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 May 2012

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:		May 15, 2012

Mizuho Financial Group, Inc.

By:		/s/ Hideyuki Takahashi
Name:		Hideyuki Takahashi
Title:		Managing Executive Officer / CFO


For Immediate Release:		May 15, 2012

Financial Statements for Fiscal 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


Ordinary General Meeting of Shareholders (scheduled):	June 26, 2012
Filing of Yuka Shoken Hokokusho to the Kanto Local		Commencement of Dividend Payment (scheduled):	June 26, 2012
Finance Bureau (scheduled):	June 27, 2012	Trading Accounts:	Established
Supplementary Materials on Annual Results:	Attached
IR Conference on Annual Results:	Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2011 (for the fiscal year ended March 31, 2012)

(1) Consolidated Results of Operations


	(%: Changes from the previous fiscal year)
	Ordinary Income					Ordinary Profits				Net Income
	¥ million		%			¥ million		%		¥ million		%
Fiscal 2011		2,715,674		(0.0	)		648,561		10.2		484,519	17.2
Fiscal 2010		2,716,791		(3.5	)		588,498		79.8		413,228	72.6

Note:

Comprehensive Income:

Fiscal 2011: ¥627,584 million, 135.3%; Fiscal 2010: ¥266,668 million, (75.4)%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock		Net Income on Own Capital		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	¥		¥		%		%		%
Fiscal 2011		20.62		19.75		11.3		0.3		23.8
Fiscal 2010		20.47		19.27		11.7		0.3		21.6

Reference:

Equity in Income from Investments in Affiliates:

Fiscal 2011: ¥2,689 million; Fiscal 2010: ¥(6,185) million

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock		Consolidated Capital Adequacy Ratio (BIS)
	¥ million		¥ million		%		¥		%
Fiscal 2011		165,360,501		6,869,295		2.9		187.19		15.49
Fiscal 2010		160,812,006		6,623,999		2.6		177.53		15.30

Reference:

Own Capital:

As of March 31, 2012: ¥4,909,437 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) 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 March 31, 2012 is a preliminary figure.

(3) Conditions of Consolidated Cash Flows


	Cash Flows from Operating Activities		Cash Flows from Investing Activities			Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the fiscal year
	¥ million		¥ million			¥ million			¥ million
Fiscal 2011		4,163,027		(6,175,676	)		(680,652	)		6,483,138
Fiscal 2010		6,051,517		(1,667,457	)		155,051			9,182,461

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share										Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
(Record Date)	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual		Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	¥		¥		¥		¥		¥		¥ million		%		%
Fiscal 2010		—		0.00		—		6.00		6.00		130,659		29.3		3.2
Fiscal 2011		—		3.00		—		3.00		6.00		144,088		29.0		3.2
Fiscal 2012 (estimate)		—		3.00		—		3.00		6.00				29.3

Note: Please refer to Cash Dividends for Shareholders of Classified Stock (unlisted) mentioned later, the rights of which are different from those of common stock.

3. Earnings Estimates for Fiscal 2012 (for the fiscal year ending March 31, 2013)


	(%: Changes from the corresponding period of the previous fiscal year)
		Net Income				Net Income per Share of Common Stock
		¥ million		%		¥
1H F2012			—		—		—
Fiscal 2012			500,000		3.1		20.46


Note:		The number of shares of common stock used in the above calculation is based on the number of shares of common stock as of March 31, 2012.
		It does not take into account any increase in the number of outstanding shares of common stock due to requests for acquisition (conversion) of the Eleventh Series Class XI Preferred Stock.

Mizuho Financial Group, Inc.

øNotes

(1) Changes in Significant Subsidiaries during the Fiscal Year (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

Year-end issued shares (including treasury stock):

As of March 31, 2012

24,048,165,727 shares

As of March 31, 2011

21,782,185,320 shares

‚ Year-end treasury stock:

As of March 31, 2012

37,046,418 shares

As of March 31, 2011

5,656,647 shares

ƒ Average number of outstanding shares:

Fiscal 2011

23,073,543,940 shares

Fiscal 2010

19,722,818,083 shares

(Reference) Non-Consolidated Financial Statements for Fiscal 2011

1. Financial Highlights for Fiscal 2011 (for the fiscal year ended March 31, 2012)

(1) Non-Consolidated Results of Operations


(%: Changes from the previous fiscal year)
	Operating Income					Operating Profits					Ordinary Profits					Net Income
	¥ million		%			¥ million		%			¥ million		%			¥ million		%
Fiscal 2011		37,781		(18.6	)		16,521		(38.2	)		10,417		(44.4	)		10,217		(44.8	)
Fiscal 2010		46,422		37.3			26,748		91.2			18,757		—			18,511		447.6


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
Fiscal 2011		0.06		0.06
Fiscal 2010		0.46		0.45

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2011		6,128,424		4,688,334		76.4		177.82
Fiscal 2010		6,035,158		4,652,883		77.0		192.32


Reference:	1.	Own Capital: As of March 31, 2012: ¥4,686,175 million; As of March 31, 2011: ¥4,651,097 million
	2.	Maximum amount available for dividends:
		As of March 31, 2012: ¥ 1,225,234 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 Review Procedure)

The audit procedure of consolidated and non-consolidated 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.

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.

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.

Mizuho Financial Group, Inc.

Cash Dividends for Shareholders of Classified Stock

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


	Annual Cash Dividends per Share										Total Cash Dividends (Annual)
(Record Date)	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual		Total Cash Dividends (Annual)
	¥		¥		¥		¥		¥		¥ million
Eleventh Series Class XI Preferred Stock
Fiscal 2010		—		0.00		—		20.00		20.00		8,337
Fiscal 2011		—		10.00		—		10.00		20.00		7,571
Fiscal 2012 (estimate)		—		10.00		—		10.00		20.00
Thirteenth Series Class XIII Preferred Stock
Fiscal 2010		—		0.00		—		30.00		30.00		1,100
Fiscal 2011		—		15.00		—		15.00		30.00		1,100
Fiscal 2012 (estimate)		—		15.00		—		15.00		30.00

Mizuho Financial Group, Inc.

m Contents of Attachment


1.	Consolidated Results of Operations and Financial Conditions	p.1-3
	(1) Analysis of Results of Operations	p.1-3
	(2) Analysis of Financial Conditions	p.1-3
	(3) Basic Policy on Profit Distribution, Proposed Dividend Payment for Fiscal 2011 and Forecast Dividend Payment for Fiscal 2012	p.1-4

2.	Organization Structure of Mizuho Financial Group	p.1-5

3.	Management Policy	p.1-7
	(1) Principal Management Policy	p.1-7
	(2) Management’s Medium/Long-term Targets and Issues to be Resolved	p.1-7

4.	Consolidated Financial Statements and Others	p.1-11
	(1) Consolidated Balance Sheets	p.1-11
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-13
	(3) Consolidated Statements of Changes in Net Assets	p.1-16
	(4) Consolidated Statements of Cash Flows	p.1-19
	(5) Matters Related to the Assumption of Going Concern	p.1-21
	(6) Fundamental and Important Matters for the Preparation of Consolidated Financial Statements	p.1-21
	(7) Issued But Not Yet Adopted Accounting Standard and Others	p.1-27
	(8) Change in Presentation of Financial Statements	p.1-28
	(9) Additional Information	p.1-28
	(10) Notes	p.1-29
	(Notes to Consolidated Balance Sheet)
	(Notes to Consolidated Statement of Income)
	(Notes to Consolidated Statement of Comprehensive Income)
	(Notes to Consolidated Statement of Changes in Net Assets)
	(Notes to Consolidated Statement of Cash Flows)
	(Financial Instruments)
	(Securities)
	(Notes to Money Held in Trust)
	(Tax Effect Accounting)
	(Business Segment Information)
	(Matters Related to Combination and Others)
	(Per Share Information)

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Mizuho Financial Group, Inc.



5.	Non-Consolidated Financial Statements	p.1-52
	(1) Non-Consolidated Balance Sheets	p.1-52
	(2) Non-Consolidated Statements of Income	p.1-54
	(3) Non-Consolidated Statements of Changes in Net Assets	p.1-55
	(4) Note for the Assumption of Going Concern	p.1-56

[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 May 24, 2012 (Thursday). The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group HP immediately after the conference.

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Mizuho Financial Group, Inc.

1. CONSOLIDATED RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

(Please refer to “Summary of Financial Results for Fiscal 2011” for more information.)

(1) Analysis of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2012, despite the continuing overall gradual recovery of the global economy, the recovery remains weak due to destabilization of the international financial and capital markets caused by the fiscal problems in Europe and the decline in exports to Europe impacting the real economies of newly developing counties.

In the United States, gradual recovery in the economy continues on the basis of positive trends in consumer spending due to an improvement in employment conditions among other things. However, the risk remains of a slackening in the economy with rising oil prices, considering there is still pressure to squeeze debt on a household level. In addition, there is uncertainty as to a sustained economic recovery with the government pressed to implement a tight fiscal policy due to the constraints imposed by the debt ceiling. In Europe, the economy has entered a slowdown phase, with the fiscal problems experienced by certain countries impacting the real economy. Although the intense concern has been eased since the beginning of 2012 due to the restructuring of the debts of Greece and the provision of long-term funding by the European Central Bank (ECB), the future of the European economy holds little prospect of a drastic speedy fix for the Euro-area’s debt problems, and it is difficult to predict the effects on the global economy. In Asia, although the region continues to maintain relatively strong economic growth, its economy is slowing as a whole from the impact of, among others, the decline in exports associated with the economic stagnation in Europe.

In Japan, the recovery from the impact of the Great Eastern Japan Earthquake continues. Despite the temporary standstill in exports and production due to the impact of the floods in Thailand in early fall 2011, there are visible signs of recovery. As for the future direction of the economy, while there are boosting factors such as the growing demand in relation to reconstruction efforts and a pause in the excessive appreciation of the value of the yen against other currencies, there are also several causes for concern, such as rising oil prices, the downturn in overseas economies and electricity shortages, posing a risk that these factors will act as a drag on economic growth.

Under the foregoing business environment, we recorded Net Income of ¥484.5 billion for fiscal 2011.

As for earnings estimates for fiscal 2012, we estimate Ordinary Profits of ¥735.0 billion and Net Income of ¥500.0 billion on a consolidated basis.

(2) Analysi s of Financial Conditions

Consolidated total assets as of March 31, 2012 amounted to ¥165,360.5 billion, increasing by ¥4,548.4 billion from the end of the previous fiscal year, mainly due to increases in Securities.

Securities were ¥51,392.8 billion, increasing by ¥6,610.8 billion from the end of the previous fiscal year.

The balance of Loans and Bills Discounted amounted to ¥63,800.5 billion, increasing by ¥1,022.7 billion from the end of the previous fiscal year.

Deposits amounted to ¥78,811.9 billion, decreasing by ¥422.0 billion from the end of the previous fiscal year.

Net Assets amounted to ¥6,869.2 billion, increasing by ¥245.2 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥4,762.7 billion, Accumulated Other Comprehensive Income was ¥146.6 billion and Minority Interests was ¥1,957.6 billion.

Net Cash Provided by Operating Activities was ¥4,163.0 billion mainly due to increased Guarantee Deposits Received under Securities Lending Transactions. Net Cash Provided by (Used in) Investing Activities was ¥(6,175.6) billion mainly due to acquisition of securities, and Net Cash Provided in Financing Activities was ¥(680.6) billion mainly due to redemption of subordinated bonds.

As a result, Cash and Cash Equivalents as of March 31, 2012 was ¥6,483.1 billion.

The Consolidated Capital Adequacy Ratio (Basel II BIS Standard) was 15.49% (preliminary).


	March 31, 2010	March 31, 2011	March 31, 2012
Basel II	13.46%	15.30%	15.49%

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Mizuho Financial Group, Inc.

(3) Basic Policy on Profit Distribution, Proposed Dividend Payment for Fiscal 2011 and Forecast Dividend Payment for Fiscal 2012

We continue to pursue “disciplined capital management” policy which maintains the optimum balance between “strengthening of stable capital base” and “steady returns to shareholders.”

Based on this policy, in consideration of our consolidated financial results, we plan to make cash dividend payments of common stock for the end of the fiscal year ending March 31, 2012 as follows. We also plan to make cash dividend payments of preferred stock for the end of the fiscal year ending March 31, 2012 as prescribed.


Common Stock	¥	3 per share	(as predicted in Dividends Estimates	)
Annual cash dividends including interim dividends	¥	6 per share
Eleventh Series Class XI	¥	10 per share
Annual cash dividends including interim dividends	¥	20 per share
Thirteenth Series Class XIII	¥	15 per share
Annual cash dividends including interim dividends	¥	30 per share

As for the dividend forecast of common stock for fiscal 2012, in consideration of the balance between “strengthening of stable capital base” and “steady returns to shareholders”, we plan to make cash dividend payments of ¥6 per share of common stock. As for the dividend forecast of preferred stock of fiscal 2012, we plan to make cash dividend payments as prescribed. We intend to continue payments of cash dividends at the interim period to return profits to shareholders in a timely way.


(Dividends Estimates for Fiscal 2012)

Common Stock	Cash Dividends per Share	¥	6
	Interim Dividends	¥	3

Eleventh Series Class XI	Cash Dividends per Share	¥	20
	Interim Dividends	¥	10

Thirteenth Series Class XIII	Cash Dividends per Share	¥	30
	Interim Dividends	¥	15

The above dividend estimate is based on information that is currently available to us and on assumptions regarding factors that have an influence on future results of operations. Actual results may differ materially from these estimates. Please refer to “forward-looking statements” on the second page of this immediate release.

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Mizuho Financial Group, Inc.

2. ORGANIZATION STRUCTURE OF MIZUHO FINANCIAL GROUP

Mizuho Financial Group (the “Group”) is composed of Mizuho Financial Group, Inc. (“MHFG”) and its affiliates. The Group provides various financial services, principally banking business, together with securities business, trust and asset management business, among others.


<<MHFG>> (Note 1)		(as of March 31, 2012)

LOGO

Note 1:

MHFG conducted the structure change as of April 1, 2012 as follows.

“Group Planning Division” and “Customer Satisfaction Division” were established in Strategic Planning Group.

“Portfolio Management Division” and “Strategic Investment Division” were established in Financial Control & Accounting Group.

“IT, Systems & Operations Group” was divided into “IT & Systems Group” and “Operations Group” and “IT & Systems Promotion Division” was established in IT & Systems Group.

“Compliance and Legal Affairs” in Compliance Group was divided into “Compliance Division” and “Legal Division”.

Note 2:

DIAM Co., Ltd. is an affiliate of MHFG.

Note 3:

Mizuho Corporate Bank, Ltd. made Joint Stock Commercial Bank for Foreign Trade of Vietnam an Equity Method affiliate on December 28, 2011.

1-5

Mizuho Financial Group, Inc.

Of the major domestic subsidiaries and affiliates, the following company is listed on domestic stock exchanges:

Company Name

Location

Main
Business

Ownership
Percentage
(%)

Listed Stock Exchanges

Orient Corporation

Chiyoda-Ku,

Tokyo

Credit Business

25.6

25.6

Tokyo Stock Exchange (First Section)

Italic figures of Ownership Percentage denote percentage of interest held by subsidiaries.

1-6

Mizuho Financial Group, Inc.

3. MANAGEMENT POLICY

(1) Principal Management Policy

Mizuho Financial Group (the “Group”) pursues our goals of being held in high regard by our shareholders and the financial markets and earning widespread trust from the community as Japan’s leading comprehensive financial services group on the basis of the three fundamental management philosophies below.

To provide the highest level of comprehensive financial services to our customers and clients.

To provide an attractive, inspiring workplace for our employees where they can each demonstrate their rich individuality and ability to meet their respective challenges.

To enable each group company to demonstrate to the utmost its own particular characteristics and strengths in its respective business field and function.

(2) Management’s Medium/Long-term Targets and Issues to be Resolved

The Group has been endeavoring together to its full extent to engage in the Business Improvement Plans which were submitted in June 2011, reflecting on the computer system failures that occurred in March 2011. Specifically, as well as developing countermeasures regarding system functions, including the reorganization of large volume data processing capabilities, which triggered such failures, we have been taking measures such as upgrading the response mechanism upon the occurrence of a crisis followed by examinations of effectiveness through training, improving the management administration regime including “Actions to Restore Customer Confidence” announced in May 2011, and developing systems risk management capabilities through a “comprehensive inspection of systems risk at all group banks,” as originally planned. The Group will continue to bear in mind a lasting understanding of the public mission of financial institutions that bear responsibilities for the settlement system and take all necessary measures to ensure stable operations.

As this is the final fiscal year of the Transformation Program, which was launched as the Medium-term Management Policy of the Group in May 2010, the fiscal year ending March 31, 2013 is the fiscal year during which the “strengthening of our competitive advantage,” the “strengthening of our capital base and improvement of asset efficiency” and the “strengthening of our front-line business capabilities through improve efficiency and optimization” are to be realized.

The Group aims to establish a new corporate structure and corporate governance structure, with which it will be able to utilize the banking, trust and securities functions most effectively as the only financial group in Japan with all three functions under one umbrella, and thereby to improve further customer convenience.

MHFG, Mizuho Bank, Ltd. (“MHBK”) and Mizuho Corporate Bank, Ltd. (“MHCB”) jointly announced that the merger between MHBK and MHCB, which constitutes the core of the establishment of the advanced group management structure, is to be conducted on July 1, 2013 on the assumption that, among other things, filings will have been made to, and permission obtained from, the relevant authorities in Japan and any foreign countries. Through the merger of the two banks, the Group aims to become able to provide directly and promptly diverse and functional financial services to customers, utilizing the current “strengths” and “advantages” of both banks, and by further enhancing group collaboration among the banking, trust and securities functions. At the same time, the Group aims to enhance further the consolidation of group-wide business operations and optimization of management resources, such as workforce and branch network, by strengthening group governance and improving group management efficiency, to maximize group profitability. Implementing the “substantive one bank” structure from April 2012, the Group will take measures to realize the synergies generated from the merger as soon as possible prior to the scheduled effective date of the merger.

In addition to the merger of the two banks, the Group will consider the possibility of a consolidation that includes Mizuho Trust & Banking Co., Ltd.(“MHTB”).

With respect to capital management, the Group will strive to enhance capital adequacy and strengthen further its financial base, mainly by accumulating retained earnings through initiatives such as the steady implementation of the Transformation Program and the realization in advance of the synergy effects of the integrated group-wide business operations including the transformation into ‘one bank,’ and also improving asset efficiency. Accordingly, the Group believes it will be able sufficiently to meet the new capital regulations including the framework to identify global systemically important financial institutions (G-SIFIs).

1-7

Mizuho Financial Group, Inc.

[Business Strategy]

(Please refer to “Management Structure of Mizuho Financial Group, Inc.” on page 1-10)

(Global Corporate Group and Global Retail Group)

Under the “substantive one bank” structure implemented from April 2012, MHBK and MHCB will establish a structure across both banks for each segment redefined in a more detailed manner based on customer needs and will ensure the provision of appropriate business solutions responding to the needs of each customer. In addition, the Group will strengthen business promotion activities through cross-organizational development of the financial know-how and industry knowledge of both banks and simultaneously will develop various financial services in a prompt manner through group wide collaboration for every possible customer need.

For individual customers, the Group will enhance the offering of products and services that are appropriate for the life stages and life events of each individual, and at the same time, it will enhance businesses related to officers and employees of large corporate customers.

For corporate customers, the Group will contribute to customers’ solutions for management issues and enhancement of customers’ corporate value by way of enhancing the Group’s fulfillment of business finance functions inherent to a commercial bank as well as providing optimum products solutions by utilizing the Group’s industry knowledge and collaboration among the banking, trust and securities functions.

In addition, the Group will increase efforts to establish closer relationships with customers who own companies and land-owning customers, etc., more than before and provide integrated services through coordination across the personal banking unit and the corporate units.

Overseas, the Group will promote the further expansion of its network in high-growth regions, mainly in Asia, and improve its abilities to respond to high customer demand for cross-border M&A and to offer a wide range of financial services through banking and securities collaboration.

As announced in the “Implementation of ‘Business Foundation Restructuring Program’ etc.” on October 3, 2011, Mizuho Securities Co., Ltd. (“MHSC”) will continuously seek to accelerate its effort to increase profitability by prompt implementation of strengthening of its business foundation and partial revisions of the operational framework, efficient business operations, reduction of expenses, strengthening of its structure for global operations, enhancement of collaboration with companies in the Group and others, and appropriate risk control. Further, through the scheduled merger to be conducted with Mizuho Investors Securities Co., Ltd. (“MHIS”) during the second half of the fiscal year ending March 31, 2013, MHSC will provide securities functions in a unified manner through the Group’s full-line securities company.

(Global Asset & Wealth Management Group)

Under the “substantive one bank” structure implemented from April 2012, MHTB will also promote coordinated management with MHBK and MHCB in order to offer various financial services in a prompt manner through group wide collaboration for every possible customer need. MHTB will continuously provide trust products and/or trust services to customers of the entire Group, while further improving quality and expertise therein. In addition, MHTB will cultivate new business frontiers by utilizing its trust bank function.

Mizuho Private Wealth Management Co., Ltd. will promote the further strengthening of its owner-consulting capabilities through the full use of products and functions across the group companies.

As core companies in the asset management business of the Group, Mizuho Asset Management Co., Ltd. and DIAM Co., Ltd. will respond to the diverse needs of customers.

While developing the foregoing business strategy, the Group is constantly aware of its social responsibilities and the importance of its public mission as a financial institution in the facilitation of financing, and will make efforts to facilitate financing uniformly through the group companies in response to the extended “Law Concerning Temporary Measures to Facilitate Financing for Small and Medium-Size Enterprises, etc.” and in compliance with the purpose of the guidelines for supervision of Financial Services Agency issued in April 2011 concerning the “Concrete Roles Which Financial Institutions Should Play to Demonstrate the Consulting Function.”

1-8

Mizuho Financial Group, Inc.

Considering the severity and scope of the damage caused by the Great Eastern Japan Earthquake to the national economy and life, also pursuant to its social responsibilities and its public mission as a financial institution, the Group will continuously exert its utmost efforts to support the recovery of the lives of disaster victims as well as industries and the economy in the disaster areas, and to support regional reconstruction, focusing on the disaster areas.

The Group will continue to establish a firm compliance structure and an advanced risk management regime. Additionally, sharing among management and employees of the Group the ideals represented by the brand subslogan established in September 2011, “One MIZUHO: Building the future with you,” the Group will work together as a group to implement the reforms necessary to achieve its goal of becoming the most trusted financial institution. Furthermore, the Group will work to fulfill its social responsibilities and public mission and further promote its corporate values by promoting CSR (corporate social responsibility) activities, from the perspective of assisting the recovery from the Great Eastern Japan Earthquake, in its environmental efforts and its performance of social contribution activities.

1-9

Mizuho Financial Group, Inc.

Management Structure of Mizuho Financial Group, Inc.

LOGO

Decisions have been made to conduct a merger between Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd. on the assumption that, among other things, filings will have been made to, and permission will have been obtained from, the relevant authorities in Japan and any foreign countries which are required for such merger. (Effective date of the merger: July 1, 2013)

Decisions have been made to conduct a merger between Mizuho Securities Co., Ltd. and Mizuho Investors Securities Co., Ltd. on the assumption that the merger will have been approved at the general meeting of shareholders of each company, and among other things, filings will have been made to, and permission obtained from, the relevant authorities in Japan and any foreign countries which are required for such merger. (Effective date of the merger: during the second half of the fiscal year ending March 31, 2013)

1-10

Mizuho Financial Group, Inc.

4. CONSOLIDATED FINANCIAL STATEMENTS AND OTHERS

(1) CONSOLIDATED BALANCE SHEETS


	*Millions of yen*
	As of March 31, 2011			As of March 31, 2012
Assets
Cash and Due from Banks	¥	9,950,913		¥	*8	7,278,477
Call Loans and Bills Purchased		375,716				249,032
Receivables under Resale Agreements		7,467,309				7,123,397
Guarantee Deposits Paid under Securities Borrowing Transactions		6,541,512				6,406,409
Other Debt Purchased		1,667,808				1,542,062
Trading Assets		13,500,182			2,8	14,075,005
Money Held in Trust		122,267				71,414
Securities		44,782,067			1,8,*16	51,392,878
Loans and Bills Discounted		62,777,757			3,4,5,6,7,8,*9	63,800,509
Foreign Exchange Assets		977,465			*7	1,016,665
Derivatives other than for Trading Assets		5,102,760				4,474,729
Other Assets		2,754,017			8,17	2,871,153
Tangible Fixed Assets		947,986			8,11,*12	923,907
Buildings		321,987				325,804
Land		475,869			*10	469,983
Lease Assets		14,922				14,185
Construction in Progress		28,777				11,575
Other Tangible Fixed Assets		106,430				102,359
Intangible Fixed Assets		442,922				485,995
Software		227,938				216,066
Goodwill		1,972				60,592
Lease Assets		3,197				2,952
Other Intangible Fixed Assets		209,813				206,383
Deferred Tax Assets		488,769				359,987
Customers’ Liabilities for Acceptances and Guarantees		3,673,339				3,980,644
Reserves for Possible Losses on Loans		(760,762	)			(691,760	)
Reserve for Possible Losses on Investments		(25	)			(10	)

Total Assets	¥	160,812,006		¥		165,360,501

1-11

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2011			As of March 31, 2012
Liabilities
Deposits	¥	79,233,922		¥	*8		78,811,909
Negotiable Certificates of Deposit		9,650,236					11,824,746
Debentures		740,932					—
Call Money and Bills Sold		5,095,412			*8		5,668,929
Payables under Repurchase Agreements		11,656,119			*8		12,455,152
Guarantee Deposits Received under Securities Lending Transactions		5,488,585			*8		7,710,373
Commercial Paper		226,167					362,694
Trading Liabilities		7,652,811					8,215,668
Borrowed Money		15,969,385			*8,	*13	14,763,870
Foreign Exchange Liabilities		167,670					233,184
Short-term Bonds		585,497					538,198
Bonds and Notes		5,110,947			*14		4,783,180
Due to Trust Accounts		1,045,599					1,003,129
Derivatives other than for Trading Liabilities		4,599,579					4,288,356
Other Liabilities		3,053,136					3,610,067
Reserve for Bonus Payments		39,336					38,577
Reserve for Employee Retirement Benefits		35,615			*17		36,053
Reserve for Director and Corporate Auditor Retirement Benefits		2,239					2,256
Reserve for Possible Losses on Sales of Loans		420					8
Reserve for Contingencies		15,081					24,559
Reserve for Reimbursement of Deposits		15,229					15,769
Reserve for Reimbursement of Debentures		13,344					20,193
Reserves under Special Laws		1,382					1,221
Deferred Tax Liabilities		17,599					19,219
Deferred Tax Liabilities for Revaluation Reserve for Land		98,415			*10		83,243
Acceptances and Guarantees		3,673,339					3,980,644

Total Liabilities		154,188,007					158,491,206

Net Assets
Common Stock and Preferred Stock		2,181,375					2,254,972
Capital Surplus		937,680					1,109,783
Retained Earnings		1,132,351					1,405,066
Treasury Stock		(3,196	)				(7,074	)

Total Shareholders’ Equity		4,248,209					4,762,749

Net Unrealized Gains (Losses) on Other Securities		(21,648	)				37,857
Deferred Gains or Losses on Hedges		68,769					67,045
Revaluation Reserve for Land		137,707			*10		144,635
Foreign Currency Translation Adjustments		(103,921	)				(102,850	)

Total Accumulated Other Comprehensive Income		80,906					146,687

Stock Acquisition Rights		2,754					2,158
Minority Interests		2,292,128					1,957,699

Total Net Assets		6,623,999					6,869,295

Total Liabilities and Net Assets	¥	160,812,006		¥			165,360,501

1-12

Mizuho Financial Group, Inc.

(2) CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

[CONSOLIDATED STATEMENTS OF INCOME]

Millions of yen

For the fiscal
year ended
March 31, 2011

For the fiscal
year ended
March 31, 2012

Ordinary Income

2,716,791

2,715,674

Interest Income

1,457,687

1,423,564

Interest on Loans and Bills Discounted

900,011

888,489

Interest and Dividends on Securities

356,583

348,453

Interest on Call Loans and Bills Purchased

5,062

6,580

Interest on Receivables under Resale Agreements

38,975

30,860

Interest on Securities Borrowing Transactions

9,479

9,922

Interest on Due from Banks

10,940

20,665

Other Interest Income

136,633

118,591

Fiduciary Income

49,388

49,014

Fee and Commission Income

562,485

566,888

Trading Income

243,983

150,317

Other Operating Income

307,276

355,745

Other Ordinary Income

95,970

170,143

Gains on Reversal of Reserves for Possible Losses on Loans

—

35,329

Recovery of Written-off Claims

—

39,384

Other

95,970

95,429

Ordinary Expenses

2,128,292

2,067,112

Interest Expenses

348,242

335,223

Interest on Deposits

108,844

102,481

Interest on Negotiable Certificates of Deposit

24,267

27,375

Interest on Debentures

6,533

384

Interest on Call Money and Bills Sold

8,572

8,628

Interest on Payables under Repurchase Agreements

47,800

33,912

Interest on Securities Lending Transactions

14,089

14,407

Interest on Commercial Paper

121

874

Interest on Borrowed Money

30,616

35,046

Interest on Short-term Bonds

1,950

2,091

Interest on Bonds and Notes

83,299

72,753

Other Interest Expenses

22,146

37,266

Fee and Commission Expenses

103,660

107,954

Other Operating Expenses

143,596

99,277

General and Administrative Expenses

1,277,848

1,283,847

Other Ordinary Expenses

254,945

240,809

Ordinary Profits

588,498

648,561

1-13

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2011		For the fiscal year ended March 31, 2012
Extraordinary Gains	¥	60,242	¥		92,881
Gains on Disposition of Tangible Fixed Assets		96			1,540
Gains on Negative Goodwill Incurred		—			91,180
Gains on Reversal of Reserves for Possible Losses on Loans		20,325			—
Recovery on Written-off Claims		36,495			—
Reversal of Reserve for Contingent Liabilities from Financial Instruments and Exchange		766			160
Other Extraordinary Gains		2,557			—

Extraordinary Losses		13,315			24,993
Losses on Disposition of Tangible Fixed Assets		4,917			6,849
Losses on Impairment of Fixed Assets		3,546			7,067
Other Extraordinary Losses		4,852	*	3	11,076

Income before Income Taxes and Minority Interests		635,425			716,449

Income Taxes:
Current		18,336			55,332
Deferred		120,123			97,494
Total Income Taxes		138,460			152,827

Income before Minority Interests		496,965			563,621

Minority Interests in Net Income		83,736			79,102

Net Income	¥	413,228	¥		484,519

1-14

Mizuho Financial Group, Inc.

[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME]


	*Millions of yen*
	For the fiscal year ended March 31, 2011			For the fiscal year ended March 31, 2012
Income before Minority Interests	¥	496,965		¥		563,621
Other Comprehensive Income		(230,296	)		*1	63,962
Net Unrealized Gains (Losses) on Other Securities		(204,201	)			51,913
Deferred Gains or Losses on Hedges		(14,463	)			(1,560	)
Revaluation Reserve for Land		(21	)			11,821
Foreign Currency Translation Adjustments		(11,953	)			(1,106	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		344				2,894

Comprehensive Income		266,668				627,584

Comprehensive Income Attributable to Owners of the Parent		189,005				555,194
Comprehensive Income Attributable to Minority Interests		77,663				72,390

1-15

Mizuho Financial Group, Inc.

(3) CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	*Millions of yen*
	For the fiscal year ended March 31, 2011			For the fiscal year ended March 31, 2012
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		—			178

Total Changes during the period		385,544			172,103

Balance as of the end of the period		937,680			1,109,783

Retained Earnings
Balance as of the beginning of the period		854,703			1,132,351
Changes during the period
Cash Dividends		(134,966	)		(216,472	)
Net Income		413,228			484,519
Disposition of Treasury Stock		(1,314	)		(225	)
Transfer from Revaluation Reserve for Land		701			4,893

Total Changes during the period		277,648			272,714

Balance as of the end of the period		1,132,351			1,405,066

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		(3	)		(2,560	)
Disposition of Treasury Stock		1,990			12,001

Total Changes during the period		1,987			(3,877	)

Balance as of the end of the period	¥	(3,196	)		(7,074	)

1-16

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2011			For the fiscal year ended March 31, 2012
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	)		(216,472	)
Net Income		413,228			484,519
Repurchase of Treasury Stock		(3	)		(2,560	)
Disposition of Treasury Stock		675			11,953
Transfer from Revaluation Reserve for Land		701			4,893

Total Changes during the period		1,040,990			514,539

Balance as of the end of the period		4,248,209			4,762,749

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		(198,579	)		59,505

Total Changes during the period		(198,579	)		59,505

Balance as of the end of the period		(21,648	)		37,857

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		(14,324	)		(1,723	)

Total Changes during the period		(14,324	)		(1,723	)

Balance as of the end of the period		68,769			67,045

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		(722	)		6,928

Total Changes during the period		(722	)		6,928

Balance as of the end of the period		137,707			144,635

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		(11,297	)		1,071

Total Changes during the period		(11,297	)		1,071

Balance as of the end of the period	¥	(103,921	)	¥	(102,850	)

1-17

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2011			For the fiscal year ended March 31, 2012
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		(224,924	)		65,781

Total Changes during the period		(224,924	)		65,781

Balance as of the end of the period		80,906			146,687

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		452			(595	)

Total Changes during the period		452			(595	)

Balance as of the end of the period		2,754			2,158

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		(29,572	)		(334,428	)

Total Changes during the period		(29,572	)		(334,428	)

Balance as of the end of the period		2,292,128			1,957,699

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	)		(216,472	)
Net Income		413,228			484,519
Repurchase of Treasury Stock		(3	)		(2,560	)
Disposition of Treasury Stock		675			11,953
Transfer from Revaluation Reserve for Land		701			4,893
Net Changes in Items other than Shareholders’ Equity		(254,044	)		(269,243	)

Total Changes during the period		786,946			245,296

Balance as of the end of the period	¥	6,623,999		¥	6,869,295

1-18

Mizuho Financial Group, Inc.

