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 2011

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-1, Marunouchi 2-chome

Chiyoda-ku, Tokyo 100-8333

Japan

(Address of principal executive office)

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

Form 20-F x Form 40-F ¨

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

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

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

Yes ¨ No x

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

SIGNATURES

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


Date:		May 13, 2011

Mizuho Financial Group, Inc.

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


For Immediate Release:		May 13, 2011

Financial Statements for Fiscal 2010

<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:	Name:	Takashi Tsukamoto	Ordinary General Meeting of Shareholders (scheduled):	June 21, 2011
	Title:	President & CEO	Filing of Yuka Shoken Hokokusho to the Kanto Local
For Inquiry:	Name:	Hisaaki Hirama	Finance Bureau (scheduled):	June 22, 2011
	Title:	General Manager, Accounting	Commencement of Dividend Payment (scheduled):	June 21, 2011
	Phone:	+81-3-5224-2030	Trading Accounts:	Established
			Supplementary Materials on Quarterly Results:	Attached
			IR Conference on Annual Results:	Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2010 (for the fiscal year ended March 31, 2011)

(1) Consolidated Results of Operations


	(%: Changes from the previous fiscal year)
	Ordinary Income					Ordinary Profits				Net Income
	¥ million		%			¥ million		%		¥ million		%
Fiscal 2010		2,716,791		(3.5	)		588,498		79.8		413,228	72.6
Fiscal 2009		2,817,625		(19.8	)		327,127		—		239,404	—

Note:

Comprehensive Income:

Fiscal 2010: ¥266,668 million, (75.4)%; Fiscal 2009: ¥1,084,479 million, -%


	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 2010		20.47		19.27		11.7		0.3		21.6
Fiscal 2009		16.29		15.57		10.9		0.2		11.6

Reference:

Equity in Income from Investments in Affiliates:

Fiscal 2010: ¥(6,185) million; Fiscal 2009: ¥2,892 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 2010		160,812,006		6,623,999		2.6		177.53		15.30
Fiscal 2009		156,253,572		5,837,053		2.2		191.53		13.46

Reference:

Own Capital:

As of March 31, 2011: ¥4,329,116 million; As of March 31, 2010: ¥3,513,050 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, 2011 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 2010		6,051,517		(1,667,457	)		155,051		9,182,461
Fiscal 2009		13,432,719		(14,153,529	)		231,801		4,678,783

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 2009		—		0.00		—		8.00		8.00		123,880		49.1		5.4
Fiscal 2010		—		0.00		—		6.00		6.00		130,659		29.3		3.2
Fiscal 2011 (estimate)		—		3.00		—		3.00		6.00				28.9

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 2011 (for the fiscal year ending March 31, 2012)


	(%: Changes from the corresponding period of the previous fiscal year)
		Net Income				Net Income per Share of Common Stock
		¥ million		%		¥
1H F2011			—		—		—
Fiscal 2011			460,000		11.3		20.69


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, 2011.
		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 or any increase in the number of outstanding shares of common stock due to the result from turning three listed subsidiaries into wholly-owned subsidiaries by means of the share exchange announced on April 28, 2011.

Mizuho Financial Group, Inc.

4. Others

(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 Methods and Presentation of Consolidated Financial Statements

Changes due to revisions of accounting standards, etc.: Yes

‚ Changes other than above: No

(3) Issued Shares of Common Stock


Year-end issued shares (including treasury stock):	As of March 31, 2011: As of March 31, 2010:	21,782,185,320 shares; 15,494,397,690 shares
‚ Year-end treasury stock:	As of March 31, 2011: As of March 31, 2010:	5,656,647 shares; 9,397,093 shares
ƒ Average number of outstanding shares:	Fiscal 2010: Fiscal 2009:	19,722,818,083 shares; 14,013,057,869 shares

(Reference) Non-Consolidated Financial Statements for Fiscal 2010

1. Financial Highlights for Fiscal 2010 (for the fiscal year ended March 31, 2011)

(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 2010		46,422		37.3			26,748		91.2			18,757		—			18,511		447.6
Fiscal 2009		33,792		(92.3	)		13,984		(96.6	)		1,086		(99.7	)		3,379		(99.1	)


	Net Income per Share of Common Stock			Diluted Net Income per Share of Common Stock
	¥			¥
Fiscal 2010		0.46			0.45
Fiscal 2009		(0.54	)		—

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2010		6,035,158		4,652,883		77.0		192.32
Fiscal 2009		5,225,971		4,011,146		76.7		223.59


Reference:		1. Own Capital: As of March 31, 2011: ¥4,651,097 million; As of March 31, 2010: ¥4,009,502 million
		2. Maximum amount available for dividends:
		As of March 31, 2011: ¥1,434,007 million; As of March 31, 2010: ¥1,549,745 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 and 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 2009		—		0.00		—		20.00		20.00		9,985
Fiscal 2010		—		0.00		—		20.00		20.00		8,337
Fiscal 2011 (estimate)		—		10.00		—		10.00		20.00
Thirteenth Series Class XIII Preferred Stock
Fiscal 2009		—		0.00		—		30.00		30.00		1,100
Fiscal 2010		—		0.00		—		30.00		30.00		1,100
Fiscal 2011 (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 2010 and Forecast Dividend Payment for Fiscal 2011	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) Changes of Fundamental and Important Matters for the Preparation of Consolidated Financial Statements	p.1-27
	(8) Additional Information	p.1-28
	(9) 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)
	(Business Segment Information)
	(Per Share Information)
	(Subsequent Events)

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Mizuho Financial Group, Inc.



5.	Non-Consolidated Financial Statements	p.1-57
	(1) Non-Consolidated Balance Sheets	p.1-57
	(2) Non-Consolidated Statements of Income	p.1-59
	(3) Non-Consolidated Statements of Changes in Net Assets	p.1-60
	(4) Note for the Assumption of Going Concern	p.1-61

[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, 2011 (Tuesday). 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 2010” for more information.)

Mizuho Financial Group (the Group) would like to express its deepest and sincerest apologies to all of our customers and shareholders, and to everyone who has experienced any inconvenience caused by the computer system failures that occurred at Mizuho Bank, Ltd. (MHBK) in March 2011. Since the computer system failures occurred, the Group has been making every effort to restore the system to normal as soon as possible by mobilizing all available resources of the Group. In April of this year, in order to investigate the cause of the system failures and receive evaluations and suggestions about the validity of the plan for preventing a recurrence, MHBK established the “Special Investigating Committee on System Failures,” which is a third party committee comprised of independent outside experts and specialists. All of the officers and employees of the Group have been endeavoring together to their full extent to investigate the cause and immediately implement the plan for preventing a recurrence, with the aim of regaining customers’ trust.

(1) Analysis of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2011, there are indications of regional variations in the speed of the continuing recovery in the global economy which has been led by newly developing countries, and the risk remains of a slackening in the economy due to factors including the appreciation in commodity markets and the fiscal problems experienced by certain countries in Europe.

In the United States, recovery in the economy continues on the basis of steady capital investment together with positive trends in consumer spending, but with rising unemployment and so on there is a risk of a stalling in economic growth. In Europe, overall economic growth is stagnant, and there is a growing gap between the richer and the poorer countries, while there exist growing concerns about financial markets and real economy against the backdrop of the fiscal problems experienced by certain countries. In Asia, the increase in demand in the Chinese market has a knock-on effect in inducing an increase in exports and production activity in neighboring economies, and while the pace of growth is slowing, the region continues to maintain strong economic growth, although there are increasing concerns about inflation.

In Japan, despite the continuing appreciation of the value of the yen against other currencies and mild deflationary situation, positive growth in the economy has been maintained as represented by continuous improvement of corporate profits and recovery of personal consumption resulting from the improvement of the foreign economic environment and the effect of various stimulus programs. Nevertheless, due to the impact of the Great Eastern Japan Earthquake, constraints to production activities and a sharp decline in personal consumption seem to be inevitable at least in the short term. As for the future direction of the economy, while there are boosting factors such as the rebound of exports and the growing demands for restoring damaged capital assets, there are also several causes for concern, such as electricity shortages in summer, a slowing in economies abroad and a prolonged slump in personal consumption, and thus the risk remains for these factors to serve as a drag on economic growth.

Under the foregoing business environment, we recorded Net Income of ¥413.2 billion for fiscal 2010.

As for earnings estimates for fiscal 2011, we estimate Ordinary Profits of ¥660.0 billion and Net Income of ¥460.0 billion on a consolidated basis.

(2) Analysis of Financial Conditions

Consolidated total assets as of March 31, 2011 amounted to ¥160,812.0 billion, increasing by ¥4,558.4 billion from the end of the previous fiscal year, mainly due to increases in Cash and Due from Banks.

Securities were ¥44,782.0 billion, increasing by ¥1,685.6 billion from the end of the previous fiscal year.

The balance of Loans and Bills Discounted amounted to ¥62,777.7 billion, increasing by ¥613.1 billion from the end of the previous fiscal year.

Deposits amounted to ¥79,233.9 billion, increasing by ¥2,894.1 billion from the end of the previous fiscal year.

Net Assets amounted to ¥6,623.9 billion, increasing by ¥786.9 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥4,248.2 billion, Accumulated Other Comprehensive Income was ¥80.9 billion and Minority Interests was ¥2,292.1 billion.

Net Cash Provided in Operating Activities was ¥6,051.5 billion mainly due to increased Borrowed Money (excluding subordinated Borrowed Money). Net Cash Provided (Used in) by Investing Activities was ¥(1,667.4) billion mainly due to acquisition of securities, and Net Cash Provided in Financing Activities was ¥155.0 billion mainly due to issuance of common stock.

As a result, Cash and Cash Equivalents as of March 31, 2011 was ¥9,182.4 billion.

The Consolidated Capital Adequacy Ratio (Basel II BIS Standard) was 15.30% (preliminary).


	March 31, 2009	March 31, 2010	March 31, 2011
Basel II	10.53%	13.46%	15.30%

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Mizuho Financial Group, Inc.

(3) Basic Policy on Profit Distribution, Proposed Dividend Payment for Fiscal 2010 and Forecast Dividend Payment for Fiscal 2011

We continue to pursue “strengthening of stable capital base” and “steady returns to shareholders” as our “disciplined capital management” policy and have been placing a higher priority on “strengthening of stable capital base,” considering global discussions about capital adequacy and the uncertainty of economic and market trends.

Based on this policy, in consideration of our consolidated financial results, we plan to make cash dividend payments of ¥6 per share of common stock for the fiscal year ending March 31, 2011 as previously announced.

We also propose making dividend payments on preferred stock as prescribed (i.e., a cash dividend of ¥20 per share for the Eleventh Series Class XI Preferred Stock and a cash dividend of ¥30 per share for the Thirteenth Series Class XIII Preferred Stock).

As for the dividend forecast of common stock for fiscal 2011, in the present circumstances of a heightened awareness of the importance of financial institutions’ capital adequacy, we continue to consider the balance between “strengthening of stable capital base” and “steady returns to shareholders”. From this standpoint, we plan to make cash dividend payments of ¥6 per share of common stock. As for the dividend forecast of preferred stock for fiscal 2011, we plan to make cash dividend payments as prescribed. We have continued to make cash dividend payments only at the end of the period, however we intend to make cash dividend payments at the interim period commencing from the fiscal year ending March 31, 2012 to return profits to shareholders in a more timely way.


(Dividends Estimates for Fiscal 2011)

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.

(as of March 31, 2011)

LOGO

1-5

Mizuho Financial Group, Inc.

Of the major domestic subsidiaries and affiliates, the following companies are listed on domestic stock exchanges:


Company Name	Location	Main Business	Ownership Percentage (%)		Listed Stock Exchanges
Mizuho Securities Co., Ltd.	Chiyoda-Ku, Tokyo	Securities Business		59.5 59.5	Tokyo Stock Exchange (First Section) Osaka Securities Exchange (First Section) Nagoya Stock Exchange (First Section)
Mizuho Trust & Banking Co., Ltd.	Chuo-Ku, Tokyo	Trust and Banking Business		74.9 0.4	Tokyo Stock Exchange (First Section) Osaka Securities Exchange (First Section)

Mizuho Investors Securities Co., Ltd.	Chuo-Ku, Tokyo	Securities Business		66.8 66.8	Tokyo Stock Exchange (First Section) Osaka Securities Exchange (First Section) Nagoya Stock Exchange (First Section)

Orient Corporation	Chiyoda-Ku, Tokyo	Credit Business		25.7 25.7	Tokyo Stock Exchange (First Section) Osaka Securities Exchange (Second Section)

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

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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

Regarding the computer system failures that occurred at MHBK in March 2011, the Group will endeavor together to their full extent in preventing a recurrence through thorough investigations into the cause of the computer system failures, also by comprehensively reviewing the investigation report provided by the “Special Investigating Committee on System Failures,” which is the third party committee comprised of outside experts and specialists, and will, as a whole, strive to regain customers’ trust in the Group.

Since the announcement of the Transformation Program as the Medium-term Management Policy of the Group in May 2010, the Group has promoted a policy to enhance profitability, financial base and front-line business capabilities of the Group through a fundamental review of those areas in an aim to respond promptly and appropriately to a new business environment while the Group practices its “customer first policy”.

By promoting the Transformation Program, which consists of the three pillars of Program for Improving Profitability, Program for Enhancing Financial Base, and Program for Strengthening Front-line Business Capabilities, the Group aims to become the financial institution most trusted by customers.

With respect to capital management, the strengthening of their capital bases has become increasingly important for financial institutions as reform of global capital regulations is currently being conducted.

The Group will, through the steady implementation of the Transformation Program, continuously strive to further strengthen its financial base mainly by accumulating retained earnings through improved profitability, and improving asset efficiency.

The Group companies will strengthen profitability by providing superior financial services to their customers through the use of their respective strengths and the promotion of mutual collaboration within the Group.

For the purpose of integrating Group-wide business operations, optimizing management resources, such as workforce and branch network, and accelerating the implementation of the Transformation Program, in April 2011, the respective share exchange agreements were entered whereby (i) MHTB has been turned into the wholly-owned subsidiary of MHFG, (ii) MHSC has been turned into the wholly-owned subsidiary of MHCB, and (iii) MHIS has been turned into the wholly-owned subsidiary of MHBK (the “Transactions”).

Through the Transactions, the Group 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 extended business environment, etc., (ii) further enhance its comprehensive financial services capabilities 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.

In respect of the securities business, the Group will consider the integration of MHSC and MHIS by merger or other methods after the completion of the Transactions in order to enhance the retail business in Japan, rationalize and streamline management infrastructure, and provide securities functions in a unified manner through the Group’s full-line securities company.

In carrying out further facilitated financing, the Group is constantly aware of its social responsibilities and the importance of its public mission as a financial institution, 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”.

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 exert its utmost efforts to support the swift customer recovery and reconstruction of the affected industries and areas.

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)

Aiming to be a “top corporate finance provider,” MHCB will continuously strengthen its profitability by mainly focusing on its strategic business fields, and continuously differentiate from, and establish a superior position over, its competitors by providing a swift response such as predictive sign monitoring, and a strategic response to changes in the environment. In particular, MHCB will further strengthen its profitability through the allocation of management resources to its businesses in Asia and in other areas that MHCB mainly intends to improve. In addition, MHCB will further reinforce the framework for improving its ability to offer financial solutions to domestic customers and will promote collaboration with the Group companies. MHCB will also, through the collaboration with MHSC and enhanced management administration, further promote the formulation of the global strategy for securities transactions and the improvement of the operation system. Moreover, MHCB will improve its management administration regime, including the improvement of portfolio management.

In aiming towards the swift recovery of its customers and reconstruction of the industries and areas affected by the Great Eastern Japan Earthquake, MHCB is aware of the significance of being a driver of industrial finance, and will, through the recovery process, positively and voluntarily become involved therein. MHCB will also contribute to the structural conversion in the industries and regions and the economic revitalization as well as responding to the demand for reconstruction funds.

MHSC employs two main business strategies: “implementing a profit model centered on the business with customers” and “creating a management structure that is highly responsive to environmental changes”, and, through the maximization of the effects of the collaborations between the banking and securities, MHSC will improve customer services and its product development capabilities.

Through the aforementioned measures, Global Corporate Group will make efforts to provide, not only the high-quality solutions of the banking and securities businesses, but also the financial services that are most suited to their needs, for which the financial functions of the Group will be fully utilized.

(Global Retail Group)

MHBK will return to its original starting point as a commercial bank, and will establish a medium-to-long-term relationship of trust with customers, including “individual customers”, “small- and medium-sized enterprises, middle market corporations, and their management”, based on its philosophy of “putting customers first”.

In the individuals market, MHBK will implement sophisticated measures to meet the needs of its customers and to match the nature of markets while it reinforces the collaboration among the Group companies.

In the corporate market, MHBK will actively provide customers with smooth financing and optimum solutions while it conducts careful credit controls. MHBK will respond to more diversified and sophisticated needs of its customers by expanding points of contact with customers, and by reinforcing its collaboration with the Group companies and leveraging the full resources of the Group.

MHBK will strive to become involved in assisting in the recovery efforts in the areas affected by the Great Eastern Japan Earthquake, including financially supporting the customers’ businesses and lives to the fullest extent and voluntarily getting involved in the reconstruction of the affected areas as a financial institution with a number of local branches and offices located in those areas.

MHBK will continue to strengthen its compliance, customer protection, and security to ensure that its customers will be able to carry out their transactions without worries.

1-8

Mizuho Financial Group, Inc.

(Global Asset & Wealth Management Group)

MHTB will make every effort to increase profits and to significantly broaden its customer base through the provision of sophisticated trust products and/or trust services to customers of the whole Group. In addition, MHTB will further devote management resources to areas in which MHTB specializes and in which MHTB will be able to demonstrate benefits of a trust business by selecting and concentrating on such area, while focusing on the general marketing functions of the trust business and further enhancing the collaboration among the Group companies. Also, MHTB will continue to focus on enhancing its internal controls, thereby strengthening compliance and customer protection in the process of enhancing the unification of the Group.

MHTB will exert its utmost efforts, as a trust bank, to assist the society and customers affected by the Great Eastern Japan Earthquake in their recovery and reconstruction efforts, and render assistance through its real estate business and trust function including real estate, etc., in addition to responding to the demand for reconstruction funds.

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.

The Group will continue to establish a firm compliance structure and an advanced risk management regime, and will steadily pursue business strategies, in its efforts to become “a financial partner that helps customers shape their future and achieve their dreams,” which is an ideal implicit in the Group brand slogan, “Channel to Discovery.”

Also, the Group will work to fulfill its social responsibilities and public mission and further promote its corporate values by promoting CSR (corporate social responsibilities) activities, from the perspective of assisting the recovery from the Great Eastern Japan Earthquake, in addition to providing support for financial education and environmental efforts. Our shareholders’ continuing support would be greatly appreciated.

1-9

Mizuho Financial Group, Inc.

Management Structure of Mizuho Financial Group, Inc.

LOGO

1-10

Mizuho Financial Group, Inc.

4. CONSOLIDATED FINANCIAL STATEMENTS AND OTHERS

(1) CONSOLIDATED BALANCE SHEETS


	*Millions of yen*
	As of March 31, 2010			As of March 31, 2011
Assets
Cash and Due from Banks	¥	5,211,477			*8	¥	9,950,913
Call Loans and Bills Purchased		605,238					375,716
Receivables under Resale Agreements		7,129,676					7,467,309
Guarantee Deposits Paid under Securities Borrowing Transactions		5,744,901					6,541,512
Other Debt Purchased		2,040,445					1,667,808
Trading Assets		13,986,791			2,8		13,500,182
Money Held in Trust		119,438					122,267
Securities		43,096,460			1,2,8,16		44,782,067
Loans and Bills Discounted		62,164,579			3,4,5,6,7,8,*9		62,777,757
Foreign Exchange Assets		707,803			*7		977,465
Derivatives other than for Trading Assets		7,060,302					5,102,760
Other Assets		3,742,205			8,17		2,754,017
Tangible Fixed Assets		927,337			8,11,*12		947,986
Buildings		312,512					321,987
Land		470,185			*10		475,869
Lease Assets		9,734					14,922
Construction in Progress		22,420					28,777
Other Tangible Fixed Assets		112,485					106,430
Intangible Fixed Assets		427,278					442,922
Software		244,925					227,938
Goodwill		—					1,972
Lease Assets		2,325					3,197
Other Intangible Fixed Assets		180,027					209,813
Deferred Tax Assets		533,030					488,769
Customers’ Liabilities for Acceptances and Guarantees		3,643,706					3,673,339
Reserves for Possible Losses on Loans		(887,073	)				(760,762	)
Reserve for Possible Losses on Investments		(29	)				(25	)

Total Assets	¥	156,253,572				¥	160,812,006

1-11

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2010			As of March 31, 2011
Liabilities
Deposits	¥	76,339,779		¥	*8		79,233,922
Negotiable Certificates of Deposit		10,287,808					9,650,236
Debentures		1,517,797					740,932
Call Money and Bills Sold		5,786,370			*8		5,095,412
Payables under Repurchase Agreements		12,075,802			*8		11,656,119
Guarantee Deposits Received under Securities Lending Transactions		6,615,512			*8		5,488,585
Commercial Paper		—					226,167
Trading Liabilities		7,579,695					7,652,811
Borrowed Money		9,663,867			*8,	*13	15,969,385
Foreign Exchange Liabilities		172,990					167,670
Short-term Bonds		492,397					585,497
Bonds and Notes		4,970,257			*14		5,110,947
Due to Trust Accounts		1,025,431					1,045,599
Derivatives other than for Trading Liabilities		6,614,116					4,599,579
Other Liabilities		3,376,769					3,053,136
Reserve for Bonus Payments		48,946					39,336
Reserve for Employee Retirement Benefits		34,263			*17		35,615
Reserve for Director and Corporate Auditor Retirement Benefits		2,112					2,239
Reserve for Possible Losses on Sales of Loans		15,258					420
Reserve for Contingencies		14,809					15,081
Reserve for Reimbursement of Deposits		14,748					15,229
Reserve for Reimbursement of Debentures		10,824					13,344
Reserves under Special Laws		2,149					1,382
Deferred Tax Liabilities		12,226					17,599
Deferred Tax Liabilities for Revaluation Reserve for Land		98,875			*10		98,415
Acceptances and Guarantees		3,643,706					3,673,339

