | (in millions of yen)
|Plans with projected benefit obligations in excess of plan assets:   |  |                      |  |          
|Projected benefit obligation                                         |  | 1,254,091            |  | 1,303,701
|Fair value of plan assets                                            |  | 1,002,967            |  | 1,273,953
|                                                                     |  |                     
|Plans with accumulated benefit obligations in excess of plan assets: |  |                      |  |          
|Accumulated benefit obligation                                       |  | 1,230,175            |  | 82,742   
|Fair value of plan assets                                            |  | 1,002,967            |  | 59,194   



|Note: | The plans with projected benefit obligations in excess of plan assets include those with accumulated benefit obligations in excess of plan assets.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------

Investment policies and asset allocation

In managing plan assets, the MHFG Group determines the appropriate levels of risk that the Group can assume under the given circumstances to maximize the
investment returns from a long-term perspective while ensuring that the sufficient funds will be available to plan participants and beneficiaries. Generally, the investment returns are relative to the risks involved. In considering the maximum
levels of risk that the MHFG Group can assume, it primarily considers the following factors; the employers burden of maintaining the benefit plans based on the design of the plans and future plan contributions, the age distribution of the plan
participants and beneficiaries, the financial conditions of the employers, and the employers ability to absorb future variability in plan premiums. The long-term asset allocation is based on optimal portfolios, which are estimated by expected
return and risk according to each asset category such as Japanese equity securities, Japanese debt securities, foreign equity securities and foreign debt securities. Additionally, the asset allocation is reviewed whenever there are large
fluctuations in pension plan liabilities caused by modifications of pension plans, or there are changes in the market environment. When selecting an investment in each asset category, the MHFG Group takes into consideration credit standing of an
investee, concentration of credit risk to a certain investee, liquidity of an financial instrument, etc. The investments in each asset category are further diversified across funds, strategies, sectors, etc. There is no significant investment in a
single investee except Japanese government bonds.

Certain subsidiaries of MHFG established employee retirement benefit trusts and transferred
their assets to the trusts as plan assets. These assets are separated from employers proprietary assets for the payment to the plan beneficiaries. The assets held in these trusts are primarily Japanese equity securities and have been entrusted
directly with qualified trustees including trust banks.

The plan assets designated to the TQPPs have been invested in assets with low
investment risk because the plans have already been closed to new participants.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



MHFG and certain subsidiaries target allocation for the plan assets excluding those of the
employee retirement benefit trusts at March 31, 2010 is as follows:



|                                            |  |             |  
|------------------------------------------- |  | ----------- | -
|Asset category                              |  | Asset ratio |  
|Japanese equity securities                  |  | 17.00       | %
|Japanese debt securities                    |  | 28.00       | %
|Foreign equity securities                   |  | 15.00       | %
|Foreign debt securities                     |  | 26.00       | %
|General account of life insurance companies |  | 14.00       | %
|                                            |  |             |  
|Total                                       |  | 100.00      | %
|                                            |  |             |  



|Note: | General account of life insurance companies is a contract with life insurance companies which guarantees payments of principal and predetermined interest rate.
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

Fair value of plan assets

The following table presents the fair value of plan assets of MHFG and its subsidiaries at March 31, 2010, by asset category. For the detailed
information on fair value measurements, including descriptions of Level 1, 2 and 3 of the fair value hierarchy and the valuation methodologies, see Note 29 Fair value.



|                                               |  |                      |     |  |         |      |  |         |  |      
|---------------------------------------------- |  | -------------------- | --- |  | ------- | ---- |  | ------- |  | -----
|                                               |  | 2010                
|                                               |  | Level 1              |     |  | Level 2 |      |  | Level 3 |  | Total
|                                               |  | (in billions of yen)
|Japanese equity securities                     |  |                      |     |  |         |      |  |         |  |      
|Common stocks(1)                               |  | 606                  |     |  |        |      |  |        |  | 606  
|Pooled funds(2)                                |  |                     |     |  | 65      |      |  |        |  | 65   
|Japanese debt securities                       |  |                      |     |  |         |      |  |         |  |      
|Government bonds                               |  | 117                  |     |  |        |      |  |        |  | 117  
|Pooled funds(2)                                |  |                     |     |  | 37      |      |  |        |  | 37   
|Other                                          |  |                     |     |  | 28      |      |  |        |  | 28   
|Foreign equity securities                      |  |                      |     |  |         |      |  |         |  |      
|Common stocks                                  |  | 48                   |     |  |        |      |  |        |  | 48   
|Pooled funds(2)                                |  |                     |     |  | 83      |      |  |        |  | 83   
|Foreign debt securities                        |  |                      |     |  |         |      |  |         |  |      
|Government bonds                               |  | 74                   |     |  | 6       |      |  |        |  | 80   
|Pooled funds(2)                                |  |                     |     |  | 54      |      |  |        |  | 54   
|Other                                          |  |                     |     |  | 17      |      |  |        |  | 17   
|General account of life insurance companies(3) |  |                     |     |  | 102     |      |  |        |  | 102  
|Hedge funds                                    |  |                     |     |  |        |      |  | 1       |  | 1    
|Other                                          |  | 45                   | (4) |  | (6      | )(5) |  |        |  | 39   
|                                               |  |                      |     |  |         |      |  |         |  |      
|Total assets at fair value                     |  | 890                  |     |  | 386     |      |  | 1       |  | 1,277
|                                               |  |                      |     |  |         |      |  |         |  |      



Notes:

|(1) | This category includes equity securities held in the employee retirement benefit trusts of ¥575 billion at March 31, 2010, which are well-diversified across
industries.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | This category primarily includes pension investment fund trusts. Investments in this category are generally measured at their net asset values per share and can be
redeemable within short-term period upon request.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Investments in this category are measured at conversion value.
|--- | --------------------------------------------------------------

|(4) | This category primarily includes cash and short-term assets carried at fair value.
|--- | ----------------------------------------------------------------------------------

|(5) | This category primarily includes foreign exchange contracts carried at fair value.
|--- | ----------------------------------------------------------------------------------



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The fair value amount of Level 3 assets, consisting of hedge funds, was ¥1 billion and ¥1
billion at March 31, 2009 and 2010, respectively. Amounts of actual returns on and purchases and sales of these assets during the fiscal year ended March 31, 2010 were not significant.

Contributions

A contribution of
approximately ¥52 billion is expected to be paid to the pension plans in the fiscal year ending March 31, 2011, based on the current funded status and expected asset return assumptions.

Estimated future benefit payments

The
following table presents forecasted benefit payments including the effect of expected future service for the fiscal years indicated:



|                             |  |                     
|---------------------------- |  | --------------------
|                             |  | (in millions of yen)
|Fiscal year ending March 31: |  |                     
|2011                         |  | 61,393              
|2012                         |  | 62,638              
|2013                         |  | 64,518              
|2014                         |  | 66,794              
|2015                         |  | 68,566              
|2016-2020                    |  | 357,634             

23. Stock-based compensation

Concurrently with the abolishment of, and as an alternative to the retirement allowances program for directors and executive officers of
MHFG, MHBK, MHCB, and MHTB, the MHFG Group introduced stock compensation-type stock options, in the form of stock acquisition rights, for directors (excluding the outside directors) and executive officers of the respective companies (hereinafter
referred to collectively as the Directors) in June 2008. The Group also introduced similar stock compensation-type stock options for MHSCs Directors in June 2009.

The Group maintains following three types of stock-based compensation plan.

In each plan, 1,000 shares of common stock of the designated company (i.e. MHFG common stock for Directors of MHFG, MHBK and MHCB, MHTB common stock for
Directors of MHTB, and MHSC common stock for Directors of MHSC) shall be issued or transferred upon exercise of each of the stock acquisition rights. The amount to be paid upon exercise shall be 1 yen per share.

The contractual term of the stock acquisition rights of each plan is 20 years. A holder may exercise the stock acquisition rights only after the date on
which such holder loses the status as a Director of MHFG, MHBK, MHCB, MHTB or MHSC. In case of MHSC, if a holder assumes the status as a Director of the company immediately after losing the status as a Director of the company, the holder may
exercise the stock acquisition rights only after losing such status finally and definitely.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



For Directors of MHFG, MHBK, and MHCB

The following is a summary of the stock-based compensation plan of MHFG, MHBK and MHCB for the fiscal year ended March 31, 2010:



|                                        |  |                 |  |                                |  |                                           |  |                         
|--------------------------------------- |  | --------------- |  | ------------------------------ |  | ----------------------------------------- |  | ------------------------
|                                        |  | Number ofshares |  | Weighted-averageexercise price |  | Weighted-averageremainingcontractual term |  | Aggregateintrinsic value
|                                        |  |                 |  | (in yen)                       |  | (in years)                                |  | (in millions of yen)    
|Outstanding at beginning of fiscal year |  | 5,409,000       |  | 1                              |  |                                           |  |                         
|Granted during fiscal year              |  | 5,835,000       |  | 1                              |  |                                           |  |                         
|Exercised during fiscal year            |  | 1,954,000       |  | 1                              |  |                                           |  |                         
|                                        |  |                 |  |                                |  |                                           |  |                         
|Outstanding at end of fiscal year       |  | 9,290,000       |  | 1                              |  | 19.26                                     |  | 1,709                   
|                                        |  |                 |  |                                |  |                                           |  |                         
|Exercisable at end of fiscal year       |  |                |  |                               |  |                                          |  |                        
|                                        |  |                 |  |                                |  |                                           |  |                         

There are no non-vested stock options remaining as of March 31, 2010.

The following table presents the assumptions to estimate the fair value of stock acquisition rights on the date of grant used in the Black-Scholes option
pricing model. The risk-free interest rate is based on the Japanese government bonds yield curve for the expected remaining term in effect at the date of grant. The expected volatility is based on the historical trading data of MHFG common stock.
The expected remaining term is based on the average service period of Directors of MHFG, MHBK, and MHCB, which represents the period of time that stock acquisition rights granted are expected to be outstanding. The expected dividend yield is based
on the dividend rate of MHFG common stock at the date of grant.



|                                   |  |                                                                                |   |  |       |  
|---------------------------------- |  | ------------------------------------------------------------------------------ | - |  | ----- | -
|                                   |  | For the stock acquisition rightsgranted during the fiscal 
yearended March 31, |  
|                                   |  | 2009                                                                           |   |  | 2010  |  
|Risk-free interest rate            |  | 0.38                                                                           | % |  | 0.22  | %
|Expected volatility                |  | 61.05                                                                          | % |  | 67.18 | %
|Expected remaining term (in years) |  | 1.78                                                                           |   |  | 1.86  |  
|Expected dividend yield            |  | 4.78                                                                           | % |  | 4.35  | %

The weighted-average
grant-date fair value of stock acquisition rights granted during the fiscal years ended March 31, 2009 and 2010 was ¥190,910 and ¥168,690, respectively.

The compensation cost related to this plan recognized in income was ¥1,033 million and ¥984 million during the fiscal years ended
March 31, 2009 and 2010, respectively.



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For Directors of MHTB

The following is a summary of the stock-based compensation plan of MHTB for the fiscal year ended March 31, 2010:



|                                        |  |                 |  |                                |  |                                           |  |                         
|--------------------------------------- |  | --------------- |  | ------------------------------ |  | ----------------------------------------- |  | ------------------------
|                                        |  | Number ofshares |  | Weighted-averageexercise price |  | Weighted-averageremainingcontractual
term |  | Aggregateintrinsic value
|                                        |  |                 |  | (in yen)                       |  | (in years)                                |  | (in millions of yen)    
|Outstanding at beginning of fiscal year |  | 1,695,000       |  | 1                              |  |                                           |  |                         
|Granted during fiscal year              |  | 1,744,000       |  | 1                              |  |                                           |  |                         
|Exercised during fiscal year            |  | 615,000         |  | 1                              |  |                                           |  |                         
|                                        |  |                 |  |                                |  |                                           |  |                         
|Outstanding at end of fiscal year       |  | 2,824,000       |  | 1                              |  | 19.13                                     |  | 263                     
|                                        |  |                 |  |                                |  |                                           |  |                         
|Exercisable at end of fiscal year       |  |                |  |                               |  |                                          |  |                        
|                                        |  |                 |  |                                |  |                                           |  |                         

There are no non-vested stock options remaining as of March 31, 2010.

The following table presents the assumptions to estimate the fair value of stock acquisition rights on the date of grant used in the Black-Scholes option
pricing model. The assumptions used are the same as those of the aforementioned plan for Directors of MHFG, MHBK, and MHCB except that the underlying security is MHTB common stock.



|                                   |  |                                                                                |   |  |       |  
|---------------------------------- |  | ------------------------------------------------------------------------------ | - |  | ----- | -
|                                   |  | For the stock acquisition rightsgranted during the fiscal 
yearended March 31, |  
|                                   |  | 2009                                                                           |   |  | 2010  |  
|Risk-free interest rate            |  | 0.36                                                                           | % |  | 0.23  | %
|Expected volatility                |  | 46.19                                                                          | % |  | 49.14 | %
|Expected remaining term (in years) |  | 1.52                                                                           |   |  | 1.84  |  
|Expected dividend yield            |  | 1.06                                                                           | % |  | 0     | %

The weighted-average
grant-date fair value of stock acquisition rights granted during the fiscal years ended March 31, 2009 and 2010 was ¥91,490 and ¥110,000, respectively.

The compensation cost related to this plan recognized in income was ¥155 million and ¥192 million during the fiscal years ended
March 31, 2009 and 2010, respectively.

For Directors of MHSC

The following is a summary of the stock-based compensation plan of MHSC for the fiscal year ended March 31, 2010:



|                                        |  |                 |  |                                |  |                                           |  |                         
|--------------------------------------- |  | --------------- |  | ------------------------------ |  | ----------------------------------------- |  | ------------------------
|                                        |  | Number ofshares |  | Weighted-averageexercise price |  | Weighted-averageremainingcontractual term |  | Aggregateintrinsic value
|                                        |  |                 |  | (in yen)                       |  | (in years)                                |  | (in millions of yen)    
|Outstanding at beginning of fiscal year |  |                |  |                               |  |                                           |  |                         
|Granted during fiscal year              |  | 1,217,000       |  | 1                              |  |                                           |  |                         
|Exercised during fiscal year            |  | 16,000          |  | 1                              |  |                                           |  |                         
|Forfeited during fiscal year            |  | 2,000           |  | 1                              |  |                                           |  |                         
|                                        |  |                 |  |                                |  |                                           |  |                         
|Outstanding at end of fiscal year       |  | 1,199,000       |  | 1                              |  | 19.38                                     |  | 354                     
|                                        |  |                 |  |                                |  |                                           |  |                         
|Exercisable at end of fiscal year       |  | 34,000          |  | 1                              |  | 19.38                                     |  | 10                      
|                                        |  |                 |  |                                |  |                                           |  |                         



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There are no non-vested stock options remaining as of March 31, 2010.

The following table presents the assumptions to estimate the fair value of stock acquisition rights on the date of grant used in the Black-Scholes option
pricing model. The assumptions used are the same as those of the aforementioned plan for Directors of MHFG, MHBK, and MHCB except that the underlying security is MHSC common stock.



|                                   |  |                                                                                    |  
|---------------------------------- |  | ---------------------------------------------------------------------------------- | -
|                                   |  | For the stock acquisition rightsgranted during the fiscal
yearended March 31, 2010 |  
|Risk-free interest rate            |  | 0.38                                                                               | %
|Expected volatility                |  | 51.64                                                                              | %
|Expected remaining term (in years) |  | 3.03                                                                               |  
|Expected dividend yield            |  | 1.55                                                                               | %

The weighted-average
grant-date fair value of stock acquisition rights granted during the fiscal year ended March 31, 2010 was ¥306,210.

The compensation
cost related to this plan recognized in income was ¥372 million during the fiscal year ended March 31, 2010.