(4) CONSOLIDATED STATEMENTS OF CASH FLOWS


	*Millions of yen*
	For the fiscal year ended March 31, 2011			For the fiscal year ended March 31, 2012
Cash Flow from Operating Activities
Income before Income Taxes and Minority Interests	¥	635,425		¥	716,449
Depreciation		165,840			165,436
Losses on Impairment of Fixed Assets		3,546			7,067
Amortization of Goodwill		—			2,802
Gains on Negative Goodwill Incurred		—			(91,180	)
Equity in Loss (Gain) from Investments in Affiliates		6,185			(2,689	)
Increase (Decrease) in Reserves for Possible Losses on Loans		(117,749	)		(66,467	)
Increase (Decrease) in Reserve for Possible Losses on Investments		(3	)		(14	)
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		(14,167	)		(407	)
Increase (Decrease) in Reserve for Contingencies		272			9,486
Increase (Decrease) in Reserve for Bonus Payments		(7,493	)		(632	)
Increase (Decrease) in Reserve for Employee Retirement Benefits		1,457			482
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		126			17
Increase (Decrease) in Reserve for Reimbursement of Deposits		480			539
Increase (Decrease) in Reserve for Reimbursement of Debentures		2,519			6,849
Interest Income—accrual basis		(1,457,687	)		(1,423,564	)
Interest Expenses—accrual basis		348,242			335,223
Losses (Gains) on Securities		(86,011	)		(121,258	)
Losses (Gains) on Money Held in Trust		28			(6	)
Foreign Exchange Losses (Gains)—net		386,503			104,847
Losses (Gains) on Disposition of Fixed Assets		4,821			5,309
Losses (Gains) on Securities related to Employees’ Retirement Benefits Tust		—			1,416
Decrease (Increase) in Trading Assets		179,713			(639,202	)
Increase (Decrease) in Trading Liabilities		264,349			597,305
Decrease (Increase) in Derivatives other than for Trading Assets		1,869,501			612,691
Increase (Decrease) in Derivatives other than for Trading Liabilities		(1,922,481	)		(295,324	)
Decrease (Increase) in Loans and Bills Discounted		(1,241,644	)		(1,192,565	)
Increase (Decrease) in Deposits		3,440,653			(296,970	)
Increase (Decrease) in Negotiable Certificates of Deposit		(487,805	)		2,197,507
Increase (Decrease) in Debentures		(776,864	)		(740,932	)
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		6,335,771			(1,173,814	)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		(405,202	)		(53,286	)
Decrease (Increase) in Call Loans, etc.		(332,420	)		478,782
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		(796,610	)		135,102
Increase (Decrease) in Call Money, etc.		(255,529	)		1,531,518
Increase (Decrease) in Commercial Paper		226,167			138,909
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		(1,126,927	)		2,221,787
Decrease (Increase) in Foreign Exchange Assets		(291,489	)		(46,710	)
Increase (Decrease) in Foreign Exchange Liabilities		(5,083	)		65,672
Increase (Decrease) in Short-term Bonds (Liabilities)		93,100			(47,299	)
Increase (Decrease) in Bonds and Notes		563,711			(50,399	)
Increase (Decrease) in Due to Trust Accounts		20,167			(42,469	)
Interest and Dividend Income—cash basis		1,523,605			1,451,469
Interest Expenses—cash basis		(373,999	)		(338,893	)
Other—net		(296,250	)		40,646

Subtotal		6,076,767			4,203,229

Cash Refunded (Paid) in Income Taxes		(25,249	)		(40,201	)

Net Cash Provided by (Used in) Operating Activities		6,051,517			4,163,027

1-19

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2011			For the fiscal year ended March 31, 2012
Cash Flow from Investing Activities
Payments for Purchase of Securities		(85,279,500	)			(102,558,707	)
Proceeds from Sale of Securities		71,215,909				82,444,484
Proceeds from Redemption of Securities		12,595,209				14,009,218
Payments for Increase in Money Held in Trust		(53,995	)			(43,485	)
Proceeds from Decrease in Money Held in Trust		51,080				94,295
Payments for Purchase of Tangible Fixed Assets		(75,803	)			(53,613	)
Payments for Purchase of Intangible Fixed Assets		(121,007	)			(93,506	)
Proceeds from Sale of Tangible Fixed Assets		362				11,707
Proceeds from Sale of Intangible Fixed Assets		9				0
Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)		(2,012	)			(634	)
Proceeds from Sale of Stocks of Subsidiaries (affecting the scope of consolidation)		2,290				20
Payments for Purchase of Equity of Consolidated Subsidiaries		—				(294	)
Proceeds from Sale of Equity of Consolidated Subsidiaries		—				14,838

Net Cash Provided by (Used in) Investing Activities		(1,667,457	)			(6,175,676	)

Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		—				8,000
Repayments of Subordinated Borrowed Money		(15,000	)			(40,015	)
Proceeds from Issuance of Subordinated Bonds		—				170,000
Payments for Redemption of Subordinated Bonds		(369,013	)			(441,530	)
Proceeds from Issuance of Common Stock		761,354				4
Proceeds from Investments by Minority Shareholders		1,697				627
Repayments to Minority Shareholders		—				(54,855	)
Cash Dividends Paid		(133,925	)			(215,901	)
Cash Dividends Paid to Minority Shareholders		(90,062	)			(106,383	)
Payments for Repurchase of Treasury Stock		(3	)			(2,560	)
Proceeds from Sale of Treasury Stock		4				1,960

Net Cash Provided by (Used in) Financing Activities		155,051				(680,652	)

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		(35,434	)			(6,020	)

Net Increase (Decrease) in Cash and Cash Equivalents		4,503,677				(2,699,322	)

Cash and Cash Equivalents at the beginning of the fiscal year		4,678,783				9,182,461
Increase in Cash and Cash Equivalents from Newly Consolidated Subsidiary		—				0

Cash and Cash Equivalents at the end of the fiscal year	¥	9,182,461		¥	*1	6,483,138

1-20

Mizuho Financial Group, Inc.

(5) MATTERS RELATED TO THE ASSUMPTION OF GOING CONCERN

There is no applicable information.

(6) FUNDAMENTAL AND IMPORTANT MATTERS FOR THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

1. Scope of Consolidation

Number of consolidated subsidiaries: 149

Names of principal companies:

Mizuho Bank, Ltd.

Mizuho Corporate Bank, Ltd.

Mizuho Trust & Banking Co., Ltd.

Mizuho Securities Co., Ltd.

During the period, PT. Mizuho Balimor Finance and five other companies were newly consolidated as a result of acquisition of the stocks and other factors.

During the period, MCAL Corporation and eight other companies were excluded from the scope of consolidation as a result of dissolution and other factors.

Number of non-consolidated subsidiaries: 0

2. Application of the Equity Method

Number of non-consolidated subsidiaries under the equity method: 0

Number of affiliates under the equity method: 23

Name of principal companies:

Orient Corporation

The Chiba Kogyo Bank, Ltd.

Joint Stock Commercial Bank for Foreign Trade of Vietnam

During the period, Joint Stock Commercial Bank for Foreign Trade of Vietnam and three other companies were newly included in the scope of the equity method as a result of acquisition of the stocks and other factors.

During the period, Japan Industrial Partners Inc. and two other companies were excluded from the scope of the equity method as a result of the sale of stocks and other factors.

Number of non-consolidated subsidiaries not under the equity method: 0

Affiliates not under the equity method:

Name of principal company:

Asian-American Merchant Bank Limited

Non-consolidated subsidiaries and affiliates not under the equity method are excluded from the scope of the equity method since such exclusion has no material effect on MHFG’s consolidated financial statements in terms of Net Income (Loss) (amount corresponding to MHFG’s equity position), Retained Earnings (amount corresponding to MHFG’s equity position), Deferred Gains or Losses on Hedges (amount corresponding to MHFG’s equity position) and others.

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Mizuho Financial Group, Inc.

3. Balance Sheet Dates of Consolidated Subsidiaries

Balance sheet dates of consolidated subsidiaries are as follows:


The day before the last business day of June		5 companies
September 30		1 company
December 29		18 companies
December 31		56 companies
March 31		69 companies

Consolidated subsidiaries with balance sheet dates of the day before the last business day of June and December 29 were consolidated based on their tentative financial statements as of and for the period ended December 31. Consolidated subsidiaries with balance sheet dates of September 30 were consolidated based on their tentative financial statements as of and for the period ended the consolidated balance sheet date.

Other consolidated subsidiaries were consolidated based on their financial statements as of and for the period ended their respective balance sheet dates.

The necessary adjustments have been made to the financial statements for any significant transactions that took place between their respective balance sheet dates and the date of the consolidated financial statements.

4. Special Purpose Entities Subject to Disclosure

Summary of special purpose entities subject to disclosure and transactions with these special purpose entities

Mizuho Bank, Ltd. (“MHBK”) and Mizuho Corporate Bank, Ltd. (“MHCB”), which are consolidated subsidiaries of MHFG, granted loans, credit facilities and liquidity facilities to 20 special purpose entities (mainly incorporated in the Cayman Islands) in their borrowings and fund raising by commercial paper in order to support securitization of monetary assets of customers.

The aggregate assets and aggregate liabilities of these 20 special purpose entities at their respective balance sheet dates amounted to ¥2,111,218 million and ¥2,110,042 million, respectively. MHBK and MHCB do not own any shares with voting rights in any of these special purpose entities and have not dispatched any director or employee to them.

Major transactions with these special purpose entities subject to disclosure as of or for the fiscal year ended March 31, 2012 are as follows:


As of March 31, 2012	*Millions of yen*
Loans	¥	1,696,213
Credit and Liquidity Facilities	¥	470,702

For the Fiscal Year ended March 31, 2012	*Millions of yen*
Interest Income on Loans	¥	11,489
Fee and Commission Income, etc.	¥	2,423

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Mizuho Financial Group, Inc.

5. STANDARDS OF ACCOUNTING METHOD

Amounts less than one million yen are rounded down.

1.	Credited Loans pursuant to Trading Securities and Trading Income & Expenses

(Additional Information)

In light of the commencement of business by the domestic consolidated banking subsidiary in the American States, credited loans held for the purpose of trading, are, in line with trading securities, recognized on a trade date basis and recorded in Other Debt Purchased on the consolidated balance sheet. Other Debt Purchased related to the relevant credited loans is stated at fair value at the consolidated balance sheet date.

Interest received and the gains or losses on the sale of the relevant credited loans during the fiscal year, including the gains or losses resulting from any change in the value between the beginning and the end of the fiscal year, are recognized in Other Operating Income and Other Operating Expenses on the consolidated statements of income.

2.	Trading Assets & Liabilities and Trading Income & Expenses

Trading transactions intended to take advantage of short-term fluctuations and arbitrage opportunities in interest rates, currency exchange rates, market prices of securities and related indices are recognized on a trade date basis and recorded in Trading Assets or Trading Liabilities on the consolidated balance sheet. Income or expenses generated on the relevant trading transactions are recorded in Trading Income or Trading Expenses on the consolidated statement of income.

Securities and other monetary claims held for trading purposes are stated at fair value at the consolidated balance sheet date. Derivative financial products, such as swaps, futures and option transactions, are stated at fair value, assuming that such transactions are terminated and settled at the consolidated balance sheet date.

Trading Income and Trading Expenses include the interest received and the interest paid during the fiscal year, the gains or losses resulting from any change in the value of securities and other monetary claims between the beginning and the end of the fiscal year, and the gains or losses resulting from any change in the value of financial derivatives between the beginning and the end of the fiscal year, assuming they were settled at the end of the fiscal year.

3.	Securities

(i) Bonds held to maturity are stated at amortized cost (straight-line method) and determined by the moving average method. Investments in non-consolidated subsidiaries and affiliates, which are not under the equity method, are stated at acquisition cost and determined by the moving average method. Other Securities which have readily determinable fair value are stated at fair value. 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 (cost of securities sold is calculated primarily by the moving average method). Other Securities, the fair values of which are extremely difficult to determine, are stated at acquisition cost or amortized cost and determined by the moving average method.

The net unrealized gains (losses) on Other Securities are included directly in Net Assets, net of applicable income taxes after excluding gains and losses as a result of the fair-value hedge method.

(ii) Securities which are held as trust assets in Money Held in Trust accounts are valued in the same way as given in (i) above.

4.	Derivative Transactions

Derivative transactions (other than transactions for trading purposes) are valued at fair value.

5.	Depreciation

(1) Tangible Fixed Assets (Except for Lease Assets)

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Mizuho Financial Group, Inc.

Depreciation of buildings is computed mainly by the straight-line method, and that of others is computed mainly by the declining-balance method. The range of useful lives is as follows:


Buildings:		2 years to 50 years
Others:		2 years to 20 years

(2) Intangible Fixed Assets (Except for Lease Assets)

Amortization of Intangible Fixed Assets is computed by the straight-line method. Development costs for internally-used software are capitalized and amortized over their estimated useful lives of mainly five years as determined by MHFG and consolidated subsidiaries.

(3) Lease Assets

Depreciation of lease assets booked in Tangible Fixed Assets and Intangible Fixed Assets which are concerned with finance lease transactions that do not transfer ownership is mainly computed by the same method as the one applied to fixed assets owned by us.

6.	Deferred Assets

(1) Stock issuance costs

Stock issuance costs are expensed as incurred.

(2) Bond issuance costs

Bond issuance costs are expensed as incurred.

(3) Debenture issuance costs

Debenture issuance costs are expensed as incurred.

(4) Bond discounts

Bonds are stated at amortized costs computed by the straight-line method on the consolidated balance sheets.

Bond discounts booked on the consolidated balance sheets as of March 31, 2006 are amortized under the straight-line method over the term of the bond by applying the previous accounting method and the unamortized balance is directly deducted from bonds, based on the tentative measure stipulated in the “Tentative Solution on Accounting for Deferred Assets” (ASBJ Report No. 19, August 11, 2006).

7.	Reserves for Possible Losses on Loans

Reserves for Possible Losses on Loans of major domestic consolidated subsidiaries are maintained in accordance with internally established standards for write-offs and reserve provisions.

For claims extended to obligors that are legally bankrupt under the Bankruptcy Law, Special Liquidation under the Company Law or other similar laws (“Bankrupt Obligors”), and to obligors that are effectively in similar conditions (“Substantially Bankrupt Obligors”), reserves are maintained at the amounts of claims net of direct write-offs described below and expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees. For claims extended to obligors that are not yet legally or formally bankrupt but are likely to be bankrupt (“Intensive Control Obligors”), reserves are maintained at the amounts deemed necessary based on overall solvency analyses of the amounts of claims net of expected amounts recoverable from the disposition of collateral and the amounts recoverable under guarantees.

For claims extended to Intensive Control Obligors and Obligors with Restructured Loans and others, if the exposure to an obligor exceeds a certain specific amount, reserves are provided as follows: (i) if future cash flows of the principal and interest can be reasonably estimated, the discounted cash flow method is applied, under which the reserve is determined as the difference between the book value of the loan and its present value of future cash flows discounted using the contractual interest rate before the loan was classified as a Restructured Loan, and (ii) if future cash flows of the principal and interest cannot be reasonably estimated, reserves are provided for the losses estimated for each individual loan. For claims extended to other obligors, reserves are maintained at rates derived from historical credit loss experience and other factors. Reserve for Possible Losses on Loans to Restructuring Countries is maintained in order to cover possible losses based on analyses of the political and economic climates of the countries.

All claims are assessed by each claim origination department in accordance with the internally established “Self-assessment Standard,” and the results of the assessments are verified and examined by the independent examination departments. Reserves for Possible Losses on Loans are provided for on the basis of such verified assessments.

In the case of claims to Bankrupt Obligors and Substantially Bankrupt Obligors, which are collateralized or guaranteed by a third party, the amounts deemed uncollectible (calculated by deducting the anticipated proceeds from the sale of collateral pledged against the claims and amounts that are expected to be recovered from guarantors of the claims) are written off against the respective claims balances. The total directly written-off amount was ¥327,650 million.

Other consolidated subsidiaries provide the amount necessary to cover the loan losses based upon past experience and other factors for general claims and the assessment for each individual loan for other claims.

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Mizuho Financial Group, Inc.

8.	Reserve for Possible Losses on Investments

Reserve for Possible Losses on Investments is maintained to provide against possible losses on investments in securities, after taking into consideration the financial condition and other factors concerning the investee company.

Except for securitization products which are included as reference assets of another securitization schemes of the Group’s domestic banking subsidiary, Reserve for Possible Losses on Investments is provided against unrealized losses on securitization products related with the discontinuation of business regarding credit investments primarily in Europe which were made as an alternative to loans by the Group’s domestic banking subsidiary. Since securities are recognized at fair value on the consolidated balance sheet, the balance of Securities is offset against that of Reserve for Possible Losses on Investments by ¥1,292 million.

9.	Reserve for Bonus Payments

Reserve for Bonus Payments, which is provided for future bonus payments to employees, is maintained at the amount accrued at the end of the fiscal year, based on the estimated future payments.

10.	Reserve for Employee Retirement Benefits

Reserve for Employee Retirement Benefits (including Prepaid Pension Cost), which is provided for future benefit payments to employees, is recorded as the required amount, based on the projected benefit obligation and the estimated plan asset amounts at the end of the fiscal year. Unrecognized actuarial differences are recognized as income or expenses from the following fiscal year under the straight-line method over a certain term within the average remaining service period of the employees of the respective fiscal year.

11.	Reserve for Director and Corporate Auditor Retirement Benefits

Reserve for Director and Corporate Auditor Retirement Benefits, which is provided for future retirement benefit payments to directors, corporate auditors, and executive officers, is recognized at the amount accrued at the end of the respective fiscal year, based on the internally established standards.

12.	Reserve for Possible Losses on Sales of Loans

Reserve for Possible Losses on Sales of Loans is provided for possible future losses on sales of loans at the amount deemed necessary based on a reasonable estimate of possible future losses.

13.	Reserve for Contingencies

Reserve for Contingencies is maintained to provide against possible losses from contingencies, which are not covered by other specific reserves in off-balance transactions, trust transactions and others. The balance is an estimate of possible future losses, on an individual basis, considered to require a reserve.

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Mizuho Financial Group, Inc.

14.	Reserve for Reimbursement of Deposits

Reserve for Reimbursement of Deposits is provided against the losses for the deposits derecognized from the liabilities at the estimated amount of future claims for withdrawal by depositors and others.

15.	Reserve for Reimbursement of Debentures

Reserve for Reimbursement of Debentures is provided for the debentures derecognized from Liabilities at the estimated amount for future claims.

16.	Reserve under Special Laws

Reserve under Special Laws is Reserve for Contingent Liabilities from Financial Instruments and Exchange. This is the reserve pursuant to Article 46-5, Paragraph 1 and Article 48-3, Paragraph 1 of the Financial Instruments and Exchange Law to indemnify the losses incurred from accidents in the purchase and sale of securities, other transactions or derivative transactions.

17.	Assets and Liabilities denominated in foreign currencies

Assets and Liabilities denominated in foreign currencies and accounts of overseas branches of domestic consolidated banking subsidiaries and a domestic consolidated trust banking subsidiary are translated into Japanese yen primarily at the exchange rates in effect at the consolidated balance sheet date, with the exception of the investments in non-consolidated subsidiaries and affiliates not under the equity method, which are translated at historical exchange rates.

Assets and Liabilities denominated in foreign currencies of the consolidated subsidiaries, except for the transactions mentioned above, are translated into Japanese yen primarily at the exchange rates in effect at the respective balance sheet dates.

18.	Hedge Accounting

(1) Interest Rate Risk

The deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied as hedge accounting methods.

The portfolio hedge transaction for a large volume of small-value monetary claims and liabilities of domestic consolidated banking subsidiaries and domestic consolidated trust banking subsidiaries is accounted for in accordance with the method stipulated in the “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Financial Instruments for Banks” (JICPA Industry Audit Committee Report No.24).

The effectiveness of hedging activities for the portfolio hedge transaction for a large volume of small-value monetary claims and liabilities is assessed as follows:

(i) as for hedging activities to offset market fluctuation risks, the effectiveness is assessed by bracketing both the hedged instruments, such as deposits and loans, and the hedging instruments, such as interest-rate swaps, in the same maturity bucket.

(ii) as for hedging activities to fix the cash flows, the effectiveness is assessed based on the correlation between a base interest rate index of the hedged instrument and that of the hedging instrument.

The effectiveness of the individual hedge is assessed based on the comparison of the fluctuation in the market or of cash flows of the hedged instruments with that of the hedging instruments.

Among Deferred Gains or Losses on Hedges recorded on the consolidated balance sheet, those deferred hedge losses are included that resulted from the application of the macro-hedge method based on the “Tentative Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Financial Instruments for Banks” (JICPA Industry Audit Committee Report No.15), under which the overall interest rate risks inherent in loans, deposits and others are controlled on a macro-basis using derivatives transactions. The deferred hedge gains/losses are amortized as interest income or interest expenses over the remaining maturity and average remaining maturity of the respective hedging instruments. The unamortized amounts of gross deferred hedge losses and gross deferred hedge gains on the macro-hedges, before net of applicable income taxes were ¥7,813 million and ¥5,732 million, respectively.

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Mizuho Financial Group, Inc.

(2) Foreign Exchange Risk

Domestic consolidated banking subsidiaries and some of domestic consolidated trust banking subsidiaries apply the deferred method of hedge accounting to hedge foreign exchange risks associated with various financial assets and liabilities denominated in foreign currencies as stipulated in the “Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Foreign Currency Transactions for Banks” (JICPA Industry Audit Committee Report No.25). The effectiveness of the hedge is assessed by confirming that the amount of the foreign currency position of the hedged monetary claims and liabilities is equal to or larger than that of currency-swap transactions, exchange swap transactions, and similar transactions designated as the hedging instruments of the foreign exchange risk.

In addition to the above methods, these subsidiaries apply the deferred method or the fair-value hedge method to portfolio hedges of the foreign exchange risks associated with investments in subsidiaries and affiliates in foreign currency and Other Securities in foreign currency (except for bonds) identified as hedged items in advance, as long as the amount of foreign currency payables of spot and forward foreign exchange contracts exceeds the amount of acquisition cost of the hedged foreign securities in foreign currency.

(3) Inter-company Transactions

Inter-company interest rate swaps, currency swaps and similar derivatives among consolidated companies or between trading accounts and other accounts, which are designated as hedges, are not eliminated and related gains and losses are recognized in the statement of income or deferred under hedge accounting, because these inter-company derivatives are executed according to the criteria for appropriate outside third-party cover operations which are treated as hedge transactions objectively in accordance with JICPA Industry Audit Committee Reports No. 24 and 25.

19.	Consumption Taxes and other

With respect to MHFG and its domestic consolidated subsidiaries, Japanese consumption taxes and local consumption taxes are excluded from transaction amounts.

20.	Amortization Method of Goodwill and Amortization Period

Goodwill of Mizuho Trust & Banking Co., Ltd. is amortized over a period of 20 years under the straight-line method. Goodwill of Eurekahedge Pte, Ltd. is amortized over a period of 10 years under the straight-line method. Goodwill of PT. Mizuho Balimor Finance is amortized over a period of 9 years. The amount of other Goodwill is expensed as incurred since the amount has no material impact.

21.	Scope of Cash and Cash Equivalents on Consolidated Statements of Cash Flows

For the purpose of the consolidated statement of cash flows, Cash and Cash Equivalents consists of cash and due from central banks included in Cash and Due from Banks on the consolidated balance sheet.

(7) ISSUED BUT NOT YET ADOPTED ACCOUNTING STANDARD AND OTHERS

1.	Revised ASBJ Statement No. 22 “Accounting Standard for Consolidated Financial Statements” (March 25, 2011)

This accounting standard mainly represents a revision to the “Concrete Treatments Related to the Revision of the Definition of the Subsidiaries and Affiliates within the Consolidated Financial Statement System” (Business Accounting Council, October 30, 1998)III. Prior to the revision, special purpose entities that met specific conditions were presumed not to be subsidiaries of investors in and companies transferring assets to the relevant special purpose entities. After the revision, this treatment only applies to companies transferring assets to the special purpose entities.

Mizuho Financial Group is scheduled to apply this accounting standard from the beginning of the fiscal year starting on April 1, 2013.

On adoption of this accounting standard, those special purpose entities that had not previously been treated as subsidiaries, where the transferor of the assets to the special purpose entity is not a domestic bank subsidiary, will be newly included within the scope of consolidation.

The impact of the application of this accounting standard and others issued but not yet adopted is currently under consideration.

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Mizuho Financial Group, Inc.

(8) CHANGE IN PRESENTATION OF FINANCIAL STATEMENTS

Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as “General and Administrative Expenses” in some domestic consolidated trust bank subsidiary until the previous fiscal year, have been recorded as “Fee and Commission Expenses” beginning with this fiscal year, from the standpoint that we should disclose our financial information which reflects economic conditions more clearly in a manner that actively responds to our profits, after turning the relevant trust bank subsidiary into a wholly-owned subsidiary of MHFG.

In order to reflect the change in presentation of financial statements, reclassification of the previous fiscal year has been made accordingly. As a result, “Fee and Commission Expenses” ¥95,693 million and “General and Administrative Expenses” ¥1,285,815 million presented in the previous fiscal year have been reclassified as “Fee and Commission Expenses” ¥103,660 million and “General and Administrative Expenses” ¥1,277,848 million.

(9) ADDITIONAL INFORMATION

Mizuho Financial Group has applied “The Accounting Standard for Accounting Changes and Error Corrections” (ASBJ Statement No.24, December 4, 2009) and “Guidance on the 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 that are made after the beginning of this fiscal year.

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 fiscal year. However, retrospective application was not made for the previous fiscal period.

One of our consolidated foreign securities subsidiaries has received requests for information from the U.S. Securities and Exchange Commission concerning the structuring and offering of certain securitization transactions involving subprime mortgages. It has been responding to such requests. In consideration of the individual risk and other factors , the estimated amount of loss calculated by a reasonable method has been recorded in the financial statements.

Mizuho Financial Group, Inc. (“MHFG”), Mizuho Bank, Ltd. (“MHBK”) and Mizuho Corporate Bank, Ltd. (“MHCB”) announced on November 14, 2011 in the release titled “Memorandum of Understanding on Merger between Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd.” that MHBK and MHCB plan to conduct a merger (the “Merger”) by around the end of the first half of fiscal year 2013, on the assumption that filings will have been made to, and permission obtained from, the relevant authorities in Japan and any foreign countries. MHFG, MHBK and MHCB determined at their respective meetings of the board of directors held on March 30, 2012 that the effective date of the Merger shall be July 1, 2013.

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Mizuho Financial Group, Inc.

(10) NOTES

(NOTES TO CONSOLIDATED BALANCE SHEET)

1.	Securities include shares of ¥259,512 million and investments of ¥421 million in non-consolidated subsidiaries and affiliates.

Unsecured loaned securities which the borrowers have the right to sell or repledge amounted to ¥4,149 million and are included in trading securities under Trading Assets. MHFG has the right to sell or repledge some of unsecured borrowed securities, securities purchased under resale agreements and securities borrowed with cash collateral. Among them, the total of securities repledged was ¥8,097,653 million and securities neither repledged nor re-loaned was ¥2,992,464 million, respectively.

3.	Loans and Bills Discounted include Loans to Bankrupt Obligors of ¥40,767 million and Non-Accrual Delinquent Loans of ¥582,618 million.

Loans to Bankrupt Obligors are loans, excluding loans written-off, on which delinquencies in payment of principal and/or interest have continued for a significant period of time or for some other reason there is no prospect of collecting principal and/or interest (“Non-Accrual Loans”), as per Article 96, Paragraph 1, Item 3, Subsections 1 to 5 or Item 4 of the Corporate Tax Law Enforcement Ordinance (Government Ordinance No. 97, 1965).

Non-Accrual Delinquent Loans represent Non-Accrual Loans other than (i) Loans to Bankrupt Obligors and (ii) loans on which interest payments have been deferred in order to assist or facilitate the restructuring of the obligors.

4.	Balance of Loans Past Due for Three Months or More: ¥20,246 million

Loans Past Due for Three Months or More are loans on which payments of principal and/or interest have not been made for a period of three months or more since the next day following the first due date without such payments, and which are not included in Loans to Bankrupt Obligors, or Non-Accrual Delinquent Loans.

5.	Balance of Restructured Loans: ¥589,515 million

Restructured Loans represent loans whose contracts were amended in favor of obligors (e.g. reduction of, or exemption from, stated interest, deferral of interest payments, extension of maturity dates and renunciation of claims) in order to assist or facilitate the restructuring of the obligors. Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans and Loans Past Due for Three Months or More are not included.

6.	Total balance of Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans, Loans Past Due for Three Months or More, and Restructured Loans: ¥1,233,147 million

The amounts given in Notes 3 through 6 above are gross amounts before deduction of amounts for the Reserves for Possible Losses on Loans.

In accordance with “Treatment of Accounting and Auditing of Application of Accounting Standard for Financial Instruments in the Banking Industry” (JICPA Industry Audit Committee Report No. 24), bills discounted are accounted for as financing transactions. The banking subsidiaries have rights to sell or pledge these bankers’ acceptances, commercial bills, documentary bills and foreign exchange bills purchased. The face value of these bills amounted to ¥823,095 million.

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Mizuho Financial Group, Inc.

8.	The following assets were pledged as collateral:


Cash and Due from Banks:	¥	130 million
Trading Assets:	¥	6,013,994 million
Securities:	¥	21,164,469 million
Loans and Bills Discounted:	¥	8,938,619 million
Other Assets:	¥	7,977 million
Tangible Fixed Assets:	¥	94 million

The following liabilities were collateralized by the above assets:


Deposits:	¥	449,657 million
Call Money and Bills Sold:	¥	1,596,300 million
Payables under Repurchase Agreements:	¥	5,393,206 million
Guarantee Deposits Received under Securities Lending Transactions:	¥	7,501,763 million
Borrowed Money:	¥	12,874,822 million

In addition to the above, the settlement accounts of foreign and domestic exchange transactions or derivatives transactions and others were collateralized, and margins for futures transactions were substituted by Cash and Due from Banks of ¥19,397 million, Trading Assets of ¥205,088 million and Securities of ¥2,300,771 million and Loans and Bills Discounted of ¥73,206 million.

None of the assets was pledged as collateral in connection with borrowings by the non-consolidated subsidiaries and affiliates.

Other Assets includes guarantee deposits of ¥106,625 million, collateral pledged for derivatives transactions of ¥549,980 million, margins for futures transactions of ¥92,841 million and other guarantee deposits of ¥49,449 million.

Rediscount of bills is conducted as financing transaction based on the JICPA Industry Audit Committee Report No. 24. There was no balance for bankers’ acceptances, commercial bills, documentary bills or foreign exchange bills purchased.

Overdraft protection on current accounts and contracts of the commitment line for loans are contracts by which banking subsidiaries are bound to extend loans up to the prearranged amount, at the request of customers, unless the customer is in breach of contract conditions. The unutilized balance of these contracts amounted to ¥59,863,135 million. Of this amount, ¥52,139,576 million relates to contracts of which the original contractual maturity is one year or less, or which are unconditionally cancelable at any time.

Since many of these contracts expire without being exercised, the unutilized balance itself does not necessarily affect future cash flows. A provision is included in many of these contracts that entitles the banking subsidiaries to refuse the execution of loans, or reduce the maximum amount under contracts when there is a change in the financial situation, necessity to preserve a claim or other similar reasons. The banking subsidiaries require collateral such as real estate and securities when deemed necessary at the time the contract is entered into. In addition, they periodically monitor customers’ business conditions in accordance with internally established standards and take necessary measures to manage credit risks such as amendments to contracts.

10.

In accordance with the Land Revaluation Law (Proclamation No.34 dated March 31, 1998), land used for business operations of domestic consolidated banking subsidiaries was revalued. The applicable income taxes on the entire excess of revaluation are included in Deferred Tax Liabilities for Revaluation Reserve for Land under Liabilities, and the remainder, net of applicable income taxes, is stated as Revaluation Reserve for Land included in Net Assets.

Revaluation date: March 31, 1998

Revaluation method as stated in Article 3, Paragraph 3 of the above law: Land used for business operations was revalued by calculating the value on the basis of the valuation by road rating stipulated in Article 2, Paragraph 4 of the Enforcement Ordinance relating to the Land Revaluation Law (Government Ordinance No.119 promulgated on March 31, 1998) with reasonable adjustments to compensate for sites with long depth and other factors, and also on the basis of the appraisal valuation stipulated in Paragraph 5.

The difference at the consolidated balance sheet date between the total fair value of land for business operation purposes, which has been revalued in accordance with Article 10 of the above-mentioned law, and the total book value of the land after such revaluation was ¥165,480 million.

11.	Accumulated Depreciation of Tangible Fixed Assets amounted to ¥ 827,245 million.

12.	The book value of Tangible Fixed Assets adjusted for gains on sales of replaced assets and others amounted to ¥35,878 million.

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Mizuho Financial Group, Inc.

13.	Borrowed Money includes subordinated borrowed money of ¥612,543 million with a covenant that performance of the obligation is subordinated to that of other obligations.

14.	Bonds and Notes includes subordinated bonds of ¥1,436,608 million.

15.	The principal amounts of money trusts with contracts indemnifying the principal amounts, which are entrusted to domestic consolidated trust banking subsidiaries, are ¥741,934 million.

16.	Liabilities for guarantees on corporate bonds included in Securities, which were issued by private placement (Article 2, Paragraph 3 of the Financial Instruments and Exchange Law) amounted to ¥953,446 million.

17.	Projected pension benefit obligations, etc. as of the consolidated balance sheet date are as follows:


	*Millions of yen*
Projected Benefit Obligations	¥	(1,328,823	)
Plan Assets (fair value)		1,311,886
Unfunded Retirement Benefit Obligations		(16,937	)
Unrecognized Actuarial Differences		418,892
Net Amounts on Consolidated Balance Sheet	¥	401,955
Prepaid Pension Cost		438,008
Reserve for Employee Retirement Benefits		(36,053	)

(NOTES TO CONSOLIDATED STATEMENT OF INCOME)

1.	Other within Other Ordinary Income includes gains on sales of stocks of ¥54,989 million.

2.	Other Ordinary Expenses includes losses on impairment (devaluation) of stocks of ¥49,315 million, losses on sales of stocks of ¥39,350 million, and losses on write-offs of loans of ¥38,566 million.

3.	Other Extraordinary Losses includes special retirement payment in the securities subsidiary of ¥10,005 million.

(NOTES TO CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME)

1.	Reclassification adjustments and the related tax effects concerning Other Comprehensive Income


Net Unrealized Gains on Other Securities:
The amount arising during the period	¥	239,911	million
Reclassification adjustments	¥	(149,733)	million

Before adjustments to tax effects	¥	90,178	million
The amount of tax effects	¥	(38,264)	million

Net Unrealized Gains on Other Securities	¥	51,913	million

Deferred Gains or Losses on Hedges:
The amount arising during the period	¥	44,119	million
Reclassification adjustments	¥	(55,749)	million

Before adjustments to tax effects	¥	(11,630)	million
The amount of tax effects	¥	10,070	million

Deferred Gains or Losses on Hedges	¥	(1,560)	million

Revaluation Reserve for Land:
The amount arising during the period		—
Reclassification adjustments		—

Before adjustments to tax effects		—
The amount of tax effects	¥	11,821	million

Revaluation Reserve for Land	¥	11,821	million

Foreign Currency Translation Adjustments:
The amount arising during the period	¥	(2,123)	million
Reclassification Adjustments	¥	1,016	million

Before adjustments to tax effects	¥	(1,106)	million
The amount of tax effects		—
Foreign Currency Translation Adjustments	¥	(1,106)	million

Share of Other Comprehensive Income of Associates Accounted for Using Equity Method:
The amount arising during the period	¥	2,894	million

The total amount of Other Comprehensive Income	¥	63,962	million

1-31

Mizuho Financial Group, Inc.

(NOTES TO CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS)

1. Types and number of issued shares and of treasury stock are as follows:


	*Thousands of Shares*
	As of April 1, 2011		Increase during the fiscal year		Decrease during the fiscal year		As of March 31, 2012		Remarks
Issued shares
Common stock		21,782,185		2,265,980		—		24,048,165		*1
Eleventh Series Class XI Preferred Stock		914,752		—		—		914,752
Thirteenth Series Class XIII Preferred Stock		36,690		—		—		36,690

Total		22,733,627		2,265,980		—		24,999,607

Treasury stock
Common stock		5,656		133,814		102,424		37,046		*2
Eleventh Series Class XI Preferred Stock		497,866		43,207		—		541,073		*3

Total		503,522		177,022		102,424		578,120

*1.	Increases are due to request for acquisition (conversion) of preferred stock (151,921 thousand shares), exercise of stock acquisition rights (stock option) (4,748 thousand shares) , and increase in stock due to share exchange (2,109,310 thousand shares).

*2.