Total Liabilities		150,416,519					154,188,007

Net Assets
Common Stock and Preferred Stock		1,805,565					2,181,375
Capital Surplus		552,135					937,680
Retained Earnings		854,703					1,132,351
Treasury Stock		(5,184	)				(3,196	)

Total Shareholders’ Equity		3,207,219					4,248,209

Valuation Difference on Available-for-Sale Securities		176,931					(21,648	)
Deferred Gains or Losses on Hedges		83,093					68,769
Revaluation Reserve for Land		138,430			*10		137,707
Foreign Currency Translation Adjustment		(92,623	)				(103,921	)

Total Accumulated Other Comprehensive Income		305,831					80,906

Stock Acquisition Rights		2,301					2,754
Minority Interests		2,321,700					2,292,128

Total Net Assets		5,837,053					6,623,999

Total Liabilities and Net Assets	¥	156,253,572		¥			160,812,006

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, 2010

For the fiscal year
ended
March 31, 2011

Ordinary Income

¥2,817,625

2,716,791

Interest Income

1,571,994

1,457,687

Interest on Loans and Bills Discounted

1,047,718

900,011

Interest and Dividends on Securities

350,536

356,583

Interest on Call Loans and Bills Purchased

3,675

5,062

Interest on Receivables under Resale Agreements

34,292

38,975

Interest on Securities Borrowing Transactions

9,148

9,479

Interest on Due from Banks

10,214

10,940

Other Interest Income

116,408

136,633

Fiduciary Income

49,100

49,388

Fee and Commission Income

557,312

562,485

Trading Income

312,330

243,983

Other Operating Income

179,021

307,276

Other Ordinary Income

147,866

95,970

Ordinary Expenses

2,490,498

2,128,292

Interest Expenses

420,287

348,242

Interest on Deposits

164,334

108,844

Interest on Negotiable Certificates of Deposit

29,779

24,267

Interest on Debentures

11,959

6,533

Interest on Call Money and Bills Sold

11,035

8,572

Interest on Payables under Repurchase Agreements

33,763

47,800

Interest on Securities Lending Transactions

11,693

14,089

Interest on Commercial Paper

—

121

Interest on Borrowed Money

36,023

30,616

Interest on Short-term Bonds

2,707

1,950

Interest on Bonds and Notes

98,308

83,299

Other Interest Expenses

20,682

22,146

Fee and Commission Expenses

91,271

95,693

Other Operating Expenses

161,584

143,596

General and Administrative Expenses

1,317,247

1,285,815

Other Ordinary Expenses

500,107

254,945

Provision for Reserves for Possible Losses on Loans

116,115

—

Other

383,991

254,945

Ordinary Profits (Losses)

327,127

588,498

1-13

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2010			For the fiscal year ended March 31, 2011
Extraordinary Gains	¥	118,259				¥	60,242
Gains on Disposition of Tangible Fixed Assets		3,063					96
Gains on Negative Goodwill Incurred		68,206					—
Gains on Reversal of Reserves for Possible Losses on Loans		—					20,325
Recovery on Written-off Claims		45,034					36,495
Reversal of Reserve for Contingent Liabilities from Financial Instruments and Exchange		23					766
Other Extraordinary Gains		1,930					2,557

Extraordinary Losses		67,621					13,315
Losses on Disposition of Tangible Fixed Assets		8,898					4,917
Losses on Impairment of Fixed Assets		4,742					3,546
Other Extraordinary Losses		53,979			*3		4,852

Income (Loss) before Income Taxes and Minority Interests		377,765					635,425

Income Taxes:
Current		25,253					18,336
Refund of Income Taxes		(7,212	)
Deferred		25,108					120,123
Total Income Taxes		43,148					138,460

Income before Minority Interests		334,617					496,965

Minority Interests in Net Income		95,212					83,736

Net Income (Loss)	¥	239,404				¥	413,228

1-14

Mizuho Financial Group, Inc.

[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME]


	*Millions of yen*
	For the fiscal year ended March 31, 2010		For the fiscal year ended March 31, 2011
Income before Minority Interests	¥	—			¥	496,965
Other Comprehensive Income		—		*1		(230,296	)
Valuation Difference on Available-for-Sale Securities		—				(204,201	)
Deferred Gains or Losses on Hedges		—				(14,463	)
Revaluation Reserve for Land		—				(21	)
Foreign Currency Translation Adjustment		—				(11,953	)
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		—				344

Comprehensive Income		—		*2		266,668

Comprehensive Income Attributable to Owners of the Parent		—				189,005
Comprehensive Income Attributable to Minority Interests		—				77,663

1-15

Mizuho Financial Group, Inc.

(3) CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS


	*Millions of yen*
	For the fiscal year ended March 31, 2010			For the fiscal year ended March 31, 2011
Shareholder’s Equity
Common Stock and Preferred Stock
Balance as of the end of the previous period	¥	1,540,965		¥	1,805,565
Changes during the period
Issuance of New Shares		264,600			375,810

Total Changes during the period		264,600			375,810

Balance as of the end of the period		1,805,565			2,181,375

Capital Surplus
Balance as of the end of the previous period		411,318			552,135
Changes during the period
Issuance of New Shares		271,729			385,544
Transfer from Capital Surplus to Retained Earnings Caused by Coping with a Loss of a Subsidiary		(130,913	)		—

Total Changes during the period		140,816			385,544

Balance as of the end of the period		552,135			937,680

Retained Earnings
Balance as of the end of the previous period		608,053			854,703
Changes during the period
Cash Dividends		(131,015	)		(134,966	)
Net Income (Loss)		239,404			413,228
Disposition of Treasury Stock		(662	)		(1,314	)
Transfer from Capital Surplus to Retained Earnings Caused by Coping with a Loss of a Subsidiary		130,913			—
Transfer from Revaluation Reserve for Land, net of Taxes		8,010			701

Total Changes during the period		246,649			277,648

Balance as of the end of the period		854,703			1,132,351

Treasury Stock
Balance as of the end of the previous period		(6,218	)		(5,184	)
Changes during the period
Repurchase of Treasury Stock		(4	)		(3	)
Disposition of Treasury Stock		1,038			1,990

Total Changes during the period		1,033			1,987

Balance as of the end of the period	¥	(5,184	)	¥	(3,196	)

1-16

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2010			For the fiscal year ended March 31, 2011
Total Shareholders’ Equity
Balance as of the end of the previous period	¥	2,554,119		¥	3,207,219
Changes during the period
Issuance of New Shares		536,329			761,354
Cash Dividends		(131,015	)		(134,966	)
Net Income (Loss)		239,404			413,228
Repurchase of Treasury Stock		(4	)		(3	)
Disposition of Treasury Stock		376			675
Transfer from Capital Surplus to Retained Earnings Caused by Coping with a Loss of a Subsidiary		—			—
Transfer from Revaluation Reserve for Land, net of Taxes		8,010			701

Total Changes during the period		653,100			1,040,990

Balance as of the end of the period		3,207,219			4,248,209

Accumulated Other Comprehensive Income
Valuation Difference on Available-for-Sale Securities
Balance as of the end of the previous period		(519,574	)		176,931
Changes during the period
Net Changes in Items other than Shareholders’ Equity		696,505			(198,579	)

Total Changes during the period		696,505			(198,579	)

Balance as of the end of the period		176,931			(21,648	)

Deferred Gains or Losses on Hedges
Balance as of the end of the previous period		67,525			83,093
Changes during the period
Net Changes in Items other than Shareholders’ Equity		15,568			(14,324	)

Total Changes during the period		15,568			(14,324	)

Balance as of the end of the period		83,093			68,769

Revaluation Reserve for Land
Balance as of the end of the previous period		146,447			138,430
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(8,017	)		(722	)

Total Changes during the period		(8,017	)		(722	)

Balance as of the end of the period		138,430			137,707

Foreign Currency Translation Adjustment
Balance as of the end of the previous period		(114,765	)		(92,623	)
Changes during the period
Net Changes in Items other than Shareholders’ Equity		22,141			(11,297	)

Total Changes during the period		22,141			(11,297	)

Balance as of the end of the period	¥	(92,623	)	¥	(103,921	)

1-17

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2010			For the fiscal year ended March 31, 2011
Total Accumulated Other Comprehensive Income
Balance as of the end of the previous period	¥	(420,367	)	¥	305,831
Changes during the period
Net Changes in Items other than Shareholders’ Equity		726,199			(224,924	)

Total Changes during the period		726,199			(224,924	)

Balance as of the end of the period		305,831			80,906

Stock Acquisition Rights
Balance as of the end of the previous period		1,187			2,301
Changes during the period
Net Changes in Items other than Shareholders’ Equity		1,113			452

Total Changes during the period		1,113			452

Balance as of the end of the period		2,301			2,754

Minority Interests
Balance as of the end of the previous period		2,051,667			2,321,700
Changes during the period
Net Changes in Items other than Shareholders’ Equity		270,033			(29,572	)

Total Changes during the period		270,033			(29,572	)

Balance as of the end of the period		2,321,700			2,292,128

Total Net Assets
Balance as of the end of the previous period		4,186,606			5,837,053
Changes during the period
Issuance of New Shares		536,329			761,354
Cash Dividends		(131,015	)		(134,966	)
Net Income (Loss)		239,404			413,228
Repurchase of Treasury Stock		(4	)		(3	)
Disposition of Treasury Stock		376			675
Transfer from Capital Surplus to Retained Earnings Caused by Coping with a Loss of a Subsidiary		—			—
Transfer from Revaluation Reserve for Land, net of Taxes		8,010			701
Net Changes in Items other than Shareholders’ Equity		997,346			(254,044	)

Total Changes during the period		1,650,446			786,946

Balance as of the end of the period	¥	5,837,053		¥	6,623,999

1-18

Mizuho Financial Group, Inc.

(4) CONSOLIDATED STATEMENTS OF CASH FLOWS


	*Millions of yen*
	For the fiscal year ended March 31, 2010			For the fiscal year ended March 31, 2011
Cash Flow from Operating Activities
Income (Loss) before Income Taxes and Minority Interests	¥	377,765		¥	635,425
Depreciation		155,936			165,840
Losses on Impairment of Fixed Assets		4,742			3,546
Amortization of Goodwill		468			—
Gains on Negative Goodwill Incurred		(68,206	)		—
Equity in Loss (Gain) from Investments in Affiliates		(2,892	)		6,185
Increase (Decrease) in Reserves for Possible Losses on Loans		(6,395	)		(117,749	)
Increase (Decrease) in Reserve for Possible Losses on Investments		26			(3	)
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		(13,422	)		(14,167	)
Increase (Decrease) in Reserve for Contingencies		(5,746	)		272
Increase (Decrease) in Reserve for Bonus Payments		(1,611	)		(7,493	)
Increase (Decrease) in Reserve for Employee Retirement Benefits		2,083			1,457
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		(325	)		126
Increase (Decrease) in Reserve for Frequent Users Services		(12,555	)		—
Increase (Decrease) in Reserve for Reimbursement of Deposits		1,143			480
Increase (Decrease) in Reserve for Reimbursement of Debentures		1,851			2,519
Interest Income—accrual basis		(1,571,994	)		(1,457,687	)
Interest Expenses—accrual basis		420,287			348,242
Losses (Gains) on Securities		(21,645	)		(86,011	)
Losses (Gains) on Money Held in Trust		202			28
Foreign Exchange Losses (Gains)—net		150,355			386,503
Losses (Gains) on Disposition of Fixed Assets		5,834			4,821
Losses (Gains) on Securities Contribution to Employees’ Retirement Benefits Trust		(6,731	)		—
Decrease (Increase) in Trading Assets		445,550			179,713
Increase (Decrease) in Trading Liabilities		(1,021,020	)		264,349
Decrease (Increase) in Derivatives other than for Trading Assets		796,198			1,869,501
Increase (Decrease) in Derivatives other than for Trading Liabilities		(937,759	)		(1,922,481	)
Decrease (Increase) in Loans and Bills Discounted		8,359,531			(1,241,644	)
Increase (Decrease) in Deposits		(724,724	)		3,440,653
Increase (Decrease) in Negotiable Certificates of Deposit		939,762			(487,805	)
Increase (Decrease) in Debentures		(782,662	)		(776,864	)
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		475,914			6,335,771
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		66,841			(405,202	)
Decrease (Increase) in Call Loans, etc.		(988,952	)		(332,420	)
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		906,356			(796,610	)
Increase (Decrease) in Call Money, etc.		2,421,380			(255,529	)
Increase (Decrease) in Commercial Paper		—			226,167
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		1,759,440			(1,126,927	)
Decrease (Increase) in Foreign Exchange Assets		276,587			(291,489	)
Increase (Decrease) in Foreign Exchange Liabilities		(418,117	)		(5,083	)
Increase (Decrease) in Short-term Bonds (Liabilities)		(15,587	)		93,100
Increase (Decrease) in Bonds and Notes		478,718			563,711
Increase (Decrease) in Due to Trust Accounts		39,283			20,167
Interest and Dividend Income—cash basis		1,645,101			1,523,605
Interest Expenses—cash basis		(433,350	)		(373,999	)
Other—net		680,151			(296,250	)

Subtotal		13,377,814			6,076,767

Cash Refunded (Paid) in Income Taxes		54,904			(25,249	)

Net Cash Provided by (Used in) Operating Activities		13,432,719			6,051,517

1-19

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2010			For the fiscal year ended March 31, 2011
Cash Flow from Investing Activities
Payments for Purchase of Securities		(70,659,603	)				(85,279,500	)
Proceeds from Sale of Securities		46,046,866					71,215,909
Proceeds from Redemption of Securities		10,736,568					12,595,209
Payments for Increase in Money Held in Trust		(71,280	)				(53,995	)
Proceeds from Decrease in Money Held in Trust		32,580					51,080
Payments for Purchase of Tangible Fixed Assets		(135,502	)				(75,803	)
Payments for Purchase of Intangible Fixed Assets		(119,014	)				(121,007	)
Proceeds from Sale of Tangible Fixed Assets		15,449					362
Proceeds from Sale of Intangible Fixed Assets		0					9
Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)		—					(2,012	)
Proceeds from Sale of Stocks of Subsidiaries (affecting the scope of consolidation)		—					2,290
Proceeds from Sale of Equity of Consolidated Subsidiaries		406					—

Net Cash Provided by (Used in) Investing Activities		(14,153,529	)				(1,667,457	)

Cash Flow from Financing Activities
Proceeds from Subordinated Borrowed Money		12					—
Repayments of Subordinated Borrowed Money		(34,000	)				(15,000	)
Proceeds from Issuance of Subordinated Bonds		320,400					—
Payments for Redemption of Subordinated Bonds		(431,503	)				(369,013	)
Proceeds from Issuance of Common Stock		536,329					761,354
Proceeds from Investments by Minority Shareholders		238,198					1,697
Repayments to Minority Shareholders		(176,157	)				—
Cash Dividends Paid		(130,297	)				(133,925	)
Cash Dividends Paid to Minority Shareholders		(91,180	)				(90,062	)
Payments for Repurchase of Treasury Stock		(4	)				(3	)
Proceeds from Sale of Treasury Stock		3					4

Net Cash Provided by (Used in) Financing Activities		231,801					155,051

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		2,341					(35,434	)

Net Increase (Decrease) in Cash and Cash Equivalents		(486,665	)				4,503,677

Cash and Cash Equivalents at the beginning of the fiscal year		5,048,671					4,678,783
Increase (Decrease) in Cash and Cash Equivalents Due to Merger of Consolidated Subsidiaries		116,777					—

Cash and Cash Equivalents at the end of the fiscal year	¥	4,678,783			*1	¥	9,182,461

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: 152

Names of principal companies:

Mizuho Bank, Ltd.

Mizuho Corporate Bank, Ltd.

Mizuho Trust & Banking Co., Ltd.

Mizuho Securities Co., Ltd.

During the period, Eurekahedge Pte, Ltd. and 8 other companies were newly consolidated as a result of acquisition of the stocks and other factors.

During the period, Mizuho Corporate Bank (Germany) Aktiengesellschaft and 18 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: 22

Name of principal companies:

Orient Corporation

The Chiba Kogyo Bank, Ltd.

During the period, Orient Corporation and one other company were newly included in the scope of the equity method as a result of the exercise of the right to request acquisition of the preferred shares and other factors.

During the period, Mitoyo Securities Co., Ltd. was excluded from the scope of the equity method as a result of the sale of stocks.

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), Net Deferred Hedge Gains (Losses), net of Taxes (amount corresponding to MHFG’s equity position) and others.

(Changes in Basis for Presentation and Principles of Preparation of Financial Statements)

Mizuho Financial Group has applied “Accounting Standard for Equity Method of Accounting for Investments” (ASBJ Statement No. 16, March 10, 2008) and “Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method” (PITF No. 24, March 10, 2008) beginning with this fiscal year.

This application does not affect the consolidated financial statements.

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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		7 companies
September 30		1 company
December 29		18 companies
December 31		59 companies
March 31		67 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”), Mizuho Corporate Bank, Ltd. (“MHCB”), and Mizuho Trust & Banking Co., Ltd. (“MHTB”), which are consolidated subsidiaries of MHFG, granted loans, credit facilities and liquidity facilities to 23 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 23 special purpose entities at their respective balance sheet dates amounted to ¥2,146,309 million and ¥2,145,260 million, respectively. MHBK, MHCB and MHTB 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, 2011 are as follows:


As of March 31, 2011	*Millions of yen*
Loans	¥	1,701,545
Credit and Liquidity Facilities	¥	427,325

For the Fiscal Year ended March 31, 2011	*Millions of yen*
Interest Income on Loans	¥	12,887
Fee and Commission Income, etc.	¥	2,271

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Mizuho Financial Group, Inc.

5. STANDARDS OF ACCOUNTING METHOD

Amounts less than one million yen are rounded down.

1.	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.

2.	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 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.

3.	Derivative Transactions

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

4.	Depreciation

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

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


Buildings:		3 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.

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Mizuho Financial Group, Inc.

5.	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).

6.	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 ¥416,313 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.

7.	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 ¥721million.

8.	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.

9.	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.

10.	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.

11.	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.

12.	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.

13.	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.

14.	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.

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Mizuho Financial Group, Inc.

15.	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.

16.	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.

17.	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 Net Deferred Hedge Losses, net of Taxes 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 ¥16,874 million and ¥13,984 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.

18.	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.

19.	Amortization Method of Goodwill and Amortization Period

Goodwill of Eurekahedge Pte, Ltd. is amortized over a period of 10 years under the straight-line method. The amount of other Goodwill is expensed as incurred since the amount has no material impact.

20.	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) CHANGES OF FUNDAMENTAL AND IMPORTANT MATTERS FOR THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

(Changes of Accounting Method)

Accounting Standard for Asset Retirement Obligations

Mizuho Financial Group has applied “Accounting Standard for Asset Retirement Obligations” (ASBJ Statement No. 18, March 31, 2008) and “Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ Guidance No. 21, March 31, 2008) beginning with this fiscal year.

As a result, Income before Income Taxes and Minority Interests decreased by ¥3,081 million. The change in Asset Retirement Obligations (which is in “Other Liabilities”) due to commencement of application of the accounting standards is ¥6,555 million.

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Mizuho Financial Group, Inc.

(8) ADDITIONAL INFORMATION

Issuance of New Shares by the Spread Method

The spread method is adopted for the issuance of new shares (5,609,000 thousand shares) with a payment date of July 21, 2010. This is a method where the new shares are underwritten and purchased by the initial purchasers at the amount to be paid to MHFG (¥125.27 per share), and sold by the underwriters to the investors at an issue price (¥130.00 per share) different from the amount to be paid to MHFG.

Using the spread method, the aggregate amount of the difference between (a) the issue price and (b) the amount to be paid to MHFG is retained by the initial purchasers, and allocated to each of the underwriters as underwriting fees. Accordingly, Other Ordinary Expenses does not include the amount equivalent to such underwriting fees of ¥26,530 million related to the issuance.

The amount equivalent to such underwriting fees of ¥9,734 million, recognized as profit by consolidated subsidiaries, is eliminated and recorded as an increase in Capital Surplus.

Accounting Standard for Presentation of Comprehensive Income

Mizuho Financial Group has applied “Accounting Standard for Presentation of Comprehensive Income” (ASBJ Statement No. 25, June 30, 2010) beginning with this fiscal year. However, the amounts of “Accumulated Other Comprehensive Income” and “Total Accumulated Other Comprehensive Income” for the previous fiscal year are presented within the balances of “Valuation and Translation Adjustments” and “Total Valuation and Translation Adjustments.”

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Mizuho Financial Group, Inc.

(9) NOTES

(NOTES TO CONSOLIDATED BALANCE SHEET)

1.	Securities include shares of ¥209,145 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 ¥4,198 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 ¥9,428,034 million, the total of securities re-loaned was ¥18,741 million and securities neither repledged nor re-loaned was ¥1,961,545 million, respectively.

3.	Loans and Bills Discounted include Loans to Bankrupt Obligors of ¥46,116 million and Non-Accrual Delinquent Loans of ¥660,718 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: ¥25,034 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: ¥496,991 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: ¥1,228,859 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 ¥734,051 million.

8.	The following assets were pledged as collateral:


Cash and Due from Banks:	¥	130 million
Trading Assets:	¥	6,255,353 million
Securities:	¥	18,571,019 million
Loans and Bills Discounted:	¥	9,376,342 million
Other Assets:	¥	19,815 million
Tangible Fixed Assets:	¥	126 million

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Mizuho Financial Group, Inc.

The following liabilities were collateralized by the above assets:


Deposits:	¥	824,972 million
Call Money and Bills Sold:	¥	1,878,300 million
Payables under Repurchase Agreements:	¥	4,608,710 million
Guarantee Deposits Received under Securities Lending Transactions:	¥	4,628,424 million
Borrowed Money:	¥	14,198,742 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 ¥17,658 million, Trading Assets of ¥189,100 million and Securities of ¥2,363,237 million and Loans and Bills Discounted of ¥45,307 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 ¥106,814 million, collateral pledged for derivatives transactions of ¥247,600 million, margins for futures transactions of ¥33,492 million and other guarantee deposits of ¥35,782 million.

Rediscount of bills is conducted as financial transaction based on the JICPA Industry Audit Committee Report No. 24. As a result 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 ¥58,034,077 million. Of this amount, ¥51,102,222 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, net of Taxes 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 ¥160,512 million.

