Edgar Filing: MIZUHO FINANCIAL GROUP INC

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2011

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-1, Marunouchi 2-chome

Chiyoda-ku, Tokyo 100-8333

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82- .

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: November 14, 2011

Mizuho Financial Group, Inc.

By:		/s/ Takeo Nakano
Name:		Takeo Nakano
Title:		Managing Director / CFO


For Immediate Release:		November 14, 2011

Financial Statements for the Second Quarter of Fiscal 2011

(Six months ended September 30, 2011)

<Under Japanese GAAP>


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)

Stock Code Number (Japan):		8411
Stock Exchanges (Japan):		Tokyo Stock Exchange (First Section), Osaka Securities Exchange (First Section)
URL:		http://www.mizuho-fg.co.jp/english/


Representative:		Yasuhiro Sato President & CEO
For Inquiry:		Hisaaki Hirama General Manager of Accounting
Phone: +81-3-5224-2030


Filing of Shihanki Hokokusho (scheduled):	November 28, 2011	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):	December 7, 2011


Supplementary Materials on Quarterly Results: Attached
IR Conference on Quarterly Results: Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2011

(for the six months ended September 30, 2011)

(1) Consolidated Results of Operations


(%: Changes from the previous first half)
	Ordinary Income					Ordinary Profits					Net Income
	¥ million		%			¥ million		%			¥ million		%
1H F2011		1,344,326		(7.2	)		256,467		(39.4	)		254,665		(25.4	)
1H F2010		1,449,871		(2.3	)		423,829		308.3			341,759		289.2

Note: Comprehensive Income: 1H F2011: ¥177,529 million, (39.6)%; 1H F2010: ¥294,024 million, -%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2011		11.28		10.76
1H F2010		19.15		17.50

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Consolidated Capital Adequacy Ratio (BIS Standard)
	¥ million		¥ million		%		%
1H F2011		161,286,878		6,518,929		2.8		14.92
Fiscal 2010		160,812,006		6,623,999		2.6		15.30

Reference:

Own Capital:

As of September 30, 2011: ¥4,568,035 million; As of March 31, 2011: ¥4,329,116 million



Notes:	1.	Own Capital Ratio was calculated as follows: (Total Net Assets - Stock Acquisition Rights - Minority Interests) / Total Assets × 100
	2.	Consolidated Capital Adequacy Ratio (BIS Standard) is based on the “Standards for Bank Holding Company to Consider the Adequacy of Its Capital Based on Assets and Others Held by It and Its Subsidiaries Pursuant to Article 52-25 of the Banking Law” (Financial Services Agency Ordinance Announcement No. 20, March 27, 2006).
	3.	Consolidated Capital Adequacy Ratio (BIS) as of September 30, 2011 is a preliminary figure.

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2010		—		0.00		—		6.00		6.00
Fiscal 2011		—		3.00
Fiscal 2011 (estimate)						—		3.00		6.00


Notes:	1.	Revision of the latest announced estimates for cash dividends for shareholders of common stock: No

	2.	Please refer to the following “Cash Dividends for Shareholders of Classified Stock” for cash dividends for shareholders of classified stock (unlisted), the rights of which are different from those of common stock.

3. Consolidated Earnings Estimates for Fiscal 2011 (for the fiscal year ending March 31, 2012)


	(%: Changes from the previous fiscal year)
	Net Income				Net Income per Share of Common Stock
	¥ million		%		¥
Fiscal 2011		460,000		11.3		19.55


Notes:	1.	Revision of the latest announced earnings estimates for fiscal 2011: No
	2.	The number of shares of common stock used in the above calculation is based on the following:

•

The average of “the average number of shares during the 1H Fiscal 2011” and “the number of shares as of September 30, 2011 (which is expected to be the average number of shares during the 2H of fiscal 2011)” is used.

•

It does not take into account any increase in the number of shares of common stock due to requests for acquisition (conversion) of the Eleventh Series Class XI Preferred Stock in the 2H of fiscal 2011.

4. Others

(1) Changes in Significant Subsidiaries during the Period (changes in specified subsidiaries accompanying changes in the scope of consolidation): No

(2) Changes in Accounting Policies and Accounting Estimates / Restatements

Changes in accounting policies due to revisions of accounting standards, etc.: No

‚ Changes in accounting policies other than above: No

ƒ Changes in accounting estimates: No

„ Restatements: No

(3) Issued Shares of Common Stock


Period-end issued shares (including treasury stock):	As of September 30, 2011 As of March 31, 2011	24,013,550,567 shares 21,782,185,320 shares

‚ Period-end treasury stock:	As of September 30, 2011 As of March 31, 2011	85,754,990 shares 5,656,647 shares

ƒ Average number of outstanding shares:	1st Half of Fiscal 2011 1st Half of Fiscal 2010	22,181,330,433 shares 17,846,169,840 shares

Non-consolidated Financial Statements

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2011

(for the six months ended September 30, 2011)



(1) Non-Consolidated Results of Operations						(%: Changes from the previous first half)
	Operating Income					Operating Profits					Ordinary Profits					Net Income
	¥ million		%			¥ million		%			¥ million		%			¥ million		%
1H F2011		22,910		(29.7	)		12,502		(45.6	)		9,145		(45.4	)		9,050		(45.4	)
1H F2010		32,606		66.3			22,991		130.6			16,770		450.1			16,585		436.1

	Net Income per Share of Common Stock
	¥
1H F2011		0.21
1H F2010		0.92

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2011		6,152,970		4,754,636		77.2
Fiscal 2010		6,035,158		4,652,883		77.0


Reference:		1. Own Capital: As of September 30, 2011: ¥4,753,617 million; As of March 31, 2011: ¥4,651,097 million
		2. Maximum amount available for dividends as of September 30, 2011: ¥1,293,907 million; As of March 31, 2011: ¥1,434,007 million
		(Note) “Maximum amount available for dividends” is calculated pursuant to Article 461, Paragraph 2 of the Company Law.

(Presentation of Implementation Status of Interim Review Procedure)

The semi-annual audit procedure of consolidated and non-consolidated interim financial statements based on the Financial Instruments and Exchange Law has not been completed at the time of the disclosure of these Financial Statements.

This immediate release contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.

In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions.

Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) which is available in the Financial Information section of our web page at www.mizuho-fg.co.jp/english/ and also at the SEC’s web site at www.sec.gov.

We do not intend to update our forward-looking statements. We are under no obligation, and disclaim any obligation, to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by the rules of the Tokyo Stock Exchange.

MHFG is a specified business company under “Cabinet Office Ordinance on Disclosure of Corporate Information, etc.” Article 17-15 clause 2 and prepares the interim consolidated and interim non-consolidated financial statements in the second quarter.

Cash Dividends for Shareholders of Classified Stock

Breakdown of cash dividends per share related to classified stock, the rights of which are different from those of common stock is as follows:


	Annual Cash Dividends per Share
(Record Date)	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Eleventh Series Class XI Preferred Stock
Fiscal 2010		—		0.00		—		20.00		20.00
Fiscal 2011		—		10.00
Fiscal 2011 (estimate)						—		10.00		20.00
Thirteenth Series Class XIII Preferred Stock
Fiscal 2010		—		0.00		—		30.00		30.00
Fiscal 2011		—		15.00
Fiscal 2011 (estimate)						—		15.00		30.00

Mizuho Financial Group, Inc.

mContents of Attachment


1.	Qualitative Information related to Financial Results	p.1-2
	(1) Qualitative Information related to Consolidated Results of Operations	p.1-2
	(2) Qualitative Information related to Consolidated Financial Conditions	p.1-2
	(3) Qualitative Information related to Consolidated Earnings Estimates	p.1-2

2.	Interim Consolidated Financial Statements	p.1-3
	(1) Consolidated Balance Sheets	p.1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
	(3) Consolidated Statements of Changes in Net Assets	p.1-7
	(4) Note for Assumption of Going Concern	p.1-10
	(5) Additional Information	p.1-10

3.	Interim Non-Consolidated Financial Statements	p.1-11
	(1) Non-Consolidated Balance Sheets	p.1-11
	(2) Non-Consolidated Statements of Income	p.1-12
	(3) Non-Consolidated Statements of Changes in Net Assets	p.1-13
	(4) Note for Assumption of Going Concern	p.1-14

[Note to XBRL]

Please note that the names of the English accounts contained in XBRL data, which are available through EDINET and TDNet, may be different from those of the English accounts in our financial statements.

A MHFG IR conference for institutional investors and analysts is scheduled for November 21, 2011 (Monday). It will be broadcasted live on the Internet and its presentation materials will also be available for use by individual investors in the IR Information section of the Mizuho Financial Group HP immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Qualitative Information related to Financial Results

(Please refer to “Summary Results for the Second Quarter (First Half) of Fiscal 2011” on page 2-1 for more information.)

(1) Qualitative Information related to Consolidated Results of Operations

Reviewing the economic environment during the second quarter of fiscal 2011, while the United States is experiencing an extremely weak recovery, in Europe there is uncertainty in the financial system against the backdrop of the fiscal problems experienced by certain countries, which is gradually impacting the real economy. Thus overall, the recovery in the global economy is weakening.

In the United States, the recovery in the economy is extremely weak as the housing market and employment conditions continue to be sluggish. Regarding the future of the U.S. economy, the risk remains of a slackening in the economy with a further decline in housing prices and rising unemployment and others. With the fiscal constraints imposed by the debt ceiling, there is uncertainty going forward, including the ability to implement further economic stimulus measures. In Europe, the problem of sovereign risk is becoming apparent against the backdrop of the fiscal problems experienced by certain counties, impacting the real economy, as well as casting uncertainty over the financial system. The future of the European economy holds little prospect of a drastic speedy fix for the Euro-area’s debt problems, and the situation makes it difficult to say exactly what the effects will be on the global economy. In Asia, the increase in demand in the Chinese market has had an impact, inducing an increase in exports and production activity in neighboring economies. While the pace of growth is slowing somewhat, the region continues to maintain strong economic growth, although signs of a decline in growth are beginning to appear as the slowdown in the U.S. and the European economies takes effect.

In Japan, despite the continuing recovery from the sharp decline in the economy resulting from the impact of the Great Eastern Japan Earthquake, the weakness of the recovery in the overseas economies is leading to a slow recovery in Japan. As for the future direction of the economy, while there are positive boosting factors such as the growing demand for restoring damaged capital assets, there are also several causes for concern, such as a slowing in economies overseas, the constraints of electricity shortages, fluctuations in foreign exchange and stock prices and prolonged deflation. So the risk remains that these factors may hold back economic growth.

Under the above economic environment, Net Income for the second quarter (first half) of the fiscal year ending March 31, 2012 amounted to ¥254.6 billion, decreasing by ¥87.0 billion from the corresponding period of the previous fiscal year.

(2) Qualitative Information related to Consolidated Financial Conditions

Consolidated total assets as of September 30, 2011 amounted to ¥161,286.8 billion, increasing by ¥474.8 billion from the end of the previous fiscal year.

Net Assets amounted to ¥6,518.9 billion, decreasing by ¥105.0 billion from the end of the previous fiscal year. Shareholders’ Equity amounted to ¥4,601.3 billion, Accumulated Other Comprehensive Income amounted to ¥(33.3) billion and Minority Interests amounted to ¥1,949.8 billion.

In Assets, the balance of Loans and Bills Discounted amounted to ¥61,731.6 billion, decreasing by ¥1,046.1 billion from the end of the previous fiscal year while Securities were ¥47,554.4 billion, increasing by ¥2,772.4 billion from the end of the previous fiscal year. In Liabilities, Deposits amounted to ¥77,332.8 billion, decreasing by ¥1,901.0 billion from the end of the previous fiscal year.

The Consolidated Capital Adequacy Ratio (Basel II BIS Standard) was 14.92% (preliminary).


	March 31, 2010	March 31, 2011	September 30, 2011
Basel II	13.46%	15.30%	14.92%

(3) Qualitative Information related to Consolidated Earnings Estimates

Based on the financial results for the second quarter of fiscal 2011, MHFG estimates Ordinary Profits of ¥590.0 billion (a decrease of ¥70.0 billion from the estimate which was announced on May 13, 2011) and Net Income of ¥460.0 billion (no change from the same estimate above) for fiscal 2011.

The above estimates constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Please see the “forward-looking statements” legend at the beginning of this immediate release for a description of the factors that could affect our ability to meet these estimates.

1-2

Mizuho Financial Group, Inc.

2. INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(1) CONSOLIDATED BALANCE SHEETS


	*Millions of yen*
	As of March 31, 2011			As of September 30, 2011
Assets
Cash and Due from Banks	¥	9,950,913		¥	6,163,627
Call Loans and Bills Purchased		375,716			270,608
Receivables under Resale Agreements		7,467,309			7,512,195
Guarantee Deposits Paid under Securities Borrowing Transactions		6,541,512			6,118,870
Other Debt Purchased		1,667,808			1,564,197
Trading Assets		13,500,182			15,504,498
Money Held in Trust		122,267			75,028
Securities		44,782,067			47,554,498
Loans and Bills Discounted		62,777,757			61,731,606
Foreign Exchange Assets		977,465			1,022,902
Derivatives other than for Trading Assets		5,102,760			5,685,544
Other Assets		2,754,017			3,261,898
Tangible Fixed Assets		947,986			931,819
Intangible Fixed Assets		442,922			491,172
Deferred Tax Assets		488,769			450,982
Customers' Liabilities for Acceptances and Guarantees		3,673,339			3,667,333
Reserves for Possible Losses on Loans		(760,762	)		(719,893	)
Reserve for Possible Losses on Investments		(25	)		(11	)

Total Assets	¥	160,812,006		¥	161,286,878

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Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2011			As of September 30, 2011
Liabilities
Deposits	¥	79,233,922		¥	77,332,871
Negotiable Certificates of Deposit		9,650,236			11,160,993
Debentures		740,932			25,932
Call Money and Bills Sold		5,095,412			5,426,361
Payables under Repurchase Agreements		11,656,119			11,505,439
Guarantee Deposits Received under Securities Lending Transactions		5,488,585			8,698,140
Commercial Paper		226,167			348,164
Trading Liabilities		7,652,811			9,155,347
Borrowed Money		15,969,385			12,299,213
Foreign Exchange Liabilities		167,670			170,441
Short-term Bonds		585,497			570,796
Bonds and Notes		5,110,947			4,908,393
Due to Trust Accounts		1,045,599			997,173
Derivatives other than for Trading Liabilities		4,599,579			4,942,866
Other Liabilities		3,053,136			3,333,057
Reserve for Bonus Payments		39,336			29,722
Reserve for Employee Retirement Benefits		35,615			36,312
Reserve for Director and Corporate Auditor Retirement Benefits		2,239			1,993
Reserve for Possible Losses on Sales of Loans		420			686
Reserve for Contingencies		15,081			14,813
Reserve for Reimbursement of Deposits		15,229			16,089
Reserve for Reimbursement of Debentures		13,344			15,245
Reserves under Special Laws		1,382			1,212
Deferred Tax Liabilities		17,599			12,719
Deferred Tax Liabilities for Revaluation Reserve for Land		98,415			96,625
Acceptances and Guarantees		3,673,339			3,667,333

Total Liabilities		154,188,007			154,767,949

Net Assets
Common Stock and Preferred Stock		2,181,375			2,254,972
Capital Surplus		937,680			1,109,779
Retained Earnings		1,132,351			1,249,339
Treasury Stock		(3,196	)		(12,712	)

Total Shareholders’ Equity		4,248,209			4,601,378

Net Unrealized Gains (Losses) on Other Securities		(21,648	)		(152,381	)
Deferred Gains or Losses on Hedges		68,769			87,230
Revaluation Reserve for Land		137,707			135,088
Foreign Currency Translation Adjustments		(103,921	)		(103,281	)

Total Accumulated Other Comprehensive Income		80,906			(33,343	)

Stock Acquisition Rights		2,754			1,019
Minority Interests		2,292,128			1,949,875

Total Net Assets		6,623,999			6,518,929

Total Liabilities and Net Assets	¥	160,812,006		¥	161,286,878

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Mizuho Financial Group, Inc.

(2) CONSOLIDATED STATEMENTS OF INCOME AND

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

[CONSOLIDATED STATEMENTS OF INCOME]


	*Millions of yen*
	For the six months ended September 30, 2010		For the six months ended September 30, 2011
Ordinary Income	¥	1,449,871	¥	1,344,326
Interest Income		733,453		693,324
Interest on Loans and Bills Discounted		454,147		435,294
Interest and Dividends on Securities		179,472		167,052
Fiduciary Income		24,058		24,507
Fee and Commission Income		271,146		267,300
Trading Income		177,612		87,688
Other Operating Income		185,542		187,294
Other Ordinary Income		58,058		84,210
Ordinary Expenses		1,026,042		1,087,858
Interest Expenses		179,908		158,175
Interest on Deposits		58,381		49,672
Interest on Debentures		3,986		339
Fee and Commission Expenses		56,171		55,968
Other Operating Expenses		59,031		55,429
General and Administrative Expenses		635,198		636,777
Other Ordinary Expenses		95,731		181,507

Ordinary Profits		423,829		256,467

Extraordinary Gains		34,961		91,443
Extraordinary Losses		7,713		4,277

Income before Income Taxes and Minority Interests		451,076		343,634

Income Taxes:
Current		11,236		21,043
Deferred		47,250		25,991
Total Income Taxes		58,486		47,034
Net Income before Minority Interests		392,590		296,599
Minority Interests in Net Income		50,831		41,933

Net Income	¥	341,759	¥	254,665

1-5

Mizuho Financial Group, Inc.

[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME]


	*Millions of yen*
	For the six months ended September 30, 2010			For the six months ended September 30, 2011
Income before Minority Interests	¥	392,590		¥	296,599
Other Comprehensive Income		(98,566	)		(119,070	)
Net Unrealized Gains (Losses) on Other Securities		(149,161	)		(136,627	)
Deferred Gains or Losses on Hedges		60,003			18,788
Revaluation Reserve for Land		(21	)		—
Foreign Currency Translation Adjustments		(9,206	)		(516	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		(180	)		(714	)

Comprehensive Income		294,024			177,529

Comprehensive Income Attributable to Owners of the Parent		249,043			143,034
Comprehensive Income Attributable to Minority Interests		44,980			34,495

1-6

Mizuho Financial Group, Inc.

(3) CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	*Millions of yen*
	For the six months ended September 30, 2010			For the six months ended September 30, 2011
Shareholders’ Equity
Common Stock and Preferred Stock
Balance as of the beginning of the period	¥	1,805,565		¥	2,181,375
Changes during the period
Issuance of New Shares		375,810			350
Increase in Stock due to Share Exchange		—			73,247

Total Changes during the period		375,810			73,597

Balance as of the end of the period		2,181,375			2,254,972

Capital Surplus
Balance as of the beginning of the period		552,135			937,680
Changes during the period
Issuance of New Shares		385,544			350
Increase in Stock due to Share Exchange		—			171,575
Disposition of Treasury Stock		—			173

Total Changes during the period		385,544			172,099

Balance as of the end of the period		937,680			1,109,779

Retained Earnings
Balance as of the beginning of the period		854,703			1,132,351
Changes during the period
Cash Dividends		(134,966	)		(140,097	)
Net Income		341,759			254,665
Disposition of Treasury Stock		(1,314	)		(199	)
Transfer from Revaluation Reserve for Land		455			2,618

Total Changes during the period		205,934			116,987

Balance as of the end of the period		1,060,637			1,249,339

Treasury Stock
Balance as of the beginning of the period		(5,184	)		(3,196	)
Changes during the period
Increase in Stock due to Share Exchange		—			(13,318	)
Repurchase of Treasury Stock		(1	)		(2	)
Disposition of Treasury Stock		1,989			3,804

Total Changes during the period		1,988			(9,515	)

Balance as of the end of the period	¥	(3,195	)	¥	(12,712	)

1-7

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the six months ended September 30, 2010			For the six months ended September 30, 2011
Total Shareholders’ Equity
Balance as of the beginning of the period	¥	3,207,219		¥	4,248,209
Changes during the period
Issuance of New Shares		761,354			701
Increase in Stock due to Share Exchange		—			231,504
Cash Dividends		(134,966	)		(140,097	)
Net Income		341,759			254,665
Repurchase of Treasury Stock		(1	)		(2	)
Disposition of Treasury Stock		675			3,779
Transfer from Revaluation Reserve for Land		455			2,618

Total Changes during the period		969,277			353,168

Balance as of the end of the period		4,176,496			4,601,378

Accumulated Other Comprehensive Income
Net Unrealized Gains (Losses) on Other Securities
Balance as of the beginning of the period		176,931			(21,648	)
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(144,425	)		(130,732	)

Total Changes during the period		(144,425	)		(130,732	)

Balance as of the end of the period		32,505			(152,381	)

Deferred Gains or Losses on Hedges
Balance as of the beginning of the period		83,093			68,769
Changes during the period
Net Changes in Items other than Shareholders’ Equity		59,478			18,461

Total Changes during the period		59,478			18,461

Balance as of the end of the period		142,572			87,230

Revaluation Reserve for Land
Balance as of the beginning of the period		138,430			137,707
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(477	)		(2,618	)

Total Changes during the period		(477	)		(2,618	)

Balance as of the end of the period	¥	137,952		¥	135,088

1-8

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the six months ended September 30, 2010			For the six months ended September 30, 2011
Foreign Currency Translation Adjustments
Balance as of the beginning of the period	¥	(92,623	)	¥	(103,921	)
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(7,748	)		640

Total Changes during the period		(7,748	)		640

Balance as of the end of the period		(100,371	)		(103,281	)

Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period		305,831			80,906
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(93,171	)		(114,250	)

Total Changes during the period		(93,171	)		(114,250	)

Balance as of the end of the period		212,659			(33,343	)

Stock Acquisition Rights
Balance as of the beginning of the period		2,301			2,754
Changes during the period
Net Changes in Items other than Shareholders’ Equity		476			(1,735	)

Total Changes during the period		476			(1,735	)

Balance as of the end of the period		2,778			1,019

Minority Interests
Balance as of the beginning of the period		2,321,700			2,292,128
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(24,379	)		(342,253	)

Total Changes during the period		(24,379	)		(342,253	)

Balance as of the end of the period		2,297,321			1,949,875

Total Net Assets
Balance as of the beginning of the period		5,837,053			6,623,999
Changes during the period
Issuance of New Shares		761,354			701
Increase in Stock due to Share Exchange		—			231,504
Cash Dividends		(134,966	)		(140,097	)
Net Income		341,759			254,665
Repurchase of Treasury Stock		(1	)		(2	)
Disposition of Treasury Stock		675			3,779
Transfer from Revaluation Reserve for Land		455			2,618
Net Changes in Items other than Shareholders’ Equity		(117,074	)		(458,238	)

Total Changes during the period		852,203			(105,069	)

Balance as of the end of the period	¥	6,689,256		¥	6,518,929

1-9

Mizuho Financial Group, Inc.

(4) NOTE FOR ASSUMPTION OF GOING CONCERN

There is no applicable information.

(5) ADDITIONAL INFORMATION

Mizuho Financial Group has applied “Accounting Standard for Accounting Changes and Error Corrections” (ASBJ Statement No.24, December 4, 2009) and “Guidance on Accounting Standard for Accounting Changes and Error Corrections” (ASBJ Guidance No.24, December 4, 2009) beginning with the treatment of accounting changes and corrections of prior period errors which are made after the beginning of this interim period.

Based on “Practical Guidelines on Accounting Standards for Financial Instruments” (JICPA Accounting Practice Committee Statement No.14), “Reversal of Reserves for Possible Losses on Loans” and “Recovery on Written-off Claims” have been recorded in “Other Ordinary Income” beginning with this interim period. However, retrospective application was not made for the previous interim period.

1-10

Mizuho Financial Group, Inc.

3. INTERIM NON-CONSOLIDATED FINANCIAL STATEMENTS

(1) NON-CONSOLIDATED BALANCE SHEETS


	*Millions of yen*
	As of March 31, 2011			As of September 30, 2011
Assets
Current Assets
Cash and Due from Banks	¥	16,490		¥	56,153
Accounts Receivable		3,540			1,471
Other Current Assets		6,861			8,173
Total Current Assets		26,892			65,798
Fixed Assets
Tangible Fixed Assets		1,446			1,862
Intangible Fixed Assets		3,202			2,887
Investments		6,003,616			6,082,422
Investments in Subsidiaries and Affiliates		5,938,822			6,034,650
Other Investments		64,793			47,772
Total Fixed Assets		6,008,266			6,087,172

Total Assets	¥	6,035,158		¥	6,152,970

Liabilities
Current Liabilities
Short-term Borrowings	¥	741,575		¥	738,315
Short-term Bonds		380,000			405,000
Accrued Corporate Taxes		94			75
Reserve for Bonus Payments		246			260
Other Current Liabilities		7,468			5,668
Total Current Liabilities		1,129,384			1,149,319
Non-Current Liabilities
Bonds and Notes		240,000			240,000
Reserve for Employee Retirement Benefits		1,757			1,890
Asset Retirement Obligations		640			642
Other Non-Current Liabilities		10,491			6,481
Total Non-Current Liabilities		252,890			249,013

Total Liabilities		1,382,274			1,398,333

Net Assets
Shareholders’ Equity
Common Stock and Preferred Stock		2,181,375			2,254,972
Capital Surplus
Capital Reserve		1,025,651			1,194,864
Total Capital Surplus		1,025,651			1,194,864
Retained Earnings
Appropriated Reserve		4,350			4,350
Other Retained Earnings		1,437,204			1,305,957
Retained Earnings Brought Forward		1,437,204			1,305,957
Total Retained Earnings		1,441,554			1,310,307
Treasury Stock		(3,196	)		(2,928	)

Total Shareholders’ Equity		4,645,383			4,757,217

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		5,713			(3,599	)

Total Valuation and Translation Adjustments		5,713			(3,599	)

Stock Acquisition Rights		1,786			1,019

Total Net Assets		4,652,883			4,754,636

Total Liabilities and Net Assets	¥	6,035,158		¥	6,152,970

1-11

Mizuho Financial Group, Inc.

(2) NON-CONSOLIDATED STATEMENTS OF INCOME


	*Millions of yen*
	For the six months ended September 30, 2010			For the six months ended September 30, 2011
Operating Income	¥	32,606		¥	22,910
Operating Expenses
General and Administrative Expenses		9,615			10,408
Total Operating Expenses		9,615			10,408

Operating Profits		22,991			12,502

Non-Operating Income		5,622			5,856
Non-Operating Expenses		11,843			9,213

Ordinary Profits		16,770			9,145

Extraordinary Losses		202			1

Income before Income Taxes		16,567			9,144

Income Taxes:
Current		2			68
Deferred		(20	)		25

Total Income Taxes		(17	)		93

Net Income	¥	16,585		¥	9,050

1-12

Mizuho Financial Group, Inc.

(3) NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	*Millions of yen*
	For the six months ended September 30, 2010			For the six months ended September 30, 2011
Shareholders’ Equity
Common Stock and Preferred Stock
Balance as of the beginning of the period	¥	1,805,565		¥	2,181,375
Changes during the period
Issuance of New Shares		375,810			73,597

Total Changes during the period		375,810			73,597

Balance as of the end of the period		2,181,375			2,254,972

Capital Surplus
Capital Reserve
Balance as of the beginning of the period		649,841			1,025,651
Changes during the period
Issuance of New Shares		375,810			73,597
Increase in Stock due to Share Exchange		—			95,615

Total Changes during the period		375,810			169,213

Balance as of the end of the period		1,025,651			1,194,864

Total Capital Surplus
Balance as of the beginning of the period		649,841			1,025,651
Changes during the period
Issuance of New Shares		375,810			73,597
Increase in Stock due to Share Exchange		—			95,615

Total Changes during the period		375,810			169,213

Balance as of the end of the period		1,025,651			1,194,864

Retained Earnings
Appropriated Reserve
Balance as of the beginning of the period		4,350			4,350
Changes during the period
Total Changes during the period		—			—

Balance as of the end of the period		4,350			4,350

Other Retained Earnings
Retained Earnings Brought Forward
Balance as of the beginning of the period		1,554,974			1,437,204
Changes during the period
Cash Dividends		(134,966	)		(140,097	)
Net Income		16,585			9,050
Disposition of Treasury Stock		(1,314	)		(199	)

Total Changes during the period		(119,695	)		(131,246	)

Balance as of the end of the period		1,435,279			1,305,957

Total Retained Earnings
Balance as of the beginning of the period		1,559,324			1,441,554
Changes during the period
Cash Dividends		(134,966	)		(140,097	)
Net Income		16,585			9,050
Disposition of Treasury Stock		(1,314	)		(199	)

Total Changes during the period		(119,695	)		(131,246	)

Balance as of the end of the period	¥	1,439,629		¥	1,310,307

1-13

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the six months ended September 30, 2010			For the six months ended September 30, 2011
Treasury Stock
Balance as of the beginning of the period	¥	(5,184	)	¥	(3,196	)
Changes during the period
Repurchase of Treasury Stock		(1	)		(2	)
Disposition of Treasury Stock		1,989			271

Total Changes during the period		1,988			268

Balance as of the end of the period		(3,195	)		(2,928	)

Total Shareholders’ Equity
Balance as of the beginning of the period		4,009,546			4,645,383
Changes during the period
Issuance of New Shares		751,620			147,195
Increase in Stock due to Share Exchange		—			95,615
Cash Dividends		(134,966	)		(140,097	)
Net Income		16,585			9,050
Repurchase of Treasury Stock		(1	)		(2	)
Disposition of Treasury Stock		675			71

Total Changes during the period		633,913			111,833

Balance as of the end of the period		4,643,460			4,757,217

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes
Balance as of the beginning of the period		(44	)		5,713
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(22	)		(9,313	)

Total Changes during the period		(22	)		(9,313	)

Balance as of the end of the period		(66	)		(3,599	)

Stock Acquisition Rights
Balance as of the beginning of the period		1,643			1,786
Changes during the period
Net Changes in Items other than Shareholders’ Equity		142			(766	)

Total Changes during the period		142			(766	)

Balance as of the end of the period		1,786			1,019

Total Net Assets
Balance as of the beginning of the period		4,011,146			4,652,883
Changes during the period
Issuance of New Shares		751,620			147,195
Increase in Stock due to Share Exchange		—			95,615
Cash Dividends		(134,966	)		(140,097	)
Net Income		16,585			9,050
Repurchase of Treasury Stock		(1	)		(2	)
Disposition of Treasury Stock		675			71
Net Changes in Items other than Shareholders’ Equity		120			(10,079	)

Total Changes during the period		634,033			101,753

Balance as of the end of the period	¥	4,645,179		¥	4,754,636

(4) NOTE FOR ASSUMPTION OF GOING CONCERN

There is no applicable information.