24. Derivative
financial instruments

The MHFG Group uses derivative financial instruments in response to the diverse needs of customers, to control the
risk related to the assets and liabilities of the MHFG Group, as part of its asset and liability management, and for proprietary trading purposes. The MHFG Group is exposed primarily to market risk associated with interest rate, commodity, foreign
currency, and equity products. Market risk arises from changes in market prices or indices, interest rates and foreign exchange rates that may result in an adverse change in the market value of the financial instrument or an increase in its funding
costs. Exposure to market risk is managed by imposing position limits and monitoring procedures and by initiating hedging transactions. In addition to market risk, the MHFG Group is exposed to credit risk associated with counterparty default or
nonperformance on transactions. Credit risk arises from counterparty failure to perform according to the terms and conditions of the contract and the value of the underlying collateral held, if applicable, is not sufficient to recover resulting
losses. The exposure to credit risk is measured by the fair value of all derivatives in a gain position and its potential increase at the balance sheet dates. The exposure to credit risk is managed by entering into legally enforceable master netting
agreements to mitigate the overall counterparty credit risk, requiring underlying collateral and guarantees based on an individual credit analysis of each obligor and evaluating credit features of each instrument. In addition, credit approvals,
limits and monitoring procedures are also imposed.



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Notional amount and fair value of derivative contracts

The following table summarizes notional and fair value amounts of derivative instruments outstanding as of March 31, 2010. The fair value of
derivatives is not offset against the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreement in the consolidated balance sheets as well as the table below.



|                           |  |                      |  |                           |  |                         |  |                     |  |                        
|-------------------------- |  | -------------------- |  | ------------------------- |  | ----------------------- |  | ------------------- |  | -----------------------
|                           |  |                      |  | Fair value               
|                           |  |                      |  | Derivative receivables(2) |  | Derivative payables(2) 
|2010                       |  | Notional amount(1)   |  | Designatedas hedges       |  | Not designatedas hedges |  | Designatedas hedges |  | Not designatedas hedges
|                           |  | (in billions of yen)
|Interest rate contracts    |  | 882,799              |  |                          |  | 12,187                  |  |                    |  | 11,738                 
|Foreign exchange contracts |  | 79,510               |  |                          |  | 3,457                   |  | 6                   |  | 3,168                  
|Equity-related contracts   |  | 2,653                |  |                          |  | 158                     |  |                    |  | 171                    
|Credit-related contracts   |  | 10,204               |  |                          |  | 116                     |  |                    |  | 104                    
|Other contracts            |  | 1,011                |  |                          |  | 123                     |  |                    |  | 101                    
|                           |  |                      |  |                           |  |                         |  |                     |  |                        
|Total                      |  | 976,177              |  |                          |  | 16,041                  |  | 6                   |  | 15,282                 
|                           |  |                      |  |                           |  |                         |  |                     |  |                        



Notes:

|(1) | Notional amount represents the sum of gross long and gross short third-party contracts.
|--- | ---------------------------------------------------------------------------------------

|(2) | Derivative receivables and payables are recorded in Trading account assets and Trading account liabilities, respectively.
|--- | -------------------------------------------------------------------------------------------------------------------------

The MHFG Group provided and/or accepted cash collateral for derivative transactions under master netting arrangements. Those collateral, not offset
against derivative positions, was included in Other assets and Other liabilities, respectively, of which amounts were ¥1,237 billion and ¥814 billion at March 31, 2009, and ¥853 billion and ¥498 billion at March 31, 2010,
respectively.

Hedging activities

In order to qualify for hedge accounting, a derivative must be considered highly effective at reducing the risk associated with the exposure being hedged.
Each derivative must be designated as a hedge, with documentation of the risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure, and how effectiveness is to be assessed
prospectively and retrospectively. The extent to which a hedging instrument is effective at achieving offsetting changes in fair value or cash flows must be assessed at least quarterly. Any ineffectiveness must be reported immediately in earnings.
The MHFG Groups hedging activities include fair value and net investment hedges.

Fair value hedges

The MHFG Group primarily uses bond options to modify exposure to changes in fair value of available-for-sale debt securities. For qualifying fair value
hedges, all changes in the fair value of the derivative and the corresponding hedged item relating to the risk being hedged are recognized in earnings in Investment gains (losses)net. The change in fair value of the portion of the hedging
instruments excluded from the assessment of hedge effectiveness is recorded in Trading account gains (losses)net. No ineffectiveness exists because the MHFG Group chooses to exclude changes in the options time value from the
effectiveness test. If the hedge relationship is terminated, the fair value adjustment to the hedged item continues to be reported as part of the basis of the item and is amortized to earnings as a yield adjustment.



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The following table summarizes gains and losses information related to fair value hedges for the fiscal
year ended March 31, 2010:



|                        |  |                                   |   |  |             |  |                      |  |                                                        |  
|----------------------- |  | --------------------------------- | - |  | ----------- |  | -------------------- |  | ------------------------------------------------------ | -
|                        |  | Gains (losses) recorded in income |  
|2010                    |  | Derivatives                       |   |  | Hedgeditems |  | Hedgeineffectiveness |  | Net gain (loss)excluded fromassessment ofeffectiveness |  
|                        |  | (in millions of yen)              |  
|Interest rate contracts |  | (14,200                           | ) |  | 13,771      |  |                     |  | (429                                                   | )
|                        |  |                                   |   |  |             |  |                      |  |                                                        |  
|Total                   |  | (14,200                           | ) |  | 13,771      |  |                     |  | (429                                                   | )
|                        |  |                                   |   |  |             |  |                      |  |                                                        |  

The MHFG Group had net loss excluded from assessment of effectiveness of ¥5,497 million and ¥8,849 million
for the fiscal years ended March 31, 2008 and 2009, respectively. No ineffectiveness was recognized in earnings for those fiscal years.

Net investment hedges

The MHFG Group
uses forward foreign exchange contracts and foreign currency-denominated debt instruments to protect the value of net investments in non-Japanese subsidiaries from foreign currency exposure. Under net investment hedges, both derivatives and
nonderivative financial instruments qualify as hedging instruments. For net investment hedges, the changes in the fair value of a hedging derivative instrument or nonderivative hedging financial instrument is recorded in Foreign currency translation
adjustments within Accumulated other comprehensive income (loss), provided that the hedging instrument is designated and is effective as a hedge of the net investment. The portion of the hedging instruments excluded from the assessment of hedge
effectiveness is recorded in Foreign exchange gains (losses)net in earnings.

The following table summarizes gains and losses
information related to net investment hedges for the fiscal year ended March 31, 2010:



|                           |  |                                                                         |   |  |                                                  
|-------------------------- |  | ----------------------------------------------------------------------- | - |  | -------------------------------------------------
|                           |  | Gains (losses) recorded in income andother comprehensive income
(OCI)
|2010                       |  | Derivativeseffective portionrecorded in OCI                            |   |  | Derivativesineffective portionrecorded in income
|                           |  | (in millions of yen)                                                   
|Foreign exchange contracts |  | (4,489                                                                  | ) |  |                                                 
|                           |  |                                                                         |   |  |                                                  
|Total                      |  | (4,489                                                                  | ) |  |                                                 
|                           |  |                                                                         |   |  |                                                  



|Note: | No amount related to the effective portion of net investment hedges was reclassified from Accumulated other comprehensive income (loss) to earnings for the fiscal year
ended March 31, 2010. Additionally, no amount was excluded from the assessment of effectiveness of net investment hedges during the fiscal year ended March 31, 2010.
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The MHFG Group had net loss of ¥3,177 million and net gain of ¥87,176 million at March 31, 2008 and 2009, respectively, in foreign
currency translation adjustment within Accumulated other comprehensive income (loss).

Derivative instruments not designated or qualifying
as hedges

The MHFG Group enters into the following derivative transactions that do not qualify for hedge accounting with a view to
implementing risk management hedging strategies: (1) interest-rate swap transactions for the purpose



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



of hedging interest-rate risks in deposits, loans etc., (2) currency swap transactions for the purpose of hedging the foreign exchange risk of these assets, and (3) credit derivatives
for the purpose of hedging the credit risk in loans, residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized loan obligations (CLO) and other similar assets.
Such derivatives are accounted for as trading positions. The change in fair value of those instruments except certain credit derivatives hedging the credit risk in loans are recorded in Trading account gains (losses)net, even though they are
used to mitigate or transform the risk of exposures arising from banking activities. The net loss resulting from changes in the fair values of certain credit derivatives where the Group purchases protection to mitigate its credit risk exposure,
related to its corporate loan portfolio, is recorded in Other noninterest expenses.

The following table summarizes gains and losses on
derivatives not designated or qualifying as hedges during the fiscal year ended March 31, 2010:



|                            |  |                                  |  
|--------------------------- |  | -------------------------------- | -
|2010                        |  | Gains (losses)recorded in income |  
|                            |  | (in millions of yen)             |  
|Interest rate
contracts(1)  |  | 115,416                          |  
|Foreign exchange contracts  |  | 111,845                          |  
|Equity-related contracts    |  | (22,841                          | )
|Credit-related
contracts(2) |  | (97,215                          | )
|Other contracts             |  | (2,103                           | )
|                            |  |                                  |  
|Total                       |  | 105,102                          |  
|                            |  |                                  |  



Notes:

|(1) | The net gain (loss) excluded from assessment of effectiveness for fair value hedges is not included in the above table.
|--- | -----------------------------------------------------------------------------------------------------------------------

|(2) | The amount includes the net loss of ¥90,642 million on the credit derivatives hedging the credit risk in loans.
|--- | ---------------------------------------------------------------------------------------------------------------

Credit derivatives

A credit derivative is a bilateral contract between a seller and a buyer of protection against the credit risk of a particular entity. Credit derivatives
generally require that the seller of credit protection make payments to the buyer upon the occurrence of predefined credit events, which include bankruptcy, dissolution or insolvency of the referenced entity. The MHFG Group either purchases or
writes protection on either a single name or a portfolio of reference credits. The Group enters into credit derivatives to help mitigate credit risk in its corporate loan portfolio and other cash positions, to take proprietary trading positions, and
to facilitate client transactions.

The notional amount of credit derivatives represents the maximum potential amount of future payments the
seller could be required to make. If the predefined credit event occurs, the seller will generally have a right to collect on the underlying reference credit and any related cash flows, while being liable for the full notional amount of credit
protection to the buyer. The Group manages credit risk associated with written protection by purchasing protection with identical or similar underlying reference credit, which substantially offsets its exposure. Thus, the notional amount is not a
reliable indicator of the Groups actual loss exposure.



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The following table summarizes notional and fair value amounts of credit derivatives at March 31,
2009 and 2010:



|                            |  |                      |  |            |      |  |                 |  |            |  
|--------------------------- |  | -------------------- |  | ---------- | ---- |  | --------------- |  | ---------- | -
|                            |  | 2009                 |  |            | 2010 | 
|                            |  | Notional amount      |  | Fair value |      |  | Notional amount |  | Fair value |  
|                            |  | (in billions of yen) | 
|Credit protection written   |  |                      |  |            |      |  |                 |  |            |  
|Investment grade            |  | 3,087                |  | (293       | )    |  | 2,630           |  | (12        | )
|Non-investment grade        |  | 4,556                |  | (211       | )    |  | 2,224           |  | (44        | )
|                            |  |                      |  |            |      |  |                 |  |            |  
|Total                       |  | 7,643                |  | (504       | )    |  | 4,854           |  | (56        | )
|                            |  |                      |  |            |      |  |                 |  |            |  
|Credit protection purchased |  | 9,047                |  | 582        |      |  | 5,363           |  | 68         |  
|                            |  |                      |  |            |      |  |                 |  |            |  



|Note: | Rating scale is based upon either external ratings or internal ratings. The lowest investment grade is considered to be
BBBor the corresponding internal rating, while
anything below or unrated is considered to be non-investment grade. Non-investment grade credit derivatives primarily consist of unrated credit default swap indices such as CDX and iTraxx.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The following table shows the maximum potential amount of future payment for credit protection written by expiration period at March 31, 2009 and
2010:



|                                  |  |                                |  |      
|--------------------------------- |  | ------------------------------ |  | -----
|                                  |  | Maximum payout/Notional amount
|                                  |  | 2009                           |  | 2010 
|                                  |  | (in billions of yen)          
|One year or less                  |  | 835                            |  | 790  
|After one year through five years |  | 6,188                          |  | 3,729
|After five years                  |  | 620                            |  | 335  
|                                  |  |                                |  |      
|Total                             |  | 7,643                          |  | 4,854
|                                  |  |                                |  |      



|Note: | The maximum potential amount of future payment is the notional amount of the credit derivatives where the Group wrote the credit protection, and it has not been reduced
by the Groups right of collection over the underlying assets and the related cash flows, nor netted against that of credit protection purchased.
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Credit-related contingent features

Certain of the MHFG Groups derivative instruments contain provisions that require the Groups debt to maintain an investment grade credit
rating from the major credit rating agencies. If the Groups debt were to fall below investment grade, the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight
collateralization on derivative instruments in the Groups net liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features in liability positions on March 31, 2010 was
¥2,170 billion. As the Group has provided ¥1,736 billion as collateral to the counterparties in its normal course of business, if the contingent features described above were triggered on March 31, 2010, the amount immediately required
to settle would be ¥434 billion.



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25. Commitments and contingencies

Obligations under guarantees

The
MHFG Group provides guarantees or indemnifications to counterparties to enhance their credit standing and enable them to complete a variety of business transactions. The guarantee represents an obligation to make payments to third parties if the
counterparty fails to fulfill its obligation under a borrowing arrangement or other contractual obligation.

The Group records all guarantees
and similar obligations subject to ASC 460, Guarantees (ASC 460) at fair value on the consolidated balance sheets at the inception of the guarantee. The carrying amount of guarantees and similar obligations at March 31,
2009 and 2010 was ¥18 billion and ¥15 billion, respectively, and was included in Other liabilities.

The types of guarantees under ASC
460 provided by the MHFG Group are described below.

Performance guarantees

Performance guarantees are issued to guarantee customers performance under contractual arrangements such as a tender bid on a construction project
or the completion of a construction project.

Guarantees on loans

Guarantees on loans include an obligation to guarantee the customers borrowing contracts. The MHFG Group is required to make payments to the
guaranteed parties in the event that customers fail to fulfill obligations under the contracts.

Guarantees on securities

Guarantees on securities include an obligation to guarantee securities, such as bonds issued by customers.

Other guarantees

Other guarantees
include an obligation to guarantee customers payment, such as tax payments.

Guarantees for the repayment of trust principal

The MHFG Group provides certain trust products with guarantees for the repayment of trust principal, e.g., loan trusts and certain jointly
operated designated money trusts. Pursuant to Japanese trust-related laws, trustees are prohibited from compensating beneficiaries for any loss in the beneficial interests in each trust. However, under a special condition of the Japanese
trust-related laws, trust banks as trustees are allowed to enter into an agreement to compensate for any loss in the principal of the trust. The MHFG Group manages and administers the trust assets to minimize exposures against losses from the
guarantees for the repayment of trust principal, including writing-off impaired loans and charging it to the trust account profits. In performing its fiduciary duties, the MHFG Group also manages the trust assets separately from its own proprietary
assets on behalf of customers and keeps separate records for the trust activities. The contract amounts of guarantees for repayment of trust principal were presented in the tables below. Part of the trust account profits is set aside as a reserve in
trust accounts to absorb losses in the trust asset portfolios in accordance with relevant Japanese laws concerning the trust business and/or trust agreements. Statutory reserves for loan trusts and reserves for jointly operated designated money
trusts are calculated based on the trust principal or the balance of loans and other assets in the trust accounts. Since the probability of principal indemnification is judged to be remote, the MHFG Group had no related reserve for credit losses
recorded in its consolidated financial statements.



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Liabilities of trust accounts

The MHFG Group, as trustee, may enter into an agreement with a third party who is not the party to the relevant trust agreement to the extent necessary to
handle the trust affairs for the purpose of fulfilling the objectives of the trust and, as such, the trustee shall be allowed to assume certain liabilities. Pursuant to Japanese trust-related laws, the trustee is ultimately liable to pay those
liabilities out of its proprietary assets in the event that the trust assets are insufficient to cover those liabilities and the trust beneficiary is unable to compensate the shortfall. To avoid the demand for payment out of the proprietary assets,
the trustee can enter into a special covenant of limited liability under which the trust creditors agree to limit the trustees liability to the value of the trust assets and to waive the right for compulsory execution against the
trustees proprietary assets. The amount of trust liabilities rarely exceeds the amount of trust assets and, therefore, those liabilities are covered by the corresponding trust assets. However, in the event that the trust assets cannot cover
all the trust liabilities and the trustee has to pay out of its proprietary assets, the trustee can require the trust beneficiary to compensate for such trust liabilities under the Trust Law. The MHFG Group regularly monitors the condition of trust
accounts to minimize exposures against making such payment.