Increases are due to repurchase of shares associated with share exchange (22,027 thousand shares), repurchase of shares constituting less than one unit (42 thousand shares), acquisition of shares by subsidiaries and others due to share exchange (111,744 thousand shares). Decreases are due to exercise of stock acquisition rights (stock option) (547 thousand shares), repurchase of shares constituting less than one unit (23 thousand shares) and disposition of shares acquired by subsidiaries and others due to share exchange (101,853 thousand shares).

*3.	Increases are due to request for acquisition (conversion) of preferred stock.

2. Stock acquisition rights and treasury stock acquisition rights are as follows:


Category	Breakdown of stock acquisition rights			Class of shares to be issued or transferred upon exercise of stock acquisition rights		Number of shares to be issued or transferred upon exercise of stock acquisition rights (*Shares*)												Balance as of March 31, 2012 (*Millions of yen*)			Remarks
Category	Breakdown of stock acquisition rights					As of April 1, 2011			Increase during the fiscal year			Decrease during the fiscal year			As of March 31, 2012			Balance as of March 31, 2012 (*Millions of yen*)			Remarks
MHFG		Stock acquisition rights			—		—			—			—			—			—
		(Treasury stock acquisition rights	)				(—	)		(—	)		(—	)		(—	)		(—	)
		Stock acquisition rights as stock option								—									2,158
Consolidated subsidiaries										—									—
(Treasury stock acquisition rights)																			(—	)
Total										—									2,158
																			(—	)

1-32

Mizuho Financial Group, Inc.

3. Cash dividends distributed by MHFG are as follows:

(1) Cash dividends paid during the fiscal year ended March 31, 2012

Resolution

Type

Cash
Dividends
(Millions of yen)

Cash
Dividends
per Share
(Yen)

Record
Date

Effective
Date

June 21,

2011

Common Stock

130,659

March 31,

2011

June 21,

2011

[

Ordinary

General Meeting

of Shareholders

]

Eleventh Series Class XI

Preferred Stock

8,337

March 31,

2011

June 21,

2011

Thirteenth Series Class XIII

Preferred Stock

1,100

March 31,

2011

June 21,

2011

November 14,

2011

Common Stock

72,025

September 30,

2011

December 7,

2011

[

The Board of

Directors

]

Eleventh Series

Class XI

Preferred Stock

3,834

September 30,

2011

December 7,

2011

Thirteenth Series

Class XIII

Preferred Stock

550

September 30,

2011

December 7,

2011

Total

216,507

(2) Cash dividends with record dates falling in the fiscal year ended March 31, 2012 and effective dates coming after the end of the fiscal year

Resolution

Type

Cash
Dividends
(Millions of yen)

Resource
of
Dividends

Cash
Dividends
per Share
(Yen)

Record
Date

Effective
Date

Common Stock

72,063

Retained

Earnings

March 31,

2012

June 26,
2012

June 26,

2012

Eleventh Series

Class XI

Preferred Stock

3,736

Retained

Earnings

March 31,

2012

June 26,
2012

[

Ordinary

General Meeting

of Shareholders

]

Thirteenth Series

Class XIII

Preferred Stock

550

Retained

Earnings

March 31,

2012

June 26,
2012

Cash dividends on common stock and preferred stock are proposed as above as a matter to be resolved at the ordinary general meeting of shareholders scheduled to be held on June 26, 2012.

(NOTES TO CONSOLIDATED STATEMENT OF CASH FLOWS)

1. Cash and Cash Equivalents at the end of the fiscal year on the consolidated statement of cash flows reconciles to Cash and Due from Banks on the consolidated balance sheet as follows:


	*Millions of yen*
Cash and Due from Banks	¥	7,278,477
Due from Banks excluding central banks		(795,339	)

Cash and Cash Equivalents	¥	6,483,138

2. Significant non-fund transaction:

Transaction as a result of turning Mizuho Trust & Banking Co., Ltd., Mizuho Securities Co., Ltd., and Mizuho Investors Securities Co., Ltd. into wholly-owned subsidiaries by means of the share exchange.


	*Millions of yen*
Increase in Common Stock	¥	73,247
Increase in Capital Surplus		171,575
Increase in Treasury Stock		13,318
Amount of additionally acquired shares of the subsidiaries		231,504

1-33

Mizuho Financial Group, Inc.

(FINANCIAL INSTRUMENTS)

Matters relating to fair value of financial instruments and others

1. The following are the consolidated balance sheet amounts, fair values and differences between them as of March 31, 2012. Unlisted stocks and others, the fair values of which are extremely difficult to determine, are excluded from the table below.


	*(Unit: Millions of yen)*
	Consolidated Balance Sheet Amount			Fair Value		Difference
(1) Cash and Due from Banks (*1)		7,277,642			7,277,642		—
(2) Call Loans and Bills Purchased (*1)		248,733			248,733		—
(3) Receivables under Resale Agreements		7,123,397			7,123,397		—
(4) Guarantee Deposits Paid under Securities Borrowing Transactions		6,406,409			6,406,409		—
(5) Other Debt Purchased (*1)		1,540,618			1,538,532		(2,086	)
(6) Trading Assets Trading Securities		9,821,312			9,821,312		—
(7) Money Held in Trust (*1)		71,414			71,414		—
(8) Securities
Bonds Held to Maturity		1,801,614			1,816,139		14,525
Other Securities		48,834,754			48,834,754		—
(9) Loans and Bills Discounted		63,800,509
Reserves for Possible Losses on Loans (*1)		(600,616	)
		63,199,892			63,446,573		246,680

Total Assets		146,325,791			146,584,911		259,119

(1) Deposits		78,811,909			78,755,639		(56,270	)
(2) Negotiable Certificates of Deposit		11,824,746			11,824,450		(296	)
(3) Call Money and Bills Sold		5,668,929			5,668,929		—
(4) Payables under Repurchase Agreements		12,455,152			12,455,152		—
(5) Guarantee Deposits Received under Securities Lending Transactions		7,710,373			7,710,373		—
(6) Trading Liabilities Securities Sold, Not yet Purchased		4,406,811			4,406,811		—
(7) Borrowed Money		14,763,870			14,777,629		13,758
(8) Bonds and Notes		4,783,180			4,862,583		79,403

Total Liabilities		140,424,973			140,461,568		36,595

Derivative Transactions (*2)
Derivative Transactions not Qualifying for Hedge Accounting		511,326
Derivative Transactions Qualifying for Hedge Accounting		[249	]
Reserves for Derivative Transactions (*1)		(39,934	)

Total Derivative Transactions		471,142			471,142		—

(*1)

General and specific reserves for possible losses on loans relevant to Loans and Bills Discounted and reserves for derivative transactions are excluded. Reserves for Cash and Due from Banks, Call Loans and Bills Purchased, Other Debt Purchased, Money Held in Trust and others are directly written off against the consolidated balance sheet amount due to immateriality.

(*2)	Derivative Transactions recorded in Trading Assets and Trading Liabilities and Other Assets and Other Liabilities are presented as a lump sum.

Net claims and debts that arose from derivative transactions are presented on a net basis, and the item that is net debts in total is presented in brackets.

1-34

Mizuho Financial Group, Inc.

2. Financial instruments whose fair values are deemed to be extremely difficult to determine are indicated below, and are not included in “Assets (5) Other Debt Purchased” and “Assets (8) Other Securities” in fair value information of financial instruments.


	*(Millions of yen)*
Category	Consolidated Balance Sheet Amount
Unlisted Stocks (*1)		251,198
‚ Investments in Partnerships (*2)		145,203
ƒ Other (*3)		100,182

Total (*4)		496,583

(*1)	We do not treat Unlisted Stocks as being subject to disclosure of fair values as there are no market prices and they are deemed extremely difficult to determine fair values.

(*2)	Of the Investments in Partnerships, we do not treat those whose assets consist of unlisted stocks and other financial instruments that are deemed extremely difficult to determine fair values as being subject to disclosure of fair values.

(*3)	We do not treat Preferred Securities and others included in Other as being subject to disclosure of fair values as there are no market prices and other factors and they are deemed extremely difficult to determine fair values.

(*4)	During the fiscal year ended March 31, 2012, the amount of impairment (devaluation) was ¥12,636 million on a consolidated basis.

1-35

Mizuho Financial Group, Inc.

(SECURITIES)

In addition to “Securities” on the consolidated balance sheet, trading securities, negotiable certificates of deposit (“NCDs”), commercial paper and certain other items in “Trading Assets,” NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.

1. Trading Securities (as of March 31, 2012)


	*(Millions of yen)*
	Unrealized Gains (Losses) Included in Profit and Loss for the Fiscal Year
Trading Securities		(15,009	)

2. Bonds Held to Maturity (as of March 31, 2012)


		*(Millions of yen)*
	Type	Consolidated Balance Sheet Amount		Fair Value		Difference
Bonds Whose Fair Values Exceed the Consolidated Balance Sheet Amount
	Japanese Government Bonds		1,750,602		1,765,189		14,586
	Japanese Corporate Bonds		1,000		1,000		0
	Sub-total		1,751,602		1,766,189		14,586
Bonds Whose Fair Values Do Not Exceed the Consolidated Balance Sheet Amount
	Japanese Government Bonds		50,011		49,950		(61	)
	Sub-total		50,011		49,950		(61	)
Total			1,801,614		1,816,139		14,525

1-36

Mizuho Financial Group, Inc.

3. Other Securities (as of March 31, 2012)


		*(Millions of yen)*
	Type	Consolidated Balance Sheet Amount		Acquisition Cost		Difference
Other Securities Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost
	Stocks		1,436,809		983,245		453,564
	Bonds		24,767,795		24,675,852		91,943
	Japanese Government Bonds		22,543,510		22,488,274		55,236
	Japanese Local Government Bonds		241,572		238,350		3,222
	Japanese Corporate Bonds		1,982,712		1,949,228		33,484
	Other		4,577,821		4,473,406		104,415
	Foreign Bonds		3,890,937		3,841,789		49,148
	Other Debt Purchased		405,791		390,583		15,208
	Other		281,092		241,033		40,059
	Sub-total		30,782,427		30,132,504		649,922
Other Securities Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost
	Stocks		1,072,543		1,369,523		(296,979	)
	Bonds		11,604,769		11,640,285		(35,516	)
	Japanese Government Bonds		10,146,167		10,149,589		(3,422	)
	Japanese Local Government Bonds		30,993		31,084		(90	)
	Japanese Corporate Bonds		1,427,607		1,459,611		(32,003	)
	Other		6,338,777		6,572,338		(233,560	)
	Foreign Bonds		5,079,093		5,153,431		(74,338	)
	Other Debt Purchased		420,295		445,743		(25,448	)
	Other		839,389		973,163		(133,773	)
	Sub-total		19,016,090		19,582,147		(566,056	)
Total			49,798,518		49,714,651		83,866

(Note) Unrealized Gains (Losses) includes ¥(7,343) million which was recognized in the statement of income by applying the fair-value hedge method.

1-37

Mizuho Financial Group, Inc.

4. Bonds Held to Maturity which were sold during the fiscal year ended March 31, 2012

There were no Bonds Held to Maturity which were sold during the fiscal year ended March 31, 2012.

5. Other Securities Sold during the Fiscal Year ended March 31, 2012


	*(Millions of yen)*
	Amount Sold		Gains on Sales		Losses on Sales
Stocks		112,577		41,125		4,635
Bonds		63,744,981		67,958		13,990
Japanese Government Bonds		61,593,225		54,205		10,846
Japanese Local Government Bonds		241,899		561		181
Japanese Corporate Bonds		1,909,856		13,191		2,962
Other		18,540,767		168,446		62,612

Total		82,398,326		277,530		81,238

(Note) Figures include Other Securities for which it is deemed to be extremely difficult to determine the fair value.

6. Securities for which the Holding Purpose has Changed

There were no securities for which the holding purpose has changed during the fiscal year ended March 31, 2012.

7. Impairment (“Devaluation”) of Securities

Certain Securities (excluding Trading Securities) which have readily determinable fair value are devalued to the fair value, and the difference between the acquisition cost and the fair value is treated as the loss for the fiscal year (impairment (devaluation)), if the fair value (primarily the closing market price at the consolidated balance sheet date) has significantly deteriorated compared with the acquisition cost (including amortized cost), and unless it is deemed that there is a possibility of a recovery in the fair value. The amount of impairment (devaluation) for the fiscal year was ¥46,793 million.

The criteria for determining whether a security’s fair value has “significantly deteriorated” are outlined as follows:

•

Securities whose fair value is 50% or less of the acquisition cost

Securities whose fair value exceeds 50% but is 70% or less of the acquisition cost and the quoted market price maintains a certain level or lower.

(NOTES TO MONEY HELD IN TRUST)

1. Money Held in Trust for Investment (as of March 31, 2012)


	*(Millions of yen)*
	Consolidated Balance Sheet Amount		Unrealized Gains (Losses) Included in Profit and Loss for the Fiscal Year
Money Held in Trust for Investment		70,449		—

2. Money Held in Trust Held to Maturity (As of March 31, 2012)

There was no Money Held in Trust held to maturity.

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Mizuho Financial Group, Inc.

3. Other in Money Held in Trust (other than for investment purposes and held to maturity purposes) (as of March 31, 2012)


	*(Millions of yen)*
	Consolidated Balance Sheet Amount		Acquisition Cost		Difference			Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost		Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost
Other in Money Held in Trust		965		1,001		(36	)		—		(36	)

(Note)

“Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost” and “Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost” are components of “Difference.”

1-39

Mizuho Financial Group, Inc.

(TAX EFFECT ACCOUNTING)

“Act on Partial Amendment to the Income Tax Act, etc. in order to Create a Tax System Responding to Structural Changes of Economy and Society” (Act No. 114, 2011) and “Act on Special Measures Concerning Securing Financial Resources Necessary for the Implementation of Measures to recover from the Great East Japan Earthquake” (Act No. 117, 2011) were promulgated on December 2, 2011, and accordingly, the corporate income tax rate has been lowered and the special corporation tax for restoration has been imposed from the consolidated fiscal year beginning on or after April 1, 2012.

Due to these changes, the effective statutory tax rate used by MHFG for the calculation of deferred tax assets and deferred tax liabilities has been revised from the previous rate of 40.69%. The rate of 38.01% has been applied to the temporary differences, expected to be either deductible, taxable or expired from the fiscal year beginning on April 1, 2012 through the fiscal year beginning on April 1, 2014, while the rate of 35.64% has been applied to the temporary differences, expected to be either deductible, taxable or expired on or after the fiscal year beginning April 1, 2015. In addition, due to the revision of the carry-forward system of the net operating losses , the amount of net operating losses that can be deducted has been limited to the equivalent of 80% of taxable income before such deductions from the consolidated fiscal year beginning on April 1, 2012.

As a result of the changes in tax rates and the carry-forward system of the losses, Deferred Tax Assets decreased by ¥22,705 million, Net Unrealized Gains on Other Securities increased by ¥6,960 million, Deferred Gains or Losses on Hedges increased by ¥5,020 million, and Deferred Income Taxes increased by ¥34,686 million. Deferred Tax Liabilities for Revaluation Reserve for Land decreased by ¥11,821 million and Revaluation Reserve for Land increased by the same amount.

1-40

Mizuho Financial Group, Inc.

(BUSINESS SEGMENT INFORMATION)

1. Summary of reportable segment

The MHFG Group’s operating segments are based on the nature of the products and services provided, the type of customer and the Group’s management organization.

The reportable segment information, set forth below, is derived from the internal management reporting systems used by management to measure the performance of the Group’s operating segments. The management measures the performance of each of the operating segments primarily in terms of “net business profits” (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) in accordance with internal managerial accounting rules and practices.

MHFG manages its business portfolio through the three Global Groups: the Global Corporate Group, the Global Retail Group and the Global Asset & Wealth Management Group. The Global Corporate Group consists primarily of MHCB and MHSC, the Global Retail Group consists primarily of MHBK and MHIS, and the Global Asset & Wealth Management Group consists primarily of MHTB.

Operating segments of MHCB and MHBK are aggregated within each entity based on customer characteristics and functions. Operating segments of MHCB are aggregated into three reportable segments, domestic, international, and trading and others. Operating segments of MHBK are also aggregated into three reportable segments, retail banking, corporate banking, and trading and others. In addition to the three Global Groups, subsidiaries which provide services to a wide range of customers and which do not belong to a specific Global Group are aggregated as Others.

[The Global Corporate Group]

[MHCB ]

MHCB is the main operating company of the Global Corporate Group and provides banking and other financial services to large corporations, financial institutions, public sector entities, foreign corporations, including foreign subsidiaries of Japanese corporations, and foreign governmental entities.

(Domestic ‚)

This segment consists of the following three units of MHCB: corporate banking, global investment banking, and global transaction banking. This segment provides a variety of financial products and services to large corporations, financial institutions and public sector entities in Japan. The products and services it offers include commercial banking, advisory services, syndicated loan arrangements and structured finance.

(International ƒ)

This segment mainly offers commercial banking and foreign exchange transaction services to foreign corporations, including foreign subsidiaries of Japanese corporations, through MHCB’s overseas network.

(Trading and others „)

This segment consists of the global markets unit, and the global asset management unit. This segment supports the domestic and international segments in offering derivatives and other risk hedging products to satisfy MHCB’s customers’ financial and business risk control requirements. It is also engaged in MHCB’s proprietary trading, such as foreign exchange and bond trading, and asset and liability management. This segment also includes costs incurred by headquarters functions of MHCB.

[MHSC …]

Mizuho Securities is the securities arm of the Global Corporate Group and provides full-line securities services to corporations, financial institutions, public sector entities and individuals.

The former Mizuho Securities and Shinko Securities merged to form the new Mizuho Securities in May 2009.

[Others †]

This segment consists of MHCB’s subsidiaries and others other than MHSC. These entities offer financial products and services in specific areas of business or countries mainly to customers of the Global Corporate Group.

1-41

Mizuho Financial Group, Inc.

[The Global Retail Group]

[MHBK ‡]

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

(Retail banking ˆ)

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

(Corporate banking ‰)

This segment provides loans, syndicated loan arrangements, structured finance, advisory services, other banking services and capital markets financing to SMEs, middle-market corporations, local governmental entities and other public sector entities in Japan.

(Trading and others Š)

This segment supports the retail banking and corporate banking segments in offering derivatives and other risk hedging products to satisfy MHBK’s customers’ financial and business risk control requirements. It is also engaged in MHBK’s proprietary trading, such as foreign exchange and bond trading, and asset and liability management. This segment also includes costs incurred by headquarters functions of MHBK.

[MHIS LOGO ]

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

[Others LOGO ]

This segment consists of MHBK’s subsidiaries other than MHIS. These subsidiaries, such as Mizuho Capital and Mizuho Business Financial Center, offer financial products and services in specific areas of business to customers of the Global Retail Group.

[The Global Asset & Wealth Management Group]

[MHTB LOGO ]

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

[Others LOGO ]

This segment includes companies other than MHTB which are part of the Global Asset & Wealth Management Group. These companies include Trust & Custody Service Bank, Mizuho Asset Management, DIAM and Mizuho Private Wealth Management. They offer products and services related to private banking, trust and custody, and asset management.

[Others LOGO ]

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

1-42

Mizuho Financial Group, Inc.

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

The following information of reportable segment is based on internal management reporting.

Gross profits (excluding the amounts of credit costs of trust accounts) is the total amount of Interest income, Fiduciary income, Fee and commission income, Trading income, and Other operating income.

Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) is the amount of which General administrative expenses (excluding non-recurring expenses) and Other (Equity in income from investments in affiliates and certain other consolidation adjustments) are deducted from Gross profits (excluding the amounts of credit costs of trust accounts).

Asset information by segment is not prepared on the grounds that management does not use asset information of each segment for the purpose of asset allocation or performance evaluation.

Gross profits (excluding the amounts of credit costs of trust accounts) relating to transactions between segments is based on the current market price.

Certain items in expenses regarding stock transfer agency business and pension management business, which had been recorded as “General and administrative expenses (excluding Non-Recurring Losses)” in some domestic consolidated trust bank subsidiary until the previous fiscal year, have been recorded as “Gross profits: (excluding the amounts of credit costs of trust accounts)” beginning with this fiscal year, from the standpoint that we should disclose our financial information which reflects economic conditions more clearly in a manner that actively responds to our profits, after turning the relevant trust bank subsidiary into a wholly-owned subsidiary of MHFG.

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


	*Millions of yen*
	Global Corporate Group																	Global Retail Group																Global Asset & Wealth Management Group								Others
				MHCB																	MHBK
						Domestic		Inter- national		Trading and others		MHSC			Others								Retail banking		Corporate banking		Trading and others		MHIS		Others						MHTB		Others
							‚		ƒ		„		…			†						‡		ˆ		‰		Š																	Total
Gross profits:
(excluding the amounts of credit costs of trust accounts)
Net interest income (expense)		468,289			395,011		166,600		96,800		131,611		(4,154	)		77,432			583,921			545,372		239,200		254,600		51,572		674		37,874			43,444			42,722		722			(7,315	)	1,088,340
Net non-interest income		449,368			286,750		119,800		61,600		105,350		120,547			42,070			305,782			253,296		39,700		121,600		91,996		43,910		8,575			131,199			84,357		46,842			28,383		914,734
Total		917,658			681,761		286,400		158,400		236,961		116,392			119,503			889,704			798,669		278,900		376,200		143,569		44,584		46,449			174,644			127,079		47,564			21,068		2,003,075
General and administrative expenses (excluding Non-Recurring Losses)		465,444			244,869		89,800		62,000		93,069		144,845			75,729			608,489			556,444		243,000		221,700		91,744		40,850		11,195			117,138			78,043		39,094			15,237		1,206,310
Others		(52,077	)		—		—		—		—		—			(52,077	)		(14,049	)		—		—		—		—		—		(14,049	)		(1,862	)		—		(1,862	)		(9,672	)	(77,661	)
Net business profits
(excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)		400,136			436,892		196,600		96,400		143,892		(28,452	)		(8,304	)		267,165			242,225		35,900		154,500		51,825		3,734		21,205			55,643			49,036		6,607			(3,841	)	719,104

Notes:

(1)	Gross profits (excluding the amounts of credit costs of trust accounts) is reported instead of sales reported by general corporations.

(2)	“Others †”, “Others ” and “Others ” include elimination of transactions between companies within the Global Corporate Group, the Global Retail Group and the Global Asset & Wealth Management Group, respectively. “Others ” includes elimination of transactions between the Global Groups.

1-43

Mizuho Financial Group, Inc.

4. The difference between the total amounts of reportable segments and the recorded amounts in Consolidated Statement of Income, and the contents of the difference (Matters relating to adjustment to difference)

The above amount of Gross profits (excluding the amounts of credit costs of trust accounts) and that of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) derived from internal management reporting by reportable segment are different from the amounts recorded in Consolidated Statement of Income.

The contents of the difference for the period are as follows:

(1)	The total of Gross profits (excluding the amounts of credit costs of trust accounts) of segment information and Ordinary Profits recorded in Consolidated Statements of Income


	*Millions of yen*
Gross profits: (excluding the amounts of credit costs of trust accounts)	Amount
Total amount of the above segment information		2,003,075
Other Ordinary Income		170,143
General and Administrative Expenses		(1,283,847	)
Other Ordinary Expenses		(240,809	)

Ordinary Profits recorded in Consolidated Statements of Income		648,561

(2)	The total of Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans) of segment information and Income before income taxes and minority interests recorded in Consolidated Statements of Income


	*Millions of yen*
Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)	Amount
Total amount of the above segment information		719,104
Credit Costs for Trust Accounts		—
General and Administrative Expenses (non-recurring losses)		(77,537	)
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(42,569	)
Net Gains (Losses) related to Stocks		(38,175	)
Net Extraordinary Gains (Losses)		67,887
Other		87,740

Income before income taxes and minority interests recorded in Consolidated Statements of Income		716,449

1-44

Mizuho Financial Group, Inc.

(MATTERS RELATED TO COMBINATION AND OTHERS)

1. Mizuho Financial Group, Inc. (“MHFG”) and Mizuho Trust & Banking Co., Ltd. (“MHTB”) determined, at their respective meetings of the board of directors held on April 28, 2011, to turn MHTB into a wholly-owned subsidiary of MHFG by means of a share exchange and signed a share exchange agreement. As a result of the execution of the share exchange on September 1, 2011, MHTB became a wholly-owned subsidiary of MHFG.

(1) Name of the company to which the share exchange was applied, purpose of business, effective date of the share exchange, legal method of the share exchange, and main purpose of the share exchange


	Name of the wholly-owned subsidiary in the share exchange	Mizuho Trust & Banking Co., Ltd.

‚	Purpose of business	Trust and banking business

ƒ	Effective date of the share exchange	September 1, 2011

„	Legal method of the share exchange	The share exchange in which MHFG became a wholly-owning parent and MHTB became a wholly-owned subsidiary pursuant to Article 767 of the Company Law

…	Main purpose of the share exchange	MHFG announced the Transformation Program as the Medium-term Management Policy of Mizuho in May 2010, in order to respond promptly and appropriately to the new business environment that surrounds financial institutions, including changes in economic and social structures and revisions of international financial supervision and regulations after the global financial crisis. Our Group (“Mizuho”) has conducted a fundamental review of the management challenges it faces, and the entire group is now implementing measures to achieve sustainable growth through initiatives for further enhancement of three areas, “profitability,” “financial base” and “front-line business capabilities,” while pursuing the group’s “customer first policy.” The Transaction turning MHTB into a wholly owned-subsidiary is intended to further enhance the “group collective capabilities” by integrating group-wide business operations, optimizing management resources, such as workforce and branch network, and accelerating the implementation of the Transformation Program. Specifically, the Transaction aims to (i) ensure a prompt decision-making process and flexibility of strategies and establish a group management structure that can respond with greater flexibility to the changes in the external business environment and challenges of the group as a whole as well as of each group company, (ii) further enhance Mizuho’s comprehensive financial services capabilities, which are Mizuho’s strengths, and reinforce group collaboration that provides seamless full-line services that include banking, trust and securities functions, and (iii) pursue improvement of group management efficiency by thoroughly promoting the consolidation of operations and the cost structure reforms.

1-45

Mizuho Financial Group, Inc.

(2) Overview of the applied accounting treatment

As a result of the application of the accounting treatment stipulated in “Accounting Standard for Business Combinations” (ASBJ Statement No. 21, December 26, 2008) and “Revised Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures” (ASBJ Guidance No. 10, December 26, 2008), goodwill has been incurred.

(3) Acquisition cost and breakdown of additionally acquired shares of the subsidiary


Consideration for acquisition:	Common stock of MHTB	¥	95,615 million
Expenses directly necessary for acquisition:	Advisory fees and others	¥	212 million
Acquisition cost:		¥	95,827 million

(4) Share allotment ratio, calculation method, and number of shares delivered

Share allotment ratio

Company Name

MHFG

(wholly-owning parent company in

the share exchange)

MHTB

(wholly-owned subsidiary in

the share exchange)

Details of allotment of shares upon the share exchange

0.54

‚ Calculation method

MHFG and MHTB engaged in negotiations and discussions with reference to the calculation results of the share exchange ratio provided by Merrill Lynch Japan Securities Co., Ltd. (“BofA Merrill Lynch”) and J.P. Morgan Securities Japan Co., Ltd.

(“J.P. Morgan”) and with consideration for MHFG’s and MHTB’s financial conditions, performance trends and stock price movements, etc. As a result, MHFG determined that the share exchange ratio set forth above was beneficial to the shareholders of MHFG, and MHTB determined that the share exchange ratio set forth above was beneficial to the shareholders of MHTB, and MHFG and MHTB resolved the share exchange ratio for the share exchange at their respective meetings of the board of directors held on April 28, 2011.

ƒ Number of shares delivered:

Shares of common stock of MHFG: 824,271,984 shares

(5) Amount, cause, amortization method, and amortization period of goodwill incurred

Amount of goodwill incurred: ¥58,258 million

‚ Cause:

Difference between MHFG’s increase in shares of stock corresponding to MHTB which became a wholly-owned subsidiary and the acquisition cost

ƒ Amortization method and amortization period 20 years under the straight-line method

2. MHFG, Mizuho Corporate Bank, Ltd. (“MHCB”) and Mizuho Securities Co., Ltd. (“MHSC”) determined, at their respective meetings of the board of directors held on April 28, 2011, to turn MHSC into a wholly-owned subsidiary of MHCB by means of a share exchange and signed a share exchange agreement. As a result of the execution of the share exchange on September 1, 2011, MHSC became a wholly-owned subsidiary of MHCB.

1-46

Mizuho Financial Group, Inc.

(1) Name of the company to which the share exchange was applied, purpose of business, effective date of the share exchange, legal method of the share exchange, and main purpose of the share exchange



	Name of the wholly-owned subsidiary in the share exchange	Mizuho Securities Co., Ltd.

‚	Purpose of business	Financial instruments business

ƒ	Effective date of the share exchange	September 1, 2011

„	Legal method of the share exchange	The share exchange in which MHCB became a wholly-owning parent and MHSC became a wholly-owned subsidiary pursuant to Article 767 of the Company Law

…	Main purpose of the share exchange	MHFG announced the Transformation Program as the Medium-term Management Policy of Mizuho in May 2010, in order to respond promptly and appropriately to the new business environment that surrounds financial institutions, including changes in economic and social structures and revisions of international financial supervision and regulations after the global financial crisis. Mizuho has conducted a fundamental review of the management challenges it faces, and the entire group is now implementing measures to achieve sustainable growth through initiatives for further enhancement of three areas, “profitability,” “financial base” and “front-line business capabilities,” while pursuing the group’s “customer first policy.” The Transaction turning MHSC into a wholly owned-subsidiary is intended to further enhance the “group collective capabilities” by integrating group-wide business operations, optimizing management resources, such as workforce and branch network, and accelerating the implementation of the Transformation Program. Specifically, the Transaction aims to (i) ensure a prompt decision-making process and flexibility of strategies and establish a group management structure that can respond with greater flexibility to the changes in the external business environment and challenges of the group as a whole as well as of each group company, (ii) further enhance Mizuho’s comprehensive financial services capabilities, which are Mizuho’s strengths, and reinforce group collaboration that provides seamless full-line services that include banking, trust and securities functions, and (iii) pursue improvement of group management efficiency by thoroughly promoting the consolidation of operations and the cost structure reforms.

(2) Overview of the applied accounting treatment

1-47

Mizuho Financial Group, Inc.

(3) Acquisition cost and breakdown of additionally acquired shares of the subsidiary


Consideration for acquisition:	Common stock of MHSC	¥	110,336 million
Expenses directly necessary for acquisition:	Advisory fees and others	¥	42 million
Acquisition cost:		¥	110,379 million

(4) Share allotment ratio, calculation method, and number of shares delivered

Share allotment ratio

Company Name

MHFG

(wholly-owning parent

company of MHCB, which is a

wholly-owning parent company

in the share exchange)

MHSC

(wholly-owned subsidiary in

the share exchange)

Details of allotment of shares upon the share exchange

1.48

‚ Calculation method

MHFG, MHCB and MHSC engaged in negotiations and discussions with reference to the calculation results of the share exchange ratio provided by BofA Merrill Lynch and J.P. Morgan and with consideration for MHFG’s and MHSC’s financial conditions, performance trends and stock price movements, etc. As a result, MHFG and MHCB determined that the share exchange ratio set forth above was beneficial to the shareholders of MHFG, and MHSC determined that the share exchange ratio set forth above was beneficial to the shareholders of MHSC, and MHFG, MHCB and MHSC resolved the share exchange ratio for the share exchange at their respective meetings of the board of directors held on April 28, 2011.

ƒ Number of shares delivered:

Shares of common stock of MHFG: 951,166,005 shares

(5) Amount and cause of negative goodwill incurred

Amount of negative goodwill incurred: ¥85,401 million

‚ Cause:

Difference between MHCB’s increase in shares of stock corresponding to MHSC which became a wholly-owned subsidiary and the acquisition cost

3. MHFG, Mizuho Bank, Ltd. (“MHBK”) and Mizuho Investors Securities Co., Ltd. (“MHIS”) determined, at their respective meetings of the board of directors held on April 28, 2011, to turn MHIS into a wholly-owned subsidiary of MHBK by means of a share exchange and signed a share exchange agreement. As a result of the execution of the share exchange on September 1, 2011, MHIS became a wholly-owned subsidiary of MHBK.

(1) Name of the company to which the share exchange was applied, purpose of business, effective date of the share exchange, legal method of the share exchange, and main purpose of the share exchange


	Name of the wholly-owned subsidiary in the share exchange	Mizuho Investors Securities Co., Ltd.

‚	Purpose of business	Financial instruments business

ƒ	Effective date of the share exchange	September 1, 2011

„	Legal method of the share exchange	The share exchange in which MHBK became a wholly-owning parent and MHIS became a wholly-owned subsidiary pursuant to Article 767 of the Company Law

1-48

Mizuho Financial Group, Inc.

…

Main purpose of the share exchange

MHFG announced the Transformation Program as the Medium-term Management Policy of Mizuho in May 2010, in order to respond promptly and appropriately to the new business environment that surrounds financial institutions, including changes in economic and social structures and revisions of international financial supervision and regulations after the global financial crisis. Mizuho has conducted a fundamental review of the management challenges it faces, and the entire group is now implementing measures to achieve sustainable growth through initiatives for further enhancement of three areas, “profitability,” “financial base” and “front-line business capabilities,” while pursuing the group’s “customer first policy.”

The Transaction turning MHIS into a wholly owned-subsidiary is intended to further enhance the “group collective capabilities” by integrating group-wide business operations, optimizing management resources, such as workforce and branch network, and accelerating the implementation of the Transformation Program. Specifically, the Transaction aims to (i) ensure a prompt decision-making process and flexibility of strategies and establish a group management structure that can respond with greater flexibility to the changes in the external business environment and challenges of the group as a whole as well as of each group company, (ii) further enhance Mizuho’s comprehensive financial services capabilities, which are Mizuho’s strengths, and reinforce group collaboration that provides seamless full-line services that include banking, trust and securities functions, and (iii) pursue improvement of group management efficiency by thoroughly promoting the consolidation of operations and the cost structure reforms.

(2) Overview of the applied accounting treatment

(3) Acquisition cost and breakdown of additionally acquired shares of the subsidiary


Consideration for acquisition:	Common stock of MHIS	¥	37,460 million
Expenses directly necessary for acquisition:	Advisory fees and others	¥	36 million
Acquisition cost:		¥	37,497 million

1-49

Mizuho Financial Group, Inc.

(4) Share allotment ratio, calculation method, and number of shares delivered

Share allotment ratio

Company Name

MHFG

(wholly-owning parent

company of MHBK, which is a

wholly-owning parent company

in the share exchange)

MHIS

(wholly-owned subsidiary in

the share exchange)

Details of allotment of shares upon the share exchange

0.56

‚ Calculation method

MHFG, MHBK and MHIS engaged in negotiations and discussions with reference to the calculation results of the share exchange ratio provided by BofA Merrill Lynch and J.P. Morgan and with consideration for MHFG’s and MHIS’s financial conditions, performance trends and stock price movements, etc. As a result, MHFG and MHBK determined that the share exchange ratio set forth above was beneficial to the shareholders of MHFG, and MHIS determined that the share exchange ratio set forth above was beneficial to the shareholders of MHIS, and MHFG, MHBK and MHIS resolved the share exchange ratio for the share exchange at their respective meetings of the board of directors held on April 28, 2011.