11.	Accumulated Depreciation of Tangible Fixed Assets amounted to ¥799,355 million.

12.	The book value of Tangible Fixed Assets adjusted for gains on sales of replaced assets and others amounted to ¥37,126 million.

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Mizuho Financial Group, Inc.

13.	Borrowed Money includes subordinated borrowed money of ¥644,329 million with a covenant that performance of the obligation is subordinated to that of other obligations.

14.	Bonds and Notes includes subordinated bonds of ¥1,710,361 million.

15.	The principal amounts of money trusts and loan trusts with contracts indemnifying the principal amounts, which are entrusted to domestic consolidated trust banking subsidiaries, are ¥836,285 million and ¥383 million, respectively.

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 ¥1,032,321 million.

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


	*Millions of yen*
Projected Benefit Obligations	¥	(1,207,229	)
Plan Assets (fair value)		1,215,987
Unfunded Retirement Benefit Obligations		8,757
Unrecognized Actuarial Differences		420,438
Net Amounts on Consolidated Balance Sheet	¥	429,196
Prepaid Pension Cost		464,812
Reserve for Employee Retirement Benefits		(35,615	)

(NOTES TO CONSOLIDATED STATEMENT OF INCOME)

1.	Other Ordinary Income includes gains on sales of stocks of ¥54,712 million.

2.	Other within Other Ordinary Expenses includes losses on impairment (devaluation) of stocks of ¥94,420 million, losses on write-offs of loans of ¥71,659 million, and losses on sales of stocks of ¥29,006 million.

Other Extraordinary Losses includes losses of ¥3,091 million at the beginning of the period due to the adoption of Accounting Standard for Asset Retirement Obligation described in “Changes of Fundamental and Important Matters for the Preparation of Consolidated Financial Statements” and Extraordinary depreciation of ¥1,761 million due to the shortening of depreciation period of the software

(NOTES TO CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME)

1.	Other Comprehensive Income for the previous fiscal year of 2010


Other Comprehensive Income	¥	749,862 million
Valuation Difference on Available-for-Sale Securities		706,839 million
Deferred Gains or Losses on Hedges		15,205 million
Revaluation Reserve for Land		(6) million
Foreign Currency Translation Adjustment		21,265 million
Share of Other Comprehensive Income of Associated Accounted for Using Equity Method		6,558 million

2.	Comprehensive Income for the previous fiscal year of 2010


Comprehensive Income	¥	1,084,479 million
Comprehensive Income Attributable to Owners of the parent		973,613 million
Comprehensive Income Attributable to Minority Interests		110,865 million

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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 March 31, 2010		Increase during the fiscal year		Decrease during the fiscal year		As of March 31, 2011		Remarks
Issued shares
Common stock		15,494,397		6,287,787		—		21,782,185		*1
Eleventh Series Class XI Preferred Stock		914,752		—		—		914,752
Thirteenth Series Class XIII Preferred Stock		36,690		—		—		36,690

Total		16,445,839		6,287,787		—		22,733,627

Treasury stock
Common stock		9,397		21		3,761		5,656		*2
Eleventh Series Class XI Preferred Stock		415,471		82,395		—		497,866		*3

Total		424,868		82,416		3,761		503,522

*1.	Increases are due to request for acquisition (conversion) of preferred stock (287,787 thousand shares), capital increase by public offering (5,609,000 thousand shares), and capital increase by way of third-party allotment (391,000 thousand shares).

*2.	Increases are due to repurchase of shares constituting less than one unit, and decreases are due to exercise of stock acquisition rights (stock option) (3,760 thousand shares) and repurchase of shares constituting less than one unit (1thousand 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*)
Category	Breakdown of stock acquisition rights					As of March 31, 2010			Increase during the fiscal year			Decrease during the fiscal year			As of March 31, 2011			Balance as of March 31, 2011 (*Millions of yen*)			Remarks
MHFG		Stock acquisition rights			—		—			—			—			—			—
		(Treasury stock acquisition rights	)				(—	)		(—	)		(—	)		(—	)		(—	)
		Stock acquisition rights as stock option																	1,786
Consolidated subsidiaries																			968
(Treasury stock acquisition rights)										—									(—	)
Total										—									2,754
																			(—	)

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Mizuho Financial Group, Inc.

3. Cash dividends distributed by MHFG are as follows:

(1) Cash dividends paid during the fiscal year ended March 31, 2011

Resolution

Type

Cash
Dividends
(Millions of yen)

Cash
Dividends
per Share
(Yen)

Record
Date

Effective
Date

June 22,

2010

Common Stock

123,880

March 31,

2010

[

Ordinary

General Meeting

of Shareholders

]

Eleventh Series Class XI Preferred Stock

9,985

March 31,

2010

June 22,

2010

Thirteenth Series Class XIII Preferred Stock

1,100

March 31,

2010

Total

134,966

(2) Cash dividends with record dates falling in the fiscal year ended March 31, 2011 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

130,659

Retained

Earnings

March 31,

2011

[

June 21,

2011

]

Eleventh Series

Class XI

Preferred Stock

8,337

Retained

Earnings

March 31,

2011

June 21,
2011

Ordinary

General Meeting

of Shareholders

Thirteenth Series

Class XIII

Preferred Stock

1,100

Retained

Earnings

March 31,

2011

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 21, 2011.

(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	¥	9,950,913
Due from Banks excluding central banks		(768,452	)

Cash and Cash Equivalents	¥	9,182,461

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Mizuho Financial Group, Inc.

(FINANCIAL INSTRUMENTS)

1.Matters relating to the conditions of financial instruments

(1) Policy on financial instruments

Mizuho Financial Group (MHFG), which primarily engages in banking business, incurs financial liabilities such as customer deposits and market deposits on the funding side while holding financial assets such as customer loans, stocks and bonds on the investment side, and also engages in trading business for certain financial products. Some subsidiaries conduct securities business and other financial business.

For above funding and investment business, MHFG appropriately manages risks of each financial instrument and carefully watches term-gaps and other risk factors.

(2) Contents and Risk of Financial Products

The main financial assets of the Mizuho group consist of loans to customers and securities such as Japanese stocks and government bonds. The Group holds these securities for the purpose of reserves for deposit payments reserves and as investments. These financial assets are subject to various types of risk that may be incurred by the Group due to a decline in, or total loss of, the value of assets, as a result of deterioration in a counterparty’s and an issuer’s financial position (“credit risk”), or incurred by the Group due to fluctuations in interest rates, stock prices and foreign exchange rates and so on (“market risk”).

The main financing source of the Mizuho group is a stable source of deposits from its customers in addition to direct funding from the financial market. These financing sources are subject to the risk of losses (“liquidity risk”) arising from funding difficulties due to market disruption or a deterioration in our financial position that makes it difficult for us to raise the necessary funds or that forces us to raise funds at significantly higher interest rates than usual.

In addition, the Mizuho group uses derivative financial products to control the interest rate risk related to the assets and liabilities of the Group, as part of our asset and liability management (“ALM”). The Group primarily utilizes the portfolio hedge by grouping numerous financial assets and liabilities such as loans and deposits into similar interest risk units in accordance with risk management policies. Some derivative products like interest rate swaps are used as hedging methods for cash-flow hedges or fair value hedges. The Group applies hedge accounting to the majority of these products, treating them as deferred hedges. The effectiveness of the hedges is assessed periodically by regression analysis and other methods to ensure whether the derivative financial products effectively work in order to offset the exposure to changes in fair value and variable cash flows from hedged items. It should be noted that the Mizuho Group uses derivative financial products for trading purposes and so on as well.

Progress in financial deregulation and internationalization has led to growth in the diversity and complexity of financial assets and liabilities of the Mizuho group, exposing the Group to various risks, including credit risk, liquidity risk and other risks.

(3) Risk Management for Financial Products

Commitment to Risk Management

We recognize the conducting of operations tailored to the risks and managing such risks as a key issue relating to overall management. In order to implement our business strategy while maintaining our financial stability, we maintain comprehensive risk management and control measures.

We maintain basic policies for risk management established by our board of directors that are applicable to the entire Mizuho group. These policies clearly define the kinds of risks to be managed, set forth the organizational structure and provide for the human resources training necessary for appropriate levels of risk management. The policies also provide for audits to measure the effectiveness and suitability of the risk management structure. In line with these basic policies, we maintain various measures to strengthen and enhance the sophistication of our risk management system.

‚ General Concept of Risk Management

We classify our risk exposures according to the various kinds of risk, including credit risk, market risk, liquidity risk and operational risk, and manage each type of risk according to its characteristics.

In addition to managing each type of risk individually, we have established a risk management structure to identify and evaluate overall risk and, where necessary, to devise appropriate responses to keep risk within limits that are managerially acceptable in both qualitative and quantitative terms.

More specifically, we allocate risk capital to our principal banking subsidiaries and other core group companies to control risk within the limits set for each company. We also control risk within managerially acceptable limits by working to ensure that the overall risk we hold on a consolidated basis does not exceed shareholders’ equity and other measures of financial strength. To ensure the ongoing financial health of Mizuho Financial Group, our principal banking subsidiaries and other core group companies, we regularly monitor the manner in which risk capital is being used in order to obtain a proper grasp of the risk profile within this framework. Reports are also submitted to the board of directors and other committees of each company.

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Mizuho Financial Group, Inc.

ƒ Credit Risk Management

We have adopted two different but mutually complementary approaches in credit risk management. The first approach is “credit management,” in which we manage the process for each individual transaction and individual obligor from execution until collection, based on our assessment of the credit quality of the customer. Through this process, we curb losses in the case of a credit event. The second is “credit portfolio management,” in which we utilize statistical methods to assess the potential for losses related to credit risk. Through this process, we identify credit risk and respond appropriately.

Our board of directors determines the Mizuho group’s key matters pertaining to credit risk management. In addition, we have established the Portfolio Management Committee as one of its business policy committees. This committee of Mizuho Financial Group discusses and coordinates basic policy in connection with credit risk management and matters in connection with overall credit portfolio management and credit risk monitoring for the Mizuho group. Under the control of the Chief Risk Officer of Mizuho Financial Group, the Risk Management Division and the Credit Risk Management Division jointly monitor, analyze and submit suggestions concerning credit risk and formulate and execute plans in connection with basic matters pertaining to credit risk management.

We use statistical methods to manage the possibility of losses by measuring the expected average loss for a one-year risk horizon (“expected loss”) and the maximum loss within a certain confidence interval (“credit VAR”). The difference between expected loss and credit VAR is measured as the credit risk amount (“unexpected loss”). We recognize two types of risk arising from allowing too large a proportion of overall credit risk to be allocated in certain areas. One type is “credit concentration risk,” which stems from granting excessive credit to certain individual counterparties. The other type is “chain-reaction default risk,” which arises from granting excessive credit to certain corporate groups, industrial sectors and other groupings. We manage these risks appropriately in line with our specific guidelines for each.

The board of directors of each of our principal banking subsidiaries and other core group companies determines key matters pertaining to credit risk in line with basic policies set forth by Mizuho Financial Group. Their respective business policy committees are responsible for discussing and coordinating overall management of their individual credit portfolios and transaction policies towards obligors.

The chief risk officer of each principal banking subsidiary and core group company is responsible for matters relating to planning and implementing credit risk management. The credit risk management division of each principal banking subsidiary is responsible for planning and administering credit risk management and conducting credit risk measuring and monitoring. Each credit division determines policies and approves/disapproves individual transactions regarding review and management of and collection from customers in accordance with the lines of authority set forth by each principal banking subsidiary. In addition, from the standpoint of internal controls, each of our principal banking subsidiaries has also established internal audit divisions that are independent of the business divisions in order to ensure appropriate credit risk management.

„ Market Risk Management

The board of directors of Mizuho Financial Group determines key matters pertaining to market risk management policies. In addition, we have established the ALM & Market Risk Committee as one of its business policy committees. The committee broadly discusses and coordinates matters relating to basic asset and liability management policies, risk planning and market risk management and proposes responses to emergencies such as sudden market changes.

The Chief Risk Officer of Mizuho Financial Group is responsible for matters relating to market risk management planning and operations. The Risk Management Division of Mizuho Financial Group is responsible for monitoring market risk, reports and analyses, proposals, setting limits and guidelines, and formulating and implementing plans relating to market risk management. In addition, the division assesses and manages the overall market risk of the Mizuho group as a whole and keeps track of the market risk situation of our principal banking subsidiaries and other core group companies. The division also submits reports to the Chief Executive Officer on a daily basis and to our board of directors and the executive management committee of Mizuho Financial Group on a regular basis.

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Mizuho Financial Group, Inc.

To manage market risk, we set limits that correspond to risk capital allocations. The amount of risk capital allocated to market risk corresponds to VAR and additional costs that may arise in order to close relevant positions. For trading and banking activities, we set limits for VAR and for losses. For banking activities, we set position limits based on interest rate sensitivity as needed.

Our principal banking subsidiaries and certain other core group companies have formulated their basic policies in line with the basic policies determined by Mizuho Financial Group. Their boards of directors determine important matters relating to market risk management while their Chief Executive Officers are responsible for controlling market risk. Based on a common Mizuho Group risk capital allocation framework, the above-mentioned companies manage market risk by setting limits according to the risk capital allocated to market risk by Mizuho Financial Group.

Our principal banking subsidiaries and certain other core group companies have the same market risk management structure as the Mizuho Financial Group, such as their business policy committees being responsible for overall discussion and coordination of the market risk management, including their ALM & market risk management committees.

In addition, they have established middle offices specializing in risk management that are independent of their front offices, which engage in market transactions, and their back offices, which are responsible for book entries and settlements. This system enables them to achieve mutual checks and control over market operations.

When VAR is not adequate to control risk, the middle offices manage risk using additional risk indices such as 10 BPV (Basis Point Value), carry out stress tests and set stop loss limits as needed.

… Situation of Market Risk

i. Overview of Banking Activities

The following table shows the VaR figures relating to our banking activities for the fiscal year indicated:


	*(Billions of yen)*
	Fiscal year ended March 31, 2011
As of fiscal year end		211.3
Maximum		227.6
Minimum		137.8
Average		188.6

[Definition of Banking business]

The following transactions are categorized as banking business, with trading business and strategically-held equity being categorized separately.

(1)

Deposits and loans as well as related funding activities, and hedge against interest rate risk.

(2)

Equity (excluding strategically-held equity), bonds, investment trusts, etc. and hedges against related market risk.

The core deposit of liquid deposits is to be specified and incorporated into the measurement of market risk.

Banking business VAR used to calculate Market Risk Equivalent is based on the following:

•

variance co-variance model for linear risk and Monte-Carlo simulation for non-linear risk;

•

VAR : the total amount of linear risk and non-linear risk;

•

confidence interval: one-tailed 99%;

•

holding period of one month; and

•

historical observation period of one year.

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Mizuho Financial Group, Inc.

ii. Trading business

The following table shows VAR figures of our trading activities for the fiscal year indicated:


	*(Billions of yen)*
	Fiscal year ended March 31, 2011
As of fiscal year end		3.6
Maximum		3.8
Minimum		2.2
Average		2.9

[Definition of trading activities]

(1)	Transactions held for the purpose of short-term resale.

(2)	Transactions held for the purpose of making a profit from price fluctuations over a short period as well as fixing a profit from arbitrage activities.

(3)	Deals that have both aspects of (1) and (2) above.

(4)	Deals held for broking business or market making business.

Trading business VAR used to calculate Market Risk Equivalent is based on the following:

•

variance co-variance model for linear risk and Monte-Carlo simulation for non-linear risk;

•

confidence interval: one-tailed 99%;

•

holding period of 1 trading day; and

•

historical observation period of one year.

iii. Strategic Equity Holding

We make the same market risk management based on VAR and risk indices for strategic equity holding portfolio as banking business and trading business.

The risk index of the strategic equity holding portfolio (sensitivity of the portfolio to a 1% change in TOPIX index ) is set as ¥25.7 billion for in fiscal year ended March 31,2011.

iv. Risk management using VAR

VAR is a commonly used market risk management technique with statistical assumptions to measure maximum possible loss in the market, which will be incurred to the holding portfolio in a certain period with some probability. It should be noted that in general VAR model has the following shortcomings:

•

VAR estimates could differ by assumptions of holding period, confidence interval level and approaches for the measurement.

•

VAR which is calculated based on historical data does not necessarily indicate an accurate future possible maximum loss .

•

VAR might underestimate the probability of extreme market movements when the market gets inactive as VAR assumes sales of holding portfolio and hedges in the market during the holding period for the calculation.

•

The use of a 99% confidence level does not take account of, nor makes any statement about, any losses that might occur beyond this confidence level.

The variance co-variance model used as the measurement technique of VAR assumes that change in a market movement follows a normal distribution. Therefore, the model might underestimate the risk under the circumstance that the market is likely to move extremely beyond the assumption. The model might also underestimate the risk when the normal correlation assumption between interest rate and share price collapses under the circumstances when a rise in the interest rate and a deterioration of share price happen simultaneously.

We check the validity of the market risk measurement made by VAR approach periodically by the back-test which compares VAR with actual profit and loss. In addition to VAR, we make a wide variety of management and controls such as risk indices monitoring, implementation of stress tests, loss limit monitoring in order to make strict risk management by capturing carefully all risks, including what VAR approach is not able to cover.

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Mizuho Financial Group, Inc.

† Liquidity Risk Management

Our liquidity risk management structure is generally the same as the market risk management structure described above (“Item „ Market Risk Management”). However, the head of the Financial Control & Accounting Group of Mizuho Financial Group is additionally responsible for matters relating to planning and running cash flow management operations, while the Financial Planning Division is responsible for monitoring and adjusting the cash flow management situation and for planning and implementing cash flow management. Reports on the cash flow situation are submitted to the ALM & market risk management committee, the executive management committee and the Chief Executive Officer.

We measure liquidity risk using indices pertaining to cash flow, such as limits on funds raised in the market. Limits on liquidity risk are discussed and coordinated by the ALM & market risk management committee, discussed further by the executive management committee and determined by the Chief Executive Officer. We have established classifications for the cash flow conditions affecting the Group, ranging from “normal” to “cause for concern” and “critical,” and have established procedures for dealing with cases which are deemed to fall into the “cause for concern” or “critical” categories. In addition, we have constructed a system under which we will be able to respond smoothly in the event of emergency situations that affect our funding by establishing action plans.

(4) Supplementary explanation of matters relating to fair value of financial instruments and others

Fair values of financial instruments include the values based on market prices, and the values deemed as market prices obtained by the reasonable estimate when the financial instruments do not have market prices. Since certain assumptions and others are adopted for calculating such values, they may differ when adopting different assumptions and others.

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Mizuho Financial Group, Inc.

2. Matters relating to fair value of financial instruments and others

The following are the consolidated balance sheet amounts, fair values and differences between them as of March 31, 2011. Unlisted stocks and others, the fair values of which are extremely difficult to determine, are excluded from the table below (see (Note 2)).


	*(Unit: Millions of yen)*
	Consolidated Balance Sheet Amount			Fair Value		Difference
(1) Cash and Due from Banks (*1)		9,950,144			9,950,144		—
(2) Call Loans and Bills Purchased (*1)		375,255			375,255		—
(3) Receivables under Resale Agreements		7,467,309			7,467,309		—
(4) Guarantee Deposits Paid under Securities Borrowing Transactions		6,541,512			6,541,512		—
(5) Other Debt Purchased (*1)		1,667,151			1,665,020		(2,130	)
(6) Trading Assets Trading Securities		9,497,860			9,497,860		—
(7) Money Held in Trust (*1)		122,233			122,233		—
(8) Securities
Bonds Held to Maturity		1,202,123			1,208,220		6,097
Other Securities		42,932,743			42,932,743		—
(9) Loans and Bills Discounted		62,777,757
Reserves for Possible Losses on Loans (*1)		(654,284	)
		62,123,472			62,463,480		340,007

Total Assets		141,879,804			142,223,779		343,974

(1) Deposits		79,233,922			79,184,769		(49,153	)
(2) Negotiable Certificates of Deposit		9,650,236			9,649,914		(322	)
(3) Debentures		740,932			735,366		(5,566	)
(4) Call Money and Bills Sold		5,095,412			5,095,412		—
(5) Payables under Repurchase Agreements		11,656,119			11,656,119		—
(6) Guarantee Deposits Received under Securities Lending Transactions		5,488,585			5,488,585		—
(7) Trading Liabilities Securities Sold, Not yet Purchased		4,249,792			4,249,792		—
(8) Borrowed Money		15,969,385			15,987,515		18,130
(9) Bonds and Notes		5,110,947			5,204,422		93,474

Total Liabilities		137,195,334			137,251,897		56,563

Derivative Transactions (*2)
Derivative Transactions not Qualifying for Hedge Accounting		737,937
Derivative Transactions Qualifying for Hedge Accounting		238,832
Reserves for Derivative Transactions (*1)		(46,203	)

Total Derivative Transactions		930,567			930,567		—

(*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.

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Mizuho Financial Group, Inc.

(Note 1) Calculation method of fair value of financial instruments

Assets

(1) Cash and Due from Banks

For Due from Banks which have no maturity, since fair values of these items approximate book values, we deem the book values to be fair values. For Due from Banks which have maturity, since contractual terms of these items are short (i.e., within six months) and fair values of these items approximate book values, we deem the book values to be fair values.

(2) Call Loans and Bills Purchased, (3) Receivables under Resale Agreements and (4) Guarantee Deposits Paid under Securities Borrowing Transactions

Since contractual terms of these items are short (i.e., within six months) and fair values of these items approximate book values, we deem the book values to be fair values.

(5) Other Debt Purchased

Fair values of Other Debt Purchased are based on the values deemed as market prices obtained by the reasonable estimate such as those obtained from brokers and financial information vendors.

(6) Trading Assets

Fair values of securities held for trading, such as bonds held for trading, are based on the market prices and others.

(7) Money Held in Trust

As to securities managed as trust assets in a directed money trust for separate investment with the management of securities as its primary purpose, stocks are based on the prices on stock exchanges, and bonds are based on the market prices and others. For other Money Held in Trust, since fair values of these items approximate book values, we deem the book values to be fair values. The notes to Money Held in Trust based on holding purpose are stated in “(Notes to Money Held in Trust).”