The amounts of such liabilities in the trust accounts excluding those with the
special covenant of limited liability were presented in the tables below. Liabilities of trust accounts principally include obligations to return collateral under security lending transactions and others.

Derivative financial instruments

Certain written options and credit default swaps are deemed guarantees pursuant to the definition of guarantees in ASC 460 if (i) these contracts
require the MHFG Group to make payments to counterparties based on changes in an underlying instrument or index, (ii) the contract cannot be cash-settled, and (iii) it is probable that the counterparty held the underlying instrument at
inception of the contract. Because it is difficult in practice to determine whether condition (iii) exists, the MHFG Group has decided to include all credit default swaps and certain written options, excluding written options outside the scope
of ASC 460 such as written call options, in the mandatory guarantee disclosures, irrespective of whether the counterparty has the asset or liability relating to the underlying.

Maximum exposure under guarantee contracts

The table below summarizes the remaining term and maximum potential amount of future payments by type of guarantee at March 31, 2009 and 2010. The
maximum potential amount of future payments disclosed below represents the contractual amounts that could be repaid in the event of guarantees execution, without consideration of possible recoveries under recourse provisions or from collateral held.
With respect to written options included in derivative financial instruments in the table below, in theory, the MHFG Group is exposed to unlimited losses; therefore, the table shows notional amounts of the contracts as a substitute for the maximum
exposure.



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The MHFG Group, when necessary, requires collateral such as cash, investment securities and real estate
or third-party guarantees depending on the amount of credit risk involved, and employs means such as sub-participation to reduce the credit risk associated with guarantees. The maximum exposure or notional amounts below does not represent the
expected losses from the execution of the guarantees.



|                                                |  |                                                |  |                                 |  |                  |  |      
|----------------------------------------------- |  | ---------------------------------------------- |  | ------------------------------- |  | ---------------- |  | -----
|2009                                            |  | Maximumpotential/Contractualor Notional amount |  | Amount by expiration period    
|                                                |  | One year or less                               |  | After one yearthroughfive years |  | After five years
|                                                |  | (in billions of yen)                          
|Performance guarantees                          |  | 1,681                                          |  | 888                             |  | 705              |  | 88   
|Guarantees on loans                             |  | 860                                            |  | 121                             |  | 75               |  | 664  
|Guarantees on securities                        |  | 20                                             |  | 7                               |  | 11               |  | 2    
|Other guarantees                                |  | 992                                            |  | 726                             |  | 225              |  | 41   
|Guarantees for the repayment of trust principal |  | 932                                            |  | 129                             |  | 330              |  | 473  
|Liabilities of trust accounts                   |  | 6,942                                          |  | 6,752                           |  | 48               |  | 142  
|Derivative financial instruments                |  | 58,569                                         |  | 24,098                          |  | 29,706           |  | 4,765



|                                                |  |                                                |  |                                 |  |                  |  |      
|----------------------------------------------- |  | ---------------------------------------------- |  | ------------------------------- |  | ---------------- |  | -----
|2010                                            |  | Maximumpotential/Contractualor Notional amount |  | Amount by expiration period    
|                                                |  | One year or less                               |  | After one yearthroughfive years |  | After five years
|                                                |  | (in billions of yen)                          
|Performance guarantees                          |  | 1,579                                          |  | 872                             |  | 593              |  | 114  
|Guarantees on loans                             |  | 739                                            |  | 104                             |  | 69               |  | 566  
|Guarantees on securities                        |  | 16                                             |  | 5                               |  | 11               |  |     
|Other guarantees                                |  | 867                                            |  | 641                             |  | 185              |  | 41   
|Guarantees for the repayment of trust principal |  | 932                                            |  | 198                             |  | 282              |  | 452  
|Liabilities of trust accounts                   |  | 8,529                                          |  | 8,351                           |  | 43               |  | 135  
|Derivative financial instruments                |  | 43,074                                         |  | 21,586                          |  | 17,400           |  | 4,088

The table below presents maximum
potential amount of future payments of performance guarantees, guarantees on loans, guarantees on securities and other guarantees classified based on internal ratings at March 31, 2009 and 2010.



|                     |  |                      |  |      
|-------------------- |  | -------------------- |  | -----
|                     |  | 2009                 |  | 2010 
|                     |  | (in billions of yen)
|Investment grade     |  | 2,095                |  | 1,715
|Non-investment grade |  | 1,458                |  | 1,486
|                     |  |                      |  |      
|Total                |  | 3,553                |  | 3,201
|                     |  |                      |  |      



|Note: | Investment grade in the internal rating scale is generally corresponding to
BBBor above in external rating scale.
|----- | ------------------------------------------------------------------------------------------------------------------

Other off-balance-sheet instruments

In addition to guarantees, the MHFG Group issues other off-balance-sheet instruments to its customers, such as lending-related commitments and commercial
letters of credit. Under the terms of these arrangements, the MHFG Group is required to extend credit or make certain payments upon the customers request.



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Commitments to extend credit

Commitments to extend credit are legally binding agreements to lend to customers on demand. They usually have set maturity dates. These agreements differ
from guarantees in that they are generally revocable or contain provisions that enable the MHFG Group to avoid payment or reduce the amount of credit extended under certain conditions, such as the deterioration of the borrowers financial
condition or other reasonable conditions. The MHFG Group monitors the financial condition of the potential borrowers throughout the commitment period to determine whether additional collateral or changes in the terms of the commitment are necessary.
Since many of these commitments to extend credit expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

Commitments to invest in securities

Commitments to invest in securities include legally binding contracts to make additional contributions to investment funds, such as venture capital funds
or corporate recovery funds in accordance with the terms of investment agreements.

Commercial letters of credit

Commercial letters of credit are issued in connection with customers trade transactions. Normally, the customers cannot receive the goods until they
make payment to a bank, and therefore these commercial letters of credit are collateralized by the underlying goods. Upon issuance of commercial letters of credit, the MHFG Group monitors the credit risk associated with these transactions to
determine if additional collateral is required.

The table below summarizes the contractual amounts with regard to these undrawn commitments
at March 31, 2009 and 2010:



|                                    |  |                      |  |       
|----------------------------------- |  | -------------------- |  | ------
|                                    |  | 2009                 |  | 2010  
|                                    |  | (in billions of yen)
|Commitments to extend credit (Note) |  | 47,900               |  | 48,778
|Commercial letters of credit        |  | 332                  |  | 392   
|                                    |  |                      |  |       
|Total                               |  | 48,232               |  | 49,170
|                                    |  |                      |  |       



|Note: | Commitments to extend credit include commitments to invest in securities.
|----- | -------------------------------------------------------------------------

Allowance for losses on off-balance-sheet instruments

Other liabilities include an allowance for losses on off-balance-sheet instruments, of which amount at March 31, 2009 and 2010 was ¥133 billion
and ¥108 billion, respectively.



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Leases

The MHFG Group leases certain office space and equipment under noncancelable agreements. Future minimum rental commitments for noncancelable leases at
March 31, 2010 were as follows:



|                                        |  |                      |  |                 
|--------------------------------------- |  | -------------------- |  | ----------------
|                                        |  | Capitalized leases   |  | Operating leases
|                                        |  | (in millions of yen)
|Fiscal year ending March 31:            |  |                      |  |                 
|2011                                    |  | 7,269                |  | 38,008          
|2012                                    |  | 5,040                |  | 29,920          
|2013                                    |  | 3,696                |  | 26,621          
|2014                                    |  | 2,402                |  | 20,737          
|2015                                    |  | 1,486                |  | 7,040           
|2016 and thereafter                     |  | 1,080                |  | 20,950          
|                                        |  |                      |  |                 
|Total minimum lease payments            |  | 20,973               |  | 143,276         
|                                        |  |                      |  |                 
|Amount representing interest            |  | 1,191                |  |                 
|                                        |  |                      |  |                 
|Present value of minimum lease payments |  | 19,782               |  |                 
|                                        |  |                      |  |                 

Total rental expense for the fiscal years ended March 31, 2008, 2009 and 2010 was ¥99,339 million,
¥104,605 million and ¥106,177 million, respectively.

During prior years, the MHFG Groups major banking subsidiaries
sold their head offices (including land, buildings, facilities and equipment) to third parties. Concurrent with the sales, these subsidiaries leased the properties back for periods of 5 and 10 years at total lease payment for the whole period of
¥214,690 million, which then decreased to ¥211,186 million, as the terms of certain lease agreements were changed during the fiscal year ended March 31, 2009. The MHFG Group recorded the transactions as operating leases. The
future minimum lease payments under the terms of the related lease agreements were ¥94,655 million, ¥69,947 million and ¥54,735 million at March 31, 2008, 2009 and 2010, respectively.

Legal proceedings

The MHFG Group
is involved in normal collection proceedings initiated by the Group and other legal proceedings in the ordinary course of business.

The
Groups Indonesian subsidiary acts as collateral agent for the trustee of bond issuances made by subsidiaries of Asia Pulp & Paper Company Ltd. (APP). In that role, the subsidiary is involved in disputes between the
bondholders and such APP subsidiaries in their capacities as the issuers, guarantors and/or pledgors of security for the bonds relating to foreclosure proceedings on the collateral and has been named as a defendant in lawsuits brought by the
obligors under the bonds in Indonesia. The Groups consolidated financial statements do not include a reserve in relation to these disputes because the Group does not believe that the resolution of this matter will have a significant impact on
the consolidated financial condition or results of operations of the Group, although there can be no assurance as to the foregoing.

26.
Noncontrolling interests in consolidated subsidiaries

Noncontrolling interests represent the equity for the remaining outstanding voting
stock of subsidiaries not owned by the MHFG Group. The changes in noncontrolling interests in fiscal years ended March 31, 2008, 2009,



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and 2010 consisted of noncontrolling interests in net income or loss of subsidiaries, noncontrolling interests in changes in other comprehensive income of subsidiaries and changes resulting from
changes in the ownership percentage of the Group in certain subsidiaries.

During the fiscal year ended March 31, 2008, MHCB subscribed
to new share issuances in total of ¥400 billion through third-party allocations by its subsidiary, MHSC. The purpose of the increases in capital by MHSC was to strengthen the capital base and business platform for the entire MHSC group. As a
result of these transactions, the Groups ownership in MHSC was increased to 89.81% at March 31, 2008.

During the fiscal year ended
March 31, 2010, MHFG exchanged certain voting equity interests in MHSC for those in Shinko, which had been an equity method affiliate of the Group, and merged the two entities. As a result of the transaction, the Groups ownership in MHSC
was decreased to 59.22% at March 31, 2010. See Note 3 Business Combination for further details of the merger.

27.
Variable interest entities and securitizations

Variable interest entities

In the normal course of business, the MHFG Group is involved with VIEs primarily through the following types of transactions: asset-backed commercial
paper/loan programs, asset-backed securitizations, investment funds, trust arrangements, and structured finance. The Group consolidated certain of these VIEs, where the Group was deemed to be the primary beneficiary through participation in a
majority of expected losses, expected residual returns or both. There are also other VIEs, where the Group determined that it was not the primary beneficiary but had significant variable interests. In evaluating the significance of the variable
interests, the Group comprehensively takes into consideration the extent of its involvement with each VIE, such as the seniority of its investments, the share of its holding in each tranche and the variability it expects to absorb, as well as other
relevant facts and circumstances. The likelihood of loss is not necessarily relevant to the determination of significance, and therefore, significant does not imply that there is high likelihood of loss. The maximum exposure to loss that
is discussed in this section is the contractual or notional amounts of liquidity facilities and other off-balance-sheet credit related support or principal amount of financing or investments, and it is not indicative of the ongoing exposure which is
managed within the Groups risk management framework.

The tables below show consolidated assets of the Groups consolidated VIEs as
well as total assets and maximum exposure to loss for its significant or sponsored unconsolidated VIEs, as of March 31, 2009 and 2010:



|                                            |  |                      |  |                                             |  |                        
|------------------------------------------- |  | -------------------- |  | ------------------------------------------- |  | -----------------------
|2009                                        |  | Consolidated VIEs    |  | Significant or sponsoredunconsolidated VIEs
|                                            |  | Consolidated assets  |  | Total assets                                |  | Maximumexposure to loss
|                                            |  | (in millions of yen)
|Asset-backed commercial paper/loan programs |  | 2,497,291            |  |                                            |  |                       
|Asset-backed securitizations                |  | 616,794              |  | 1,417,645                                   |  | 43,908                 
|Investments in securitization products      |  | 37,674               |  |                                            |  |                       
|Investment funds                            |  | 607,284              |  | 2,435,128                                   |  | 412,983                
|Trust arrangements and other                |  |                     |  | 933,249                                     |  | 452,549                
|                                            |  |                      |  |                                             |  |                        
|Total                                       |  | 3,759,043            |  | 4,786,022                                   |  | 909,440                
|                                            |  |                      |  |                                             |  |                        



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|                                            |  |                      |  |                                             |  |                        
|------------------------------------------- |  | -------------------- |  | ------------------------------------------- |  | -----------------------
|2010                                        |  | Consolidated VIEs    |  | Significant or sponsoredunconsolidated VIEs
|                                            |  | Consolidated assets  |  | Total assets                                |  | Maximumexposure to loss
|                                            |  | (in millions of yen)
|Asset-backed commercial paper/loan programs |  | 2,023,766            |  |                                            |  |                       
|Asset-backed securitizations                |  | 355,223              |  | 1,252,745                                   |  | 40,196                 
|Investments in securitization products      |  | 100,666              |  |                                            |  |                       
|Investment funds                            |  | 568,017              |  | 2,777,840                                   |  | 400,636                
|Trust arrangements and other                |  |                     |  | 932,524                                     |  | 380,675                
|                                            |  |                      |  |                                             |  |                        
|Total                                       |  | 3,047,672            |  | 4,963,109                                   |  | 821,507                
|                                            |  |                      |  |                                             |  |                        

The tables below present the carrying amount and classification of
consolidated VIEs assets and liabilities, as of March 31, 2009 and 2010:



|                                     |  |                      |  |          
|------------------------------------ |  | -------------------- |  | ---------
|Consolidated VIEs assets            |  | 2009                 |  | 2010     
|                                     |  | (in millions of yen)
|Cash and due from banks and deposits |  | 147,154              |  | 81,171   
|Call loans                           |  | 3,209                |  | 1,778    
|Trading account assets               |  | 554,184              |  | 526,555  
|Investments                          |  | 71,053               |  | 46,446   
|Loans                                |  | 2,908,207            |  | 2,342,957
|Other                                |  | 75,236               |  | 48,765   
|                                     |  |                      |  |          
|Total                                |  | 3,759,043            |  | 3,047,672
|                                     |  |                      |  |          



|                               |  |                      |  |        
|------------------------------ |  | -------------------- |  | -------
|Consolidated VIEs liabilities |  | 2009                 |  | 2010   
|                               |  | (in millions of yen)
|Commercial paper               |  | 315,819              |  | 150,834
|Other short-term borrowings    |  | 6,925                |  | 4,489  
|Trading account liabilities    |  | 16,679               |  | 9,155  
|Long-term debt                 |  | 152,363              |  | 112,556
|Other                          |  | 313,298              |  | 189,749
|                               |  |                      |  |        
|Total                          |  | 805,084              |  | 466,783
|                               |  |                      |  |        

The creditors or investors of the consolidated VIEs have no recourse
to the MHFG Group, except where the Group provides credit enhancement through guarantees or other means. The Group has not provided financial or other support to consolidated or unconsolidated VIEs that the Group was not previously contractually
required to provide.