ƒ Number of shares delivered

Shares of common stock of MHFG: 322,928,897 shares

(5) Amount and cause of negative goodwill incurred

Amount of negative goodwill incurred: ¥5,778 million

‚ Cause:

Difference between MHBK’s increase in shares of stock corresponding to MHIS which became a wholly-owned subsidiary and the acquisition cost

1-50

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)


		Fiscal 2010			Fiscal 2011
Net Assets per Share of Common Stock	¥		177.53			187.19
Net Income per Share of Common Stock	¥		20.47			20.62
Diluted Net Income per Share of Common Stock	¥		19.27			19.75

1. Total Net Assets per Share of Common Stock is based on the following information:

		Fiscal 2010			Fiscal 2011
Net Assets per Share of Common Stock
Total Net Assets	¥ million		6,623,999			6,869,295
Deductions from Total Net Assets	¥ million		2,757,897			2,374,513
Paid-in Amount of Preferred Stock	¥ million		453,576			410,368
Cash Dividends on Preferred Stock	¥ million		9,438			4,287
Stock Acquisition Rights	¥ million		2,754			2,158
Minority Interests	¥ million		2,292,128			1,957,699
Net Assets (year-end) related to Common Stock	¥ million		3,866,102			4,494,781
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated	Thousands of shares		21,776,528			24,011,119

2. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the following information:

		Fiscal 2010			Fiscal 2011
Net Income per Share of Common Stock
Net Income	¥ million		413,228			484,519
Amount not attributable to Common Stock	¥ million		9,438			8,672
Cash Dividends on Preferred Stock	¥ million		9,438			8,672
Net Income related to Common Stock	¥ million		403,789			475,847
Average Outstanding Shares of Common Stock (during the period)	Thousands of shares		19,722,818			23,073,543

Diluted Net Income per Share of Common Stock
Adjustment to Net Income	¥ million		8,324			7,571
Cash Dividends on Preferred Stock	¥ million		8,337			7,571
Adjustments made to reflect Stock Acquisition Rights of subsidiaries	¥ million		(13	)		—
Increased Number of Shares of Common Stock	Thousands of shares		1,659,576			1,392,061
Preferred Stock	Thousands of shares		1,649,424			1,380,433
Stock Acquisition Rights	Thousands of shares		10,152			11,627
Description of dilutive securities which were not included in the calculation of Diluted Net Income per Share of Common Stock as they have no dilutive effects			Mizuho Securities Co.,Ltd Second series of Stock Acquisition Rights (Number of Stock Acquisition Rights: 721) Third series of Stock Acquisition Rights (Number of Stock Acquisition Rights: 1,914)			—

1-51

Mizuho Financial Group, Inc.

5. NON-CONSOLIDATED FINANCIAL STATEMENTS

(1) NON-CONSOLIDATED BALANCE SHEETS


	*Millions of yen*
	As of March 31, 2011		As of March 31, 2012
Assets
Current Assets
Cash and Due from Banks	¥	16,490	¥	14,452
Advances		11		—
Prepaid Expenses		1,120		1,096
Accounts Receivable		3,540		1,447
Other Current Assets		5,728		5,797
Total Current Assets		26,892		22,793
Fixed Assets
Tangible Fixed Assets		1,446		2,234
Buildings		829		704
Equipment		408		259
Construction in Progress		208		1,270
Intangible Fixed Assets		3,202		2,726
Trademarks		25		10
Software		3,113		2,632
Other Intangible Fixed Assets		64		84
Investments		6,003,616		6,100,670
Investment Securities		51,272		51,629
Investments in Subsidiaries and Affiliates		5,938,822		6,034,643
Long-term Prepaid Expenses		141		141
Other Investments		13,380		14,256
Total Fixed Assets		6,008,266		6,105,631

Total Assets	¥	6,035,158	¥	6,128,424

Liabilities
Current Liabilities
Short-term Borrowings	¥	741,575	¥	741,070
Short-term Bonds		380,000		440,000
Accounts Payable		3,829		2,027
Accrued Expenses		3,389		3,520
Accrued Corporate Taxes		94		63
Deposits Received		248		243
Reserve for Bonus Payments		246		280
Total Current Liabilities		1,129,384		1,187,205
Non-Current Liabilities
Bonds and Notes		240,000		240,000
Deferred Tax Liabilities		4,344		4,213
Reserve for Employee Retirement Benefits		1,757		1,997
Asset Retirement Obligations		640		643
Other Non-Current Liabilities		6,146		6,031
Total Non-Current Liabilities		252,890		252,885

Total Liabilities	¥	1,382,274	¥	1,440,090

1-52

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2011			As of March 31, 2012
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			1,230,688
Retained Earnings Brought Forward		1,437,204			1,230,688
Total Retained Earnings		1,441,554			1,235,038
Treasury Stock		(3,196	)		(5,453	)

Total Shareholders’ Equity		4,645,383			4,679,422

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		5,713			6,753

Total Valuation and Translation Adjustments		5,713			6,753

Stock Acquisition Rights		1,786			2,158

Total Net Assets		4,652,883			4,688,334

Total Liabilities and Net Assets	¥	6,035,158		¥	6,128,424

1-53

Mizuho Financial Group, Inc.

(2) NON-CONSOLIDATED STATEMENTS OF INCOME


	*Millions of yen*
	For the fiscal year ended March 31, 2011		For the fiscal year ended March 31, 2012
Operating Income
Cash Dividends Received from Subsidiaries and Affiliates	¥	16,543	¥	7,954
Fee and Commission Income Received from Subsidiaries and Affiliates		29,878		29,827
Total Operating Income		46,422		37,781
Operating Expenses
General and Administrative Expenses		19,673		21,260
Total Operating Expenses		19,673		21,260

Operating Profits		26,748		16,521

Non-Operating Income
Interest on Deposits		20		7
Interest on Securities		197		—
Cash Dividends Received		596		1,373
Fee and Commissions		10,155		10,155
Other Non-Operating Income		1,469		153
Total Non-Operating Income		12,438		11,689
Non-Operating Expenses
Interest Expenses		4,759		4,776
Interest on Short-term Bonds		1,250		1,451
Interest on Bonds		10,155		10,155
Other Non-Operating Expenses		4,264		1,410
Total Non-Operating Expenses		20,429		17,793

Ordinary Profits		18,757		10,417

Extraordinary Gains
Other Extraordinary Gains		23		10
Total Extraordinary Gains		23		10
Extraordinary Losses
Other Extraordinary Losses		205		20
Total Extraordinary Losses		205		20

Income before Income Taxes		18,575		10,407

Income Taxes:
Current		63		141
Deferred		0		48
Total Income Taxes		64		189

Net Income	¥	18,511	¥	10,217

1-54

Mizuho Financial Group, Inc.

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


	*Millions of yen*
	For the fiscal year ended March 31, 2011			For the fiscal year ended March 31, 2012

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	)		(216,507	)
Net Income		18,511			10,217
Disposition of Treasury Stock		(1,314	)		(225	)

Total Changes during the period		(117,770	)		(206,515	)

Balance as of the end of the period		1,437,204			1,230,688

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	)		(216,507	)
Net Income		18,511			10,217
Disposition of Treasury Stock		(1,314	)		(225	)

Total Changes during the period		(117,770	)		(206,515	)

Balance as of the end of the period	¥	1,441,554		¥	1,235,038

1-55

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2011			For the fiscal year ended March 31, 2012
Treasury Stock
Balance as of the beginning of the period	¥	(5,184)		¥	(3,196)
Changes during the period
Repurchase of Treasury Stock		(3	)		(2,560	)
Disposition of Treasury Stock		1,990			303

Total Changes during the period		1,987			(2,256	)

Balance as of the end of the period		(3,196	)		(5,453	)

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	)		(216,507	)
Net Income		18,511			10,217
Repurchase of Treasury Stock		(3	)		(2,560	)
Disposition of Treasury Stock		675			77

Total Changes during the period		635,836			34,038

Balance as of the end of the period		4,645,383			4,679,422

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		5,758			1,040

Total Changes during the period		5,758			1,040

Balance as of the end of the period		5,713			6,753

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			372

Total Changes during the period		142			372

Balance as of the end of the period		1,786			2,158

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	)		(216,507	)
Net Income		18,511			10,217
Repurchase of Treasury Stock		(3	)		(2,560	)
Disposition of Treasury Stock		675			77
Net Changes in Items other than Shareholders’ Equity		5,900			1,412

Total Changes during the period		641,737			35,450

Balance as of the end of the period	¥	4,652,883		¥	4,688,334

(4) NOTE FOR THE ASSUMPTION OF GOING CONCERN

There is no applicable information.

1-56

SUMMARY OF FINANCIAL RESULTS

For Fiscal 2011

<Under Japanese GAAP>

LOGO

Mizuho Financial Group, Inc.

Summary Results for Fiscal 2011

I. Summary of Income Analysis

Consolidated Net Business Profits

•

Consolidated Gross Profits for fiscal 2011 decreased by JPY 22.2 billion on a year-on-year basis to JPY 2,003.0 billion.

•

Gross Profits of the 3 Banks decreased by JPY 3.6 billion on a year-on-year basis. This was mainly due to a decrease of JPY 5.5 billion in income from Customer Groups including domestic business, despite an increase in that from overseas business, particularly from Asia. Income from Trading & Others exceeded that for the previous fiscal year through flexible and timely operations interpreting market trends properly.

G&A Expenses of the 3 Banks increased by JPY 10.5 billion on a year-on-year basis mainly due to an increase in expenses associated with employee retirement benefits, partly offset by our continued efforts in overall cost reduction.

•

Aggregated Consolidated Gross Profits (Net Operating Revenues) of our two securities subsidiaries (Mizuho Securities and Mizuho Investors Securities) decreased by JPY 31.9 billion on a year-on-year basis.

•

As a result, Consolidated Net Business Profits amounted to JPY 719.1 billion, a year-on-year decrease of JPY 22.6 billion.

Consolidated Net Income

•

Consolidated Net Income of Mizuho Securities decreased by JPY 66.3 billion, turning into a loss of JPY 95.6 billion on a year-on-year basis, due to a decrease in Net Operating Revenues amid a severe market environment as well as the recording of special retirement benefits, a reversal of deferred tax assets, and others.

•

Credit-related Costs of the 3 Banks amounted to a net reversal of JPY 24.7 billion, primarily due to improved obligor classifications achieved through our business revitalization support to corporate customers, and other factors. Consolidated Credit-related Costs also amounted to a net reversal of JPY 27.7 billion, a year-on-year improvement of JPY 44.3 billion.

•

Net Losses related to Stocks of the 3 Banks amounted to JPY 50.3 billion, mainly due to recording impairment losses for certain stocks reflecting a decline in stock prices.

•

Due to factors such as those mentioned above, the JPY 77.4 billion impact of turning the three listed subsidiaries into wholly-owned subsidiaries, the JPY -34.6 billion impact of the tax rate amendment following corporate tax reform and the JPY -20.8 billion impact from “Jusen” (housing loan companies), Consolidated Net Income amounted to JPY 484.5 billion. This exceeded our fiscal 2011 plan of JPY 460.0 billion by JPY 24.5 billion, and the achievement ratio against the plan was approximately 105%.

(Consolidated)


	FY2011
			Change from FY2010
(JPY Bn)
Consolidated Gross Profits *1		2,003.0		-22.2
Consolidated Net Business Profits *2		719.1		-22.6
Credit-related Costs		27.7		44.3
Net Gains (Losses) related to Stocks		-38.1		32.3
Ordinary Profits		648.5		60.0
Net Income		484.5		71.2

(Reference) 3 Banks


	FY2011
			Change from FY2010
(JPY Bn)
Gross Profits *1		1,607.5		-3.6
G&A Expenses *1 (excluding Non-Recurring Losses)		-879.3		-10.5
Net Business Profits		728.1		-14.2
Credit-related Costs		24.7		8.7
Net Gains (Losses) related to Stocks		-50.3		25.8
Ordinary Profits		577.6		70.3
Net Income *3		428.1		-18.8

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 FY2010 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 455.3 billion

2-1

Net Interest Income

•

The average loan balance for the second half of fiscal 2011 increased by JPY 3.0 trillion compared with that for the first half of fiscal 2011. The period end loan balance as of March 31, 2012 increased by JPY 2.2 trillion compared with that as of September 30, 2011.

•

This resulted primarily from an increase in overseas loans, particularly in Asia, loans to large corporate customers and those to the Japanese Government.

•

The domestic loan-and-deposit rate margin for the fourth quarter of fiscal 2011 (three-month period from January to March 2012) was 1.30%, remaining flat from that for the third quarter (three-month period from October to December 2011).

LOGO

Non-interest Income

•

Non-interest Income from Customer Groups of the 3 Banks (on a managerial accounting basis) for fiscal 2011 increased by JPY 12.8 billion from that for fiscal 2010.

•

This was mainly due to an increase in non-interest income from overseas business, income associated with investment trusts and individual annuities from individual customers, solution-related income from corporate customers, and income from foreign exchange business.

LOGO

2-2

II. Financial Soundness

•

Consolidated Capital Adequacy Ratio was 15.49%, an improvement of 0.19% from that as of March 31, 2011.

•

The balance of Disclosed Claims under the Financial Reconstruction Law (3 Banks) decreased by JPY 42.3 billion to JPY 1,165.6 billion on a year-on-year basis. NPL Ratio was 1.63%, a year-on-year improvement of 0.09%.

•

Net Deferred Tax Assets (Consolidated) decreased by JPY 130.4 billion on a year-on-year basis, and the ratio to Tier 1 Capital was 5.3%.

•

Unrealized Gains (Losses) on Other Securities (Consolidated) improved by JPY 90.5 billion on a year-on-year basis, mainly due to the impact of a decline in interest rates.


	March 31, 2012
				Change from Mar. 31, 2011
(JPY Bn, %)
Consolidated Capital Adequacy Ratio		15.49	%		0.19	%
(Total Risk-based Capital)		(7,772.9	)		(-138.0	)
Tier 1 Capital Ratio		12.75	%		0.82	%
(Tier 1 Capital)		(6,397.8	)		(227.6	)
Disclosed Claims under the Financial Reconstruction Law (3 Banks)		1,165.6			-42.3
NPL Ratio		1.63	%		-0.09	%
(Net NPL Ratio *1)		(0.82	%)		(-0.00	%)
Net Deferred Tax Assets (DTAs) (Consolidated)		340.7			-130.4
Net DTAs / Tier 1 Capital Ratio		5.3	%		-2.3	%
Unrealized Gains (Losses) on Other Securities (Consolidated ) *2		91.2			90.5

*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 have been implementing “disciplined capital management” by pursuing the optimal balance between “strengthening of stable capital base” and “steady returns to shareholders”.

•

Regarding the new capital regulations, we aim to increase our Common Equity Capital Ratio* as of the end of fiscal 2012, when the new capital regulations are scheduled to be implemented, to the mid-8% level, and to accumulate a sufficient level of Common Equity Capital, giving due regard to the timeline of the phase-in implementation through the end of fiscal 2018.

•

Specifically, we will strive to accumulate our capital steadily and to strengthen our financial base further, mainly by accumulating retained earnings and improving asset efficiency through our various initiatives, such as the steady implementation of Mizuho’s Transformation Program 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 to sufficiently meet the new capital regulations including the framework to identify G-SIFIs.

Our 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.

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 March 31, 2012 (excluding treasury stock) was JPY 373.6 billion (60.4% 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 2012

(Figures below are on a consolidated basis)

Fiscal 2012 is the final year of Mizuho’s Transformation Program that we announced in May 2010.

Accordingly, we plan Consolidated Net Income for fiscal 2012 to be JPY 500.0 billion as was set forth in the Program.

We plan Consolidated Net Business Profits for fiscal 2012 to be JPY 830.0 billion, a year-on-year increase of JPY 110.8 billion.

Net Business Profits of the 3 Banks for fiscal 2012 are planned to increase from the previous fiscal year, mainly because we plan income from Customer Groups to increase and continue our overall cost reduction efforts to achieve the target level set in Mizuho’s Transformation Program, although income from trading segment, which showed a solid performance in the previous fiscal year, is conservatively estimated. We will endeavor to further strengthen profitability, primarily by promoting group collaboration thoroughly among the banking, trust and securities functions in light of turning the three listed group companies into wholly-owned subsidiaries as well as by realizing in advance the synergy effects of the transformation of Mizuho Bank and Mizuho Corporate Bank into ‘one bank’.

As for consolidated subsidiaries, we estimate Mizuho Securities to improve its financial performance mainly through the steady implementation of the “Business Foundation Strengthening Program” that was announced in April 2012.

Credit-related Costs on a consolidated basis are planned to be a loss of JPY 110.0 billion, given the continued uncertainty over the global economy, although we continue our detailed business revitalization support to corporate customers.

We estimate Net Gains (Losses) related to Stocks to be JPY 0 (zero), despite our ongoing efforts to reduce our stock portfolio.

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, 2013, 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 continue to plan to make interim cash dividend payments in order to provide returns to shareholders at a more appropriate timing.

(Consolidated)


	FY2012 (Plan)
			Change from FY2011
(JPY Bn)
Consolidated Net Business Profits*		830.0		110.8
Credit-related Costs		-110.0		-137.7
Net Gains (Losses) related to Stocks		0.0		38.1
Ordinary Profits		735.0		86.4
Net Income		500.0		15.4

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


	FY2012 (Plan)
			Change from FY2011
(JPY Bn)
Net Business Profits		753.0		24.8
Credit-related Costs		-100.0		-124.7
Net Gains (Losses) related to Stocks		0.0		50.3
Ordinary Profits		580.0		2.3
Net Income		465.0		36.8

[Planned cash dividends for the fiscal year ending March 31, 2013]


Common Stock	Annual Cash Dividends per share	JPY 6
	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

2-4

[Reference]

Breakdown of Earnings by Business Segment


[3 Banks]	FY2011
(JPY Bn)			Change from FY2010
Gross Profits*		1,226.9		-5.5
G&A Expenses*		-694.5		-3.2
Customer Groups		532.4		-8.7
Gross Profits		380.5		1.8
G&A Expenses		-184.8		-7.3
Trading & Others		195.7		-5.4
Gross Profits*		1,607.5		-3.6
G&A Expenses*		-879.3		-10.5
Net Business Profits		728.1		-14.2

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 FY2010 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 Fiscal 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 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 for Calculating Deferred Tax Assets	NON			3- 39


IV. OTHERS	*See above Notes*		*Page*

1. Breakdown of Deposits (Domestic Offices)	NON			3- 43

2. Number of Directors and Employees	HC	NON		3- 44

3. Number of Branches and Offices	NON			3- 45

4. Earnings Plan for Fiscal 2012	CON	NON		3- 46

Attachments	*See above Notes*		*Page*
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)	NON			3- 47
Comparison of Non-Consolidated Statements of Income (selected items)	NON			3- 48
Non-Consolidated Statement of Changes in Net Assets	NON			3- 49

Mizuho Corporate Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)	NON			3- 50
Comparison of Non-Consolidated Statements of Income (selected items)	NON			3- 51
Non-Consolidated Statement of Changes in Net Assets	NON			3- 52

Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)	NON			3- 53
Comparison of Non-Consolidated Statements of Income (selected items)	NON			3- 54
Non-Consolidated Statement of Changes in Net Assets	NON			3- 55
Statement of Trust Assets and Liabilities	NON			3- 56
Comparison of Balances of Principal Items	NON			3- 57

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.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2011

1. Income Analysis

Consolidated


		*(Millions of yen)*
		Fiscal 2011
					Change			Fiscal 2010
Consolidated Gross Profits	1		2,003,075			(22,246	)		2,025,322
Net Interest Income	2		1,088,340			(21,103	)		1,109,444
Fiduciary Income	3		49,014			(374	)		49,388
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income *1	5		458,933			109			458,824
Net Trading Income	6		150,317			(93,665	)		243,983
Net Other Operating Income	7		256,468			92,788			163,680
General and Administrative Expenses	8		(1,283,847	)		(5,999	)		(1,277,848	)
Personnel Expenses	9		(634,993	)		(13,865	)		(621,127	)
Non-Personnel Expenses *1	10		(596,400	)		8,057			(604,458	)
Miscellaneous Taxes	11		(52,453	)		(191	)		(52,262	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)	12		(42,569	)		33,534			(76,103	)
Losses on Write-offs of Loans	13		*(38,566*	)		33,092			(71,659	)
Reversal of Reserves for Possible Losses on Loans, etc.*2	14		70,318			70,318
Net Gains (Losses) related to Stocks	15		(38,175	)		32,344			(70,520	)
Equity in Income from Investments in Affiliates	16		2,689			8,874			(6,185	)
Other	17		(62,928	)		(56,763	)		(6,165	)

Ordinary Profits	18		648,561			60,062			588,498

Net Extraordinary Gains (Losses)	19		67,887			20,961			46,926
Gains on Negative Goodwill Incurred	20		*91,180*			91,180			—
Reversal of Reserves for Possible Losses on Loans, etc.2*	21					(59,469	)		59,469
Income before Income Taxes and Minority Interests	22		716,449			81,023			635,425
Income Taxes - Current	23		(55,332	)		(36,996	)		(18,336	)
- Deferred	24		(97,494	)		22,629			(120,123	)
Net Income before Minority Interests	25		563,621			66,656			496,965
Minority Interests in Net Income	26		(79,102	)		4,634			(83,736	)

Net Income	27		484,519			71,291			413,228

___________ *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 fiscal year, have been included in “Net Fee and Commission Income” [5] as “Fee and Commission Expenses” beginning with this fiscal year, and reclassification of the previous fiscal year 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 fiscal year, has been presented as “Reversal of Reserves for Possible Losses on Loans, etc. “ [14] beginning with this fiscal year. (Please refer to page 1-28 of this release for more information.)

Credit-related Costs (including Credit Costs for Trust Accounts)	28		27,749			44,382			(16,633	)
* Credit-related Costs [28] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans) [12] + Reversal of Reserves for Possible Losses on Loans, etc. [14], [21] + Credit Costs for Trust Accounts [4]

(Reference)
Consolidated Net Business Profits	29		719,104			(22,633	)		741,738
* Consolidated Net Business Profits [29] = Consolidated Gross Profits [1] – General and Administrative Expenses (excluding Non-Recurring Losses) + Equity in Income from Investments in Affiliates and certain other consolidation adjustments

Number of consolidated subsidiaries	30		149			(3	)		152
Number of affiliates under the equity method	31		23			1			22

3-1

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2011
		MHBK			MHCB			MHTB			Aggregated Figures			Change			Fiscal 2010
Gross Profits	1		798,669			681,761			127,079			1,607,511			(3,649	)		1,611,161
Domestic Gross Profits	2		702,114			269,196			114,570			1,085,880			(47,868	)		1,133,749
Net Interest Income	3		525,805			189,214			38,235			753,255			(38,905	)		792,160
Fiduciary Income	4								48,450			48,450			(323	)		48,773
Credit Costs for Trust Accounts 1*	5								—			—			—			—
Net Fee and Commission Income *2	6		136,562			60,111			22,320			218,994			3,496			215,497
Net Trading Income	7		5,500			17,614			2,007			25,122			1,692			23,429
Net Other Operating Income	8		34,246			2,256			3,555			40,058			(13,828	)		53,887
International Gross Profits	9		96,555			412,565			12,509			521,630			44,219			477,411
Net Interest Income	10		19,567			205,797			4,486			229,851			11,948			217,903
Net Fee and Commission Income	11		11,182			74,810			(113	)		85,879			13,273			72,606
Net Trading Income	12		17,161			3,657			53			20,872			(76,921	)		97,794
Net Other Operating Income	13		48,643			128,300			8,082			185,026			95,919			89,106
General and Administrative Expenses (excluding Non-Recurring Losses)	14		(556,444	)		(244,869	)		(78,043	)		(879,357	)		(10,580	)		(868,777	)
Expense Ratio	15		*69.6*	%		*35.9*	%		*61.4*	%		*54.7*	%		0.7	%		53.9	%
Personnel Expenses	16		(191,690	)		(92,593	)		(35,032	)		(319,316	)		(18,599	)		(300,716	)
Non-Personnel Expenses *2	17		(335,411	)		(139,417	)		(40,590	)		(515,419	)		7,836			(523,256	)
Premium for Deposit Insurance	18		*(46,383*	)		*(7,410*	)		*(2,416*	)		*(56,210*	)		111			(56,322	)
Miscellaneous Taxes	19		(29,343	)		(12,857	)		(2,420	)		(44,621	)		182			(44,804	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	20		242,225			436,892			49,036			728,153			(14,230	)		742,383
Excluding Net Gains (Losses) related to Bonds	21		*188,467*			*346,909*			*37,636*			*573,014*			(28,711	)		601,725

Reversal of (Provision for) General Reserve for Possible Losses on Loans	22		—			5,301			2,563			7,865			7,865			—

Net Business Profits	23		242,225			442,194			51,599			736,018			(6,364	)		742,383
Net Gains (Losses) related to Bonds	24		*53,757*			*89,982*			*11,399*			*155,139*			14,481			140,658

Net Non-Recurring Gains (Losses)	25		(50,850	)		(91,980	)		(15,538	)		(158,369	)		76,736			(235,106	)
Net Gains (Losses) related to Stocks *3	26		(7,288	)		(40,246	)		(2,813	)		(50,348	)		25,854			(76,203	)
Expenses related to Portfolio Problems	27		(24,610	)		(23,199	)		(3,523	)		(51,333	)		18,259			(69,592	)
Reversal of Reserves for Possible Losses on Loans, etc. *4	28		62,675			5,552			—			68,228			68,228
Other	29		(81,626	)		(34,087	)		(9,201	)		(124,915	)		(35,606	)		(89,309	)

Ordinary Profits	30		191,374			350,214			36,060			577,649			70,371			507,277

Net Extraordinary Gains (Losses)	31		(36,568	)		37			(107	)		(36,638	)		(111,798	)		75,159
Net Gains (Losses) on Disposition of Fixed Assets	32		*(3,756*	)		*281*			*(104*	)		*(3,580*	)		52			(3,632	)
Losses on Impairment of Fixed Assets	33		*(5,083*	)		*(243*	)		(2	)		*(5,330*	)		(2,001	)		(3,328	)
Reversal of Reserves for Possible Losses on Loans, etc. 4*	34														(85,628	)		85,628
Reversal of Reserve for Possible Losses on Investments 3*	35														(9	)		9
Income before Income Taxes	36		154,805			350,251			35,953			541,010			(41,426	)		582,437
Income Taxes - Current	37		(436	)		(40,348	)		5			(40,780	)		(27,685	)		(13,094	)
- Deferred	38		(24,213	)		(42,700	)		(5,167	)		(72,081	)		50,239			(122,321	)

Net Income	39		130,155			267,201			30,791			428,148			(18,872	)		447,020

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 fiscal year, have been included in “Net Fee and Commission Income” [6] as “Fee and Commission Expenses” beginning with this fiscal year, and reclassification of the previous fiscal year 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 fiscal year, has been presented as “Net Gains (Losses) related to Stocks” [26] beginning with this fiscal year. 4. “Reversal of Reserves for Possible Losses on Loans, etc.” [34], which had been included in “Net Extraordinary Gains (Losses)” until the previous fiscal year, has been presented as “Reversal of Reserves for Possible Losses on Loans, etc.” [28] beginning with this fiscal year. (Please refer to page 1-28 of this release for more information.)

Credit-related Costs	40		38,064			(12,344	)		(960	)		24,760			8,724			16,035
* 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		44,070			5,301			2,563			51,935			(16,514	)		68,450
Losses on Write-offs of Loans	43		3,050			705			(519	)		3,237			34,689			(31,452	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	44		(6,726	)		(15,685	)		(2,799	)		(25,211	)		(9,743	)		(15,468	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	45		—			0			0			0			(158	)		159
Reversal of (Provision for) Reserve for Contingencies	46		—			(1,061	)		(205	)		(1,266	)		(1,751	)		484
Other (including Losses on Sales of Loans)	47		(2,329	)		(1,605	)		—			(3,935	)		2,202			(6,137	)
Total	48		38,064			(12,344	)		(960	)		24,760			8,724			16,035

3-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2011
					Change			Fiscal 2010
Gross Profits	1		798,669			(10,628	)		809,298
Domestic Gross Profits	2		702,114			(9,262	)		711,376
Net Interest Income	3		525,805			(24,761	)		550,566
Net Fee and Commission Income	4		136,562			(206	)		136,768
Net Trading Income	5		5,500			2,103			3,397
Net Other Operating Income	6		34,246			13,602			20,644
International Gross Profits	7		96,555			(1,366	)		97,921
Net Interest Income	8		19,567			(1,618	)		21,185
Net Fee and Commission Income	9		11,182			131			11,051
Net Trading Income	10		17,161			(34,638	)		51,799
Net Other Operating Income	11		48,643			34,759			13,884
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(556,444	)		(1,694	)		(554,750	)
Expense Ratio	13		*69.6*	%		1.1	%		68.5	%
Personnel Expenses	14		(191,690	)		(7,374	)		(184,315	)
Non-Personnel Expenses	15		(335,411	)		4,242			(339,653	)
Premium for Deposit Insurance	16		*(46,383*	)		79			(46,462	)
Miscellaneous Taxes	17		(29,343	)		1,437			(30,781	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		242,225			(12,322	)		254,547
Excluding Net Gains (Losses) related to Bonds	19		*188,467*			(33,104	)		221,572

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

Net Business Profits	21		242,225			(12,322	)		254,547
Net Gains (Losses) related to Bonds	22		*53,757*			20,782			32,974

Net Non-Recurring Gains (Losses)	23		(50,850	)		65,221			(116,072	)
Net Gains (Losses) related to Stocks *1	24		(7,288	)		1,089			(8,378	)
Expenses related to Portfolio Problems	25		(24,610	)		28,452			(53,063	)
Reversal of Reserves for Possible Losses on Loans, etc.*2	26		62,675			62,675
Other	27		(81,626	)		(26,996	)		(54,630	)

Ordinary Profits	28		191,374			52,898			138,475

Net Extraordinary Gains (Losses)	29		(36,568	)		(69,961	)		33,392
Net Gains (Losses) on Disposition of Fixed Assets	30		*(3,756*	)		(1,403	)		(2,353	)
Losses on Impairment of Fixed Assets	31		*(5,083*	)		(3,018	)		(2,064	)
Reversal of Reserves for Possible Losses on Loans, etc.2*	32					(37,679	)		37,679
Reversal of Reserve for Possible Losses on Investments 1*	33					(9	)		9
Income before Income Taxes	34		154,805			(17,062	)		171,867
Income Taxes - Current	35		(436	)		39			(476	)
- Deferred	36		(24,213	)		(2,643	)		(21,570	)

Net Income	37		130,155			(19,666	)		149,821

1. “Reversal of Reserve for Possible Losses on Investments” [33], which had been included in “Net Extraordinary Gains (Losses)” until the previous fiscal year, has been included in “Net Gains (Losses) related to Stocks” [24] beginning with this fiscal year. 2. “Reversal of Reserves for Possible Losses on Loans, etc.” [32], which had been included in “Net Extraordinary Gains (Losses)” until the previous fiscal year, has been presented as “Reversal of Reserves for Possible Losses on Loans, etc.” [26] beginning with this fiscal year. (Please refer to page 1-28 of this release for more information.)

Credit-related Costs	38		38,064			53,448			(15,383	)
* 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		44,070			8,843			35,227
Losses on Write-offs of Loans	40		3,050			34,581			(31,530	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	41		(6,726	)		11,287			(18,013	)
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		(2,329	)		(1,262	)		(1,066	)
Total	45		38,064			53,448			(15,383	)

3-3

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2011						Fiscal 2010
					Change			Fiscal 2010
Gross Profits	1		681,761			3,427			678,334
Domestic Gross Profits	2		269,196			(38,425	)		307,621
Net Interest Income	3		189,214			(14,551	)		203,765
Net Fee and Commission Income	4		60,111			392			59,718
Net Trading Income	5		17,614			239			17,374
Net Other Operating Income	6		2,256			(24,506	)		26,763
International Gross Profits	7		412,565			41,852			370,712
Net Interest Income	8		205,797			13,784			192,012
Net Fee and Commission Income	9		74,810			13,186			61,623
Net Trading Income	10		3,657			(41,755	)		45,413
Net Other Operating Income	11		128,300			56,636			71,663
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(244,869	)		(9,882	)		(234,987	)
Expense Ratio	13		*35.9*	%		1.2	%		34.6	%
Personnel Expenses	14		(92,593	)		(9,749	)		(82,844	)
Non-Personnel Expenses	15		(139,417	)		1,060			(140,477	)
Premium for Deposit Insurance	16		*(7,410*	)		(251	)		(7,159	)
Miscellaneous Taxes	17		(12,857	)		(1,192	)		(11,664	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		436,892			(6,454	)		443,347
Excluding Net Gains (Losses) related to Bonds	19		*346,909*			671			346,238

Reversal of (Provision for) General Reserve for Possible Losses on Loans	20		5,301			5,301			—

Net Business Profits	21		442,194			(1,152	)		443,347
Net Gains (Losses) related to Bonds	22		*89,982*			(7,126	)		97,109
Net Non-Recurring Gains (Losses)	23		(91,980	)		10,227			(102,207	)
Net Gains (Losses) related to Stocks	24		(40,246	)		24,243			(64,490	)
Expenses related to Portfolio Problems	25		(23,199	)		(11,455	)		(11,744	)
Reversal of Reserves for Possible Losses on Loans, etc.*	26		5,552			5,552
Other	27		(34,087	)		(8,114	)		(25,972	)

Ordinary Profits	28		350,214			9,074			341,139

Net Extraordinary Gains (Losses)	29		37			(37,360	)		37,397
Net Gains (Losses) on Disposition of Fixed Assets	30		*281*			1,476			(1,195	)
Losses on Impairment of Fixed Assets	31		*(243*	)		1,016			(1,260	)
Reversal of Reserves for Possible Losses on Loans, etc.*	32					(44,246	)		44,246
Income before Income Taxes	33		350,251			(28,285	)		378,537
Income Taxes - Current	34		(40,348	)		(27,730	)		(12,618	)
- Deferred	35		(42,700	)		51,222			(93,923	)

Net Income	36		267,201			(4,793	)		271,995

* “Reversal of Reserves for Possible Losses on Loans, etc.” [32], which had been included in “Net Extraordinary Gains (Losses)” until the previous fiscal year, has been presented as “Reversal of Reserves for Possible Losses on Loans, etc.” [26] beginning with this fiscal year. (Please refer to page 1-28 of this release for more information.)