(8) Securities

Fair values of stocks are based on the prices on securities exchanges, and those of bonds and others are based on the market prices, valuations obtained from brokers and information vendors and others. Fair values of investment trusts are based on the disclosed net asset value. Fair values of private placement bonds are calculated by discounting the total amount of principal and interest and others at interest rates based on the discount rate reflecting expected loss and various risk factors by categories according to the internal ratings and terms.

Fair values of Floating-rate Japanese Government Bonds, according to our determination that current market prices may not reflect the fair value, are based on the reasonably calculated prices as book value at the end of the current fiscal year. In deriving the reasonably calculated prices, we used the discount cash flow method as well as other methods. The price decision variables include the yield of 10-year Japanese Government Bonds and the volatilities of interest rate swap options for 10-year Japanese Government Bonds as underlying assets.

With respect to the credit investments in securitization products made as an alternative to loans by the European, North American and other offices of domestic consolidated banking subsidiaries, given the current situation in which the volume of actual transactions is extremely limited and there exists a considerable gap between the offers and bids of sellers and buyers, we determined that valuations obtained from brokers and information vendors cannot be deemed to be the fair value, and we applied reasonably calculated prices based on the reasonable estimates of our management as fair value. In deriving reasonably calculated prices based on the reasonable estimates of our management mentioned above, we used the discounted cash flow method. The price decision variables include default rates, recovery rates, pre-payment rates and discount rates, and the subject Securities included residential mortgage-backed securities, collateralized loan obligations, commercial mortgage-backed securities, and other asset backed securities.

The notes to Securities based on holding purpose are stated in “(Securities).”

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Mizuho Financial Group, Inc.

(9) Loans and Bills Discounted

Fair values of Loans and Bills Discounted are calculated by the total amount of principal and interest and others at interest rates based on the discount rate reflecting expected loss and various risk factors by categories according to the types, internal ratings and terms of the Loans and Bills Discounted. In addition, as to claims against bankrupt obligors, substantially bankrupt obligors and intensive control obligors, since the estimated amount of bad debts is calculated based on the present value of the expected future cash flows or the estimated amounts that we would be able to collect from collateral and guarantees, fair values approximate the consolidated balance sheet amount as of the consolidated balance sheet date minus the present estimated amount of bad debts, and we thus deem such amount to be fair values.

Of the Loans and Bills Discounted, for those without a fixed maturity due to loan characteristics such as limiting loans to within the value of pledged assets, we deem book values to be fair values since fair values are expected to approximate book values based on the estimated loan periods, interest rates and other conditions.

Liabilities

(1) Deposits

For demand deposits, we deem the payment amounts required on the consolidated balance sheet date (i.e., book values) to be fair values. In addition, fair values of fixed deposits are calculated by classifying them based on their terms and by discounting the future cash flows. The discount rates used in such calculations are the interest rates.

(2) Negotiable Certificates of Deposit

Fair values of Negotiable Certificates of Deposit are calculated by classifying them based on their terms and by discounting the future cash flows. The discount rates used in such calculations are the interest rates. Since fair values of those whose deposit terms are short (i.e., within six months) approximate book values, we mainly deem the book values to be fair values.

(3) Debentures

Fair values of Debentures are based on the market prices for the debentures which have market prices, and calculated by classifying them based on their terms and by discounting the future cash flows for those which do not have market prices. The discount rates used in such calculations are the interest rates.

(4) Call Money and Bills Sold, (5) Payables under Repurchase Agreements and (6) Guarantee Deposits Received under Securities Lending Transactions

Since contractual terms of these financial instruments are short (i.e., within six months) and fair values approximate book values, we deem the book values to be fair values.

(7) Trading Liabilities

Fair values of Securities Sold, Not yet Purchased in Trading Liabilities are based on the market prices and others.

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Mizuho Financial Group, Inc.

(8) Borrowed Money

Fair values of Borrowed Money are calculated by discounting the total amount of the principal and interest of such Borrowed Money classified by certain period at the interest rates considered to be applicable to similar loans.

(9) Bonds and Notes

Fair values of Bonds and Notes issued by MHFG and its consolidated subsidiaries are based on the market prices for Bonds and Notes which have market prices, and calculated by discounting the total amount of principal and interest by the interest rates considered to be applicable to similar Bonds and Notes for those which do not have market prices.

Derivative Transactions

Derivative transactions include interest rate-related transactions (futures, options, swaps and others), currency-related transactions (futures, options, swaps and others), bond-related transactions (futures, futures options and others), and are based on the prices on securities exchanges, discounted value of future cash flows, option pricing models and others.


(Note 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,” “Assets (7) Money Held in Trust,” and “Assets (8) Other Securities” in fair value information of financial instruments.


	*(Millions of yen)*
Category	Consolidated Balance Sheet Amount
Unlisted Stocks (*1)		280,340
‚ Investments in Partnerships (*2)		156,965
ƒ Other		399

Total (*3)		437,704

(*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)	During the fiscal year ended March 31, 2011, we impaired (“devaluated”) in the amount of ¥15,562 million on a consolidated basis.

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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, 2011)


	*(Millions of yen)*
	Unrealized Gains (Losses) Included in Profit and Loss for the Fiscal Year
Trading Securities		(57,702	)

2. Bonds Held to Maturity (as of March 31, 2011)


	*(Millions of yen)*
Type	Consolidated Balance Sheet Amount		Fair Value		Difference
Bonds Whose Fair Values Exceed the Consolidated Balance Sheet Amount
Japanese Government Bonds		900,324		907,685		7,360
Japanese Corporate Bonds		1,508		1,513		5
Sub-total		901,832		909,198		7,365
Bonds Whose Fair Values Do Not Exceed the Consolidate Balance Sheet Amount
Japanese Government Bonds		300,290		299,022		(1,268	)
Sub-total		300,290		299,022		(1,268	)
Total		1,202,123		1,208,220		6,097

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Mizuho Financial Group, Inc.

3. Other Securities (as of March 31, 2011)


	*(Millions of yen)*
Type	Consolidated Balance Sheet Amount		Acquisition Cost		Difference
Other Securities Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost
Stocks		1,496,300		1,039,885		456,414
Bonds		15,475,956		15,383,770		92,186
Japanese Government Bonds		13,790,717		13,738,553		52,164
Japanese Local Government Bonds		108,479		106,340		2,139
Japanese Corporate Bonds		1,576,759		1,538,876		37,883
Other		2,483,620		2,380,710		102,909
Foreign Bonds		1,494,720		1,462,783		31,936
Other Debt Purchased		536,345		519,822		16,522
Other		452,554		398,104		54,450
Sub-total		19,455,877		18,804,366		651,510
Other Securities Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost
Stocks		1,144,399		1,395,079		(250,680	)
Bonds		17,996,922		18,100,443		(103,520	)
Japanese Government Bonds		15,498,867		15,549,952		(51,085	)
Japanese Local Government Bonds		121,689		123,099		(1,410	)
Japanese Corporate Bonds		2,376,366		2,427,391		(51,025	)
Other		5,548,785		5,846,728		(297,943	)
Foreign Bonds		4,307,045		4,446,184		(139,139	)
Other Debt Purchased		531,316		556,034		(24,718	)
Other		710,423		844,509		(134,085	)
Sub-total		24,690,108		25,342,251		(652,143	)
Total		44,145,985		44,146,618		(632	)

(Note) Unrealized Gains (Losses) includes ¥(1,242) million which was recognized in the statement of income by applying the fair-value hedge method.

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Mizuho Financial Group, Inc.

4. Bonds Held to Maturity which were sold during the fiscal year ended March 31, 2011

There were no Bonds Held to Maturity which were sold during the fiscal year ended March 31, 2011.

5. Other Securities Sold during the Fiscal Year ended March 31, 2011


	*(Millions of yen)*
	Amount Sold		Gains on Sales		Losses on Sales
Stocks		187,355		36,581		12,925
Bonds		49,916,098		101,529		23,598
Japanese Government Bonds		48,472,744		82,171		20,357
Japanese Local Government Bonds		77,817		989		238
Japanese Corporate Bonds		1,365,536		18,369		3,002
Other		20,204,651		154,937		90,808

Total		70,308,105		293,049		127,332

(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, 2011.

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 ¥83,641 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, 2011)


	*(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		121,282		—

2. Money Held in Trust Held to Maturity (As of March 31, 2011)

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, 2011)


	*(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		984		1,017		(32	)		—		(32	)

(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.”

1-46

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 primarily 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 subsidiaries offer financial products and services in specific areas of business or countries mainly to customers of the Global Corporate Group.

1-47

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 and Mizuho Private Wealth Management. They offer products and services related to private banking, trust and custody, and asset management.

[Others ]

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

1-48

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.

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


	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)		456,948			395,778		176,000		86,300		133,478		(9,215	)		70,385			614,456			571,752		248,200		266,900		56,652		589		42,115			43,425			42,534		891			(5,386	)	1,109,444
Net non-interest income		483,515			282,556		115,200		56,900		110,456		158,949			42,009			294,871			237,545		34,600		124,900		78,045		49,780		7,544			134,000			89,339		44,660			11,457		923,844
Total		940,464			678,334		291,200		143,200		243,934		149,734			112,395			909,327			809,298		282,800		391,800		134,698		50,369		49,660			177,426			131,874		45,551			6,070		2,033,289
General and administrative expenses (excluding Non-Recurring Losses)		471,321			234,987		88,800		62,100		84,087		160,895			75,438			605,281			554,750		237,700		223,700		93,350		41,012		9,519			125,494			87,385		38,109			210		1,202,308
Others		(56,688	)		—		—		—		—		—			(56,688	)		(15,894	)		—		—		—		—		—		(15,894	)		(2,108	)		—		(2,108	)		(14,552	)	(89,242	)
Net business profits
(excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)		412,455			443,347		202,400		81,100		159,847		(11,161	)		(19,730	)		288,151			254,547		45,100		168,100		41,347		9,357		24,246			49,822			44,488		5,333			(8,691	)	741,738

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.

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:

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Mizuho Financial Group, Inc.

(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		2,033,289
Other Ordinary Income		95,970
General and Administrative Expenses		(1,285,815	)
Other Ordinary Expenses		(254,945	)

Ordinary Profits recorded in Consolidated Statements of Income		588,498

(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		741,738
Credit Costs for Trust Accounts,		—
General and Administrative Expenses (non-recurring losses)		(83,507	)
Expenses related to Portfolio Problems		(76,103	)
Net Gains (Losses) related to Stocks		(70,520	)
Net Extraordinary Gains (Losses)		46,926
Other		76,892

Income before income taxes and minority interests recorded in Consolidated Statements of Income		635,425

(Additional Information)

Mizuho Financial Group has applied “Accounting Standard for Disclosures about Segments of an Enterprise and Related information (ASBJ Statement No. 17, March 27, 2009)” and “Guidance on the Accounting Standard for Disclosures about Segments of an Enterprise and Related information (ASBJ Guidance No. 20, March 21, 2008)” beginning with this fiscal year.

1-50

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)

Fiscal 2009

Fiscal 2010

Net Assets per Share of Common Stock

191.53

177.53

Net Income (Loss) per Share of Common Stock

16.29

20.47

Diluted Net Income per Share of Common Stock

15.57

19.27

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

Fiscal 2009

Fiscal 2010

Net Assets per Share of Common Stock

Total Net Assets

¥ million

5,837,053

6,623,999

Deductions from Total Net Assets

¥ million

2,871,059

2,757,897

Paid-in Amount of Preferred Stock

¥ million

535,971

453,576

Cash Dividends on Preferred Stock

¥ million

11,086

9,438

Stock Acquisition Rights

¥ million

2,301

2,754

Minority Interests

¥ million

2,321,700

2,292,128

Net Assets (year-end) related to Common Stock

¥ million

2,965,993

3,866,102

Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated

Thousands
of shares

15,485,000

21,776,528

2. Net Income (Loss) per Share of Common Stock is based on the following information:

Fiscal 2009

Fiscal 2010

Net Income per Share of Common Stock

Net Income (Loss)

¥ million

239,404

413,228

Amount not attributable to Common Stock

¥ million

11,086

9,438

Cash Dividends on Preferred Stock

¥ million

11,086

9,438

Net Income (Loss) related to Common Stock

¥ million

228,317

403,789

Average Outstanding Shares of Common Stock (during the period)

Thousands
of shares

14,013,057

19,722,818

3. Diluted Net Income per Share of Common Stock is based on the following information:

Diluted Net Income per Share of Common Stock is not disclosed due to Net Loss per Share of Common Stock for the previous fiscal year.

Fiscal 2009

Fiscal 2010

Diluted Net Income per Share of Common Stock

Adjustment to Net Income

¥ million

9,975

8,324

Cash Dividends on Preferred Stock

¥ million

9,985

8,337

Adjustments made to reflect Stock Acquisition Rights of subsidiaries

¥ million

)

(13

)

Increased Number of Shares of Common Stock

Thousands
of shares

1,291,167

1,659,576

Preferred Stock

Thousands
of shares

1,284,504

1,649,424

Stock Acquisition Rights

Thousands
of shares

6,663

10,152

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)

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Mizuho Financial Group, Inc.

(SUBSEQUENT EVENTS)

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.

Prior to the effective date of the share exchange, shares of common stock of MHTB are scheduled to be delisted as of August 29, 2011, from the Tokyo Stock Exchange and the Osaka Securities Exchange (the last trading date will be August 26, 2011).

(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 (Scheduled)

„	Legal method of the share exchange	The share exchange in which MHFG will become a wholly-owning parent and MHTB will become 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.

1-52

Mizuho Financial Group, Inc.

(2) Share allotment ratio, calculation method, and number of shares to be delivered (scheduled)

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 the meetings of their respective board of directors held on April 28, 2011.

ƒ Number of shares to be delivered

Shares of common stock of MHFG: 823,462,056 shares (Scheduled)

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.

Prior to the effective date of the share exchange, shares of MHSC are scheduled to be delisted as of August 29, 2011, from the Tokyo Stock Exchange, the Osaka Securities Exchange and the Nagoya Stock Exchange (the last trading date will be August 26, 2011).

(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 (Scheduled)

„	Legal method of the share exchange	The share exchange in which MHCB will become a wholly-owning parent and MHSC will become 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.

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Mizuho Financial Group, Inc.

(2) Share allotment ratio, calculation method, and number of shares to be delivered (scheduled)

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 the meetings of their respective board of directors held on April 28, 2011.

ƒ Number of shares to be delivered

Shares of common stock of MHFG: 958, 035, 295 shares (Scheduled)

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.

Prior to the effective date of the share exchange, shares of MHIS are scheduled to be delisted as of August 29, 2011, from the Tokyo Stock Exchange, the Osaka Securities Exchange and the Nagoya Stock Exchange (the last trading date will be August 26, 2011).

1-54

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 Investors Securities Co., Ltd.

‚	Purpose of business	Financial instruments business

ƒ	Effective date of the share exchange	September 1, 2011 (Scheduled)

„	Legal method of the share exchange	The share exchange in which MHBK will become a wholly-owning parent and MHIS will become 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 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.

1-55

Mizuho Financial Group, Inc.

(2) Share allotment ratio, calculation method, and number of shares to be delivered (scheduled)

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 the meetings of their respective board of directors held on April 28, 2011.

ƒ Number of shares to be delivered

Shares of common stock of MHFG: 322,951,927 shares (Scheduled)

1-56

Mizuho Financial Group, Inc.

5. NON-CONSOLIDATED FINANCIAL STATEMENTS

(1) NON-CONSOLIDATED BALANCE SHEETS


	*Millions of yen*
	As of March 31, 2010		As of March 31, 2011
Assets
Current Assets
Cash and Due from Banks	¥	15,133	¥	16,490
Advances		11		11
Prepaid Expenses		1,120		1,120
Accounts Receivable		858		3,540
Other Current Assets		3,603		5,728
Total Current Assets		20,727		26,892
Fixed Assets
Tangible Fixed Assets		1,205		1,446
Buildings		540		829
Equipment		632		408
Construction in Progress		32		208
Intangible Fixed Assets		3,679		3,202
Trademarks		48		25
Software		3,093		3,113
Other Intangible Fixed Assets		537		64
Investments		5,200,357		6,003,616
Investment Securities		2		51,272
Investments in Subsidiaries and Affiliates		5,187,202		5,938,822
Long-term Prepaid Expenses		141		141
Other Investments		13,011		13,380
Total Fixed Assets		5,205,243		6,008,266

Total Assets	¥	5,225,971	¥	6,035,158

Liabilities
Current Liabilities
Short-term Borrowings	¥	700,000	¥	741,575
Short-term Bonds		260,000		380,000
Accounts Payable		2,801		3,829
Accrued Expenses		3,174		3,389
Accrued Corporate Taxes		93		94
Deposits Received		233		248
Reserve for Bonus Payments		259		246
Total Current Liabilities		966,562		1,129,384
Non-Current Liabilities
Bonds and Notes		240,000		240,000
Deferred Tax Liabilities		424		4,344
Reserve for Employee Retirement Benefits		1,470		1,757
Asset Retirement Obligations		—		640
Other Non-Current Liabilities		6,367		6,146
Total Non-Current Liabilities		248,262		252,890

Total Liabilities	¥	1,214,824	¥	1,382,274

1-57

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2010			As of March 31, 2011
Net Assets
Shareholders’ Equity
Common Stock and Preferred Stock	¥	1,805,565		¥	2,181,375
Capital Surplus
Capital Reserve		649,841			1,025,651
Total Capital Surplus		649,841			1,025,651
Retained Earnings
Appropriated Reserve		4,350			4,350
Other Retained Earnings		1,554,974			1,437,204
Retained Earnings Brought Forward		1,554,974			1,437,204
Total Retained Earnings		1,559,324			1,441,554
Treasury Stock		(5,184	)		(3,196	)

Total Shareholders’ Equity		4,009,546			4,645,383

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		(44	)		5,713

Total Valuation and Translation Adjustments		(44	)		5,713

Stock Acquisition Rights		1,643			1,786

Total Net Assets		4,011,146			4,652,883

Total Liabilities and Net Assets	¥	5,225,971		¥	6,035,158

1-58

Mizuho Financial Group, Inc.

(2) NON-CONSOLIDATED STATEMENTS OF INCOME


	*Millions of yen*
	For the fiscal year ended March 31, 2010			For the fiscal year ended March 31, 2011
Operating Income
Cash Dividends Received from Subsidiaries and Affiliates	¥	3,847		¥	16,543
Fee and Commission Income Received from Subsidiaries and Affiliates		29,945			29,878
Total Operating Income		33,792			46,422
Operating Expenses
General and Administrative Expenses		19,807			19,673
Total Operating Expenses		19,807			19,673

Operating Profits		13,984			26,748

Non-Operating Income
Interest on Deposits		35			20
Interest and Dividends on Securities		1			197
Cash Dividends Received		—			596
Fee and Commissions		2,538			10,155
Rent Received		2			—
Other Non-Operating Income		3,175			1,469
Total Non-Operating Income		5,753			12,438
Non-Operating Expenses
Interest Expenses		5,521			4,759
Interest on Short-term Bonds		1,537			1,250
Interest on Bonds		6,858			10,155
Other Non-Operating Expenses		4,732			4,264
Total Non-Operating Expenses		18,650			20,429

Ordinary Profits		1,086			18,757

Extraordinary Gains
Gains on Liquidation of Investments in Subsidiaries		2,227			—
Other Extraordinary Gains		—			23
Total Extraordinary Gains		2,227			23
Extraordinary Losses
Losses on Disposition of Tangible Fixed Assets		17			—
Other Extraordinary Losses		—			205
Total Extraordinary Losses		17			205

Income before Income Taxes		3,296			18,575

Income Taxes:
Current		4			63
Deferred		(88	)		0
Total Income Taxes		(83	)		64

Net Income	¥	3,379		¥	18,511

1-59

Mizuho Financial Group, Inc.

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


	*Millions of yen*
	For the fiscal year ended March 31, 2010			For the fiscal year ended March 31, 2011

Shareholders’ Equity
Common Stock and Preferred Stock
Balance as of the end of the previous period	¥	1,540,965		¥	1,805,565
Changes during the period
Issuance of New Shares		264,600			375,810
Total Changes during the period		264,600			375,810

Balance as of the end of the period		1,805,565			2,181,375

Capital Surplus
Capital Reserve
Balance as of the end of the previous period		385,241			649,841
Changes during the period
Issuance of New Shares		264,600			375,810
Total Changes during the period		264,600			375,810

Balance as of the end of the period		649,841			1,025,651

Total Capital Surplus
Balance as of the end of the previous period		385,241			649,841
Changes during the period
Issuance of New Shares		264,600			375,810
Total Changes during the period		264,600			375,810

Balance as of the end of the period		649,841			1,025,651

Retained Earnings
Appropriated Reserve
Balance as of the end of the previous 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 end of the previous period		1,683,272			1,554,974
Changes during the period
Cash Dividends		(131,015	)		(134,966	)
Net Income		3,379			18,511
Disposition of Treasury Stock		(662	)		(1,314	)

Total Changes during the period		(128,297	)		(117,770	)

Balance as of the end of the period		1,554,974			1,437,204

Total Retained Earnings
Balance as of the end of the previous period		1,687,622			1,559,324
Changes during the period
Cash Dividends		(131,015	)		(134,966	)
Net Income		3,379			18,511
Disposition of Treasury Stock		(662	)		(1,314	)

Total Changes during the period		(128,297	)		(117,770	)

Balance as of the end of the period	¥	1,559,324		¥	1,441,554

1-60

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2010			For the fiscal year ended March 31, 2011
Treasury Stock
Balance as of the end of the previous period	¥	(6,218	)	¥	(5,184	)
Changes during the period
Repurchase of Treasury Stock		(4	)		(3	)
Disposition of Treasury Stock		1,038			1,990

Total Changes during the period		1,033			1,987

Balance as of the end of the period		(5,184	)		(3,196	)

Total Shareholders’ Equity
Balance as of the end of the previous period		3,607,610			4,009,546
Changes during the period
Issuance of New Shares		529,200			751,620
Cash Dividends		(131,015	)		(134,966	)
Net Income		3,379			18,511
Repurchase of Treasury Stock		(4	)		(3	)
Disposition of Treasury Stock		376			675

Total Changes during the period		401,936			635,836

Balance as of the end of the period		4,009,546			4,645,383

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes
Balance as of the end of the previous period		(32	)		(44	)
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(12	)		5,758

Total Changes during the period		(12	)		5,758

Balance as of the end of the period		(44	)		5,713

Stock Acquisition Rights
Balance as of the end of the previous period		1,032			1,643
Changes during the period
Net Changes in Items other than Shareholders’ Equity		611			142

Total Changes during the period		611			142

Balance as of the end of the period		1,643			1,786

Total Net Assets
Balance as of the end of the previous period		3,608,611			4,011,146
Changes during the period
Issuance of New Shares		529,200			751,620
Cash Dividends		(131,015	)		(134,966	)
Net Income		3,379			18,511
Repurchase of Treasury Stock		(4	)		(3	)
Disposition of Treasury Stock		376			675
Net Changes in Items other than Shareholders’ Equity		598			5,900

Total Changes during the period		402,534			641,737

Balance as of the end of the period	¥	4,011,146		¥	4,652,883

(4) NOTE FOR THE ASSUMPTION OF GOING CONCERN

There is no applicable information.