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The tables below present the carrying amount and classification of assets and liabilities on the MHFG
Groups balance sheets that relate to its variable interests in the significant or sponsored unconsolidated VIEs, as of March 31, 2009 and 2010:



|                                                                                          |  |                      |  |        
|----------------------------------------------------------------------------------------- |  | -------------------- |  | -------
|Assets on balance sheets related to unconsolidated VIEs                                   |  | 2009                 |  | 2010   
|                                                                                          |  | (in millions of yen)
|Trading account assets                                                                    |  | 32,793               |  | 57,458 
|Investments                                                                               |  | 407,748              |  | 367,370
|Loans                                                                                     |  | 15,629               |  | 15,629 
|                                                                                          |  |                      |  |        
|Total                                                                                     |  | 456,170              |  | 440,457
|                                                                                          |  |                      |  |        
|                                                                                          |  |                     
|Liabilities on balance sheets and maximum exposure to loss related to unconsolidated VIEs |  | 2009                 |  | 2010   
|                                                                                          |  | (in millions of yen)
|Due to trust accounts                                                                     |  | 479,936              |  | 551,328
|Trading account liabilities                                                               |  |                     |  | 360    
|                                                                                          |  |                      |  |        
|Total                                                                                     |  | 479,936              |  | 551,688
|                                                                                          |  |                      |  |        
|Maximum exposure to loss                                                                  |  | 909,440              |  | 821,507
|                                                                                          |  |                      |  |        

Asset-backed commercial paper/loan programs

The MHFG Group manages several asset-backed commercial paper/loan programs that provide its clients off-balance-sheet and/or cost-effective
financing. The VIEs used in the programs purchase financial assets, primarily receivables, from clients participating in the programs and provide liquidity through the issuance of commercial paper or borrowings from the MHFG Group backed by the
financial assets. While customers normally continue to service the transferred receivables, the MHFG Group underwrites, distributes, and makes a market in commercial paper issued by the conduits. The MHFG Group typically provides program-wide
liquidity and credit support facilities and, in some instances, financing to the VIEs. The MHFG Group determined that it absorbs a majority of expected losses or expected residual returns through the facilities and, therefore, consolidated this type
of VIEs.

Asset-backed securitizations

The MHFG Group acts as an arranger of various types of structured finance to meet clients various off-balance-sheet financing needs. In
substantially all of these structured financing transactions, the transfer of the financial asset by the client is structured to be bankruptcy remote by use of a bankruptcy remote entity, which is deemed to be a VIE because its equity holder does
not have decision making rights. The MHFG Group receives fees for structuring and/or distributing the securities sold to investors. In some cases, the MHFG Group itself purchases the securities issued by the entities and/or provides loans to the
VIEs.

In addition, the MHFG Group establishes several single-issue and multi-issue special purpose entities that issue collateralized debt
obligations (CDO) or CLO, synthetic CDO/CLO or other repackaged instruments to meet clients and investors financial needs. The MHFG Group also arranges securitization transactions including CMBS, RMBS and others. In these
transactions, the MHFG Group acts as an underwriter, placement agent, asset manager, derivatives counterparty, and/or investor to debt and equity instruments.

In certain VIEs, where the MHFG Group provides liquidity and credit support facilities, writes credit protection or invests in debt or equity
instruments, the Group determined that it absorbs a majority of expected losses or expected residual returns and, therefore, consolidated such VIEs.



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Investments in securitization products

The MHFG Group invests in, among other things, various types of CDO/CLO, synthetic CDO/CLO and repackaged instruments, CMBS and RMBS arranged by third
parties for the purpose of generating current income or capital appreciation, which all utilize entities that are deemed to be VIEs. By design, such investments were investment grade at issuance and held by a diverse group of investors. The Group
usually takes into consideration the seniority and the share of its investments by each tranche to evaluate whether it is the primary beneficiary. The loss amount of securities and loans is generally limited to the amount invested because the Group
has no contractual involvement in such VIEs beyond its investments. However, the Group consolidated some VIEs, mostly where the transactions were tailored by the third party arrangers to meet the Groups needs as a sole investor.

Investment funds

The MHFG Group invests
in various investment funds including securities investment trusts, which collectively invest in equity and debt securities that include listed Japanese securities and investment grade bonds. Investment advisory companies or fund management
companies, including the Groups subsidiaries and affiliates, administer and make investment decisions over such investment funds. The Group consolidates certain investment funds where it is deemed to be the primary beneficiary.

Trust arrangements

The MHFG Group
offers a variety of asset management and administration services under trust arrangements including security investment trusts, pension trusts and trusts used in the securitization of assets originated by and transferred to third parties. The Group
receives trust fees for providing services as an agent or fiduciary on behalf of beneficiaries.

With respect to guaranteed principal money
trust products, the MHFG Group assumes certain risks by providing guarantees for the repayment of principal as required by the trust agreements or relevant Japanese legislation. The MHFG Group manages entrusted funds primarily through the
origination of high quality loans and other credit-related products, investing in investment grade marketable securities such as Japanese government bonds and placing cash with the MHFG Groups subsidiary trust banks (Refer to Note 13 Due
to trust accounts). The MHFG Group determined that it does not absorb a majority of expected losses or expected residual returns in connection with these trust arrangements but had significant variable interests and, therefore, the trust
accounts are not included in the consolidated financial statements of the MHFG Group but are disclosed in the tables above as significant or sponsored unconsolidated VIEs. See Note 25 Commitments and contingencies for the balances of
guaranteed trust principal at March 31, 2009 and 2010.

With respect to non-guaranteed trust arrangements, the MHFG Group manages and
administers assets on behalf of its customers (trust beneficiaries) in the capacity of a trustee and fiduciary, and does not assume risks associated with the entrusted assets. For substantially all non-guaranteed trust arrangements, the trust
beneficiaries receive the majority of expected residual returns and absorb the majority of expected losses based on the performance of the trust assets and, therefore, such trust accounts are not included in the consolidated financial statements of
the MHFG Group.

Special purpose entities created for structured finance

The MHFG Group is involved in real estate, commercial aircraft and other vessel and machinery and equipment financing to VIEs. However, the Group
determined that it does not absorb a majority of the expected losses or



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expected residual returns in these entities based on an internally developed model. Furthermore, taking into consideration that the Group typically only provides senior financing with credit
enhanced by subordinated interests and, if necessary, may act as an interest rate swap counterparty, the Groups variable interests in these entities are considered not to be significant.

Securitization

The MHFG Group had no
significant transfers of financial assets, recognized no significant gains or losses and retained no significant interests in securitization transactions accounted for as sales during the periods since April 1, 2005. The MHFG Group had
securitized mortgage loans during a previous fiscal year. In connection with such securitization transaction, the Group provides servicing for and holds retained interests in the securitized mortgage loans. The Groups retained interests
consist of subordinated beneficial interests and retained credit exposure. The values of the subordinated beneficial interests are subject to credit risk, interest rate risk and prepayment risk on the securitized financial assets. The retained
credit exposure is in the form of a guarantee by a subsidiary of the Group. The carrying amount of this retained credit exposure was not considered material at March 31, 2009 and 2010. No servicing assets or liabilities were recorded as a
result of this transaction since the Group received adequate compensation.

The following information is related to a mortgage loan
securitization transaction executed during the fiscal year ended March 31, 2005. Because the entity utilized is structured as a qualifying SPE as defined in ASC 860, it is exempt from consolidation and the transfer is accounted for as a sale.

Key economic assumptions used in measuring the fair value of the subordinated beneficial interests at the date of securitization were as
follows:



|                                 |  |           |  
|-------------------------------- |  | --------- | -
|Discount rate                    |  | 0.082.57 | %
|Prepayment rate                  |  | 4.14      | %
|Weighted-average life (in years) |  | 8.18      |  
|Expected credit losses           |  | 0.18      | %

At March 31, 2009 and
2010, key assumptions used in measuring the fair value of the subordinated beneficial interests and the sensitivities of the fair value to an immediate adverse change of 10% and 20% in those assumptions were as follows:



|                                 |  |           |   |  |           |  
|-------------------------------- |  | --------- | - |  | --------- | -
|                                 |  | 2009      |   |  | 2010      |  
|Discount rate                    |  | 1.512.33 | % |  | 0.712.03 | %
|Prepayment rate                  |  | 4.87      | % |  | 5.08      | %
|Weighted-average life (in years) |  | 6.62      |   |  | 6.35      |  
|Expected credit losses           |  | 0.11      | % |  | 0.11      | %



|                                                    |  |                      |  |       
|--------------------------------------------------- |  | -------------------- |  | ------
|                                                    |  | 2009                 |  | 2010  
|                                                    |  | (in millions of yen)
|Carrying value of subordinated beneficial interests |  | 20,813               |  | 19,207
|Discount rate:                                      |  |                      |  |       
|Impact of 10% adverse change                        |  | 607                  |  | 516   
|Impact of 20% adverse change                        |  | 1,199                |  | 1,022 
|Prepayment rate:                                    |  |                      |  |       
|Impact of 10% adverse change                        |  | 131                  |  | 194   
|Impact of 20% adverse change                        |  | 291                  |  | 334   
|Expected credit losses:                             |  |                      |  |       
|Impact of 10% adverse change                        |  | 115                  |  | 92    
|Impact of 20% adverse change                        |  | 229                  |  | 186   



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These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes
in fair value based on a 10 percent variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a
particular assumption on the fair value of the subordinated beneficial interests is calculated without changing any other assumption; in reality, changes could be correlated and changes in one factor may result in changes in another (for example,
increases in market interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities.

The table below summarizes certain cash flows received from the securitization for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                                         |  |                      |  |       |  |      
|-------------------------------------------------------- |  | -------------------- |  | ----- |  | -----
|                                                         |  | 2008                 |  | 2009  |  | 2010 
|                                                         |  | (in millions of yen)
|Servicing fees received                                  |  | 167                  |  | 149   |  | 132  
|Cash flows received on subordinated beneficial interests |  | 2,686                |  | 2,490 |  | 2,428

The tables below show the
reconciliation between managed basis and on-balance-sheet amounts of mortgage loans balances including delinquencies at March 31, 2009 and 2010, and that of net credit losses for the fiscal years ended March 31, 2008, 2009 and 2010:



|                                      |  |                      |  |               |  |                  |  |              
|------------------------------------- |  | -------------------- |  | ------------- |  | ---------------- |  | -------------
|                                      |  | 2009                 |  | 2010         
|Principal balance and delinquencies   |  | Principalbalance     |  | Delinquencies |  | Principalbalance |  | Delinquencies
|                                      |  | (in millions of yen)
|Total mortgage loans managed together |  | 9,641,197            |  | 88,357        |  | 9,835,841        |  | 116,391      
|Less:                                 |  |                      |  |               |  |                  |  |              
|Securitized amounts                   |  | 177,934              |  | 2,266         |  | 155,316          |  | 3,016        
|                                      |  |                      |  |               |  |                  |  |              
|On-balance-sheet amounts              |  | 9,463,263            |  | 86,091        |  | 9,680,525        |  | 113,375      
|                                      |  |                      |  |               |  |                  |  |              



|                                      |  |                      |  |       |  |      
|------------------------------------- |  | -------------------- |  | ----- |  | -----
|Net credit losses                     |  | 2008                 |  | 2009  |  | 2010 
|                                      |  | (in millions of yen)
|Total mortgage loans managed together |  | 6,812                |  | 9,097 |  | 9,564
|Less:                                 |  |                      |  |       |  |      
|Securitized amounts                   |  | 293                  |  | 331   |  | 396  
|                                      |  |                      |  |       |  |      
|On-balance-sheet amounts              |  | 6,519                |  | 8,766 |  | 9,168
|                                      |  |                      |  |       |  |      

The on-balance-sheet amounts in the tables above do not include
separately managed mortgage loans, the principal balance of which were ¥1,603 billion and ¥1,413 billion at March 31, 2009 and 2010, respectively.

There are certain transactions where transfers of financial assets do not qualify for sales treatment but are accounted for as secured borrowings. These
transferred assets continue to be carried on the consolidated balance sheets of the MHFG Group. Such assets are associated with securitization transactions and loan participation transactions, which amounted to ¥218,864 million and
¥358,569 million as of March 31, 2009, and ¥247,991 million and ¥186,928 million as of March 31, 2010, respectively. Liabilities associated with securitization and loan participation transactions are presented as
Payables under securities lending transactions and Other short-term borrowings or Long-term debt, respectively, on the consolidated balance sheets.



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



28. Fees and commissions income

Details of Fees and commissions income for the fiscal years ended March 31, 2008, 2009 and 2010 are as follows:



|                                          |  |                      |  |         |  |        
|----------------------------------------- |  | -------------------- |  | ------- |  | -------
|                                          |  | 2008                 |  | 2009    |  | 2010   
|                                          |  | (in millions of yen)
|Securities-related business               |  | 94,858               |  | 57,453  |  | 115,239
|Remittance business                       |  | 117,421              |  | 111,317 |  | 105,366
|Deposits, debentures and lending business |  | 87,769               |  | 110,171 |  | 94,547 
|Trust fees                                |  | 64,164               |  | 55,891  |  | 49,101 
|Fees for other customer services          |  | 268,852              |  | 225,707 |  | 222,155
|                                          |  |                      |  |         |  |        
|Total                                     |  | 633,064              |  | 560,539 |  | 586,408
|                                          |  |                      |  |         |  |        

Securities-related business fees consist of brokers fees and
markups on securities underwriting and other securities related activities. Remittance business fees consist of service charges for funds transfer and collections. Trust fees are earned primarily by fiduciary asset management and administration
service for corporate pension plans, investment funds, and other. Fees for other customer services include fees related to the MHFG Groups agency business, guarantee related business, and other.

29. Fair value

Fair value
measurements

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an
exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize
the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Additionally, ASC 820 precludes (1) deferral of gains and losses at inception of certain derivative contracts whose fair value was not evidenced
by market-observable data, and (2) use of block discounts when measuring the fair value of instruments traded in an active market, which were previously applied to large holdings of publicly traded financial instruments.

Fair value hierarchy

ASC 820 specifies
a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. The standard describes three levels of inputs that may be used to measure fair value:



|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Level 1 |  | Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in
an active exchange market.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        | 
|Level 2 |  | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are
observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded
instruments. If no quoted market price is available, the fair values of debt securities and over-the-counter derivative contracts in this category are determined using a pricing model with inputs that are observable in the market or can be derived
principally from or corroborated by observable market data.



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|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Level 3 |  | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities
include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or
estimation.

Following is a description of valuation methodologies used for assets and liabilities measured at fair value on a
recurring basis, including the general classification of such instruments pursuant to the fair value hierarchy and the Groups valuation techniques used to measure fair values. During the fiscal year ended March 31, 2010, there were no
material changes made to the Groups valuation techniques and related inputs.

Trading securities and trading securities sold, not yet
purchased

When quoted prices for identical securities are available in an active market, the Group uses the quoted prices to measure fair
values of securities and such securities are classified in Level 1 of the fair value hierarchy. Level 1 securities include highly liquid government bonds and Ginnie Mae securities. When quoted prices for identical securities are available, but not
actively traded, such securities are classified in Level 2 of the fair value hierarchy. When no quoted market price is available, the Group estimates fair values by using a pricing model with inputs that are observable in the market and such
securities are classified in Level 2 of the fair value hierarchy. Level 2 securities include Japanese local government bonds, corporate bonds, and commercial paper. When less liquidity exists for securities, the quoted prices are stale or the prices
from independent sources vary, such securities are generally classified in Level 3 of the fair value hierarchy. Level 3 securities include securitization products such as RMBS, CDO, asset-backed securities (ABS), and CLO.

The investment funds are classified in either Level 1, Level 2, or Level 3 of the fair value hierarchy. Among those funds, exchange-traded funds
(ETF) are classified in Level 1, while the others are classified in Level 2 or Level 3. Investment trust and hedge funds are generally classified in Level 2, since those funds are measured at NAV per share and the MHFG Group has the
ability to redeem its investment with the investees at NAV per share at the measurement date or within the near term. Private equity funds and real estate funds measured at NAV per share are generally classified in Level 3, since the Group never has
the ability to redeem its investment with the investees at NAV per share, nor can it redeem its investment with the investees at NAV per share at the measurement date or within the near term.