Credit-related Costs	37		(12,344	)		(44,846	)		32,502
* Credit-related Costs [37] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20] + Reversal of Reserves for Possible Losses on Loans, etc. [26], [32] (Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans	38		5,301			(24,353	)		29,655
Losses on Write-offs of Loans	39		705			(3,963	)		4,669
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	40		(15,685	)		(18,096	)		2,410
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	41		0			(158	)		159
Reversal of (Provision for) Reserve for Contingencies	42		(1,061	)		(1,739	)		678
Other (including Losses on Sales of Loans)	43		(1,605	)		3,465			(5,070	)
Total	44		(12,344	)		(44,846	)		32,502

3-4

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2011
					Change			Fiscal 2010
Gross Profits	1		127,079			3,551			123,528
Domestic Gross Profits	2		114,570			(181	)		114,751
Net Interest Income	3		38,235			406			37,829
Fiduciary Income	4		48,450			(323	)		48,773
Credit Costs for Trust Accounts 1*	5		—			—			—
Net Fee and Commission Income *2	6		22,320			3,310			19,010
Net Trading Income	7		2,007			(650	)		2,658
Net Other Operating Income	8		3,555			(2,924	)		6,480
International Gross Profits	9		12,509			3,732			8,777
Net Interest Income	10		4,486			(218	)		4,705
Net Fee and Commission Income	11		(113	)		(44	)		(68	)
Net Trading Income	12		53			(528	)		581
Net Other Operating Income	13		8,082			4,523			3,558
General and Administrative Expenses (excluding Non-Recurring Losses)	14		(78,043	)		995			(79,039	)
Expense Ratio	15		*61.4*	%		(2.5	%)		63.9	%
Personnel Expenses	16		(35,032	)		(1,475	)		(33,556	)
Non-Personnel Expenses *2	17		(40,590	)		2,533			(43,124	)
Premium for Deposit Insurance	18		*(2,416*	)		283			(2,700	)
Miscellaneous Taxes	19		(2,420	)		(61	)		(2,358	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	20		49,036			4,547			44,488
Excluding Net Gains (Losses) related to Bonds	21		*37,636*			3,721			33,914

Reversal of (Provision for) General Reserve for Possible Losses on Loans	22		2,563			2,563			—

Net Business Profits	23		51,599			7,110			44,488
Net Gains (Losses) related to Bonds	24		*11,399*			825			10,574

Net Non-Recurring Gains (Losses)	25		(15,538	)		1,288			(16,826	)
Net Gains (Losses) related to Stocks *3	26		(2,813	)		522			(3,335	)
Expenses related to Portfolio Problems	27		(3,523	)		1,261			(4,785	)
Other	28		(9,201	)		(495	)		(8,705	)

Ordinary Profits	29		36,060			8,398			27,662

Net Extraordinary Gains (Losses)	30		(107	)		(4,476	)		4,369
Net Gains (Losses) on Disposition of Fixed Assets	31		*(104*	)		(20	)		(84	)
Losses on Impairment of Fixed Assets	32		(2	)		0			(2	)
Reversal of Reserves for Possible Losses on Loans, etc.	33					(3,702	)		3,702
Reversal of Reserve for Possible Losses on Investments 3*	34					—			—
Income before Income Taxes	35		35,953			3,921			32,031
Income Taxes - Current	36		5			5			(0	)
- Deferred	37		(5,167	)		1,660			(6,827	)

Net Income	38		30,791			5,587			25,203

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 fiscal year, have been included in “Net Fee and Commission Income” [6] as “Fee and Commission Expenses” beginning with this fiscal year, and reclassification of the previous fiscal year has been made accordingly. *3. “Reversal of Reserve for Possible Losses on Investments” [34], which had been included in “Net Extraordinary Gains (Losses)” until the previous fiscal year, has been included in “Net Gains (Losses) related to Stocks” [26] beginning with this fiscal year.

Credit-related Costs	39		(960	)		122			(1,083	)
* Credit-related Costs [39] = Expenses related to Portfolio Problems [27] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [22] + Reversal of Reserves for Possible Losses on Loans, etc. [33] + Credit Costs for Trust Accounts [5]

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40		—			—			—
Reversal of (Provision for) General Reserve for Possible Losses on Loans	41		2,563			(1,004	)		3,567
Losses on Write-offs of Loans	42		(519	)		4,072			(4,591	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(2,799	)		(2,933	)		134
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		0			(0	)		0
Reversal of (Provision for) Reserve for Contingencies	45		(205	)		(11	)		(194	)
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		(960	)		122			(1,083	)

3-5

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

Aggregated Figures of MHBK and MHCB


				*(%)*
				Fiscal 2011					Fiscal 2010
						Change			Fiscal 2010
Return on Interest-Earning Assets			1		0.86		(0.11	)		0.97
Return on Loans and Bills Discounted			2		1.24		(0.08	)		1.32
Return on Securities			3		0.49		(0.08	)		0.58
Cost of Funding (including Expenses)			4		0.81		(0.04	)		0.86
Cost of Deposits and Debentures (including Expenses)			5		0.97		(0.02	)		0.99
Cost of Deposits and Debentures			6		*0.06*		(0.03	)		0.10
Cost of Other External Liabilities			7		0.25		(0.04	)		0.30

Net Interest Margin	(1	)-(4)	8		0.04		(0.06	)		0.10
Loan and Deposit Rate Margin (including Expenses)	(2	)-(5)	9		0.26		(0.05	)		0.32
Loan and Deposit Rate Margin	(2	)-(6)	10		1.17		(0.04	)		1.21

* 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		1.38		(0.08	)		1.47
Loan and Deposit Rate Margin (including Expenses)	(11	)-(5)	12		0.41		(0.06	)		0.47
Loan and Deposit Rate Margin	(11	)-(6)	13		1.31		(0.05	)		1.36

Mizuho Bank

Return on Interest-Earning Assets			14		0.92		(0.11	)		1.03
Return on Loans and Bills Discounted			15		1.38		(0.09	)		1.47
Return on Securities			16		0.42		(0.05	)		0.48
Cost of Funding (including Expenses)			17		0.91		(0.05	)		0.96
Cost of Deposits and Debentures (including Expenses)			18		0.99		(0.02	)		1.02
Cost of Deposits and Debentures			19		*0.05*		(0.03	)		0.09
Cost of Other External Liabilities			20		0.19		(0.05	)		0.24

Net Interest Margin	(14	)-(17)	21		0.00		(0.06	)		0.06
Loan and Deposit Rate Margin (including Expenses)	(15	)-(18)	22		0.38		(0.06	)		0.45
Loan and Deposit Rate Margin	(15	)-(19)	23		1.32		(0.05	)		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		1.59		(0.08	)		1.68
Loan and Deposit Rate Margin (including Expenses)	(24	)-(18)	25		0.60		(0.06	)		0.66
Loan and Deposit Rate Margin	(24	)-(19)	26		1.53		(0.05	)		1.59

Mizuho Corporate Bank

Return on Interest-Earning Assets			27		0.75		(0.10	)		0.86
Return on Loans and Bills Discounted			28		0.96		(0.06	)		1.03
Return on Securities			29		0.57		(0.11	)		0.69
Cost of Funding (including Expenses)			30		0.64		(0.04	)		0.68
Cost of Deposits and Debentures (including Expenses)			31		0.89		(0.01	)		0.90
Cost of Deposits and Debentures			32		*0.09*		(0.03	)		0.13
Cost of Other External Liabilities			33		0.28		(0.04	)		0.32

Net Interest Margin	(27	)-(30)	34		0.11		(0.06	)		0.18
Loan and Deposit Rate Margin (including Expenses)	(28	)-(31)	35		0.07		(0.05	)		0.13
Loan and Deposit Rate Margin	(28	)-(32)	36		0.86		(0.02	)		0.89

* 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		1.01		(0.08	)		1.09
Loan and Deposit Rate Margin (including Expenses)	(37	)-(31)	38		0.12		(0.06	)		0.19
Loan and Deposit Rate Margin	(37	)-(32)	39		0.91		(0.04	)		0.95

Mizuho Trust & Banking (3 domestic accounts)

Return on Interest-Earning Assets			40		0.95		(0.11	)		1.06
Return on Loans and Bills Discounted			41		1.27		(0.12	)		1.40
Return on Securities			42		0.65		0.04			0.61
Cost of Funding			43		0.24		(0.07	)		0.31
Cost of Deposits			44		0.16		(0.07	)		0.24

Net Interest Margin	(40	)-(43)	45		0.71		(0.03	)		0.74
Loan and Deposit Rate Margin	(41	)-(44)	46		1.10		(0.04	)		1.15


*	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, %)

Fiscal 2011

Fiscal 2010

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

124,973,481

1.04

7,458,792

(0.09

)

117,514,688

1.14

Loans and Bills Discounted

59,783,543

1.33

1,277,416

(0.05

)

58,506,127

1.38

Securities

45,379,475

0.73

3,547,170

(0.08

)

41,832,304

0.81

Source of Funds

124,261,720

0.29

5,586,410

(0.02

)

118,675,309

0.31

Deposits

75,361,837

0.11

2,194,074

(0.02

)

73,167,762

0.13

NCDs

11,291,610

0.23

473,382

0.01

10,818,227

0.21

Debentures

85,550

0.44

(1,063,974

)

(0.11

)

1,149,524

0.56

Call Money

13,407,803

0.27

99,259

(0.02

)

13,308,544

0.29

Payables under Repurchase Agreements

4,491,831

0.21

140,037

(0.03

)

4,351,793

0.25

Bills Sold

—

Commercial Paper

—

Borrowed Money

10,793,492

1.01

3,259,017

(0.46

)

7,534,474

1.48

(Domestic Operations)

Use of Funds

102,575,098

0.86

4,632,396

(0.11

)

97,942,701

0.97

Loans and Bills Discounted

49,023,497

1.24

(601,842

)

(0.07

)

49,625,340

1.32

Securities

37,585,329

0.49

2,901,300

(0.08

)

34,684,029

0.58

Source of Funds

102,032,180

0.16

2,680,777

(0.03

)

99,351,403

0.19

Deposits

64,220,961

0.06

738,921

(0.03

)

63,482,040

0.09

NCDs

9,202,752

0.10

(102,049

)

(0.01

)

9,304,801

0.12

Debentures

85,550

0.44

(1,063,974

)

(0.11

)

1,149,524

0.56

Call Money

12,966,873

0.25

(127,064

)

(0.02

)

13,093,938

0.28

Payables under Repurchase Agreements

500,235

0.12

(207,189

)

(0.00

)

707,425

0.12

Bills Sold

—

Commercial Paper

—

Borrowed Money

8,106,258

0.26

3,088,921

(0.11

)

5,017,336

0.37

(International Operations)

Use of Funds

25,670,278

1.69

4,517,297

(0.19

)

21,152,980

1.88

Loans and Bills Discounted

10,760,045

1.76

1,879,258

0.00

8,880,786

1.76

Securities

7,794,145

1.87

645,869

(0.09

)

7,148,275

1.96

Source of Funds

25,501,434

0.81

4,596,534

(0.06

)

20,904,900

0.88

Deposits

11,140,875

0.43

1,455,153

0.00

9,685,722

0.42

NCDs

2,088,858

0.77

575,432

(0.03

)

1,513,425

0.81

Debentures

—

Call Money

440,930

0.68

226,324

(0.34

)

214,605

1.02

Payables under Repurchase Agreements

3,991,595

0.22

347,227

(0.04

)

3,644,368

0.27

Bills Sold

—

Commercial Paper

—

Borrowed Money

2,687,234

3.29

170,096

(0.40

)

2,517,137

3.70

3-7

Mizuho Financial Group, Inc.

Mizuho Bank

(Millions of yen, %)

Fiscal 2011

Fiscal 2010

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

66,495,538

0.95

3,070,099

(0.11

)

63,425,438

1.07

Loans and Bills Discounted

32,654,569

1.36

(178,978

)

(0.08

)

32,833,547

1.45

Securities

22,343,628

0.52

2,705,084

(0.06

)

19,638,544

0.59

Source of Funds

67,390,539

0.13

2,079,029

(0.03

)

65,311,510

0.16

Deposits

56,127,819

0.06

1,159,846

(0.02

)

54,967,972

0.09

NCDs

1,508,105

0.07

(584,881

)

(0.04

)

2,092,987

0.11

Debentures

85,550

0.44

(697,106

)

0.05

782,656

0.39

Call Money

1,387,590

0.08

24,693

(0.00

)

1,362,897

0.08

Payables under Repurchase Agreements

903

0.09

(94,654

)

(0.01

)

95,557

0.11

Bills Sold

—

Commercial Paper

—

Borrowed Money

5,502,825

0.54

1,934,680

(0.29

)

3,568,145

0.83

(Domestic Operations)

Use of Funds

63,543,242

0.92

2,872,030

(0.11

)

60,671,212

1.03

Loans and Bills Discounted

31,859,927

1.36

(305,220

)

(0.08

)

32,165,148

1.45

Securities

20,595,628

0.42

2,399,620

(0.05

)

18,196,008

0.48

Source of Funds

64,468,975

0.09

1,887,069

(0.03

)

62,581,906

0.12

Deposits

55,063,155

0.05

1,137,510

(0.02

)

53,925,645

0.08

NCDs

1,507,226

0.07

(584,062

)

(0.04

)

2,091,288

0.11

Debentures

85,550

0.44

(697,106

)

0.05

782,656

0.39

Call Money

1,386,809

0.08

23,912

(0.00

)

1,362,897

0.08

Payables under Repurchase Agreements

903

0.09

(94,654

)

(0.01

)

95,557

0.11

Bills Sold

—

Commercial Paper

—

Borrowed Money

4,987,478

0.22

1,970,155

(0.09

)

3,017,322

0.31

(International Operations)

Use of Funds

3,466,709

1.40

394,781

(0.28

)

3,071,927

1.69

Loans and Bills Discounted

794,641

1.13

126,242

(0.07

)

668,398

1.20

Securities

1,747,999

1.69

305,464

(0.29

)

1,442,535

1.98

Source of Funds

3,435,978

0.84

388,671

(0.16

)

3,047,306

1.01

Deposits

1,064,663

0.30

22,336

(0.01

)

1,042,327

0.32

NCDs

879

0.29

(818

)

(0.04

)

1,698

0.33

Debentures

—

Call Money

781

0.19

781

0.19

—

Payables under Repurchase Agreements

—

Bills Sold

—

Commercial Paper

—

Borrowed Money

515,347

3.69

(35,475

)

0.00

550,822

3.68

3-8

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

(Millions of yen, %)

Fiscal 2011

Fiscal 2010

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

58,477,943

1.15

4,388,692

(0.07

)

54,089,250

1.23

Loans and Bills Discounted

27,128,974

1.30

1,456,394

(0.00

)

25,672,579

1.30

Securities

23,035,846

0.93

842,085

(0.08

)

22,193,760

1.01

Source of Funds

56,871,180

0.49

3,507,381

(0.01

)

53,363,799

0.50

Deposits

19,234,017

0.27

1,034,227

0.00

18,199,789

0.27

NCDs

9,783,504

0.25

1,058,263

0.01

8,725,240

0.24

Debentures

—

(366,867

)

(0.93

)

366,867

0.93

Call Money

12,020,213

0.29

74,566

(0.02

)

11,945,646

0.32

Payables under Repurchase Agreements

4,490,927

0.21

234,691

(0.03

)

4,256,235

0.25

Bills Sold

—

Commercial Paper

—

Borrowed Money

5,290,666

1.50

1,324,337

(0.56

)

3,966,329

2.06

(Domestic Operations)

Use of Funds

39,031,856

0.75

1,760,366

(0.10

)

37,271,489

0.86

Loans and Bills Discounted

17,163,570

1.00

(296,621

)

(0.06

)

17,460,191

1.07

Securities

16,989,701

0.57

501,680

(0.11

)

16,488,020

0.69

Source of Funds

37,563,205

0.28

793,708

(0.03

)

36,769,497

0.32

Deposits

9,157,806

0.08

(398,589

)

(0.03

)

9,556,395

0.12

NCDs

7,695,525

0.11

482,012

(0.00

)

7,213,513

0.12

Debentures

—

(366,867

)

(0.93

)

366,867

0.93

Call Money

11,580,064

0.27

(150,977

)

(0.03

)

11,731,041

0.31

Payables under Repurchase Agreements

499,332

0.12

(112,535

)

(0.00

)

611,867

0.12

Bills Sold

—

Commercial Paper

—

Borrowed Money

3,118,780

0.32

1,118,765

(0.13

)

2,000,014

0.45

(International Operations)

Use of Funds

22,203,568

1.73

4,122,515

(0.17

)

18,081,052

1.91

Loans and Bills Discounted

9,965,404

1.82

1,753,016

0.01

8,212,388

1.80

Securities

6,046,145

1.92

340,405

(0.03

)

5,705,740

1.95

Source of Funds

22,065,456

0.81

4,207,862

(0.04

)

17,857,594

0.86

Deposits

10,076,211

0.44

1,432,816

0.00

8,643,394

0.43

NCDs

2,087,978

0.77

576,251

(0.03

)

1,511,727

0.81

Debentures

—

Call Money

440,149

0.68

225,543

(0.34

)

214,605

1.02

Payables under Repurchase Agreements

3,991,595

0.22

347,227

(0.04

)

3,644,368

0.27

Bills Sold

—

Commercial Paper

—

Borrowed Money

2,171,886

3.19

205,571

(0.50

)

1,966,315

3.70

3-9

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	*(Millions of yen, %)*
	Fiscal 2011										Fiscal 2010
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)

Use of Funds		5,956,450		0.99		322,140			(0.11	)		5,634,310		1.11
Loans and Bills Discounted		*3,292,884*		*1.26*		(31,672	)		(0.13	)		3,324,557		1.39
Securities		*2,048,438*		*0.76*		255,791			(0.00	)		1,792,647		0.76

Source of Funds		5,832,882		0.28		291,481			(0.08	)		5,541,401		0.36
Deposits		*2,176,924*		*0.20*		(142,671	)		(0.10	)		2,319,596		0.30
NCDs		*905,623*		*0.13*		118,649			(0.02	)		786,974		0.16
Debentures		—		—		—			—			—		—
Call Money		*654,676*		*0.12*		96,773			(0.02	)		557,903		0.14
Payables under Repurchase Agreements		—		—		—			—			—		—
Bills Sold		—		—		—			—			—		—
Commercial Paper		—		—		—			—			—		—
Borrowed Money		*782,912*		*0.15*		253,740			(0.02	)		529,171		0.17

(Domestic Operations)

Use of Funds		5,622,029		0.96		297,752			(0.11	)		5,324,276		1.07
Loans and Bills Discounted		*3,231,268*		*1.26*		(42,520	)		(0.12	)		3,273,789		1.39
Securities		*1,638,529*		*0.65*		270,359			0.07			1,368,170		0.58

Source of Funds		5,495,691		0.28		267,144			(0.08	)		5,228,547		0.36
Deposits		*2,149,514*		*0.20*		(158,380	)		(0.10	)		2,307,894		0.30
NCDs		*905,623*		*0.13*		118,649			(0.02	)		786,974		0.16
Debentures		—		—		—			—			—		—
Call Money		*643,397*		*0.11*		99,777			(0.01	)		543,619		0.12
Payables under Repurchase Agreements		—		—		—			—			—		—
Bills Sold		—		—		—			—			—		—
Commercial Paper		—		—		—			—			—		—
Borrowed Money		*781,678*		*0.15*		252,527			(0.02	)		529,151		0.17

(International Operations)

Use of Funds		954,025		0.68		151,525			(0.20	)		802,499		0.89
Loans and Bills Discounted		*61,616*		*1.06*		10,848			(0.46	)		50,768		1.52
Securities		*409,908*		*1.19*		(14,568	)		(0.15	)		424,477		1.34

Source of Funds		956,795		0.21		151,474			(0.08	)		805,321		0.30
Deposits		*27,409*		*0.23*		15,708			0.03			11,701		0.20
NCDs		—		—		—			—			—		—
Debentures		—		—		—			—			—		—
Call Money		*11,279*		*0.60*		(3,004	)		0.02			14,284		0.58
Payables under Repurchase Agreements		—		—		—			—			—		—
Bills Sold		—		—		—			—			—		—
Commercial Paper		—		—		—			—			—		—
Borrowed Money		*1,233*		*0.63*		1,213			(0.54	)		20		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)*
	Fiscal 2011						Fiscal 2010
				Change
Net Gains (Losses) related to Bonds		155,139			14,481			140,658
Gains on Sales and Others		222,619			(13,498	)		236,118
Losses on Sales and Others		(55,689	)		28,740			(84,429	)
Impairment (Devaluation)		(9,759	)		(3,205	)		(6,553	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,031	)		2,445			(4,476	)


	Fiscal 2011						Fiscal 2010
				Change
Net Gains (Losses) related to Stocks		(50,348	)		25,845			(76,194	)
Gains on Sales		24,270			(15,718	)		39,988
Losses on Sales		(28,501	)		(1,628	)		(26,873	)
Impairment (Devaluation)		(41,502	)		45,867			(87,369	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(116	)		18			(134	)
Gains (Losses) on Derivatives other than for Trading		(4,498	)		(2,693	)		(1,805	)

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

Mizuho Bank


	Fiscal 2011					Fiscal 2010
				Change
Net Gains (Losses) related to Bonds		53,757			20,782		32,974
Gains on Sales and Others		68,928			7,570		61,358
Losses on Sales and Others		(13,626	)		7,924		(21,551	)
Impairment (Devaluation)		(2,218	)		4,143		(6,362	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—		—
Gains (Losses) on Derivatives other than for Trading		673			1,143		(469	)


	Fiscal 2011						Fiscal 2010
				Change
Net Gains (Losses) related to Stocks		(7,288	)		1,079			(8,368	)
Gains on Sales		9,349			4,225			5,124
Losses on Sales		(3,360	)		1,421			(4,782	)
Impairment (Devaluation)		(11,158	)		(2,171	)		(8,986	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		1			(7	)		9
Gains (Losses) on Derivatives other than for Trading		(2,121	)		(2,387	)		265

*	Figures for 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)*
	Fiscal 2011						Fiscal 2010
				Change
Net Gains (Losses) related to Bonds		89,982			(7,126	)		97,109
Gains on Sales and Others		142,412			(19,358	)		161,770
Losses on Sales and Others		(40,955	)		19,146			(60,101	)
Impairment (Devaluation)		(7,102	)		(6,939	)		(162	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,372	)		25			(4,397	)

	Fiscal 2011						Fiscal 2010
				Change
Net Gains (Losses) related to Stocks		(40,246	)		24,243			(64,490	)
Gains on Sales		11,968			(18,548	)		30,516
Losses on Sales		(21,330	)		(827	)		(20,503	)
Impairment (Devaluation)		(28,508	)		43,740			(72,248	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(118	)		25			(143	)
Gains (Losses) on Derivatives other than for Trading		(2,257	)		(146	)		(2,111	)

Mizuho Trust & Banking
	Fiscal 2011						Fiscal 2010
				Change
Net Gains (Losses) related to Bonds		11,399			825			10,574
Gains on Sales and Others		11,278			(1,710	)		12,988
Losses on Sales and Others		(1,107	)		1,669			(2,777	)
Impairment (Devaluation)		(438	)		(409	)		(28	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		1,666			1,275			390

	Fiscal 2011						Fiscal 2010
				Change
Net Gains (Losses) related to Stocks		(2,813	)		522			(3,335	)
Gains on Sales		2,952			(1,395	)		4,347
Losses on Sales		(3,810	)		(2,222	)		(1,588	)
Impairment (Devaluation)		(1,835	)		4,298			(6,134	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		0			0			(0	)
Gains (Losses) on Derivatives other than for Trading		(119	)		(159	)		39

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 March 31, 2012									As of September 30, 2011							As of March 31, 2011
	Book Value (=Fair Value)		Unrealized Gains/Losses							Unrealized Gains/Losses							Unrealized Gains/Losses
	Book Value (=Fair Value)					Gains		Losses					Gains		Losses					Gains		Losses
Other Securities		49,798,518		83,866			649,922		566,056		(157,709	)		535,704		693,414		(632	)		651,510		652,143
Japanese Stocks		2,509,353		156,584			453,564		296,979		(45,717	)		318,177		363,895		205,734			456,414		250,680
Japanese Bonds		36,372,564		56,426			91,943		35,516		48,062			95,670		47,607		(11,334	)		92,186		103,520
Japanese Government Bonds		*32,689,678*		*51,814*			*55,236*		*3,422*		40,097			47,780		7,683		1,078			52,164		51,085
Other		10,916,599		(129,144	)		104,415		233,560		(160,054	)		121,856		281,911		(195,033	)		102,909		297,943

*	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 ¥(7,343) million, ¥(12,484) million and ¥(1,242) million, which were recognized in the statement of income for March 31, 2012, September 30, 2011 and March 31, 2011, 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 March 31, 2012, September 30, 2011 and March 31, 2011 are ¥91,209 million, ¥(145,225) million and ¥609 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 March 31, 2012, September 30, 2011 and March 31, 2011 are ¥37,857 million, ¥(152,381) million and ¥(21,648) million, respectively.

(2) Bonds Held to Maturity


	*(Millions of yen)*
	As of March 31, 2012									As of September 30, 2011							As of March 31, 2011
	Book Value		Unrealized Gains/Losses							Unrealized Gains/Losses							Unrealized Gains/Losses
	Book Value					Gains		Losses					Gains		Losses					Gains		Losses
Bonds Held to Maturity		1,801,614		14,525			14,586		61		11,913			12,027		113		6,097			7,365		1,268

Non-Consolidated

(1) Other Securities

Aggregated Figures of the 3 Banks

	*(Millions of yen)*
	As of March 31, 2012									As of September 30, 2011							As of March 31, 2011
	Book Value (=Fair Value)		Unrealized Gains/Losses							Unrealized Gains/Losses							Unrealized Gains/Losses
	Book Value (=Fair Value)					Gains		Losses					Gains		Losses					Gains		Losses
Other Securities		49,226,157		67,052			629,828		562,775		(159,379	)		528,333		687,713		(15,216	)		635,040		650,256
Japanese Stocks		2,482,703		133,667			443,707		310,040		(70,605	)		311,602		382,207		181,725			447,585		265,859
Japanese Bonds		36,067,801		56,079			91,545		35,466		47,408			94,995		47,587		(12,124	)		91,337		103,462
Japanese Government Bonds		*32,472,747*		*51,421*			*54,839*		*3,417*		39,539			47,216		7,676		476			51,551		51,075
Other		10,675,653		(122,693	)		94,575		217,269		(136,182	)		121,735		257,918		(184,817	)		96,116		280,934

Mizuho Bank
Other Securities		23,755,042		464			174,175		173,711		(54,812	)		166,636		221,449		(44,682	)		163,689		208,371
Japanese Stocks		690,989		(3,819	)		100,941		104,760		(63,068	)		72,494		135,562		(8,101	)		96,532		104,634
Japanese Bonds		19,821,006		23,425			48,314		24,889		20,011			53,121		33,110		(1,996	)		47,018		49,014
Japanese Government Bonds		*17,225,727*		*31,336*			*32,444*		*1,107*		30,824			32,249		1,424		25,381			35,528		10,147
Other		3,243,045		(19,141	)		24,919		44,061		(11,756	)		41,020		52,776		(34,584	)		20,137		54,721

Mizuho Corporate Bank
Other Securities		23,354,271		34,742			399,624		364,882		(119,402	)		314,371		433,773		3,834			414,419		410,585
Japanese Stocks		1,612,478		106,780			296,260		189,480		(23,228	)		203,833		227,062		154,118			304,667		150,548
Japanese Bonds		14,829,778		26,434			36,771		10,337		20,684			35,007		14,323		(15,248	)		36,400		51,648
Japanese Government Bonds		*13,873,723*		*14,464*			*16,623*		*2,158*		2,822			8,996		6,174		(29,701	)		8,627		38,329
Other		6,912,014		(98,472	)		66,592		165,064		(116,858	)		75,529		192,387		(135,036	)		73,351		208,388

Mizuho Trust & Banking
Other Securities		2,116,844		31,845			56,027		24,181		14,835			47,325		32,490		25,630			56,930		31,299
Japanese Stocks		179,235		30,706			46,505		15,799		15,691			35,274		19,583		35,708			46,385		10,676
Japanese Bonds		1,417,015		6,219			6,458		239		6,712			6,866		153		5,119			7,917		2,798
Japanese Government Bonds		*1,373,295*		*5,620*			*5,771*		*151*		5,892			5,971		78		4,796			7,395		2,598
Other		520,592		(5,079	)		3,063		8,143		(7,568	)		5,184		12,753		(15,197	)		2,627		17,824

*	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 ¥5,342 million, ¥3,961 million and ¥11,874 million, which were recognized in the statement of income for March 31, 2012, September 30, 2011 and March 31, 2011, 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 March 31, 2012, September 30, 2011 and March 31, 2011 are ¥61,710 million, ¥(163,341) million and ¥(27,091) 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 March 31, 2012, September 30, 2011 and March 31, 2011 are as follows:


	*(Millions of yen)*
	As of March 31, 2012			As of September 30, 2011			As of March 31, 2011
Aggregated Figures		17,457			(163,355	)		(33,231	)
Mizuho Bank		(10,556	)		(63,297	)		(58,823	)
Mizuho Corporate Bank		2,024			(111,665	)		3,011
Mizuho Trust & Banking		25,988			11,607			22,580

3-13

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregated Figures of the 3 Banks


	*(Millions of yen)*
	As of March 31, 2012								As of September 30, 2011						As of March 31, 2011
	Book Value		Unrealized Gains/Losses						Unrealized Gains/Losses						Unrealized Gains/Losses
	Book Value				Gains		Losses				Gains		Losses				Gains		Losses
Aggregated Figures		1,800,614		14,524		14,586		61		11,910		12,024		113		6,091		7,360		1,268
Mizuho Bank		1,800,614		14,524		14,586		61		11,910		12,024		113		6,091		7,360		1,268
Mizuho Corporate Bank		—		—		—		—		—		—		—		—		—		—
Mizuho Trust & Banking		—		—		—		—		—		—		—		—		—		—

(3) Investment in Subsidiaries and Affiliates

Aggregated Figures of the 3 Banks


	*(Millions of yen)*
	As of March 31, 2012									As of September 30, 2011						As of March 31, 2011
	Book Value		Unrealized Gains/Losses							Unrealized Gains/Losses						Unrealized Gains/Losses
	Book Value					Gains		Losses				Gains		Losses					Gains		Losses
Aggregated Figures		44,206		(4,891	)		—		4,891		—		—		—		(157,081	)		—		157,081
Mizuho Bank		—		—			—		—		—		—		—		(35,614	)		—		35,614
Mizuho Corporate Bank		44,206		(4,891	)		—		4,891		—		—		—		(121,466	)		—		121,466
Mizuho Trust & Banking		—		—			—		—		—		—		—		—			—		—

Mizuho Financial Group, Inc. (Non-Consolidated)

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

(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
March 31,
2012

As of
September 30,
2011

As of
March 31,
2011

Unrealized Gains/Losses

Change from
September 30,
2011

Change from
March 31,
2011

Unrealized
Gains/Losses

Other Securities

91,209

236,435

90,599

(145,225

)

609

Japanese Stocks

156,305

202,023

(49,428

)

(45,717

)

205,734

Japanese Bonds

54,878

8,401

67,801

46,476

(12,923

)

Japanese Government Bonds

50,265

11,754

50,775

38,511

(510

)

Other

(119,974

)

26,010

72,227

(145,984

)

(192,201

)

Non-Consolidated

Aggregated Figures of the 3 Banks

(Millions of yen)

As of
March 31,
2012

As of
September 30,
2011

As of
March 31,
2011

Unrealized Gains/Losses

Change from
September 30,
2011

Change from
March 31,
2011

Unrealized
Gains/Losses

Other Securities

61,710

225,051

88,801

(163,341

)

(27,091

)

Japanese Stocks

133,388

203,994

(48,337

)

(70,605

)

181,725

Japanese Bonds

54,530

8,707

68,243

45,822

(13,713

)

Japanese Government Bonds

49,872

11,918

50,985

37,953

(1,112

)

Other

(126,209

)

12,349

68,894

(138,558

)

(195,103

)

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 March 31, 2012								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		13,142.3		20,376.1		2,945.2		1,213.7		(1,739.8	)		5,224.6			(11.2	)		21.5			14,882.1		15,151.5		2,956.5		1,192.1
Japanese Government Bonds		12,398.9		18,865.4		2,617.4		228.0		(1,667.0	)		5,691.5			87.5			(92.2	)		14,065.9		13,173.9		2,529.9		320.2
Japanese Local Government Bonds		51.0		123.7		91.5		0.8		41.5			(33.7	)		31.3			(0.0	)		9.5		157.5		60.2		0.9
Japanese Corporate Bonds		692.2		1,386.9		236.3		984.8		(114.3	)		(433.1	)		(130.0	)		113.8			806.6		1,820.1		366.3		871.0
Other		1,118.9		4,069.4		1,745.0		2,897.6		(65.6	)		1,087.5			744.0			979.8			1,184.5		2,981.9		1,000.9		1,917.8

Mizuho Bank

Japanese Bonds		8,234.5		11,514.0		1,107.3		684.4		2,063.5			2,011.0			(79.3	)		(52.5	)		6,170.9		9,502.9		1,186.6		736.9
Japanese Government Bonds		7,560.6		10,366.7		940.0		82.0		2,140.5			2,262.0			(50.0	)		(112.2	)		5,420.0		8,104.7		990.0		194.2
Japanese Local Government Bonds		48.6		111.8		26.9		—		39.7			(24.0	)		16.8			—			8.8		135.9		10.0		—
Japanese Corporate Bonds		625.2		1,035.4		140.3		602.4		(116.8	)		(226.9	)		(46.2	)		59.6			742.0		1,262.3		186.6		542.7
Other		95.3		1,466.6		290.5		1,282.2		(18.6	)		705.7			133.1			242.1			113.9		760.8		157.3		1,040.1

Mizuho Corporate Bank

Japanese Bonds		4,672.9		8,077.8		1,492.4		489.3		(3,696.8	)		3,101.2			192.6			54.1			8,369.7		4,976.6		1,299.7		435.2
Japanese Government Bonds		4,611.8		7,743.7		1,337.4		106.0		(3,701.5	)		3,327.0			260.0			—			8,313.4		4,416.7		1,077.4		106.0
Japanese Local Government Bonds		2.4		10.9		61.7		0.8		2.1			(9.8	)		14.0			(0.0	)		0.3		20.8		47.7		0.9
Japanese Corporate Bonds		58.6		323.2		93.3		382.4		2.6			(215.8	)		(81.3	)		54.1			56.0		539.1		174.6		328.2
Other		988.6		2,338.4		1,333.7		1,615.3		(26.2	)		298.6			564.4			738.1			1,014.8		2,039.7		769.2		877.1

Mizuho Trust & Banking

Japanese Bonds		234.8		784.2		345.5		40.0		(106.5	)		112.3			(124.5	)		20.0			341.4		671.9		470.0		20.0
Japanese Government Bonds		226.5		755.0		340.0		40.0		(106.0	)		102.5			(122.5	)		20.0			332.5		652.5		462.5		20.0
Japanese Local Government Bonds		—		0.9		2.8		—		(0.3	)		0.1			0.3			—			0.3		0.8		2.4		—
Japanese Corporate Bonds		8.3		28.2		2.6		—		(0.2	)		9.6			(2.4	)		—			8.5		18.6		5.0		—
Other		34.9		264.3		120.8		0.0		(20.7	)		83.1			46.4			(0.4	)		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 March 31, 2012								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		10,713.4		14,271.1		4,260.4		29,245.0		1,580.6			899.5			727.3			3,207.4			9,132.8		13,371.6		3,533.1		26,037.5
Receive Float / Pay Fixed		2,281.0		2,252.3		2,285.4		6,818.8		840.6			(278.7	)		(220.6	)		341.2			1,440.4		2,531.0		2,506.1		6,477.6
Receive Float / Pay Float		14.8		140.0		30.0		184.8		14.8			(14.8	)		—			—			—		154.8		30.0		184.8
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		13,009.2		16,663.4		6,575.9		36,248.6		2,436.0			605.9			506.6			3,548.6			10,573.2		16,057.4		6,069.2		32,699.9

Mizuho Bank

Receive Fixed / Pay Float		8,993.5		6,091.8		559.9		15,645.3		2,364.5			24.6			297.4			2,686.6			6,629.0		6,067.1		262.4		12,958.6
Receive Float / Pay Fixed		—		—		175.1		175.1		—			—			(438.7	)		(438.7	)		—		—		613.9		613.9
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		8,993.5		6,091.8		735.0		15,820.4		2,364.5			24.6			(141.2	)		2,247.9			6,629.0		6,067.1		876.3		13,572.5