1-61

SUMMARY OF FINANCIAL RESULTS

For Fiscal 2010

<Under Japanese GAAP>

LOGO

Mizuho Financial Group, Inc.

Summary Results for Fiscal 2010

I. Summary of Income Analysis

Consolidated Net Business Profits

•

Consolidated Gross Profits for fiscal 2010 increased by JPY 36.6 billion on a year-on-year basis to JPY 2,033.2 billion.

Gross Profits of the banking subsidiaries increased by JPY 26.3 billion on a year-on-year basis (increased by JPY 103.9 billion after adjustment of the impact for fiscal 2009 of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs). This was due to a year-on-year increase in income from Customer Groups (JPY 24.2 billion) arising mainly from non-interest income, accompanied by an increase in income from the Trading segment derived from flexible and timely operations properly interpreting market trends, and by other factors.

G&A Expenses of the banking subsidiaries decreased by JPY 30.0 billion on a year-on-year basis mainly due to continued overall cost reduction efforts.

•

Aggregated Consolidated Gross Profits (Net Operating Revenues) of our two securities subsidiaries (Mizuho Securities and Mizuho Investors Securities) decreased by JPY 54.9 billion on a year-on-year basis.

•

As a result, Consolidated Net Business Profits amounted to JPY 741.7 billion, a year-on-year increase of JPY 39.0 billion.

Consolidated Net Income

•

Credit-related Costs of the 3 Banks amounted to a net reversal of JPY 16.0 billion, a year-on-year improvement of JPY 173.1 billion. This was primarily due to our efforts to implement appropriate credit management while responding to our customers’ financing needs. On a consolidated basis, Credit-related Costs were also maintained at a low level of a cost of JPY 16.6 billion.

•

Net Losses related to Stocks of the 3 Banks amounted to JPY 76.2 billion. This was mainly due to recording impairment losses reflecting a decline in stock prices.

•

As a result, Consolidated Net Income for fiscal 2010 increased by JPY 173.8 billion on a year-on-year basis to JPY 413.2 billion.

(Consolidated)


	FY2010
			Change from FY2009
(JPY Bn)
Consolidated Gross Profits		2,033.2		36.6
Consolidated Net Business Profits*		741.7		39.0
Credit-related Costs		-16.6		202.6
Net Gains (Losses) related to Stocks		-70.5		-74.7
Ordinary Profits		588.4		261.3
Net Income		413.2		173.8

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


	FY2010
			Change from FY2009
(JPY Bn)
Gross Profits		1,619.5		* 26.3
G&A Expenses (excluding Non-Recurring Losses)		-877.1		30.0
Net Business Profits		742.3		* 56.4
Credit-related Costs		16.0		173.1
Net Gains (Losses) related to Stocks		-76.2		-87.1
Ordinary Profits		507.2		201.5
Net Income		447.0		133.8

The results of “FY2009” included the impact on banking subsidiaries (JPY 77.5 billion, eliminated on a consolidated basis) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs. After adjustment for this impact, the change from FY2009 for Gross Profits was JPY 103.9 billion, and that for Net Business Profits was JPY 134.0 billion, respectively

2-1

Net Interest Income

•

The average loan balance for the second half of fiscal 2010 increased by JPY 0.1 trillion from that of the first half. This was primarily due to an increase in overseas loans, offset in part by a decrease in domestic loans, particularly those to large corporate customers. Meanwhile, the fiscal year-end loan balance as of March 31, 2011 increased by JPY 0.9 trillion compared with that of September 30, 2010, mainly due to an increase in overseas loans.

•

The domestic loan-and-deposit rate margin for the fourth quarter (i.e. three-month period from January to March 2011) was 1.37%, an improvement of 0.02% from that for the third quarter (i.e. three-month period from October to December 2010).

LOGO

Non-interest Income

•

Non-interest income from Customer Groups of the 3 Banks (on a managerial accounting basis) for fiscal 2010 increased by JPY 38.6 billion on a year-on-year basis.

•

Non-interest income from overseas business substantially increased compared with the previous fiscal year. In addition, we have seen increases in income associated with investment trusts and individual annuities, income from foreign exchanges business, profits from trust and asset management business of Mizuho Trust & Banking, and others.

LOGO

2-2

II. Financial Soundness

•

The balance of Disclosed Claims under the Financial Reconstruction Law (3 Banks) amounted to JPY 1,208.0 billion, a decrease of JPY 111.9 billion. NPL Ratio was 1.72%, an improvement of 0.18% from that of March 31, 2010.

•

Unrealized Gains on Other Securities amounted to JPY 0.6 billion, mainly due to a decrease in Unrealized Gains associated with a decline in stock prices and increases in both domestic and overseas interest rates.

•

Our Consolidated Capital Adequacy Ratio was 15.30%, an improvement of 1.84% from that of March 31, 2010.


	March 31, 2011
				Change from Mar. 31, 2010
(JPY Bn)
Consolidated Capital Adequacy Ratio		15.30	%		1.84	%
(Total Risk-based Capital)		(7,910.9	)		(252.9	)
Tier 1 Capital Ratio		11.93	%		2.84	%
(Tier 1 Capital)		(6,170.2	)		(996.7	)
Net Deferred Tax Assets (DTAs) (Consolidated)		471.1			-49.6
Net DTAs / Tier 1 Capital Ratio		7.6	%		-2.4	%
Disclosed Claims under the Financial Reconstruction Law (3 Banks)		1,208.0			-111.9
NPL Ratio		1.72	%		-0.18	%
(Net NPL Ratio *1)		(0.83	%)		(0.03	%)
Unrealized Gains (Losses) on Other Securities (Consolidated) *2		0.6			-267.0

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

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

III. Disciplined Capital Management

•

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

•

In the last fiscal year, we strengthened our capital base mainly as a result of earning JPY 413.2 billion of Consolidated Net Income and issuing common stock in July 2010 (the number of shares issued: 6 billion shares, total amount paid in: JPY 751.6 billion). As a result, our financial base was significantly improved. Our Consolidated Tier 1 Capital Ratio was 11.93% as of March 31, 2011, a year-on-year improvement of 2.84%.

•

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

•

We announced Mizuho’s Transformation Program in May 2010, and continue to work to improve profitability and enhance our financial base. We will strive to strengthen further our financial base mainly by accumulating retained earnings and improving asset efficiency through the steady implementation of the Program. Accordingly, we believe we will be able to sufficiently meet the new capital regulations.

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

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

(Note) The outstanding balance of the Eleventh Series Class XI Preferred Stock as of March 31, 2011 (excluding treasury stock) was JPY 416.8 billion (the rest of the balance, 55.8% of the initial amount issued of JPY 943.7 billion, had already been converted into common stock).

2-3

Earnings Plan for Fiscal 2011

(Figures below are on a consolidated basis)

We plan Consolidated Net Business Profits for fiscal 2011 to be JPY 800.0 billion, a year-on-year increase of JPY 58.2 billion. Net Business Profits of the 3 Banks for fiscal 2011 are planned to decrease on a year-on-year basis, as we conservatively estimate income from the Trading segment, which showed a strong performance in the previous fiscal year, while we plan a year-on-year increase in income from Customer Groups.

Credit-related Costs are estimated to be a cost of JPY 140.0 billion in light of the impact of the recent earthquake and other factors, while continuously implementing thorough credit management.

We estimate Net Gains related to Stocks to be JPY 30.0 billion mainly through the ongoing reduction of our stock portfolio.

Based on the above, and including the impact of turning the three listed group companies into wholly-owned subsidiaries, the transaction scheduled to be effective in September, we plan Consolidated Net Income to be JPY 460.0 billion.

We plan to make cash dividend payments of JPY 6 per share of common stock as annual dividend payments for the fiscal year ending March 31, 2012, unchanged from that in the previous fiscal year, in consideration of the balance between “strengthening of stable capital base” and “steady returns to shareholders,” as it has become increasingly important for financial institutions to strengthen capital base. We also plan to make cash dividend payments on preferred stock as prescribed. Pertaining to the above, commencing from the fiscal year ending March 31, 2012, we plan to make interim cash dividend payments in order to provide returns to shareholders at a more appropriate timing, although we have made cash dividend payments on an annual basis hitherto.

(Consolidated)


	FY2011 (Plan)
			Change from FY2010
(JPY Bn)
Consolidated Net Business Profits*		800.0		58.2
Credit-related Costs		-140.0		-123.3
Net Gains (Losses) related to Stocks		30.0		100.5
Ordinary Profits		660.0		71.5
Net Income		460.0		46.7

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

(Reference) 3 Banks


	FY2011 (Plan)
			Change from FY2010
(JPY Bn)
Net Business Profits		687.0		-55.3
Credit-related Costs		-125.0		-141.0
Net Gains (Losses) related to Stocks		30.0		106.2
Ordinary Profits		480.0		-27.2
Net Income		355.0		-92.0

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


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]	FY2010
			Change from FY2009
(JPY Bn)
Gross Profits		1,240.8		24.2
G&A Expenses		-699.6		16.8
Customer Groups		541.1		41.0
Gross Profits		378.6		2.0	(79.6	)
G&A Expenses		-177.4		13.2
Trading & Others		201.1		15.3	(92.9	)
Gross Profits		1,619.5		26.3	(103.9	)
G&A Expenses		-877.1		30.0
Net Business Profits		742.3		56.4	(134.0	)


(Note)		The figures in parentheses reflect adjustment of the impact on banking subsidiaries (JPY 77.5 billion, eliminated on a consolidated basis) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs

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 2010

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

“NON(B&R)”: Aggregated figures of the relevant banks including past figures for their former financial subsidiaries for corporate revitalization.

*MHBK, MHCB and MHTB merged with their own financial subsidiaries for corporate revitalization respectively, as of October 1, 2005.

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

I. FINANCIAL DATA FOR FISCAL 2010

See above Notes

Page

1. Income Analysis

CON

NON(B)

3- 1

2. Interest Margins (Domestic Operations)

NON(B)

3- 6

3. Use and Source of Funds

NON(B)

3- 7

4. Net Gains/Losses on Securities

NON(B)

3- 11

5. Unrealized Gains/Losses on Securities

CON

NON(B)

3- 13

6. Projected Redemption Amounts for Securities

NON(B)

3- 15

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON(B)

3- 16

8. Employee Retirement Benefits

NON(B)

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(B)

3- 21

2. Status of Reserves for Possible Losses on Loans

CON

NON(B)

3- 23

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

CON

NON(B)

3- 24

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

CON

NON(B)

3- 25

5. Coverage on Disclosed Claims under the FRL

NON(B)

3- 27

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

NON(B)

3- 30

7. Results of Removal of NPLs from the Balance Sheet

NON(B&R)

3- 31

8. Status of Loans by Industry

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

NON(B)

3- 33

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

NON(B)

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(B)

3- 36

(2) Loans to SMEs and Individual Customers

NON(B)

3- 36

10. Status of Loans by Region

(1) Balance of Loans to Restructuring Countries

NON(B)

3- 37

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

NON(B)

3- 37

III. DEFERRED TAXES

See above Notes

Page

1. Change in Deferred Tax Assets, etc.

CON

NON(B)

3- 38

2. Estimation of Deferred Tax Assets, etc.

(1) Calculation Policy

NON(B)

3- 39

(2) Estimation for Calculating Deferred Tax Assets

NON(B)

3- 40

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON(B)

3- 44

2. Number of Directors and Employees

NON(B)

3- 45

3. Number of Branches and Offices

NON(B)

3- 46

4. Earnings Plan for Fiscal 2011

CON

NON(B)

3- 47

Attachments

See above Notes

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

NON(B)

3- 48

Comparison of Non-Consolidated Statements of Income (selected items)

NON(B)

3- 49

Non-Consolidated Statement of Changes in Net Assets

NON(B)

3- 50

Mizuho Corporate Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

NON(B)

3- 51

Comparison of Non-Consolidated Statements of Income (selected items)

NON(B)

3- 52

Non-Consolidated Statement of Changes in Net Assets

NON(B)

3- 53

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.

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2010

1. Income Analysis

Consolidated


		*(Millions of yen)*
		Fiscal 2010
					Change			Fiscal 2009
Consolidated Gross Profits	1		2,033,289			36,673			1,996,615
Net Interest Income	2		1,109,444			(42,262	)		1,151,707
Fiduciary Income	3		49,388			288			49,100
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		466,791			751			466,040
Net Trading Income	6		243,983			(68,346	)		312,330
Net Other Operating Income	7		163,680			146,243			17,436
General and Administrative Expenses	8		(1,285,815	)		31,431			(1,317,247	)
Personnel Expenses	9		(621,127	)		37,871			(658,998	)
Non-Personnel Expenses	10		(612,425	)		(5,128	)		(607,297	)
Miscellaneous Taxes	11		(52,262	)		(1,311	)		(50,950	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)	12		(76,103	)		186,277			(262,380	)
Losses on Write-offs of Loans	13		*(71,659*	)		57,719			(129,379	)
Reversal of (Provision for) General Reserve for Possible Losses on Loans	14		—			115,172			(115,172	)
Net Gains (Losses) related to Stocks	15		(70,520	)		(74,759	)		4,239
Equity in Income from Investments in Affiliates	16		(6,185	)		(9,077	)		2,892
Other	17		(6,165	)		90,826			(96,991	)

Ordinary Profits	18		588,498			261,371			327,127

Net Extraordinary Gains (Losses)	19		46,926			(3,711	)		50,638
Reversal of Reserves for Possible Losses on Loans, etc.	20		*59,469*			16,395			43,073
Income before Income Taxes and Minority Interests	21		635,425			257,659			377,765
Income Taxes - Current *	22		(18,336	)		(296	)		(18,040	)
- Deferred	23		(120,123	)		(95,015	)		(25,108	)
Net Income before Minority Interests	24		496,965			162,348			334,617
Minority Interests in Net Income	25		(83,736	)		11,475			(95,212	)

Net Income	26		413,228			173,824			239,404

___________ * Income Taxes - Current [22] includes Refund of Income Taxes.

Credit-related Costs (including Credit Costs for Trust Accounts)	27		(16,633	)		202,673			(219,307	)
* Credit-related Costs [27] = 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. [20] + Credit Costs for Trust Accounts [4]

(Reference)
Consolidated Net Business Profits	28		741,738			39,081			702,656
* Consolidated Net Business Profits [28] = 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	29		152			(10	)		162
Number of affiliates under the equity method	30		22			1			21

3-1

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2010
		MHBK			MHCB			MHTB			Aggregated Figures			Change			Fiscal 2009
Gross Profits	1		809,298			678,334			131,874			1,619,506			26,334			1,593,172
Domestic Gross Profits	2		711,376			307,621			123,096			1,142,095			(16,430	)		1,158,525
Net Interest Income	3		550,566			203,765			37,829			792,160			(48,171	)		840,332
Fiduciary Income	4								48,773			48,773			259			48,514
Credit Costs for Trust Accounts	5								—			—			—			—
Net Fee and Commission Income	6		136,768			59,718			27,355			223,843			(231	)		224,074
Net Trading Income	7		3,397			17,374			2,658			23,429			(11,595	)		35,024
Net Other Operating Income	8		20,644			26,763			6,480			53,887			43,308			10,578
International Gross Profits	9		97,921			370,712			8,777			477,411			42,764			434,646
Net Interest Income	10		21,185			192,012			4,705			217,903			(44,416	)		262,319
Net Fee and Commission Income	11		11,051			61,623			(68	)		72,606			7,629			64,976
Net Trading Income	12		51,799			45,413			581			97,794			(3,799	)		101,594
Net Other Operating Income	13		13,884			71,663			3,558			89,106			83,350			5,755
General and Administrative Expenses (excluding Non-Recurring Losses)	14		(554,750	)		(234,987	)		(87,385	)		(877,122	)		30,099			(907,222	)
Expense Ratio	15		*68.5*	%		*34.6*	%		*66.2*	%		*54.1*	%		(2.7	)%		56.9	%
Personnel Expenses	16		(184,315	)		(82,844	)		(33,556	)		(300,716	)		19,477			(320,194	)
Non-Personnel Expenses	17		(339,653	)		(140,477	)		(51,470	)		(531,601	)		10,817			(542,419	)
Premium for Deposit Insurance	18		*(46,462*	)		*(7,159*	)		*(2,700*	)		*(56,322*	)		(1,843	)		(54,479	)
Miscellaneous Taxes	19		(30,781	)		(11,664	)		(2,358	)		(44,804	)		(196	)		(44,608	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) *1	20		254,547			443,347			44,488			742,383			56,433			685,950
Excluding Net Gains (Losses) related to Bonds	21		*221,572*			*346,238*			*33,914*			*601,725*			(58,658	)		660,384

Reversal of (Provision for) General Reserve for Possible Losses on Loans	22		—			—			—			—			(47,610	)		47,610

Net Business Profits	23		254,547			443,347			44,488			742,383			8,823			733,560
Net Gains (Losses) related to Bonds	24		*32,974*			*97,109*			*10,574*			*140,658*			115,092			25,565

Net Non-Recurring Gains (Losses)	25		(116,072	)		(102,207	)		(16,826	)		(235,106	)		192,758			(427,865	)
Net Gains (Losses) related to Stocks	26		(8,378	)		(64,490	)		(3,335	)		(76,203	)		(87,197	)		10,993
Expenses related to Portfolio Problems	27		(53,063	)		(11,744	)		(4,785	)		(69,592	)		176,604			(246,197	)
Other	28		(54,630	)		(25,972	)		(8,705	)		(89,309	)		103,351			(192,660	)

Ordinary Profits	29		138,475			341,139			27,662			507,277			201,582			305,695

Net Extraordinary Gains (Losses)	30		33,392			37,397			4,369			75,159			37,872			37,287
Net Gains (Losses) on Disposition of Fixed Assets	31		*(2,353*	)		*(1,195*	)		*(84*	)		*(3,632*	)		348			(3,981	)
Losses on Impairment of Fixed Assets	32		*(2,064*	)		*(1,260*	)		(2	)		*(3,328*	)		723			(4,051	)
Reversal of Reserves for Possible Losses on Loans, etc.	33		*37,679*			*44,246*			*3,702*			*85,628*			44,175			41,452
Reversal of Reserve for Possible Losses on Investments	34		9			—			—			9			(70	)		79
Income before Income Taxes	35		171,867			378,537			32,031			582,437			239,455			342,982
Income Taxes - Current *2	36		(476	)		(12,618	)		(0	)		(13,094	)		(12,152	)		(942	)
- Deferred	37		(21,570	)		(93,923	)		(6,827	)		(122,321	)		(93,411	)		(28,910	)

Net Income	38		149,821			271,995			25,203			447,020			133,891			313,129

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. Income Taxes - Current [36] includes Refund of Income Taxes.