Derivative financial instruments

Exchange-traded derivatives are valued using quoted market prices and so are classified in Level 1 of the fair value hierarchy. However, the majority of
derivatives entered into by the Group are executed over-the-counter and so are valued using internal valuation techniques as no quoted market price is available for such instruments. The valuation techniques depend on the type of derivatives. The
principal techniques used to value these instruments are discounted cash flow models and the Black-Scholes option pricing model, which are widely accepted in the financial services industry. The key inputs vary with the type of derivatives and the
nature of the underlying instruments and include interest rate yield curves, foreign exchange rates, the spot price of the underlying, volatility and correlation. Each item is placed in either Level 2 or Level 3 depending on the observability of the
significant inputs to the model. Level 2 derivatives include plain vanilla interest rate and currency swaps and option contracts. Derivative contracts valued using significant unobservable correlation or volatility are classified in Level 3 of the
fair value hierarchy.



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Investments

Fair values of available-for-sale securities are determined primarily using the same procedures described for trading securities. Level 1 securities
include highly liquid government bonds and listed stocks. Though Level 3 securities include most securitization products such as RMBS, CMBS, CDO, ABS, and CLO, certain securitization products such as Japanese RMBS are classified in Level 2, if their
fair values are quoted prices in markets that are not active, or determined using a pricing model that can be corroborated by observable market data.

Other investments, except investments held by consolidated investment companies, have not been measured at fair value on a recurring basis. Investments
held by consolidated investment companies consist of marketable and non-marketable equity securities. The fair value of the marketable equity securities is based upon quoted market prices. The fair value of the non-marketable equity securities is
based upon significant management judgment, as very limited quoted prices exist. When evaluating such securities, the Group firstly considers recent market transactions of the identical security, if applicable. Otherwise, the Group uses commonly
accepted valuation techniques such as earnings multiples based on comparable public securities. Non-marketable equity securities are generally classified in Level 3 of the fair value hierarchy.

Long-term debt

Where fair value
accounting has been elected for structured notes, the fair values of those are determined by incorporating the fair values of embedded derivatives primarily derived from the same procedures described for derivative financial instruments. Such
instruments are classified in Level 2 or Level 3 depending on the observability of significant inputs to the model of the embedded derivatives. Where fair value accounting has been elected for non-structured notes issued by consolidated VIEs, the
fair values of those are determined primarily based upon the fair values of the underlying assets held by consolidated VIEs. Such instruments are classified in Level 3 because the underlying assets held by consolidated VIEs are securitization
products classified in Level 3.



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Items measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis at March 31, 2009 and 2010, including those for which the MHFG Group has elected
the fair value option, are summarized below:



|                                                     |  |                      |  |         |  |         |  |                                
|---------------------------------------------------- |  | -------------------- |  | ------- |  | ------- |  | -------------------------------
|2009                                                 |  | Level 1              |  | Level 2 |  | Level 3 |  | Assets/Liabilitiesat fair value
|                                                     |  | (in billions of yen)
|Assets:                                              |  |                      |  |         |  |         |  |                                
|Trading account assets:                              |  |                      |  |         |  |         |  |                                
|Trading
securities(1)                                |  | 7,241                |  | 3,319   |  | 930     |  | 11,490                         
|Derivatives                                          |  | 22                   |  | 18,896  |  | 598     |  | 19,516                         
|Investments:                                         |  |                      |  |         |  |         |  |                                
|Available-for-sale securities                        |  | 20,226               |  | 4,505   |  | 2,824   |  | 27,555                         
|Other investments                                    |  |                     |  |        |  | 88      |  | 88                             
|                                                     |  |                      |  |         |  |         |  |                                
|Total assets at fair value on a recurring basis      |  | 27,489               |  | 26,720  |  | 4,440   |  | 58,649                         
|                                                     |  |                      |  |         |  |         |  |                                
|Liabilities:                                         |  |                      |  |         |  |         |  |                                
|Trading account liabilities:                         |  |                      |  |         |  |         |  |                                
|Trading securities sold, not yet purchased           |  | 2,724                |  | 163     |  |        |  | 2,887                          
|Derivatives                                          |  | 32                   |  | 18,117  |  | 471     |  | 18,620                         
|Long-term
debt(2)                                    |  |                     |  | 7       |  | 261     |  | 268                            
|                                                     |  |                      |  |         |  |         |  |                                
|Total liabilities at fair value on a recurring basis |  | 2,756                |  | 18,287  |  | 732     |  | 21,775                         
|                                                     |  |                      |  |         |  |         |  |                                



|                                                     |  |                      |  |         |  |         |  |                                
|---------------------------------------------------- |  | -------------------- |  | ------- |  | ------- |  | -------------------------------
|2010                                                 |  | Level 1              |  | Level 2 |  | Level 3 |  | Assets/Liabilitiesat fair value
|                                                     |  | (in billions of yen)
|Assets:                                              |  |                      |  |         |  |         |  |                                
|Trading
securities(1)                                |  | 11,085               |  | 3,482   |  | 920     |  | 15,487                         
|Derivatives                                          |  | 22                   |  | 15,675  |  | 344     |  | 16,041                         
|Available-for-sale securities:                       |  |                      |  |         |  |         |  |                                
|Japanese government bonds                            |  | 26,690               |  | 1,539   |  |        |  | 28,229                         
|Japanese local govt bonds                           |  |                     |  | 157     |  |        |  | 157                            
|U.S. Treasury bonds                                  |  | 112                  |  |        |  |        |  | 112                            
|Other foreign govt bonds                            |  | 215                  |  | 104     |  |        |  | 319                            
|Agency mortgage-backed securities                    |  | 57                   |  | 478     |  |        |  | 535                            
|Residential mortgage-backed securities               |  |                     |  | 438     |  | 573     |  | 1,011                          
|Commercial mortgage-backed securities                |  |                     |  |        |  | 650     |  | 650                            
|Japanese corporate bonds                             |  |                     |  | 2,201   |  | 233     |  | 2,434                          
|Japanese other debt securities                       |  |                     |  | 45      |  | 289     |  | 334                            
|Foreign corporate bonds and other debt securities    |  | 75                   |  | 304     |  | 357     |  | 736                            
|Equity securities (marketable)                       |  | 3,146                |  | 135     |  | 3       |  | 3,284                          
|Other investments                                    |  |                     |  |        |  | 96      |  | 96                             
|                                                     |  |                      |  |         |  |         |  |                                
|Total assets at fair value on a recurring basis(3)   |  | 41,402               |  | 24,558  |  | 3,465   |  | 69,425                         
|                                                     |  |                      |  |         |  |         |  |                                
|Liabilities:                                         |  |                      |  |         |  |         |  |                                
|Trading securities sold, not yet purchased           |  | 3,849                |  | 265     |  |        |  | 4,114                          
|Derivatives                                          |  | 24                   |  | 14,980  |  | 285     |  | 15,289                         
|Long-term
debt(2)                                    |  |                     |  | 4       |  | 350     |  | 354                            
|                                                     |  |                      |  |         |  |         |  |                                
|Total liabilities at fair value on a recurring basis |  | 3,873                |  | 15,249  |  | 635     |  | 19,757                         
|                                                     |  |                      |  |         |  |         |  |                                



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)





Notes:

|(1) | Trading securities include foreign currency denominated securities for which the MHFG Group elected the fair value option. Such securities were previously classified as
available-for-sale securities.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Amounts represent items for which the Group elected the fair value option.
|--- | --------------------------------------------------------------------------

|(3) | Amounts include the investments measured at NAV per share at March 31, 2010, of ¥723 billion, of which ¥213 billion is classified in Level 1, ¥454
billion is classified in Level 2, and ¥56 billion is classified in Level 3.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Items measured at fair value on a recurring
basis using significant unobservable inputs (Level 3)

The table below presents a reconciliation for all assets and liabilities measured at
fair value on a recurring basis using significant unobservable inputs (Level 3) for the fiscal years ended March 31, 2009 and 2010:



|                              |  |                      |   |  |                                      |      |  |                                  |   |  |                                           |   |  |               |  |                                                 |     
|----------------------------- |  | -------------------- | - |  | ------------------------------------ | ---- |  | -------------------------------- | - |  | ----------------------------------------- | - |  | ------------- |  | ----------------------------------------------- | ----
|2009                          |  | April 1,2008         |   |  | Netrealized/unrealizedgains (losses) |      |  | Transfersin and/or out ofLevel 3 |   |  | Purchases, sales,issuances andsettlements |   |  | March 31,2009 |  | Change inunrealizedgains (losses)still held
(6) |     
|                              |  | (in billions of yen) |  
|Assets:                       |  |                      |   |  |                                      |      |  |                                  |   |  |                                           |   |  |               |  |                                                 |     
|Trading account assets:       |  |                      |   |  |                                      |      |  |                                  |   |  |                                           |   |  |               |  |                                                 |     
|Trading securities            |  | 1,176                |   |  | (203                                 | )(2) |  | 18                               |   |  | (61                                       | ) |  | 930           |  | (100                                            | )   
|Derivatives, net(1)           |  | (39                  | ) |  | 119                                  | (2)  |  | 10                               |   |  | 37                                        |   |  | 127           |  | 69                                              |     
|Investments:                  |  |                      |   |  |                                      |      |  |                                  |   |  |                                           |   |  |               |  |                                                 |     
|Available-for-sale securities |  | 3,607                |   |  | (114                                 | )(3) |  | (69                              | ) |  | (600                                      | ) |  | 2,824         |  | (59                                             | )   
|Other investments             |  | 77                   |   |  | 19                                   | (4)  |  |                                 |   |  | (8                                        | ) |  | 88            |  | 11                                              | (4) 
|Liabilities:                  |  |                      |   |  |                                      |      |  |                                  |   |  |                                           |   |  |               |  |                                                 |     
|Long-term debt                |  | 335                  |   |  | 1                                    | (5)  |  |                                 |   |  | (73                                       | ) |  | 261           |  | (1                                              | )(5)



|                                                  |  |                      |  |                                      |      |  |                                  |   |  |                                            |   |  |               |  |                                                 |    
|------------------------------------------------- |  | -------------------- |  | ------------------------------------ | ---- |  | -------------------------------- | - |  | ------------------------------------------ | - |  | ------------- |  | ----------------------------------------------- | ---
|2010                                              |  | April 1,2009         |  | Netrealized/unrealizedgains (losses) |      |  | Transfersin and/or out ofLevel 3 |   |  | Purchases, sales,issuances 
andsettlements |   |  | March 31,2010 |  | Change inunrealizedgains (losses)still held
(6) |    
|                                                  |  | (in billions of yen) | 
|Assets:                                           |  |                      |  |                                      |      |  |                                  |   |  |                                            |   |  |               |  |                                                 |    
|Trading securities                                |  | 930                  |  | 15                                   | (2)  |  | (37                              | ) |  | 12                                         |   |  | 920           |  | 30                                              |    
|Derivatives, net(1)                               |  | 127                  |  | (127                                 | )(2) |  | (11                              | ) |  | 70                                         |   |  | 59            |  | (164                                            | )  
|Available-for-sale securities:                    |  |                      |  |                                      |      |  |                                  |   |  |                                            |   |  |               |  |                                                 |    
|Residential mortgage-backed securities            |  | 664                  |  | 9                                    | (3)  |  |                                 |   |  | (100                                       | ) |  | 573           |  |                                                |    
|Commercial mortgage-backed securities             |  | 955                  |  | (17                                  | )(3) |  |                                 |   |  | (288                                       | ) |  | 650           |  | (11                                             | )  
|Japanese corporate bonds                          |  | 322                  |  |                                     | (3)  |  | (69                              | ) |  | (20                                        | ) |  | 233           |  |                                                |    
|Japanese other debt securities                    |  | 512                  |  | 3                                    | (3)  |  |                                 |   |  | (226                                       | ) |  | 289           |  |                                                |    
|Foreign corporate bonds and other debt securities |  | 369                  |  | 19                                   | (3)  |  | 35                               |   |  | (66                                        | ) |  | 357           |  |                                                |    
|Equity securities (marketable)                    |  | 2                    |  | 1                                    | (3)  |  | 2                                |   |  | (2                                         | ) |  | 3             |  |                                                |    
|Other investments                                 |  | 88                   |  | 3                                    | (4)  |  |                                 |   |  | 5                                          |   |  | 96            |  | 2                                               | (4)
|Liabilities:                                      |  |                      |  |                                      |      |  |                                  |   |  |                                            |   |  |               |  |                                                 |    
|Long-term debt                                    |  | 261                  |  | 9                                    | (5)  |  |                                 |   |  | 98                                         |   |  | 350           |  | 10                                              | (5)



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)





Notes:

|(1) | Total Level 3 derivative exposures have been netted on the table for presentation purpose only.
|--- | -----------------------------------------------------------------------------------------------

|(2) | Realized and unrealized gains (losses) are reported in Trading account gainsnet or Other noninterest income (expenses).
|--- | ------------------------------------------------------------------------------------------------------------------------

|(3) | Realized gains (losses) are reported in Investment gains (losses)net. Unrealized gains (losses) are reported in Accumulated other comprehensive income (loss).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Realized and unrealized gains (losses) are reported in Investment gains (losses)net.
|--- | -------------------------------------------------------------------------------------

|(5) | Realized and unrealized gains (losses) are reported in Other noninterest income (expenses).
|--- | -------------------------------------------------------------------------------------------

|(6) | Amounts represent total gains or losses recognized in earnings during the fiscal year, that are attributable to the change in fair value relating to assets and
liabilities classified as Level 3 that are still held at March 31, 2009 and 2010.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Items measured at fair value on a
nonrecurring basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis and are not included in the tables
above. These assets and liabilities primarily include items that are measured at the lower of cost or fair value, and items that were initially measured at cost and have been written down to fair value as a result of impairment. The following table
shows the fair value hierarchy for those items as of March 31, 2009 and 2010.



|                                                        |  |                      |  |         |  |         |  |         |  |               
|------------------------------------------------------- |  | -------------------- |  | ------- |  | ------- |  | ------- |  | --------------
|2009                                                    |  | Total                |  | Level 1 |  | Level 2 |  | Level 3 |  | Aggregate cost
|                                                        |  | (in billions of yen)
|Assets:                                                 |  |                      |  |         |  |         |  |         |  |               
|Loans                                                   |  | 330                  |  |        |  |        |  | 330     |  | 613           
|Loans held-for-sale                                     |  | 81                   |  |        |  | 6       |  | 75      |  | 123           
|Other investments                                       |  | 44                   |  |        |  |        |  | 44      |  | 134           
|                                                        |  |                      |  |         |  |         |  |         |  |               
|Total assets at fair value on a nonrecurring basis      |  | 455                  |  |        |  | 6       |  | 449     |  | 870           
|                                                        |  |                      |  |         |  |         |  |         |  |               
|Liabilities:                                            |  |                      |  |         |  |         |  |         |  |               
|Other liabilities                                       |  | 4                    |  |        |  |        |  | 4       |  |              
|                                                        |  |                      |  |         |  |         |  |         |  |               
|Total liabilities at fair value on a nonrecurring basis |  | 4                    |  |        |  |        |  | 4       |  |              
|                                                        |  |                      |  |         |  |         |  |         |  |               



|                                                        |  |                      |  |         |  |         |  |         |  |               
|------------------------------------------------------- |  | -------------------- |  | ------- |  | ------- |  | ------- |  | --------------
|2010                                                    |  | Total                |  | Level 1 |  | Level 2 |  | Level 3 |  | Aggregate cost
|                                                        |  | (in billions of yen)
|Assets:                                                 |  |                      |  |         |  |         |  |         |  |               
|Loans                                                   |  | 287                  |  |        |  |        |  | 287     |  | 407           
|Loans held-for-sale                                     |  | 45                   |  |        |  | 22      |  | 23      |  | 62            
|Other investments                                       |  | 4                    |  |        |  |        |  | 4       |  | 29            
|                                                        |  |                      |  |         |  |         |  |         |  |               
|Total assets at fair value on a nonrecurring basis      |  | 336                  |  |        |  | 22      |  | 314     |  | 498           
|                                                        |  |                      |  |         |  |         |  |         |  |               
|Liabilities:                                            |  |                      |  |         |  |         |  |         |  |               
|Other liabilities                                       |  | 1                    |  |        |  | 1       |  |        |  |              
|                                                        |  |                      |  |         |  |         |  |         |  |               
|Total liabilities at fair value on a nonrecurring basis |  | 1                    |  |        |  | 1       |  |        |  |              
|                                                        |  |                      |  |         |  |         |  |         |  |               

Loans in the table above have been impaired and measured based on the
fair value of the underlying collateral.