Mizuho Corporate Bank

Receive Fixed / Pay Float		1,719.8		8,179.3		3,555.5		13,454.6		(783.9	)		874.9			299.8			390.7			2,503.8		7,304.4		3,255.7		13,063.9
Receive Float / Pay Fixed		2,161.0		2,177.3		2,080.3		6,418.7		780.6			(168.7	)		228.1			840.0			1,380.4		2,346.0		1,852.2		5,578.7
Receive Float / Pay Float		14.8		140.0		30.0		184.8		14.8			(14.8	)		—			—			—		154.8		30.0		184.8
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,895.6		10,496.6		5,665.8		20,058.1		11.4			691.3			527.9			1,230.7			3,884.2		9,805.2		5,137.9		18,827.4

Mizuho Trust & Banking

Receive Fixed / Pay Float		—		—		145.0		145.0		—			—			130.0			130.0			—		—		15.0		15.0
Receive Float / Pay Fixed		120.0		75.0		30.0		225.0		60.0			(110.0	)		(10.0	)		(60.0	)		60.0		185.0		40.0		285.0
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		120.0		75.0		175.0		370.0		60.0			(110.0	)		120.0			70.0			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 March 31, 2012						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		771.0		553.0	217.9			(13.3	)		1.2		(14.5	)		784.3		551.8	232.5
Mizuho Bank		64.0		82.1	(18.0	)		(19.5	)		5.3		(24.9	)		83.6		76.7	6.9
Mizuho Corporate Bank		643.4		401.0	242.4			10.2			2.0		8.2			633.2		399.0	234.2
Mizuho Trust & Banking		63.4		69.9	(6.4	)		(3.9	)		(6.1	)	2.1			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)*
		As of March 31, 2012		Change			As of March 31, 2011
Projected Benefit Obligations	(A)		1,186,325		107,373			1,078,952
Discount Rate (%)			1.7		(0.8	)		2.5

Total Fair Value of Plan Assets	(B)		1,210,121		57,605			1,152,516
Unrecognized Actuarial Differences	(C)		390,949		(15,200	)		406,149
Prepaid Pension Cost	(D)		414,745		(64,967	)		479,713
Reserve for Employee Retirement Benefits	(A)-(B)-(C)+(D)		—		—			—

Mizuho Bank

Projected Benefit Obligations	(A)		707,530		69,303			638,227
Discount Rate (%)			1.7		(0.8	)		2.5

Total Fair Value of Plan Assets	(B)		725,684		43,658			682,026
Unrecognized Actuarial Differences	(C)		221,616		(27,854	)		249,470
Prepaid Pension Cost	(D)		239,770		(53,498	)		293,269
Reserve for Employee Retirement Benefits	(A)-(B)-(C)+(D)		—		—			—

Mizuho Corporate Bank

Projected Benefit Obligations	(A)		345,051		25,309			319,742
Discount Rate (%)			1.7		(0.8	)		2.5

Total Fair Value of Plan Assets	(B)		352,088		10,083			342,004
Unrecognized Actuarial Differences	(C)		124,962		7,100			117,862
Prepaid Pension Cost	(D)		131,998		(8,125	)		140,124
Reserve for Employee Retirement Benefits	(A)-(B)-(C)+(D)		—		—			—

Mizuho Trust & Banking

Projected Benefit Obligations	(A)		133,743		12,760			120,982
Discount Rate (%)			1.7		(0.8	)		2.5

Total Fair Value of Plan Assets	(B)		132,348		3,863			128,485
Unrecognized Actuarial Differences	(C)		44,370		5,554			38,816
Prepaid Pension Cost	(D)		42,976		(3,342	)		46,319
Reserve for Employee Retirement Benefits	(A)-(B)-(C)+(D)		—		—			—

3-17

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregated Figures of the 3 Banks


			*(Millions of yen)*
			Fiscal 2011						Fiscal 2010
						Change			Fiscal 2010
Service Cost				(17,578	)		(782	)		(16,795	)
Interest Cost				(26,973	)		17			(26,991	)
Expected Return on Plan Assets				25,190			(12,191	)		37,381
Accumulation (Amortization) of Unrecognized Actuarial Differences				(71,661	)		2,408			(74,069	)
Losses on Return of Retirement Benefits Trust				(27,728	)		(27,728	)		—
Other				(3,932	)		392			(4,325	)

Total				(122,683	)		(37,883	)		(84,800	)


Mizuho Bank

Service Cost				(11,142	)		(317	)		(10,824	)
Interest Cost				(15,955	)		(52	)		(15,903	)
Expected Return on Plan Assets				12,277			(6,029	)		18,307
Accumulation (Amortization) of Unrecognized Actuarial Differences				(45,184	)		2,452			(47,637	)
Losses on Return of Retirement Benefits Trust				(27,728	)		(27,728	)		—
Other				(2,492	)		474			(2,967	)

Total				(90,225	)		(31,200	)		(59,025	)


Mizuho Corporate Bank

Service Cost				(4,109	)		(419	)		(3,689	)
Interest Cost				(7,993	)		83			(8,077	)
Expected Return on Plan Assets				9,700			(4,750	)		14,450
Accumulation (Amortization) of Unrecognized Actuarial Differences				(18,914	)		(726	)		(18,187	)
Other				(912	)		23			(936	)

Total				(22,229	)		(5,788	)		(16,441	)


Mizuho Trust & Banking

Service Cost				(2,327	)		(45	)		(2,281	)
Interest Cost				(3,024	)		(13	)		(3,010	)
Expected Return on Plan Assets				3,212			(1,411	)		4,623
Accumulation (Amortization) of Unrecognized Actuarial Differences				(7,562	)		681			(8,244	)
Other				(526	)		(105	)		(420	)

Total				(10,228	)		(894	)		(9,334	)


Consolidated

			*(Millions of yen)*
			As of March 31, 2012 (Fiscal 2011)						As of March 31, 2011 (Fiscal 2010)
						Change			As of March 31, 2011 (Fiscal 2010)
Projected Benefit Obligations	(A	)		1,328,823			121,593			1,207,229

Total Fair Value of Plan Assets	(B	)		1,311,886			95,898			1,215,987
Unrecognized Actuarial Differences	(C	)		418,892			(1,545	)		420,438
Prepaid Pension Cost	(D	)		438,008			(26,803	)		464,812
Reserve for Employee Retirement Benefits	(A)-(B)-(C)+(D	)		36,053			437			35,615

Income (Expenses) related to Employee Retirement Benefits				(118,529	)		(19,534	)		(98,994	)

3-18

9. Capital Adequacy Ratio

Mizuho Financial Group, Inc.

Consolidated

Mizuho Financial Group

BIS Standard


	*(%, Billions of yen)*
	As of March 31, 2012									As of September 30, 2011			As of March 31, 2011
	(Preliminary)			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011			As of March 31, 2011
(1) Capital Adequacy Ratio		15.49			0.57			0.19			14.92			15.30
Tier 1 Capital Ratio		12.75			0.86			0.82			11.89			11.93
(2) Tier 1 Capital		6,397.8			328.0			227.6			6,069.8			6,170.2
Common Stock and Preferred Stock		2,254.9			—			73.5			2,254.9			2,181.3
Capital Surplus		1,109.7			0.0			172.1			1,109.7			937.6
Retained Earnings		1,405.4			156.0			273.0			1,249.3			1,132.3
Less: Treasury Stock		7.0			(5.6	)		3.8			12.7			3.1
Less: Dividends (estimate), etc.		76.3			(0.0	)		(63.7	)		76.4			140.0
Less: Unrealized Losses on Other Securities		—			(143.9	)		(7.0	)		143.9			7.0
Foreign Currency Translation Adjustments		(102.8	)		0.4			1.0			(103.2	)		(103.9	)
Minority Interests in Consolidated Subsidiaries		1,941.4			3.4			(328.1	)		1,938.0			2,269.6
Preferred Securities Issued by Overseas SPCs		*1,859.6*			7.9			(60.2	)		1,851.6			1,919.8
Other		(127.5	)		18.4			(30.9	)		(145.9	)		(96.5	)
(3) Tier 2 Capital		1,745.1			(150.7	)		(358.2	)		1,895.8			2,103.4
Tier 2 Capital Included as Qualifying Capital		*1,745.1*			(150.7	)		(358.2	)		1,895.8			2,103.4
45% of Unrealized Gains on Other Securities		45.1			45.1			45.1			—			—
45% of Revaluation Reserve for Land		102.5			(1.7	)		(3.7	)		104.2			106.2
General Reserve for Possible Losses on Loans, etc.		4.2			(0.5	)		(0.7	)		4.7			4.9
Debt Capital, etc.		1,593.2			(193.5	)		(399.0	)		1,786.8			1,992.2
Perpetual Subordinated Debt and Other Debt Capital		*262.6*			(37.9	)		(81.0	)		300.5			343.6
Dated Subordinated Debt and Redeemable Preferred Stock		*1,330.6*			(155.6	)		(318.0	)		1,486.3			1,648.6
(4) Deductions for Total Risk-based Capital		370.0			19.6			7.4			350.4			362.6
(5) Total Risk-based Capital (2)+(3)-(4)		7,772.9			157.7			(138.0	)		7,615.2			7,910.9
(6) Risk-weighted Assets		50,165.9			(871.7	)		(1,527.9	)		51,037.6			51,693.8
Credit Risk Assets		45,165.4			(954.5	)		(1,831.7	)		46,119.9			46,997.1
On-balance-sheet Items		37,683.9			(349.8	)		(1,274.0	)		38,033.8			38,958.0
Off-balance-sheet Items		7,481.4			(604.6	)		(557.6	)		8,086.1			8,039.0
Market Risk Equivalent Assets		2,083.3			710.1			694.0			1,373.1			1,389.2
Operational Risk Equivalent Assets		2,917.1			(627.3	)		(390.2	)		3,544.5			3,307.4
Adjusted Amount for Credit Risk-weighted Assets		—			—			—			—			—
Adjusted Amount for Operational Risk Equivalent		—			—			—			—			—

(Reference)
Prime Capital Ratio *		8.97			0.78			0.82			8.19			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.


	*(%, Billions of yen)*
Mizuho Bank	As of March 31, 2012								As of September 30, 2011		As of March 31, 2011
Domestic Standard	(Preliminary)		Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
(1) Capital Adequacy Ratio		15.52		0.47			0.61			15.05		14.91
Tier 1 Capital Ratio		11.39		0.70			1.01			10.69		10.38
(2) Tier 1 Capital		2,428.1		39.4			53.3			2,388.6		2,374.7
(3) Tier 2 Capital		977.6		(98.0	)		(151.9	)		1,075.6		1,129.5
(4) Deductions for Total Risk-based Capital		98.9		(1.9	)		5.4			100.9		93.4
(5) Total Risk-based Capital (2)+(3)-(4)		3,306.8		(56.5	)		(104.0	)		3,363.3		3,410.8
(6) Risk-weighted Assets		21,299.9		(1,042.7	)		(1,568.8	)		22,342.6		22,868.8

Mizuho Corporate Bank

BIS Standard
(1) Capital Adequacy Ratio		17.80		(0.31	)		(1.00	)		18.11		18.80
Tier 1 Capital Ratio		15.86		0.06			(0.24	)		15.80		16.10
(2) Tier 1 Capital		4,430.8		58.5			(97.9	)		4,372.3		4,528.8
(3) Tier 2 Capital		680.6		(65.1	)		(200.5	)		745.8		881.2
(4) Deductions for Total Risk-based Capital		137.2		29.8			14.3			107.4		122.9
(5) Total Risk-based Capital (2)+(3)-(4)		4,974.2		(36.5	)		(312.8	)		5,010.8		5,287.1
(6) Risk-weighted Assets		27,931.6		264.7			(190.0	)		27,666.8		28,121.6

Mizuho Trust & Banking

BIS Standard
(1) Capital Adequacy Ratio		18.26		1.57			1.92			16.69		16.34
Tier 1 Capital Ratio		14.02		1.47			1.91			12.55		12.11
(2) Tier 1 Capital		334.5		22.9			37.7			311.6		296.8
(3) Tier 2 Capital		103.5		(2.3	)		(7.2	)		105.8		110.8
(4) Deductions for Total Risk-based Capital		2.4		(0.6	)		(4.8	)		3.0		7.2
(5) Total Risk-based Capital (2)+(3)-(4)		435.7		21.3			35.3			414.4		400.4
(6) Risk-weighted Assets		2,386.0		(95.7	)		(63.6	)		2,481.7		2,449.6

(Reference)
Mizuho Bank

BIS Standard
(1) Capital Adequacy Ratio		15.46		0.73			0.86			14.73		14.60
Tier 1 Capital Ratio		11.32		0.93			1.22			10.39		10.10
(2) Tier 1 Capital		2,428.0		93.5			103.4			2,334.4		2,324.5
(3) Tier 2 Capital		986.0		(89.6	)		(143.5	)		1,075.6		1,129.5
(4) Deductions for Total Risk-based Capital		99.1		(2.0	)		5.3			101.1		93.8
(5) Total Risk-based Capital (2)+(3)-(4)		3,314.8		5.9			(45.4	)		3,308.9		3,360.3
(6) Risk-weighted Assets		21,440.9		(1,010.8	)		(1,561.2	)		22,451.8		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 March 31, 2012																As of September 30, 2011				As of March 31, 2011
			%		Change from September 30, 2011			%			Change from March 31, 2011			%					%				%
Loans to Bankrupt Obligors		40,767		0.06		7,775			0.01			(5,348	)		(0.00	)		32,992		0.05		46,116		0.07
Non-Accrual Delinquent Loans		582,618		0.91		(31,782	)		(0.08	)		(78,099	)		(0.13	)		614,401		0.99		660,718		1.05
Loans Past Due for 3 Months or More		20,246		0.03		(288	)		(0.00	)		(4,787	)		(0.00	)		20,534		0.03		25,034		0.03
Restructured Loans		589,515		0.92		22,982			0.00			92,524			0.13			566,532		0.91		496,991		0.79

Total		1,233,147		1.93		(1,312	)		(0.06	)		4,287			(0.02	)		1,234,460		1.99		1,228,859		1.95

Total Loans		63,800,509		100.00		2,068,902						1,022,751						61,731,606		100.00		62,777,757		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		271,943				(54,276	)					(71,482	)					326,220				343,426

Trust Account

	As of March 31, 2012																As of September 30, 2011				As of March 31, 2011
			%		Change from September 30, 2011			%			Change from March 31, 2011			%					%				%
Loans to Bankrupt Obligors		—		—		—			—			—			—			—		—		—		—
Non-Accrual Delinquent Loans		3,078		12.66		(8	)		0.44			(17	)		0.79			3,086		12.21		3,095		11.86
Loans Past Due for 3 Months or More		—		—		—			—			—			—			—		—		—		—
Restructured Loans		—		—		—			—			—			—			—		—		—		—

Total		3,078		12.66		(8	)		0.44			(17	)		0.79			3,086		12.21		3,095		11.86

Total Loans		24,310		100.00		(959	)					(1,778	)					25,270		100.00		26,089		100.00

Consolidated + Trust Account

	As of March 31, 2012																As of September 30, 2011				As of March 31, 2011
			%		Change from September 30, 2011			%			Change from March 31, 2011			%					%				%
Loans to Bankrupt Obligors		40,767		0.06		7,775			0.01			(5,348	)		(0.00	)		32,992		0.05		46,116		0.07
Non-Accrual Delinquent Loans		585,696		0.91		(31,791	)		(0.08	)		(78,117	)		(0.13	)		617,488		0.99		663,813		1.05
Loans Past Due for 3 Months or More		20,246		0.03		(288	)		(0.00	)		(4,787	)		(0.00	)		20,534		0.03		25,034		0.03
Restructured Loans		589,515		0.92		22,982			0.00			92,524			0.13			566,532		0.91		496,991		0.79

Total		1,236,225		1.93		(1,321	)		(0.06	)		4,270			(0.02	)		1,237,547		2.00		1,231,955		1.96

Total Loans		63,824,819		100.00		2,067,942						1,020,973						61,756,877		100.00		62,803,846		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 March 31, 2012																As of September 30, 2011				As of March 31, 2011
			%		Change from September 30, 2011			%			Change from March 31, 2011			%					%				%
Loans to Bankrupt Obligors		38,010		0.05		7,223			0.00			(5,552	)		(0.00	)		30,787		0.04		43,563		0.06
Non-Accrual Delinquent Loans		561,561		0.87		(31,890	)		(0.08	)		(85,383	)		(0.14	)		593,452		0.96		646,944		1.02
Loans Past Due for 3 Months or More		20,246		0.03		(288	)		(0.00	)		(4,787	)		(0.00	)		20,534		0.03		25,034		0.03
Restructured Loans		466,690		0.73		17,403			0.00			68,485			0.09			449,286		0.72		398,204		0.63

Total		1,086,508		1.70		(7,551	)		(0.07	)		(27,238	)		(0.06	)		1,094,060		1.77		1,113,746		1.76


Total Loans		63,902,973		100.00		2,284,275						883,182						61,618,697		100.00		63,019,790		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		245,783				(50,997	)					(71,288	)					296,780				317,071

Mizuho Bank

Loans to Bankrupt Obligors		13,873		0.04		(6,955	)		(0.02	)		(15,127	)		(0.04	)		20,828		0.06		29,000		0.08
Non-Accrual Delinquent Loans		449,361		1.38		(37,449	)		(0.14	)		(69,633	)		(0.17	)		486,811		1.52		518,994		1.55
Loans Past Due for 3 Months or More		19,913		0.06		(502	)		(0.00	)		(5,024	)		(0.01	)		20,415		0.06		24,937		0.07
Restructured Loans		296,289		0.91		8,885			0.01			51,587			0.17			287,403		0.89		244,701		0.73

Total		779,436		2.39		(36,021	)		(0.15	)		(38,198	)		(0.05	)		815,458		2.55		817,635		2.44


Total Loans		32,540,885		100.00		563,864						(835,391	)					31,977,021		100.00		33,376,277		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		156,543				(39,794	)					(46,102	)					196,337				202,645

Mizuho Corporate Bank

Loans to Bankrupt Obligors		23,140		0.08		14,495			0.04			10,174			0.03			8,644		0.03		12,965		0.04
Non-Accrual Delinquent Loans		90,094		0.32		9,389			0.01			348			(0.01	)		80,705		0.30		89,746		0.34
Loans Past Due for 3 Months or More		—		—		—			—			—			—			—		—		—		—
Restructured Loans		154,736		0.55		4,625			(0.01	)		14,767			0.02			150,110		0.57		139,969		0.53

Total		267,971		0.95		28,510			0.04			25,290			0.03			239,461		0.91		242,681		0.92


Total Loans		28,058,800		100.00		1,785,046						1,691,023						26,273,753		100.00		26,367,776		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		82,579				(6,021	)					(19,991	)					88,600				102,571

Mizuho Trust & Banking (Banking Account)

Loans to Bankrupt Obligors		997		0.03		(316	)		(0.00	)		(599	)		(0.01	)		1,313		0.03		1,596		0.04
Non-Accrual Delinquent Loans		19,027		0.58		(3,821	)		(0.10	)		(16,080	)		(0.50	)		22,848		0.68		35,107		1.08
Loans Past Due for 3 Months or More		333		0.01		214			0.00			236			0.00			119		0.00		96		0.00
Restructured Loans		15,664		0.47		3,891			0.12			2,130			0.06			11,772		0.35		13,533		0.41

Total		36,022		1.09		(31	)		0.01			(14,312	)		(0.45	)		36,053		1.07		50,334		1.54


Total Loans		3,278,976		100.00		(63,676	)					29,328						3,342,652		100.00		3,249,647		100.00

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

Amount of Partial Direct Write-offs		6,660				(5,182	)					(5,194	)					11,842				11,854

(Trust Account)

Loans to Bankrupt Obligors		—		—		—			—			—			—			—		—		—		—
Non-Accrual Delinquent Loans		3,078		12.66		(8	)		0.44			(17	)		0.79			3,086		12.21		3,095		11.86
Loans Past Due for 3 Months or More		—		—		—			—			—			—			—		—		—		—
Restructured Loans		—		—		—			—			—			—			—		—		—		—

Total		3,078		12.66		(8	)		0.44			(17	)		0.79			3,086		12.21		3,095		11.86


Total Loans		24,310		100.00		(959	)					(1,778	)					25,270		100.00		26,089		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 March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Reserves for Possible Losses on Loans		691,760		(28,132	)		(69,001	)		719,893		760,762
General Reserve for Possible Losses on Loans		447,588		(44,668	)		(53,861	)		492,257		501,450
Specific Reserve for Possible Losses on Loans		244,162		16,535			(15,138	)		227,626		259,301
Reserve for Possible Losses on Loans to Restructuring Countries		9		0			(0	)		9		10

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

Amount of Partial Direct Write-offs		327,650		(70,184	)		(88,662	)		397,834		416,313

Non-Consolidated

Aggregated Figures of the 3 Banks

	*(Millions of yen)*
	As of March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Reserves for Possible Losses on Loans		582,883		(21,667	)		(50,325	)		604,551		633,209
General Reserve for Possible Losses on Loans		411,231		(45,419	)		(51,935	)		456,651		463,167
Specific Reserve for Possible Losses on Loans		171,643		23,752			1,611			147,890		170,031
Reserve for Possible Losses on Loans to Restructuring Countries		9		0			(0	)		9		10

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

Amount of Partial Direct Write-offs		300,511		(66,891	)		(88,627	)		367,403		389,139

Mizuho Bank

Reserves for Possible Losses on Loans		344,674		(32,695	)		(58,415	)		377,370		403,089
General Reserve for Possible Losses on Loans		240,095		(31,714	)		(44,070	)		271,810		284,166
Specific Reserve for Possible Losses on Loans		104,578		(981	)		(14,344	)		105,560		118,923
Reserve for Possible Losses on Loans to Restructuring Countries		—		—			—			—		—

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

Amount of Partial Direct Write-offs		199,538		(48,903	)		(58,392	)		248,442		257,930

Mizuho Corporate Bank

Reserves for Possible Losses on Loans		220,237		10,433			8,245			209,803		211,992
General Reserve for Possible Losses on Loans		158,896		(12,342	)		(5,301	)		171,238		164,197
Specific Reserve for Possible Losses on Loans		61,332		22,776			13,548			38,556		47,784
Reserve for Possible Losses on Loans to Restructuring Countries		9		0			(0	)		8		10

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

Amount of Partial Direct Write-offs		88,198		(11,305	)		(26,201	)		99,503		114,399

Mizuho Trust & Banking

Reserves for Possible Losses on Loans		17,971		594			(155	)		17,377		18,127
General Reserve for Possible Losses on Loans		12,239		(1,362	)		(2,563	)		13,602		14,802
Specific Reserve for Possible Losses on Loans		5,731		1,957			2,407			3,774		3,324
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		12,775		(6,682	)		(4,034	)		19,458		16,809

*	Reserve for Indemnification of Impairment and Reserve for Possible Losses on Entrusted Loans (¥74 million, ¥76 million and ¥132 million for March 31, 2012, September 30, 2011 and March 31, 2011, 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 March 31, 2012

As of
September 30,
2011

As of
March 31,
2011

Change from
September 30,
2011

Change from
March 31,
2011

Mizuho Financial Group

56.09

(2.21

)

(5.81

)

58.31

61.90


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

Non-Consolidated

	*(%)*
	As of March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Total		53.79		(1.61	)		(3.21	)		55.41		57.01
Mizuho Bank		44.22		(2.05	)		(5.07	)		46.27		49.29
Mizuho Corporate Bank		82.18		(5.42	)		(5.16	)		87.61		87.35
Mizuho Trust & Banking (Banking Account)		49.89		1.69			13.87			48.19		36.01

*	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 March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Claims against Bankrupt and Substantially Bankrupt Obligors		177,426		(18,170	)		(69,860	)		195,597		247,287
Claims with Collection Risk		527,302		(2,745	)		(32,112	)		530,048		559,415
Claims for Special Attention		609,834		22,679			87,706			587,154		522,127
Total		1,314,563		1,763			(14,266	)		1,312,800		1,328,830

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		321,383		(68,626	)		(89,775	)		390,010		411,159

Trust Account

	As of March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—			—		—
Claims with Collection Risk		3,078		(8	)		(17	)		3,086		3,095
Claims for Special Attention		—		—			—			—		—
Total		3,078		(8	)		(17	)		3,086		3,095

Consolidated + Trust Account

	As of March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Claims against Bankrupt and Substantially Bankrupt Obligors		177,426		(18,170	)		(69,860	)		195,597		247,287
Claims with Collection Risk		530,380		(2,754	)		(32,130	)		533,135		562,511
Claims for Special Attention		609,834		22,679			87,706			587,154		522,127
Total		1,317,642		1,754			(14,284	)		1,315,887		1,331,926

*	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 March 31, 2012																As of September 30, 2011				As of March 31, 2011
			%		Change from September 30, 2011			%			Change from March 31, 2011			%					%				%
Claims against Bankrupt and Substantially Bankrupt Obligors		157,081		0.22		(18,758	)		(0.03	)		(74,344	)		(0.11	)		175,840		0.25		231,426		0.33
Claims with Collection Risk		521,547		0.73		1,220			(0.02	)		(31,695	)		(0.05	)		520,327		0.76		553,243		0.79
Claims for Special Attention		487,009		0.68		17,100			(0.00	)		63,668			0.07			469,909		0.68		423,341		0.60
Sub-total		1,165,638		1.63		(438	)		(0.06	)		(42,372	)		(0.09	)		1,166,076		1.70		1,208,010		1.72
Normal Claims		70,039,919		98.36		2,836,785			0.06			1,411,342			0.09			67,203,134		98.29		68,628,577		98.27

Total		71,205,558		100.00		2,836,347						1,368,970						68,369,210		100.00		69,836,587		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		294,574				(65,391	)					(89,789	)					359,965				384,363

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		95,400		0.27		(29,942	)		(0.09	)		(80,394	)		(0.21	)		125,343		0.36		175,795		0.49
Claims with Collection Risk		387,156		1.11		(19,972	)		(0.07	)		(17,298	)		(0.01	)		407,129		1.19		404,455		1.13
Claims for Special Attention		316,202		0.91		8,383			0.00			46,562			0.15			307,818		0.90		269,639		0.75
Sub-total		798,759		2.30		(41,532	)		(0.16	)		(51,130	)		(0.08	)		840,292		2.46		849,890		2.39
Normal Claims		33,821,333		97.69		610,844			0.16			(882,372	)		0.08			33,210,489		97.53		34,703,705		97.60

Total		34,620,093		100.00		569,312						(933,502	)					34,050,781		100.00		35,553,596		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		199,538				(48,903	)					(58,392	)					248,442				257,930

Mizuho Corporate Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		30,857		0.09		18,023			0.05			13,317			0.03			12,833		0.04		17,540		0.05
Claims with Collection Risk		114,439		0.34		18,456			0.03			(5,019	)		(0.04	)		95,983		0.31		119,458		0.38
Claims for Special Attention		154,736		0.46		4,625			(0.02	)		14,767			0.01			150,110		0.48		139,969		0.45
Sub-total		300,033		0.90		41,106			0.06			23,065			0.00			258,927		0.83		276,968		0.89
Normal Claims		32,864,320		99.09		2,291,101			(0.06	)		2,245,479			(0.00	)		30,573,219		99.16		30,618,840		99.10

Total		33,164,353		100.00		2,332,207						2,268,544						30,832,146		100.00		30,895,808		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		88,198				(11,305	)					(26,201	)					99,503				114,399

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		30,823		0.90		(6,839	)		(0.18	)		(7,266	)		(0.22	)		37,662		1.08		38,090		1.13
Claims with Collection Risk		16,872		0.49		2,745			0.08			(9,359	)		(0.28	)		14,127		0.40		26,232		0.78
Claims for Special Attention		16,070		0.47		4,091			0.12			2,337			0.06			11,979		0.34		13,733		0.40
Sub-total		63,766		1.87		(3	)		0.03			(14,289	)		(0.44	)		63,770		1.84		78,056		2.32
Normal Claims		3,333,033		98.12		(64,208	)		(0.03	)		49,995			0.44			3,397,242		98.15		3,283,037		97.67

Total		3,396,800		100.00		(64,212	)					35,706						3,461,012		100.00		3,361,093		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		6,837				(5,182	)					(5,195	)					12,019				12,032

(Trust Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—			—			—		—		—		—
Claims with Collection Risk		3,078		12.66		(8	)		0.44			(17	)		0.79			3,086		12.21		3,095		11.86
Claims for Special Attention		—		—		—			—			—			—			—		—		—		—
Sub-total		3,078		12.66		(8	)		0.44			(17	)		0.79			3,086		12.21		3,095		11.86
Normal Claims		21,232		87.33		(950	)		(0.44	)		(1,760	)		(0.79	)		22,183		87.78		22,993		88.13

Total		24,310		100.00		(959	)					(1,778	)					25,270		100.00		26,089		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 March 31, 2012

As of
September 30, 2011

As of
March 31, 2011

Change from
September 30, 2011

Change from
March 31, 2011

Claims against Bankrupt and Substantially Bankrupt Obligors

157.0

(18.7

)

(74.3

)

175.8

231.4

Collateral, Guarantees, and equivalent

133.8

(25.5

)

(78.8

)

159.3

212.6

Reserve for Possible Losses

23.2

6.7

4.4

16.4

18.7

Claims with Collection Risk

518.4

1.2

(31.6

)

517.2

550.1

Collateral, Guarantees, and equivalent

270.3

(27.8

)

(28.6

)

298.2

299.0

Reserve for Possible Losses

160.3

17.1

(2.6

)

143.1

162.9

Claims for Special Attention

487.0

17.1

63.6

469.9

423.3

Collateral, Guarantees, and equivalent

143.1

31.1

32.6

111.9

110.4

Reserve for Possible Losses

102.5

(1.6

)

9.8

104.2

92.7

Total

1,162.5

(0.4

)

(42.3

)

1,162.9

1,204.9

Collateral, Guarantees, and equivalent

547.4

(22.1

)

(74.7

)

569.5

622.1

Reserve for Possible Losses

286.1

22.3

11.6

263.8

274.4

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

95.4

(29.9

)

(80.3

)

125.3

175.7

Collateral, Guarantees, and equivalent

92.3

(29.2

)

(77.7

)

121.6

170.1

Reserve for Possible Losses

3.0

(0.6

)

(2.6

)

3.7

5.6

Claims with Collection Risk

387.1

(19.9

)

(17.2

)

407.1

404.4

Collateral, Guarantees, and equivalent

221.2

(24.4

)

(10.1

)

245.6

231.3

Reserve for Possible Losses

101.4

(0.3

)

(11.7

)

101.7

113.1

Claims for Special Attention

316.2

8.3

46.5

307.8

269.6

Collateral, Guarantees, and equivalent

105.9

14.5

19.7

91.4

86.2

Reserve for Possible Losses

59.6

(2.4

)

5.9

62.0

53.6

Total

798.7

(41.5

)

(51.1

)

840.2

849.8

Collateral, Guarantees, and equivalent

419.5

(39.2

)

(68.1

)

458.8

487.7

Reserve for Possible Losses

164.1

(3.3

)

(8.3

)

167.5

172.5

Mizuho Corporate Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

30.8

18.0

13.3

12.8

17.5

Collateral, Guarantees, and equivalent

22.9

10.8

6.4

12.1

16.4

Reserve for Possible Losses

7.9

7.1

6.8

0.7

1.0

Claims with Collection Risk

114.4

18.4

(5.0

)

95.9

119.4

Collateral, Guarantees, and equivalent

38.7

(4.1

)

(7.8

)

42.9

46.6

Reserve for Possible Losses

53.2

15.5

6.7

37.6

46.5

Claims for Special Attention

154.7

4.6

14.7

150.1

139.9

Collateral, Guarantees, and equivalent

33.3

15.9

13.6

17.3

19.6

Reserve for Possible Losses

40.2

0.0

3.4

40.1

36.8

Total

300.0

41.1

23.0

258.9

276.9

Collateral, Guarantees, and equivalent

95.0

22.6

12.2

72.3

82.8

Reserve for Possible Losses

101.4

22.8

17.0

78.5

84.4

Mizuho Trust & Banking

(Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

30.8

(6.8

)

(7.2

)

37.6

38.0

Collateral, Guarantees, and equivalent

18.5

(7.0

)

(7.4

)

25.6

26.0

Reserve for Possible Losses

12.2

0.2

12.0

Claims with Collection Risk

16.8

2.7

(9.3

)

14.1

26.2

Collateral, Guarantees, and equivalent

10.3

0.7

(10.6

)

9.6

20.9

Reserve for Possible Losses

5.6

1.9

2.3

3.6

3.2

Claims for Special Attention

16.0

4.0

2.3

11.9

13.7

Collateral, Guarantees, and equivalent

3.8

0.6

(0.6

)

3.1

4.5

Reserve for Possible Losses

2.6

0.6

0.4

1.9

2.2

Total

63.7

(0.0

)

(14.2

)

63.7

78.0

Collateral, Guarantees, and equivalent

32.7

(5.6

)

(18.7

)

38.3

51.5

Reserve for Possible Losses

20.5

2.8

3.0

17.6

17.4

(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

Collateral, Guarantees, and equivalent

3.0

(0.0

)

(0.0

)

3.0

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

3.0

(0.0

)

(0.0

)

3.0

Collateral, Guarantees, and equivalent

3.0

(0.0

)

(0.0

)

3.0

*	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 March 31, 2012
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Coverage Amount		833.5		0.1			(63.0	)		833.3		896.6
Reserves for Possible Losses on Loans		286.1		22.3			11.6			263.8		274.4
Collateral, Guarantees, and equivalent		547.4		(22.1	)		(74.7	)		569.5		622.1

	*(%)*
Coverage Ratio		71.7		0.0			(2.7	)		71.7		74.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		83.0		(2.2	)		(0.8	)		85.3		83.9
Claims for Special Attention		50.4		4.4			2.4			46.0		48.0
Claims against Special Attention Obligors		*51.8*		3.0			0.0			48.8		51.8

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		64.6		(0.7	)		(0.2	)		65.3		64.8
Claims for Special Attention		29.8		0.7			0.1			29.1		29.6
Claims against Special Attention Obligors		*30.6*		0.3			(0.6	)		30.3		31.3

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		21.28		(0.96	)		(0.67	)		22.25		21.96
Claims against Watch Obligors excluding Special Attention Obligors		4.68		0.45			0.34			4.23		4.34
Claims against Normal Obligors		0.12		(0.04	)		(0.07	)		0.17		0.20

Mizuho Bank

	*(Billions of yen)*
Coverage Amount		583.7		(42.6	)		(76.5	)		626.3		660.3
Reserves for Possible Losses on Loans		164.1		(3.3	)		(8.3	)		167.5		172.5
Collateral, Guarantees, and equivalent		419.5		(39.2	)		(68.1	)		458.8		487.7

	*(%)*
Coverage Ratio		73.0		(1.4	)		(4.6	)		74.5		77.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		83.3		(1.9	)		(1.8	)		85.3		85.1
Claims for Special Attention		52.3		2.5			0.4			49.8		51.8
Claims against Special Attention Obligors		*53.6*		0.8			(2.7	)		52.7		56.3

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		61.1		(1.8	)		(4.2	)		63.0		65.4
Claims for Special Attention		28.3		(0.3	)		(0.8	)		28.6		29.2
Claims against Special Attention Obligors		*28.6*		(0.9	)		(2.4	)		29.5		31.0

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		18.59		(1.19	)		(1.05	)		19.79		19.65
Claims against Watch Obligors excluding Special Attention Obligors		4.19		0.27			(0.08	)		3.92		4.28
Claims against Normal Obligors		0.16		(0.03	)		(0.07	)		0.19		0.23

Mizuho Corporate Bank

	*(Billions of yen)*
Coverage Amount		196.5		45.5			29.2			150.9		167.2
Reserves for Possible Losses on Loans		101.4		22.8			17.0			78.5		84.4
Collateral, Guarantees, and equivalent		95.0		22.6			12.2			72.3		82.8

	*(%)*
Coverage Ratio		65.4		7.1			5.1			58.3		60.3
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		80.4		(3.5	)		2.4			83.9		78.0
Claims for Special Attention		47.5		9.2			7.1			38.3		40.3
Claims against Special Attention Obligors		*50.0*		7.9			6.2			42.1		43.8

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		70.3		(0.5	)		6.4			70.9		63.9
Claims for Special Attention		33.1		2.9			2.5			30.2		30.6
Claims against Special Attention Obligors		*35.4*		3.1			2.6			32.3		32.8

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		27.48		(0.19	)		(0.05	)		27.68		27.53
Claims against Watch Obligors excluding Special Attention Obligors		5.39		0.67			0.93			4.72		4.45
Claims against Normal Obligors		0.09		(0.05	)		(0.06	)		0.15		0.16

3-28

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	*(Billions of yen)*
	As of March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Coverage Amount		53.2		(2.7	)		(15.7	)		56.0		69.0
Reserves for Possible Losses on Loans		20.5		2.8			3.0			17.6		17.4
Collateral, Guarantees, and equivalent		32.7		(5.6	)		(18.7	)		38.3		51.5

	*(%)*
Coverage Ratio		83.5		(4.3	)		(4.8	)		87.9		88.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		94.7		0.5			2.4			94.2		92.3
Claims for Special Attention		40.3		(2.2	)		(8.7	)		42.5		49.1
Claims against Special Attention Obligors		*36.6*		(3.3	)		(5.6	)		39.9		42.2

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		86.4		4.5			24.7			81.9		61.7
Claims for Special Attention		21.5		(0.5	)		(2.4	)		22.0		23.9
Claims against Special Attention Obligors		*20.5*		(0.8	)		(1.2	)		21.3		21.8

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		16.37		0.08			0.26			16.29		16.10
Claims against Watch Obligors excluding Special Attention Obligors		5.13		0.85			0.97			4.28		4.15
Claims against Normal Obligors		0.12		(0.07	)		(0.08	)		0.19		0.21

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Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregated Figures of the 3 Banks (Banking Account)

(Billions of yen)

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.