Credit-related Costs	39		(15,383	)		32,502			(1,083	)		16,035			173,170			(157,134	)
* 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		35,227			29,655			3,567			68,450			20,840			47,610
Losses on Write-offs of Loans	42		(31,530	)		4,669			(4,591	)		(31,452	)		56,844			(88,297	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		(18,013	)		2,410			134			(15,468	)		84,008			(99,477	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		—			159			0			159			(211	)		370
Reversal of (Provision for) Reserve for Contingencies	45		—			678			(194	)		484			(1,065	)		1,549
Other (including Losses on Sales of Loans)	46		(1,066	)		(5,070	)		—			(6,137	)		12,752			(18,890	)
Total	47		(15,383	)		32,502			(1,083	)		16,035			173,170			(157,134	)

3-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2010
					Change			Fiscal 2009
Gross Profits	1		809,298			(9,542	)		818,840
Domestic Gross Profits	2		711,376			(25,955	)		737,331
Net Interest Income	3		550,566			(37,102	)		587,669
Net Fee and Commission Income	4		136,768			(1,383	)		138,152
Net Trading Income	5		3,397			(1,380	)		4,778
Net Other Operating Income	6		20,644			13,912			6,732
International Gross Profits	7		97,921			16,413			81,508
Net Interest Income	8		21,185			(4,074	)		25,260
Net Fee and Commission Income	9		11,051			836			10,215
Net Trading Income	10		51,799			13,402			38,397
Net Other Operating Income	11		13,884			6,249			7,635
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(554,750	)		15,612			(570,363	)
Expense Ratio	13		*68.5*	%		(1.1	)%		69.6	%
Personnel Expenses	14		(184,315	)		11,908			(196,224	)
Non-Personnel Expenses	15		(339,653	)		3,941			(343,595	)
Premium for Deposit Insurance	16		*(46,462*	)		(1,271	)		(45,191	)
Miscellaneous Taxes	17		(30,781	)		(237	)		(30,543	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		254,547			6,070			248,476
Excluding Net Gains (Losses) related to Bonds	19		*221,572*			(24,107	)		245,679

Reversal of (Provision for) General Reserve for Possible Losses on Loans	20		—			(15,359	)		15,359

Net Business Profits	21		254,547			(9,288	)		263,836
Net Gains (Losses) related to Bonds	22		*32,974*			30,177			2,797

Net Non-Recurring Gains (Losses)	23		(116,072	)		58,889			(174,961	)
Net Gains (Losses) related to Stocks	24		(8,378	)		(7,689	)		(688	)
Expenses related to Portfolio Problems	25		(53,063	)		58,549			(111,613	)
Other	26		(54,630	)		8,028			(62,659	)

Ordinary Profits	27		138,475			49,600			88,875

Net Extraordinary Gains (Losses)	28		33,392			12,377			21,015
Net Gains (Losses) on Disposition of Fixed Assets	29		*(2,353*	)		1,757			(4,110	)
Losses on Impairment of Fixed Assets	30		*(2,064*	)		(743	)		(1,321	)
Reversal of Reserves for Possible Losses on Loans, etc.	31		*37,679*			11,987			25,691
Reversal of Reserve for Possible Losses on Investments	32		9			9			—
Income before Income Taxes	33		171,867			61,977			109,890
Income Taxes - Current	34		(476	)		22			(498	)
- Deferred	35		(21,570	)		(8,182	)		(13,387	)

Net Income	36		149,821			53,817			96,004


Credit-related Costs	37		(15,383	)		55,178			(70,561	)
* 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. [31] (Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans	38		35,227			19,868			15,359
Losses on Write-offs of Loans	39		(31,530	)		21,476			(53,007	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	40		(18,013	)		10,398			(28,412	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	41		—			—			—
Reversal of (Provision for) Reserve for Contingencies	42		—			—			—
Other (including Losses on Sales of Loans)	43		(1,066	)		3,434			(4,501	)
Total	44		(15,383	)		55,178			(70,561	)

3-3

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2010						Fiscal 2009
					Change			Fiscal 2009
Gross Profits	1		678,334			36,030			642,304
Domestic Gross Profits	2		307,621			8,348			299,273
Net Interest Income	3		203,765			(9,483	)		213,249
Net Fee and Commission Income	4		59,718			1,068			58,650
Net Trading Income	5		17,374			(9,984	)		27,358
Net Other Operating Income	6		26,763			26,748			14
International Gross Profits	7		370,712			27,682			343,030
Net Interest Income	8		192,012			(39,568	)		231,580
Net Fee and Commission Income	9		61,623			6,797			54,825
Net Trading Income	10		45,413			(16,478	)		61,891
Net Other Operating Income	11		71,663			76,930			(5,267	)
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(234,987	)		11,934			(246,921	)
Expense Ratio	13		*34.6*	%		(3.8	)%		38.4	%
Personnel Expenses	14		(82,844	)		6,153			(88,998	)
Non-Personnel Expenses	15		(140,477	)		5,849			(146,327	)
Premium for Deposit Insurance	16		*(7,159*	)		(677	)		(6,481	)
Miscellaneous Taxes	17		(11,664	)		(68	)		(11,596	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		443,347			47,964			395,382
Excluding Net Gains (Losses) related to Bonds	19		*346,238*			(33,327	)		379,565

Reversal of (Provision for) General Reserve for Possible Losses on Loans	20		—			(32,840	)		32,840

Net Business Profits	21		443,347			15,124			428,222
Net Gains (Losses) related to Bonds	22		*97,109*			81,292			15,816
Net Non-Recurring Gains (Losses)	23		(102,207	)		132,334			(234,542	)
Net Gains (Losses) related to Stocks	24		(64,490	)		(76,516	)		12,025
Expenses related to Portfolio Problems	25		(11,744	)		114,517			(126,261	)
Other	26		(25,972	)		94,333			(120,306	)

Ordinary Profits	27		341,139			147,459			193,680

Net Extraordinary Gains (Losses)	28		37,397			22,113			15,284
Net Gains (Losses) on Disposition of Fixed Assets	29		*(1,195*	)		(2,365	)		1,170
Losses on Impairment of Fixed Assets	30		*(1,260*	)		912			(2,173	)
Reversal of Reserves for Possible Losses on Loans, etc.	31		*44,246*			28,485			15,761
Reversal of Reserve for Possible Losses on Investments	32		—			(79	)		79
Income before Income Taxes	33		378,537			169,572			208,964
Income Taxes - Current*	34		(12,618	)		(12,178	)		(439	)
- Deferred	35		(93,923	)		(85,738	)		(8,185	)

Net Income	36		271,995			71,655			200,339

* Income Taxes - Current [34] includes Refund of Income Taxes.

Credit-related Costs	37		32,502			110,162			(77,659	)
* 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. [31] (Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans	38		29,655			(3,184	)		32,840
Losses on Write-offs of Loans	39		4,669			33,301			(28,632	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	40		2,410			72,220			(69,809	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	41		159			(211	)		370
Reversal of (Provision for) Reserve for Contingencies	42		678			(1,282	)		1,960
Other (including Losses on Sales of Loans)	43		(5,070	)		9,318			(14,389	)
Total	44		32,502			110,162			(77,659	)

3-4

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2010
					Change			Fiscal 2009
Gross Profits	1		131,874			(153	)		132,028
Domestic Gross Profits	2		123,096			1,176			121,920
Net Interest Income	3		37,829			(1,585	)		39,414
Fiduciary Income	4		48,773			259			48,514
Credit Costs for Trust Accounts	5		—			—			—
Net Fee and Commission Income	6		27,355			84			27,271
Net Trading Income	7		2,658			(229	)		2,888
Net Other Operating Income	8		6,480			2,647			3,832
International Gross Profits	9		8,777			(1,330	)		10,107
Net Interest Income	10		4,705			(773	)		5,478
Net Fee and Commission Income	11		(68	)		(4	)		(63	)
Net Trading Income	12		581			(723	)		1,304
Net Other Operating Income	13		3,558			171			3,387
General and Administrative Expenses (excluding Non-Recurring Losses)	14		(87,385	)		2,551			(89,937	)
Expense Ratio	15		*66.2*	%		(1.8	)%		68.1	%
Personnel Expenses	16		(33,556	)		1,415			(34,971	)
Non-Personnel Expenses	17		(51,470	)		1,027			(52,497	)
Premium for Deposit Insurance	18		*(2,700*	)		105			(2,805	)
Miscellaneous Taxes	19		(2,358	)		109			(2,468	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) *	20		44,488			2,398			42,090
Excluding Net Gains (Losses) related to Bonds	21		*33,914*			(1,224	)		35,139

Reversal of (Provision for) General Reserve for Possible Losses on Loans	22		—			589			(589	)

Net Business Profits	23		44,488			2,987			41,501
Net Gains (Losses) related to Bonds	24		*10,574*			3,622			6,951

Net Non-Recurring Gains (Losses)	25		(16,826	)		1,535			(18,361	)
Net Gains (Losses) related to Stocks	26		(3,335	)		(2,991	)		(343	)
Expenses related to Portfolio Problems	27		(4,785	)		3,537			(8,323	)
Other	28		(8,705	)		988			(9,694	)

Ordinary Profits	29		27,662			4,523			23,139

Net Extraordinary Gains (Losses)	30		4,369			3,381			987
Net Gains (Losses) on Disposition of Fixed Assets	31		*(84*	)		957			(1,041	)
Losses on Impairment of Fixed Assets	32		(2	)		553			(556	)
Reversal of Reserves for Possible Losses on Loans, etc.	33		*3,702*			3,702			—
Reversal of Reserve for Possible Losses on Investments	34		—			—			—
Income before Income Taxes	35		32,031			7,904			24,126
Income Taxes - Current	36		(0	)		4			(4	)
- Deferred	37		(6,827	)		509			(7,336	)

Net Income	38		25,203			8,418			16,785

* Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) [20] = Gross Profits [1] + General and Administrative Expenses (excluding Non-Recurring Losses) [14] – Credit Costs for Trust Accounts [5]

Credit-related Costs	39		(1,083	)		7,829			(8,913	)
* 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		3,567			4,157			(589	)
Losses on Write-offs of Loans	42		(4,591	)		2,066			(6,657	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		134			1,389			(1,254	)
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		(194	)		216			(410	)
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		(1,083	)		7,829			(8,913	)

3-5

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated

Aggregated Figures of MHBK and MHCB


				*(%)*
				Fiscal 2010					Fiscal 2009
						Change			Fiscal 2009
Return on Interest-Earning Assets			1		0.97		(0.11	)		1.08
Return on Loans and Bills Discounted			2		1.32		(0.11	)		1.43
Return on Securities			3		0.58		(0.07	)		0.66
Cost of Funding (including Expenses)			4		0.86		(0.08	)		0.94
Cost of Deposits and Debentures (including Expenses)			5		0.99		(0.11	)		1.11
Cost of Deposits and Debentures			6		*0.10*		(0.07	)		0.17
Cost of Other External Liabilities			7		0.30		(0.06	)		0.36

Net Interest Margin	(1	)-(4)	8		0.10		(0.02	)		0.13
Loan and Deposit Rate Margin (including Expenses)	(2	)-(5)	9		0.32		0.00			0.32
Loan and Deposit Rate Margin	(2	)-(6)	10		1.21		(0.04	)		1.26

* 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		1.47		(0.11	)		1.58
Loan and Deposit Rate Margin (including Expenses)	(11	)-(5)	12		0.47		0.00			0.47
Loan and Deposit Rate Margin	(11	)-(6)	13		1.36		(0.04	)		1.40

Mizuho Bank

Return on Interest-Earning Assets			14		1.03		(0.12	)		1.16
Return on Loans and Bills Discounted			15		1.47		(0.10	)		1.57
Return on Securities			16		0.48		(0.11	)		0.59
Cost of Funding (including Expenses)			17		0.96		(0.08	)		1.05
Cost of Deposits and Debentures (including Expenses)			18		1.02		(0.09	)		1.11
Cost of Deposits and Debentures			19		*0.09*		(0.06	)		0.16
Cost of Other External Liabilities			20		0.24		(0.00	)		0.24

Net Interest Margin	(14	)-(17)	21		0.06		(0.04	)		0.11
Loan and Deposit Rate Margin (including Expenses)	(15	)-(18)	22		0.45		(0.00	)		0.46
Loan and Deposit Rate Margin	(15	)-(19)	23		1.38		(0.03	)		1.41

___________ * 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		1.68		(0.10	)		1.79
Loan and Deposit Rate Margin (including Expenses)	(24	)-(18)	25		0.66		(0.01	)		0.68
Loan and Deposit Rate Margin	(24	)-(19)	26		1.59		(0.03	)		1.63

Mizuho Corporate Bank

Return on Interest-Earning Assets			27		0.86		(0.09	)		0.96
Return on Loans and Bills Discounted			28		1.03		(0.15	)		1.18
Return on Securities			29		0.69		(0.03	)		0.73
Cost of Funding (including Expenses)			30		0.68		(0.09	)		0.77
Cost of Deposits and Debentures (including Expenses)			31		0.90		(0.19	)		1.10
Cost of Deposits and Debentures			32		*0.13*		(0.08	)		0.22
Cost of Other External Liabilities			33		0.32		(0.07	)		0.39

Net Interest Margin	(27	)-(30)	34		0.18		0.00			0.18
Loan and Deposit Rate Margin (including Expenses)	(28	)-(31)	35		0.13		0.04			0.08
Loan and Deposit Rate Margin	(28	)-(32)	36		0.89		(0.06	)		0.96

* 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		1.09		(0.14	)		1.24
Loan and Deposit Rate Margin (including Expenses)	(37	)-(31)	38		0.19		0.05			0.13
Loan and Deposit Rate Margin	(37	)-(32)	39		0.95		(0.05	)		1.01

Mizuho Trust & Banking (3 domestic accounts)

Return on Interest-Earning Assets			40		1.06		(0.11	)		1.18
Return on Loans and Bills Discounted			41		1.40		(0.12	)		1.52
Return on Securities			42		0.61		(0.01	)		0.62
Cost of Funding			43		0.31		(0.12	)		0.44
Cost of Deposits			44		0.24		(0.13	)		0.38

Net Interest Margin	(40	)-(43)	45		0.74		0.01			0.73
Loan and Deposit Rate Margin	(41	)-(44)	46		1.15		0.00			1.14


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

3-6

Mizuho Financial Group, Inc

3. Use and Source of Funds

Non-Consolidated

Aggregated Figures of MHBK and MHCB

(Millions of yen, %)

Fiscal 2010

Fiscal 2009

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

117,514,688

1.14

(135,671

)

(0.16

)

117,650,360

1.30

Loans and Bills Discounted

58,506,127

1.38

(3,531,954

)

(0.12

)

62,038,082

1.51

Securities

41,832,304

0.81

5,035,636

(0.29

)

36,796,668

1.11

Source of Funds

118,675,309

0.31

(1,239,899

)

(0.08

)

119,915,209

0.40

Deposits

73,167,762

0.13

459,455

(0.07

)

72,708,307

0.21

NCDs

10,818,227

0.21

1,158,800

(0.07

)

9,659,427

0.29

Debentures

1,149,524

0.56

(790,983

)

(0.04

)

1,940,507

0.61

Call Money

13,308,544

0.29

(871,330

)

(0.10

)

14,179,874

0.40

Payables under Repurchase Agreements

4,351,793

0.25

(1,118,796

)

(0.00

)

5,470,590

0.25

Bills Sold

—

Commercial Paper

—

Borrowed Money

7,534,474

1.48

(1,244,792

)

(0.10

)

8,779,266

1.59

(Domestic Operations)

Use of Funds

97,942,701

0.97

144,363

(0.11

)

97,798,338

1.08

Loans and Bills Discounted

49,625,340

1.32

(2,854,821

)

(0.11

)

52,480,162

1.43

Securities

34,684,029

0.58

4,209,373

(0.07

)

30,474,655

0.66

Source of Funds

99,351,403

0.19

(292,340

)

(0.06

)

99,643,744

0.26

Deposits

63,482,040

0.09

799,136

(0.06

)

62,682,903

0.15

NCDs

9,304,801

0.12

951,295

(0.10

)

8,353,506

0.22

Debentures

1,149,524

0.56

(790,983

)

(0.04

)

1,940,507

0.61

Call Money

13,093,938

0.28

(760,806

)

(0.10

)

13,854,745

0.39

Payables under Repurchase Agreements

707,425

0.12

(1,002,481

)

(0.00

)

1,709,907

0.13

Bills Sold

—

Commercial Paper

—

Borrowed Money

5,017,336

0.37

(577,763

)

0.00

5,595,099

0.36

(International Operations)

Use of Funds

21,152,980

1.88

(861,761

)

(0.31

)

22,014,742

2.20

Loans and Bills Discounted

8,880,786

1.76

(677,132

)

(0.19

)

9,557,919

1.95

Securities

7,148,275

1.96

826,263

(1.34

)

6,322,012

3.30

Source of Funds

20,904,900

0.88

(1,529,285

)

(0.13

)

22,434,185

1.01

Deposits

9,685,722

0.42

(339,681

)

(0.13

)

10,025,403

0.56

NCDs

1,513,425

0.81

207,504

0.09

1,305,920

0.71

Debentures

—

Call Money

214,605

1.02

(110,523

)

0.38

325,128

0.64

Payables under Repurchase Agreements

3,644,368

0.27

(116,315

)

(0.04

)

3,760,683

0.31

Bills Sold

—

Commercial Paper

—

Borrowed Money

2,517,137

3.70

(667,029

)

(0.04

)

3,184,167

3.74

3-7

Mizuho Financial Group, Inc.

Mizuho Bank

(Millions of yen, %)

Fiscal 2010

Fiscal 2009

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

63,425,438

1.07

647,812

(0.14

)

62,777,626

1.21

Loans and Bills Discounted

32,833,547

1.45

(1,001,272

)

(0.10

)

33,834,819

1.55

Securities

19,638,544

0.59

2,278,893

(0.21

)

17,359,650

0.80

Source of Funds

65,311,510

0.16

489,518

(0.06

)

64,821,992

0.23

Deposits

54,967,972

0.09

70,419

(0.06

)

54,897,553

0.15

NCDs

2,092,987

0.11

104,865

(0.14

)

1,988,121

0.26

Debentures

782,656

0.39

(77,665

)

0.00

860,321

0.39

Call Money

1,362,897

0.08

(490,941

)

(0.00

)

1,853,838

0.09

Payables under Repurchase Agreements

95,557

0.11

(788,332

)

(0.01

)

883,890

0.12

Bills Sold

—

Commercial Paper

—

Borrowed Money

3,568,145

0.83

977,847

(0.53

)

2,590,297

1.37

(Domestic Operations)

Use of Funds

60,671,212

1.03

484,521

(0.12

)

60,186,691

1.16

Loans and Bills Discounted

32,165,148

1.45

(1,186,433

)

(0.10

)

33,351,582

1.55

Securities

18,196,008

0.48

1,946,384

(0.11

)

16,249,624

0.59

Source of Funds

62,581,906

0.12

294,035

(0.05

)

62,287,871

0.18

Deposits

53,925,645

0.08

35,253

(0.06

)

53,890,391

0.15

NCDs

2,091,288

0.11

105,682

(0.14

)

1,985,606

0.26

Debentures

782,656

0.39

(77,665

)

0.00

860,321

0.39

Call Money

1,362,897

0.08

(490,941

)

(0.00

)

1,853,838

0.09

Payables under Repurchase Agreements

95,557

0.11

(788,332

)

(0.01

)

883,890

0.12

Bills Sold

—

Commercial Paper

—

Borrowed Money

3,017,322

0.31

1,067,643

(0.13

)

1,949,679

0.45

(International Operations)

Use of Funds

3,071,927

1.69

313,792

(0.61

)

2,758,134

2.30

Loans and Bills Discounted

668,398

1.20

185,161

(0.31

)

483,237

1.51

Securities

1,442,535

1.98

332,509

(1.82

)

1,110,026

3.81

Source of Funds

3,047,306

1.01

345,984

(0.40

)

2,701,321

1.42

Deposits

1,042,327

0.32

35,165

(0.06

)

1,007,162

0.38

NCDs

1,698

0.33

(816

)

(0.20

)

2,514

0.54

Debentures

—

Call Money

—

Payables under Repurchase Agreements

—

Bills Sold

—

Commercial Paper

—

Borrowed Money

550,822

3.68

(89,796

)

(0.49

)

640,618

4.18

3-8

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

(Millions of yen, %)

Fiscal 2010

Fiscal 2009

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

54,089,250

1.23

(783,484

)

(0.18

)

54,872,734

1.41

Loans and Bills Discounted

25,672,579

1.30

(2,530,682

)

(0.15

)

28,203,262

1.46

Securities

22,193,760

1.01

2,756,743

(0.37

)

19,437,017

1.39

Source of Funds

53,363,799

0.50

(1,729,417

)

(0.09

)

55,093,216

0.59

Deposits

18,199,789

0.27

389,036

(0.10

)

17,810,753

0.37

NCDs

8,725,240

0.24

1,053,934

(0.05

)

7,671,306

0.29

Debentures

366,867

0.93

(713,318

)

0.13

1,080,186

0.79

Call Money

11,945,646

0.32

(380,388

)

(0.12

)

12,326,035

0.44

Payables under Repurchase Agreements

4,256,235

0.25

(330,464

)

(0.03

)

4,586,700

0.28

Bills Sold

—

Commercial Paper

—

Borrowed Money

3,966,329

2.06

(2,222,639

)

0.38

6,188,968

1.68

(Domestic Operations)

Use of Funds

37,271,489

0.86

(340,158

)

(0.09

)

37,611,647

0.96

Loans and Bills Discounted

17,460,191

1.07

(1,668,388

)

(0.14

)

19,128,579

1.22

Securities

16,488,020

0.69

2,262,989

(0.03

)

14,225,031

0.73

Source of Funds

36,769,497

0.32

(586,375

)

(0.07

)

37,355,872

0.39

Deposits

9,556,395

0.12

763,883

(0.04

)

8,792,512

0.16

NCDs

7,213,513

0.12

845,613

(0.09

)

6,367,899

0.21

Debentures

366,867

0.93

(713,318

)

0.13

1,080,186

0.79

Call Money

11,731,041

0.31

(269,865

)

(0.12

)

12,000,906

0.44

Payables under Repurchase Agreements

611,867

0.12

(214,149

)

(0.01

)

826,016

0.14

Bills Sold

—

Commercial Paper

—

Borrowed Money

2,000,014

0.45

(1,645,406

)

0.13

3,645,420

0.31

(International Operations)

Use of Funds

18,081,052

1.91

(1,175,554

)

(0.27

)

19,256,607

2.18

Loans and Bills Discounted

8,212,388

1.80

(862,294

)

(0.17

)

9,074,682

1.98

Securities

5,705,740

1.95

493,754

(1.23

)

5,211,985

3.19

Source of Funds

17,857,594

0.86

(1,875,270

)

(0.09

)

19,732,864

0.95

Deposits

8,643,394

0.43

(374,846

)

(0.14

)

9,018,241

0.58

NCDs

1,511,727

0.81

208,321

0.09

1,303,406

0.71

Debentures

—

Call Money

214,605

1.02

(110,523

)

0.38

325,128

0.64

Payables under Repurchase Agreements

3,644,368

0.27

(116,315

)

(0.04

)

3,760,683

0.31

Bills Sold

—

Commercial Paper

—

Borrowed Money

1,966,315

3.70

(577,233

)

0.06

2,543,548

3.63

3-9

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	*(Millions of yen, %)*
	Fiscal 2010										Fiscal 2009
					Change
	Average Balance		Rate		Average Balance			Rate			Average Balance		Rate
(Total)

Use of Funds		5,634,310		1.11		(263,281	)		(0.12	)		5,897,591		1.24
Loans and Bills Discounted		*3,324,557*		*1.39*		(218,173	)		(0.13	)		3,542,731		1.53
Securities		*1,792,647*		*0.76*		(75,259	)		(0.05	)		1,867,907		0.81

Source of Funds		5,541,401		0.36		(301,411	)		(0.12	)		5,842,813		0.48
Deposits		*2,319,596*		*0.30*		(334,392	)		(0.13	)		2,653,988		0.44
NCDs		*786,974*		*0.16*		17,306			(0.14	)		769,667		0.30
Debentures		—		—		—			—			—		—
Call Money		*557,903*		*0.14*		(94,963	)		(0.07	)		652,866		0.21
Payables under Repurchase Agreements		—		—		—			—			—		—
Bills Sold		—		—		—			—			—		—
Commercial Paper		—		—		—			—			—		—
Borrowed Money		*529,171*		*0.17*		86,585			(0.04	)		442,585		0.22

(Domestic Operations)

Use of Funds		5,324,276		1.07		(276,130	)		(0.11	)		5,600,407		1.19
Loans and Bills Discounted		*3,273,789*		*1.39*		(216,761	)		(0.12	)		3,490,550		1.52
Securities		*1,368,170*		*0.58*		(65,933	)		(0.01	)		1,434,103		0.59