1-14

SUMMARY OF FINANCIAL RESULTS

For the Second Quarter (First Half) of Fiscal 2011

(Six months ended September 30, 2011)

<Under Japanese GAAP>

LOGO

Mizuho Financial Group, Inc.

Summary Results for the Second Quarter (First Half) of Fiscal 2011

I. Summary of Income Analysis

Consolidated Net Business Profits

•

Consolidated Gross Profits for the first half of fiscal 2011 decreased by JPY 106.1 billion on a year-on-year basis to JPY 990.5 billion.

Gross Profits of the 3 Banks decreased by JPY 88.6 billion on a year-on-year basis. This is mainly due to a decrease of JPY 83.6 billion in income from Trading and Others. Income from Customer Groups, including domestic business, decreased by JPY 5.0 billion in total, despite an increase in income from overseas business, particularly from Asia.

G&A Expenses of the 3 Banks decreased by JPY 3.0 billion on a year-on-year basis with our continued overall cost reduction efforts and other factors.

•

Aggregated Consolidated Gross Profits (Net Operating Revenues) of our two securities subsidiaries (Mizuho Securities and Mizuho Investors Securities) decreased by JPY 38.4 billion on a year-on-year basis.

•

As a result, Consolidated Net Business Profits for the first half of fiscal 2011 amounted to JPY 351.4 billion, a year-on-year decrease of JPY 113.5 billion.

Consolidated Net Income

•

Credit-related Costs of the 3 Banks amounted to a net reversal of JPY 8.4 billion, primarily due to improved obligor classifications through our business revitalization support to corporate customers and other factors. Consolidated Credit-related Costs also amounted to a net reversal of JPY 13.2 billion, an improvement of JPY 4.6 billion on a year-on-year basis.

•

Net Losses related to Stocks of the 3 Banks amounted to JPY 67.2 billion. This was mainly due to recording impairment losses for certain stocks reflecting a decline in stock prices.

•

Due to the above-mentioned factors and the JPY 77.4 billion impact of turning the three listed subsidiaries into wholly-owned subsidiaries, Consolidated Net Income for the first half of fiscal 2011 amounted to JPY 254.6 billion. Thus, progress ratio was approximately 110% against our planned net income for the first half of fiscal 2011 (JPY 230 billion) and approximately 55% against our planned net income for full fiscal 2011 (JPY 460 billion).

(Consolidated)


	1H of FY2011 (Apr. 1 - Sep. 30, 2011)
			Change from 1H of FY2010
(JPY Bn)
Consolidated Gross Profits *1		990.5		-106.1
Consolidated Net Business Profits *2		351.4		-113.5
Credit-related Costs		13.2		4.6
Net Gains (Losses) related to Stocks		-60.6		-50.0
Ordinary Profits		256.4		-167.3
Net Income		254.6		-87.0

(Reference) 3 Banks

	1H of FY2011 (Apr. 1 - Sep. 30, 2011)
			Change from 1H of FY2010
(JPY Bn)
Gross Profits *1		792.3		-88.6
G&A Expenses *1 (excluding Non-Recurring Losses)		-432.7		3.0
Net Business Profits		359.5		-85.5
Credit-related Costs		8.4		-16.7
Net Gains (Losses) related to Stocks		-67.2		-52.2
Ordinary Profits		219.4		-135.8
Net Income *3		152.4		-202.5

Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as General and Administrative Expenses (excluding Non-Recurring Losses) until the previous period, have been included in Gross Profits beginning with this period, and reclassification of the figures for 1H of FY 2010 has been made accordingly

Consolidated Gross Profits - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Includes JPY -27.2 billion impact of turning the three listed subsidiaries into wholly-owned subsidiaries. Excluding this impact, Net Income was JPY 179.6 billion.

2-1

Net Interest Income

•

The average loan balance for the first half of fiscal 2011 decreased by JPY 0.3 trillion from that for the second half of fiscal 2010. This was due to a decrease in domestic loans, particularly those to the Japanese Government, offset in part by an increase in overseas loans.

•

The period end loan balance as of September 30, 2011 decreased by JPY 1.4 trillion compared with that as of March 31, 2011, mainly due to a decrease of JPY 1.0 trillion in loans to the Japanese Government.

•

The domestic loan-and-deposit rate margin for the first half of fiscal 2011 was 1.32%, a decrease of 0.04% from that for the second half of fiscal 2010.

LOGO

Aggregate of the 3 Banks, excluding Trust Account and loans to Mizuho Financial Group, Inc.

Balance for overseas branches includes foreign exchange translation impact.

Aggregate figures of domestic operations of Mizuho Bank and Mizuho Corporate Bank after excluding loans to Mizuho Financial Group, Inc., Deposit Insurance Corporation of Japan and the Japanese Government

Non-interest Income

•

Non-interest Income from Customer Groups of the 3 Banks (on a managerial accounting basis) for the first half of fiscal 2011 increased by JPY 2.7 billion on a year-on-year basis.

•

This mainly resulted from a year-on-year increase in Non-interest Income from overseas business, particularly from Asia.

LOGO

* Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as General and Administrative Expenses until the previous period, have been included in Non-interest Income beginning with this period, and reclassification of the figure for 1H of FY 2010 has been made accordingly. The impact of the reclassification is JPY -4.4 billion for 1H of FY2010 and JPY -4.0 billion for 1H of FY2011, respectively

2-2

II. Financial Soundness

•

Our consolidated Capital Adequacy Ratio was 14.92%, a decline of 0.38% from that as of March 31, 2011.

•

The balance of Disclosed Claims (3 Banks) under the Financial Reconstruction Law decreased by JPY 41.9 billion from that as of March 31, 2011. NPL Ratio remained at a low level of 1.70%.

•

The balance of Consolidated Net Deferred Tax Assets decreased by JPY 32.9 billion from that as of March 31, 2011, and the ratio to Tier 1 Capital was 7.2%.

•

Unrealized Losses on Other Securities on a consolidated basis amounted to JPY -145.2 billion, mainly due to a decline in stock prices.


	September 30, 2011
				Change from Mar. 31, 2011
(JPY Bn, %)
Consolidated Capital Adequacy Ratio		14.92	%		-0.38	%
(Total Risk-based Capital)		(7,615.2	)		(-295.7	)
Tier 1 Capital Ratio		11.89	%		-0.04	%
(Tier 1 Capital)		(6,069.8	)		(-100.4	)
Disclosed Claims under the Financial Reconstruction Law (3 Banks)		1,166.0			-41.9
NPL Ratio		1.70	%		-0.02	%
(Net NPL Ratio *1)		(0.82	%)		(-0.00	%)
Net Deferred Tax Assets (DTAs) (Consolidated)		438.2			-32.9
Net DTAs / Tier 1 Ratio		7.2	%		-0.4	%
Unrealized Gains (Losses) on Other Securities (Consolidated) *2		-145.2			-145.8

*1	(Disclosed Claims under the Financial Reconstruction Law - Reserves for Possible Losses on Loans) / (Total Claims - Reserves for Possible Losses on Loans) x 100

*2	The base amount to be recorded directly to Net Assets after tax and other necessary adjustments

III. Disciplined Capital Management

•

We continue to pursue “strengthening of stable capital base” and “steady returns to shareholders” as our “disciplined capital management” policy. However, considering the ongoing global discussions with respect to capital, uncertainty over the economy and market trends, and other factors, we are placing a higher priority on “strengthening of stable capital base.”

•

Amid the ongoing global discussions on the revision of capital regulations, we aim to increase, as our medium-term target, our Consolidated Tier 1 Capital Ratio (under Basel II) to 12% or above and our Common Equity Capital Ratio* (under Basel III) as of the end of fiscal 2012, when the new capital regulations are scheduled to be implemented, to the mid-8% level.

•

We will strive to strengthen further our financial base mainly by accumulating retained earnings and improving asset efficiency through our initiatives such as the steady implementation of Mizuho’s Transformation Program that we announced in May 2010, and the realization in advance of the synergy effects of the integrated group-wide business operations including the transformation into ‘one bank’. Accordingly, we believe we will be able sufficiently to meet the new capital regulations including the framework to identify G-SIFIs.

The calculation of our Common Equity Capital Ratio includes the outstanding balance of the Eleventh Series Class XI Preferred Stock that will be mandatorily convertible into common stock in July 2016.

Meanwhile, as of today, details (such as the calculation method for the capital adequacy ratio under the new capital regulations) have yet to be determined. Therefore, our Common Equity Capital Ratio is the estimated figure that Mizuho Financial Group calculates based on the publicly-available materials that have been issued to date.


(Note)		The outstanding balance of the Eleventh Series Class XI Preferred Stock as of September 30, 2011 (excluding treasury stock) amounted to JPY 383.4 billion (59.3% of the initial amount issued of JPY 943.7 billion, had already been converted into common stock as of such date).

2-3

Earnings Plan for Fiscal 2011

(Figures below are on a consolidated basis)

We now plan Consolidated Net Business Profits for fiscal 2011 to be JPY 770.0 billion, a decrease of JPY 30.0 billion compared with the original plan^(*) based on the results for the first half of fiscal 2011 (an increase of JPY 28.2 billion compared with the actual results of the previous fiscal year). We plan Net Business Profits of the 3 Banks to be JPY 717.0 billion, an increase of JPY 30.0 billion compared with the original plan.

We endeavor to strengthen profitability by thoroughly promoting group collaboration among the banking, trust and securities subsidiaries in light of turning the three listed group companies into wholly-owned subsidiaries, as well as by realizing in advance the integration effects of the transformation into ‘one bank’.

(*) original plan announced on May 13, 2011

Credit-related Costs are estimated to be JPY 65.0 billion considering the uncertainty over the global economy, while continuously implementing our business revitalization support to corporate customers and others.

Based on the above, we continue to plan Consolidated Net Income to be JPY 460.0 billion.

We plan to make cash dividend payments of JPY 6 per share of common stock as annual dividend payments for the fiscal year ending March 31, 2012, unchanged from that in the previous fiscal year, in consideration of the balance between “strengthening of stable capital base” and “steady returns to shareholders. We also plan to make cash dividend payments on preferred stock as prescribed. Pertaining to the above, we plan to make interim cash dividend payments in order to provide returns to shareholders at a more appropriate timing.

(Consolidated)


	FY2011 (Plan)
			Change from FY2010
(JPY Bn)
Consolidated Net Business Profits*		770.0		28.2
Credit-related Costs		-65.0		-48.3
Net Gains (Losses) related to Stocks		-60.0		10.5
Ordinary Profits		590.0		1.5
Net Income		460.0		46.7

*	Consolidated Gross Profits - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

(Reference) 3 Banks


	FY2011 (Plan)
			Change from FY2010
(JPY Bn)
Net Business Profits		717.0		-25.3
Credit-related Costs		-63.0		-79.0
Net Gains (Losses) related to Stocks		-65.0		11.2
Ordinary Profits		455.0		-52.2
Net Income		325.0		-122.0


[Planned cash dividends for the fiscal year ending March 31, 2012]

Common Stock	Annual Cash Dividends per share	JPY 6
Common Stock	o/w Interim Cash Dividends	JPY 3

The Eleventh Series	Annual Cash Dividends per share	JPY 20
Class XI Preferred Stock	o/w Interim Cash Dividends	JPY 10

The Thirteenth Series	Annual Cash Dividends per share	JPY 30
Class XIII Preferred Stock	o/w Interim Cash Dividends	JPY 15

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Management Policy, realize the synergy effects of the transformation into ‘one bank’, and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations. Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information - Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) which is available in the Financial Information section of our web page at www.mizuho-fg.co.jp/english/ and also at the SEC’s web site at www.sec.gov.

2-4

[Reference]

Breakdown of Earnings by Business Segment


[3 Banks]	1H of FY2011 (Apr. 1 - Sep. 30, 2011)
			Change from 1H of FY2010
(JPY Bn)
Gross Profits *		601.5		-5.0
G&A Expenses *		-347.1		4.0
Customer Groups		254.3		-0.9
Gross Profits		190.7		-83.6
G&A Expenses		-85.5		-0.9
Trading & Others		105.1		-84.5
Gross Profits *		792.3		-88.6
G&A Expenses *		-432.7		3.0
Net Business Profits		359.5		-85.5

Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as General and Administrative Expenses until the previous period, have been included in Gross Profits beginning with this period, and reclassification of the figures for 1H of FY2011 has been made accordingly

Definition

3 Banks: Aggregate figures for Mizuho Bank, Mizuho Corporate Bank and Mizuho Trust & Banking on a non-consolidated basis.

2-5

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2011

(Six months ended September 30, 2011)

<Under Japanese GAAP>

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

“CON”: Consolidated figures of Mizuho Financial Group, Inc. (“MHFG”)

“NON”: Non-consolidated figures of Mizuho Bank, Ltd. (“MHBK”), Mizuho Corporate Bank, Ltd. (“MHCB”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”)

“HC”: Non-consolidated figures of Mizuho Financial Group, Inc.


I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2011	*See above Notes*		*Page*

1. Income Analysis	CON	NON		3- 1

2. Interest Margins (Domestic Operations)	NON			3- 6

3. Use and Source of Funds	NON			3- 7

4. Net Gains/Losses on Securities	NON			3- 11

5. Unrealized Gains/Losses on Securities	CON	NON		3- 13

6. Projected Redemption Amounts for Securities	NON			3- 15

7. Overview of Derivative Transactions Qualifying for Hedge Accounting	NON			3- 16

8. Employee Retirement Benefits	NON	CON		3- 17

9. Capital Adequacy Ratio	CON			3- 19

II. REVIEW OF CREDITS	*See above Notes*		*Page*

1. Status of Non-Accrual, Past Due & Restructured Loans	CON	NON		3- 21

2. Status of Reserves for Possible Losses on Loans	CON	NON		3- 23

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans	CON	NON		3- 24

4. Status of Disclosed Claims under the Financial Reconstruction Law (“FRL”)	CON	NON		3- 25

5. Coverage on Disclosed Claims under the FRL	NON			3- 27

6. Overview of Non-Performing Loans(“NPLs”)	NON			3- 30

7. Results of Removal of NPLs from the Balance Sheet	NON			3- 31

8. Status of Loans by Industry

(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry	NON			3- 33

(2) Disclosed Claims under the FRL and Coverage Ratio by Industry	NON			3- 35

9. Housing and Consumer Loans & Loans to Small and Medium-Sized Enterprises

(“SMEs”) and Individual Customers

(1) Balance of Housing and Consumer Loans	NON			3- 36

(2) Loans to SMEs and Individual Customers	NON			3- 36

10. Status of Loans by Region

(1) Balance of Loans to Restructuring Countries	NON			3- 37

(2) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Region	NON			3- 37

III. DEFERRED TAXES	*See above Notes*		*Page*

1. Change in Deferred Tax Assets, etc.	CON	NON		3- 38

2. Estimation of Deferred Tax Assets, etc.

(1) Calculation Policy	NON			3- 39

(2) Estimation for Calculating Deferred Tax Assets	NON			3- 40


IV. OTHERS	*See above Notes*		*Page*

1. Breakdown of Deposits (Domestic Offices)	NON			3- 44

2. Number of Directors and Employees	HC	NON		3- 45

3. Number of Branches and Offices	NON			3- 46

4. Earnings Plan for Fiscal 2011	CON	NON		3- 47

Attachments	*See above Notes*		*Page*

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)	NON			3- 48

Comparison of Non-Consolidated Statements of Income (selected items)	NON			3- 49

Non-Consolidated Statement of Changes in Net Assets	NON			3- 50

Mizuho Corporate Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)	NON			3- 51

Comparison of Non-Consolidated Statements of Income (selected items)	NON			3- 52

Non-Consolidated Statement of Changes in Net Assets	NON			3- 53

Mizuho Trust & Banking Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)	NON			3- 54

Comparison of Non-Consolidated Statements of Income (selected items)	NON			3- 55

Non-Consolidated Statement of Changes in Net Assets	NON			3- 56

Statement of Trust Assets and Liabilities	NON			3- 57

Comparison of Balances of Principal Items	NON			3- 58

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2011

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2011						First Half of Fiscal 2010
					Change			First Half of Fiscal 2010
Consolidated Gross Profits	1		990,542			(106,159	)		1,096,701
Net Interest Income	2		535,149			(18,394	)		553,544
Fiduciary Income	3		24,507			449			24,058
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income *1	5		211,331			(3,643	)		214,974
Net Trading Income	6		87,688			(89,923	)		177,612
Net Other Operating Income	7		131,864			5,353			126,511
General and Administrative Expenses	8		(636,777	)		(1,578	)		(635,198	)
Personnel Expenses	9		(316,420	)		(3,638	)		(312,781	)
Non-Personnel Expenses *1	10		(293,132	)		2,600			(295,733	)
Miscellaneous Taxes	11		(27,223	)		(540	)		(26,683	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)	12		(19,954	)		10,027			(29,982	)
Losses on Write-offs of Loans	13		*(19,326*	)		10,102			(29,429	)
Reversal of Reserves for Possible Losses on Loans, etc. *2	14		33,198			33,198
Net Gains (Losses) related to Stocks *3	15		(60,616	)		(50,049	)		(10,567	)
Equity in Income from Investments in Affiliates	16		82			(2,421	)		2,503

Other	17		(50,007	)		(50,379	)		372

Ordinary Profits	18		256,467			(167,361	)		423,829
Net Extraordinary Gains (Losses)	19		87,166			59,918			27,247
Gains on Negative Goodwill Incurred	20		*91,180*			91,180			—
Reversal of Reserves for Possible Losses on Loans, etc. 2*	21					(38,543	)		38,543
Reversal of Reserve for Possible Losses on Investments 3*	22					(7	)		7
Income before Income Taxes and Minority Interests	23		343,634			(107,442	)		451,076
Income Taxes - Current	24		(21,043	)		(9,807	)		(11,236	)
- Deferred	25		(25,991	)		21,258			(47,250	)
Net Income before Minority Interests	26		296,599			(95,991	)		392,590
Minority Interests in Net Income	27		(41,933	)		8,898			(50,831	)

Net Income	28		254,665			(87,093	)		341,759

1. Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as “Non-Personnel Expenses” [10] until the previous period, have been included in “Net Fee and Commission Income” [5] as “Fee and Commission Expenses” beginning with this period, and reclassification of prior period figures has been made accordingly. 2. “Reversal of Reserves for Possible Losses on Loans, etc.” [21], which had been included in “Net Extraordinary Gains (Losses)” until the previous period, has been presented as “Reversal of Reserves for Possible Losses on Loans, etc.” [14] beginning with this period. (Please refer to page 1-10 of this release for more information.) *3. “Reversal of Reserve for Possible Losses on Investments” [22], which had been included in “Net Extraordinary Gains (Losses)” until the previous period, has been included in “Net Gains (Losses) related to Stocks” [15] beginning with this period.

Credit-related Costs (including Credit Costs for Trust Accounts)	29		13,244			4,683			8,561
* Credit-related Costs [29] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans) [12] + Reversal of Reserves for Possible Losses on Loans, etc. [14] , [21] + Credit Costs for Trust Accounts [4]

(Reference)
Consolidated Net Business Profits	30		351,426			(113,564	)		464,991

* Consolidated Net Business Profits [30] = Consolidated Gross Profits [1] - General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Number of consolidated subsidiaries	31		153			(10	)		163
Number of affiliates under the equity method	32		23			2			21

3-1

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2011															First Half of Fiscal 2010
		MHBK			MHCB			MHTB			Aggregated Figures			Change			First Half of Fiscal 2010
Gross Profits	1		382,218			347,734			62,354			792,307			(88,668	)		880,976
Domestic Gross Profits	2		341,751			132,203			56,524			530,478			(65,045	)		595,524
Net Interest Income	3		264,893			95,506			19,485			379,885			(20,544	)		400,429
Fiduciary Income	4								24,242			24,242			435			23,806
Credit Costs for Trust Accounts 1*	5								—			—			—			—
Net Fee and Commission Income *2	6		61,662			25,607			9,117			96,387			(9,949	)		106,336
Net Trading Income	7		2,755			6,043			1,856			10,654			(3,283	)		13,937
Net Other Operating Income	8		12,440			5,046			1,822			19,309			(31,705	)		51,014
International Gross Profits	9		40,467			215,530			5,830			261,828			(23,622	)		285,451
Net Interest Income	10		7,750			94,535			1,902			104,188			(6,389	)		110,577
Net Fee and Commission Income	11		5,252			33,844			(59	)		39,037			6,108			32,929
Net Trading Income	12		25,440			(3,743	)		(826	)		20,870			(55,485	)		76,356
Net Other Operating Income	13		2,023			90,893			4,814			97,732			32,143			65,588
General and Administrative Expenses (excluding Non-Recurring Losses)	14		(276,263	)		(116,834	)		(39,676	)		(432,774	)		3,099			(435,873	)
Expense Ratio	15		*72.2*	%		*33.5*	%		*63.6*	%		*54.6*	%		5.1	%		49.4	%
Personnel Expenses	16		(95,439	)		(44,026	)		(17,889	)		(157,355	)		(5,769	)		(151,585	)
Non-Personnel Expenses *2	17		(164,892	)		(66,999	)		(20,579	)		(252,471	)		8,732			(261,204	)
Premium for Deposit Insurance	18		*(23,191*	)		*(3,705*	)		*(1,208*	)		*(28,105*	)		55			(28,161	)
Miscellaneous Taxes	19		(15,932	)		(5,807	)		(1,207	)		(22,947	)		136			(23,083	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	20		105,954			230,899			22,677			359,532			(85,569	)		445,102
Excluding Net Gains (Losses) related to Bonds	21		*88,980*			*172,617*			*16,182*			*277,780*			(41,040	)		318,821

Reversal of (Provision for) General Reserve for Possible Losses on Loans	22		—			(7,040	)		—			(7,040	)		(7,545	)		504

Net Business Profits	23		105,954			223,859			22,677			352,492			(93,115	)		445,607
Net Gains (Losses) related to Bonds	24		*16,974*			*58,281*			*6,495*			*81,751*			(44,529	)		126,281

Net Non-Recurring Gains (Losses)	25		(51,749	)		(72,889	)		(8,432	)		(133,071	)		(42,753	)		(90,317	)
Net Gains (Losses) related to Stocks *3	26		(5,192	)		(59,440	)		(2,641	)		(67,274	)		(52,245	)		(15,029	)
Expenses related to Portfolio Problems	27		(13,899	)		6,150			(169	)		(7,918	)		22,961			(30,879	)
Reversal of Reserves for Possible Losses on Loans, etc. *4	28		21,393			1,576			477			23,447			23,447
Other	29		(54,050	)		(21,176	)		(6,098	)		(81,325	)		(36,917	)		(44,408	)

Ordinary Profits	30		54,205			150,969			14,245			219,420			(135,868	)		355,289

Net Extraordinary Gains (Losses)	31		(29,487	)		(622	)		(28	)		(30,139	)		(74,930	)		44,790
Net Gains (Losses) on Disposition of Fixed Assets	32		*(918*	)		*(437*	)		*(25*	)		*(1,381*	)		179			(1,560	)
Losses on Impairment of Fixed Assets	33		*(841*	)		*(185*	)		(2	)		*(1,029*	)		1,421			(2,451	)
Reversal of Reserves for Possible Losses on Loans, etc. 4*	34														(55,662	)		55,662
Reversal of Reserve for Possible Losses on Investments 3*	35														(93	)		93
Income before Income Taxes	36		24,718			150,346			14,217			189,281			(210,798	)		400,080
Income Taxes - Current	37		(219	)		(11,756	)		(4	)		(11,980	)		(7,058	)		(4,922	)
- Deferred	38		(6,894	)		(13,466	)		(4,451	)		(24,812	)		15,336			(40,148	)

Net Income	39		17,604			125,123			9,760			152,488			(202,521	)		355,009

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

Credit-related Costs	40		7,493			686			308			8,488			(16,799	)		25,288
* Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [22] + Reversal of Reserves for Possible Losses on Loans, etc. [28], [34] + Credit Costs for Trust Accounts [5]

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	41								—			—			—			—
Reversal of (Provision for) General Reserve for Possible Losses on Loans	42		12,356			(7,040	)		1,200			6,515			(28,513	)		35,029
Losses on Write-offs of Loans	43		(2,057	)		1,090			(169	)		(1,136	)		4,466			(5,602	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44		(2,086	)		6,778			(731	)		3,961			7,907			(3,946	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	45		—			1			0			1			(160	)		161
Reversal of (Provision for) Reserve for Contingencies	46		—			(110	)		8			(101	)		(742	)		641
Other (including Losses on Sales of Loans)	47		(719	)		(32	)		—			(751	)		243			(995	)
Total	48		7,493			686			308			8,488			(16,799	)		25,288

3-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2011						First Half of Fiscal 2010
					Change			First Half of Fiscal 2010
Gross Profits	1		382,218			(39,474	)		421,693
Domestic Gross Profits	2		341,751			(18,308	)		360,060
Net Interest Income	3		264,893			(8,644	)		273,537
Net Fee and Commission Income	4		61,662			(6,699	)		68,361
Net Trading Income	5		2,755			889			1,865
Net Other Operating Income	6		12,440			(3,855	)		16,295
International Gross Profits	7		40,467			(21,165	)		61,633
Net Interest Income	8		7,750			(4,597	)		12,347
Net Fee and Commission Income	9		5,252			(274	)		5,526
Net Trading Income	10		25,440			(15,357	)		40,798
Net Other Operating Income	11		2,023			(936	)		2,960
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(276,263	)		3,104			(279,368	)
Expense Ratio	13		*72.2*	%		6.0	%		66.2	%
Personnel Expenses	14		(95,439	)		(1,626	)		(93,812	)
Non-Personnel Expenses	15		(164,892	)		4,891			(169,783	)
Premium for Deposit Insurance	16		*(23,191*	)		39			(23,231	)
Miscellaneous Taxes	17		(15,932	)		(160	)		(15,771	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		105,954			(36,370	)		142,325
Excluding Net Gains (Losses) related to Bonds	19		*88,980*			(24,471	)		113,452

Reversal of (Provision for) General Reserve for Possible Losses on Loans	20		—			—			—

Net Business Profits	21		105,954			(36,370	)		142,325
Net Gains (Losses) related to Bonds	22		*16,974*			(11,898	)		28,872

Net Non-Recurring Gains (Losses)	23		(51,749	)		1,292			(53,041	)
Net Gains (Losses) related to Stocks *1	24		(5,192	)		1,066			(6,258	)
Expenses related to Portfolio Problems	25		(13,899	)		11,406			(25,306	)
Reversal of Reserves for Possible Losses on Loans, etc. *2	26		21,393			21,393
Other	27		(54,050	)		(32,573	)		(21,476	)

Ordinary Profits	28		54,205			(35,077	)		89,283

Net Extraordinary Gains (Losses)	29		(29,487	)		(54,799	)		25,312
Net Gains (Losses) on Disposition of Fixed Assets	30		*(918*	)		(185	)		(732	)
Losses on Impairment of Fixed Assets	31		*(841*	)		792			(1,633	)
Reversal of Reserves for Possible Losses on Loans, etc. 2*	32					(28,113	)		28,113
Reversal of Reserve for Possible Losses on Investments 1*	33					(9	)		9
Income before Income Taxes	34		24,718			(89,877	)		114,595
Income Taxes - Current	35		(219	)		28			(247	)
- Deferred	36		(6,894	)		(19,563	)		12,669

Net Income	37		17,604			(109,412	)		127,017

1. “Reversal of Reserve for Possible Losses on Investments” [33], which had been included in “Net Extraordinary Gains (Losses)” until the previous period, has been included in “Net Gains (Losses) related to Stocks” [24] beginning with this period. 2. “Reversal of Reserves for Possible Losses on Loans, etc.” [32], which had been included in “Net Extraordinary Gains (Losses)” until the previous period, has been presented as “Reversal of Reserves for Possible Losses on Loans, etc.” [26] beginning with this period. (Please refer to page 1-10 of this release for more information.)