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Loans held-for-sale in the table above are accounted for at the lower of cost or fair value at the end
of the fiscal year. The items of which fair values are determined by using actual or contractually determined selling price data are classified as Level 2. Due to the lack of current observable market information, the determination of fair value for
items other than above requires significant adjustment based on management judgment and estimation, which leads such items into Level 3.

Other investments in the table above have been impaired and written down to fair value. Other investments consist of non-marketable equity securities
outside the scope of ASC 320, which have no readily available quoted price. The fair value of these impaired non-marketable equity securities is determined primarily by using a liquidation value technique. As significant management judgment or
estimation is required, these items are classified as Level 3.

Other liabilities in the table above represent amounts recorded for loan
commitments where loans drawn under the commitment will be held for sale. The losses were measured in the same manner as loans held-for-sale above.

Fair value option

The MHFG Group
elected the fair value option for certain eligible financial instruments described below.

Foreign currency denominated available-for-sale
securities

Prior to the adoption of ASC 825, the changes in fair value of available-for-sale securities had been accounted for in
Accumulated other comprehensive income (loss), net of tax, while the changes in fair value caused by foreign exchange fluctuation of foreign currency denominated financial liabilities had been accounted for in earnings. The MHFG Group elected the
fair value option for those securities to mitigate the volatility in earnings due to the difference in the recognition of foreign exchange risk between available-for-sale securities and financial liabilities. Following the election of the fair value
option, these securities have been reported as trading securities in Trading account assets.

Certain hybrid financial instruments

The MHFG Group issues structured notes as part of its client-driven activities. Structured notes are debt instruments that contain embedded
derivatives. The Group elected the fair value option for certain structured notes to mitigate accounting mismatches and to achieve operational simplifications. Following the election of the fair value option, those structured notes continue to be
reported in Long-term debt and interest on those structured notes continues to be reported in Interest expense on long-term debt. The differences between the aggregate fair value of those structured notes for which the fair value option has been
elected and the aggregate unpaid principal balance of such instruments were ¥31 billion and ¥40 billion at March 31, 2009 and 2010, respectively. The net unrealized gains resulting from changes in fair values of those structured notes
of ¥3 billion and ¥9 billion were recorded in Other noninterest income for the fiscal years ended March 31, 2009 and 2010, respectively.

Financial assets and liabilities held by consolidated VIEs

The MHFG Group consolidates certain VIEs that issue CDOs where MHFG or its subsidiaries have been determined to be the primary beneficiary. The Group
elected the fair value option for certain assets held and notes issued by those VIEs to eliminate the divergence between accounting income and economic income. The assets were reported in Trading account assets, while the notes were reported in
Long-term debt. The fair value



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



option enabled the Group to recognize the gains or losses attributing to only the notes that the Group held. The differences between the aggregate fair value of those notes for which the fair
value option has been elected and the aggregate unpaid principal balance of such instruments were ¥60 billion and ¥57 billion at March 31, 2009 and 2010, respectively. The net unrealized gains resulting from changes in fair values of
those notes of ¥2 billion were recorded in Trading account gains (losses)net, for the fiscal year ended March 31, 2009. There was no significant change in fair values of those notes during the fiscal year ended March 31, 2010.

Fair value of financial instruments

ASC 825 requires the disclosure of the estimated fair value of financial instruments. Fair value of financial instruments is the amount that would be
exchanged between willing parties, other than in a forced sale or liquidation. Quoted market prices, if available, are best utilized as estimates of the fair values of financial instruments. However, since no quoted market prices are available for
certain financial instruments, fair values for such financial instruments have been estimated based on managements assumptions, discounted cash flow models or other valuation techniques. Such estimation methods are described in more detail
below. These estimates could be significantly affected by different sets of assumptions. There are certain limitations to managements best judgment in estimating fair values of financial instruments and inherent subjectivity involved in
estimation methodologies and assumptions used to estimate fair value. Accordingly, the net realizable or liquidation values could be materially different from the estimates presented below.

ASC 825 does not require the disclosure of the fair value of nonfinancial instruments.

The carrying amounts and fair values of certain financial instruments, excluding the financial instruments outside the scope of ASC 825 such as the
equity method investments and lease contracts as defined in ASC 840, Leases (ASC 840), at March 31, 2009 and 2010 are as follows:



|                                                                                                                                           |  |                      |  |                     |  |                |  |                    
|------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------------- |  | ------------------- |  | -------------- |  | -------------------
|                                                                                                                                           |  | 2009                 |  | 2010               
|                                                                                                                                           |  | Carryingamount       |  | Estimatedfair value |  | Carryingamount |  | Estimatedfair value
|                                                                                                                                           |  | (in billions of yen)
|Financial assets:                                                                                                                          |  |                      |  |                     |  |                |  |                    
|Cash and due from banks, call loans and funds sold, and receivables under resale agreements and securities borrowing transactions          |  | 18,102               |  | 18,102              |  | 18,910         |  | 18,910             
|Trading securities                                                                                                                         |  | 11,490               |  | 11,490              |  | 15,487         |  | 15,487             
|Investments                                                                                                                                |  | 27,822               |  | 27,824              |  | 38,500         |  | 38,504             
|Loans, net of allowance for loan losses                                                                                                    |  | 71,746               |  | 72,117              |  | 62,861         |  | 63,276             
|Other financial assets                                                                                                                     |  | 3,726                |  | 3,726               |  | 3,787          |  | 3,787              
|Derivative financial instruments                                                                                                           |  | 19,516               |  | 19,516              |  | 16,041         |  | 16,041             
|                                                                                                                                           |  |                      |  |                    
|Financial liabilities:                                                                                                                     |  |                      |  |                     |  |                |  |                    
|Noninterest-bearing deposits, call money and funds purchased, and payables under repurchase agreements and securities lending
transactions |  | 32,250               |  | 32,250              |  | 36,319         |  | 36,319             
|Interest-bearing deposits                                                                                                                  |  | 74,762               |  | 74,717              |  | 75,145         |  | 75,103             
|Debentures                                                                                                                                 |  | 2,300                |  | 2,327               |  | 1,518          |  | 1,515              
|Trading securities sold, not yet purchased                                                                                                 |  | 2,887                |  | 2,887               |  | 4,114          |  | 4,114              
|Due to trust accounts                                                                                                                      |  | 986                  |  | 986                 |  | 1,025          |  | 1,025              
|Commercial paper and other short-term borrowings                                                                                           |  | 8,715                |  | 8,715               |  | 9,046          |  | 9,046              
|Long-term debt                                                                                                                             |  | 7,999                |  | 8,242               |  | 8,463          |  | 8,874              
|Other financial liabilities                                                                                                                |  | 5,032                |  | 5,032               |  | 3,902          |  | 3,902              
|Derivative financial instruments                                                                                                           |  | 18,620               |  | 18,620              |  | 15,289         |  | 15,289             



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Following is a description of valuation methodologies used for estimating fair value for financial
assets and liabilities not carried at fair value on the Groups consolidated balance sheets.

Cash and due from banks, call loans and
funds sold, and receivables under resale agreements and securities borrowing transactions

The carrying value of short-term financial
assets, such as cash and due from banks, interest-bearing deposits in other banks, call loans and funds sold, and receivables under resale agreements and securities borrowing transactions approximates the fair value of these assets since they
generally involve limited losses from credit risk or have short-term maturities with interest rates that approximate market.

Investments

Fair values of held-to-maturity securities are determined primarily using the same procedures described for trading securities and
available-for-sale securities aforementioned in this section. The fair values of other equity interests, which primarily comprise non-marketable equity securities, are not readily determinable, and their carrying amounts of ¥639 billion and
¥568 billion at March 31, 2009 and 2010, respectively, are not included in the disclosure.

Loans

Performing loans have been fair valued as groups of similar loans based on the type of loan, credit quality, prepayment assumptions and remaining
maturity. The fair value of performing loans is estimated based on discounted cash flows using interest rates approximating the MHFG Groups current rates for similar loans, adjusting for inherent credit risk. The carrying amounts of impaired
loans, net of allowance for loan losses, approximate the fair values since allowance for loan losses for impaired loans is estimated based on an individual basis to reflect the value of uncollectible amounts. During the fiscal year ended
March 31, 2010, the Group has changed the discounted cash flow methodologies and assumptions used for performing loans especially for adjusting inherent credit risk. There were no material impacts on the fair value of performing loans by such
changes.

Other financial assets

The carrying value of other financial assets, such as accrued interest receivable and accounts receivable from brokers, dealers, and customers for
securities transactions, approximates the fair value of these assets since they generally involve limited losses from credit risk or have short-term maturities with interest rates that approximate market.

Noninterest-bearing deposits, call money and funds purchased, and payables under repurchase agreements and securities lending transactions

The carrying value of short-term financial liabilities, such as noninterest-bearing deposits, call money and funds purchased, and payables
under repurchase agreements and securities lending transactions approximates the fair value of these liabilities since they generally have short-term maturities with interest rates that approximate market.

Interest-bearing deposits

The carrying
value of demand deposits approximates the fair value since it represents the amount payable on demand at the balance sheet date. The fair value of time deposits and certificates of deposit is primarily estimated based on discounted cash flow
analysis using current interest rates for instruments with similar maturities. The carrying value of short-term certificates of deposit approximates the fair value.



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Debentures

Debentures are fair valued using quoted market prices, if available. Otherwise, the fair value of debentures is estimated based on discounted cash flow
analysis using current interest rates for instruments with similar maturities.

Due to trust accounts

The carrying value of due to trust accounts approximates the fair value since they generally have short-term maturities with interest rates that
approximate market.

Commercial paper and other short-term borrowings

The carrying value of the majority of short-term borrowings approximates the fair value since they generally have short-term maturities with interest
rates that approximate market. The fair value of certain borrowings is estimated based on discounted cash flow analysis using interest rates approximating the MHFG Groups incremental borrowings with similar maturities.

Long-term debt

Long-term debt is fair
valued using quoted market prices, if available. Otherwise, the fair value of long-term debt is estimated based on discounted cash flow analysis using interest rates approximating the MHFG Groups incremental borrowings with similar maturities.
The valuation techniques of fair value of certain long-term debt elected for fair value option under ASC 815-15-25 or ASC 825 are described separately in this section.

Other financial liabilities

The fair
value of other financial liabilities, such as accrued interest payable and accounts payable to brokers, dealers, and customers for securities transactions, approximates the carrying amounts.

The fair values of certain off-balance-sheet financial instruments, such as commitments to extend credit and commercial letters of credit, are not
considered material to the consolidated balance sheets at March 31, 2009 and 2010.

30. Related party transactions

Transactions with directors, executive officers, and their associates

The banking subsidiaries of MHFG make loans to the MHFG Groups directors, executive officers, and their associates in their ordinary course of
business. At March 31, 2009 and 2010, outstanding loans to such related parties were not considered significant. These related party loans were made on substantially the same terms, including interest rate and collateral, as those prevailing at
the same time for comparable transactions with unrelated parties. At March 31, 2009 and 2010, there were no loans to these related parties that were considered impaired.

Other transactions, such as deposits, were entered into between MHFGs subsidiaries and the MHFG Groups directors, executive officers, and
their associates during the fiscal years ended March 31, 2008, 2009 and 2010. The outstanding amounts of these transactions, which were made in the ordinary course of business with terms equivalent to those with unrelated parties, were not
considered significant.



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Transactions with other related parties

A number of transactions were entered into with other related parties, such as MHFGs employees and affiliates accounted for under the equity method.
These transactions included loans, deposits, and other banking services. They were not significant in amount and were conducted with substantially the same terms as those for comparable transactions with unrelated parties.

31. Business segment information

Under
U.S. GAAP, companies report segment information based on the way management disaggregates the company for making operating decisions. The MHFG Groups operating segments are based on the nature of the products and services provided, the type of
customer and the Groups management organization. The business segment information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Groups business segments.
The management measures the performance of each of the operating segments primarily in terms of net business profits in accordance with internal managerial accounting rules and practices. Net business profits is used as a measure of the
profitability of core banking operations in Japan, and is defined as gross profits (or the sum of net interest income, fiduciary income, net fee and commission income, net trading income and net other operating income) less general and
administrative expenses (excluding non-recurring expenses). Measurement by net business profits is required for regulatory reporting to the FSA. Therefore, the format and information are presented primarily on the basis of Japanese GAAP and are not
consistent with the consolidated financial statements prepared in accordance with U.S. GAAP. A reconciliation is provided for the segments total net business profits with Income (loss) before income tax expense (benefit) under U.S. GAAP.

Note 32 Foreign activities provides financial information relating to the MHFG Groups operations by geographic area.

MHFG manages its business portfolio through the three Global Groups: the Global Corporate Group, the Global Retail Group, and the Global
Asset & Wealth Management Group. The Global Corporate Group consists primarily of MHCB and MHSC, the Global Retail Group consists primarily of MHBK and MHIS, and the Global Asset & Wealth Management Group consists primarily of
MHTB. Operating segments of MHCB and MHBK are aggregated within each entity based on customer characteristics and functions. Operating segments of MHCB are aggregated into three reportable segments, domestic, international, and trading 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 that provide services to a wide range of customers and
that do not belong to a specific Global Group are aggregated in Others.

The Global Corporate Group

MHCB

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 of Japanese corporations, and foreign
governmental entities.

(1) Domestic

This segment consists of the following three units of MHCB: corporate banking, global investment banking, and global transaction banking. This segment
provides a variety of financial products and services to large corporations, financial institutions and public sector entities in Japan. The products and services it offers include commercial banking, advisory services, syndicated loan arrangements
and structured finance.



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(2) International

This segment primarily offers commercial banking and foreign exchange transaction services to foreign corporations, including foreign subsidiaries of
Japanese corporations, through MHCBs overseas network.

(3) Trading and others

This segment consists of the global markets unit, and the global asset management unit. 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.

(4) MHSC

MHSC is the primary investment banking arm in the Global Corporate Group and offers wholesale securities and investment banking services, such as
underwriting and trading of bonds and equities, advisory services, and structured finance, to large and international corporations, financial institutions, and public entities. After the merger with Shinko was consummated on May 7, 2009, the
new MHSC has been pursuing merger synergies, with the combination of former MHSCs wholesale business expertise and global investment banking business platform and former Shinkos nationwide customer base and full-service securities
company network, its strong distribution capabilities in the middle and retail markets as well as its strong track record in Japanese initial public offerings.

(5) Others

This segment consists of
MHCBs subsidiaries other than MHSC. These subsidiaries offer financial products and services in specific areas of business or countries mainly to customers of the Global Corporate Group.

The Global Retail Group

MHBK

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.

(6) Retail banking

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.

(7) Corporate banking

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 other public sector entities in Japan.



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(8) Trading and others

The trading and ALM group 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.

(9) MHIS

MHIS offers securities services to individuals and corporate customers of the Global Retail Group and provides those corporate customers with support in
procuring funds through capital markets.

(10) Others

This segment consists of MHBKs subsidiaries other than MHIS. 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 Retail Group.

The Global Asset &
Wealth Management Group

(11) MHTB

MHTB is the main operating company of the Global Asset & Wealth Management Group and offers products and services related to trust, real estate,
securitization and structured finance, pension and asset management, and stock transfers.

(12) Others

This segment includes companies other than MHTB which are part of the Global Asset & Wealth Management Group. These companies include Mizuho
Private Wealth Management, TCSB and asset management companies. They offer products and services related to private banking, trust and custody, and asset management.

(13) Others

This segment
consists of MHFG and its subsidiaries that do not belong to a specific Global Group but provide their services 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 through Mizuho Information & Research Institute and advisory services to financial institutions through Mizuho Financial Strategy.