Source of Funds		5,228,547		0.36		(313,717	)		(0.12	)		5,542,265		0.49
Deposits		*2,307,894*		*0.30*		(332,295	)		(0.13	)		2,640,190		0.44
NCDs		*786,974*		*0.16*		17,306			(0.14	)		769,667		0.30
Debentures		—		—		—			—			—		—
Call Money		*543,619*		*0.12*		(89,476	)		(0.06	)		633,095		0.18
Payables under Repurchase Agreements		—		—		—			—			—		—
Bills Sold		—		—		—			—			—		—
Commercial Paper		—		—		—			—			—		—
Borrowed Money		*529,151*		*0.17*		88,114			(0.04	)		441,036		0.21

(International Operations)

Use of Funds		802,499		0.89		104,625			(0.30	)		697,874		1.19
Loans and Bills Discounted		*50,768*		*1.52*		(1,412	)		(0.34	)		52,180		1.87
Securities		*424,477*		*1.34*		(9,326	)		(0.20	)		433,803		1.55

Source of Funds		805,321		0.30		104,082			(0.10	)		701,238		0.41
Deposits		*11,701*		*0.20*		(2,097	)		(0.22	)		13,798		0.42
NCDs		—		—		—			—			—		—
Debentures		—		—		—			—			—		—
Call Money		*14,284*		*0.58*		(5,486	)		(0.32	)		19,770		0.91
Payables under Repurchase Agreements		—		—		—			—			—		—
Bills Sold		—		—		—			—			—		—
Commercial Paper		—		—		—			—			—		—
Borrowed Money		20		*1.17*		(1,528	)		(0.03	)		1,548		1.21

3-10

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Non-Consolidated

Aggregated Figures of the 3 Banks


	*(Millions of yen)*
	Fiscal 2010						Fiscal 2009
				Change
Net Gains (Losses) related to Bonds		140,658			115,092			25,565
Gains on Sales and Others		236,118			113,510			122,607
Losses on Sales and Others		(84,429	)		(1,373	)		(83,056	)
Impairment (Devaluation)		(6,553	)		7,278			(13,831	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,476	)		(4,323	)		(153	)


	Fiscal 2010						Fiscal 2009
				Change
Net Gains (Losses) related to Stocks		(76,194	)		(87,267	)		11,072
Gains on Sales		39,988			(58,945	)		98,934
Losses on Sales		(26,873	)		(9,701	)		(17,171	)
Impairment (Devaluation)		(87,369	)		(47,646	)		(39,722	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(134	)		(188	)		53
Gains (Losses) on Derivatives other than for Trading		(1,805	)		29,215			(31,021	)

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

Mizuho Bank


	Fiscal 2010						Fiscal 2009
				Change
Net Gains (Losses) related to Bonds		32,974			30,177			2,797
Gains on Sales and Others		61,358			3,089			58,268
Losses on Sales and Others		(21,551	)		29,082			(50,633	)
Impairment (Devaluation)		(6,362	)		(2,181	)		(4,180	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(469	)		187			(657	)


	Fiscal 2010						Fiscal 2009
				Change
Net Gains (Losses) related to Stocks		(8,368	)		(7,679	)		(688	)
Gains on Sales		5,124			(22,874	)		27,999
Losses on Sales		(4,782	)		(1,771	)		(3,011	)
Impairment (Devaluation)		(8,986	)		(3,871	)		(5,114	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		9			35			(26	)
Gains (Losses) on Derivatives other than for Trading		265			20,802			(20,536	)

*	Figures 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 2010						Fiscal 2009
				Change
Net Gains (Losses) related to Bonds		97,109			81,292			15,816
Gains on Sales and Others		161,770			105,771			55,998
Losses on Sales and Others		(60,101	)		(29,569	)		(30,532	)
Impairment (Devaluation)		(162	)		9,446			(9,609	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(4,397	)		(4,356	)		(40	)

	Fiscal 2010						Fiscal 2009
				Change
Net Gains (Losses) related to Stocks		(64,490	)		(76,595	)		12,105
Gains on Sales		30,516			(38,194	)		68,711
Losses on Sales		(20,503	)		(7,234	)		(13,269	)
Impairment (Devaluation)		(72,248	)		(39,272	)		(32,976	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(143	)		(223	)		79
Gains (Losses) on Derivatives other than for Trading		(2,111	)		8,328			(10,439	)
* Figures include gains on Reversal of Reserve for Possible Losses on Investments (included in Extraordinary Gains).

Mizuho Trust & Banking
	Fiscal 2010						Fiscal 2009
				Change
Net Gains (Losses) related to Bonds		10,574			3,622			6,951
Gains on Sales and Others		12,988			4,649			8,339
Losses on Sales and Others		(2,777	)		(886	)		(1,890	)
Impairment (Devaluation)		(28	)		13			(41	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		390			(154	)		544

	Fiscal 2010						Fiscal 2009
				Change
Net Gains (Losses) related to Stocks		(3,335	)		(2,991	)		(343	)
Gains on Sales		4,347			2,123			2,223
Losses on Sales		(1,588	)		(696	)		(891	)
Impairment (Devaluation)		(6,134	)		(4,502	)		(1,631	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(0	)		(0	)		—
Gains (Losses) on Derivatives other than for Trading		39			84			(44	)

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, 2011

As of September 30, 2010

As of March 31, 2010

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Gains

Losses

Other Securities

44,145,985

(632

)

651,510

652,143

96,879

668,632

571,753

275,594

772,825

497,230

Japanese Stocks

2,640,699

205,734

456,414

250,680

86,813

377,325

290,512

340,890

549,344

208,453

Japanese Bonds

33,472,879

(11,334

)

92,186

103,520

118,012

146,096

28,084

74,214

120,978

46,764

Japanese Government Bonds

29,289,584

1,078

52,164

51,085

79,337

81,135

1,798

60,531

69,862

9,331

Other

8,032,406

(195,033

)

102,909

297,943

(107,946

)

145,210

253,156

(139,509

)

102,502

242,012

*	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 ¥(1,242) million, ¥(5,562) million and ¥7,910 million, which were recognized in the statement of income for March 31, 2011, September 30, 2010 and March 31, 2010, respectively, by applying the fair-value hedge method and others.

As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of March 31, 2011, September 30, 2010 and March 31, 2010 are ¥609 million, ¥ 102,441 million and ¥267,684 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, 2011, September 30, 2010 and March 31, 2010 are ¥(21,648) million, ¥32,505 million and ¥176,931 million, respectively.

(2) Bonds Held to Maturity


	*(Millions of yen)*
	As of March 31, 2011									As of September 30, 2010							As of March 31, 2010
	Book Value		Unrealized Gains/Losses							Unrealized Gains/Losses							Unrealized Gains/Losses
	Book Value					Gains		Losses					Gains		Losses					Gains		Losses
Bonds Held to Maturity		1,202,123		6,097			7,365		1,268		12,402			12,402		—		4,033			4,427		394

Non-Consolidated

(1) Other Securities

Aggregated Figures of the 3 Banks

	*(Millions of yen)*
	As of March 31, 2011									As of September 30, 2010							As of March 31, 2010
	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		43,565,823		(15,216	)		635,040		650,256		89,673			656,279		566,605		259,980			744,976		484,996
Japanese Stocks		2,600,186		181,725			447,585		265,859		59,239			363,542		304,302		299,474			519,332		219,857
Japanese Bonds		33,128,150		(12,124	)		91,337		103,462		117,248			145,298		28,050		73,396			120,153		46,757
Japanese Government Bonds		*29,023,100*		*476*			*51,551*		*51,075*		78,559			80,354		1,795		59,744			69,072		9,328
Other		7,837,486		(184,817	)		96,116		280,934		(86,813	)		147,438		234,252		(112,891	)		105,490		218,381

Mizuho Bank
Other Securities		19,296,095		(44,682	)		163,689		208,371		(636	)		178,274		178,910		4,703			162,721		158,018
Japanese Stocks		701,504		(8,101	)		96,532		104,634		(38,483	)		67,620		106,103		13,139			96,649		83,509
Japanese Bonds		16,451,839		(1,996	)		47,018		49,014		48,880			73,407		24,526		19,131			51,686		32,554
Japanese Government Bonds		*13,583,743*		*25,381*			*35,528*		*10,147*		48,080			48,847		767		37,377			40,078		2,700
Other		2,142,752		(34,584	)		20,137		54,721		(11,033	)		37,246		48,280		(27,568	)		14,385		41,953

Mizuho Corporate Bank
Other Securities		22,156,570		3,834			414,419		410,585		55,533			416,219		360,686		216,408			512,947		296,538
Japanese Stocks		1,711,470		154,118			304,667		150,548		68,713			253,923		185,210		239,283			364,862		125,578
Japanese Bonds		15,159,575		(15,248	)		36,400		51,648		56,775			60,054		3,279		48,744			60,469		11,724
Japanese Government Bonds		*13,958,785*		*(29,701*	)		*8,627*		*38,329*		19,207			20,225		1,017		16,229			21,471		5,241
Other		5,285,524		(135,036	)		73,351		208,388		(69,955	)		102,241		172,197		(71,619	)		87,615		159,235

Mizuho Trust & Banking
Other Securities		2,113,156		25,630			56,930		31,299		34,777			61,785		27,007		38,868			69,308		30,440
Japanese Stocks		187,212		35,708			46,385		10,676		29,009			41,997		12,988		47,051			57,820		10,769
Japanese Bonds		1,516,735		5,119			7,917		2,798		11,592			11,836		244		5,520			7,998		2,478
Japanese Government Bonds		*1,480,571*		*4,796*			*7,395*		*2,598*		11,270			11,281		10		6,137			7,523		1,385
Other		409,209		(15,197	)		2,627		17,824		(5,824	)		7,950		13,774		(13,703	)		3,489		17,193

*	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 ¥11,874 million, ¥10,591 million and ¥29,345 million, which were recognized in the statement of income for March 31, 2011, September 30, 2010 and March 31, 2010, respectively, by applying the fair-value hedge method and others.

As a result, the base amounts to be recorded directly to Net Assets after tax adjustment as of March 31, 2011, September 30, 2010 and March 31, 2010 are ¥(27,091) million, ¥79,082 million and ¥230,635 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, 2011, September 30, 2010 and March 31, 2010 are as follows:


	*(Millions of yen)*
	As of March 31, 2011			As of September 30, 2010			As of March 31, 2010
Aggregated Figures		(33,231	)		22,076			161,736
Mizuho Bank		(58,823	)		(16,891	)		(7,084	)
Mizuho Corporate Bank		3,011			12,483			137,595
Mizuho Trust & Banking		22,580			26,484			31,225

3-13

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregated Figures of the 3 Banks


	*(Millions of yen)*
	As of March 31, 2011								As of September 30, 2010						As of March 31, 2010
	Book Value		Unrealized Gains/Losses						Unrealized Gains/Losses						Unrealized Gains/Losses
	Book Value				Gains		Losses				Gains		Losses				Gains		Losses
Aggregated Figures		1,200,615		6,091		7,360		1,268		12,391		12,391		—		4,019		4,413		394
Mizuho Bank		1,200,615		6,091		7,360		1,268		12,391		12,391		—		4,019		4,413		394
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, 2011									As of September 30, 2010							As of March 31, 2010
	Book Value		Unrealized Gains/Losses							Unrealized Gains/Losses							Unrealized Gains/Losses
	Book Value					Gains		Losses					Gains		Losses					Gains		Losses
Aggregated Figures		426,314		(157,081	)		—		157,081		(189,704	)		—		189,704		(106,406	)		—		106,406
Mizuho Bank		88,274		(35,614	)		—		35,614		(34,339	)		—		34,339		(26,371	)		—		26,371
Mizuho Corporate Bank		338,039		(121,466	)		—		121,466		(155,364	)		—		155,364		(80,034	)		—		80,034
Mizuho Trust & Banking		—		—			—		—		—			—		—		—			—		—

Mizuho Financial Group, Inc. (Non-Consolidated)

	*(Millions of yen)*
Investments in Subsidiaries and Affiliates		137,171		143,629			143,629		—		108,730			108,730		—		178,808			178,808		—

(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, 2011									As of September 30, 2010			As of March 31, 2010
	Unrealized Gains/Losses
				Change from September 30, 2010			Change from March 31, 2010			Unrealized Gains/Losses			Unrealized Gains/Losses
Other Securities		609			(101,832	)		(267,075	)		102,441			267,684
Japanese Stocks		205,734			118,921			(135,155	)		86,813			340,890
Japanese Bonds		(12,923	)		(130,971	)		(68,877	)		118,048			55,953
Japanese Government Bonds		*(510*	)		*(79,882*	)		*(47,270*	)		79,372			46,759
Other		(192,201	)		(89,782	)		(63,042	)		(102,419	)		(129,159	)

Non-Consolidated

Aggregated Figures of the 3 Banks


	*(Millions of yen)*
	As of March 31, 2011									As of September 30, 2010			As of March 31, 2010
	Unrealized Gains/Losses
				Change from September 30, 2010			Change from March 31, 2010			Unrealized Gains/Losses			Unrealized Gains/Losses
Other Securities		(27,091	)		(106,173	)		(257,726	)		79,082			230,635
Japanese Stocks		181,725			122,485			(117,748	)		59,239			299,474
Japanese Bonds		(13,713	)		(130,997	)		(68,849	)		117,283			55,135
Japanese Government Bonds		*(1,112*	)		*(79,707*	)		*(47,085*	)		78,594			45,973
Other		(195,103	)		(97,662	)		(71,128	)		(97,441	)		(123,975	)

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, 2011								Change												Maturity as of March 31, 2010
	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		14,882.1		15,151.5		2,956.5		1,192.1		(964.9	)		2,600.4			837.6			(314.9	)		15,847.1		12,551.0		2,118.9		1,507.0
Japanese Government Bonds		14,065.9		13,173.9		2,529.9		320.2		(1,274.8	)		2,443.0			740.8			(467.5	)		15,340.8		10,730.8		1,789.0		787.7
Japanese Local Government Bonds		9.5		157.5		60.2		0.9		(6.3	)		64.0			13.6			(0.0	)		15.8		93.4		46.5		0.9
Japanese Corporate Bonds		806.6		1,820.1		366.3		871.0		316.2			93.3			83.1			152.7			490.4		1,726.7		283.2		718.3
Other		1,184.5		2,997.1		1,000.9		1,867.3		(6.4	)		(1,129.4	)		330.7			173.6			1,191.0		4,126.6		670.2		1,693.7

Mizuho Bank

Japanese Bonds		6,170.9		9,502.9		1,186.6		736.9		(2,814.4	)		2,600.7			608.9			(222.7	)		8,985.4		6,902.2		577.7		959.7
Japanese Government Bonds		5,420.0		8,104.7		990.0		194.2		(3,125.8	)		2,556.1			575.7			(387.8	)		8,545.9		5,548.5		414.2		582.0
Japanese Local Government Bonds		8.8		135.9		10.0		—		(4.5	)		49.6			(22.9	)		—			13.4		86.2		32.9		—
Japanese Corporate Bonds		742.0		1,262.3		186.6		542.7		315.9			(4.9	)		56.0			165.1			426.0		1,267.3		130.5		377.6
Other		113.9		776.1		157.3		989.6		25.0			(236.9	)		10.6			(89.7	)		88.9		1,013.1		146.6		1,079.3

Mizuho Corporate Bank

Japanese Bonds		8,369.7		4,976.6		1,299.7		435.2		1,645.3			(464.9	)		238.4			(21.1	)		6,724.3		5,441.5		1,061.3		456.3
Japanese Government Bonds		8,313.4		4,416.7		1,077.4		106.0		1,643.6			(572.2	)		169.6			(23.8	)		6,669.7		4,988.9		907.7		129.8
Japanese Local Government Bonds		0.3		20.8		47.7		0.9		(0.1	)		14.8			37.7			(0.0	)		0.4		5.9		9.9		0.9
Japanese Corporate Bonds		56.0		539.1		174.6		328.2		1.9			92.4			31.0			2.8			54.0		446.6		143.6		325.4
Other		1,014.8		2,039.7		769.2		877.1		(43.8	)		(787.6	)		326.3			291.5			1,058.7		2,827.4		442.9		585.6

Mizuho Trust & Banking

Japanese Bonds		341.4		671.9		470.0		20.0		204.0			464.5			(9.7	)		(70.9	)		137.3		207.3		479.7		90.9
Japanese Government Bonds		332.5		652.5		462.5		20.0		207.3			459.1			(4.5	)		(55.8	)		125.1		193.3		467.0		75.8
Japanese Local Government Bonds		0.3		0.8		2.4		—		(1.5	)		(0.4	)		(1.1	)		—			1.8		1.2		3.6		—
Japanese Corporate Bonds		8.5		18.6		5.0		—		(1.6	)		5.8			(4.0	)		(15.1	)		10.2		12.7		9.1		15.1
Other		55.7		181.2		74.3		0.4		12.3			(104.8	)		(6.3	)		(28.1	)		43.3		286.0		80.6		28.6

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, 2011								Change												As of March 31, 2010
	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		9,132.8		13,371.6		3,533.1		26,037.5		2,444.1			819.6			672.3			3,936.1			6,688.6		12,552.0		2,860.8		22,101.4
Receive Float / Pay Fixed		1,440.4		2,531.0		2,506.1		6,477.6		423.8			660.8			1,002.2			2,086.8			1,016.6		1,870.1		1,503.9		4,390.7
Receive Float / Pay Float		—		154.8		30.0		184.8		(0.9	)		—			—			(0.9	)		0.9		154.8		30.0		185.7
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		10,573.2		16,057.4		6,069.2		32,699.9		2,866.9			1,480.4			1,674.5			6,022.0			7,706.2		14,576.9		4,394.7		26,677.9

Mizuho Bank

Receive Fixed / Pay Float		6,629.0		6,067.1		262.4		12,958.6		2,582.2			785.1			(93.5	)		3,273.8			4,046.8		5,282.0		355.9		9,684.7
Receive Float / Pay Fixed		—		—		613.9		613.9		—			—			227.0			227.0			—		—		386.9		386.9
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		6,629.0		6,067.1		876.3		13,572.5		2,582.2			785.1			133.4			3,500.8			4,046.8		5,282.0		742.8		10,071.6

Mizuho Corporate Bank

Receive Fixed / Pay Float		2,503.8		7,304.4		3,255.7		13,063.9		(138.0	)		174.4			790.8			827.2			2,641.8		7,129.9		2,464.8		12,236.6
Receive Float / Pay Fixed		1,380.4		2,346.0		1,852.2		5,578.7		463.8			645.8			800.2			1,909.8			916.6		1,700.1		1,052.0		3,668.8
Receive Float / Pay Float		—		154.8		30.0		184.8		(0.9	)		—			—			(0.9	)		0.9		154.8		30.0		185.7
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		3,884.2		9,805.2		5,137.9		18,827.4		324.7			820.3			1,591.0			2,736.1			3,559.4		8,984.9		3,546.8		16,091.2

Mizuho Trust & Banking

Receive Fixed / Pay Float		—		—		15.0		15.0		—			(140.0	)		(25.0	)		(165.0	)		—		140.0		40.0		180.0
Receive Float / Pay Fixed		60.0		185.0		40.0		285.0		(40.0	)		15.0			(25.0	)		(50.0	)		100.0		170.0		65.0		335.0
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		60.0		185.0		55.0		300.0		(40.0	)		(125.0	)		(50.0	)		(215.0	)		100.0		310.0		105.0		515.0

(Reference)

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


	*(Billions of yen)*
	As of March 31, 2011						Change								As of March 31, 2010
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses								Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses					Gains		Losses
Aggregated Figures		784.3		551.8	232.5			(66.9	)		(83.6	)	16.6			851.3		635.4	215.8
Mizuho Bank		83.6		76.7	6.9			(33.7	)		(11.3	)	(22.3	)		117.3		88.0	29.2
Mizuho Corporate Bank		633.2		399.0	234.2			(38.9	)		(76.7	)	37.8			672.1		475.8	196.3
Mizuho Trust & Banking		67.4		76.0	(8.5	)		5.6			4.4		1.1			61.8		71.6	(9.7	)

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, 2011		Change			As of March 31, 2010
Projected Benefit Obligations	(A)		1,078,952		(719	)		1,079,671
Discount Rate (%)			2.5		—			2.5

Total Fair Value of Plan Assets	(B)		1,152,516		(62,609	)		1,215,125
Unrecognized Actuarial Differences	(C)		406,149		34,429			371,720
Prepaid Pension Cost	(D)		479,713		(27,460	)		507,174
Reserve for Employee Retirement Benefits	(A)-(B)-(C)+(D)		—		—			—

Mizuho Bank

Projected Benefit Obligations	(A)		638,227		2,086			636,141
Discount Rate (%)			2.5		—			2.5

Total Fair Value of Plan Assets	(B)		682,026		(30,335	)		712,361
Unrecognized Actuarial Differences	(C)		249,470		11,158			238,312
Prepaid Pension Cost	(D)		293,269		(21,262	)		314,532
Reserve for Employee Retirement Benefits	(A)-(B)-(C)+(D)		—		—			—

Mizuho Corporate Bank

Projected Benefit Obligations	(A)		319,742		(3,357	)		323,100
Discount Rate (%)			2.5		—			2.5

Total Fair Value of Plan Assets	(B)		342,004		(25,877	)		367,882
Unrecognized Actuarial Differences	(C)		117,862		19,014			98,847
Prepaid Pension Cost	(D)		140,124		(3,505	)		143,629
Reserve for Employee Retirement Benefits	(A)-(B)-(C)+(D)		—		—			—

Mizuho Trust & Banking

Projected Benefit Obligations	(A)		120,982		552			120,430
Discount Rate (%)			2.5		—			2.5

Total Fair Value of Plan Assets	(B)		128,485		(6,396	)		134,881
Unrecognized Actuarial Differences	(C)		38,816		4,256			34,560
Prepaid Pension Cost	(D)		46,319		(2,692	)		49,011
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 2010						Fiscal 2009
					Change			Fiscal 2009
Service Cost			(16,795	)		(325	)		(16,470	)
Interest Cost			(26,991	)		134			(27,126	)
Expected Return on Plan Assets			37,381			24,780			12,600
Accumulation (Amortization) of Unrecognized Actuarial Differences			(74,069	)		19,372			(93,442	)
Other			(4,325	)		261			(4,586	)

Total			(84,800	)		44,224			(129,025	)


Mizuho Bank

Service Cost			(10,824	)		(264	)		(10,559	)
Interest Cost			(15,903	)		6			(15,909	)
Expected Return on Plan Assets			18,307			14,986			3,320
Accumulation (Amortization) of Unrecognized Actuarial Differences			(47,637	)		12,040			(59,678	)
Other			(2,967	)		353			(3,321	)

Total			(59,025	)		27,122			(86,147	)


Mizuho Corporate Bank

Service Cost			(3,689	)		(8	)		(3,681	)
Interest Cost			(8,077	)		115			(8,193	)
Expected Return on Plan Assets			14,450			7,626			6,823
Accumulation (Amortization) of Unrecognized Actuarial Differences			(18,187	)		5,597			(23,785	)
Other			(936	)		(25	)		(910	)

Total			(16,441	)		13,306			(29,747	)


Mizuho Trust & Banking

Service Cost			(2,281	)		(52	)		(2,228	)
Interest Cost			(3,010	)		12			(3,023	)
Expected Return on Plan Assets			4,623			2,167			2,456
Accumulation (Amortization) of Unrecognized Actuarial Differences			(8,244	)		1,734			(9,978	)
Other			(420	)		(66	)		(354	)

Total			(9,334	)		3,795			(13,129	)


Consolidated

		*(Millions of yen)*
		As of March 31, 2011 (Fiscal 2010)						As of March 31, 2010 (Fiscal 2009)
					Change			As of March 31, 2010 (Fiscal 2009)
Projected Benefit Obligations	(A)		1,207,229			6,260			1,200,969

Total Fair Value of Plan Assets	(B)		1,215,987			(51,212	)		1,267,199
Unrecognized Actuarial Differences	(C)		420,438			35,772			384,665
Prepaid Pension Cost	(D)		464,812			(20,346	)		485,159
Reserve for Employee Retirement Benefits	(A)-(B)-(C)+(D)		35,615			1,352			34,263

Income (Expenses) related to Employee Retirement Benefits			(98,994	)		44,994			(143,989	)

3-18

9. Capital Adequacy Ratio

Mizuho Financial Group, Inc.