Credit-related Costs	38		7,493			4,685			2,807
* Credit-related Costs [38] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20] + Reversal of Reserves for Possible Losses on Loans, etc. [26], [32]

(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans	39		12,356			(3,985	)		16,341
Losses on Write-offs of Loans	40		(2,057	)		6,381			(8,439	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	41		(2,086	)		2,143			(4,229	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	42		—			—			—
Reversal of (Provision for) Reserve for Contingencies	43		—			—			—
Other (including Losses on Sales of Loans)	44		(719	)		146			(865	)
Total	45		7,493			4,685			2,807

3-3

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2011						First Half of Fiscal 2010
					Change			First Half of Fiscal 2010
Gross Profits	1		347,734			(49,486	)		397,221
Domestic Gross Profits	2		132,203			(45,414	)		177,617
Net Interest Income	3		95,506			(13,144	)		108,651
Net Fee and Commission Income	4		25,607			(3,456	)		29,064
Net Trading Income	5		6,043			(3,370	)		9,413
Net Other Operating Income	6		5,046			(25,442	)		30,488
International Gross Profits	7		215,530			(4,072	)		219,603
Net Interest Income	8		94,535			(1,650	)		96,185
Net Fee and Commission Income	9		33,844			6,418			27,426
Net Trading Income	10		(3,743	)		(40,523	)		36,779
Net Other Operating Income	11		90,893			31,682			59,211
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(116,834	)		(317	)		(116,517	)
Expense Ratio	13		*33.5*	%		4.2	%		29.3	%
Personnel Expenses	14		(44,026	)		(3,232	)		(40,794	)
Non-Personnel Expenses	15		(66,999	)		2,691			(69,691	)
Premium for Deposit Insurance	16		*(3,705*	)		(125	)		(3,579	)
Miscellaneous Taxes	17		(5,807	)		224			(6,031	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		230,899			(49,803	)		280,703
Excluding Net Gains (Losses) related to Bonds	19		*172,617*			(18,258	)		190,876

Reversal of (Provision for) General Reserve for Possible Losses on Loans	20		(7,040	)		(7,040	)		—

Net Business Profits	21		223,859			(56,844	)		280,703
Net Gains (Losses) related to Bonds	22		*58,281*			(31,545	)		89,826

Net Non-Recurring Gains (Losses)	23		(72,889	)		(42,665	)		(30,224	)
Net Gains (Losses) related to Stocks	24		(59,440	)		(51,574	)		(7,865	)
Expenses related to Portfolio Problems	25		6,150			9,807			(3,656	)
Reversal of Reserves for Possible Losses on Loans, etc. *	26		1,576			1,576
Other	27		(21,176	)		(2,474	)		(18,701	)

Ordinary Profits	28		150,969			(99,510	)		250,479

Net Extraordinary Gains (Losses)	29		(622	)		(19,652	)		19,029
Net Gains (Losses) on Disposition of Fixed Assets	30		*(437*	)		347			(785	)
Losses on Impairment of Fixed Assets	31		*(185*	)		628			(814	)
Reversal of Reserves for Possible Losses on Loans, etc. *	32					(27,513	)		27,513
Reversal of Reserve for Possible Losses on Investments	33					(83	)		83

Income before Income Taxes	34		150,346			(119,162	)		269,508
Income Taxes - Current	35		(11,756	)		(7,085	)		(4,670	)
- Deferred	36		(13,466	)		35,676			(49,142	)

Net Income	37		125,123			(90,572	)		215,695

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

Credit-related Costs	38		686			(23,170	)		23,856
__________ * Credit-related Costs [38] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20] + Reversal of Reserves for Possible Losses on Loans, etc. [26], [32]

(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans	39		(7,040	)		(25,223	)		18,183
Losses on Write-offs of Loans	40		1,090			(3,154	)		4,244
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	41		6,778			5,987			791
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	42		1			(160	)		161
Reversal of (Provision for) Reserve for Contingencies	43		(110	)		(716	)		606
Other (including Losses on Sales of Loans)	44		(32	)		97			(129	)

Total	45		686			(23,170	)		23,856

3-4

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2011						First Half of Fiscal 2010
					Change			First Half of Fiscal 2010
Gross Profits	1		62,354			292			62,061
Domestic Gross Profits	2		56,524			(1,322	)		57,847
Net Interest Income	3		19,485			1,245			18,240
Fiduciary Income	4		24,242			435			23,806
Credit Costs for Trust Accounts 1*	5		—			—			—
Net Fee and Commission Income *2	6		9,117			206			8,910
Net Trading Income	7		1,856			(802	)		2,659
Net Other Operating Income	8		1,822			(2,407	)		4,230
International Gross Profits	9		5,830			1,615			4,214
Net Interest Income	10		1,902			(141	)		2,043
Net Fee and Commission Income	11		(59	)		(35	)		(23	)
Net Trading Income	12		(826	)		394			(1,221	)
Net Other Operating Income	13		4,814			1,398			3,416
General and Administrative Expenses (excluding Non-Recurring Losses)	14		(39,676	)		311			(39,988	)
Expense Ratio	15		*63.6*	%		(0.8	%)		64.4	%
Personnel Expenses	16		(17,889	)		(911	)		(16,978	)
Non-Personnel Expenses *2	17		(20,579	)		1,150			(21,729	)
Premium for Deposit Insurance	18		*(1,208*	)		141			(1,350	)
Miscellaneous Taxes	19		(1,207	)		72			(1,280	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	20		22,677			604			22,073
Excluding Net Gains (Losses) related to Bonds	21		*16,182*			1,690			14,492

Reversal of (Provision for) General Reserve for Possible Losses on Loans	22		—			(504	)		504

Net Business Profits	23		22,677			99			22,578
Net Gains (Losses) related to Bonds	24		*6,495*			(1,085	)		7,581

Net Non-Recurring Gains (Losses)	25		(8,432	)		(1,380	)		(7,051	)
Net Gains (Losses) related to Stocks *3	26		(2,641	)		(1,737	)		(904	)
Expenses related to Portfolio Problems	27		(169	)		1,747			(1,916	)
Reversal of Reserves for Possible Losses on Loans, etc. *4	28		477			477
Other	29		(6,098	)		(1,868	)		(4,230	)

Ordinary Profits	30		14,245			(1,281	)		15,526

Net Extraordinary Gains (Losses)	31		(28	)		(478	)		449
Net Gains (Losses) on Disposition of Fixed Assets	32		*(25*	)		17			(43	)
Losses on Impairment of Fixed Assets	33		(2	)		0			(2	)
Reversal of Reserves for Possible Losses on Loans, etc. 4*	34					(35	)		35
Reversal of Reserve for Possible Losses on Investments 3*	35					—			—
Income before Income Taxes	36		14,217			(1,759	)		15,976
Income Taxes - Current	37		(4	)		(0	)		(4	)
- Deferred	38		(4,451	)		(776	)		(3,675	)

Net Income	39		9,760			(2,536	)		12,297

________ 1. Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [5]. 2. Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as “Non-Personnel Expenses” [17] until the previous period, have been included in “Net Fee and Commission Income” [6] as “Fee and Commission Expenses” beginning with this period, and reclassification of prior period figures has been made accordingly. 3. “Reversal of Reserve for Possible Losses on Investments” [35], which had been included in “Net Extraordinary Gains (Losses)” until the previous period, has been included in “Net Gains (Losses) related to Stocks” [26] beginning with this period. 4. “Reversal of Reserves for Possible Losses on Loans, etc.” [34], which had been included in “Net Extraordinary Gains (Losses)” until the previous period, has been presented as “Reversal of Reserves for Possible Losses on Loans, etc.” [28] beginning with this period. (Please refer to page 1-10 of this release for more information.)
Credit-related Costs	40		308			1,684			(1,376	)
________ * Credit-related Costs [40] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [22] + Reversal of Reserves for Possible Losses on Loans, etc. [28], [34] + Credit Costs for Trust Accounts [5]

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	41		—			—			—
Reversal of (Provision for) General Reserve for Possible Losses on Loans	42		1,200			695			504
Losses on Write-offs of Loans	43		(169	)		1,238			(1,408	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44		(731	)		(222	)		(508	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	45		0			(0	)		0
Reversal of (Provision for) Reserve for Contingencies	46		8			(26	)		35
Other (including Losses on Sales of Loans)	47		—			—			—

Total	48		308			1,684			(1,376	)

3-5

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


				*(%)*
				First Half of Fiscal 2011
Aggregated Figures of MHBK and MHCB						Change			First Half of Fiscal 2010
Return on Interest-Earning Assets			1		0.87		(0.12	)		0.99
Return on Loans and Bills Discounted			2		1.26		(0.07	)		1.34
Return on Securities			3		0.49		(0.11	)		0.61
Cost of Funding (including Expenses)			4		0.81		(0.06	)		0.88
Cost of Deposits and Debentures (including Expenses)			5		0.97		(0.04	)		1.01
Cost of Deposits and Debentures			6		*0.07*		(0.04	)		0.12
Cost of Other External Liabilities			7		0.25		(0.06	)		0.32
Net Interest Margin	(1	)-(4)	8		0.05		(0.05	)		0.11
Loan and Deposit Rate Margin (including Expenses)	(2	)-(5)	9		0.29		(0.03	)		0.32
Loan and Deposit Rate Margin	(2	)-(6)	10		1.18		(0.03	)		1.22
__________ * Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). * Deposits and Debentures include Negotiable Certificates of Deposit (“NCDs”). (Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted			11		1.39		(0.09	)		1.49
Loan and Deposit Rate Margin (including Expenses)	(11	)-(5)	12		0.42		(0.05	)		0.47
Loan and Deposit Rate Margin	(11	)-(6)	13		1.32		(0.04	)		1.36
Mizuho Bank
Return on Interest-Earning Assets			14		0.93		(0.11	)		1.04
Return on Loans and Bills Discounted			15		1.41		(0.08	)		1.49
Return on Securities			16		0.43		(0.05	)		0.48
Cost of Funding (including Expenses)			17		0.91		(0.07	)		0.99
Cost of Deposits and Debentures (including Expenses)			18		0.99		(0.04	)		1.04
Cost of Deposits and Debentures			19		*0.06*		(0.04	)		0.11
Cost of Other External Liabilities			20		0.19		(0.05	)		0.25
Net Interest Margin	(14	)-(17)	21		0.01		(0.03	)		0.05
Loan and Deposit Rate Margin (including Expenses)	(15	)-(18)	22		0.42		(0.03	)		0.45
Loan and Deposit Rate Margin	(15	)-(19)	23		1.34		(0.03	)		1.38
__________ * Deposits and Debentures include NCDs. (Reference)After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted			24		1.61		(0.09	)		1.70
Loan and Deposit Rate Margin (including Expenses)	(24	)-(18)	25		0.61		(0.04	)		0.66
Loan and Deposit Rate Margin	(24	)-(19)	26		1.54		(0.04	)		1.59

Mizuho Corporate Bank
Return on Interest-Earning Assets			27		0.77		(0.13	)		0.90
Return on Loans and Bills Discounted			28		0.98		(0.07	)		1.05
Return on Securities			29		0.57		(0.18	)		0.76
Cost of Funding (including Expenses)			30		0.64		(0.05	)		0.69
Cost of Deposits and Debentures (including Expenses)			31		0.89		(0.02	)		0.92
Cost of Deposits and Debentures			32		*0.09*		(0.05	)		0.15
Cost of Other External Liabilities			33		0.28		(0.05	)		0.34
Net Interest Margin	(27	)-(30)	34		0.12		(0.08	)		0.21
Loan and Deposit Rate Margin (including Expenses)	(28	)-(31)	35		0.08		(0.05	)		0.13
Loan and Deposit Rate Margin	(28	)-(32)	36		0.88		(0.02	)		0.90
__________ * Deposits and Debentures include NCDs. (Reference)After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted			37		1.02		(0.09	)		1.12
Loan and Deposit Rate Margin (including Expenses)	(37	)-(31)	38		0.12		(0.06	)		0.19
Loan and Deposit Rate Margin	(37	)-(32)	39		0.93		(0.03	)		0.96

Mizuho Trust & Banking (3 domestic accounts)
Return on Interest-Earning Assets			40		0.97		(0.11	)		1.09
Return on Loans and Bills Discounted			41		1.28		(0.12	)		1.41
Return on Securities			42		0.67		0.12			0.54
Cost of Funding			43		0.26		(0.08	)		0.34
Cost of Deposits			44		0.18		(0.08	)		0.26
Net Interest Margin	(40	)-(43)	45		0.71		(0.02	)		0.74
Loan and Deposit Rate Margin	(41	)-(44)	46		1.10		(0.04	)		1.14

__________

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

*	Deposits include NCDs.

3-6

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Aggregated Figures of MHBK and MHCB

(Millions of yen, %)

First Half of Fiscal 2011

First Half of Fiscal 2010

Change

(Total)

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

Use of Funds

121,568,775

1.05

4,074,228

(0.11

)

117,494,547

1.16

Loans and Bills Discounted

58,233,820

1.33

(89,282

)

(0.06

)

58,323,103

1.40

Securities

44,390,483

0.72

2,580,975

(0.12

)

41,809,508

0.84

Source of Funds

121,478,561

0.29

2,793,951

(0.03

)

118,684,609

0.32

Deposits

74,772,805

0.11

1,862,398

(0.03

)

72,910,406

0.14

NCDs

10,459,104

0.21

(138,178

)

0.00

10,597,283

0.21

Debentures

156,330

0.43

(1,187,512

)

(0.15

)

1,343,842

0.59

Call Money

13,252,635

0.27

(264,848

)

(0.04

)

13,517,483

0.31

Payables under Repurchase Agreements

4,148,690

0.23

(516,960

)

0.00

4,665,651

0.23

Bills Sold

—

Commercial Paper

—

Borrowed Money

10,460,538

1.05

3,323,145

(0.54

)

7,137,393

1.59

(Domestic Operations)

Use of Funds

101,696,701

0.87

3,849,547

(0.12

)

97,847,154

0.99

Loans and Bills Discounted

48,682,694

1.26

(1,166,710

)

(0.07

)

49,849,405

1.33

Securities

37,372,106

0.49

2,999,830

(0.11

)

34,372,275

0.61

Source of Funds

101,485,940

0.16

2,168,915

(0.04

)

99,317,025

0.21

Deposits

64,435,131

0.06

833,661

(0.04

)

63,601,470

0.10

NCDs

8,838,638

0.10

(438,109

)

(0.02

)

9,276,747

0.13

Debentures

156,330

0.43

(1,187,512

)

(0.15

)

1,343,842

0.59

Call Money

12,931,962

0.25

(374,269

)

(0.04

)

13,306,231

0.30

Payables under Repurchase Agreements

566,499

0.12

(199,930

)

(0.00

)

766,429

0.12

Bills Sold

—

Commercial Paper

—

Borrowed Money

7,867,741

0.26

3,345,414

(0.13

)

4,522,327

0.40

(International Operations)

Use of Funds

22,913,963

1.72

1,647,124

(0.14

)

21,266,839

1.86

Loans and Bills Discounted

9,551,125

1.71

1,077,428

(0.04

)

8,473,697

1.76

Securities

7,018,377

1.90

(418,855

)

0.01

7,437,232

1.88

Source of Funds

23,034,509

0.82

2,047,479

(0.03

)

20,987,030

0.86

Deposits

10,337,673

0.42

1,028,737

(0.00

)

9,308,936

0.42

NCDs

1,620,466

0.80

299,930

0.01

1,320,535

0.79

Debentures

—

Call Money

320,672

0.83

109,420

(0.15

)

211,251

0.98

Payables under Repurchase Agreements

3,582,191

0.25

(317,030

)

0.00

3,899,222

0.25

Bills Sold

—

Commercial Paper

—

Borrowed Money

2,592,796

3.42

(22,268

)

(0.22

)

2,615,065

3.64

3-7

Mizuho Financial Group, Inc.

Mizuho Bank

(Millions of yen, %)

First Half of Fiscal 2011

Change

First Half of Fiscal 2010

(Total)

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

Use of Funds

65,716,082

0.96

2,455,953

(0.12

)

63,260,129

1.08

Loans and Bills Discounted

32,348,280

1.38

(437,122

)

(0.08

)

32,785,402

1.46

Securities

21,761,229

0.52

2,341,663

(0.06

)

19,419,565

0.58

Source of Funds

66,600,417

0.13

1,275,636

(0.04

)

65,324,781

0.18

Deposits

55,979,288

0.06

878,698

(0.04

)

55,100,590

0.10

NCDs

1,537,526

0.08

(580,214

)

(0.06

)

2,117,741

0.14

Debentures

156,330

0.43

(646,369

)

0.03

802,700

0.39

Call Money

1,288,123

0.08

(139,627

)

(0.00

)

1,427,750

0.09

Payables under Repurchase Agreements

659

0.09

(171,338

)

(0.02

)

171,997

0.11

Bills Sold

—

Commercial Paper

—

Borrowed Money

5,283,295

0.57

2,154,115

(0.38

)

3,129,179

0.96

(Domestic Operations)

Use of Funds

62,997,094

0.93

2,653,637

(0.11

)

60,343,457

1.04

Loans and Bills Discounted

31,559,111

1.39

(619,062

)

(0.08

)

32,178,173

1.47

Securities

20,320,943

0.43

2,468,617

(0.05

)

17,852,326

0.48

Source of Funds

63,935,266

0.09

1,489,012

(0.04

)

62,446,254

0.14

Deposits

54,892,699

0.06

824,830

(0.04

)

54,067,869

0.10

NCDs

1,536,294

0.08

(579,198

)

(0.06

)

2,115,493

0.14

Debentures

156,330

0.43

(646,369

)

0.03

802,700

0.39

Call Money

1,287,659

0.08

(140,090

)

(0.00

)

1,427,750

0.09

Payables under Repurchase Agreements

659

0.09

(171,338

)

(0.02

)

171,997

0.11

Bills Sold

—

Commercial Paper

—

Borrowed Money

4,756,175

0.22

2,185,059

(0.12

)

2,571,115

0.35

(International Operations)

Use of Funds

3,164,531

1.39

(61,329

)

(0.34

)

3,225,861

1.74

Loans and Bills Discounted

789,168

1.10

181,939

(0.16

)

607,229

1.26

Securities

1,440,286

1.81

(126,953

)

0.04

1,567,239

1.77

Source of Funds

3,110,695

0.92

(77,021

)

(0.06

)

3,187,717

0.99

Deposits

1,086,589

0.28

53,867

(0.03

)

1,032,721

0.32

NCDs

1,232

0.27

(1,015

)

(0.09

)

2,248

0.36

Debentures

—

Call Money

463

0.17

463

0.17

—

Payables under Repurchase Agreements

—

Bills Sold

—

Commercial Paper

—

Borrowed Money

527,119

3.65

(30,944

)

(0.07

)

558,064

3.73

3-8

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

(Millions of yen, %)

First Half of Fiscal 2011

Change

First Half of Fiscal 2010

(Total)

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

Use of Funds

55,852,693

1.15

1,618,274

(0.09

)

54,234,418

1.25

Loans and Bills Discounted

25,885,540

1.27

347,840

(0.03

)

25,537,700

1.31

Securities

22,629,254

0.91

239,312

(0.15

)

22,389,942

1.06

Source of Funds

54,878,143

0.48

1,518,315

(0.02

)

53,359,828

0.50

Deposits

18,793,516

0.25

983,700

(0.01

)

17,809,815

0.27

NCDs

8,921,578

0.24

442,036

0.00

8,479,542

0.23

Debentures

—

(541,142

)

(0.87

)

541,142

0.87

Call Money

11,964,511

0.29

(125,221

)

(0.04

)

12,089,733

0.34

Payables under Repurchase Agreements

4,148,031

0.23

(345,622

)

(0.00

)

4,493,653

0.23

Bills Sold

—

Commercial Paper

—

Borrowed Money

5,177,243

1.54

1,169,030

(0.54

)

4,008,213

2.08

(Domestic Operations)

Use of Funds

38,699,606

0.77

1,195,910

(0.13

)

37,503,696

0.90

Loans and Bills Discounted

17,123,583

1.02

(547,648

)

(0.07

)

17,671,232

1.09

Securities

17,051,163

0.57

531,213

(0.18

)

16,519,949

0.76

Source of Funds

37,550,674

0.28

679,903

(0.04

)

36,870,771

0.33

Deposits

9,542,432

0.08

8,831

(0.05

)

9,533,600

0.13

NCDs

7,302,344

0.11

141,089

(0.01

)

7,161,254

0.12

Debentures

—

(541,142

)

(0.87

)

541,142

0.87

Call Money

11,644,302

0.27

(234,178

)

(0.05

)

11,878,481

0.33

Payables under Repurchase Agreements

565,840

0.12

(28,591

)

(0.00

)

594,431

0.12

Bills Sold

—

Commercial Paper

—

Borrowed Money

3,111,566

0.32

1,160,354

(0.13

)

1,951,212

0.46

(International Operations)

Use of Funds

19,749,431

1.77

1,708,453

(0.11

)

18,040,977

1.89

Loans and Bills Discounted

8,761,957

1.77

895,489

(0.02

)

7,866,467

1.80

Securities

5,578,090

1.92

(291,901

)

0.01

5,869,992

1.91

Source of Funds

19,923,813

0.81

2,124,500

(0.02

)

17,799,312

0.83

Deposits

9,251,084

0.43

974,869

0.00

8,276,215

0.43

NCDs

1,619,233

0.80

300,946

0.01

1,318,287

0.79

Debentures

—

Call Money

320,209

0.83

108,957

(0.15

)

211,251

0.98

Payables under Repurchase Agreements

3,582,191

0.25

(317,030

)

0.00

3,899,222

0.25

Bills Sold

—

Commercial Paper

—

Borrowed Money

2,065,677

3.36

8,675

(0.26

)

2,057,001

3.62

3-9

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	*(Millions of yen, %)*
	First Half of Fiscal 2011
					Change						First Half of Fiscal 2010
(Total)	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
Use of Funds		5,947,519		1.01		412,707			(0.10	)		5,534,812		1.11
Loans and Bills Discounted		*3,311,687*		*1.28*		(102,162	)		(0.13	)		3,413,849		1.41
Securities		*2,054,451*		*0.75*		419,076			0.10			1,635,374		0.65
Source of Funds		5,840,134		0.30		387,718			(0.09	)		5,452,416		0.39
Deposits		*2,198,682*		*0.22*		(168,743	)		(0.11	)		2,367,426		0.33
NCDs		*887,550*		*0.13*		88,869			(0.03	)		798,680		0.17
Debentures		—		—		—			—			—		—
Call Money		*658,975*		*0.12*		101,481			(0.02	)		557,494		0.14
Payables under Repurchase Agreements		—		—		—			—			—		—
Bills Sold		—		—		—			—			—		—
Commercial Paper		—		—		—			—			—		—
Borrowed Money		*785,794*		*0.15*		433,022			(0.06	)		352,772		0.21

(Domestic Operations)
Use of Funds		5,635,502		0.98		442,760			(0.10	)		5,192,741		1.09
Loans and Bills Discounted		*3,259,912*		*1.28*		(101,743	)		(0.12	)		3,361,656		1.41
Securities		*1,644,248*		*0.67*		469,898			0.19			1,174,349		0.47
Source of Funds		5,526,036		0.30		418,943			(0.09	)		5,107,092		0.40
Deposits		*2,182,207*		*0.22*		(174,539	)		(0.11	)		2,356,747		0.33
NCDs		*887,550*		*0.13*		88,869			(0.03	)		798,680		0.17
Debentures		—		—		—			—			—		—
Call Money		*647,760*		*0.11*		105,883			(0.02	)		541,877		0.13
Payables under Repurchase Agreements		—		—		—			—			—		—
Bills Sold		—		—		—			—			—		—
Commercial Paper		—		—		—			—			—		—
Borrowed Money		*785,794*		*0.15*		433,062			(0.06	)		352,732		0.21

(International Operations)
Use of Funds		905,933		0.65		122,906			(0.16	)		783,026		0.81
Loans and Bills Discounted		*51,774*		*1.19*		(419	)		(0.40	)		52,193		1.60
Securities		*410,203*		*1.08*		(50,822	)		(0.00	)		461,025		1.08
Source of Funds		908,014		0.23		121,734			(0.06	)		786,279		0.29
Deposits		*16,474*		*0.29*		5,796			0.08			10,678		0.21
NCDs		—		—		—			—			—		—
Debentures		—		—		—			—			—		—
Call Money		*11,215*		*0.64*		(4,401	)		0.13			15,617		0.50
Payables under Repurchase Agreements		—		—		—			—			—		—
Bills Sold		—		—		—			—			—		—
Commercial Paper		—		—		—			—			—		—
Borrowed Money		—		—		(40	)		(1.17	)		40		1.17

3-10

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Non-Consolidated

Aggregated Figures of the 3 Banks


	*(Millions of yen)*
	First Half of Fiscal 2011						First Half of Fiscal 2010
				Change			First Half of Fiscal 2010
Net Gains (Losses) related to Bonds		81,751			(44,529	)		126,281
Gains on Sales and Others		123,482			(39,900	)		163,383
Losses on Sales and Others		(23,185	)		5,837			(29,022	)
Impairment (Devaluation)		(14,994	)		(11,530	)		(3,464	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3,551	)		1,064			(4,615	)

	First Half of Fiscal 2011						First Half of Fiscal 2010
				Change			First Half of Fiscal 2010
Net Gains (Losses) related to Stocks		(67,274	)		(52,339	)		(14,935	)
Gains on Sales		16,058			(10,873	)		26,932
Losses on Sales		(20,308	)		(1,624	)		(18,683	)
Impairment (Devaluation)		(61,565	)		(37,248	)		(24,317	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(87	)		(181	)		93
Gains (Losses) on Derivatives other than for Trading		(1,371	)		(2,410	)		1,038

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

Mizuho Bank


	First Half of Fiscal 2011						First Half of Fiscal 2010
				Change			First Half of Fiscal 2010
Net Gains (Losses) related to Bonds		16,974			(11,898	)		28,872
Gains on Sales and Others		27,587			(12,602	)		40,189
Losses on Sales and Others		(8,100	)		(906	)		(7,194	)
Impairment (Devaluation)		(1,652	)		1,223			(2,875	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(860	)		386			(1,246	)

	First Half of Fiscal 2011						First Half of Fiscal 2010
				Change			First Half of Fiscal 2010
Net Gains (Losses) related to Stocks		(5,192	)		1,056			(6,248	)
Gains on Sales		5,510			3,300			2,209
Losses on Sales		(513	)		1,883			(2,397	)
Impairment (Devaluation)		(10,210	)		(2,961	)		(7,248	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		1			(8	)		9
Gains (Losses) on Derivatives other than for Trading		19			(1,157	)		1,177

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

3-11

Mizuho Financial Group, Inc.