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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)*
	Up to Fiscal 2008		Fiscal 2009				Fiscal 2010				Fiscal 2011
			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		As of March 31, 2012
													Mizuho Bank		Mizuho Corporate Bank		Mizuho Trust & Banking		Aggregated Figures of the 3 Banks
													Mizuho Bank		Mizuho Corporate Bank		Mizuho Trust & Banking		Aggregated Figures of the 3 Banks		Change from September 30, 2011
Claims against Bankrupt and Substantially Bankrupt Obligors		2,702.2		235.0		185.6		156.8		123.8		94.3		39.3		7.7		28.0		75.1		(19.2	)
Claims with Collection Risk		9,034.9		388.3		247.8		179.8		146.9		125.4		93.7		15.4		5.6		114.9		(10.4	)
Amount Categorized as above up to Fiscal 2008		11,737.2		623.4		433.5		336.6		270.8		219.7		133.1		23.2		33.6		190.0		(29.7	)
of which the amount which was in the process of being removed from the balance sheet		1,295.3		178.9		132.2		109.7		81.1		56.1		33.2		6.7		0.2		40.2		(15.9	)
Claims against Bankrupt and Substantially Bankrupt Obligors				43.6		36.6		32.2		21.4		12.5		7.0		1.3		0.9		9.3		(3.1	)
Claims with Collection Risk				345.3		210.7		166.0		49.3		33.5		22.4		4.8		0.1		27.4		(6.0	)
Amount Newly Categorized as above during the First Half of Fiscal 2009				389.0		247.4		198.3		70.8		46.0		29.4		6.2		1.1		36.8		(9.2	)
of which the amount which was in the process of being removed from the balance sheet				39.2		31.5		28.9		20.8		12.8		6.3		1.3		0.9		8.7		(4.1	)
Claims against Bankrupt and Substantially Bankrupt Obligors						35.7		24.8		29.3		19.1		5.9		0.0		0.5		6.4		(12.6	)
Claims with Collection Risk						173.4		124.4		87.6		56.6		46.1		6.5		0.4		53.1		(3.4	)
Amount Newly Categorized as above during the Second Half of Fiscal 2009						209.1		149.3		117.0		75.7		52.0		6.5		0.9		59.5		(16.1	)
of which the amount which was in the process of being removed from the balance sheet						32.0		21.9		20.0		12.2		5.9		—		0.5		6.4		(5.7	)
Claims against Bankrupt and Substantially Bankrupt Obligors								31.9		24.8		13.1		7.1		0.0		0.1		7.3		(5.8	)
Claims with Collection Risk								140.6		86.7		59.6		46.9		0.6		5.3		52.9		(6.6	)
Amount Newly Categorized as above during the First Half of Fiscal 2010								172.5		111.6		72.8		54.1		0.6		5.5		60.3		(12.4	)
of which the amount which was in the process of being removed from the balance sheet								28.8		24.7		13.1		7.1		0.0		0.1		7.3		(5.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors										31.8		13.9		8.5		3.8		0.3		12.7		(1.2	)
Claims with Collection Risk										182.5		110.3		50.0		27.5		3.4		81.1		(29.2	)
Amount Newly Categorized as above during the Second Half of Fiscal 2010										214.4		124.3		58.6		31.4		3.8		93.8		(30.4	)
of which the amount which was in the process of being removed from the balance sheet										30.5		13.8		8.4		—		0.3		8.8		(5.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors												22.7		13.5		0.1		0.1		13.9		(8.7	)
Claims with Collection Risk												134.7		66.5		14.0		0.5		81.1		(53.6	)
Amount Newly Categorized as above during the First Half of Fiscal 2011												157.4		80.1		14.2		0.7		95.1		(62.3	)
of which the amount which was in the process of being removed from the balance sheet												22.7		10.8		0.1		0.1		11.1		(11.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors														13.7		17.7		0.5		32.0		32.0
Claims with Collection Risk														61.2		45.1		4.3		110.7		110.7
Amount Newly Categorized as above during the Second Half of Fiscal 2011														74.9		62.9		4.9		142.8		142.8
of which the amount which was in the process of being removed from the balance sheet														13.7		16.5		0.5		30.8		30.8
Claims against Bankrupt and Substantially Bankrupt Obligors		—————		278.7		258.0		245.8		231.4		175.8		95.4		30.8		30.8		157.0		(18.7	)
Claims with Collection Risk		—————		733.7		632.0		611.0		553.2		520.3		387.1		114.4		19.9		521.5		1.2
Total		—————		1,012.5		890.1		856.9		784.6		696.1		482.5		145.2		50.7		678.6		(17.5	)
of which the amount which was in the process of being removed from the balance sheet				218.1		195.8		189.4		177.3		131.0		85.8		24.7		3.0		113.6		(17.3	)


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

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

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


	*(Billions of yen)*						(%)		(%)
	Amount Newly Categorized		Balance as of March 31, 2012		Accumulated Removal Amount		Accumulated Removal Ratio		Modified Accumulated Removal Ratio*
Up to Fiscal 2008		11,737.2		190.0		11,547.1		98.3		98.7
First Half of Fiscal 2009		389.0		36.8		352.2		90.5		92.7
Second Half of Fiscal 2009		209.1		59.5		149.5		71.5		74.5
First Half of Fiscal 2010		172.5		60.3		112.2		65.0		69.3
Second Half of Fiscal 2010		214.4		93.8		120.5		56.2		60.3
First Half of Fiscal 2011		157.4		95.1		62.3		39.6		46.7
Second Half of Fiscal 2011		142.8		142.8		—————		—————		—————

Total		13,022.7		678.6		12,344.0		—————		—————

*	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.

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Mizuho Financial Group, Inc.

(3) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the Second 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 Second Half of Fiscal 2011
	Up to Fiscal 2008			Fiscal 2009						Fiscal 2010						Fiscal 2011
	Up to Fiscal 2008			First Half			Second Half			First Half			Second Half			First Half
Liquidation		(35.9	)		(3.1	)		(4.4	)		(3.7	)		(0.7	)		(0.4	)		(48.4	)
Restructuring		(8.1	)		(0.3	)		(0.7	)		—			(1.7	)		—			(11.0	)
Improvement in Business Performance due to Restructuring		(0.0	)		(0.0	)		—			—			(0.0	)		(0.0	)		(0.0	)
Loan Sales		(14.0	)		(0.5	)		(0.1	)		(0.2	)		(0.2	)		(0.8	)		(16.1	)
Direct Write-off		50.6			2.4			2.8			1.8			(1.2	)		(3.1	)		53.4
Other		(22.2	)		(7.7	)		(13.5	)		(10.3	)		(26.3	)		(57.9	)		(138.2	)
Debt recovery		(11.3	)		(4.6	)		(5.8	)		(4.0	)		(3.3	)		(19.5	)		(48.8	)
Improvement in Business Performance		(10.8	)		(3.0	)		(7.6	)		(6.3	)		(23.0	)		(38.4	)		(89.4	)

Total		(29.7	)		(9.2	)		(16.1	)		(12.4	)		(30.4	)		(62.3	)		(160.3	)


Mizuho Bank

Liquidation		(34.3	)		(3.0	)		(2.2	)		(1.6	)		(0.7	)		(0.4	)		(42.5	)
Restructuring		(1.5	)		(0.3	)		(0.7	)		—			(1.7	)		—			(4.4	)
Improvement in Business Performance due to Restructuring		—			—			—			—			—			—			—
Loan Sales		(2.0	)		(0.3	)		(0.1	)		(0.0	)		(0.0	)		—			(2.6	)
Direct Write-off		34.1			2.0			1.3			(0.0	)		0.1			(2.8	)		34.9
Other		(25.7	)		(6.4	)		(5.9	)		(10.4	)		(27.5	)		(34.0	)		(110.2	)
Debt recovery		(16.5	)		(3.8	)		(2.4	)		(4.2	)		(5.2	)		(17.2	)		(49.5	)
Improvement in Business Performance		(9.2	)		(2.6	)		(3.5	)		(6.1	)		(22.3	)		(16.8	)		(60.6	)

Total		(29.5	)		(8.0	)		(7.8	)		(12.1	)		(29.9	)		(37.2	)		(124.8	)


Mizuho Corporate Bank

Liquidation		(0.0	)		(0.0	)		—			(2.0	)		—			—			(2.1	)
Restructuring		(6.2	)		—			—			—			—			—			(6.2	)
Improvement in Business Performance due to Restructuring		—			—			—			—			—			—			—
Loan Sales		(11.8	)		—			—			(0.1	)		(0.2	)		(0.8	)		(13.0	)
Direct Write-off		14.3			0.2			(0.7	)		1.8			(1.1	)		(0.3	)		14.1
Other		3.6			(0.6	)		(1.0	)		0.3			2.0			(23.4	)		(19.1	)
Debt recovery		5.3			(0.6	)		2.6			0.3			2.0			(2.2	)		7.5
Improvement in Business Performance		(1.6	)		—			(3.7	)		—			(0.0	)		(21.2	)		(26.6	)

Total		(0.0	)		(0.4	)		(1.8	)		(0.0	)		0.5			(24.6	)		(26.4	)


Mizuho Trust & Banking (Banking Account + Trust Account)

Liquidation		(1.5	)		—			(2.1	)		—			—			(0.0	)		(3.7	)
Restructuring		(0.3	)		—			—			—			—			—			(0.3	)
Improvement in Business Performance due to Restructuring		(0.0	)		(0.0	)		—			—			(0.0	)		(0.0	)		(0.0	)
Loan Sales		(0.2	)		(0.1	)		—			—			—			—			(0.4	)
Direct Write-off		2.1			0.1			2.1			—			(0.1	)		—			4.3
Other		(0.0	)		(0.6	)		(6.4	)		(0.3	)		(0.8	)		(0.4	)		(8.8	)
Debt recovery		(0.0	)		(0.2	)		(6.0	)		(0.0	)		(0.1	)		(0.1	)		(6.7	)
Improvement in Business Performance		(0.0	)		(0.3	)		(0.4	)		(0.2	)		(0.6	)		(0.2	)		(2.0	)

Total		(0.1	)		(0.6	)		(6.4	)		(0.3	)		(0.9	)		(0.4	)		(9.0	)


(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 the Second Half of Fiscal 2000
	Up to 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			In Second Half of Fiscal 2011
Liquidation		(1,655.1	)		(16.0	)		(19.2	)		(52.2	)		(17.9	)		(48.4	)		(1,809.0	)
Restructuring		(1,848.4	)		(16.6	)		(12.8	)		(76.2	)		(11.9	)		(11.0	)		(1,977.1	)
Improvement in Business Performance due to Restructuring		(181.7	)		(2.9	)		(0.1	)		(0.1	)		(6.5	)		(0.0	)		(191.6	)
Loan Sales		(4,382.2	)		(61.6	)		(72.3	)		(43.1	)		(9.2	)		(16.1	)		(4,584.7	)
Direct Write-off		3,399.3			(2.1	)		68.2			78.8			18.1			53.4			3,615.9
Other		(6,445.3	)		(232.0	)		(169.3	)		(193.8	)		(218.6	)		(138.2	)		(7,397.4	)
Debt recovery		—————			(156.7	)		(109.7	)		(161.8	)		(76.2	)		(48.8	)		—————
Improvement in Business Performance		—————			(75.2	)		(59.6	)		(32.0	)		(142.3	)		(89.4	)		—————

Total		(11,113.7	)		(331.5	)		(205.8	)		(286.6	)		(245.9	)		(160.3	)		(12,344.0	)

*	From the Second Half of Fiscal 2000 to the First Half of Fiscal 2009.

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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 March 31, 2012																As of September 30, 2011				As of March 31, 2011
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change from September 30, 2011						Change from March 31, 2011						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
Domestic Total (excluding Loans Booked Offshore)		55,993.9		1,009.9		768.2			(30.6	)		(1,458.0	)		(35.9	)		55,225.7		1,040.6		57,451.9		1,045.9
Manufacturing		7,152.7		258.7		(71.1	)		11.3			(67.2	)		11.9			7,223.8		247.3		7,220.0		246.7
Agriculture & Forestry		32.7		0.0		5.2			(0.3	)		9.2			(0.5	)		27.4		0.3		23.5		0.6
Fishery		2.0		0.0		1.0			(0.0	)		1.3			(0.0	)		1.0		0.0		0.7		0.0
Mining, Quarrying Industry & Gravel Extraction Industry		144.5		—		(14.5	)		—			(9.4	)		—			159.0		—		154.0		—
Construction		865.5		34.6		(20.4	)		(8.9	)		(62.1	)		(24.3	)		885.9		43.6		927.6		59.0
Utilities		1,903.7		3.9		389.2			(0.0	)		486.7			3.4			1,514.5		4.0		1,416.9		0.4
Communication		898.2		25.6		(231.9	)		(10.2	)		(653.1	)		(5.0	)		1,130.2		35.8		1,551.3		30.7
Transportation & Postal Industry		2,780.7		43.3		(86.3	)		(1.1	)		(119.3	)		13.9			2,867.1		44.4		2,900.0		29.4
Wholesale & Retail		4,799.9		174.7		85.8			4.3			(42.9	)		18.8			4,714.0		170.3		4,842.9		155.8
Finance & Insurance		6,462.1		11.6		171.7			1.4			(380.7	)		8.6			6,290.4		10.1		6,842.9		2.9
Real Estate		6,348.3		144.4		93.8			(12.2	)		(2.6	)		(37.6	)		6,254.5		156.6		6,351.0		182.0
Commodity Lease		1,546.0		2.2		9.4			0.0			(42.9	)		0.5			1,536.6		2.2		1,588.9		1.6
Service Industries		2,426.5		112.5		(318.5	)		2.3			(272.5	)		7.0			2,745.1		110.1		2,699.0		105.4
Local Governments		1,275.2		2.9		81.4			(0.0	)		43.3			(0.0	)		1,193.8		2.9		1,231.9		2.9
Governments		5,599.4		—		701.5			—			(257.1	)		—			4,897.9		—		5,856.6		—
Other		13,755.6		195.0		(28.2	)		(17.3	)		(88.2	)		(32.8	)		13,783.8		212.3		13,843.8		227.8
Overseas Total (including Loans Booked Offshore)		8,693.7		76.5		1,230.8			23.1			1,526.8			8.7			7,462.8		53.3		7,166.8		67.7
Governments		356.4		—		17.4			—			0.1			—			339.0		—		356.2		—
Financial Institutions		3,049.4		0.0		512.7			0.0			724.9			(2.0	)		2,536.7		—		2,324.4		2.0
Other		5,287.8		76.5		700.7			23.1			801.7			10.8			4,587.1		53.3		4,486.1		65.7

Total		64,687.7		1,086.5		1,999.1			(7.5	)		68.8			(27.2	)		62,688.6		1,094.0		64,618.8		1,113.7

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


As of March 31, 2012:		¥741.0 billion (from MHBK ¥700.0 billion; from MHCB ¥41.0 billion)
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)

*	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.

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Mizuho Financial Group, Inc.


	*(Billions of yen)*
	As of March 31, 2012																As of September 30, 2011				As of March 31, 2011
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change from September 30, 2011						Change from March 31, 2011						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)		32,540.8		779.4		563.8			(36.0	)		(835.3	)		(38.1	)		31,977.0		815.4		33,376.2		817.6
Manufacturing		2,782.2		166.8		27.5			0.4			(7.9	)		6.1			2,754.7		166.4		2,790.1		160.7
Agriculture & Forestry		32.3		0.0		5.3			(0.3	)		9.2			(0.5	)		27.0		0.3		23.1		0.6
Fishery		2.0		0.0		1.0			(0.0	)		1.3			(0.0	)		1.0		0.0		0.7		0.0
Mining, Quarrying Industry & Gravel Extraction Industry		4.9		—		(0.4	)		—			(1.0	)		—			5.3		—		5.9		—
Construction		496.6		26.5		1.4			(1.3	)		(33.0	)		(17.7	)		495.2		27.9		529.7		44.3
Utilities		58.6		0.0		(1.5	)		(0.0	)		(8.3	)		(0.1	)		60.2		0.1		67.0		0.2
Communication		317.2		23.9		3.8			(5.9	)		(13.1	)		0.4			313.4		29.9		330.4		23.4
Transportation & Postal Industry		1,073.1		41.4		(93.2	)		5.8			(114.1	)		14.0			1,166.4		35.5		1,187.2		27.3
Wholesale & Retail		3,497.7		171.9		91.0			4.7			13.1			21.7			3,406.7		167.2		3,484.5		150.2
Finance & Insurance		1,965.7		11.6		(41.0	)		1.4			(108.6	)		8.6			2,006.7		10.1		2,074.3		2.9
Real Estate		3,121.6		89.0		(27.0	)		(17.1	)		(134.4	)		(26.0	)		3,148.7		106.1		3,256.1		115.0
Commodity Lease		181.0		2.2		(1.8	)		0.0			(4.8	)		0.5			182.9		2.2		185.9		1.6
Service Industries		1,821.0		97.0		(201.7	)		(6.8	)		(162.7	)		(7.2	)		2,022.7		103.8		1,983.8		104.2
Local Governments		1,114.5		—		81.8			—			44.2			—			1,032.6		—		1,070.2		—
Governments		4,506.5		—		733.6			—			(171.0	)		—			3,772.8		—		4,677.5		—
Other		11,565.2		148.5		(14.8	)		(16.9	)		(143.9	)		(38.1	)		11,580.0		165.4		11,709.1		186.7
Overseas Total (including Loans Booked Offshore)		—		—		—			—			—			—			—		—		—		—
Governments		—		—		—			—			—			—			—		—		—		—
Financial Institutions		—		—		—			—			—			—			—		—		—		—
Other		—		—		—			—			—			—			—		—		—		—

Total		32,540.8		779.4		563.8			(36.0	)		(835.3	)		(38.1	)		31,977.0		815.4		33,376.2		817.6


Mizuho Corporate Bank
Domestic Total (excluding Loans Booked Offshore)		19,370.9		191.4		554.3			5.3			163.5			16.5			18,816.5		186.0		19,207.3		174.8
Manufacturing		3,841.5		85.1		(62.3	)		9.7			(64.3	)		6.1			3,903.9		75.3		3,905.9		79.0
Agriculture & Forestry		0.3		—		—			—			—			—			0.3		—		0.3		—
Fishery		—		—		—			—			—			—			—		—		—		—
Mining, Quarrying Industry & Gravel Extraction Industry		135.9		—		(12.4	)		—			(7.7	)		—			148.4		—		143.7		—
Construction		304.7		8.0		(6.1	)		(7.4	)		(10.5	)		(6.1	)		310.8		15.5		315.2		14.2
Utilities		1,655.2		3.8		364.2			—			450.8			3.6			1,291.0		3.8		1,204.4		0.2
Communication		511.2		1.1		43.0			(4.1	)		126.2			(5.4	)		468.2		5.3		385.0		6.5
Transportation & Postal Industry		1,496.3		1.8		8.9			(6.9	)		4.0			0.8			1,487.4		8.8		1,492.3		1.0
Wholesale & Retail		1,123.4		2.0		7.2			(0.1	)		(33.0	)		(2.1	)		1,116.2		2.2		1,156.5		4.2
Finance & Insurance		4,184.4		—		255.1			—			(151.1	)		—			3,929.2		—		4,335.5		—
Real Estate		2,200.3		38.3		58.1			8.2			74.2			3.5			2,142.2		30.1		2,126.1		34.8
Commodity Lease		1,156.7		—		4.2			—			(38.6	)		—			1,152.4		—		1,195.3		—
Service Industries		528.2		10.1		(86.6	)		5.3			(111.7	)		9.1			614.8		4.8		639.9		0.9
Local Governments		125.0		—		0.0			—			0.9			—			124.9		—		124.0		—
Governments		816.9		—		(8.9	)		—			(151.3	)		—			825.9		—		968.2		—
Other		1,290.1		40.7		(10.0	)		0.8			75.9			6.9			1,300.2		39.9		1,214.2		33.8
Overseas Total (including Loans Booked Offshore)		8,687.8		76.5		1,230.6			23.1			1,527.4			8.7			7,457.2		53.3		7,160.4		67.7
Governments		355.8		—		17.4			—			0.4			—			338.4		—		355.4		—
Financial Institutions		3,049.4		0.0		512.7			0.0			724.9			(2.0	)		2,536.7		—		2,324.4		2.0
Other		5,282.6		76.5		700.5			23.1			802.0			10.8			4,582.0		53.3		4,480.5		65.7

Total		28,058.8		267.9		1,785.0			28.5			1,691.0			25.2			26,273.7		239.4		26,367.7		242.6


Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,082.1		39.1		(350.0	)		(0.0	)		(786.2	)		(14.3	)		4,432.1		39.1		4,868.3		53.4
Manufacturing		528.9		6.6		(36.2	)		1.1			5.0			(0.3	)		565.2		5.5		523.9		6.9
Agriculture & Forestry		0.0		—		(0.0	)		—			(0.0	)		—			0.0		—		0.0		—
Fishery		—		—		—			—			—			—			—		—		—		—
Mining, Quarrying Industry & Gravel Extraction Industry		3.6		—		(1.6	)		—			(0.6	)		—			5.3		—		4.3		—
Construction		64.1		0.0		(15.6	)		(0.1	)		(18.4	)		(0.5	)		79.8		0.1		82.6		0.5
Utilities		189.7		—		26.5			—			44.2			(0.0	)		163.2		—		145.5		0.0
Communication		69.7		0.5		(278.8	)		(0.0	)		(766.1	)		(0.0	)		348.5		0.6		835.9		0.6
Transportation & Postal Industry		211.1		0.0		(2.1	)		(0.0	)		(9.2	)		(1.0	)		213.3		0.0		220.4		1.0
Wholesale & Retail		178.8		0.7		(12.3	)		(0.2	)		(23.0	)		(0.6	)		191.1		0.9		201.8		1.3
Finance & Insurance		312.0		—		(42.3	)		—			(121.0	)		—			354.4		—		433.0		—
Real Estate		1,026.2		17.0		62.8			(3.3	)		57.5			(15.1	)		963.4		20.3		968.7		32.1
Commodity Lease		208.2		—		7.0			—			0.5			—			201.1		—		207.7		—
Service Industries		77.2		5.4		(30.2	)		3.8			1.9			5.1			107.4		1.5		75.2		0.2
Local Governments		35.7		2.9		(0.4	)		(0.0	)		(1.9	)		(0.0	)		36.1		2.9		37.6		2.9
Governments		275.9		—		(23.1	)		—			65.1			—			299.1		—		210.7		—
Other		900.2		5.7		(3.2	)		(1.2	)		(20.2	)		(1.6	)		903.4		6.9		920.4		7.3
Overseas Total (including Loans Booked Offshore)		5.8		—		0.2			—			(0.5	)		—			5.6		—		6.4		—
Governments		0.6		—		(0.0	)		—			(0.2	)		—			0.6		—		0.8		—
Financial Institutions		—		—		—			—			—			—			—		—		—		—
Other		5.2		—		0.2			—			(0.3	)		—			5.0		—		5.6		—

Total		4,088.0		39.1		(349.8	)		(0.0	)		(786.8	)		(14.3	)		4,437.8		39.1		4,874.8		53.4

*	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 March 31, 2012																As of September 30, 2011				As of March 31, 2011
					Change from September 30, 2011						Change from March 31, 2011
	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)		1,063.2		72.9		(36.2	)		0.0			(63.4	)		(3.0	)		1,099.4		72.9		1,126.6		75.9
Manufacturing		264.6		63.9		10.5			7.4			6.9			6.0			254.1		56.4		257.7		57.8
Agriculture & Forestry		0.0		75.3		(0.2	)		(12.1	)		(0.5	)		(17.3	)		0.3		87.5		0.6		92.7
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		100.0		0.0		100.0
Construction		35.0		71.6		(9.5	)		3.2			(39.0	)		(2.8	)		44.5		68.3		74.0		74.4
Utilities		3.9		59.1		(0.0	)		40.7			3.4			1.7			4.0		18.4		0.4		57.3
Communication		26.0		63.6		(10.2	)		(2.7	)		(5.2	)		(2.5	)		36.3		66.4		31.2		66.2
Transportation & Postal Industry		43.4		81.9		(2.0	)		13.9			12.0			(1.9	)		45.5		68.0		31.4		83.8
Wholesale & Retail		182.8		62.7		2.3			(2.6	)		18.3			(4.5	)		180.4		65.4		164.5		67.2
Finance & Insurance		11.7		31.0		1.6			1.5			8.1			(21.4	)		10.1		29.4		3.6		52.4
Real Estate		144.6		84.9		(12.8	)		(2.3	)		(38.4	)		(1.5	)		157.5		87.3		183.1		86.5
Commodity Lease		2.2		81.8		0.0			0.3			0.5			(5.6	)		2.2		81.5		1.6		87.4
Service Industries		115.4		61.8		2.0			(4.0	)		5.6			(9.1	)		113.3		65.9		109.7		71.0
Local Governments		30.7		100.0		0.0			—			0.0			—			30.6		100.0		30.6		100.0
Other		202.2		89.6		(17.8	)		(3.8	)		(35.3	)		(4.0	)		220.0		93.5		237.5		93.6
Overseas Total (including Loans Booked Offshore)		102.4		59.6		35.8			7.5			21.0			5.9			66.6		52.0		81.3		53.7
Governments		—		—		—			—			—			—			—		—		—		—
Financial Institutions		0.0		99.9		0.0			99.9			(2.0	)		(0.0	)		—		—		2.0		100.0
Other		102.4		59.6		35.7			7.5			23.1			7.1			66.6		52.0		79.2		52.4

Total		1,165.6		71.7		(0.4	)		0.0			(42.3	)		(2.7	)		1,166.0		71.7		1,208.0		74.4

*	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 March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Housing and Consumer Loans		12,095.9		(83.1	)		(287.9	)		12,179.0		12,383.8
Housing Loans for owner’s residential housing		*10,338.1*		(36.2	)		(150.3	)		10,374.4		10,488.4

Mizuho Bank

Housing and Consumer Loans		11,872.7		(67.3	)		(257.9	)		11,940.1		12,130.6
Housing Loans		10,952.8		(71.6	)		(231.5	)		11,024.5		11,184.4
for owner’s residential housing		*10,142.9*		(23.1	)		(125.1	)		10,166.0		10,268.1
Consumer loans		919.8		4.2			(26.3	)		915.6		946.2

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		223.1		(15.7	)		(29.9	)		238.8		253.1
Housing Loans for owner’s residential housing		*195.2*		(13.1	)		(25.1	)		208.4		220.3
* 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 March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		56.8		(0.6	)		1.0			57.4		55.7
Loans to SMEs and Individual Customers		31,807.7		66.2			(224.9	)		31,741.4		32,032.6
* The following Loans to MHFG are not included: As of March 31, 2012: ¥741.0 billion (from MHBK ¥700.0 billion; from MHCB ¥41.0 billion) 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)

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		69.1		(1.7	)		0.7			70.8		68.4
Loans to SMEs and Individual Customers		22,501.8		(168.8	)		(339.5	)		22,670.7		22,841.4

Mizuho Corporate Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		37.3		(0.1	)		0.0			37.4		37.2
Loans to SMEs and Individual Customers		7,234.9		183.4			77.0			7,051.5		7,157.9

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		50.7		5.1			8.9			45.5		41.7
Loans to SMEs and Individual Customers		2,070.9		51.6			37.5			2,019.2		2,033.3
* 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 March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Loan amount		0.0		(0.0	)		(0.0	)		0.0		0.0
Number of Restructuring Countries*		3		—			—			3		3

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

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

Non-Consolidated

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

(Billions of yen)

As of March 31, 2012

As of September 30, 2011

As of March 31, 2011

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Change from September 30,
2011

Change from March 31,
2011

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

Asia

3,094.8

22.1

393.3

9.1

665.0

12.1

2,701.5

13.0

2,429.7

9.9

Hong Kong

669.4

0.9

50.0

(0.5

)

112.2

(0.6

)

619.4

1.4

557.2

1.6

Korea

456.7

1.5

107.5

1.5

94.0

0.6

349.2

—

362.6

0.8

Singapore

434.5

3.9

68.0

0.2

113.2

(0.0

)

366.4

3.6

321.2

3.9

Thailand

435.5

5.7

62.4

0.2

82.0

5.2

373.0

5.5

353.4

0.5

Central and South America

2,886.4

53.2

297.3

0.7

211.2

19.5

2,589.1

52.5

2,675.1

33.6

North America

2,506.2

2.7

328.9

(2.0

)

395.0

(0.1

)

2,177.3

4.7

2,111.1

2.8

Eastern Europe

20.8

—

(11.2

)

(7.0

)

(19.0

)

(9.1

)

32.1

7.0

39.9

9.1

Western Europe

2,290.6

47.5

276.2

9.8

370.6

(0.1

)

2,014.4

37.7

1,920.0

47.6

Other

908.1

8.4

201.3

7.8

106.1

3.7

706.8

0.5

801.9

4.6

Total

11,707.2

134.0

1,485.9

18.4

1,729.1

26.1

10,221.3

115.5

9,978.0

107.9

3-37

Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Change in Deferred Tax Assets, etc.

Consolidated


	*(Billions of yen)*
	As of March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Net Deferred Tax Assets (A)		340.7		(97.4	)		(130.4	)		438.2		471.1

(Reference)
Tier I Capital (B)		6,397.8		328.0			227.6			6,069.8		6,170.2
(A)/(B) (%)		5.3		(1.8	)		(2.3	)		7.2		7.6

Non-Consolidated


	*(Billions of yen)*
	As of March 31, 2012									As of September 30, 2011			As of March 31, 2011
				Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011			As of March 31, 2011
Mizuho Bank
Total Deferred Tax Assets (A)		599.9			(163.3	)		(186.8	)		763.2			786.7
Total Deferred Tax Liabilities (B)		(126.6	)		17.3			42.5			(143.9	)		(169.1	)
(A) + (B)		473.2			(146.0	)		(144.2	)		619.3			617.5
Valuation Allowance		(250.4	)		132.3			131.2			(382.8	)		(381.7	)
Net Deferred Tax Assets (C)		222.7			(13.6	)		(13.0	)		236.4			235.8

(Reference)
Tier I Capital (D)		2,379.6			33.2			50.2			2,346.3			2,329.4
(C)/(D) (%)		9.3			(0.7	)		(0.7	)		10.0			10.1

Mizuho Corporate Bank
Total Deferred Tax Assets (A)		872.8			(212.1	)		(178.0	)		1,085.0			1,050.9
Total Deferred Tax Liabilities (B)		(188.8	)		33.1			31.7			(221.9	)		(220.5	)
(A) + (B)		684.0			(179.0	)		(146.3	)		863.1			830.3
Valuation Allowance		(621.5	)		146.3			71.9			(767.8	)		(693.4	)
Net Deferred Tax Assets (C)		62.4			(32.7	)		(74.4	)		95.2			136.9

(Reference)
Tier I Capital (D)		4,135.2			117.1			81.5			4,018.0			4,053.6
(C)/(D) (%)		1.5			(0.8	)		(1.8	)		2.3			3.3

Mizuho Trust & Banking
Total Deferred Tax Assets (A)		90.0			(26.0	)		(31.9	)		116.1			122.0
Total Deferred Tax Liabilities (B)		(12.5	)		(0.5	)		1.4			(12.0	)		(13.9	)
(A) + (B)		77.5			(26.5	)		(30.5	)		104.1			108.0
Valuation Allowance		(64.7	)		22.5			21.3			(87.3	)		(86.1	)
Net Deferred Tax Assets (C)		12.8			(3.9	)		(9.1	)		16.8			21.9

(Reference)
Tier I Capital (D)		332.4			22.1			36.0			310.2			296.3
(C)/(D) (%)		3.8			(1.5	)		(3.5	)		5.4			7.4

Aggregated Figures of the 3 Banks
Total Deferred Tax Assets (A)		1,562.9			(401.6	)		(396.8	)		1,964.5			1,959.7
Total Deferred Tax Liabilities (B)		(328.0	)		49.9			75.6			(378.0	)		(403.7	)
(A) + (B)		1,234.8			(351.7	)		(321.1	)		1,586.5			1,555.9
Valuation Allowance		(936.7	)		301.3			224.5			(1,238.0	)		(1,161.2	)
Net Deferred Tax Assets (C)		298.0			(50.3	)		(96.6	)		348.4			394.7

(Reference)
Tier I Capital (D)		6,847.2			172.5			167.8			6,674.6			6,679.3
(C)/(D) (%)		4.3			(0.8	)		(1.5	)		5.2			5.9

3-38

Mizuho Financial Group, Inc.

2. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from April 1, 2012 to March 31, 2017)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		1,413.5
Income before Income Taxes	2		963.5
Tax Adjustments *1	3		419.4
Taxable Income before Current Deductible Temporary Differences *2	4		1,382.9

Effective Statutory Tax Rate	5		37.91%/35.54%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		514.4

*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 March 31, 2012.