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The information below for reportable segments is derived from the internal management reporting system.
Management does not use information on segments assets to allocate resources and assess performance and has not prepared information on segment assets. Accordingly, information on segment assets is not available.



|                                    |       |                        |   |              |                     |                     |       |                                       |             |  |              |       |       |       |                    |        |                       |           |                      |              |  |       |       |       |  |            |  |              |   |  |      |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|----------------------------------- | ----- | ---------------------- | - | ------------ | ------------------- | ------------------- | ----- | ------------------------------------- | ----------- |  | ------------ | ----- | ----- | ----- | ------------------ | ------ | --------------------- | --------- | -------------------- | ------------ |  | ----- | ----- | ----- |  | ---------- |  | ------------ | - |  | ---- |  | ----- | - |  | ----- | - |  | ----- |  | ---- | - |  | ----- | - |  | ------- | -
|2008                                |       | Global Corporate Group |   |              | Global Retail Group |                     |       | Global Asset & WealthManagement Group |             |  | Others 
(13) |       |       | Total |                   
|                                    | Total |                        |   | MHCB         |                     | MHSC 
(4)           |       |                                       | Others 
(5) |  |              | Total |       |       | MHBK               |        |                       | MHIS 
(9) |                      | Others 
(10) |  |       | Total |       |  | MHTB 
(11) |  | Others 
(12) |   |  |     
|                                    |       | Total                  |   | Domestic (1) |                     | Inter-national 
(2) |       | Tradingandothers (3)                  |             |  |              |       | Total |       | Retailbanking 
(6) |        | Corporatebanking 
(7) |           | Tradingandothers (8) |              |  |       |       |       |  |            | 
|                                    |       | (in billions of yen)   |  
|Gross profits:                      |       |                        |   |              |                     |                     |       |                                       |             |  |              |       |       |       |                    |        |                       |           |                      |              |  |       |       |       |  |            |  |              |   |  |      |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|Net interest income (expense)       |       | 368.8                  |   |              | 293.6               |                     | 180.5 |                                       | 73.4        |  | 39.7         |       | (5.6  | )     |                    | 80.8   |                       |           | 654.4                |              |  | 606.9 |       | 311.0 |  | 328.9      |  | (33.0        | ) |  | 0.7  |  | 46.8  |   |  | 55.4  |   |  | 53.5  |  | 1.9  |   |  | (15.0 | ) |  | 1,063.6 |  
|Net noninterest income (expenses)   |       | 15.4                   |   |              | 312.8               |                     | 106.0 |                                       | 68.0        |  | 138.8        |       | 41.7  |       |                    | (339.1 | )                     |           | 385.4                |              |  | 335.9 |       | 42.7  |  | 174.5      |  | 118.7        |   |  | 52.3 |  | (2.8  | ) |  | 175.7 |   |  | 119.2 |  | 56.5 |   |  | 20.8  |   |  | 597.3   |  
|                                    |       |                        |   |              |                     |                     |       |                                       |             |  |              |       |       |       |                    |        |                       |           |                      |              |  |       |       |       |  |            |  |              |   |  |      |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|Total                               |       | 384.2                  |   |              | 606.4               |                     | 286.5 |                                       | 141.4       |  | 178.5        |       | 36.1  |       |                    | (258.3 | )                     |           | 1,039.8              |              |  | 942.8 |       | 353.7 |  | 503.4      |  | 85.7         |   |  | 53.0 |  | 44.0  |   |  | 231.1 |   |  | 172.7 |  | 58.4 |   |  | 5.8   |   |  | 1,660.9 |  
|General and administrative expenses |       | 394.0                  |   |              | 236.2               |                     | 85.5  |                                       | 67.1        |  | 83.6         |       | 66.4  |       |                    | 91.4   |                       |           | 580.8                |              |  | 537.2 |       | 214.8 |  | 229.3      |  | 93.1         |   |  | 45.2 |  | (1.6  | ) |  | 127.6 |   |  | 86.8  |  | 40.8 |   |  | (9.1  | ) |  | 1,093.3 |  
|Others                              |       | (48.3                  | ) |              |                    |                     |      |                                       |            |  |             |       |      |       |                    | (48.3  | )                     |           | (14.7                | )            |  |      |       |      |  |           |  |             |   |  |     |  | (14.7 | ) |  | (1.5  | ) |  |      |  | (1.5 | ) |  | 8.1   |   |  | (56.4   | )
|                                    |       |                        |   |              |                     |                     |       |                                       |             |  |              |       |       |       |                    |        |                       |           |                      |              |  |       |       |       |  |            |  |              |   |  |      |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|Net business profits (losses)       |       | (58.1                  | ) |              | 370.2               |                     | 201.0 |                                       | 74.3        |  | 94.9         |       | (30.3 | )     |                    | (398.0 | )                     |           | 444.3                |              |  | 405.6 |       | 138.9 |  | 274.1      |  | (7.4         | ) |  | 7.8  |  | 30.9  |   |  | 102.0 |   |  | 85.9  |  | 16.1 |   |  | 23.0  |   |  | 511.2   |  
|                                    |       |                        |   |              |                     |                     |       |                                       |             |  |              |       |       |       |                    |        |                       |           |                      |              |  |       |       |       |  |            |  |              |   |  |      |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  



|                                    |       |                        |   |       |                     |              |       |                                       |             |                      |       |       |      |       |       |       |                    |           |                       |   |                      |       |  |       |  |       |            |       |              |  |       |              |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|----------------------------------- | ----- | ---------------------- | - | ----- | ------------------- | ------------ | ----- | ------------------------------------- | ----------- | -------------------- | ----- | ----- | ---- | ----- | ----- | ----- | ------------------ | --------- | --------------------- | - | -------------------- | ----- |  | ----- |  | ----- | ---------- | ----- | ------------ |  | ----- | ------------ |  | ----- | - |  | ----- | - |  | ----- |  | ---- | - |  | ----- | - |  | ------- | -
|2009                                |       | Global Corporate Group |   |       | Global Retail Group |              |       | Global Asset & WealthManagement Group |             |                      |       |       |      | Total |      
|                                    |       |                        |   | MHCB  |                     | MHSC 
(4)    |       |                                       | Others 
(5) |                      |       | Total |      |       | MHBK  |       |                    | MHIS 
(9) |                       |   | Others 
(10)         |       |  | Total |  |       | MHTB 
(11) |       | Others 
(12) |  |       | Others 
(13) |  |      
|                                    | Total |                        |   | Total |                     | Domestic (1) |       | Inter-national 
(2)                   |             | Tradingandothers (3) |       |       |      |       | Total |       | Retailbanking 
(6) |           | Corporatebanking 
(7) |   | Tradingandothers (8) |       |  |       |  |       |            |       |             
|                                    |       | (in billions of yen)   |  
|Gross profits:                      |       |                        |   |       |                     |              |       |                                       |             |                      |       |       |      |       |       |       |                    |           |                       |   |                      |       |  |       |  |       |            |       |              |  |       |              |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|Net interest income (expense)       |       | 381.3                  |   |       | 316.5               |              | 172.7 |                                       | 90.1        |                      | 53.7  |       | (9.7 | )     |       | 74.5  |                    |           | 648.1                 |   |                      | 603.7 |  | 327.3 |  | 297.9 |            | (21.5 | )            |  | 0.4   |              |  | 44.0  |   |  | 49.8  |   |  | 48.6  |  | 1.2  |   |  | (10.3 | ) |  | 1,068.9 |  
|Net noninterest income (expenses)   |       | 343.2                  |   |       | 211.7               |              | 102.5 |                                       | 40.4        |                      | 68.8  |       | 78.0 |       |       | 53.5  |                    |           | 252.2                 |   |                      | 224.0 |  | 25.2  |  | 144.4 |            | 54.4  |              |  | 30.9  |              |  | (2.7  | ) |  | 127.1 |   |  | 81.5  |  | 45.6 |   |  | 15.6  |   |  | 738.1   |  
|                                    |       |                        |   |       |                     |              |       |                                       |             |                      |       |       |      |       |       |       |                    |           |                       |   |                      |       |  |       |  |       |            |       |              |  |       |              |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|Total                               |       | 724.5                  |   |       | 528.2               |              | 275.2 |                                       | 130.5       |                      | 122.5 |       | 68.3 |       |       | 128.0 |                    |           | 900.3                 |   |                      | 827.7 |  | 352.5 |  | 442.3 |            | 32.9  |              |  | 31.3  |              |  | 41.3  |   |  | 176.9 |   |  | 130.1 |  | 46.8 |   |  | 5.3   |   |  | 1,807.0 |  
|General and administrative expenses |       | 381.4                  |   |       | 246.9               |              | 92.0  |                                       | 66.0        |                      | 88.9  |       | 59.5 |       |       | 75.0  |                    |           | 615.9                 |   |                      | 571.1 |  | 235.7 |  | 234.2 |            | 101.2 |              |  | 44.0  |              |  | 0.8   |   |  | 132.0 |   |  | 91.3  |  | 40.7 |   |  | (5.7  | ) |  | 1,123.6 |  
|Others                              |       | (35.4                  | ) |       |                    |              |      |                                       |            |                      |      |       |     |       |       | (35.4 | )                  |           | (13.8                 | ) |                      |      |  |      |  |      |            |      |              |  |      |              |  | (13.8 | ) |  | (3.2  | ) |  |      |  | (3.2 | ) |  | (8.4  | ) |  | (60.8   | )
|                                    |       |                        |   |       |                     |              |       |                                       |             |                      |       |       |      |       |       |       |                    |           |                       |   |                      |       |  |       |  |       |            |       |              |  |       |              |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|Net business profits (losses)       |       | 307.7                  |   |       | 281.3               |              | 183.2 |                                       | 64.5        |                      | 33.6  |       | 8.8  |       |       | 17.6  |                    |           | 270.6                 |   |                      | 256.6 |  | 116.8 |  | 208.1 |            | (68.3 | )            |  | (12.7 | )            |  | 26.7  |   |  | 41.7  |   |  | 38.8  |  | 2.9  |   |  | 2.6   |   |  | 622.6   |  
|                                    |       |                        |   |       |                     |              |       |                                       |             |                      |       |       |      |       |       |       |                    |           |                       |   |                      |       |  |       |  |       |            |       |              |  |       |              |  |       |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  



|                                    |  |                        |   |  |                     |  |               |                                       |                     |             |                     |  |       |       |  |       |   |                    |       |                       |  |                       |       |       |  |            |  |              |  |      |              |      |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|----------------------------------- |  | ---------------------- | - |  | ------------------- |  | ------------- | ------------------------------------- | ------------------- | ----------- | ------------------- |  | ----- | ----- |  | ----- | - | ------------------ | ----- | --------------------- |  | --------------------- | ----- | ----- |  | ---------- |  | ------------ |  | ---- | ------------ | ---- | - |  | ----- | - |  | ----- |  | ---- | - |  | ----- | - |  | ------- | -
|                                    |  | Global Corporate Group |   |  | Global Retail Group |  |               | Global Asset & WealthManagement Group |                     |             |                     |  |       | Total | 
|                                    |  |                        |   |  | MHCB                |  | MHSC 
(4)     |                                       |                     | Others 
(5) |                     |  | Total |       |  | MHBK  |   | MHIS 
(9)          |       | Others 
(10)          |  |                       | Total |       |  | MHTB 
(11) |  | Others 
(12) |  |      | Others 
(13) |      |  
|2010                                |  | Total                  |   |  | Total               |  | Domestic 
(1) |                                       | Inter-national 
(2) |             | Tradingandothers(3) |  |       |       |  | Total |   | Retailbanking 
(6) |       | Corporatebanking 
(7) |  | Tradingandothers 
(8) |       |       |  |            |  |              | 
|                                    |  |                        |   |  |                     |  |               |                                       |                     |             |                     |  |       |       |  |       |   |                    |      
|                                    |  | (in billions of yen)   |  
|Gross profits:                      |  |                        |   |  |                     |  |               |                                       |                     |             |                     |  |       |       |  |       |   |                    |       |                       |  |                       |       |       |  |            |  |              |  |      |              |      |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|Net interest income (expense)       |  | 470.6                  |   |  | 444.8               |  | 175.0         |                                       | 85.8                |             | 184.0               |  | (10.7 | )     |  | 36.5  |   |                    | 641.6 |                       |  | 612.9                 |       | 263.5 |  | 266.4      |  | 83.0         |  | 0.4  |              | 28.3 |   |  | 46.2  |   |  | 44.9  |  | 1.3  |   |  | (6.7  | ) |  | 1,151.7 |  
|Net noninterest income              |  | 449.9                  |   |  | 197.5               |  | 110.7         |                                       | 31.7                |             | 55.1                |  | 188.5 |       |  | 63.9  |   |                    | 258.8 |                       |  | 205.9                 |       | 25.0  |  | 126.5      |  | 54.4         |  | 47.2 |              | 5.7  |   |  | 130.5 |   |  | 87.1  |  | 43.4 |   |  | 5.7   |   |  | 844.9   |  
|                                    |  |                        |   |  |                     |  |               |                                       |                     |             |                     |  |       |       |  |       |   |                    |       |                       |  |                       |       |       |  |            |  |              |  |      |              |      |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|Total                               |  | 920.5                  |   |  | 642.3               |  | 285.7         |                                       | 117.5               |             | 239.1               |  | 177.8 |       |  | 100.4 |   |                    | 900.4 |                       |  | 818.8                 |       | 288.5 |  | 392.9      |  | 137.4        |  | 47.6 |              | 34.0 |   |  | 176.7 |   |  | 132.0 |  | 44.7 |   |  | (1.0  | ) |  | 1,996.6 |  
|General and administrative expenses |  | 478.1                  |   |  | 246.9               |  | 97.5          |                                       | 54.4                |             | 95.0                |  | 153.4 |       |  | 77.8  |   |                    | 617.7 |                       |  | 570.4                 |       | 245.8 |  | 228.9      |  | 95.7         |  | 40.0 |              | 7.3  |   |  | 128.5 |   |  | 89.9  |  | 38.6 |   |  | (11.1 | ) |  | 1,213.2 |  
|Others                              |  | (11.8                  | ) |  |                    |  |              |                                       |                    |             |                    |  |      |       |  | (11.8 | ) |                    | (2.0  | )                     |  |                      |       |      |  |           |  |             |  |     |              | (2.0 | ) |  | (2.8  | ) |  |      |  | (2.8 | ) |  | (64.2 | ) |  | (80.8   | )
|                                    |  |                        |   |  |                     |  |               |                                       |                     |             |                     |  |       |       |  |       |   |                    |       |                       |  |                       |       |       |  |            |  |              |  |      |              |      |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  
|Net business profits (losses)       |  | 430.6                  |   |  | 395.4               |  | 188.2         |                                       | 63.1                |             | 144.1               |  | 24.4  |       |  | 10.8  |   |                    | 280.7 |                       |  | 248.4                 |       | 42.7  |  | 164.0      |  | 41.7         |  | 7.6  |              | 24.7 |   |  | 45.4  |   |  | 42.1  |  | 3.3  |   |  | (54.1 | ) |  | 702.6   |  
|                                    |  |                        |   |  |                     |  |               |                                       |                     |             |                     |  |       |       |  |       |   |                    |       |                       |  |                       |       |       |  |            |  |              |  |      |              |      |   |  |       |   |  |       |  |      |   |  |       |   |  |         |  



|Notes: | 
|------ | 

|(1) | For the period before the merger of MHSC and Shinko (i.e. May 7, 2009), (4)MHSC does not include Shinkos figures, as Shinko was an equity method affiliate
for the period.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | (5) Others, (10) Others, and (12) Others include elimination of transactions between companies within the Global Corporate Group, the Global Retail Group, and
the Global Asset & Wealth Management Group, respectively. (13) Others include elimination of transactions between the Global Groups.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Reconciliation

As explained above, the measurement base for the internal management reporting system and the income and expenses items covered are different from the
accompanying consolidated statements of income. Therefore, it is impracticable to present reconciliations of all the business segments information, other than net business profits, to corresponding items in the accompanying consolidated
statements of income.