Mizuho Corporate Bank


	*(Millions of yen)*
	First Half of Fiscal 2011						First Half of Fiscal 2010
				Change			First Half of Fiscal 2010
Net Gains (Losses) related to Bonds		58,281			(31,545	)		89,826
Gains on Sales and Others		89,381			(25,646	)		115,028
Losses on Sales and Others		(14,622	)		6,531			(21,154	)
Impairment (Devaluation)		(13,340	)		(12,757	)		(582	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3,136	)		327			(3,464	)

	First Half of Fiscal 2011						First Half of Fiscal 2010
				Change			First Half of Fiscal 2010
Net Gains (Losses) related to Stocks		(59,440	)		(51,658	)		(7,782	)
Gains on Sales		8,962			(12,389	)		21,351
Losses on Sales		(17,061	)		(1,213	)		(15,847	)
Impairment (Devaluation)		(49,933	)		(36,702	)		(13,230	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(89	)		(173	)		83
Gains (Losses) on Derivatives other than for Trading		(1,318	)		(1,180	)		(138	)

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

Mizuho Trust & Banking


	First Half of Fiscal 2011						First Half of Fiscal 2010
				Change			First Half of Fiscal 2010
Net Gains (Losses) related to Bonds		6,495			(1,085	)		7,581
Gains on Sales and Others		6,513			(1,651	)		8,165
Losses on Sales and Others		(461	)		211			(673	)
Impairment (Devaluation)		(1	)		4			(6	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		445			349			95

	First Half of Fiscal 2011						First Half of Fiscal 2010
				Change			First Half of Fiscal 2010
Net Gains (Losses) related to Stocks		(2,641	)		(1,737	)		(904	)
Gains on Sales		1,586			(1,785	)		3,371
Losses on Sales		(2,733	)		(2,294	)		(438	)
Impairment (Devaluation)		(1,422	)		2,415			(3,837	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		0			0			—
Gains (Losses) on Derivatives other than for Trading		(72	)		(72	)		—

3-12

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

•

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

Consolidated

(1) Other Securities

(Millions of yen)

As of September 30, 2011

As of March 31, 2011

As of September 30, 2010

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Gains

Losses

Other Securities

46,487,757

(157,709

)

535,704

693,414

(632

)

651,510

652,143

96,879

668,632

571,753

Japanese Stocks

2,299,485

(45,717

)

318,177

363,895

205,734

456,414

250,680

86,813

377,325

290,512

Japanese Bonds

35,028,768

48,062

95,670

47,607

(11,334

)

92,186

103,520

118,012

146,096

28,084

Japanese Government Bonds

30,899,299

40,097

47,780

7,683

1,078

52,164

51,085

79,337

81,135

1,798

Other

9,159,503

(160,054

)

121,856

281,911

(195,033

)

102,909

297,943

(107,946

)

145,210

253,156

Foreign Bonds

7,138,588

13,976

77,415

63,438

(107,202

)

31,936

139,139

33,115

92,270

59,154

* In addition to “Securities” on the consolidated balance sheets, NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.

* Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date.

* The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the consolidated balance sheets and the acquisition costs.

* Unrealized Gains/Losses include ¥(12,484) million, ¥(1,242) million and ¥(5,562) million, which were recognized in the statement of income for September 30, 2011, March 31, 2011 and September 30, 2010, respectively, by applying the fair-value hedge method and others.

As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of September 30, 2011, March 31, 2011 and September 30, 2010 are ¥(145,225) million, ¥609 million and ¥102,441 million, respectively.

* Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2011, March 31, 2011 and September 30, 2010 are ¥(152,381) million, ¥(21,648) million and ¥32,505 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of September 30, 2011

As of March 31, 2011

As of September 30, 2010

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

1,501,670

11,913

12,027

113

6,097

7,365

1,268

12,402

—

Non-Consolidated

(1) Other Securities

Aggregated Figures of the 3 Banks

(Millions of yen)

As of September 30, 2011

As of March 31, 2011

As of September 30, 2010

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Gains

Losses

Other Securities

45,959,020

(159,379

)

528,333

687,713

(15,216

)

635,040

650,256

89,673

656,279

566,605

Japanese Stocks

2,269,336

(70,605

)

311,602

382,207

181,725

447,585

265,859

59,239

363,542

304,302

Japanese Bonds

34,711,112

47,408

94,995

47,587

(12,124

)

91,337

103,462

117,248

145,298

28,050

Japanese Government Bonds

30,635,129

39,539

47,216

7,676

476

51,551

51,075

78,559

80,354

1,795

Other

8,978,571

(136,182

)

121,735

257,918

(184,817

)

96,116

280,934

(86,813

)

147,438

234,252

Foreign Bonds

7,061,246

30,923

78,890

47,967

(88,413

)

34,816

123,230

52,894

94,486

41,592

Mizuho Bank

Other Securities

22,238,040

(54,812

)

166,636

221,449

(44,682

)

163,689

208,371

(636

)

178,274

178,910

Japanese Stocks

633,963

(63,068

)

72,494

135,562

(8,101

)

96,532

104,634

(38,483

)

67,620

106,103

Japanese Bonds

18,670,011

20,011

53,121

33,110

(1,996

)

47,018

49,014

48,880

73,407

24,526

Japanese Government Bonds

15,748,638

30,824

32,249

1,424

25,381

35,528

10,147

48,080

48,847

767

Other

2,934,066

(11,756

)

41,020

52,776

(34,584

)

20,137

54,721

(11,033

)

37,246

48,280

Foreign Bonds

2,009,706

8,137

21,610

13,472

(19,726

)

3,318

23,045

6,395

17,242

10,846

Mizuho Corporate Bank

Other Securities

21,559,661

(119,402

)

314,371

433,773

3,834

414,419

410,585

55,533

416,219

360,686

Japanese Stocks

1,469,599

(23,228

)

203,833

227,062

154,118

304,667

150,548

68,713

253,923

185,210

Japanese Bonds

14,526,202

20,684

35,007

14,323

(15,248

)

36,400

51,648

56,775

60,054

3,279

Japanese Government Bonds

13,411,782

2,822

8,996

6,174

(29,701

)

8,627

38,329

19,207

20,225

1,017

Other

5,563,858

(116,858

)

75,529

192,387

(135,036

)

73,351

208,388

(69,955

)

102,241

172,197

Foreign Bonds

4,742,996

19,636

53,595

33,959

(60,600

)

31,498

92,098

41,077

71,260

30,183

Mizuho Trust & Banking

Other Securities

2,161,318

14,835

47,325

32,490

25,630

56,930

31,299

34,777

61,785

27,007

Japanese Stocks

165,773

15,691

35,274

19,583

35,708

46,385

10,676

29,009

41,997

12,988

Japanese Bonds

1,514,898

6,712

6,866

153

5,119

7,917

2,798

11,592

11,836

244

Japanese Government Bonds

1,474,708

5,892

5,971

4,796

7,395

2,598

11,270

11,281

Other

480,646

(7,568

)

5,184

12,753

(15,197

)

2,627

17,824

(5,824

)

7,950

13,774

Foreign Bonds

308,544

3,150

3,684

534

(8,086

)

—

8,086

5,420

5,983

562

*	In addition to “Securities” indicated on the balance sheets, NCDs in “Cash and Due from Banks” and certain items in “Other Debt Purchased” are also included.

*	Fair value of Japanese stocks with a quoted market price is determined based on the average quoted market price over the month preceding the balance sheet date.

Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the balance sheet date.

*	The book values of Other Securities which have readily determinable fair value are stated at fair value, so Unrealized Gains/Losses indicate the difference between book values on the balance sheets and the acquisition costs.

*	Unrealized Gains/Losses include ¥3,961 million, ¥11,874 million and ¥10,591 million, which were recognized in the statement of income for September 30, 2011, March 31, 2011 and September 30, 2010, respectively, by applying the fair-value hedge method and others.

As a result, the base amounts to be recorded directly to Net Assets after tax adjustment as of September 30, 2011, March 31, 2011 and September 30, 2010 are ¥(163,341) million, ¥(27,091) million and ¥79,082 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2011, March 31, 2011 and September 30, 2010 are as follows:


	*(Millions of yen)*
	As of September 30, 2011			As of March 31, 2011			As of September 30, 2010
Aggregated Figures		(163,355	)		(33,231	)		22,076
Mizuho Bank		(63,297	)		(58,823	)		(16,891	)
Mizuho Corporate Bank		(111,665	)		3,011			12,483
Mizuho Trust & Banking		11,607			22,580			26,484

3-13

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregated Figures of the 3 Banks


	*(Millions of yen)*
	As of September 30, 2011								As of March 31, 2011						As of September 30, 2010
	Book Value		Unrealized Gains/Losses						Unrealized Gains/Losses						Unrealized Gains/Losses
					Gains		Losses				Gains		Losses				Gains		Losses
Aggregated Figures		1,500,667		11,910		12,024		113		6,091		7,360		1,268		12,391		12,391		—
Mizuho Bank		1,500,667		11,910		12,024		113		6,091		7,360		1,268		12,391		12,391		—
Mizuho Corporate Bank		—		—		—		—		—		—		—		—		—		—
Mizuho Trust & Banking		—		—		—		—		—		—		—		—		—		—

(3) Investment in Subsidiaries and Affiliates

Aggregated Figures of the 3 Banks


	*(Millions of yen)*
	As of September 30, 2011								As of March 31, 2011							As of September 30, 2010
	Book Value		Unrealized Gains/Losses						Unrealized Gains/Losses							Unrealized Gains/Losses
					Gains		Losses					Gains		Losses					Gains		Losses
Aggregated Figures		—		—		—		—		(157,081	)		—		157,081		(189,704	)		—		189,704
Mizuho Bank		—		—		—		—		(35,614	)		—		35,614		(34,339	)		—		34,339
Mizuho Corporate Bank		—		—		—		—		(121,466	)		—		121,466		(155,364	)		—		155,364
Mizuho Trust & Banking		—		—		—		—		—			—		—		—			—		—

Mizuho Financial Group, Inc. (Non-Consolidated)

		*(Millions of yen)*
Investments in Subsidiaries and Affiliates		—		—		—		—		143,629			143,629		—		108,730			108,730		—

(Reference)

Unrealized Gains/Losses on Other Securities

(the base amount to be recorded directly to Net Assets after tax and other necessary adjustments)

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

The base amount was as follows:

Consolidated


	*(Millions of yen)*
	As of September 30, 2011									As of March 31, 2011			As of September 30, 2010
	Unrealized Gains/Losses									Unrealized Gains/Losses			Unrealized Gains/Losses
				Change from March 31, 2011			Change from September 30, 2010			Unrealized Gains/Losses			Unrealized Gains/Losses
Other Securities		(145,225	)		(145,835	)		(247,667	)		609			102,441
Japanese Stocks		(45,717	)		(251,452	)		(132,530	)		205,734			86,813
Japanese Bonds		46,476			59,399			(71,571	)		(12,923	)		118,048
Japanese Government Bonds		*38,511*			*39,021*			*(40,861*	)		(510	)		79,372
Other		(145,984	)		46,217			(43,564	)		(192,201	)		(102,419	)

Non-Consolidated

Aggregated Figures of the 3 Banks


	*(Millions of yen)*
	As of September 30, 2011									As of March 31, 2011			As of September 30, 2010
	Unrealized Gains/Losses									Unrealized Gains/Losses			Unrealized Gains/Losses
				Change from March 31, 2011			Change from September 30, 2010			Unrealized Gains/Losses			Unrealized Gains/Losses
Other Securities		(163,341	)		(136,250	)		(242,424	)		(27,091	)		79,082
Japanese Stocks		(70,605	)		(252,331	)		(129,845	)		181,725			59,239
Japanese Bonds		45,822			59,535			(71,461	)		(13,713	)		117,283
Japanese Government Bonds		*37,953*			*39,066*			*(40,641*	)		(1,112	)		78,594
Other		(138,558	)		56,544			(41,117	)		(195,103	)		(97,441	)

3-14

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

•

The redemption schedule by term for Bonds Held to Maturity and Other Securities with maturities is as follows:

Non-Consolidated

Aggregated Figures of the 3 Banks


	*(Billions of yen)*
	Maturity as of September 30, 2011								Change												Maturity as of March 31, 2011
	Within 1 year		1 - 5 years		5 - 10 years		Over 10 years		Within 1 year			1 - 5 years			5 - 10 years			Over 10 years			Within 1 year		1 - 5 years		5 - 10 years		Over 10 years
Japanese Bonds		13,477.4		18,231.1		2,926.6		1,395.4		(1,404.6	)		3,079.6			(29.8	)		203.2			14,882.1		15,151.5		2,956.5		1,192.1
Japanese Government Bonds		12,623.4		16,411.9		2,573.4		382.7		(1,442.5	)		3,238.0			43.5			62.5			14,065.9		13,173.9		2,529.9		320.2
Japanese Local Government Bonds		11.6		164.0		57.9		0.8		2.1			6.5			(2.2	)		(0.0	)		9.5		157.5		60.2		0.9
Japanese Corporate Bonds		842.3		1,655.2		295.2		1,011.8		35.6			(164.8	)		(71.1	)		140.8			806.6		1,820.1		366.3		871.0
Other		1,087.0		3,251.3		1,190.8		2,521.1		(97.5	)		269.4			189.8			603.3			1,184.5		2,981.9		1,000.9		1,917.8

Mizuho Bank

Japanese Bonds		8,182.7		10,055.2		1,076.5		789.0		2,011.7			552.2			(110.0	)		52.1			6,170.9		9,502.9		1,186.6		736.9
Japanese Government Bonds		7,385.5		8,735.5		901.0		161.7		1,965.5			630.8			(89.0	)		(32.5	)		5,420.0		8,104.7		990.0		194.2
Japanese Local Government Bonds		11.3		150.2		19.6		—		2.4			14.3			9.6			—			8.8		135.9		10.0		—
Japanese Corporate Bonds		785.7		1,169.4		155.9		627.3		43.7			(92.9	)		(30.7	)		84.6			742.0		1,262.3		186.6		542.7
Other		87.1		1,290.0		257.9		1,179.0		(26.8	)		529.1			100.5			138.9			113.9		760.8		157.3		1,040.1

Mizuho Corporate Bank

Japanese Bonds		5,006.4		7,415.0		1,429.8		571.3		(3,363.3	)		2,438.3			130.0			136.1			8,369.7		4,976.6		1,299.7		435.2
Japanese Government Bonds		4,952.8		6,946.4		1,257.4		186.0		(3,360.5	)		2,529.7			180.0			80.0			8,313.4		4,416.7		1,077.4		106.0
Japanese Local Government Bonds		0.3		12.8		35.6		0.8		(0.0	)		(7.9	)		(12.0	)		(0.0	)		0.3		20.8		47.7		0.9
Japanese Corporate Bonds		53.2		455.7		136.7		384.4		(2.7	)		(83.3	)		(37.8	)		56.1			56.0		539.1		174.6		328.2
Other		957.6		1,710.3		854.1		1,341.7		(57.2	)		(329.4	)		84.8			464.5			1,014.8		2,039.7		769.2		877.1

Mizuho Trust & Banking

Japanese Bonds		288.2		760.9		420.1		35.0		(53.1	)		89.0			(49.8	)		15.0			341.4		671.9		470.0		20.0
Japanese Government Bonds		285.0		730.0		415.0		35.0		(47.5	)		77.5			(47.5	)		15.0			332.5		652.5		462.5		20.0
Japanese Local Government Bonds		—		0.9		2.5		—		(0.3	)		0.1			0.1			—			0.3		0.8		2.4		—
Japanese Corporate Bonds		3.2		30.0		2.5		—		(5.3	)		11.4			(2.5	)		—			8.5		18.6		5.0		—
Other		42.2		250.9		78.7		0.2		(13.4	)		69.7			4.4			(0.2	)		55.7		181.2		74.3		0.4

3-15

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

•

Notional Amounts of Interest Rate Swaps (qualifying for hedge accounting (deferred method)) by Remaining Contractual Term

Aggregated Figures of the 3 Banks


	*(Billions of yen)*
	As of September 30, 2011								Change												As of March 31, 2011
	Within 1 year		1 - 5 years		Over 5 years		Total		Within 1 year			1 - 5 years			Over 5 years			Total			Within 1 year		1 - 5 years		Over 5 years		Total
Receive Fixed / Pay Float		11,025.4		14,321.9		3,856.4		29,203.8		1,892.6			950.3			323.3			3,166.3			9,132.8		13,371.6		3,533.1		26,037.5
Receive Float / Pay Fixed		1,354.6		2,270.3		2,626.9		6,251.9		(85.7	)		(260.7	)		120.8			(225.6	)		1,440.4		2,531.0		2,506.1		6,477.6
Receive Float / Pay Float		—		154.8		30.0		184.8		—			—			—			—			—		154.8		30.0		184.8
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		12,380.1		16,747.0		6,513.4		35,640.6		1,806.8			689.6			444.1			2,940.6			10,573.2		16,057.4		6,069.2		32,699.9

Mizuho Bank

Receive Fixed / Pay Float		9,201.0		6,065.8		372.8		15,639.8		2,572.0			(1.3	)		110.3			2,681.1			6,629.0		6,067.1		262.4		12,958.6
Receive Float / Pay Fixed		—		—		666.9		666.9		—			—			53.0			53.0			—		—		613.9		613.9
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		9,201.0		6,065.8		1,039.7		16,306.7		2,572.0			(1.3	)		163.3			2,734.1			6,629.0		6,067.1		876.3		13,572.5

Mizuho Corporate Bank

Receive Fixed / Pay Float		1,824.3		8,241.0		3,388.6		13,454.0		(679.4	)		936.6			132.9			390.1			2,503.8		7,304.4		3,255.7		13,063.9
Receive Float / Pay Fixed		1,244.6		2,185.3		1,930.0		5,360.0		(135.7	)		(160.7	)		77.8			(218.6	)		1,380.4		2,346.0		1,852.2		5,578.7
Receive Float / Pay Float		—		154.8		30.0		184.8		—			—			—			—			—		154.8		30.0		184.8
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		3,069.0		10,581.1		5,348.7		18,998.9		(815.1	)		775.9			210.7			171.4			3,884.2		9,805.2		5,137.9		18,827.4

Mizuho Trust & Banking

Receive Fixed / Pay Float		—		15.0		95.0		110.0		—			15.0			80.0			95.0			—		—		15.0		15.0
Receive Float / Pay Fixed		110.0		85.0		30.0		225.0		50.0			(100.0	)		(10.0	)		(60.0	)		60.0		185.0		40.0		285.0
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		110.0		100.0		125.0		335.0		50.0			(85.0	)		70.0			35.0			60.0		185.0		55.0		300.0

(Reference)

Deferred Hedge Gains/Losses of Derivative Transactions Qualifying for Hedge Accounting


	*(Billions of yen)*
	As of September 30, 2011						Change								As of March 31, 2011
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregated Figures		861.8		565.9	295.9			77.4			14.0		63.4			784.3		551.8	232.5
Mizuho Bank		80.3		81.6	(1.2	)		(3.2	)		4.9		(8.1	)		83.6		76.7	6.9
Mizuho Corporate Bank		715.5		411.1	304.4			82.2			12.0		70.2			633.2		399.0	234.2
Mizuho Trust & Banking		65.9		73.1	(7.2	)		(1.5	)		(2.8	)	1.3			67.4		76.0	(8.5	)

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

3-16

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Non-Consolidated

Projected Benefit Obligations

Aggregated Figures of the 3 Banks


			*(Millions of yen)*
			First Half of Fiscal 2011						First Half of Fiscal 2010
						Change			First Half of Fiscal 2010
Projected Benefit Obligations (at the beginning of the fiscal year)				1,078,952			(719	)		1,079,671
Discount Rate (%)	(A	)		2.5			—			2.5
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B	)		1,152,516			(62,609	)		1,215,125
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C	)		406,149			34,429			371,720
Amount accumulated (amortized) during the period				*(35,830*	)		1,204			(37,034	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+(C)-(A	)		479,713			(27,460	)		507,174

Mizuho Bank

Projected Benefit Obligations (at the beginning of the fiscal year)				638,227			2,086			636,141
Discount Rate (%)	(A	)		2.5			—			2.5
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B	)		682,026			(30,335	)		712,361
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C	)		249,470			11,158			238,312
Amount accumulated (amortized) during the period				*(22,592*	)		1,226			(23,818	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+(C)-(A	)		293,269			(21,262	)		314,532

Mizuho Corporate Bank

Projected Benefit Obligations (at the beginning of the fiscal year)				319,742			(3,357	)		323,100
Discount Rate (%)	(A	)		2.5			—			2.5
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B	)		342,004			(25,877	)		367,882
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C	)		117,862			19,014			98,847
Amount accumulated (amortized) during the period				*(9,457*	)		(363	)		(9,093	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+(C)-(A	)		140,124			(3,505	)		143,629

Mizuho Trust & Banking

Projected Benefit Obligations (at the beginning of the fiscal year)				120,982			552			120,430
Discount Rate (%)	(A	)		2.5			—			2.5
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B	)		128,485			(6,396	)		134,881
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C	)		38,816			4,256			34,560
Amount accumulated (amortized) during the period				*(3,781*	)		340			(4,122	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+(C)-(A	)		46,319			(2,692	)		49,011

3-17

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregated Figures of the 3 Banks


			*(Millions of yen)*
			First Half of Fiscal 2011						First Half of Fiscal 2010
						Change			First Half of Fiscal 2010
Service Cost				(8,792	)		(392	)		(8,399	)
Interest Cost				(13,486	)		8			(13,495	)
Expected Return on Plan Assets				12,595			(6,095	)		18,690
Accumulation (Amortization) of Unrecognized Actuarial Differences				(35,830	)		1,204			(37,034	)
Losses on Return of Retirement Benefits Trust				(27,728	)		(27,728	)		—
Other				(1,925	)		126			(2,051	)

Total				(75,168	)		(32,876	)		(42,291	)

Mizuho Bank

Service Cost				(5,572	)		(158	)		(5,413	)
Interest Cost				(7,977	)		(26	)		(7,951	)
Expected Return on Plan Assets				6,138			(3,014	)		9,153
Accumulation (Amortization) of Unrecognized Actuarial Differences				(22,592	)		1,226			(23,818	)
Losses on Return of Retirement Benefits Trust				(27,728	)		(27,728	)		—
Other				(1,259	)		213			(1,473	)

Total				(58,991	)		(29,487	)		(29,503	)

Mizuho Corporate Bank

Service Cost				(2,055	)		(210	)		(1,845	)
Interest Cost				(3,996	)		41			(4,038	)
Expected Return on Plan Assets				4,850			(2,375	)		7,225
Accumulation (Amortization) of Unrecognized Actuarial Differences				(9,457	)		(363	)		(9,093	)
Other				(466	)		(35	)		(430	)

Total				(11,125	)		(2,941	)		(8,183	)

Mizuho Trust & Banking

Service Cost				(1,164	)		(23	)		(1,141	)
Interest Cost				(1,512	)		(6	)		(1,505	)
Expected Return on Plan Assets				1,606			(705	)		2,311
Accumulation (Amortization) of Unrecognized Actuarial Differences				(3,781	)		340			(4,122	)
Other				(199	)		(52	)		(147	)

Total				(5,051	)		(447	)		(4,604	)

Consolidated

			*(Millions of yen)*
			First Half of Fiscal 2011						First Half of Fiscal 2010
						Change			First Half of Fiscal 2010
Projected Benefit Obligations (at the beginning of the fiscal year)	(A	)		1,207,229			6,260			1,200,969
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B	)		1,215,987			(51,212	)		1,267,199
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C	)		420,438			35,772			384,665
Amount accumulated (amortized) during the period				*(37,190*	)		942			(38,132	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(D	)		464,812			(20,346	)		485,159
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(A)-(B)-(C)+(D	)		35,615			1,352			34,263

Income (Expenses) related to Employee Retirement Benefits				(56,945	)		(7,421	)		(49,524	)

3-18

Mizuho Financial Group, Inc.

9. Capital Adequacy Ratio

Consolidated

Mizuho Financial Group

BIS Standard


	*(%, Billions of yen)*
	As of September 30, 2011 (Preliminary)
				Change from March 31, 2011			As of March 31, 2011
(1) Capital Adequacy Ratio		14.92			(0.38	)		15.30
Tier 1 Capital Ratio		11.89			(0.04	)		11.93
(2) Tier 1 Capital		6,069.8			(100.4	)		6,170.2
Common Stock and Preferred Stock		2,254.9			73.5			2,181.3
Capital Surplus		1,109.7			172.0			937.6
Retained Earnings		1,249.3			116.9			1,132.3
Less: Treasury Stock		12.7			9.5			3.1
Less: Dividends (estimate), etc.		76.4			(63.6	)		140.0
Less: Unrealized Losses on Other Securities		143.9			136.9			7.0
Foreign Currency Translation Adjustments		(103.2	)		0.6			(103.9	)
Minority Interests in Consolidated Subsidiaries		*1,938.0*			(331.6	)		2,269.6
Preferred Securities Issued by Overseas SPCs		*1,851.6*			(68.2	)		1,919.8
Other		(145.9	)		(49.3	)		(96.5	)
(3) Tier 2 Capital		*1,895.8*			(207.5	)		2,103.4
Tier 2 Capital Included as Qualifying Capital		*1,895.8*			(207.5	)		2,103.4
45% of Unrealized Gains on Other Securities		—			—			—
45% of Revaluation Reserve for Land		104.2			(1.9	)		106.2
General Reserve for Possible Losses on Loans, etc.		4.7			(0.1	)		4.9
Debt Capital, etc.		1,786.8			(205.4	)		1,992.2
Perpetual Subordinated Debt and Other Debt Capital		*300.5*			(43.1	)		343.6
Dated Subordinated Debt and Redeemable Preferred Stock		*1,486.3*			(162.3	)		1,648.6
(4) Deductions for Total Risk-based Capital		350.4			(12.2	)		362.6
(5) Total Risk-based Capital (2)+(3)-(4)		7,615.2			(295.7	)		7,910.9
(6) Risk-weighted Assets		51,037.6			(656.1	)		51,693.8
Credit Risk Assets		46,119.9			(877.1	)		46,997.1
On-balance-sheet Items		38,033.8			(924.1	)		38,958.0
Off-balance-sheet Items		8,086.1			47.0			8,039.0
Market Risk Equivalent Assets		1,373.1			(16.0	)		1,389.2
Operational Risk Equivalent Assets		3,544.5			237.0			3,307.4
Adjusted Amount for Credit Risk-weighted Assets		—			—			—
Adjusted Amount for Operational Risk Equivalent		—			—			—

(Reference)
Prime Capital Ratio *		8.19			0.04			8.15

*	Prime Capital (Tier1 Capital (2) - preferred securities - preferred stock (excluding mandatory convertible preferred stock)) divided by Risk-weighted Assets (6)

3-19

Mizuho Financial Group, Inc.

Mizuho Bank

Domestic Standard


	*(%, Billions of yen)*
	As of September 30, 2011 (Preliminary)
			Change from March 31, 2011			As of March 31, 2011
(1) Capital Adequacy Ratio		15.05		0.14			14.91
Tier 1 Capital Ratio		10.69		0.31			10.38
(2) Tier 1 Capital		2,388.6		13.8			2,374.7
(3) Tier 2 Capital		1,075.6		(53.9	)		1,129.5
(4) Deductions for Total Risk-based Capital		100.9		7.4			93.4
(5) Total Risk-based Capital (2)+(3)-(4)		3,363.3		(47.4	)		3,410.8
(6) Risk-weighted Assets		22,342.6		(526.1	)		22,868.8

Mizuho Corporate Bank

BIS Standard

(1) Capital Adequacy Ratio		18.11		(0.69	)		18.80
Tier 1 Capital Ratio		15.80		(0.30	)		16.10
(2) Tier 1 Capital		4,372.3		(156.4	)		4,528.8
(3) Tier 2 Capital		745.8		(135.3	)		881.2
(4) Deductions for Total Risk-based Capital		107.4		(15.5	)		122.9
(5) Total Risk-based Capital (2)+(3)-(4)		5,010.8		(276.3	)		5,287.1
(6) Risk-weighted Assets		27,666.8		(454.8	)		28,121.6

Mizuho Trust & Banking

BIS Standard

(1) Capital Adequacy Ratio		16.69		0.35			16.34
Tier 1 Capital Ratio		12.55		0.44			12.11
(2) Tier 1 Capital		311.6		14.7			296.8
(3) Tier 2 Capital		105.8		(4.9	)		110.8
(4) Deductions for Total Risk-based Capital		3.0		(4.1	)		7.2
(5) Total Risk-based Capital (2)+(3)-(4)		414.4		14.0			400.4
(6) Risk-weighted Assets		2,481.7		32.1			2,449.6

(Reference)

Mizuho Bank

BIS Standard

(1) Capital Adequacy Ratio		14.73		0.13			14.60
Tier 1 Capital Ratio		10.39		0.29			10.10
(2) Tier 1 Capital		2,334.4		9.8			2,324.5
(3) Tier 2 Capital		1,075.6		(53.9	)		1,129.5
(4) Deductions for Total Risk-based Capital		101.1		7.3			93.8
(5) Total Risk-based Capital (2)+(3)-(4)		3,308.9		(51.4	)		3,360.3
(6) Risk-weighted Assets		22,451.8		(550.3	)		23,002.1

3-20

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•

The figures below are presented net of partial direct write-offs.

•

Treatment of accrued interest is based on the results of the self-assessment of assets.

(All loans to obligors classified in the self-assessment of assets as Bankrupt Obligors, Substantially Bankrupt Obligors, and Intensive Control Obligors are categorized as non-accrual loans.)