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


	*(Billions of yen)*
Fiscal 2007		273.2
Fiscal 2008		128.9
Fiscal 2009		94.8
Fiscal 2010		115.8
Fiscal 2011 (estimate)		139.0

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.	Figure for Fiscal 2011 is an estimate of taxable income before deducting tax losses carried forward from prior years.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2012									As of September 30, 2011			As of March 31, 2011
					Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011			As of March 31, 2011
Reserves for Possible Losses on Loans	7		154.6			(40.9	)		(55.2	)		195.5			209.9
Impairment of Securities	8		232.4			(29.4	)		(16.5	)		261.8			248.9
Net Unrealized Losses on Other Securities	9		29.9			(18.5	)		(22.3	)		48.4			52.2
Reserve for Employee Retirement Benefits	10		—			—			—			—			—
Net Deferred Hedge Losses	11		6.4			5.8			6.4			0.5			—
Tax Losses Carried Forward	12		—			(58.8	)		(86.8	)		58.8			86.8
Other	13		176.4			(21.5	)		(12.2	)		198.0			188.7
Total Deferred Tax Assets	14		599.9			(163.3	)		(186.8	)		763.2			786.7

Valuation Allowance	15		(250.4	)		132.3			131.2			(382.8	)		(381.7	)
Sub-Total [ 14 + 15 ]	16		349.4			(30.9	)		(55.5	)		380.4			405.0

Amount related to Retirement Benefits Accounting *1	17		(86.5	)		15.9			32.4			(102.5	)		(119.0	)
Net Unrealized Gains on Other Securities	18		(10.6	)		(2.2	)		3.4			(8.4	)		(14.1	)
Net Deferred Hedge Gains	19		—			—			2.8			—			(2.8	)
Other	20		(29.4	)		3.6			3.7			(33.0	)		(33.1	)
Total Deferred Tax Liabilities	21		(126.6	)		17.3			42.5			(143.9	)		(169.1	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		222.7			(13.6	)		(13.0	)		236.4			235.8
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(10.6	)		(2.2	)		3.4			(8.4	)		(14.1	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		6.4			5.8			9.2			0.5			(2.8	)
Tax effects related to others	25		227.0			(17.3	)		(25.7	)		244.3			252.7

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

*2	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

Assessment of Recoverability of Deferred Tax Assets is based on the provisory clause of 5. (1) „ of “Audit Guideline for Considering Recoverability of Deferred Tax Assets” (JICPA Audit Committee Report No. 66). Period for future taxable income considered in the assessment is five years.

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

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥1,413.5 billion [1]

Income before Income Taxes: ¥963.5 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥1,382.9 billion [4].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans amount to ¥599.9 billion [14]. However, after considering temporary differences which are not expected to be reversed in the next five years, Valuation Allowance of ¥250.4 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥126.6 billion [21], ¥222.7 billion [22] of Net Deferred Tax Assets was recorded on the balance sheet.

3-39

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from April 1, 2012 to March 31, 2017)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		2,086.5
Income before Income Taxes	2		1,699.0
Tax Adjustments *1	3		207.7
Taxable Income before Current Deductible Temporary Differences *2	4		1,906.7

Effective Statutory Tax Rate	5		38.01%/35.64%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		708.2

*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 March 31, 2012.

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


	*(Billions of yen)*
Fiscal 2007		487.1
Fiscal 2008		236.1
Fiscal 2009		96.8
Fiscal 2010		177.8
Fiscal 2011 (estimate)		321.0

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.	Figure for Fiscal 2011 is an estimate of taxable income before deducting tax losses carried forward from prior years.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2012									As of September 30, 2011			As of March 31, 2011
					Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011			As of March 31, 2011
Reserves for Possible Losses on Loans	7		78.5			(5.4	)		(1.7	)		84.0			80.2
Impairment of Securities	8		595.4			(97.0	)		(12.2	)		692.5			607.6
Net Unrealized Losses on Other Securities	9		69.7			(43.5	)		(36.1	)		113.3			105.9
Reserve for Employee Retirement Benefits	10		—			—			—			—			—
Net Deferred Hedge Losses	11		—			—			—			—			—
Tax Losses Carried Forward	12		—			(42.0	)		(104.1	)		42.0			104.1
Other	13		129.1			(23.9	)		(23.7	)		153.0			152.9
Total Deferred Tax Assets	14		872.8			(212.1	)		(178.0	)		1,085.0			1,050.9

Valuation Allowance	15		(621.5	)		146.3			71.9			(767.8	)		(693.4	)
Sub-Total [ 14 + 15 ]	16		251.3			(65.8	)		(106.1	)		317.1			357.5

Amount related to Retirement Benefits Accounting *1	17		(47.0	)		8.3			9.9			(55.3	)		(57.0	)
Net Unrealized Gains on Other Securities	18		(41.3	)		(12.0	)		7.2			(29.2	)		(48.5	)
Net Deferred Hedge Gains	19		(86.3	)		37.4			8.9			(123.8	)		(95.2	)
Other	20		(14.1	)		(0.6	)		5.5			(13.4	)		(19.6	)
Total Deferred Tax Liabilities	21		(188.8	)		33.1			31.7			(221.9	)		(220.5	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		62.4			(32.7	)		(74.4	)		95.2			136.9
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(27.7	)		(39.3	)		(38.7	)		11.6			11.0
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(86.3	)		37.4			8.9			(123.8	)		(95.2	)
Tax effects related to others	25		176.5			(30.8	)		(44.5	)		207.3			221.1

*1	Amount related to Retirement Benefits Accounting includes ¥(23.7) billion related to gains on securities contributed to employee retirement benefit trust.

*2	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

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

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥2,086.5 billion [1]

Income before Income Taxes: ¥1,699.0 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥1,906.7 billion [4].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans amount to ¥872.8 billion [14]. However, after considering temporary differences which are not expected to be reversed in the next five years, Valuation Allowance of ¥621.5 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥188.8 billion [21], ¥62.4 billion [22] of Net Deferred Tax Assets was recorded on the balance sheet.

3-40

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from April 1, 2012 to March 31, 2017)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		266.5
Income before Income Taxes	2		199.0
Tax Adjustments *1	3		22.0
Taxable Income before Current Deductible Temporary Differences *2	4		221.0

Effective Statutory Tax Rate	5		38.00%/35.60%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		81.9

*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 March 31, 2012.

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


	*(Billions of yen)*
Fiscal 2007		74.3
Fiscal 2008		10.3
Fiscal 2009		16.7
Fiscal 2010		20.1
Fiscal 2011 (estimate)		30.0

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.	Figure for Fiscal 2011 is an estimate of taxable income before deducting tax losses carried forward from prior years.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2012									As of September 30, 2011			As of March 31, 2011
					Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011			As of March 31, 2011
Reserves for Possible Losses on Loans	7		7.4			(2.3	)		(3.7	)		9.8			11.2
Impairment of Securities	8		51.8			(7.2	)		(8.2	)		59.0			60.0
Net Unrealized Losses on Other Securities	9		3.4			(2.0	)		(2.5	)		5.5			6.0
Reserve for Employee Retirement Benefits	10		12.4			(0.8	)		0.1			13.3			12.3
Net Deferred Hedge Losses	11		2.2			(0.6	)		(1.1	)		2.9			3.4
Tax Losses Carried Forward	12		—			(11.1	)		(15.6	)		11.1			15.6
Other	13		12.5			(1.7	)		(0.6	)		14.3			13.2
Total Deferred Tax Assets	14		90.0			(26.0	)		(31.9	)		116.1			122.0

Valuation Allowance	15		(64.7	)		22.5			21.3			(87.3	)		(86.1	)
Sub-Total [ 14 + 15 ]	16		25.3			(3.4	)		(10.5	)		28.8			35.9

Amount related to Retirement Benefits Accounting *1	17		(5.3	)		0.7			0.7			(6.0	)		(6.0	)
Net Unrealized Gains on Other Securities	18		(6.7	)		(1.1	)		0.5			(5.6	)		(7.3	)
Net Deferred Hedge Gains	19		—			—			—			—			—
Other	20		(0.4	)		(0.1	)		0.0			(0.3	)		(0.5	)
Total Deferred Tax Liabilities	21		(12.5	)		(0.5	)		1.4			(12.0	)		(13.9	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		12.8			(3.9	)		(9.1	)		16.8			21.9
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(5.8	)		(2.6	)		(2.8	)		(3.2	)		(3.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		2.2			(0.6	)		(1.1	)		2.9			3.4
Tax effects related to others	25		16.3			(0.7	)		(5.1	)		17.0			21.5

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

*2	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

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

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥266.5 billion [1]

Income before Income Taxes: ¥199.0 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥221.0 billion [4].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans amount to ¥90.0 billion [14]. However, after considering temporary differences which are not expected to be reversed in the next five years, Valuation Allowance of ¥64.7 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥12.5 billion [21], ¥12.8 billion [22] of Net Deferred Tax Assets was recorded on the balance sheet.

3-41

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from April 1, 2012 to March 31, 2017)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		3,766.5
Income before Income Taxes	2		2,861.5
Tax Adjustments *1	3		649.2
Taxable Income before Current Deductible Temporary Differences *2	4		3,510.7

Effective Statutory Tax Rate	5		35.54%~38.01%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,304.5

*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 March 31, 2012.

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


	*(Billions of yen)*
Fiscal 2007		834.6
Fiscal 2008		375.3
Fiscal 2009		208.3
Fiscal 2010		313.7
Fiscal 2011 (estimate)		490.0

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.	Figure for Fiscal 2011 is an estimate of taxable income before deducting tax losses carried forward from prior years.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2012									As of September 30, 2011			As of March 31, 2011
					Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011			As of March 31, 2011
Reserves for Possible Losses on Loans	7		240.6			(48.7	)		(60.8	)		289.3			301.4
Impairment of Securities	8		879.7			(133.7	)		(37.0	)		1,013.4			916.7
Net Unrealized Losses on Other Securities	9		103.1			(64.1	)		(61.0	)		167.2			164.2
Reserve for Employee Retirement Benefits	10		12.4			(0.8	)		0.1			13.3			12.3
Net Deferred Hedge Losses	11		8.6			5.2			5.2			3.4			3.4
Tax Losses Carried Forward	12		—			(112.1	)		(206.5	)		112.1			206.5
Other	13		318.2			(47.2	)		(36.7	)		365.5			354.9
Total Deferred Tax Assets	14		1,562.9			(401.6	)		(396.8	)		1,964.5			1,959.7

Valuation Allowance	15		(936.7	)		301.3			224.5			(1,238.0	)		(1,161.2	)
Sub-Total [ 14 + 15 ]	16		626.1			(100.2	)		(172.2	)		726.4			798.4

Amount related to Retirement Benefits Accounting *1	17		(138.9	)		25.0			43.1			(163.9	)		(182.1	)
Net Unrealized Gains on Other Securities	18		(58.7	)		(15.4	)		11.3			(43.3	)		(70.0	)
Net Deferred Hedge Gains	19		(86.3	)		37.4			11.7			(123.8	)		(98.1	)
Other	20		(44.0	)		2.8			9.4			(46.8	)		(53.4	)
Total Deferred Tax Liabilities	21		(328.0	)		49.9			75.6			(378.0	)		(403.7	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		298.0			(50.3	)		(96.6	)		348.4			394.7
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(44.2	)		(44.2	)		(38.1	)		0.0			(6.1	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(77.7	)		42.7			16.9			(120.4	)		(94.6	)
Tax effects related to others	25		420.0			(48.8	)		(75.4	)		468.8			495.4

*1	Amount related to Retirement Benefits Accounting includes ¥(103.3) billion related to gains on securities contributed to employee retirement benefit trust.

*2	Tax effects related to Net Unrealized Losses (Gains) on Other Securities is the amount after deducting Valuation Allowance.

3-42

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 March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Deposits		70,990.6		1,504.9			(822.2	)		69,485.6		71,812.8
Individual Deposits		37,011.0		545.7			1,388.0			36,465.2		35,622.9
Corporate Deposits		29,508.6		1,763.0			(918.5	)		27,745.5		30,427.1
Financial/Government Institutions		4,470.9		(803.9	)		(1,291.8	)		5,274.8		5,762.7

Mizuho Bank

Deposits		57,704.1		1,537.1			1,496.9			56,166.9		56,207.2
Individual Deposits		35,538.0		602.4			1,515.6			34,935.5		34,022.3
Corporate Deposits		19,512.2		1,024.0			478.1			18,488.1		19,034.0
Financial/Government Institutions		2,653.9		(89.3	)		(496.8	)		2,743.3		3,150.8

Mizuho Corporate Bank

Deposits		11,193.1		20.6			(2,107.8	)		11,172.4		13,300.9
Individual Deposits		4.3		(6.2	)		(0.5	)		10.6		4.8
Corporate Deposits		9,455.6		732.4			(1,344.4	)		8,723.1		10,800.0
Financial/Government Institutions		1,733.1		(705.5	)		(762.8	)		2,438.6		2,496.0

Mizuho Trust & Banking

Deposits		2,093.3		(52.9	)		(211.3	)		2,146.2		2,304.6
Individual Deposits		1,468.6		(50.4	)		(127.0	)		1,519.0		1,595.6
Corporate Deposits		540.8		6.6			(52.2	)		534.2		593.1
Financial/Government Institutions		83.8		(9.0	)		(32.0	)		92.9		115.8

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

3-43

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 March 31, 2012						As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011		Change from March 31, 2011		As of September 30, 2011		As of March 31, 2011
Members of the Board of Directors and Auditors		14		—		—		14		14
Executive Officers (excluding those doubling as directors)		6		—		2		6		4
Employees (excluding Executive Officers)		599		56		188		543		411

*	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 March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Members of the Board of Directors and Auditors		27		(2	)		(3	)		29		30
Executive Officers (excluding those doubling as directors)		93		(2	)		4			95		89
Employees (excluding Executive Officers)		30,784		(530	)		176			31,314		30,608
* 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		10		(1	)		—			11		10
Executive Officers (excluding those doubling as directors)		34		(1	)		3			35		31
Employees (excluding Executive Officers)		19,159		(539	)		190			19,698		18,969

Mizuho Corporate Bank

Members of the Board of Directors and Auditors		10		—			1			10		9
Executive Officers (excluding those doubling as directors)		40		(1	)		1			41		39
Employees (excluding Executive Officers)		8,450		109			143			8,341		8,307

Mizuho Trust & Banking

Members of the Board of Directors and Auditors		9		(1	)		(4	)		10		13
Executive Officers (excluding those doubling as directors)		21		—			2			21		19
Employees (excluding Executive Officers)		3,175		(100	)		(157	)		3,275		3,332

3-44

Mizuho Financial Group, Inc.

3. Number of Branches and Offices

Non-Consolidated

Aggregated Figures of the 3 Banks


	As of March 31, 2012								As of September 30, 2011		As of March 31, 2011
			Change from September 30, 2011			Change from March 31, 2011			As of September 30, 2011		As of March 31, 2011
Head Offices and Domestic Branches		450		(1	)		1			451		449
Overseas Branches		22		—			—			22		22
Domestic Sub-Branches		51		3			5			48		46
Overseas Sub-Branches		11		—			—			11		11
Overseas Representative Offices		6		1			—			5		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		396		(1	)		1			397		395
Overseas Branches		—		—			—			—		—
Domestic Sub-Branches		37		(1	)		(1	)		38		38
Overseas Sub-Branches		—		—			—			—		—
Overseas Representative Offices		—		—			—			—		—
* Head Office 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		6		1			—			5		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		14		4			6			10		8
Overseas Sub-Branches		—		—			—			—		—
Overseas Representative Offices		—		—			—			—		—

3-45

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2012

Consolidated


	*(Billions of yen)*
	First Half		Fiscal 2012
Ordinary Profits		330.0		735.0
Net Income		220.0		500.0

Mizuho Bank, Mizuho Corporate Bank, Mizuho Trust & Banking

Aggregated Figures of the 3 Banks (Non-consolidated)


	*(Billions of yen)*
	Fiscal 2012
	Aggregated Figures			MHBK			MHCB			MHTB
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)		753.0			280.0			420.0			53.0
Ordinary Profits		580.0			195.0			345.0			40.0
Net Income		465.0			160.0			275.0			30.0
Credit-related Costs		(100.0	)		(45.0	)		(50.0	)		(5.0	)

*	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 information constitute forward-looking statements. Please see the legend regarding forward-looking statements in CONTENTS.

3-46

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of March 31, 2012 (A)			As of March 31, 2011 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	3,076,523		¥	4,758,812		¥	(1,682,288	)
Call Loans		8,640,000			8,640,000			—
Guarantee Deposits Paid under Securities Borrowing Transactions		705,783			430,337			275,445
Other Debt Purchased		764,040			944,811			(180,771	)
Trading Assets		1,106,364			1,057,313			49,050
Money Held in Trust		965			984			(19	)
Securities		25,199,189			19,887,559			5,311,630
Loans and Bills Discounted		32,540,885			33,376,277			(835,391	)
Foreign Exchange Assets		109,477			130,547			(21,070	)
Other Assets		2,017,217			2,482,773			(465,555	)
Tangible Fixed Assets		735,924			748,700			(12,775	)
Intangible Fixed Assets		221,406			216,366			5,040
Deferred Tax Assets		222,795			235,826			(13,031	)
Customers’ Liabilities for Acceptances and Guarantees		959,117			953,547			5,570
Reserves for Possible Losses on Loans		(344,674	)		(403,089	)		58,415
Reserve for Possible Losses on Investments		(1	)		(14	)		12

Total Assets	¥	75,955,014		¥	73,460,755		¥	2,494,259

Liabilities
Deposits	¥	57,744,476		¥	56,261,351		¥	1,483,125
Negotiable Certificates of Deposit		1,267,290			1,067,200			200,090
Debentures		—			740,932			(740,932	)
Call Money		1,193,800			1,129,300			64,500
Guarantee Deposits Received under Securities Lending Transactions		2,410,375			1,174,557			1,235,818
Trading Liabilities		275,934			298,680			(22,746	)
Borrowed Money		6,753,601			6,024,707			728,893
Foreign Exchange Liabilities		12,397			14,040			(1,643	)
Bonds and Notes		738,200			802,400			(64,200	)
Other Liabilities		2,266,795			2,829,438			(562,643	)
Reserve for Bonus Payments		8,948			9,070			(121	)
Reserve for Reimbursement of Deposits		14,612			14,079			532
Reserve for Reimbursement of Debentures		20,193			13,344			6,849
Deferred Tax Liabilities for Revaluation Reserve for Land		66,381			77,333			(10,952	)
Acceptances and Guarantees		959,117			953,547			5,570

Total Liabilities		73,732,123			71,409,983			2,322,139

Net Assets
Common Stock and Preferred Stock		700,000			700,000			—
Capital Surplus		1,057,242			1,057,242			—
Capital Reserve		490,707			490,707			—
Other Capital Surplus		566,535			566,535			—
Retained Earnings		371,745			239,365			132,379
Appropriated Reserve		1,332			1,332			0
Other Retained Earnings		370,413			238,033			132,379
Retained Earnings Brought Forward		370,413			238,033			132,379

Total Shareholders’ Equity		2,128,988			1,996,608			132,379

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		(10,556	)		(58,823	)		48,267
Net Deferred Hedge Gains (Losses), net of Taxes		(11,621	)		4,113			(15,735	)
Revaluation Reserve for Land, net of Taxes		116,081			108,873			7,207

Total Valuation and Translation Adjustments		93,903			54,163			39,739

Total Net Assets		2,222,891			2,050,771			172,119

Total Liabilities and Net Assets	¥	75,955,014		¥	73,460,755		¥	2,494,259

3-47

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the fiscal year ended March 31, 2012 (A)		For the fiscal year ended March 31, 2011 (B)		Change (A) - (B)
Ordinary Income	¥	1,068,214	¥	1,034,929	¥	33,284
Interest Income		634,488		680,532		(46,043	)
Interest on Loans and Bills Discounted		*444,381*		476,273		(31,891	)
Interest and Dividends on Securities		*117,172*		116,182		989
Fee and Commission Income		203,465		203,073		392
Trading Income		23,337		55,197		(31,859	)
Other Operating Income		98,743		66,561		32,182
Other Ordinary Income*		108,179		29,566		78,613

Ordinary Expenses		876,840		896,454		(19,614	)
Interest Expenses		89,116		108,781		(19,664	)
Interest on Deposits		*35,658*		51,208		(15,549	)
Interest on Debentures		*384*		3,108		(2,723	)
Fee and Commission Expenses		55,720		55,252		467
Trading Expenses		675		—		675
Other Operating Expenses		15,853		32,032		(16,179	)
General and Administrative Expenses		603,972		605,250		(1,278	)
Other Ordinary Expenses		111,501		95,136		16,365

Ordinary Profits		191,374		138,475		52,898

Extraordinary Gains*		101		38,860		(38,759	)

Extraordinary Losses		36,670		5,468		31,201

Income before Income Taxes		154,805		171,867		(17,062	)
Income Taxes:
Current		436		476		(39	)
Deferred		24,213		21,570		2,643

Net Income	¥	130,155	¥	149,821	¥	(19,666	)

*	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 fiscal year, have been included in “Other Ordinary Income” beginning with this fiscal year.

3-48

Mizuho Bank, Ltd.

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								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 fiscal year
Cash Dividends		—		—		—		—		0		(0	)		(0	)		—		(0	)		—			—			—		—		(0	)
Net Income		—		—		—		—		—		130,155			130,155			—		130,155			—			—			—		—		130,155
Transfer from Revaluation Reserve for Land, net of Taxes		—		—		—		—		—		2,224			2,224			—		2,224			—			—			—		—		2,224
Net Changes in Items other than Shareholders’ Equity		—		—		—		—		—		—			—			—		—			48,267			(15,735	)		7,207		39,739		39,739

Total Changes during the fiscal year		—		—		—		—		0		132,379			132,379			—		132,379			48,267			(15,735	)		7,207		39,739		172,119

Balance as of March 31, 2012	¥	700,000	¥	490,707	¥	566,535	¥	1,057,242	¥	1,332	¥	370,413		¥	371,745			—	¥	2,128,988		¥	(10,556	)	¥	(11,621	)	¥	116,081	¥	93,903	¥	2,222,891

3-49

Mizuho Corporate Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO CORPORATE BANK


	*Millions of yen*
	As of March 31, 2012 (A)			As of March 31, 2011 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	4,426,242		¥	5,546,714		¥	(1,120,471	)
Call Loans		229,155			297,686			(68,531	)
Receivables under Resale Agreements		1,006,263			481,642			524,621
Guarantee Deposits Paid under Securities Borrowing Transactions		1,293,030			1,042,798			250,232
Other Debt Purchased		113,670			91,054			22,616
Trading Assets		4,423,962			4,499,655			(75,692	)
Money Held in Trust		1			2,024			(2,023	)
Securities		24,789,261			23,345,084			1,444,176
Loans and Bills Discounted		28,058,800			26,367,776			1,691,023
Foreign Exchange Assets		879,653			792,269			87,384
Derivatives other than for Trading		5,209,806			5,989,607			(779,800	)
Other Assets		1,378,450			1,369,417			9,033
Tangible Fixed Assets		94,695			103,726			(9,030	)
Intangible Fixed Assets		63,166			74,902			(11,736	)
Deferred Tax Assets		62,494			136,911			(74,417	)
Customers’ Liabilities for Acceptances and Guarantees		3,953,368			3,483,003			470,365
Reserves for Possible Losses on Loans		(220,237	)		(211,992	)		(8,245	)
Reserve for Possible Losses on Investments		(1,174	)		(2,508	)		1,333

Total Assets	¥	75,760,611		¥	73,409,773		¥	2,350,837

Liabilities
Deposits	¥	19,679,512		¥	21,448,735		¥	(1,769,223	)
Negotiable Certificates of Deposit		9,831,173			7,922,176			1,908,997
Call Money		11,946,104			11,557,672			388,432
Payables under Repurchase Agreements		4,572,422			3,546,579			1,025,842
Guarantee Deposits Received under Securities Lending Transactions		3,629,352			1,961,840			1,667,512
Trading Liabilities		3,332,789			3,140,425			192,364
Borrowed Money		5,584,005			7,443,572			(1,859,566	)
Foreign Exchange Liabilities		268,281			195,177			73,103
Short-term Bonds		97,400			114,900			(17,500	)
Bonds and Notes		3,112,154			3,225,016			(112,862	)
Derivatives other than for Trading		5,168,223			5,643,375			(475,152	)
Other Liabilities		938,212			362,653			575,558
Reserve for Bonus Payments		8,131			7,279			852
Reserve for Possible Losses on Sales of Loans		8			420			(411	)
Reserve for Contingencies		2,003			974			1,028
Deferred Tax Liabilities for Revaluation Reserve for Land		16,861			21,082			(4,220	)
Acceptances and Guarantees		3,953,368			3,483,003			470,365

Total Liabilities		72,140,005			70,074,884			2,065,121

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		1,039,244			1,039,244			—
Capital Reserve		578,540			578,540			—
Other Capital Surplus		460,703			460,703			—
Retained Earnings		990,701			720,831			269,870
Appropriated Reserve		1,355			1,355			0
Other Retained Earnings		989,345			719,475			269,870
Retained Earnings Brought Forward		989,345			719,475			269,870

Total Shareholders’ Equity		3,434,010			3,164,140			269,870

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		2,024			3,011			(986	)
Net Deferred Hedge Gains (Losses), net of Taxes		156,015			138,904			17,111
Revaluation Reserve for Land, net of Taxes		28,554			28,833			(279	)

Total Valuation and Translation Adjustments		186,594			170,749			15,845

Total Net Assets		3,620,605			3,334,889			285,716

Total Liabilities and Net Assets	¥	75,760,611		¥	73,409,773		¥	2,350,837

3-50

Mizuho Corporate Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO CORPORATE BANK


	*Millions of yen*
	For the fiscal year ended March 31, 2012 (A)		For the fiscal year ended March 31, 2011 (B)		Change (A) - (B)
Ordinary Income	¥	1,075,096	¥	1,094,173	¥	(19,077	)
Interest Income		675,903		665,886		10,016
Interest on Loans and Bills Discounted		*354,552*		335,873		18,679
Interest and Dividends on Securities		*214,666*		225,973		(11,307	)
Fee and Commission Income		158,169		144,194		13,975
Trading Income		21,272		62,787		(41,515	)
Other Operating Income		198,487		182,656		15,830
Other Ordinary Income *		21,263		38,647		(17,384	)

Ordinary Expenses		724,882		753,033		(28,151	)
Interest Expenses		280,892		270,115		10,777
Interest on Deposits		*52,913*		49,555		3,358
Interest on Debentures		—		3,423		(3,423	)
Fee and Commission Expenses		23,248		22,852		396
Other Operating Expenses		67,931		84,230		(16,299	)
General and Administrative Expenses		263,302		255,316		7,985
Other Ordinary Expenses		89,507		120,519		(31,011	)

Ordinary Profits		350,214		341,139		9,074

Extraordinary Gains *		1,438		41,333		(39,894	)

Extraordinary Losses		1,401		3,935		(2,534	)

Income before Income Taxes		350,251		378,537		(28,285	)
Income Taxes:
Current		40,348		12,618		27,730
Deferred		42,700		93,923		(51,222	)

Net Income	¥	267,201	¥	271,995	¥	(4,793	)

*	Recoveries of Written-Off Claims, which had been included in “Extraordinary Gains” until the previous fiscal year, has been included in “Other Ordinary Income” beginning with this fiscal year.

3-51

Mizuho Corporate Bank, Ltd.

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


	*Millions of yen*
	Shareholders’ Equity																					Valuation and Translation Adjustments										Total Net Assets
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings								Treasury Stock		Total Shareholders’ Equity			Net Unrealized Gains (Losses) on Other Securities, net of Taxes			Net Deferred Hedge Gains (Losses), net of Taxes		Revaluation Reserve for Land, net of Taxes			Total Valuation and Translation Adjustments
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings
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 fiscal year
Cash Dividends		—		—		—		—		0		(0	)		(0	)		—		(0	)		—			—		—			—		(0	)
Net Income		—		—		—		—		—		267,201			267,201			—		267,201			—			—		—			—		267,201
Transfer from Revaluation Reserve for Land, net of Taxes		—		—		—		—		—		2,668			2,668			—		2,668			—			—		—			—		2,668
Net Changes in Items other than Shareholders’ Equity		—		—		—		—		—		—			—			—		—			(986	)		17,111		(279	)		15,845		15,845

Total Changes during the fiscal year		—		—		—		—		0		269,870			269,870			—		269,870			(986	)		17,111		(279	)		15,845		285,716

Balance as of March 31, 2012	¥	1,404,065	¥	578,540	¥	460,703	¥	1,039,244	¥	1,355	¥	989,345		¥	990,701			—	¥	3,434,010		¥	2,024		¥	156,015	¥	28,554		¥	186,594	¥	3,620,605

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Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of March 31, 2012 (A)			As of March 31, 2011 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	655,446		¥	497,456		¥	157,989
Call Loans		4,928			—			4,928
Other Debt Purchased		91,187			135,487			(44,299	)
Trading Assets		65,117			61,592			3,524
Securities		2,114,064			2,062,272			51,791
Loans and Bills Discounted		3,278,976			3,249,647			29,328
Foreign Exchange Assets		137			180			(43	)
Other Assets		141,083			163,447			(22,364	)
Tangible Fixed Assets		28,567			29,046			(478	)
Intangible Fixed Assets		18,444			19,684			(1,240	)
Deferred Tax Assets		12,809			21,980			(9,170	)
Customers’ Liabilities for Acceptances and Guarantees		49,548			42,007			7,541
Reserves for Possible Losses on Loans		(17,971	)		(18,127	)		155
Reserve for Possible Losses on Investments		(0	)		(0	)		0

Total Assets	¥	6,442,339		¥	6,264,676		¥	177,663

Liabilities
Deposits	¥	2,104,687		¥	2,313,827		¥	(209,139	)
Negotiable Certificates of Deposit		1,000,640			976,410			24,230
Call Money		780,724			582,328			198,395
Guarantee Deposits Received under Securities Lending Transactions		384,723			190,798			193,925
Trading Liabilities		65,282			63,532			1,749
Borrowed Money		766,352			785,670			(19,317	)
Foreign Exchange Liabilities		14			7			7
Bonds and Notes		88,500			88,500			—
Due to Trust Accounts		805,241			849,340			(44,098	)
Other Liabilities		22,444			25,939			(3,495	)
Reserve for Bonus Payments		1,942			1,956			(14	)
Reserve for Contingencies		13,520			13,315			205
Reserve for Reimbursement of Deposits		1,157			1,150			6
Acceptances and Guarantees		49,548			42,007			7,541

Total Liabilities		6,084,780			5,934,784			149,996

Net Assets
Common Stock and Preferred Stock		247,369			247,303			66
Capital Surplus		15,505			15,439			66
Capital Reserve		15,505			15,439			66
Retained Earnings		72,827			49,415			23,412
Appropriated Reserve		9,508			8,061			1,447
Other Retained Earnings		63,319			41,354			21,964
Retained Earnings Brought Forward		63,319			41,354			21,964
Treasury Stock		—			(140	)		140

Total Shareholders’ Equity		335,702			312,018			23,684

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		25,988			22,580			3,408
Net Deferred Hedge Gains (Losses), net of Taxes		(4,132	)		(5,093	)		960

Total Valuation and Translation Adjustments		21,856			17,487			4,368

Stock Acquisition Rights		—			385			(385	)

Total Net Assets		357,559			329,891			27,667

Total Liabilities and Net Assets	¥	6,442,339		¥	6,264,676		¥	177,663

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Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the fiscal year ended March 31, 2012 (A)			For the fiscal year ended March 31, 2011 (B)		Change (A) - (B)
Ordinary Income	¥	174,920		¥	175,670	¥	(749	)
Fiduciary Income		48,450			48,773		(323	)
Interest Income		59,410			62,873		(3,463	)
Interest on Loans and Bills Discounted		*41,669*			46,516		(4,846	)
Interest and Dividends on Securities		*15,617*			13,681		1,935
Fee and Commission Income		45,156			41,737		3,419
Trading Income		2,061			3,239		(1,178	)
Other Operating Income		13,385			13,379		5
Other Ordinary Income *1		6,456			5,665		790

Ordinary Expenses		138,859			148,007		(9,148	)
Interest Expenses		16,687			20,339		(3,651	)
Interest on Deposits		*4,478*			7,107		(2,628	)
Fee and Commission Expenses *2		22,949			22,795		153
Other Operating Expenses		1,747			3,340		(1,593	)
General and Administrative Expenses *2		86,064			87,637		(1,573	)
Other Ordinary Expenses		11,410			13,894		(2,483	)

Ordinary Profits		36,060			27,662		8,398

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

Extraordinary Losses		107			188		(80	)

Income before Income Taxes		35,953			32,031		3,921
Income Taxes:
Current		(5	)		0		(5	)
Deferred		5,167			6,827		(1,660	)

Net Income	¥	30,791		¥	25,203	¥	5,587

*1.	Reversal of Reserve for Possible Losses on Investments and Recoveries of Written-Off Claims, which had been included in

“Extraordinary Gains” until the previous fiscal year, have been included in “Other Ordinary Income” beginning with this fiscal year.

*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 fiscal year, have been included in “Fee and Commission Expenses” beginning with this fiscal year, and reclassification of the previous fiscal year has been made accordingly.

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Mizuho Trust & Banking Co., Ltd.

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
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings								Treasury Stock			Total Shareholders’ Equity			Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Net Deferred Hedge Gains (Losses), net of Taxes			Total Valuation and Translation Adjustments
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
			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 fiscal year
Issuance of New Shares		66		66		—		66		—		—			—			—			132			—		—			—		—			132
Cash Dividends		—		—		—		—		1,447		(8,684	)		(7,237	)		—			(7,237	)		—		—			—		—			(7,237	)
Net Income		—		—		—		—		—		30,791			30,791			—			30,791			—		—			—		—			30,791
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		—		—		—		—		—		—			—			—			—			3,408		960			4,368		(385	)		3,982

Total Changes during the fiscal year		66		66		—		66		1,447		21,964			23,412			140			23,684			3,408		960			4,368		(385	)		27,667

Balance as of March 31, 2012	¥	247,369	¥	15,505		—	¥	15,505	¥	9,508	¥	63,319		¥	72,827			—		¥	335,702		¥	25,988	¥	(4,132	)	¥	21,856		—		¥	357,559

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Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities


*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		809,041	Money Trusts		14,226,430
Securities		913,728	Pension Trusts		4,028,734
Beneficiary Rights to the Trusts		36,787,253	Property Formation Benefit Trusts		4,963
Securities held in Custody Accounts		848,162	Investment Trusts		12,001,057
Money Claims		5,374,213	Money Entrusted Other than Money Trusts		1,082,621
Tangible Fixed Assets		4,692,095	Securities Trusts		5,685,112
Intangible Fixed Assets		215,219	Money Claims Trusts		4,845,019
Other Claims		379,458	Land and Fixtures Trusts		206,840
Due from Banking Account		805,241	Composite Trusts		9,207,046
Cash and Due from Banks		467,939	Other Trusts		4,528

Total		51,292,355	Total		51,292,355

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 ¥35,821,194 million.

3.	Joint trust assets under the management of other companies: ¥1,131,900 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 ¥24,310 million. Of this amount, Balance of Non-Accrual Delinquent Loans is ¥3,078 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*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		24,310	Principal		741,861
Securities		6	Reserve		74
Others		717,773	Others		155

Total		742,090	Total		742,090

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Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of March 31, 2012 (A)		As of March 31, 2011 (B)		Change (A) - (B)
Total Amount of Funds		21,365,455		20,933,088		432,367
Deposits		2,104,687		2,313,827		(209,139	)
Negotiable Certificates of Deposit		1,000,640		976,410		24,230
Money Trusts		14,226,430		13,440,223		786,206
Pension Trusts		4,028,734		4,197,575		(168,841	)
Property Formation Benefit Trusts		4,963		4,608		355
Loan Trusts		—		443		(443	)

Loans and Bills Discounted		4,088,017		4,874,837		(786,819	)
of Banking accounts		3,278,976		3,249,647		29,328
of Trust accounts		809,041		1,625,189		(816,147	)

Securities for Investments		3,027,792		2,817,250		210,542
of Banking accounts		2,114,064		2,062,272		51,791
of Trust accounts		913,728		754,977		158,751

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