A reconciliation of total net business profits under the internal management reporting system for the fiscal years
ended March 31, 2008, 2009 and 2010 presented above to Income (loss) before income tax expense (benefit) shown on the consolidated statements of income is as follows:



|                                                               |  |                      |   |  |        |   |  |        |  
|-------------------------------------------------------------- |  | -------------------- | - |  | ------ | - |  | ------ | -
|                                                               |  | 2008                 |   |  | 2009   |   |  | 2010   |  
|                                                               |  | (in billions of yen) |  
|Net business profits                                           |  | 511.2                |   |  | 622.6  |   |  | 702.6  |  
|                                                               |  |                      |   |  |        |   |  |        |  
|U.S. GAAP adjustments                                          |  | 120.7                |   |  | (124.9 | ) |  | 144.1  |  
|(Provision) credit for loan losses                             |  | 57.8                 |   |  | (567.4 | ) |  | (222.1 | )
|Net gains (losses) related to equity investments               |  | 137.6                |   |  | (246.4 | ) |  | 34.1   |  
|Non-recurring personnel expense                                |  | (0.7                 | ) |  | (13.2  | ) |  | (43.9  | )
|Gains on disposal of premises and equipment                    |  | 37.3                 |   |  | 23.4   |   |  | 27.6   |  
|(Provision) credit for losses on off-balance-sheet instruments |  | (5.1                 | ) |  | (83.6  | ) |  | 24.1   |  
|Othersnet (Note)                                              |  | (11.7                | ) |  | 31.4   |   |  | 20.0   |  
|                                                               |  |                      |   |  |        |   |  |        |  
|Income (loss) before income tax expense (benefit)              |  | 847.1                |   |  | (358.1 | ) |  | 686.5  |  
|                                                               |  |                      |   |  |        |   |  |        |  



|Note: | With respect to the hedges related to credit risk mitigation transactions, the MHFG Group recognized a gain of ¥75.2 billion recorded in Other noninterest income
and a loss of ¥90.6 billion recorded in Other noninterest expenses, for the fiscal years ended March 31, 2009 and 2010, respectively. Amount for the fiscal year ended March 31, 2010 also includes a gain of ¥106.3 billion on a
bargain purchase of Shinko which is included in Other noninterest income. See Note 24 Derivative financial instruments and Note 3 Business combination for further information.
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



32. Foreign activities

The following table presents consolidated income statement and total assets information by major geographic area. Foreign activities are defined as
business transactions that involve customers residing outside of Japan. However, as the MHFG Groups operations are highly integrated globally, estimates and assumptions have been made for an allocation among the geographic areas.



|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|---------------------------------- |  | -------------------- | - |  | -------- |  | -------- | - |  | -------------------------------------- |  | --------- | -
|                                   |  | Japan                |   |  | Americas |  | Europe   |   |  | Asia/OceaniaexcludingJapan, 
andothers |  | Total     |  
|                                   |  | (in billions of yen) |  
|Fiscal year ended March 31, 2008:  |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Total revenue(1)                   |  | 3,015.1              |   |  | 833.3    |  | 92.5     |   |  | 264.3                                  |  | 4,205.2   |  
|Total expenses(2)                  |  | 1,902.2              |   |  | 708.7    |  | 579.9    |   |  | 167.3                                  |  | 3,358.1   |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Income before income tax expense   |  | 1,112.9              |   |  | 124.6    |  | (487.4   | ) |  | 97.0                                   |  | 847.1     |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Net income (loss)                  |  | 476.9                |   |  | 104.4    |  | (491.3   | ) |  | 85.0                                   |  | 175.0     |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Total assets at end of fiscal year |  | 115,715.1            |   |  | 19,025.8 |  | 11,490.4 |   |  | 5,086.5                                |  | 151,317.8 |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Fiscal year ended March 31, 2009:  |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Total revenue(1)                   |  | 1,867.3              |   |  | 423.9    |  | 347.0    |   |  | 198.2                                  |  | 2,836.4   |  
|Total expenses(2)                  |  | 2,424.5              |   |  | 262.4    |  | 364.3    |   |  | 143.3                                  |  | 3,194.5   |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Income before income tax expense   |  | (557.2               | ) |  | 161.5    |  | (17.3    | ) |  | 54.9                                   |  | (358.1    | )
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Net income (loss)                  |  | (1,276.8             | ) |  | 130.7    |  | (20.2    | ) |  | 46.3                                   |  | (1,120.0  | )
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Total assets at end of fiscal year |  | 115,588.4            |   |  | 24,995.2 |  | 9,816.0  |   |  | 4,683.4                                |  | 155,083.0 |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Fiscal year ended March 31, 2010:  |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Total revenue(1)                   |  | 2,324.3              |   |  | 284.5    |  | 229.6    |   |  | 124.7                                  |  | 2,963.1   |  
|Total expenses(2)                  |  | 1,907.6              |   |  | 134.8    |  | 163.0    |   |  | 71.2                                   |  | 2,276.6   |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Income before income tax expense   |  | 416.7                |   |  | 149.7    |  | 66.6     |   |  | 53.5                                   |  | 686.5     |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Net income                         |  | 784.5                |   |  | 149.2    |  | 65.5     |   |  | 47.5                                   |  | 1,046.7   |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  
|Total assets at end of fiscal year |  | 121,555.8            |   |  | 21,951.5 |  | 10,178.7 |   |  | 4,665.5                                |  | 158,351.5 |  
|                                   |  |                      |   |  |          |  |          |   |  |                                        |  |           |  



Notes:

|(1) | Total revenue is comprised of Interest and dividend income and Noninterest income.
|--- | ----------------------------------------------------------------------------------

|(2) | Total expenses are comprised of Interest expense, Provision (credit) for loan losses and Noninterest expenses.
|--- | --------------------------------------------------------------------------------------------------------------



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



33. Mizuho Financial Group, Inc., parent company

The following tables present the parent company only financial information of MHFG:

Condensed balance sheets



|                                                     |  |                      |  |          
|---------------------------------------------------- |  | -------------------- |  | ---------
|                                                     |  | 2009                 |  | 2010     
|                                                     |  | (in millions of yen)
|Assets:                                              |  |                      |  |          
|Cash and due from banks                              |  | 148                  |  | 142      
|Interest-bearing deposits in other banks             |  | 15,909               |  | 14,991   
|Investments in subsidiaries and affiliated companies |  | 1,669,316            |  | 4,142,271
|Other                                                |  | 104,805              |  | 23,635   
|                                                     |  |                      |  |          
|Total                                                |  | 1,790,178            |  | 4,181,039
|                                                     |  |                      |  |          
|Liabilities and shareholders equity:                |  |                      |  |          
|Short-term borrowings                                |  | 860,000              |  | 960,000  
|Long-term debt                                       |  |                     |  | 240,000  
|Other liabilities                                    |  | 84,131               |  | 14,824   
|Shareholders equity                                 |  | 846,047              |  | 2,966,215
|                                                     |  |                      |  |          
|Total                                                |  | 1,790,178            |  | 4,181,039
|                                                     |  |                      |  |          

Condensed statements of income



|                                                          |  |                      |   |  |            |   |  |         |  
|--------------------------------------------------------- |  | -------------------- | - |  | ---------- | - |  | ------- | -
|                                                          |  | 2008                 |   |  | 2009       |   |  | 2010    |  
|                                                          |  | (in millions of yen) |  
|Income:                                                   |  |                      |   |  |            |   |  |         |  
|Dividends from subsidiaries                               |  | 770,833              |   |  | 410,517    |   |  | 3,847   |  
|Management fees from subsidiaries                         |  | 35,686               |   |  | 32,184     |   |  | 29,945  |  
|Other income                                              |  | 668                  |   |  | 2,130      |   |  | 7,981   |  
|                                                          |  |                      |   |  |            |   |  |         |  
|Total                                                     |  | 807,187              |   |  | 444,831    |   |  | 41,773  |  
|                                                          |  |                      |   |  |            |   |  |         |  
|Expenses:                                                 |  |                      |   |  |            |   |  |         |  
|Operating expenses                                        |  | 19,364               |   |  | 19,968     |   |  | 19,808  |  
|Interest expense                                          |  | 14,796               |   |  | 10,957     |   |  | 13,918  |  
|Other expense                                             |  | 399                  |   |  | 79,397     |   |  | 4,750   |  
|                                                          |  |                      |   |  |            |   |  |         |  
|Total                                                     |  | 34,559               |   |  | 110,322    |   |  | 38,476  |  
|                                                          |  |                      |   |  |            |   |  |         |  
|Equity in undistributed net income (loss) of subsidiaries |  | (544,130             | ) |  | (1,393,076 | ) |  | 996,309 |  
|                                                          |  |                      |   |  |            |   |  |         |  
|Income (loss) before income tax benefit                   |  | 228,498              |   |  | (1,058,567 | ) |  | 999,606 |  
|Income tax benefit                                        |  | (120                 | ) |  | (120       | ) |  | (83     | )
|                                                          |  |                      |   |  |            |   |  |         |  
|Net income (loss)                                         |  | 228,618              |   |  | (1,058,447 | ) |  | 999,689 |  
|                                                          |  |                      |   |  |            |   |  |         |  



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



Condensed statements of cash flows



|                                                     |  |                      |   |  |            |   |  |          |  
|---------------------------------------------------- |  | -------------------- | - |  | ---------- | - |  | -------- | -
|                                                     |  | 2008                 |   |  | 2009       |   |  | 2010     |  
|                                                     |  | (in millions of yen) |  
|Cash flows from operating activities:                |  |                      |   |  |            |   |  |          |  
|Net income (loss)                                    |  | 228,618              |   |  | (1,058,447 | ) |  | 999,689  |  
|Adjustments and other                                |  | 634,967              |   |  | 1,544,410  |   |  | (908,244 | )
|                                                     |  |                      |   |  |            |   |  |          |  
|Net cash provided by operating activities            |  | 863,585              |   |  | 485,963    |   |  | 91,445   |  
|                                                     |  |                      |   |  |            |   |  |          |  
|Cash flows from investing activities:                |  |                      |   |  |            |   |  |          |  
|Proceeds from sales of securities of subsidiaries    |  | 60,002               |   |  | 79,000     |   |  |         |  
|Payments for purchases of securities of subsidiaries |  | (5                   | ) |  | (15        | ) |  | (846,587 | )
|Net change in other investing activities             |  | (6,180               | ) |  | (2,018     | ) |  | 15,755   |  
|                                                     |  |                      |   |  |            |   |  |          |  
|Net cash provided by (used in) investing activities  |  | 53,817               |   |  | 76,967     |   |  | (830,832 | )
|                                                     |  |                      |   |  |            |   |  |          |  
|Cash flows from financing activities:                |  |                      |   |  |            |   |  |          |  
|Net change in short-term borrowings                  |  | (443,000             | ) |  | (280,000   | ) |  | 100,000  |  
|Proceeds from issuance of long-term debt             |  |                     |   |  |           |   |  | 240,000  |  
|Proceeds from issuance of common stock               |  |                     |   |  |           |   |  | 529,200  |  
|Purchases of treasury stock                          |  | (371,566             | ) |  | (150,359   | ) |  | (5       | )
|Dividends paid                                       |  | (102,942             | ) |  | (133,723   | ) |  | (130,802 | )
|Net change in other financing activities             |  | 99                   |   |  | 1,207      |   |  | 988      |  
|                                                     |  |                      |   |  |            |   |  |          |  
|Net cash provided by (used in) financing activities  |  | (917,409             | ) |  | (562,875   | ) |  | 739,381  |  
|                                                     |  |                      |   |  |            |   |  |          |  
|Net increase (decrease) in cash and due from banks   |  | (7                   | ) |  | 55         |   |  | (6       | )
|Cash and due from banks at beginning of fiscal year  |  | 100                  |   |  | 93         |   |  | 148      |  
|                                                     |  |                      |   |  |            |   |  |          |  
|Cash and due from banks at end of fiscal year        |  | 93                   |   |  | 148        |   |  | 142      |  
|                                                     |  |                      |   |  |            |   |  |          |  

34. Subsequent events

Making Orient Corporation an equity method affiliate

On May 14, 2010, the board of directors of MHFG resolved that its consolidated subsidiaries, MHBK and MHCB, would convert certain preferred shares of
Orient Corporation (Orico) owned by MHBK and MHCB into the common shares of Orico and make Orico an equity method affiliate of MHFG in around the six months period ending September 30, 2010. Following the effective acquisition of such
common shares, the MHFG Group will hold 27.2% of the voting rights of Orico.

Issuance of new shares and secondary offering of shares

On June 25, 2010, the board of directors of MHFG resolved to conduct a global offering consisting of 1) an issuance of new shares by
way of underwritten offering, 2) a secondary offering of shares in relation to the overallotment in Japan and 3) an issuance of new shares by way of third-party allotment. The increase in common stock as a result of the issuance of new shares equals
the total amount of (a) ¥702,639 million, the aggregate amount paid through the Issuance of new shares by way of underwritten offering, and (b) ¥48,981 million, the aggregate amount paid through the Issuance of new shares
by way of third-party allotment less stock issuance expenses. As a result of the issuance of new shares by way of underwritten offering, the conversion price and the floor price of the conversion price (applied to conversion price adjustments
and at the end of the conversion period) of Eleventh series class XI preferred stock were adjusted to be ¥286.20 on July 22, 2010. The conversion price and the floor price are expected to be adjusted again following the issuance of new shares by
way of third-party allotment.



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MIZUHO FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)



The following table describes the details of the issuance of new shares by way of underwritten offering:



|                          |  |                             
|------------------------- |  | ----------------------------
|                          |  | Description                 
|Number of shares offered: |  | 5,609,000,000 shares        
|                          | 
|Total amount paid:        |  | 702,639,430,000 Japanese Yen
|                          | 
|Payment date:             |  | July 21, 2010               

The following table describes the details of the secondary offering of shares in relation to the overallotment in Japan:



|                                   |  |                            
|---------------------------------- |  | ---------------------------
|                                   |  | Description                
|Number of shares sold:             |  | 391,000,000 shares         
|                                   | 
|Total amount of the selling price: |  | 50,830,000,000 Japanese Yen
|                                   | 
|Delivery date:                     |  | July 22, 2010              

The following table describes the details of the issuance of new shares by way of third-party allotment:



|                               |  |                            
|------------------------------ |  | ---------------------------
|                               |  | Description                
|Number of shares to be issued: |  | 391,000,000 shares         
|                               | 
|Total amount to be paid:       |  | 48,980,570,000 Japanese Yen
|                               | 
|Payment date:                  |  | July 30, 2010              



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##### Table of Contents

Signature

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.



MIZUHO FINANCIAL GROUP, INC.By:

/s/ Takashi TsukamotoName: Takashi TsukamotoTitle:   President & CEO


July 29, 2010



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##### Table of Contents

EXHIBIT INDEX



|              |  |                                                                                                                                                                                                                          
|------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  | Description of Exhibits                                                                                                                                                                                                  
|1.1           |  | Articles of Incorporation of Mizuho Financial Group, Inc., dated January 6, 2010 (English Translation)                                                                                                                   
|              | 
|1.2           |  | Bylaws Regarding the Board of Directors of Mizuho Financial Group, Inc., effective from January 8, 2003 and as amended on June 8, 2003 and amended on June 27, 2006 (English
Translation)*                               
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|1.3           |  | Regulations of Board of Corporate Auditors of Mizuho Financial Group, Inc., effective from January 9, 2003 and as amended on September 25, 2006 (English
Translation)*                                                   
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|1.4           |  | Share Handling Regulations of Mizuho Financial Group, Inc., dated January 6, 2010 (English Translation)                                                                                                                  
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|2.1           |  | Form of American Depositary Receipt**                                                                                                                                                                                    
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|2.2           |  | Form of Deposit Agreement among the registrant, The Bank of New York Mellon (formerly The Bank of New York) as Depositary and all owners and holders from time to time of American
Depositary Receipts issued thereunder*
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|8             |  | List of significant subsidiaries of Mizuho Financial Group, Inc.see Item 4.C. Information on the CompanyOrganizational Structure.                                                                                    
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|11            |  | Code of Ethics of Mizuho Financial Group, Inc.***                                                                                                                                                                        
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|12.1          |  | CEO Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).                                                                                                                                                     
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|12.2          |  | CFO Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).                                                                                                                                                     
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|13.1          |  | Certification required by Rule 13a-14(b) (17 CFR 240.13a-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).                                                                   



|* | Incorporated by reference to our registration statement on Form 20-F (No. 001-33098) filed on October 19, 2006.
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|** | Incorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on August 19, 2009.
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|*** | Incorporated by reference to our annual report on Form 20-F (No. 001-33098) filed on August 10, 2007.
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