Consolidated


	*(Millions of yen, %)*
	As of September 30, 2011																As of March 31, 2011				As of September 30, 2010
			%		Change from March 31, 2011			%			Change from September 30, 2010			%					%				%
Loans to Bankrupt Obligors		32,992		0.05		(13,123	)		(0.02	)		(35,240	)		(0.05	)		46,116		0.07		68,232		0.10
Non-Accrual Delinquent Loans		614,401		0.99		(46,316	)		(0.05	)		(107,986	)		(0.16	)		660,718		1.05		722,387		1.16
Loans Past Due for 3 Months or More		20,534		0.03		(4,499	)		(0.00	)		(7,406	)		(0.01	)		25,034		0.03		27,940		0.04
Restructured Loans		566,532		0.91		69,541			0.12			56,501			0.09			496,991		0.79		510,031		0.82
Total		1,234,460		1.99		5,600			0.04			(94,131	)		(0.14	)		1,228,859		1.95		1,328,591		2.14

Total Loans		61,731,606		100.00		(1,046,150	)					(338,290	)					62,777,757		100.00		62,069,897		100.00

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

Amount of Partial Direct Write-offs		326,220				(17,206	)					(96,217	)					343,426				422,437
Trust Account
	As of September 30, 2011																As of March 31, 2011				As of September 30, 2010
			%		Change from March 31, 2011			%			Change from September 30, 2010			%					%				%
Loans to Bankrupt Obligors		—		—		—			—			—			—			—		—		—		—
Non-Accrual Delinquent Loans		3,086		12.21		(8	)		0.34			(17	)		1.00			3,095		11.86		3,104		11.20
Loans Past Due for 3 Months or More		—		—		—			—			—			—			—		—		—		—
Restructured Loans		—		—		—			—			—			—			—		—		—		—
Total		3,086		12.21		(8	)		0.34			(17	)		1.00			3,095		11.86		3,104		11.20

Total Loans		25,270		100.00		(818	)					(2,430	)					26,089		100.00		27,701		100.00
Consolidated + Trust Account
	As of September 30, 2011																As of March 31, 2011				As of September 30, 2010
			%		Change from March 31, 2011			%			Change from September 30, 2010			%					%				%
Loans to Bankrupt Obligors		32,992		0.05		(13,123	)		(0.02	)		(35,240	)		(0.05	)		46,116		0.07		68,232		0.10
Non-Accrual Delinquent Loans		617,488		0.99		(46,325	)		(0.05	)		(108,003	)		(0.16	)		663,813		1.05		725,492		1.16
Loans Past Due for 3 Months or More		20,534		0.03		(4,499	)		(0.00	)		(7,406	)		(0.01	)		25,034		0.03		27,940		0.04
Restructured Loans		566,532		0.91		69,541			0.12			56,501			0.09			496,991		0.79		510,031		0.82
Total		1,237,547		2.00		5,591			0.04			(94,148	)		(0.14	)		1,231,955		1.96		1,331,696		2.14

Total Loans		61,756,877		100.00		(1,046,969	)					(340,721	)					62,803,846		100.00		62,097,598		100.00

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

3-21

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregated Figures of the 3 Banks

(Banking Account + Trust Account)


	*(Millions of yen, %)*
	As of September 30, 2011																As of March 31, 2011				As of September 30, 2010
			%		Change from March 31, 2011			%			Change from September 30, 2010			%					%				%
Loans to Bankrupt Obligors		30,787		0.04		(12,776	)		(0.01	)		(34,794	)		(0.05	)		43,563		0.06		65,581		0.10
Non-Accrual Delinquent Loans		593,452		0.96		(53,492	)		(0.06	)		(117,913	)		(0.18	)		646,944		1.02		711,365		1.14
Loans Past Due for 3 Months or More		20,534		0.03		(4,499	)		(0.00	)		(7,406	)		(0.01	)		25,034		0.03		27,940		0.04
Restructured Loans		449,286		0.72		51,082			0.09			32,155			0.05			398,204		0.63		417,131		0.67
Total		1,094,060		1.77		(19,686	)		0.00			(127,959	)		(0.19	)		1,113,746		1.76		1,222,019		1.96

Total Loans		61,618,697		100.00		(1,401,093	)					(452,915	)					63,019,790		100.00		62,071,613		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		296,780				(20,290	)					(91,828	)					317,071				388,609
Mizuho Bank
Loans to Bankrupt Obligors		20,828		0.06		(8,172	)		(0.02	)		(19,239	)		(0.05	)		29,000		0.08		40,067		0.12
Non-Accrual Delinquent Loans		486,811		1.52		(32,183	)		(0.03	)		(17,621	)		0.00			518,994		1.55		504,432		1.51
Loans Past Due for 3 Months or More		20,415		0.06		(4,522	)		(0.01	)		(6,851	)		(0.01	)		24,937		0.07		27,266		0.08

Restructured Loans		287,403		0.89		42,701			0.16			36,706			0.14			244,701		0.73		250,696		0.75
Total		815,458		2.55		(2,176	)		0.10			(7,005	)		0.07			817,635		2.44		822,464		2.47

Total Loans		31,977,021		100.00		(1,399,256	)					(1,301,987	)					33,376,277		100.00		33,279,008		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		196,337				(6,307	)					(40,641	)					202,645				236,979
Mizuho Corporate Bank
Loans to Bankrupt Obligors		8,644		0.03		(4,320	)		(0.01	)		(13,229	)		(0.05	)		12,965		0.04		21,874		0.08
Non-Accrual Delinquent Loans		80,705		0.30		(9,041	)		(0.03	)		(88,881	)		(0.35	)		89,746		0.34		169,587		0.66
Loans Past Due for 3 Months or More		—		—		—			—			—			—			—		—		—		—
Restructured Loans		150,110		0.57		10,141			0.04			(688	)		(0.02	)		139,969		0.53		150,798		0.59
Total		239,461		0.91		(3,220	)		(0.00	)		(102,799	)		(0.43	)		242,681		0.92		342,261		1.34

Total Loans		26,273,753		100.00		(94,023	)					847,052						26,367,776		100.00		25,426,700		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		88,600				(13,970	)					(46,175	)					102,571				134,776
Mizuho Trust & Banking

(Banking Account)
Loans to Bankrupt Obligors		1,313		0.03		(282	)		(0.00	)		(2,325	)		(0.06	)		1,596		0.04		3,639		0.10
Non-Accrual Delinquent Loans		22,848		0.68		(12,258	)		(0.39	)		(11,392	)		(0.34	)		35,107		1.08		34,240		1.02
Loans Past Due for 3 Months or More		119		0.00		22			0.00			(554	)		(0.01	)		96		0.00		673		0.02
Restructured Loans		11,772		0.35		(1,761	)		(0.06	)		(3,863	)		(0.11	)		13,533		0.41		15,636		0.46
Total		36,053		1.07		(14,280	)		(0.47	)		(18,136	)		(0.54	)		50,334		1.54		54,190		1.62

Total Loans		3,342,652		100.00		93,005						4,449						3,249,647		100.00		3,338,203		100.00
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		11,842				(12	)					(5,010	)					11,854				16,853

(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—			—			—		—		—		—
Non-Accrual Delinquent Loans		3,086		12.21		(8	)		0.34			(17	)		1.00			3,095		11.86		3,104		11.20
Loans Past Due for 3 Months or More		—		—		—			—			—			—			—		—		—		—
Restructured Loans		—		—		—			—			—			—			—		—		—		—
Total		3,086		12.21		(8	)		0.34			(17	)		1.00			3,095		11.86		3,104		11.20

Total Loans		25,270		100.00		(818	)					(2,430	)					26,089		100.00		27,701		100.00

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

3-22

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Reserves for Possible Losses on Loans		719,893		(40,869	)		(123,771	)		760,762		843,664
General Reserve for Possible Losses on Loans		492,257		(9,193	)		(41,042	)		501,450		533,299
Specific Reserve for Possible Losses on Loans		227,626		(31,674	)		(82,728	)		259,301		310,355
Reserve for Possible Losses on Loans to Restructuring Countries		9		(1	)		(0	)		10		9


Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		397,834		(18,478	)		(99,406	)		416,313		497,241
Non-Consolidated
Aggregated Figures of the 3 Banks
	*(Millions of yen)*
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Reserves for Possible Losses on Loans		604,551		(28,657	)		(117,083	)		633,209		721,634
General Reserve for Possible Losses on Loans		456,651		(6,515	)		(39,936	)		463,167		496,588
Specific Reserve for Possible Losses on Loans		147,890		(22,140	)		(77,146	)		170,031		225,037
Reserve for Possible Losses on Loans to Restructuring Countries		9		(1	)		(0	)		10		9
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		367,403		(21,735	)		(95,050	)		389,139		462,454
Mizuho Bank
Reserves for Possible Losses on Loans		377,370		(25,719	)		(38,131	)		403,089		415,501
General Reserve for Possible Losses on Loans		271,810		(12,356	)		(31,242	)		284,166		303,052
Specific Reserve for Possible Losses on Loans		105,560		(13,363	)		(6,888	)		118,923		112,448
Reserve for Possible Losses on Loans to Restructuring Countries		—		—			—			—		—
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		248,442		(9,488	)		(45,574	)		257,930		294,016
Mizuho Corporate Bank
Reserves for Possible Losses on Loans		209,803		(2,188	)		(74,427	)		211,992		284,231
General Reserve for Possible Losses on Loans		171,238		7,040			(4,431	)		164,197		175,670
Specific Reserve for Possible Losses on Loans		38,556		(9,228	)		(69,995	)		47,784		108,551
Reserve for Possible Losses on Loans to Restructuring Countries		8		(1	)		(0	)		10		9
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		99,503		(14,895	)		(47,203	)		114,399		146,706
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		17,377		(749	)		(4,525	)		18,127		21,902
General Reserve for Possible Losses on Loans		13,602		(1,200	)		(4,262	)		14,802		17,865
Specific Reserve for Possible Losses on Loans		3,774		450			(262	)		3,324		4,037
Reserve for Possible Losses on Loans to Restructuring Countries		0		(0	)		(0	)		0		0
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		19,458		2,648			(2,272	)		16,809		21,731

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

3-23

Mizuho Financial Group, Inc.

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

Consolidated

(%)

As of September 30, 2011

As of
March 31,
2011

As of
September 30,
2010

Change from
March 31,
2011

Change from
September 30,
2010

Mizuho Financial Group

58.31

(3.59

)

(5.18

)

61.90

63.50

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

Non-Consolidated


	*(%)*
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Total		55.41		(1.59	)		(3.78	)		57.01		59.20
Mizuho Bank		46.27		(3.02	)		(4.24	)		49.29		50.51
Mizuho Corporate Bank		87.61		0.26			4.56			87.35		83.04
Mizuho Trust & Banking (Banking Account)		48.19		12.18			7.78			36.01		40.41

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

3-24

Mizuho Financial Group, Inc.

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

Consolidated


	*(Millions of yen)*
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Claims against Bankrupt and Substantially Bankrupt Obligors		195,597		(51,690	)		(63,688	)		247,287		259,285
Claims with Collection Risk		530,048		(29,367	)		(86,682	)		559,415		616,730
Claims for Special Attention		587,154		65,026			49,084			522,127		538,070
Total		1,312,800		(16,030	)		(101,285	)		1,328,830		1,414,086
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		390,010		(21,149	)		(101,977	)		411,159		491,988
Trust Account
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—			—		—
Claims with Collection Risk		3,086		(8	)		(17	)		3,095		3,104
Claims for Special Attention		—		—			—			—		—
Total		3,086		(8	)		(17	)		3,095		3,104
Consolidated + Trust Account
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Claims against Bankrupt and Substantially Bankrupt Obligors		195,597		(51,690	)		(63,688	)		247,287		259,285
Claims with Collection Risk		533,135		(29,375	)		(86,699	)		562,511		619,835
Claims for Special Attention		587,154		65,026			49,084			522,127		538,070
Total		1,315,887		(16,039	)		(101,303	)		1,331,926		1,417,190

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

3-25

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregated Figures of the 3 Banks

(Banking Account + Trust Account)


	*(Millions of yen, %)*
	As of September 30, 2011																As of March 31, 2011				As of September 30, 2010
			%		Change from March 31, 2011			%			Change from September 30, 2010			%					%				%
Claims against Bankrupt and Substantially Bankrupt Obligors		175,840		0.25		(55,585	)		(0.07	)		(69,973	)		(0.10	)		231,426		0.33		245,813		0.35
Claims with Collection Risk		520,327		0.76		(32,915	)		(0.03	)		(90,768	)		(0.13	)		553,243		0.79		611,095		0.89
Claims for Special Attention		469,909		0.68		46,567			0.08			24,738			0.03			423,341		0.60		445,170		0.65
Sub-total		1,166,076		1.70		(41,933	)		(0.02	)		(136,002	)		(0.20	)		1,208,010		1.72		1,302,079		1.90
Normal Claims		67,203,134		98.29		(1,425,443	)		0.02			219,522			0.20			68,628,577		98.27		66,983,611		98.09
Total		68,369,210		100.00		(1,467,377	)					83,519						69,836,587		100.00		68,285,691		100.00

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

Amount of Partial Direct Write-offs		359,965				(24,397	)					(97,789	)					384,363				457,754

Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		125,343		0.36		(50,451	)		(0.12	)		(55,233	)		(0.14	)		175,795		0.49		180,577		0.50
Claims with Collection Risk		407,129		1.19		2,673			0.05			8,769			0.07			404,455		1.13		398,359		1.12
Claims for Special Attention		307,818		0.90		38,179			0.14			29,855			0.12			269,639		0.75		277,963		0.78
Sub-total		840,292		2.46		(9,598	)		0.07			(16,608	)		0.05			849,890		2.39		856,900		2.41
Normal Claims		33,210,489		97.53		(1,493,216	)		(0.07	)		(1,426,955	)		(0.05	)		34,703,705		97.60		34,637,445		97.58
Total		34,050,781		100.00		(1,502,814	)					(1,443,564	)					35,553,596		100.00		35,494,345		100.00

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

Amount of Partial Direct Write-offs		248,442				(9,488	)					(45,574	)					257,930				294,016
Mizuho Corporate Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		12,833		0.04		(4,706	)		(0.01	)		(18,053	)		(0.06	)		17,540		0.05		30,886		0.10
Claims with Collection Risk		95,983		0.31		(23,475	)		(0.07	)		(82,546	)		(0.29	)		119,458		0.38		178,530		0.60
Claims for Special Attention		150,110		0.48		10,141			0.03			(688	)		(0.02	)		139,969		0.45		150,798		0.51
Sub-total		258,927		0.83		(18,041	)		(0.05	)		(101,288	)		(0.38	)		276,968		0.89		360,215		1.22
Normal Claims		30,573,219		99.16		(45,621	)		0.05			1,619,292			0.38			30,618,840		99.10		28,953,926		98.77
Total		30,832,146		100.00		(63,662	)					1,518,004						30,895,808		100.00		29,314,141		100.00

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

Amount of Partial Direct Write-offs		99,503				(14,895	)					(47,203	)					114,399				146,706

Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		37,662		1.08		(427	)		(0.04	)		3,313			0.09			38,090		1.13		34,349		0.99
Claims with Collection Risk		14,127		0.40		(12,105	)		(0.37	)		(16,972	)		(0.49	)		26,232		0.78		31,100		0.90
Claims for Special Attention		11,979		0.34		(1,753	)		(0.06	)		(4,428	)		(0.12	)		13,733		0.40		16,408		0.47
Sub-total		63,770		1.84		(14,285	)		(0.47	)		(18,087	)		(0.53	)		78,056		2.32		81,858		2.37
Normal Claims		3,397,242		98.15		114,204			0.47			29,598			0.53			3,283,037		97.67		3,367,643		97.62
Total		3,461,012		100.00		99,918						11,510						3,361,093		100.00		3,449,502		100.00

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

Amount of Partial Direct Write-offs		12,019				(12	)					(5,011	)					12,032				17,031

(Trust Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—			—			—		—		—		—
Claims with Collection Risk		3,086		12.21		(8	)		0.34			(17	)		1.00			3,095		11.86		3,104		11.20
Claims for Special Attention		—		—		—			—			—			—			—		—		—		—
Sub-total		3,086		12.21		(8	)		0.34			(17	)		1.00			3,095		11.86		3,104		11.20
Normal Claims		22,183		87.78		(810	)		(0.34	)		(2,413	)		(1.00	)		22,993		88.13		24,596		88.79
Total		25,270		100.00		(818	)					(2,430	)					26,089		100.00		27,701		100.00

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

3-26

Mizuho Financial Group, Inc.

5. Coverage on Disclosed Claims under the FRL

Non-Consolidated

(1) Disclosed Claims under the FRL and Coverage Amount

Aggregated Figures of the 3 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Claims against Bankrupt and Substantially Bankrupt Obligors		175.8		(55.5	)		(69.9	)		231.4		245.8
Collateral, Guarantees, and equivalent		*159.3*		(53.3	)		(63.1	)		212.6		222.5
Reserve for Possible Losses		*16.4*		(2.2	)		(6.8	)		18.7		23.2
Claims with Collection Risk		517.2		(32.9	)		(90.7	)		550.1		607.9
Collateral, Guarantees, and equivalent		*298.2*		(0.7	)		(16.9	)		299.0		315.1
Reserve for Possible Losses		*143.1*		(19.8	)		(66.0	)		162.9		209.1
Claims for Special Attention		469.9		46.5			24.7			423.3		445.1
Collateral, Guarantees, and equivalent		*111.9*		1.5			5.1			110.4		106.8
Reserve for Possible Losses		*104.2*		11.4			0.5			92.7		103.6
Total		1,162.9		(41.9	)		(135.9	)		1,204.9		1,298.9
Collateral, Guarantees, and equivalent		*569.5*		(52.5	)		(74.9	)		622.1		644.4
Reserve for Possible Losses		*263.8*		(10.6	)		(72.3	)		274.4		336.1
Mizuho Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		125.3		(50.4	)		(55.2	)		175.7		180.5
Collateral, Guarantees, and equivalent		*121.6*		(48.4	)		(52.5	)		170.1		174.2
Reserve for Possible Losses		*3.7*		(1.9	)		(2.6	)		5.6		6.3
Claims with Collection Risk		407.1		2.6			8.7			404.4		398.3
Collateral, Guarantees, and equivalent		*245.6*		14.3			10.1			231.3		235.5
Reserve for Possible Losses		*101.7*		(11.4	)		(4.2	)		113.1		106.0
Claims for Special Attention		307.8		38.1			29.8			269.6		277.9
Collateral, Guarantees, and equivalent		*91.4*		5.2			14.5			86.2		76.9
Reserve for Possible Losses		*62.0*		8.3			(0.3	)		53.6		62.4
Total		840.2		(9.5	)		(16.6	)		849.8		856.9
Collateral, Guarantees, and equivalent		*458.8*		(28.9	)		(27.8	)		487.7		486.6
Reserve for Possible Losses		*167.5*		(4.9	)		(7.2	)		172.5		174.8
Mizuho Corporate Bank
Claims against Bankrupt and Substantially Bankrupt Obligors		12.8		(4.7	)		(18.0	)		17.5		30.8
Collateral, Guarantees, and equivalent		*12.1*		(4.3	)		(13.9	)		16.4		26.1
Reserve for Possible Losses		*0.7*		(0.3	)		(4.0	)		1.0		4.7
Claims with Collection Risk		95.9		(23.4	)		(82.5	)		119.4		178.5
Collateral, Guarantees, and equivalent		*42.9*		(3.7	)		(11.7	)		46.6		54.6
Reserve for Possible Losses		*37.6*		(8.8	)		(61.7	)		46.5		99.4
Claims for Special Attention		150.1		10.1			(0.6	)		139.9		150.7
Collateral, Guarantees, and equivalent		*17.3*		(2.3	)		(7.5	)		19.6		24.8
Reserve for Possible Losses		*40.1*		3.3			1.5			36.8		38.6
Total		258.9		(18.0	)		(101.2	)		276.9		360.2
Collateral, Guarantees, and equivalent		*72.3*		(10.4	)		(33.2	)		82.8		105.6
Reserve for Possible Losses		*78.5*		(5.8	)		(64.2	)		84.4		142.8
Mizuho Trust & Banking (Banking Account)
Claims against Bankrupt and Substantially Bankrupt Obligors		37.6		(0.4	)		3.3			38.0		34.3
Collateral, Guarantees, and equivalent		*25.6*		(0.4	)		3.4			26.0		22.2
Reserve for Possible Losses		*12.0*		(0.0	)		(0.0	)		12.0		12.1
Claims with Collection Risk		14.1		(12.1	)		(16.9	)		26.2		31.1
Collateral, Guarantees, and equivalent		*9.6*		(11.3	)		(15.3	)		20.9		24.9
Reserve for Possible Losses		*3.6*		0.4			0.0			3.2		3.6
Claims for Special Attention		11.9		(1.7	)		(4.4	)		13.7		16.4
Collateral, Guarantees, and equivalent		*3.1*		(1.3	)		(1.8	)		4.5		4.9
Reserve for Possible Losses		*1.9*		(0.2	)		(0.7	)		2.2		2.6
Total		63.7		(14.2	)		(18.0	)		78.0		81.8
Collateral, Guarantees, and equivalent		*38.3*		(13.1	)		(13.7	)		51.5		52.1
Reserve for Possible Losses		*17.6*		0.1			(0.7	)		17.4		18.4
(Reference) Trust Account
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—			—		—
Collateral, Guarantees, and equivalent		—		—			—			—		—
Claims with Collection Risk		3.0		(0.0	)		(0.0	)		3.0		3.1
Collateral, Guarantees, and equivalent		*3.0*		(0.0	)		(0.0	)		3.0		3.1
Claims for Special Attention		—		—			—			—		—
Collateral, Guarantees, and equivalent		—		—			—			—		—
Total		3.0		(0.0	)		(0.0	)		3.0		3.1
Collateral, Guarantees, and equivalent		*3.0*		(0.0	)		(0.0	)		3.0		3.1

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

3-27

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregated Figures of the 3 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Coverage Amount		833.3		(63.2	)		(147.2	)		896.6		980.6
Reserves for Possible Losses on Loans		263.8		(10.6	)		(72.3	)		274.4		336.1
Collateral, Guarantees, and equivalent		569.5		(52.5	)		(74.9	)		622.1		644.4

	*(%)*
Coverage Ratio		71.7		(2.7	)		(3.8	)		74.4		75.5
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		85.3		1.3			(0.9	)		83.9		86.2
Claims for Special Attention		46.0		(1.9	)		(1.2	)		48.0		47.2
Claims against Special Attention Obligors		*48.8*		(2.9	)		(0.6	)		51.8		49.5

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		65.3		0.4			(6.0	)		64.8		71.4
Claims for Special Attention		29.1		(0.5	)		(1.5	)		29.6		30.6
Claims against Special Attention Obligors		*30.3*		(0.9	)		(1.6	)		31.3		32.0

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		22.25		0.29			(1.50	)		21.96		23.76
Claims against Watch Obligors excluding Special Attention Obligors		4.23		(0.11	)		0.04			4.34		4.18
Claims against Normal Obligors		0.17		(0.02	)		(0.04	)		0.20		0.22

Mizuho Bank
	*(Billions of yen)*
Coverage Amount		626.3		(33.9	)		(35.0	)		660.3		661.4
Reserves for Possible Losses on Loans		167.5		(4.9	)		(7.2	)		172.5		174.8
Collateral, Guarantees, and equivalent		458.8		(28.9	)		(27.8	)		487.7		486.6

	*(%)*
Coverage Ratio		74.5		(3.1	)		(2.6	)		77.6		77.1
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		85.3		0.1			(0.3	)		85.1		85.7
Claims for Special Attention		49.8		(2.0	)		(0.2	)		51.8		50.1
Claims against Special Attention Obligors		*52.7*		(3.6	)		0.4			56.3		52.2

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		63.0		(2.3	)		(2.0	)		65.4		65.1
Claims for Special Attention		28.6		(0.5	)		(2.3	)		29.2		31.0
Claims against Special Attention Obligors		*29.5*		(1.5	)		(2.1	)		31.0		31.7

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		19.79		0.13			(2.35	)		19.65		22.15
Claims against Watch Obligors excluding Special Attention Obligors		3.92		(0.35	)		(0.21	)		4.28		4.13
Claims against Normal Obligors		0.19		(0.03	)		(0.06	)		0.23		0.26

Mizuho Corporate Bank

	*(Billions of yen)*
Coverage Amount		150.9		(16.3	)		(97.5	)		167.2		248.5
Reserves for Possible Losses on Loans		78.5		(5.8	)		(64.2	)		84.4		142.8
Collateral, Guarantees, and equivalent		72.3		(10.4	)		(33.2	)		82.8		105.6

	*(%)*
Coverage Ratio		58.3		(2.0	)		(10.6	)		60.3		68.9
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		83.9		5.9			(2.3	)		78.0		86.3
Claims for Special Attention		38.3		(2.0	)		(3.7	)		40.3		42.1
Claims against Special Attention Obligors		*42.1*		(1.7	)		(3.8	)		43.8		45.9

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		70.9		7.0			(9.2	)		63.9		80.2
Claims for Special Attention		30.2		(0.3	)		(0.4	)		30.6		30.6
Claims against Special Attention Obligors		*32.3*		(0.5	)		(1.3	)		32.8		33.6

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		27.68		0.14			0.24			27.53		27.43
Claims against Watch Obligors excluding Special Attention Obligors		4.72		0.26			0.46			4.45		4.25
Claims against Normal Obligors		0.15		(0.00	)		(0.02	)		0.16		0.18

3-28

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	*(Billions of yen)*
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Coverage Amount		56.0		(12.9	)		(14.5	)		69.0		70.6
Reserves for Possible Losses on Loans		17.6		0.1			(0.7	)		17.4		18.4
Collateral, Guarantees, and equivalent		38.3		(13.1	)		(13.7	)		51.5		52.1

	*(%)*
Coverage Ratio		87.9		(0.5	)		1.6			88.4		86.3
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		94.2		1.8			2.0			92.3		92.1
Claims for Special Attention		42.5		(6.5	)		(4.0	)		49.1		46.5
Claims against Special Attention Obligors		*39.9*		(2.3	)		(2.3	)		42.2		42.3

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		81.9		20.2			21.7			61.7		60.1
Claims for Special Attention		22.0		(1.9	)		(1.1	)		23.9		23.2
Claims against Special Attention Obligors		*21.3*		(0.4	)		(0.7	)		21.8		22.1

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		16.29		0.18			(0.07	)		16.10		16.36
Claims against Watch Obligors excluding Special Attention Obligors		4.28		0.12			(0.05	)		4.15		4.33
Claims against Normal Obligors		0.19		(0.01	)		(0.03	)		0.21		0.23

3-29

Mizuho Financial Group, Inc.

6. Overview of Non-Performing Loans (“NPLs”)

Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account)

LOGO

Notes: 1.

Claims for Special Attention is denoted on an individual loans basis.

Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

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

3-30

Mizuho Financial Group, Inc.

7. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

(1) Outstanding Balance of Claims against Bankrupt and Substantially Bankrupt Obligors and Claims with Collection Risk (under the FRL)

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	Fiscal 2008				Fiscal 2009				Fiscal 2010				Fiscal 2011
	Up to First Half of Fiscal 2008		As of March 31, 2009		As of September 30, 2009		As of March 31, 2010		As of September 30, 2010		As of March 31, 2011		As of September 30, 2011
																			Aggregated Figures of the 3 Banks
													Mizuho Bank		Mizuho Corporate Bank		Mizuho Trust & Banking				Change from March 31, 2011

Claims against Bankrupt and Substantially Bankrupt Obligors		2,575.4		181.9		152.8		123.7		110.6		93.9		42.7		4.0		27.9		74.6		(19.2	)
Claims with Collection Risk		8,697.9		261.0		203.6		147.8		117.7		104.1		80.0		6.2		5.0		91.3		(12.7	)
Amount Categorized as above up to First Half of Fiscal 2008		11,273.3		443.0		356.4		271.5		228.3		198.1		122.7		10.2		33.0		166.0		(32.0	)
of which the amount which was in the process of being removed from the balance sheet		*1,198.7*		131.7		106.2		76.5		68.9		55.2		35.1		2.9		0.3		38.4		(16.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors				126.8		82.2		61.9		46.2		29.9		13.3		6.2		0.0		19.6		(10.2	)
Claims with Collection Risk				336.9		184.7		100.0		62.1		42.7		26.5		6.8		0.6		34.0		(8.7	)
Amount Newly Categorized as above during the Second Half of Fiscal 2008				463.8		267.0		161.9		108.3		72.7		39.8		13.0		0.7		53.6		(19.0	)
of which the amount which was in the process of being removed from the balance sheet				*96.5*		72.6		55.7		40.7		25.9		12.4		5.2		0.0		17.6		(8.2	)
Claims against Bankrupt and Substantially Bankrupt Obligors						43.6		36.6		32.2		21.4		9.9		1.3		1.2		12.5		(8.9	)
Claims with Collection Risk						345.3		210.7		166.0		49.3		27.6		5.3		0.5		33.5		(15.8	)
Amount Newly Categorized as above during the First Half of Fiscal 2009						389.0		247.4		198.3		70.8		37.5		6.6		1.7		46.0		(24.7	)
of which the amount which was in the process of being removed from the balance sheet						*39.2*		31.5		28.9		20.8		10.2		1.3		1.2		12.8		(8.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors								35.7		24.8		29.3		11.1		0.8		7.0		19.1		(10.2	)
Claims with Collection Risk								173.4		124.4		87.6		48.7		7.4		0.3		56.6		(31.0	)
Amount Newly Categorized as above during the Second Half of Fiscal 2009								209.1		149.3		117.0		59.9		8.3		7.4		75.7		(41.2	)
of which the amount which was in the process of being removed from the balance sheet								*32.0*		21.9		20.0		11.1		—		1.0		12.2		(7.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors										31.9		24.8		12.8		—		0.3		13.1		(11.6	)
Claims with Collection Risk										140.6		86.7		53.4		0.6		5.4		59.6		(27.1	)
Amount Newly Categorized as above during the First Half of Fiscal 2010										172.5		111.6		66.3		0.6		5.8		72.8		(38.7	)
of which the amount which was in the process of being removed from the balance sheet										*28.8*		24.7		12.8		—		0.3		13.1		(11.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors												31.8		13.4		—		0.4		13.9		(17.9	)
Claims with Collection Risk												182.5		75.1		30.8		4.3		110.3		(72.1	)
Amount Newly Categorized as above during the Second Half of Fiscal 2010												214.4		88.6		30.8		4.8		124.3		(90.0	)
of which the amount which was in the process of being removed from the balance sheet												*30.5*		13.4		—		0.4		13.8		(16.6	)
Claims against Bankrupt and Substantially Bankrupt Obligors														21.9		0.3		0.4		22.7		22.7
Claims with Collection Risk														95.5		38.5		0.7		134.7		134.7
Amount Newly Categorized as above during the First Half of Fiscal 2011														117.4		38.8		1.1		157.4		157.4
of which the amount which was in the process of being removed from the balance sheet														*21.9*		*0.3*		*0.4*		*22.7*		22.7
Claims against Bankrupt and Substantially Bankrupt Obligors		—		308.7		278.7		258.0		245.8		231.4		125.3		12.8		37.6		175.8		(55.5	)
Claims with Collection Risk		—		598.0		733.7		632.0		611.0		553.2		407.1		95.9		17.2		520.3		(32.9	)
Total		—		906.8		1,012.5		890.1		856.9		784.6		532.4		108.8		54.8		696.1		(88.5	)
of which the amount which was in the process of being removed from the balance sheet		—		228.3		218.1		195.8		189.4		177.3		117.1		9.8		3.9		131.0		(46.3	)

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

*	Bold denotes newly categorized amounts.

(2) Progress in Removal of NPLs from the Balance Sheet (Accumulated Removal Amount and Removal Ratio)

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)

(Billions of yen)

(%)

Amount
Newly
Categorized

Balance as of
September 30,
2011

Accumulated
Removal
Amount

Accumulated
Removal
Ratio

Modified
Accumulated
Removal
Ratio*

Up to First Half of Fiscal 2008

11,273.3

166.0

11,107.3

98.5

98.8

Second Half of Fiscal 2008

463.8

53.6

410.1

88.4

92.2

First Half of Fiscal 2009

389.0

46.0

342.9

88.1

91.4

Second Half of Fiscal 2009

209.1

75.7

133.4

63.7

69.6

First Half of Fiscal 2010

172.5

72.8

99.7

57.8

65.4

Second Half of Fiscal 2010

214.4

124.3

90.0

42.0

48.4

First Half of Fiscal 2011

157.4

—

Total

12,879.8

696.1

12,183.7

—

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

3-31

Mizuho Financial Group, Inc.

(3) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2011

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	Newly Categorized																		Amount Removed from B/S in the First Half of Fiscal 2011
	Fiscal 2008						Fiscal 2009						Fiscal 2010
	Up to First Half			Second Half			First Half			Second Half			First Half			Second Half
Liquidation		(10.3	)		(3.2	)		(2.2	)		(1.7	)		(0.2	)		(0.0	)		(17.9	)
Restructuring		(3.3	)		(0.3	)		—			(8.2	)		—			(0.0	)		(11.9	)
Improvement in Business Performance due to Restructuring		—			(0.0	)		—			(6.4	)		(0.0	)		(0.0	)		(6.5	)
Loan Sales		(2.2	)		(1.2	)		(0.3	)		(0.3	)		(2.5	)		(2.4	)		(9.2	)
Direct Write-off		16.5			2.0			1.5			2.7			(1.7	)		(2.8	)		18.1
Other		(32.5	)		(16.2	)		(23.6	)		(27.2	)		(34.1	)		(84.6	)		(218.6	)
Debt recovery		(23.0	)		(9.2	)		(7.2	)		(7.6	)		(7.8	)		(21.1	)		(76.2	)
Improvement in Business Performance		(9.4	)		(7.0	)		(16.4	)		(19.5	)		(26.3	)		(63.5	)		(142.3	)
Total		(32.0	)		(19.0	)		(24.7	)		(41.2	)		(38.7	)		(90.0	)		(245.9	)

Mizuho Bank
Liquidation		(4.1	)		(3.2	)		(1.8	)		(1.7	)		(0.2	)		(0.0	)		(11.3	)
Restructuring		(3.1	)		(0.3	)		—			(8.2	)		—			(0.0	)		(11.6	)
Improvement in Business Performance due to Restructuring		—			—			—			(6.4	)		—			—			(6.4	)
Loan Sales		(2.2	)		(1.2	)		(0.3	)		(0.3	)		(0.7	)		(0.3	)		(5.2	)
Direct Write-off		4.7			2.1			0.2			2.7			(2.0	)		(4.4	)		3.4
Other		(24.9	)		(13.1	)		(17.9	)		(18.5	)		(25.3	)		(34.2	)		(134.0	)
Debt recovery		(15.4	)		(6.1	)		(3.5	)		(5.8	)		(6.9	)		(17.7	)		(55.5	)
Improvement in Business Performance		(9.4	)		(6.9	)		(14.3	)		(12.6	)		(18.3	)		(16.5	)		(78.4	)
Total		(29.7	)		(15.7	)		(19.8	)		(32.5	)		(28.3	)		(39.0	)		(165.1	)

Mizuho Corporate Bank
Liquidation		(6.1	)		—			(0.4	)		—			—			—			(6.6	)
Restructuring		(0.2	)		—			—			—			—			—			(0.2	)
Improvement in Business Performance due to Restructuring		—			—			—			—			—			—			—
Loan Sales		—			—			—			—			(1.8	)		(2.1	)		(3.9	)
Direct Write-off		12.0			(0.0	)		1.3			(0.0	)		0.2			1.5			15.0
Other		(7.5	)		(2.7	)		(3.4	)		(8.5	)		(0.6	)		(48.4	)		(71.3	)
Debt recovery		(7.5	)		(2.7	)		(3.4	)		(1.8	)		(0.6	)		(2.0	)		(18.2	)
Improvement in Business Performance		—			—			—			(6.7	)		—			(46.3	)		(53.1	)
Total		(1.8	)		(2.8	)		(2.5	)		(8.5	)		(2.2	)		(48.9	)		(67.0	)

Mizuho Trust & Banking (Banking Account + Trust Account)
Liquidation		—			—			—			—			—			—			—
Restructuring		—			—			—			—			—			—			—
Improvement in Business Performance due to Restructuring		—			(0.0	)		—			—			(0.0	)		(0.0	)		(0.0	)
Loan Sales		—			—			—			(0.0	)		—			—			(0.0	)
Direct Write-off		(0.2	)		(0.0	)		(0.0	)		0.0			(0.0	)		(0.0	)		(0.3	)
Other		(0.1	)		(0.3	)		(2.3	)		(0.1	)		(8.1	)		(2.0	)		(13.2	)
Debt recovery		(0.1	)		(0.3	)		(0.2	)		(0.0	)		(0.2	)		(1.3	)		(2.4	)
Improvement in Business Performance		(0.0	)		(0.0	)		(2.0	)		(0.1	)		(7.9	)		(0.7	)		(10.8	)
Total		(0.4	)		(0.4	)		(2.3	)		(0.1	)		(8.2	)		(2.0	)		(13.7	)

(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	Amount Removed																		Accumulated Removed Amount from B/S since Second Half of Fiscal 2000
	Up to Second Half of Fiscal 2008*			In First Half of Fiscal 2009			In Second Half of Fiscal 2009			In First Half of Fiscal 2010			In Second Half of Fiscal 2010			In First Half of Fiscal 2011

Liquidation		(1,640.0	)		(15.0	)		(16.0	)		(19.2	)		(52.2	)		(17.9	)		(1,760.6	)
Restructuring		(1,844.4	)		(4.0	)		(16.6	)		(12.8	)		(76.2	)		(11.9	)		(1,966.0	)
Improvement in Business Performance due to Restructuring		(181.7	)		(0.0	)		(2.9	)		(0.1	)		(0.1	)		(6.5	)		(191.6	)
Loan Sales		(4,341.9	)		(40.2	)		(61.6	)		(72.3	)		(43.1	)		(9.2	)		(4,568.5	)
Direct Write-off		3,406.8			(7.4	)		(2.1	)		68.2			78.8			18.1			3,562.5
Other		(6,228.8	)		(216.5	)		(232.0	)		(169.3	)		(193.8	)		(218.6	)		(7,259.1	)
Debt recovery		—			(133.3	)		(156.7	)		(109.7	)		(161.8	)		(76.2	)		—
Improvement in Business Performance		—			(83.2	)		(75.2	)		(59.6	)		(32.0	)		(142.3	)		—
Total		(10,830.4	)		(283.3	)		(331.5	)		(205.8	)		(286.6	)		(245.9	)		(12,183.7	)

*	From the Second Half of Fiscal 2000 to the Second Half of Fiscal 2008.

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Mizuho Financial Group, Inc.

8. Status of Loans by Industry

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

Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	As of September 30, 2011																As of March 31, 2011				As of September 30, 2010
					Change from March 31, 2011						Change from September 30, 2010
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		55,225.7		1,040.6		(2,226.2	)		(5.2	)		(2,309.7	)		(96.1	)		57,451.9		1,045.9		57,535.4		1,136.8
Manufacturing		7,223.8		247.3		3.8			0.5			(187.5	)		23.6			7,220.0		246.7		7,411.3		223.7
Agriculture & Forestry		27.4		0.3		3.9			(0.2	)		4.3			(0.0	)		23.5		0.6		23.1		0.4
Fishery		1.0		0.0		0.3			—			0.0			—			0.7		0.0		0.9		0.0
Mining, Quarrying Industry & Gravel Extraction Industry		159.0		—		5.0			—			5.8			—			154.0		—		153.1		—
Construction		885.9		43.6		(41.7	)		(15.3	)		(78.6	)		(16.6	)		927.6		59.0		964.5		60.2
Utilities		1,514.5		4.0		97.5			3.5			619.8			3.0			1,416.9		0.4		894.6		0.9
Communication		1,130.2		35.8		(421.1	)		5.1			(541.6	)		4.9			1,551.3		30.7		1,671.9		30.8
Transportation & Postal Industry		2,867.1		44.4		(32.9	)		15.0			(29.1	)		(58.9	)		2,900.0		29.4		2,896.2		103.4
Wholesale & Retail		4,714.0		170.3		(128.8	)		14.5			(68.7	)		24.7			4,842.9		155.8		4,782.8		145.6
Finance & Insurance		6,290.4		10.1		(552.5	)		7.2			(783.6	)		(5.2	)		6,842.9		2.9		7,074.0		15.4
Real Estate		6,254.5		156.6		(96.5	)		(25.3	)		(346.6	)		(64.3	)		6,351.0		182.0		6,601.1		221.0
Commodity Lease		1,536.6		2.2		(52.3	)		0.5			(86.1	)		(14.5	)		1,588.9		1.6		1,622.7		16.7
Service Industries		2,745.1		110.1		46.0			4.6			(213.4	)		(26.0	)		2,699.0		105.4		2,958.5		136.2
Local Governments		1,193.8		2.9		(38.1	)		(0.0	)		94.4			(0.0	)		1,231.9		2.9		1,099.4		2.9
Governments		4,897.9		—		(958.6	)		—			(721.7	)		—			5,856.6		—		5,619.7		—
Other		13,783.8		212.3		(60.0	)		(15.5	)		23.0			33.3			13,843.8		227.8		13,760.7		179.0
Overseas Total (including Loans Booked Offshore)		7,462.8		53.3		295.9			(14.3	)		1,060.7			(31.7	)		7,166.8		67.7		6,402.1		85.1
Governments		339.0		—		(17.2	)		—			41.9			—			356.2		—		297.0		—
Financial Institutions		2,536.7		—		212.2			(2.0	)		689.3			(8.7	)		2,324.4		2.0		1,847.3		8.7
Other		4,587.1		53.3		100.9			(12.3	)		329.3			(23.0	)		4,486.1		65.7		4,257.7		76.4
Total		62,688.6		1,094.0		(1,930.2	)		(19.6	)		(1,249.0	)		(127.9	)		64,618.8		1,113.7		63,937.6		1,222.0

*	Loans to Finance & Insurance sector includes loans to MHFG as follows:

As of September 30, 2011: ¥738.3 billion (from MHBK ¥700.0 billion; from MHCB ¥38.3 billion)

As of March 31, 2011: ¥741.5 billion (from MHBK ¥700.0 billion; from MHCB ¥41.5 billion)

As of September 30, 2010: ¥700.0 billion (from MHBK)

*	Amounts of Outstanding Balances are aggregated figures of banking and trust accounts, and amounts of Non-Accrual, Past Due & Restructured Loans are aggregated figures of banking and trust accounts with contracts indemnifying the principal amounts.

3-33

Mizuho Financial Group, Inc.


	*(Billions of yen)*
	As of September 30, 2011																As of March 31, 2011				As of September 30, 2010
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change from March 31, 2011						Change from September 30, 2010						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Mizuho Bank

Domestic Total (excluding Loans Booked Offshore)		31,977.0		815.4		(1,399.2	)		(2.1	)		(1,301.9	)		(7.0	)		33,376.2		817.6		33,279.0		822.4
Manufacturing		2,754.7		166.4		(35.4	)		5.7			(115.6	)		16.5			2,790.1		160.7		2,870.3		149.9
Agriculture & Forestry		27.0		0.3		3.9			(0.2	)		4.4			(0.0	)		23.1		0.6		22.6		0.4
Fishery		1.0		0.0		0.3			—			0.0			—			0.7		0.0		0.9		0.0
Mining, Quarrying Industry & Gravel Extraction Industry		5.3		—		(0.6	)		—			(0.4	)		—			5.9		—		5.7		—
Construction		495.2		27.9		(34.4	)		(16.3	)		(14.7	)		(17.6	)		529.7		44.3		509.9		45.5
Utilities		60.2		0.1		(6.8	)		(0.1	)		(1.2	)		(0.2	)		67.0		0.2		61.4		0.3
Communication		313.4		29.9		(17.0	)		6.4			(18.2	)		5.6			330.4		23.4		331.6		24.2
Transportation & Postal Industry		1,166.4		35.5		(20.8	)		8.2			116.8			9.1			1,187.2		27.3		1,049.5		26.4
Wholesale & Retail		3,406.7		167.2		(77.8	)		16.9			(75.7	)		31.1			3,484.5		150.2		3,482.5		136.0
Finance & Insurance		2,006.7		10.1		(67.5	)		7.2			(298.5	)		3.0			2,074.3		2.9		2,305.3		7.1
Real Estate		3,148.7		106.1		(107.3	)		(8.8	)		(200.0	)		(28.4	)		3,256.1		115.0		3,348.7		134.5
Commodity Lease		182.9		2.2		(2.9	)		0.5			(13.8	)		0.8			185.9		1.6		196.8		1.3
Service Industries		2,022.7		103.8		38.9			(0.3	)		(173.7	)		(27.0	)		1,983.8		104.2		2,196.4		130.8
Local Governments		1,032.6		—		(37.6	)		—			82.9			—			1,070.2		—		949.7		—
Governments		3,772.8		—		(904.6	)		—			(523.9	)		—			4,677.5		—		4,296.7		—
Other		11,580.0		165.4		(129.0	)		(21.2	)		(70.1	)		(0.0	)		11,709.1		186.7		11,650.1		165.4
Overseas Total (including Loans Booked Offshore)		—		—		—			—			—			—			—		—		—		—
Governments		—		—		—			—			—			—			—		—		—		—
Financial Institutions		—		—		—			—			—			—			—		—		—		—
Other		—		—		—			—			—			—			—		—		—		—
Total		31,977.0		815.4		(1,399.2	)		(2.1	)		(1,301.9	)		(7.0	)		33,376.2		817.6		33,279.0		822.4
Mizuho Corporate Bank
Domestic Total (excluding Loans Booked Offshore)		18,816.5		186.0		(390.7	)		11.1			(214.7	)		(71.0	)		19,207.3		174.8		19,031.3		257.0
Manufacturing		3,903.9		75.3		(2.0	)		(3.6	)		(102.1	)		9.1			3,905.9		79.0		4,006.0		66.2
Agriculture & Forestry		0.3		—		—			—			(0.1	)		—			0.3		—		0.4		—
Fishery		—		—		—			—			—			—			—		—		—		—
Mining, Quarrying Industry & Gravel Extraction Industry		148.4		—		4.6			—			6.0			—			143.7		—		142.3		—
Construction		310.8		15.5		(4.4	)		1.3			(48.4	)		1.3			315.2		14.2		359.3		14.1
Utilities		1,291.0		3.8		86.6			3.6			556.8			3.2			1,204.4		0.2		734.1		0.6
Communication		468.2		5.3		83.1			(1.2	)		98.9			(0.5	)		385.0		6.5		369.2		5.8
Transportation & Postal Industry		1,487.4		8.8		(4.9	)		7.8			(136.2	)		(68.0	)		1,492.3		1.0		1,623.7		76.9
Wholesale & Retail		1,116.2		2.2		(40.3	)		(1.9	)		23.2			(5.7	)		1,156.5		4.2		1,092.9		7.9
Finance & Insurance		3,929.2		—		(406.3	)		—			(282.5	)		(8.3	)		4,335.5		—		4,211.8		8.3
Real Estate		2,142.2		30.1		16.0			(4.7	)		(124.2	)		(20.2	)		2,126.1		34.8		2,266.4		50.3
Commodity Lease		1,152.4		—		(42.8	)		—			(48.8	)		(15.4	)		1,195.3		—		1,201.3		15.4
Service Industries		614.8		4.8		(25.0	)		3.8			(59.6	)		1.3			639.9		0.9		674.4		3.4
Local Governments		124.9		—		0.9			—			12.6			—			124.0		—		112.3		—
Governments		825.9		—		(142.3	)		—			(247.2	)		—			968.2		—		1,073.1		—
Other		1,300.2		39.9		85.9			6.1			136.8			32.1			1,214.2		33.8		1,163.3		7.7
Overseas Total (including Loans Booked Offshore)		7,457.2		53.3		296.7			(14.3	)		1,061.8			(31.7	)		7,160.4		67.7		6,395.3		85.1
Governments		338.4		—		(16.9	)		—			42.2			—			355.4		—		296.1		—
Financial Institutions		2,536.7		—		212.2			(2.0	)		689.3			(8.7	)		2,324.4		2.0		1,847.3		8.7
Other		4,582.0		53.3		101.5			(12.3	)		330.2			(23.0	)		4,480.5		65.7		4,251.8		76.4
Total		26,273.7		239.4		(94.0	)		(3.2	)		847.0			(102.7	)		26,367.7		242.6		25,426.7		342.2
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,432.1		39.1		(436.2	)		(14.2	)		(792.9	)		(18.1	)		4,868.3		53.4		5,225.1		57.2
Manufacturing		565.2		5.5		41.2			(1.4	)		30.2			(2.0	)		523.9		6.9		535.0		7.5
Agriculture & Forestry		0.0		—		(0.0	)		—			(0.0	)		—			0.0		—		0.0		—
Fishery		—		—		—			—			—			—			—		—		—		—
Mining, Quarrying Industry & Gravel Extraction Industry		5.3		—		1.0			—			0.2			—			4.3		—		5.1		—
Construction		79.8		0.1		(2.8	)		(0.4	)		(15.4	)		(0.3	)		82.6		0.5		95.3		0.4
Utilities		163.2		—		17.7			(0.0	)		64.2			(0.0	)		145.5		0.0		99.0		0.0
Communication		348.5		0.6		(487.3	)		(0.0	)		(622.3	)		(0.1	)		835.9		0.6		970.9		0.7
Transportation & Postal Industry		213.3		0.0		(7.1	)		(1.0	)		(9.6	)		—			220.4		1.0		223.0		0.0
Wholesale & Retail		191.1		0.9		(10.6	)		(0.4	)		(16.1	)		(0.6	)		201.8		1.3		207.2		1.5
Finance & Insurance		354.4		—		(78.6	)		—			(202.5	)		—			433.0		—		556.9		—
Real Estate		963.4		20.3		(5.2	)		(11.7	)		(22.4	)		(15.6	)		968.7		32.1		985.8		36.0
Commodity Lease		201.1		—		(6.5	)		—			(23.4	)		(0.0	)		207.7		—		224.6		0.0
Service Industries		107.4		1.5		32.1			1.2			19.8			(0.3	)		75.2		0.2		87.5		1.8
Local Governments		36.1		2.9		(1.4	)		(0.0	)		(1.1	)		(0.0	)		37.6		2.9		37.3		2.9
Governments		299.1		—		88.3			—			49.4			—			210.7		—		249.7		—
Other		903.4		6.9		(16.9	)		(0.3	)		(43.7	)		1.1			920.4		7.3		947.2		5.8
Overseas Total (including Loans Booked Offshore)		5.6		—		(0.7	)		—			(1.1	)		—			6.4		—		6.7		—
Governments		0.6		—		(0.2	)		—			(0.2	)		—			0.8		—		0.9		—
Financial Institutions		—		—		—			—			—			—			—		—		—		—
Other		5.0		—		(0.5	)		—			(0.8	)		—			5.6		—		5.8		—
Total		4,437.8		39.1		(437.0	)		(14.2	)		(794.1	)		(18.1	)		4,874.8		53.4		5,231.9		57.2

*	Amounts of outstanding loans are aggregated figures of banking and trust accounts, and amounts of non-accrual, past due & restructured loans are aggregated figures of banking and trust accounts with contracts indemnifying the principal amounts.

3-34

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)


	*(Billions of yen, %)*
	As of September 30, 2011																As of March 31, 2011				As of September 30, 2010
					Change from March 31, 2011						Change from September 30, 2010
	Disclosed Claims under the FRL		Coverage Ratio		Disclosed Claims under the FRL			Coverage Ratio			Disclosed Claims under the FRL			Coverage Ratio			Disclosed Claims under the FRL		Coverage Ratio		Disclosed Claims under the FRL		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		1,099.4		72.9		(27.1	)		(3.0	)		(112.8	)		(3.9	)		1,126.6		75.9		1,212.2		76.9
Manufacturing		254.1		56.4		(3.5	)		(1.4	)		19.1			(3.7	)		257.7		57.8		235.0		60.1
Agriculture & Forestry		0.3		87.5		(0.2	)		(5.1	)		(0.0	)		10.4			0.6		92.7		0.4		77.1
Fishery		0.0		100.0		(0.0	)		—			(0.0	)		—			0.0		100.0		0.0		100.0
Mining, Quarrying Industry & Gravel Extraction Industry		0.0		100.0		(0.0	)		—			(0.0	)		—			0.0		100.0		0.0		100.0
Construction		44.5		68.3		(29.4	)		(6.0	)		(16.9	)		(9.4	)		74.0		74.4		61.5		77.8
Utilities		4.0		18.4		3.5			(38.9	)		2.5			(42.7	)		0.4		57.3		1.4		61.1
Communication		36.3		66.4		5.0			0.1			4.8			2.4			31.2		66.2		31.4		63.9
Transportation & Postal Industry		45.5		68.0		14.1			(15.8	)		(65.6	)		(24.7	)		31.4		83.8		111.2		92.7
Wholesale & Retail		180.4		65.4		15.9			(1.8	)		26.5			(2.1	)		164.5		67.2		153.9		67.5
Finance & Insurance		10.1		29.4		6.5			(23.0	)		(6.8	)		(30.0	)		3.6		52.4		16.9		59.4
Real Estate		157.5		87.3		(25.6	)		0.7			(65.2	)		1.8			183.1		86.5		222.7		85.4
Commodity Lease		2.2		81.5		0.5			(5.9	)		(14.8	)		3.6			1.6		87.4		17.0		77.8
Service Industries		113.3		65.9		3.5			(5.0	)		(27.2	)		3.2			109.7		71.0		140.5		62.7
Local Governments		30.6		100.0		(0.0	)		—			(0.0	)		—			30.6		100.0		30.6		100.0
Other		220.0		93.5		(17.4	)		(0.1	)		30.9			(2.7	)		237.5		93.6		189.1		96.2
Overseas Total (including Loans Booked Offshore)		66.6		52.0		(14.7	)		(1.6	)		(23.1	)		(4.9	)		81.3		53.7		89.7		56.9
Governments		—		—		—			—			—			—			—		—		—		—
Financial Institutions		—		—		(2.0	)		—			(8.7	)		—			2.0		100.0		8.7		63.8
Other		66.6		52.0		(12.6	)		(0.4	)		(14.4	)		(4.1	)		79.2		52.4		81.0		56.2
Total		1,166.0		71.7		(41.9	)		(2.7	)		(136.0	)		(3.8	)		1,208.0		74.4		1,302.0		75.5

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

3-35

Mizuho Financial Group, Inc.

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

(1) Balance of Housing and Consumer Loans

Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	As of September 30, 2011
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Housing and Consumer Loans		12,179.0		(204.8	)		(188.8	)		12,383.8		12,367.9
Housing Loans for owner’s residential housing		*10,374.4*		(114.0	)		(19.1	)		10,488.4		10,393.6

Mizuho Bank
Housing and Consumer Loans		11,940.1		(190.5	)		(159.8	)		12,130.6		12,100.0
Housing Loans		11,024.5		(159.9	)		(102.2	)		11,184.4		11,126.7
for owner’s residential housing		*10,166.0*		(102.0	)		4.8			10,268.1		10,161.2
Consumer loans		915.6		(30.5	)		(57.6	)		946.2		973.3

Mizuho Corporate Bank
Housing and Consumer Loans		—		—			—			—		—
Housing Loans		—		—			—			—		—
for owner’s residential housing		—		—			—			—		—
Consumer loans		—		—			—			—		—

Mizuho Trust & Banking (Banking Account + Trust Account)
Housing and Consumer Loans		238.8		(14.2	)		(28.9	)		253.1		267.8
Housing Loans for owner’s residential housing		*208.4*		(11.9	)		(23.9	)		220.3		232.4

*	Above figures are aggregated banking and trust account amounts.

(2) Loans to SMEs and Individual Customers

Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)


	*(%, Billions of yen)*
	As of September 30, 2011
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.4		1.7			1.4			55.7		56.0
Loans to SMEs and Individual Customers		31,741.4		(291.1	)		(482.1	)		32,032.6		32,223.6
* The following Loans to MHFG are not included: As of September 30, 2011: ¥738.3 billion (from MHBK¥700.0 billion; from MHCB ¥38.3 billion) As of March 31, 2011: ¥741.5 billion (from MHBK¥700.0 billion; from MHCB ¥41.5 billion) As of September 30, 2010: ¥700.0 billion (from MHBK)

Mizuho Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		70.8		2.4			2.0			68.4		68.8
Loans to SMEs and Individual Customers		22,670.7		(170.6	)		(240.6	)		22,841.4		22,911.3

Mizuho Corporate Bank
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		37.4		0.2			(0.3	)		37.2		37.8
Loans to SMEs and Individual Customers		7,051.5		(106.3	)		(156.4	)		7,157.9		7,207.9

Mizuho Trust & Banking (Banking Account + Trust Account)
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		45.5		3.7			5.2			41.7		40.2
Loans to SMEs and Individual Customers		2,019.2		(14.0	)		(85.0	)		2,033.3		2,104.3

*	Above figures are aggregated banking and trust account amounts.

*	Above figures do not include loans booked at overseas offices and offshore loans.

*	The definition of “Small and Medium-sized Enterprises” is as follows:

Enterprises of which the capital is ¥300 million or below (¥100 million or below for the wholesale industry, and ¥50 million or below for the retail and service industries), or enterprises with full-time employees of 300 or below (100 or below for the wholesale industry, 50 or below for the retail industry, and 100 or below for the service industry.)

3-36

Mizuho Financial Group, Inc.

10. Status of Loans by Region

(1) Balance of Loans to Restructuring Countries

Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)


	*(Billions of yen, Number of countries)*
	As of September 30, 2011							As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010		As of March 31, 2011		As of September 30, 2010
Loan amount		0.0		(0.0	)		0.0		0.0		0.0
Number of Restructuring Countries*		3		—			1		3		2

*	Number of Restructuring Countries refers to the countries of obligors’ residence.

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

Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2011

Change from March 31, 2011

Change from September 30, 2010

As of March 31, 2011

As of September 30, 2010

Outstanding
Balance

Non-Accrual,
Past Due and
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due and
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due and
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due and
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due and
Restructured
Loans

Asia

2,701.5

13.0

271.7

3.0

648.9

(2.8

)

2,429.7

9.9

2,052.5

15.8

Hong Kong

619.4

1.4

62.2

(0.1

)

138.9

(1.2

)

557.2

1.6

480.4

2.7

Korea

349.2

—

(13.4

)

(0.8

)

36.2

(1.2

)

362.6

0.8

312.9

1.2

Singapore

366.4

3.6

45.1

(0.3

)

84.6

(0.9

)

321.2

3.9

281.7

4.5

Thailand

373.0

5.5

19.5

5.0

62.7

3.6

353.4

0.5

310.3

1.8

Central and South America

2,589.1

52.5

(86.0

)

18.8

168.1

43.0

2,675.1

33.6

2,420.9

9.4

North America

2,177.3

4.7

66.1

1.9

340.0

1.7

2,111.1

2.8

1,837.2

2.9

Eastern Europe

32.1

7.0

(7.8

)

(2.1

)

(23.5

)

(3.9

)

39.9

9.1

55.6

10.9

Western Europe

2,014.4

37.7

94.3

(9.9

)

67.8

(3.7

)

1,920.0

47.6

1,946.6

41.4

Other

706.8

0.5

(95.1

)

(4.1

)

(83.3

)

(18.6

)

801.9

4.6

790.1

19.1

Total

10,221.3

115.5

243.2

7.6

1,118.1

15.6

9,978.0

107.9

9,103.2

99.8

3-37

Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Change in Deferred Tax Assets, etc.

Consolidated



	*(Billions of yen)*
	As of September 30, 2011
				Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011			As of September 30, 2010
Net Deferred Tax Assets (A)		438.2			(32.9	)		(8.7	)		471.1			447.0
(Reference)
Tier I Capital (B)		6,069.8			(100.4	)		(190.3	)		6,170.2			6,260.1
(A)/(B) (%)		7.2			(0.4	)		0.0			7.6			7.1

Non-Consolidated

	*(Billions of yen)*
	As of September 30, 2011
				Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011			As of September 30, 2010
Mizuho Bank
Total Deferred Tax Assets (A)		763.2			(23.4	)		(60.2	)		786.7			823.5
Total Deferred Tax Liabilities (B)		(143.9	)		25.2			40.2			(169.1	)		(184.2	)
(A) + (B)		619.3			1.7			(20.0	)		617.5			639.3
Valuation Allowance		(382.8	)		(1.1	)		(2.1	)		(381.7	)		(380.6	)
Net Deferred Tax Assets (C)		236.4			0.6			(22.1	)		235.8			258.6
(Reference)
Tier I Capital (D)		2,346.3			16.9			414.8			2,329.4			1,931.5
(C)/(D) (%)		10.0			(0.0	)		(3.3	)		10.1			13.3

Mizuho Corporate Bank
Total Deferred Tax Assets (A)		1,085.0			34.1			1.2			1,050.9			1,083.8
Total Deferred Tax Liabilities (B)		(221.9	)		(1.3	)		26.9			(220.5	)		(248.9	)
(A) + (B)		863.1			32.7			28.1			830.3			834.9
Valuation Allowance		(767.8	)		(74.4	)		(29.8	)		(693.4	)		(738.0	)
Net Deferred Tax Assets (C)		95.2			(41.7	)		(1.7	)		136.9			96.9
(Reference)
Tier I Capital (D)		4,018.0			(35.6	)		393.9			4,053.6			3,624.0
(C)/(D) (%)		2.3			(1.0	)		(0.3	)		3.3			2.6

Mizuho Trust & Banking
Total Deferred Tax Assets (A)		116.1			(5.8	)		(13.6	)		122.0			129.7
Total Deferred Tax Liabilities (B)		(12.0	)		1.9			4.7			(13.9	)		(16.7	)
(A) + (B)		104.1			(3.9	)		(8.9	)		108.0			113.0
Valuation Allowance		(87.3	)		(1.2	)		6.5			(86.1	)		(93.8	)
Net Deferred Tax Assets (C)		16.8			(5.1	)		(2.3	)		21.9			19.1
(Reference)
Tier I Capital (D)		310.2			13.9			20.2			296.3			290.0
(C)/(D) (%)		5.4			(1.9	)		(1.1	)		7.4			6.6

Aggregated Figures of the 3 Banks
Total Deferred Tax Assets (A)		1,964.5			4.8			(72.6	)		1,959.7			2,037.2
Total Deferred Tax Liabilities (B)		(378.0	)		25.7			71.8			(403.7	)		(449.9	)
(A) + (B)		1,586.5			30.5			(0.7	)		1,555.9			1,587.3
Valuation Allowance		(1,238.0	)		(76.8	)		(25.4	)		(1,161.2	)		(1,212.5	)
Net Deferred Tax Assets (C)		348.4			(46.2	)		(26.2	)		394.7			374.7
(Reference)
Tier I Capital (D)		6,674.6			(4.7	)		829.0			6,679.3			5,845.6
(C)/(D) (%)		5.2			(0.6	)		(1.1	)		5.9			6.4

3-38

Mizuho Financial Group, Inc.

2. Estimation of Deferred Tax Assets, etc.

Non-Consolidated

(1) Calculation Policy

Recoverability of Deferred Tax Assets is basically assessed based on future taxable income derived from future profitability, considering that Mizuho Bank, Mizuho Corporate Bank and Mizuho Trust & Banking’s fundamental profitability enabled the three banks consistently to report an appropriate level of Net Business Profits in previous periods. Mizuho Bank, Mizuho Corporate Bank and Mizuho Trust & Banking’s tax losses carry-forwards and future deductible temporary differences in the past resulted from nonrecurring special causes, e.g. losses from extraordinary and significant waiver of claims due to the crash of the bubble economy, acceleration of disposition of NPLs and stock holdings in accordance with government policy to stabilize promptly the financial system under the long deflationary depression, and the restructuring of businesses to meet the severe management environment. Since the three banks could have reported positive taxable income every year if the losses from these special factors were excluded, the conditions under the provisory clause of 5. (1) „ of “Audit Guideline for Considering Recoverability of Deferred Tax Assets” (JICPA Audit Committee Report No. 66) have been fulfilled. Period for future taxable income considered in the assessment is five years.

(Reference) Past results of taxable income (tax loss)


	*(Billions of yen)*
	Mizuho Bank		Mizuho Corporate Bank		Mizuho Trust & Banking
First Half of Fiscal 2011 (estimate)		69.0		152.0		11.0
Fiscal 2010		115.8		177.8		20.1
Fiscal 2009		94.8		96.8		16.7
Fiscal 2008		128.9		236.1		10.3
Fiscal 2007		273.2		487.1		74.3
Fiscal 2006		128.6		438.4		83.1

Notes:

1.	Figures are taxable income (tax loss) amounts per the final corporation tax returns before deducting tax losses carried forward from prior years. Subsequent amendments have not been reflected.

2.	Figures for the First Half of Fiscal 2011 are estimates of taxable income before deducting tax losses carried forward from prior years.

3-39

Mizuho Financial Group, Inc.

(2) Estimation for Calculating Deferred Tax Assets

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)* *(Reference)*
		Total amount for five years (from October 1, 2011 to September 30, 2016)				First Half of Fiscal 2011
Gross Profits	1		3,998.8				382.2
General and Administrative Expenses	2		(2,710.2	)			(276.2	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	3		1,288.6				105.9
Credit-related Costs	4		(604.0	)			7.4
Income before Income Taxes	5		362.1				24.7
Tax Adjustments *1	6		636.9
Taxable Income before Current Deductible Temporary Differences *2	7		999.0

Effective Statutory tax rate	8		40.59	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [7 x 8]	9		405.5		ðEqual to Line 26

*1.	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2011.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2011									As of March 31, 2011			As of September 30, 2010
					Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011			As of September 30, 2010
Reserves for Possible Losses on Loans	10		195.5			(14.3	)		(22.9	)		209.9			218.4
Impairment of Securities	11		261.8			12.8			9.2			248.9			252.6
Net Unrealized Losses on Other Securities	12		48.4			(3.8	)		18.5			52.2			29.9
Reserve for Employee Retirement Benefits	13		—			—			—			—			—
Net Deferred Hedge Losses	14		0.5			0.5			0.5			—			—
Tax Losses Carried Forward	15		58.8			(27.9	)		(77.7	)		86.8			136.6
Other	16		198.0			9.2			12.1			188.7			185.9

Total Deferred Tax Assets	17		763.2			(23.4	)		(60.2	)		786.7			823.5

Valuation Allowance	18		(382.8	)		(1.1	)		(2.1	)		(381.7	)		(380.6	)

Sub Total [17 + 18]	19		380.4			(24.5	)		(62.4	)		405.0			442.8

Amount related to Retirement Benefits Accounting *	20		(102.5	)		16.5			20.6			(119.0	)		(123.2	)
Net Unrealized Gains on Other Securities	21		(8.4	)		5.7			7.7			(14.1	)		(16.1	)
Net Deferred Hedge Gains	22		—			2.8			12.2			(2.8	)		(12.2	)
Other	23		(33.0	)		0.1			(0.4	)		(33.1	)		(32.6	)

Total Deferred Tax Liabilities	24		(143.9	)		25.2			40.2			(169.1	)		(184.2	)

Net Deferred Tax Assets (Liabilities) [19 + 24]	25		236.4			0.6			(22.1	)		235.8			258.6
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [9]	26		405.5			(1.0	)		(2.1	)		406.5			407.6
Net Unrealized Gains on Other Securities [21]	27		(8.4	)		5.7			7.7			(14.1	)		(16.1	)
Net Deferred Hedge Losses [14]	28		0.5			0.5			0.5			—			—
Net Deferred Hedge Gains [22]	29		—			2.8			12.2			(2.8	)		(12.2	)
Other (including Deferred Tax Assets corresponding to Remaining Taxable Income before Current Deductible Temporary Differences and others)	30		(161.1	)		(7.3	)		(40.5	)		(153.8	)		(120.5	)

*	Amount related to Retirement Benefits Accounting includes ¥(74.3) billion related to gains on securities contributed to employee retirement benefit trust.

Future taxable income was estimated using more conservative assumptions than those used in the Business Plan, etc. Details of the respective estimated five-year totals are as follows:

Gross Profits: ¥3,998.8 billion [1]

General and Administrative Expenses: ¥2,710.2 billion [2]

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥1,288.6 billion [3]

Income before Income Taxes (including Credit-related costs, etc.): ¥362.1 billion [5]

Taxable Income before Current Deductible Temporary Differences: ¥999.0 billion [7].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans, Tax Losses Carried Forward and others amount to ¥763.2 billion [17]. However, after considering temporary differences which are not expected to be reversed in the next five years, Valuation Allowance of ¥382.8 billion [18] was provided, therefore after offsetting Deferred Tax Liabilities of ¥143.9 billion [24], ¥236.4 billion [25] of Net Deferred Tax Assets was recorded on the balance sheet.

The above includes forward-looking information. See the disclaimer on the first page of this document.

3-40

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

1. Estimate of future taxable income


		*(Billions of yen)* *(Reference)*
		Total amount for five years (from October 1, 2011 to September 30, 2016)					First Half of Fiscal 2011
Gross Profits	1		2,809.0					347.7
General and Administrative Expenses	2		(1,257.4	)				(116.8	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	3		1,551.5					230.8
Credit-related Costs	4		(385.3	)				0.6
Income before Income Taxes	5		916.4					150.3
Tax Adjustments *1	6		263.8
Taxable Income before Current Deductible Temporary Differences *2	7		1,180.2

Effective Statutory tax rate	8		40.69	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [7 x 8]	9		480.2		ð	Equal to Line 26

*1.	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2011.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2011									As of March 31, 2011			As of September 30, 2010
					Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011			As of September 30, 2010
Reserves for Possible Losses on Loans	10		84.0			3.7			(20.6	)		80.2			104.6
Impairment of Securities	11		692.5			84.8			76.9			607.6			615.6
Net Unrealized Losses on Other Securities	12		113.3			7.4			50.8			105.9			62.4
Reserve for Employee Retirement Benefits	13		—			—			—			—			—
Net Deferred Hedge Losses	14		—			—			—			—			—
Tax Losses Carried Forward	15		42.0			(62.0	)		(111.3	)		104.1			153.4
Other	16		153.0			0.1			5.4			152.9			147.6

Total Deferred Tax Assets	17		1,085.0			34.1			1.2			1,050.9			1,083.8

Valuation Allowance	18		(767.8	)		(74.4	)		(29.8	)		(693.4	)		(738.0	)

Sub Total [17 + 18]	19		317.1			(40.3	)		(28.6	)		357.5			345.8

Amount related to Retirement Benefits Accounting *	20		(55.3	)		1.6			2.2			(57.0	)		(57.6	)
Net Unrealized Gains on Other Securities	21		(29.2	)		19.2			7.4			(48.5	)		(36.7	)
Net Deferred Hedge Gains	22		(123.8	)		(28.5	)		12.7			(95.2	)		(136.6	)
Other	23		(13.4	)		6.2			4.5			(19.6	)		(17.9	)

Total Deferred Tax Liabilities	24		(221.9	)		(1.3	)		26.9			(220.5	)		(248.9	)

Net Deferred Tax Assets (Liabilities) [19 + 24]	25		95.2			(41.7	)		(1.7	)		136.9			96.9
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [9]	26		480.2			9.8			2.4			470.4			477.8
Net Unrealized Gains on Other Securities [21]	27		(29.2	)		19.2			7.4			(48.5	)		(36.7	)
Net Deferred Hedge Losses [14]	28		—			—			—			—			—
Net Deferred Hedge Gains [22]	29		(123.8	)		(28.5	)		12.7			(95.2	)		(136.6	)
Other (including Deferred Tax Assets corresponding to Remaining Taxable Income before Current Deductible Temporary Differences and others)	30		(231.8	)		(42.2	)		(24.3	)		(189.6	)		(207.5	)

*	Amount related to Retirement Benefits Accounting includes ¥(27.0) billion related to gains on securities contributed to employee retirement benefit trust.

Future taxable income was estimated using more conservative assumptions than those used in the Business Plan, etc. Details of the respective estimated five-year totals are as follows:

Gross Profits: ¥2,809.0 billion [1]

General and Administrative Expenses: ¥1,257.4 billion [2]

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥1,551.5 billion [3]

Income before Income Taxes (including Credit-related costs, etc.): ¥916.4 billion [5]

Taxable Income before Current Deductible Temporary Differences: ¥1,180.2 billion [7].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans, Tax Losses Carried Forward and others amount to ¥1,085.0 billion [17]. However, after considering temporary differences which are not expected to be reversed in the next five years, Valuation Allowance of ¥767.8 billion [18] was provided, therefore after offsetting Deferred Tax Liabilities of ¥221.9 billion [24], ¥95.2 billion [25] of Net Deferred Tax Assets was recorded on the balance sheet.

The above includes forward-looking information. See the disclaimer on the first page of this document.

3-41

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)* *(Reference)*
		Total amount for five years (from October 1, 2011 to September 30, 2016)					First Half of Fiscal 2011
Gross Profits	1		589.3					62.3
General and Administrative Expenses	2		(383.5	)				(39.6	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	3		205.8					22.6
Credit-related Costs	4		(44.3	)				0.3
Income before Income Taxes	5		123.7					14.2
Tax Adjustments *1	6		31.9
Taxable Income before Current Deductible Temporary Differences *2	7		155.6

Effective Statutory tax rate	8		40.60	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [7 x 8]	9		63.1		ð	Equal to Line 26

*1.	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2011.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2011									As of March 31, 2011			As of September 30, 2010
					Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011			As of September 30, 2010
Reserves for Possible Losses on Loans	10		9.8			(1.4	)		(2.8	)		11.2			12.6
Impairment of Securities	11		59.0			(1.0	)		(1.5	)		60.0			60.6
Net Unrealized Losses on Other Securities	12		5.5			(0.5	)		2.1			6.0			3.3
Reserve for Employee Retirement Benefits	13		13.3			1.0			1.7			12.3			11.5
Net Deferred Hedge Losses	14		2.9			(0.5	)		0.1			3.4			2.7
Tax Losses Carried Forward	15		11.1			(4.4	)		(12.8	)		15.6			23.9
Other	16		14.3			1.1			(0.4	)		13.2			14.8

Total Deferred Tax Assets	17		116.1			(5.8	)		(13.6	)		122.0			129.7

Valuation Allowance	18		(87.3	)		(1.2	)		6.5			(86.1	)		(93.8	)

Sub Total [17 + 18]	19		28.8			(7.0	)		(7.0	)		35.9			35.9

Amount related to Retirement Benefits Accounting *	20		(6.0	)		—			—			(6.0	)		(6.0	)
Net Unrealized Gains on Other Securities	21		(5.6	)		1.7			4.7			(7.3	)		(10.3	)
Net Deferred Hedge Gains	22		—			—			—			—			—
Other	23		(0.3	)		0.2			(0.0	)		(0.5	)		(0.3	)

Total Deferred Tax Liabilities	24		(12.0	)		1.9			4.7			(13.9	)		(16.7	)

Net Deferred Tax Assets (Liabilities) [19 + 24]	25		16.8			(5.1	)		(2.3	)		21.9			19.1
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [9]	26		63.1			(3.4	)		8.1			66.6			55.0
Net Unrealized Gains on Other Securities [21]	27		(5.6	)		1.7			4.7			(7.3	)		(10.3	)
Net Deferred Hedge Losses [14]	28		2.9			(0.5	)		0.1			3.4			2.7
Net Deferred Hedge Gains [22]	29		—			—			—			—			—
Other (including Deferred Tax Assets corresponding to Remaining Taxable Income before Current Deductible Temporary Differences and others)	30		(43.6	)		(2.8	)		(15.3	)		(40.8	)		(28.3	)

*	Amount related to Retirement Benefits Accounting is deferred tax liabilities related to gains on securities contributed to employee retirement benefit trust.

Future taxable income was estimated using more conservative assumptions than those used in the Business Plan, etc. Details of the respective estimated five-year totals are as follows:

Gross Profits: ¥589.3 billion [1]

General and Administrative Expenses: ¥383.5 billion [2]

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥205.8 billion [3]

Income before Income Taxes (including Credit-related costs, etc.): ¥123.7 billion [5]

Taxable Income before Current Deductible Temporary Differences: ¥155.6 billion [7].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans, Tax Losses Carried Forward and others amount to ¥116.1 billion [17]. However, after considering temporary differences which are not expected to be reversed in the next five years, Valuation Allowance of ¥87.3 billion [18] was provided, therefore after offsetting Deferred Tax Liabilities of ¥12.0 billion [24], ¥16.8 billion [25] of Net Deferred Tax Assets was recorded on the balance sheet.

The above includes forward-looking information. See the disclaimer on the first page of this document.

3-42

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks

1. Estimate of future taxable income


		*(Billions of yen)* *(Reference)*
		Total amount for five years (from October 1, 2011 to September 30, 2016)					First Half of Fiscal 2011
Gross Profits	1		7,397.1					792.3
General and Administrative Expenses	2		(4,351.1	)				(432.7	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	3		3,045.9					359.5
Credit-related Costs	4		(1,033.6	)				8.4
Income before Income Taxes	5		1,402.2					189.2
Tax Adjustments *1	6		932.7
Taxable Income before Current Deductible Temporary Differences *2	7		2,334.9

Effective Statutory tax rate	8		40.59%~40.69	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [7 x 8]	9		948.9		ð	Equal to Line 26

*1.	Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others.

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2011.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2011									As of March 31, 2011			As of September 30, 2010
					Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011			As of September 30, 2010
Reserves for Possible Losses on Loans	10		289.3			(12.0	)		(46.4	)		301.4			335.8
Impairment of Securities	11		1,013.4			96.7			84.6			916.7			928.8
Net Unrealized Losses on Other Securities	12		167.2			3.0			71.5			164.2			95.7
Reserve for Employee Retirement Benefits	13		13.3			1.0			1.7			12.3			11.5
Net Deferred Hedge Losses	14		3.4			(0.0	)		0.6			3.4			2.7
Tax Losses Carried Forward	15		112.1			(94.4	)		(201.9	)		206.5			314.0
Other	16		365.5			10.5			17.0			354.9			348.4

Total Deferred Tax Assets	17		1,964.5			4.8			(72.6	)		1,959.7			2,037.2

Valuation Allowance	18		(1,238.0	)		(76.8	)		(25.4	)		(1,161.2	)		(1,212.5	)

Sub Total [17 + 18]	19		726.4			(71.9	)		(98.1	)		798.4			824.6

Amount related to Retirement Benefits Accounting *	20		(163.9	)		18.1			22.9			(182.1	)		(186.8	)
Net Unrealized Gains on Other Securities	21		(43.3	)		26.7			19.9			(70.0	)		(63.2	)
Net Deferred Hedge Gains	22		(123.8	)		(25.7	)		24.9			(98.1	)		(148.8	)
Other	23		(46.8	)		6.5			4.0			(53.4	)		(50.9	)

Total Deferred Tax Liabilities	24		(378.0	)		25.7			71.8			(403.7	)		(449.9	)

Net Deferred Tax Assets (Liabilities) [19 + 24]	25		348.4			(46.2	)		(26.2	)		394.7			374.7
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [9]	26		948.9			5.2			8.4			943.6			940.4
Net Unrealized Gains on Other Securities [21]	27		(43.3	)		26.7			19.9			(70.0	)		(63.2	)
Net Deferred Hedge Losses [14]	28		3.4			(0.0	)		0.6			3.4			2.7
Net Deferred Hedge Gains [22]	29		(123.8	)		(25.7	)		24.9			(98.1	)		(148.8	)
Other (including Deferred Tax Assets corresponding to Remaining Taxable Income before Current Deductible Temporary Differences and others)	30		(436.7	)		(52.4	)		(80.2	)		(384.2	)		(356.4	)

*	Amount related to Retirement Benefits Accounting includes ¥(107.4) billion related to gains on securities contributed to employee retirement benefit trust.

The above includes forward-looking information. See the disclaimer on the first page of this document.

3-43

Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregated Figures of the 3 Banks


	*(Billions of yen)*
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Deposits		69,485.6		(2,327.2	)		1,134.2			71,812.8		68,351.3
Individual Deposits		36,465.2		842.2			1,304.9			35,622.9		35,160.2
Corporate Deposits		27,745.5		(2,681.6	)		(142.7	)		30,427.1		27,888.2
Financial/Government Institutions		5,274.8		(487.8	)		(27.9	)		5,762.7		5,302.8

Mizuho Bank

Deposits		56,166.9		(40.2	)		1,518.2			56,207.2		54,648.7
Individual Deposits		34,935.5		913.1			1,431.2			34,022.3		33,504.2
Corporate Deposits		18,488.1		(545.8	)		(25.5	)		19,034.0		18,513.7
Financial/Government Institutions		2,743.3		(407.5	)		112.5			3,150.8		2,630.7

Mizuho Corporate Bank

Deposits		11,172.4		(2,128.4	)		(212.9	)		13,300.9		11,385.3
Individual Deposits		10.6		5.7			6.9			4.8		3.6
Corporate Deposits		8,723.1		(2,076.8	)		(94.1	)		10,800.0		8,817.3
Financial/Government Institutions		2,438.6		(57.3	)		(125.7	)		2,496.0		2,564.3

Mizuho Trust & Banking

Deposits		2,146.2		(158.4	)		(171.0	)		2,304.6		2,317.2
Individual Deposits		1,519.0		(76.5	)		(133.2	)		1,595.6		1,652.3
Corporate Deposits		534.2		(58.9	)		(23.0	)		593.1		557.2
Financial/Government Institutions		92.9		(22.9	)		(14.8	)		115.8		107.7

*	Above figures are before adjustment of transit accounts for inter-office transactions, and do not include deposits booked at overseas offices and offshore deposits.

3-44

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

Figures are based on the information to be provided in Yuka Shoken Hokokusho.

Mizuho Financial Group, Inc. (Non-Consolidated)


	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Members of the Board of Directors and Auditors		14		—			—			14		14
Executive Officers (excluding those doubling as directors)		6		2			2			4		4
Employees (excluding Executive Officers)		543		132			237			411		306
* Three members of the Board of Directors and Auditors double as directors of the banking subsidiaries and one member of the Board of Directors and Auditors doubles as an executive officer of the banking subsidiary. Three members of Executive Officers double as executive officers of the banking subsidiaries.

Non-Consolidated Aggregated Figures of the 3 Banks
	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Members of the Board of Directors and Auditors		29		(1	)		(2	)		30		31
Executive Officers (excluding those doubling as directors)		95		6			4			89		91
Employees (excluding Executive Officers)		31,314		706			118			30,608		31,196
* The numbers have been adjusted for Members of the Board of Directors and Auditors and Executive Officers doubling other positions.

Mizuho Bank

Members of the Board of Directors and Auditors		11		1			1			10		10
Executive Officers (excluding those doubling as directors)		35		4			4			31		31
Employees (excluding Executive Officers)		19,698		729			180			18,969		19,518

Mizuho Corporate Bank

Members of the Board of Directors and Auditors		10		1			—			9		10
Executive Officers (excluding those doubling as directors)		41		2			—			39		41
Employees (excluding Executive Officers)		8,341		34			51			8,307		8,290

Mizuho Trust & Banking

Members of the Board of Directors and Auditors		10		(3	)		(3	)		13		13
Executive Officers (excluding those doubling as directors)		21		2			2			19		19
Employees (excluding Executive Officers)		3,275		(57	)		(113	)		3,332		3,388

3-45

Mizuho Financial Group, Inc.

3. Number of Branches and Offices

Non-Consolidated

Aggregated Figures of the 3 Banks


	As of September 30, 2011								As of March 31, 2011		As of September 30, 2010
			Change from March 31, 2011			Change from September 30, 2010			As of March 31, 2011		As of September 30, 2010
Head Offices and Domestic Branches		451		2			5			449		446
Overseas Branches		22		—			—			22		22
Domestic Sub-Branches		48		2			7			46		41
Overseas Sub-Branches		11		—			—			11		11
Overseas Representative Offices		5		(1	)		(1	)		6		6
* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (42), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1) and pension plan advisory offices (1).

Mizuho Bank

Head Office and Domestic Branches		397		2			5			395		392
Overseas Branches		—		—			—			—		—
Domestic Sub-Branches		38		—			1			38		37
Overseas Sub-Branches		—		—			—			—		—
Overseas Representative Offices		—		—			—			—		—
* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (18), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1) and pension plan advisory offices (1).

Mizuho Corporate Bank

Head Office and Domestic Branches		18		—			—			18		18
Overseas Branches		22		—			—			22		22
Domestic Sub-Branches		—		—			—			—		—
Overseas Sub-Branches		11		—			—			11		11
Overseas Representative Offices		5		(1	)		(1	)		6		6
* Head Office and Domestic Branches do not include branches and offices for remittance purposes only (24).

Mizuho Trust & Banking

Head Office and Domestic Branches		36		—			—			36		36
Overseas Branches		—		—			—			—		—
Domestic Sub-Branches		10		2			6			8		4
Overseas Sub-Branches		—		—			—			—		—
Overseas Representative Offices		—		—			—			—		—

3-46

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2011

Consolidated


	*(Billions of yen)*
	Fiscal 2011
Ordinary Profits		0.0
Net Income		0.0

(Reference)

Mizuho Bank, Mizuho Corporate Bank, Mizuho Trust & Banking

Aggregated Figures of the 3 Banks (Non-consolidated)

(Billions of yen)

Fiscal 2011

Aggregated Figures

MHBK

MHCB

MHTB

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)

0.0

Ordinary Profits

0.0

Net Income

0.0

Credit-related Costs

0.0

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

The above includes forward-looking information. See the disclaimer on the first page of this document.

3-47

Mizuho Financial Group, Inc.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items) OF MIZUHO BANK


	*Millions of yen*
	As of September 30, 2011 (A)			As of September 30, 2010 (B)			Change (A) - (B)			As of March 31, 2011 (C)			Change (A) - (C)
Assets
Cash and Due from Banks	¥	3,002,895		¥	2,382,521		¥	620,373		¥	4,758,812		¥	(1,755,916	)
Call Loans		8,640,000			8,640,000			—			8,640,000			—
Guarantee Deposits Paid under Securities Borrowing Transactions		276,082			733,274			(457,192	)		430,337			(154,255	)
Other Debt Purchased		840,569			1,106,455			(265,886	)		944,811			(104,241	)
Trading Assets		1,109,753			1,274,349			(164,596	)		1,057,313			52,440
Money Held in Trust		928			1,020			(91	)		984			(56	)
Securities		23,306,191			19,619,995			3,686,195			19,887,559			3,418,631
Loans and Bills Discounted		31,977,021			33,279,008			(1,301,987	)		33,376,277			(1,399,256	)
Foreign Exchange Assets		108,307			120,347			(12,040	)		130,547			(22,240	)
Other Assets		2,439,850			2,768,499			(328,649	)		2,482,773			(42,923	)
Tangible Fixed Assets		737,329			739,312			(1,982	)		748,700			(11,370	)
Intangible Fixed Assets		220,037			190,659			29,378			216,366			3,671
Deferred Tax Assets		236,455			258,645			(22,190	)		235,826			628
Customers’ Liabilities for Acceptances and Guarantees		938,033			968,970			(30,937	)		953,547			(15,514	)
Reserves for Possible Losses on Loans		(377,370	)		(415,501	)		38,131			(403,089	)		25,719
Reserve for Possible Losses on Investments		(1	)		(13	)		11			(14	)		12

Total Assets	¥	73,456,083		¥	71,667,547		¥	1,788,536		¥	73,460,755		¥	(4,671	)

Liabilities
Deposits	¥	56,207,106		¥	54,674,470		¥	1,532,635		¥	56,261,351		¥	(54,244	)
Negotiable Certificates of Deposit		1,028,630			1,802,780			(774,150	)		1,067,200			(38,570	)
Debentures		25,932			780,097			(754,165	)		740,932			(715,000	)
Call Money		1,393,125			1,535,700			(142,574	)		1,129,300			263,825
Guarantee Deposits Received under Securities Lending Transactions		2,684,429			1,506,410			1,178,019			1,174,557			1,509,872
Trading Liabilities		315,244			306,789			8,454			298,680			16,563
Borrowed Money		5,186,932			4,457,731			729,200			6,024,707			(837,774	)
Foreign Exchange Liabilities		12,962			13,394			(431	)		14,040			(1,078	)
Short-term Bonds		—			10,000			(10,000	)		—			—
Bonds and Notes		780,800			819,800			(39,000	)		802,400			(21,600	)
Other Liabilities		2,709,412			2,972,216			(262,804	)		2,829,438			(120,026	)
Reserve for Bonus Payments		8,487			8,644			(156	)		9,070			(582	)
Reserve for Reimbursement of Deposits		14,893			13,705			1,188			14,079			814
Reserve for Reimbursement of Debentures		15,245			11,615			3,629			13,344			1,901
Deferred Tax Liabilities for Revaluation Reserve for Land		75,806			77,346			(1,539	)		77,333			(1,527	)
Acceptances and Guarantees		938,033			968,970			(30,937	)		953,547			(15,514	)

Total Liabilities		71,397,042			69,959,673			1,437,369			71,409,983			(12,941	)

Net Assets
Common Stock and Preferred Stock		700,000			700,000			—			700,000			—
Capital Surplus		1,057,242			681,432			375,810			1,057,242			—
Capital Reserve		490,707			490,707			—			490,707			—
Other Capital Surplus		566,535			190,725			375,810			566,535			—
Retained Earnings		259,205			216,543			42,661			239,365			19,839
Appropriated Reserve		1,332			1,332			0			1,332			0
Other Retained Earnings		257,872			215,210			42,661			238,033			19,839
Retained Earnings Brought Forward		257,872			215,210			42,661			238,033			19,839

Total Shareholders’ Equity		2,016,447			1,597,975			418,472			1,996,608			19,839

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		(63,297	)		(16,891	)		(46,406	)		(58,823	)		(4,473	)
Net Deferred Hedge Gains (Losses), net of Taxes		(747	)		17,897			(18,644	)		4,113			(4,860	)
Revaluation Reserve for Land, net of Taxes		106,638			108,892			(2,253	)		108,873			(2,235	)

Total Valuation and Translation Adjustments		42,593			109,898			(67,304	)		54,163			(11,569	)

Total Net Assets		2,059,041			1,707,874			351,167			2,050,771			8,269

Total Liabilities and Net Assets	¥	73,456,083		¥	71,667,547		¥	1,788,536		¥	73,460,755		¥	(4,671	)

3-48

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME (selected items) OF MIZUHO BANK


	*Millions of yen*
	For the six months ended September 30, 2011 (A)		For the six months ended September 30, 2010 (B)			Change (A) - (B)			For the fiscal year ended March 31, 2011
Ordinary Income	¥	515,560	¥	549,489		¥	(33,928	)	¥	1,034,929
Interest Income		318,258		345,453			(27,194	)		680,532
Interest on Loans and Bills Discounted		*224,749*		241,530			(16,780	)		476,273
Interest and Dividends on Securities		*57,096*		57,170			(74	)		116,182
Fee and Commission Income		97,171		104,809			(7,638	)		203,073
Trading Income		28,195		42,663			(14,467	)		55,197
Other Operating Income		30,635		41,420			(10,784	)		66,561
Other Ordinary Income*		41,298		15,142			26,155			29,566

Ordinary Expenses		461,354		460,205			1,148			896,454
Interest Expenses		45,615		59,568			(13,953	)		108,781
Interest on Deposits		*19,046*		30,220			(11,174	)		51,208
Interest on Debentures		*339*		1,607			(1,267	)		3,108
Fee and Commission Expenses		30,256		30,921			(664	)		55,252
Other Operating Expenses		16,171		22,164			(5,992	)		32,032
General and Administrative Expenses		300,009		304,627			(4,618	)		605,250
Other Ordinary Expenses		69,302		42,923			26,378			95,136

Ordinary Profits		54,205		89,283			(35,077	)		138,475

Extraordinary Gains*		38		28,702			(28,664	)		38,860

Extraordinary Losses		29,525		3,390			26,135			5,468

Income before Income Taxes		24,718		114,595			(89,877	)		171,867
Income Taxes:
Current		219		247			(28	)		476
Deferred		6,894		(12,669	)		19,563			21,570

Net Income	¥	17,604	¥	127,017		¥	(109,412	)	¥	149,821

*	Reversal of Reserve for Possible Losses on Investments and Reversal of Reserves for Possible Losses on Loans, etc., which had been included in “Extraordinary Gains” until the previous period, have been included in “Other Ordinary Income” beginning with this period.

3-49

Mizuho Financial Group, Inc.

NON-CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS OF MIZUHO BANK


	*Millions of yen*
	Shareholders’ Equity																					Valuation and Translation Adjustments
			Capital Surplus						Retained Earnings
	Common Stock and Preferred Stock		Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings			Treasury Stock		Total Shareholders’ Equity			Net Unrealized Gains (Losses) on Other Securities, net of Taxes			Net Deferred Hedge Gains (Losses), net of Taxes			Revaluation Reserve for Land, net of Taxes			Total Valuation and Translation Adjustments			Total Net Assets
	Common Stock and Preferred Stock		Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings			Treasury Stock		Total Shareholders’ Equity						Net Deferred Hedge Gains (Losses), net of Taxes			Revaluation Reserve for Land, net of Taxes			Total Valuation and Translation Adjustments			Total Net Assets
Balance as of April 1, 2011	¥	700,000	¥	490,707	¥	566,535	¥	1,057,242	¥	1,332	¥	238,033		¥	239,365			—	¥	1,996,608		¥	(58,823	)	¥	4,113		¥	108,873		¥	54,163		¥	2,050,771

Changes during the period
Cash Dividends		—		—		—		—		0		(0	)		(0	)		—		(0	)		—			—			—			—			(0	)
Net Income		—		—		—		—		—		17,604			17,604			—		17,604			—			—			—			—			17,604
Transfer from Revaluation Reserve for Land, net of Taxes		—		—		—		—		—		2,235			2,235			—		2,235			—			—			—			—			2,235
Net Changes in Items other than Shareholders’ Equity		—		—		—		—		—		—			—			—		—			(4,473	)		(4,860	)		(2,235	)		(11,569	)		(11,569	)

Total Changes during the period		—		—		—		—		0		19,839			19,839			—		19,839			(4,473	)		(4,860	)		(2,235	)		(11,569	)		8,269

Balance as of September 30, 2011	¥	700,000	¥	490,707	¥	566,535	¥	1,057,242	¥	1,332	¥	257,872		¥	259,205			—	¥	2,016,447		¥	(63,297	)	¥	(747	)	¥	106,638		¥	42,593		¥	2,059,041

3-50

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items) OF MIZUHO CORPORATE BANK


	*Millions of yen*
	As of September 30, 2011 (A)			As of September 30, 2010 (B)			Change (A) - (B)			As of March 31, 2011(C)			Change (A) - (C)
Assets
Cash and Due from Banks	¥	3,562,044		¥	2,042,834		¥	1,519,209		¥	5,546,714		¥	(1,984,670	)
Call Loans		224,773			212,036			12,736			297,686			(72,913	)
Receivables under Resale Agreements		731,014			1,246,495			(515,480	)		481,642			249,372
Guarantee Deposits Paid under Securities Borrowing Transactions		1,240,053			1,777,801			(537,748	)		1,042,798			197,255
Other Debt Purchased		90,113			83,774			6,339			91,054			(940	)
Trading Assets		5,037,747			5,414,879			(377,131	)		4,499,655			538,092
Money Held in Trust		101			2,024			(1,923	)		2,024			(1,922	)
Securities		22,842,729			23,233,677			(390,948	)		23,345,084			(502,355	)
Loans and Bills Discounted		26,273,753			25,426,700			847,052			26,367,776			(94,023	)
Foreign Exchange Assets		868,334			579,300			289,033			792,269			76,064
Derivatives other than for Trading		6,578,953			8,355,847			(1,776,893	)		5,989,607			589,345
Other Assets		896,108			1,578,091			(681,982	)		1,369,417			(473,308	)
Tangible Fixed Assets		100,018			105,024			(5,006	)		103,726			(3,707	)
Intangible Fixed Assets		67,710			76,391			(8,680	)		74,902			(7,191	)
Deferred Tax Assets		95,208			96,933			(1,724	)		136,911			(41,702	)
Customers’ Liabilities for Acceptances and Guarantees		3,436,433			3,040,475			395,958			3,483,003			(46,569	)
Reserves for Possible Losses on Loans		(209,803	)		(284,231	)		74,427			(211,992	)		2,188
Reserve for Possible Losses on Investments		(2,496	)		(4,828	)		2,332			(2,508	)		12

Total Assets	¥	71,832,800		¥	72,983,231		¥	(1,150,430	)	¥	73,409,773		¥	(1,576,973	)

Liabilities
Deposits	¥	19,606,163		¥	19,208,618		¥	397,544		¥	21,448,735		¥	(1,842,571	)
Negotiable Certificates of Deposit		9,396,772			9,040,140			356,631			7,922,176			1,474,596
Debentures		—			347,430			(347,430	)		—			—
Call Money		11,470,813			11,498,960			(28,146	)		11,557,672			(86,858	)
Payables under Repurchase Agreements		3,694,078			4,487,419			(793,340	)		3,546,579			147,498
Guarantee Deposits Received under Securities Lending Transactions		2,119,688			1,579,528			540,159			1,961,840			157,847
Trading Liabilities		3,887,000			4,353,770			(466,770	)		3,140,425			746,574
Borrowed Money		4,860,088			3,827,092			1,032,995			7,443,572			(2,583,483	)
Foreign Exchange Liabilities		214,967			225,136			(10,169	)		195,177			19,789
Short-term Bonds		109,500			162,000			(52,500	)		114,900			(5,400	)
Bonds and Notes		3,174,259			2,946,969			227,290			3,225,016			(50,756	)
Derivatives other than for Trading		5,968,956			7,659,779			(1,690,822	)		5,643,375			325,581
Other Liabilities		479,948			1,603,234			(1,123,285	)		362,653			117,294
Reserve for Bonus Payments		4,592			5,127			(535	)		7,279			(2,686	)
Reserve for Possible Losses on Sales of Loans		686			2,815			(2,128	)		420			266
Reserve for Contingencies		1,027			1,034			(7	)		974			52
Deferred Tax Liabilities for Revaluation Reserve for Land		20,819			21,237			(418	)		21,082			(262	)
Acceptances and Guarantees		3,436,433			3,040,475			395,958			3,483,003			(46,569	)

Total Liabilities		68,445,797			70,010,772			(1,564,975	)		70,074,884			(1,629,087	)

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—			1,404,065			—
Capital Surplus		1,039,244			663,434			375,810			1,039,244			—
Capital Reserve		578,540			578,540			—			578,540			—
Other Capital Surplus		460,703			84,893			375,810			460,703			—
Retained Earnings		846,337			664,303			182,033			720,831			125,506
Appropriated Reserve		1,355			1,355			0			1,355			0
Other Retained Earnings		844,981			662,947			182,033			719,475			125,506
Retained Earnings Brought Forward		844,981			662,947			182,033			719,475			125,506

Total Shareholders’ Equity		3,289,646			2,731,802			557,844			3,164,140			125,506

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		(111,665	)		12,483			(124,148	)		3,011			(114,676	)
Net Deferred Hedge Gains (Losses), net of Taxes		180,571			199,111			(18,540	)		138,904			41,667
Revaluation Reserve for Land, net of Taxes		28,450			29,060			(610	)		28,833			(383	)

Total Valuation and Translation Adjustments		97,356			240,655			(143,298	)		170,749			(73,392	)

Total Net Assets		3,387,003			2,972,458			414,545			3,334,889			52,113

Total Liabilities and Net Assets	¥	71,832,800		¥	72,983,231		¥	(1,150,430	)	¥	73,409,773		¥	(1,576,973	)

3-51

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME (selected items) OF MIZUHO CORPORATE BANK


	*Millions of yen*
	For the six months ended September 30, 2011 (A)		For the six months ended September 30, 2010 (B)		Change (A) - (B)			For the fiscal year ended March 31, 2011
Ordinary Income	¥	541,871	¥	598,793	¥	(56,922	)	¥	1,094,173
Interest Income		322,514		340,122		(17,608	)		665,886
Interest on Loans and Bills Discounted		*165,504*		168,126		(2,621	)		335,873
Interest and Dividends on Securities		*103,424*		119,547		(16,122	)		225,973
Fee and Commission Income		70,788		67,806		2,982			144,194
Trading Income		4,220		46,193		(41,973	)		62,787
Other Operating Income		130,292		121,456		8,836			182,656
Other Ordinary Income*		14,055		23,216		(9,160	)		38,647

Ordinary Expenses		390,902		348,314		42,588			753,033
Interest Expenses		132,473		135,288		(2,815	)		270,115
Interest on Deposits		*24,251*		24,472		(221	)		49,555
Interest on Debentures		—		2,379		(2,379	)		3,423
Fee and Commission Expenses		11,336		11,315		21			22,852
Trading Expenses		1,920		—		1,920			—
Other Operating Expenses		34,352		31,756		2,596			84,230
General and Administrative Expenses		125,435		127,263		(1,828	)		255,316
Other Ordinary Expenses		85,384		42,690		42,693			120,519

Ordinary Profits		150,969		250,479		(99,510	)		341,139

Extraordinary Gains*		55		22,051		(21,995	)		41,333

Extraordinary Losses		678		3,021		(2,343	)		3,935

Income before Income Taxes		150,346		269,508		(119,162	)		378,537
Income Taxes:
Current		11,756		4,670		7,085			12,618
Deferred		13,466		49,142		(35,676	)		93,923

Net Income	¥	125,123	¥	215,695	¥	(90,572	)	¥	271,995

*	Reversal of Reserves for Possible Losses on Loans, etc., which had been included in “Extraordinary Gains” until the previous period, has been included in “Other Ordinary Income” beginning with this period.

3-52

Mizuho Financial Group, Inc.

NON-CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS OF MIZUHO CORPORATE BANK


	*Millions of yen*
	Shareholders’ Equity																					Valuation and Translation Adjustments
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings													Net Unrealized Gains (Losses) on Other Securities, net of Taxes			Net Deferred Hedge Gains (Losses), net of Taxes		Revaluation Reserve for Land, net of Taxes			Total Valuation and Translation Adjustments			Total Net Assets
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings			Treasury Stock		Total Shareholders’ Equity
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings			Treasury Stock		Total Shareholders’ Equity
Balance as of April 1, 2011	¥	1,404,065	¥	578,540	¥	460,703	¥	1,039,244	¥	1,355	¥	719,475		¥	720,831			—	¥	3,164,140		¥	3,011		¥	138,904	¥	28,833		¥	170,749		¥	3,334,889

Changes during the period
Cash Dividends		—		—		—		—		0		(0	)		(0	)		—		(0	)		—			—		—			—			(0	)
Net Income		—		—		—		—		—		125,123			125,123			—		125,123			—			—		—			—			125,123
Transfer from Revaluation Reserve for Land, net of Taxes		—		—		—		—		—		383			383			—		383			—			—		—			—			383
Net Changes in Items other than Shareholders’ Equity		—		—		—		—		—		—			—			—		—			(114,676	)		41,667		(383	)		(73,392	)		(73,392	)

Total Changes during the period		—		—		—		—		0		125,506			125,506			—		125,506			(114,676	)		41,667		(383	)		(73,392	)		52,113

Balance as of September 30, 2011	¥	1,404,065	¥	578,540	¥	460,703	¥	1,039,244	¥	1,355	¥	844,981		¥	846,337			—	¥	3,289,646		¥	(111,665	)	¥	180,571	¥	28,450		¥	97,356		¥	3,387,003

3-53

Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of September 30, 2011 (A)			As of September 30, 2010 (B)			Change (A) - (B)			As of March 31, 2011 (C)			Change (A) - (C)
Assets
Cash and Due from Banks	¥	534,316		¥	336,433		¥	197,883		¥	497,456		¥	36,859
Call Loans		17,279			18,352			(1,072	)		—			17,279
Other Debt Purchased		112,485			158,528			(46,042	)		135,487			(23,001	)
Trading Assets		70,040			79,835			(9,795	)		61,592			8,447
Securities		2,129,273			1,887,677			241,595			2,062,272			67,000
Loans and Bills Discounted		3,342,652			3,338,203			4,449			3,249,647			93,005
Foreign Exchange Assets		187			1,055			(868	)		180			6
Other Assets		138,339			166,542			(28,203	)		163,447			(25,108	)
Tangible Fixed Assets		28,727			29,144			(416	)		29,046			(319	)
Intangible Fixed Assets		19,373			21,487			(2,113	)		19,684			(310	)
Deferred Tax Assets		16,808			19,176			(2,368	)		21,980			(5,172	)
Customers’ Liabilities for Acceptances and Guarantees		49,518			40,829			8,689			42,007			7,511
Reserves for Possible Losses on Loans		(17,377	)		(21,902	)		4,525			(18,127	)		749
Reserve for Possible Losses on Investments		—			—			—			(0	)		0

Total Assets	¥	6,441,625		¥	6,075,364		¥	366,261		¥	6,264,676		¥	176,949

Liabilities
Deposits	¥	2,157,421		¥	2,323,980		¥	(166,558	)	¥	2,313,827		¥	(156,405	)
Negotiable Certificates of Deposit		1,047,030			755,610			291,420			976,410			70,620
Call Money		700,464			581,227			119,236			582,328			118,135
Guarantee Deposits Received under Securities Lending Transactions		287,236			367,737			(80,500	)		190,798			96,438
Trading Liabilities		70,814			80,832			(10,018	)		63,532			7,281
Borrowed Money		816,100			546,000			270,100			785,670			30,430
Foreign Exchange Liabilities		2			3			(0	)		7			(4	)
Bonds and Notes		88,500			118,700			(30,200	)		88,500			—
Due to Trust Accounts		862,710			894,625			(31,915	)		849,340			13,370
Other Liabilities		23,378			27,609			(4,231	)		25,939			(2,561	)
Reserve for Bonus Payments		1,963			1,978			(15	)		1,956			6
Reserve for Contingencies		13,306			13,086			220			13,315			(8	)
Reserve for Reimbursement of Deposits		1,196			1,207			(11	)		1,150			45
Acceptances and Guarantees		49,518			40,829			8,689			42,007			7,511

Total Liabilities		6,119,644			5,753,429			366,214			5,934,784			184,860

Net Assets
Common Stock and Preferred Stock		247,369			247,303			66			247,303			66
Capital Surplus		15,505			15,439			66			15,439			66
Capital Reserve		15,505			15,439			66			15,439			66
Retained Earnings		51,796			36,508			15,288			49,415			2,381
Appropriated Reserve		9,508			8,061			1,447			8,061			1,447
Other Retained Earnings		42,288			28,447			13,840			41,354			934
Retained Earnings Brought Forward		42,288			28,447			13,840			41,354			934
Treasury Stock		—			(138	)		138			(140	)		140

Total Shareholders’ Equity		314,671			299,112			15,559			312,018			2,653

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		11,607			26,484			(14,876	)		22,580			(10,973	)
Net Deferred Hedge Gains (Losses), net of Taxes		(4,298	)		(4,048	)		(249	)		(5,093	)		794

Total Valuation and Translation Adjustments		7,309			22,435			(15,126	)		17,487			(10,178	)

Stock Acquisition Rights		—			385			(385	)		385			(385	)

Total Net Assets		321,981			321,934			46			329,891			(7,910	)

Total Liabilities and Net Assets	¥	6,441,625		¥	6,075,364		¥	366,261		¥	6,264,676		¥	176,949

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Mizuho Financial Group, Inc.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME (selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the six months ended September 30, 2011 (A)		For the six months ended September 30, 2010 (B)		Change (A) - (B)			For the fiscal year ended March 31, 2011
Ordinary Income	¥	86,643	¥	89,858	¥	(3,215	)	¥	175,670
Fiduciary Income		24,242		23,806		435			48,773
Interest Income		30,243		31,030		(786	)		62,873
Interest on Loans and Bills Discounted		*21,325*		24,246		(2,921	)		46,516
Interest and Dividends on Securities		*7,819*		5,334		2,484			13,681
Fee and Commission Income		20,830		21,005		(175	)		41,737
Trading Income		1,029		1,612		(583	)		3,239
Other Operating Income		7,101		8,366		(1,265	)		13,379
Other Ordinary Income *1		3,196		4,036		(840	)		5,665

Ordinary Expenses		72,397		74,331		(1,934	)		148,007
Interest Expenses		8,855		10,746		(1,890	)		20,339
Interest on Deposits		*2,475*		3,990		(1,515	)		7,107
Fee and Commission Expenses *2		11,772		12,118		(345	)		22,795
Trading Expenses		—		175		(175	)		—
Other Operating Expenses		463		720		(256	)		3,340
General and Administrative Expenses *2		43,623		44,224		(601	)		87,637
Other Ordinary Expenses		7,682		6,347		1,334			13,894

Ordinary Profits		14,245		15,526		(1,281	)		27,662

Extraordinary Gains *1		—		596		(596	)		4,557

Extraordinary Losses		28		146		(118	)		188

Income before Income Taxes		14,217		15,976		(1,759	)		32,031
Income Taxes:
Current		4		4		0			0
Deferred		4,451		3,675		776			6,827

Net Income	¥	9,760	¥	12,297	¥	(2,536	)	¥	25,203

*1.	Reversal of Reserve for Possible Losses on Investments and Reversal of Reserves for Possible Losses on Loans, etc., which had been included in “Extraordinary Gains” until the previous period, have been included in “Other Ordinary Income” beginning with this period.

*2.

Certain items in expenses regarding stock transfer business and pension management business, which had been included in “General and Administrative Expenses” until the previous period, have been included in “Fee and Commission Expenses” beginning with this period, and reclassification of prior period figures has been made accordingly.

3-55

Mizuho Financial Group, Inc.

NON-CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS OF MIZUHO TRUST & BANKING


	*Millions of yen*
	Shareholders’ Equity																						Valuation and Translation Adjustments									Stock Acquisition Rights			Total Net Assets
			Capital Surplus						Retained Earnings								Treasury Stock			Total Shareholders’ Equity			Net Unrealized Gains (Losses) on Other Securities, net of Taxes			Net Deferred Hedge Gains (Losses), net of Taxes			Total Valuation and Translation Adjustments
	Common Stock and Preferred Stock		Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
	Common Stock and Preferred Stock		Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings
Balance as of April 1, 2011	¥	247,303	¥	15,439		—	¥	15,439	¥	8,061	¥	41,354		¥	49,415		¥	(140	)	¥	312,018		¥	22,580		¥	(5,093	)	¥	17,487		¥	385		¥	329,891

Changes during the period
Issuance of New Shares		66		66		—		66		—		—			—			—			132			—			—			—			—			132
Cash Dividends		—		—		—		—		1,447		(8,684	)		(7,237	)		—			(7,237	)		—			—			—			—			(7,237	)
Net Income		—		—		—		—		—		9,760			9,760			—			9,760			—			—			—			—			9,760
Repurchase of Treasury Stock		—		—		—		—		—		—			—			(1	)		(1	)		—			—			—			—			(1	)
Disposition of Treasury Stock		—		—		—		—		—		(0	)		(0	)		0			0			—			—			—			—			0
Cancellation of Treasury Stock		—		—		—		—		—		(141	)		(141	)		141			—			—			—			—			—			—
Net Changes in Items other than Shareholders’ Equity		—		—		—		—		—		—			—			—			—			(10,973	)		794			(10,178	)		(385	)		(10,564	)

Total Changes during the period		66		66		—		66		1,447		934			2,381			140			2,653			(10,973	)		794			(10,178	)		(385	)		(7,910	)

Balance as of September 30, 2011	¥	247,369	¥	15,505		—	¥	15,505	¥	9,508	¥	42,288		¥	51,796			—		¥	314,671		¥	11,607		¥	(4,298	)	¥	7,309			—		¥	321,981

3-56

Mizuho Financial Group, Inc.

(Reference)

Statement of Trust Assets and Liabilities


	*Millions of yen*			*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		1,095,173	Money Trusts		12,925,267
Securities		749,874	Pension Trusts		4,224,682
Beneficiary Rights to the Trusts		36,684,405	Property Formation Benefit Trusts		4,561
Securities held in Custody Accounts		876,274	Investment Trusts		12,774,587
Money Claims		5,246,138	Money Entrusted Other than Money Trusts		1,389,808
Tangible Fixed Assets		4,973,467	Securities Trusts		5,785,432
Intangible Fixed Assets		94,441	Money Claims Trusts		4,792,601
Other Claims		105,053	Land and Fixtures Trusts		210,433
Due from Banking Account		862,710	Composite Trusts		9,235,543
Cash and Due from Banks		659,778	Other Trusts		4,403

Total		51,347,320	Total		51,347,320


Note:	1.	The statement is exclusive of the Trusts that are difficult to value monetarily.
	2.	Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥35,769,356 million.
	3.	Joint trust assets under the management of other companies: ¥1,409,550 million.
		There is no “Trust assets under the service-shared co-trusteeship” in “Joint trust assets under the management of other companies”.
	4.	Loans and Bills Discounted among Money Trusts with the contracts of principal indemnification amounted to ¥25,270 million.
		Of this amount, Balance of Non-Accrual Delinquent Loans is ¥3,086 million.

(Reference) Breakdown of Accounts of Money Trusts and Loan Trusts with the contracts of principal indemnification (including Trusts entrusted for asset management) are as follows:


Money Trusts	*Millions of yen*			*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		25,270	Principal		798,035
Securities		6	Reserve		76
Others		773,085	Others		250

Total		798,362	Total		798,362

3-57

Mizuho Financial Group, Inc.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of September 30, 2011 (A)		As of March 31, 2011 (B)		Change (A) - (B)			As of September 30, 2010 (C)		Change (A) - (C)
Total Amount of Funds		20,358,963		20,933,088		(574,125	)		20,294,919		64,043

Deposits		2,157,421		2,313,827		(156,405	)		2,323,980		(166,558	)
Negotiable Certificates of Deposit		1,047,030		976,410		70,620			755,610		291,420
Money Trusts		12,925,267		13,440,223		(514,956	)		12,928,551		(3,284	)
Pension Trusts		4,224,682		4,197,575		27,107			4,267,272		(42,589	)
Property Formation Benefit Trusts		4,561		4,608		(47	)		4,273		287
Loan Trusts		—		443		(443	)		15,231		(15,231	)

Loans and Bills Discounted		4,437,826		4,874,837		(437,010	)		5,231,929		(794,102	)

of Banking accounts		3,342,652		3,249,647		93,005			3,338,203		4,449
of Trust accounts		1,095,173		1,625,189		(530,015	)		1,893,726		(798,552	)

Securities for Investments		2,879,147		2,817,250		61,897			2,638,310		240,836

of Banking accounts		2,129,273		2,062,272		67,000			1,887,677		241,595
of Trust accounts		749,874		754,977		(5,103	)		750,633		(758	)

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