Consolidated

Mizuho Financial Group

BIS Standard


	*(%, Billions of yen)*
	As of March 31, 2011									As of September 30, 2010			As of March 31, 2010
	(Preliminary)			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010			As of March 31, 2010
(1) Capital Adequacy Ratio		15.30			(0.10	)		1.84			15.40			13.46
Tier 1 Capital Ratio		11.93			0.15			2.84			11.78			9.09
(2) Tier 1 Capital		6,170.2			(89.9	)		996.7			6,260.1			5,173.4
Common Stock and Preferred Stock		2,181.3			—			375.8			2,181.3			1,805.5
Capital Surplus		937.6			—			385.5			937.6			552.1
Retained Earnings		1,132.3			71.7			277.6			1,060.6			854.6
Less: Treasury Stock		3.1			0.0			(1.9	)		3.1			5.1
Less: Dividends (estimate), etc.		140.0			140.0			5.1			—			134.9
Less: Unrealized Losses on Other Securities		7.0			7.0			7.0			—			—
Foreign Currency Translation Adjustments		(103.9	)		(3.5	)		(11.2	)		(100.3	)		(92.6	)
Minority Interests in Consolidated Subsidiaries		2,269.6			(10.1	)		(19.4	)		2,279.7			2,289.0
Preferred Securities Issued by Overseas SPCs		*1,919.8*			0.6			(18.0	)		1,919.1			1,937.8
Other		(96.5	)		(0.8	)		(1.3	)		(95.6	)		(95.1	)
(3) Tier 2 Capital		2,103.4			(159.5	)		(622.0	)		2,262.9			2,725.4
Tier 2 Capital Included as Qualifying Capital		*2,103.4*			(159.5	)		(622.0	)		2,262.9			2,725.4
45% of Unrealized Gains on Other Securities		—			(48.4	)		(122.6	)		48.4			122.6
45% of Revaluation Reserve for Land		106.2			(0.1	)		(0.5	)		106.4			106.7
General Reserve for Possible Losses on Loans, etc.		4.9			0.3			(0.5	)		4.5			5.4
Debt Capital, etc.		1,992.2			(111.2	)		(498.3	)		2,103.4			2,490.5
Perpetual Subordinated Debt and Other Debt Capital		*343.6*			(22.4	)		(242.7	)		366.0			586.3
Dated Subordinated Debt and Redeemable Preferred Stock		*1,648.6*			(88.8	)		(255.5	)		1,737.4			1,904.2
(4) Deductions for Total Risk-based Capital		362.6			20.2			121.8			342.4			240.8
(5) Total Risk-based Capital (2)+(3)-(4)		7,910.9			(269.7	)		252.9			8,180.7			7,658.0
(6) Risk-weighted Assets		51,693.8			(1,427.3	)		(5,169.4	)		53,121.1			56,863.2
Credit Risk Assets		46,997.1			(1,299.9	)		(4,911.6	)		48,297.1			51,908.7
On-balance-sheet Items		38,958.0			(700.3	)		(3,838.2	)		39,658.3			42,796.2
Off-balance-sheet Items		8,039.0			(599.6	)		(1,073.3	)		8,638.7			9,112.4
Market Risk Equivalent Assets		1,389.2			53.9			91.2			1,335.3			1,297.9
Operational Risk Equivalent Assets		3,307.4			(181.3	)		(349.0	)		3,488.7			3,656.5
Adjusted Floor Amount		—			—			—			—			—

(Reference)
Prime Capital Ratio *		8.15			0.05			2.53			8.10			5.62

*	Prime Capital (Tier 1 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, 2011								As of September 30, 2010		As of March 31, 2010
Domestic Standard	(Preliminary)		Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
(1) Capital Adequacy Ratio		14.91		1.90			2.03			13.01		12.88
Tier 1 Capital Ratio		10.38		1.98			2.64			8.40		7.74
(2) Tier 1 Capital		2,374.7		401.9			508.4			1,972.8		1,866.2
(3) Tier 2 Capital		1,129.5		(44.4	)		(176.9)			1,174.0		1,306.5
(4) Deductions for Total Risk-based Capital		93.4		2.9			25.2			90.5		68.2
(5) Total Risk-based Capital (2)+(3)-(4)		3,410.8		354.4			306.2			3,056.4		3,104.6
(6) Risk-weighted Assets		22,868.8		(613.8)			(1,230.4)			23,482.6		24,099.2

Mizuho Corporate Bank

BIS Standard
(1) Capital Adequacy Ratio		18.80		1.65			2.80			17.15		16.00
Tier 1 Capital Ratio		16.10		1.72			3.53			14.38		12.57
(2) Tier 1 Capital		4,528.8		400.4			614.5			4,128.3		3,914.2
(3) Tier 2 Capital		881.2		(45.6	)		(358.0	)		926.9		1,239.3
(4) Deductions for Total Risk-based Capital		122.9		(11.2	)		(47.4	)		134.1		170.3
(5) Total Risk-based Capital (2)+(3)-(4)		5,287.1		366.0			303.8			4,921.1		4,983.2
(6) Risk-weighted Assets		28,121.6		(572.3	)		(3,007.1	)		28,694.0		31,128.7

Mizuho Trust & Banking

BIS Standard
(1) Capital Adequacy Ratio		16.34		(0.54	)		0.61			16.88		15.73
Tier 1 Capital Ratio		12.11		0.90			2.04			11.21		10.07
(2) Tier 1 Capital		296.8		5.8			15.8			291.0		280.9
(3) Tier 2 Capital		110.8		(44.3	)		(52.9	)		155.2		163.7
(4) Deductions for Total Risk-based Capital		7.2		(0.7	)		1.5			8.0		5.7
(5) Total Risk-based Capital (2)+(3)-(4)		400.4		(37.8	)		(38.5	)		438.2		438.9
(6) Risk-weighted Assets		2,449.6		(145.3	)		(340.3	)		2,594.9		2,789.9

(Reference)
Mizuho Bank

BIS Standard
(1) Capital Adequacy Ratio		14.60		1.69			1.77			12.91		12.83
Tier 1 Capital Ratio		10.10		1.78			2.41			8.32		7.69
(2) Tier 1 Capital		2,324.5		362.3			458.2			1,962.1		1,866.2
(3) Tier 2 Capital		1,129.5		(44.4	)		(184.4	)		1,174.0		1,314.0
(4) Deductions for Total Risk-based Capital		93.8		2.9			25.2			90.8		68.5
(5) Total Risk-based Capital (2)+(3)-(4)		3,360.3		314.9			248.5			3,045.4		3,111.7
(6) Risk-weighted Assets		23,002.1		(581.2	)		(1,237.4	)		23,583.4		24,239.6

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, 2011																As of September 30, 2010				As of March 31, 2010
			%		Change from September 30, 2010			%			Change from March 31, 2010			%					%				%
Loans to Bankrupt Obligors		46,116		0.07		(22,116	)		(0.03	)		(30,761	)		(0.05	)		68,232		0.10		76,877		0.12
Non-Accrual Delinquent Loans		660,718		1.05		(61,669	)		(0.11	)		(80,037	)		(0.13	)		722,387		1.16		740,756		1.19
Loans Past Due for 3 Months or More		25,034		0.03		(2,906	)		(0.00	)		14,839			0.02			27,940		0.04		10,195		0.01
Restructured Loans		496,991		0.79		(13,039	)		(0.03	)		21,932			0.02			510,031		0.82		475,058		0.76

Total		1,228,859		1.95		(99,731	)		(0.18	)		(74,028	)		(0.13	)		1,328,591		2.14		1,302,887		2.09

Total Loans		62,777,757		100.00		707,860						613,177						62,069,897		100.00		62,164,579		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		343,426				(79,011	)					(144,655	)					422,437				488,081

Trust Account

	As of March 31, 2011																As of September 30, 2010				As of March 31, 2010
			%		Change from September 30, 2010			%			Change from March 31, 2010			%					%				%
Loans to Bankrupt Obligors		—		—		—			—			—			—			—		—		—		—
Non-Accrual Delinquent Loans		3,095		11.86		(8	)		0.65			(17	)		1.18			3,104		11.20		3,113		10.68
Loans Past Due for 3 Months or More		—		—		—			—			—			—			—		—		—		—
Restructured Loans		—		—		—			—			—			—			—		—		—		—

Total		3,095		11.86		(8	)		0.65			(17	)		1.18			3,104		11.20		3,113		10.68

Total Loans		26,089		100.00		(1,612	)					(3,049	)					27,701		100.00		29,138		100.00

Consolidated + Trust Account

	As of March 31, 2011																As of September 30, 2010				As of March 31, 2010
			%		Change from September 30, 2010			%			Change from March 31, 2010			%					%				%
Loans to Bankrupt Obligors		46,116		0.07		(22,116	)		(0.03	)		(30,761	)		(0.05	)		68,232		0.10		76,877		0.12
Non-Accrual Delinquent Loans		663,813		1.05		(61,678	)		(0.11	)		(80,055	)		(0.13	)		725,492		1.16		743,869		1.19
Loans Past Due for 3 Months or More		25,034		0.03		(2,906	)		(0.00	)		14,839			0.02			27,940		0.04		10,195		0.01
Restructured Loans		496,991		0.79		(13,039	)		(0.02	)		21,932			0.02			510,031		0.82		475,058		0.76

Total		1,231,955		1.96		(99,740	)		(0.18	)		(74,045	)		(0.13	)		1,331,696		2.14		1,306,001		2.09

Total Loans		62,803,846		100.00		706,247						610,128						62,097,598		100.00		62,193,718		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, 2011																As of September 30, 2010				As of March 31, 2010
			%		Change from September 30, 2010			%			Change from March 31, 2010			%					%				%
Loans to Bankrupt Obligors		43,563		0.06		(22,018	)		(0.03	)		(30,983	)		(0.05	)		65,581		0.10		74,546		0.11
Non-Accrual Delinquent Loans		646,944		1.02		(64,420	)		(0.11	)		(82,302	)		(0.14	)		711,365		1.14		729,247		1.17
Loans Past Due for 3 Months or More		25,034		0.03		(2,906	)		(0.00	)		14,839			0.02			27,940		0.04		10,195		0.01
Restructured Loans		398,204		0.63		(18,927	)		(0.04	)		(21,285	)		(0.04	)		417,131		0.67		419,490		0.67

Total		1,113,746		1.76		(108,273	)		(0.20	)		(119,732	)		(0.21	)		1,222,019		1.96		1,233,478		1.97


Total Loans		63,019,790		100.00		948,177						709,434						62,071,613		100.00		62,310,356		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		317,071				(71,537	)					(136,374	)					388,609				453,446

Mizuho Bank

Loans to Bankrupt Obligors		29,000		0.08		(11,066	)		(0.03	)		(21,086	)		(0.06	)		40,067		0.12		50,087		0.15
Non-Accrual Delinquent Loans		518,994		1.55		14,562			0.03			11,989			(0.00	)		504,432		1.51		507,005		1.56
Loans Past Due for 3 Months or More		24,937		0.07		(2,329	)		(0.00	)		15,803			0.04			27,266		0.08		9,134		0.02
Restructured Loans		244,701		0.73		(5,995	)		(0.02	)		(2,894	)		(0.02	)		250,696		0.75		247,596		0.76

Total		817,635		2.44		(4,829	)		(0.02	)		3,810			(0.05	)		822,464		2.47		813,824		2.50


Total Loans		33,376,277		100.00		97,269						908,630						33,279,008		100.00		32,467,647		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		202,645				(34,334	)					(72,913	)					236,979				275,559

Mizuho Corporate Bank

Loans to Bankrupt Obligors		12,965		0.04		(8,908	)		(0.03	)		(7,817	)		(0.02	)		21,874		0.08		20,782		0.07
Non-Accrual Delinquent Loans		89,746		0.34		(79,840	)		(0.32	)		(101,468	)		(0.38	)		169,587		0.66		191,215		0.72
Loans Past Due for 3 Months or More		—		—		—			—			—			—			—		—		—		—
Restructured Loans		139,969		0.53		(10,829	)		(0.06	)		(18,987	)		(0.07	)		150,798		0.59		158,957		0.60

Total		242,681		0.92		(99,579	)		(0.42	)		(128,273	)		(0.48	)		342,261		1.34		370,955		1.40


Total Loans		26,367,776		100.00		941,076						12,126						25,426,700		100.00		26,355,649		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		102,571				(32,205	)					(56,270	)					134,776				158,841

Mizuho Trust & Banking (Banking Account)

Loans to Bankrupt Obligors		1,596		0.04		(2,042	)		(0.05	)		(2,079	)		(0.05	)		3,639		0.10		3,675		0.10
Non-Accrual Delinquent Loans		35,107		1.08		866			0.05			7,194			0.27			34,240		1.02		27,912		0.80
Loans Past Due for 3 Months or More		96		0.00		(577	)		(0.01	)		(964	)		(0.02	)		673		0.02		1,060		0.03
Restructured Loans		13,533		0.41		(2,102	)		(0.05	)		597			0.04			15,636		0.46		12,936		0.37

Total		50,334		1.54		(3,855	)		(0.07	)		4,748			0.23			54,190		1.62		45,585		1.31


Total Loans		3,249,647		100.00		(88,555	)					(208,273	)					3,338,203		100.00		3,457,921		100.00

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

Amount of Partial Direct Write-offs		11,854				(4,998	)					(7,190	)					16,853				19,045

(Trust Account)

Loans to Bankrupt Obligors		—		—		—			—			—			—			—		—		—		—
Non-Accrual Delinquent Loans		3,095		11.86		(8	)		0.65			(17	)		1.18			3,104		11.20		3,113		10.68
Loans Past Due for 3 Months or More		—		—		—			—			—			—			—		—		—		—
Restructured Loans		—		—		—			—			—			—			—		—		—		—

Total		3,095		11.86		(8	)		0.65			(17	)		1.18			3,104		11.20		3,113		10.68


Total Loans		26,089		100.00		(1,612	)					(3,049	)					27,701		100.00		29,138		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, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Reserves for Possible Losses on Loans		760,762		(82,902	)		(126,311	)		843,664		887,073
General Reserve for Possible Losses on Loans		501,450		(31,849	)		(62,393	)		533,299		563,843
Specific Reserve for Possible Losses on Loans		259,301		(51,053	)		(63,739	)		310,355		323,040
Reserve for Possible Losses on Loans to Restructuring Countries		10		0			(178	)		9		188

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		416,313		(80,928	)		(152,090	)		497,241		568,404

Non-Consolidated

Aggregated Figures of the 3 Banks

	*(Millions of yen)*
	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Reserves for Possible Losses on Loans		633,209		(88,425	)		(142,320	)		721,634		775,529
General Reserve for Possible Losses on Loans		463,167		(33,420	)		(68,450	)		496,588		531,617
Specific Reserve for Possible Losses on Loans		170,031		(55,005	)		(73,691	)		225,037		243,723
Reserve for Possible Losses on Loans to Restructuring Countries		10		0			(178	)		9		188

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		389,139		(73,314	)		(143,326	)		462,454		532,465

Mizuho Bank

Reserves for Possible Losses on Loans		403,089		(12,411	)		(37,797	)		415,501		440,887
General Reserve for Possible Losses on Loans		284,166		(18,885	)		(35,227	)		303,052		319,394
Specific Reserve for Possible Losses on Loans		118,923		6,474			(2,570	)		112,448		121,493
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		257,930		(36,085	)		(78,349	)		294,016		336,280

Mizuho Corporate Bank

Reserves for Possible Losses on Loans		211,992		(72,238	)		(99,757	)		284,231		311,750
General Reserve for Possible Losses on Loans		164,197		(11,472	)		(29,655	)		175,670		193,853
Specific Reserve for Possible Losses on Loans		47,784		(60,767	)		(69,923	)		108,551		117,708
Reserve for Possible Losses on Loans to Restructuring Countries		10		0			(178	)		9		188

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		114,399		(32,307	)		(57,739	)		146,706		172,139

Mizuho Trust & Banking
Reserves for Possible Losses on Loans		18,127		(3,775	)		(4,764	)		21,902		22,891
General Reserve for Possible Losses on Loans		14,802		(3,062	)		(3,567	)		17,865		18,370
Specific Reserve for Possible Losses on Loans		3,324		(712	)		(1,197	)		4,037		4,521
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		16,809		(4,921	)		(7,237	)		21,731		24,046

*	Reserve for Indemnification of Impairment and Reserve for Possible Losses on Entrusted Loans (¥132 million, ¥211 million and ¥269 million for March 31, 2011, September 30, 2010 and March 31, 2010, respectively) are not included in the above figures for Trust Account.

3-23

Mizuho Financial Group, Inc.

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

Consolidated


	*(%)*
	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Mizuho Financial Group		61.90		(1.59	)		(6.17	)		63.50		68.08
* Above figures are presented net of partial direct write-offs.

Non-Consolidated

	*(%)*
	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Total		57.01		(2.19	)		(6.02	)		59.20		63.03
Mizuho Bank		49.29		(1.21	)		(4.87	)		50.51		54.17
Mizuho Corporate Bank		87.35		4.30			3.31			83.04		84.03
Mizuho Trust & Banking (Banking Account)		36.01		(4.40	)		(14.20	)		40.41		50.21

*	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, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Claims against Bankrupt and Substantially Bankrupt Obligors		247,287		(11,998	)		(25,824	)		259,285		273,112
Claims with Collection Risk		559,415		(57,315	)		(74,380	)		616,730		633,795
Claims for Special Attention		522,127		(15,942	)		36,756			538,070		485,371
Total		1,328,830		(85,255	)		(63,449	)		1,414,086		1,392,279

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		411,159		(80,828	)		(151,721	)		491,988		562,881

Trust Account

	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—			—		—
Claims with Collection Risk		3,095		(8	)		(17	)		3,104		3,113
Claims for Special Attention		—		—			—			—		—
Total		3,095		(8	)		(17	)		3,104		3,113

Consolidated + Trust Account

	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Claims against Bankrupt and Substantially Bankrupt Obligors		247,287		(11,998	)		(25,824	)		259,285		273,112
Claims with Collection Risk		562,511		(57,323	)		(74,398	)		619,835		636,909
Claims for Special Attention		522,127		(15,942	)		36,756			538,070		485,371
Total		1,331,926		(85,264	)		(63,466	)		1,417,190		1,395,393

*	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, 2011																As of September 30, 2010				As of March 31, 2010
			%		Change from September 30, 2010			%			Change from March 31, 2010			%					%				%
Claims against Bankrupt and Substantially Bankrupt Obligors		231,426		0.33		(14,387	)		(0.02	)		(26,672	)		(0.04	)		245,813		0.35		258,098		0.37
Claims with Collection Risk		553,243		0.79		(57,852	)		(0.10	)		(78,789	)		(0.12	)		611,095		0.89		632,032		0.91
Claims for Special Attention		423,341		0.60		(21,829	)		(0.04	)		(6,461	)		(0.01	)		445,170		0.65		429,802		0.62
Sub-total		1,208,010		1.72		(94,068	)		(0.17	)		(111,924	)		(0.18	)		1,302,079		1.90		1,319,934		1.91
Normal Claims		68,628,577		98.27		1,644,965			0.17			1,015,167			0.18			66,983,611		98.09		67,613,410		98.08

Total		69,836,587		100.00		1,550,896						903,242						68,285,691		100.00		68,933,345		100.00


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

Amount of Partial Direct Write-offs		384,363				(73,391	)					(143,270	)					457,754				527,633

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		175,795		0.49		(4,781	)		(0.01	)		(13,991	)		(0.05	)		180,577		0.50		189,787		0.54
Claims with Collection Risk		404,455		1.13		6,095			0.01			1,223			(0.02	)		398,359		1.12		403,232		1.15
Claims for Special Attention		269,639		0.75		(8,324	)		(0.02	)		12,908			0.01			277,963		0.78		256,730		0.73
Sub-total		849,890		2.39		(7,010	)		(0.02	)		140			(0.05	)		856,900		2.41		849,750		2.44
Normal Claims		34,703,705		97.60		66,260			0.02			785,806			0.05			34,637,445		97.58		33,917,899		97.55

Total		35,553,596		100.00		59,250						785,946						35,494,345		100.00		34,767,649		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		257,930				(36,085	)					(78,349	)					294,016				336,280

Mizuho Corporate Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		17,540		0.05		(13,346	)		(0.04	)		(11,896	)		(0.03	)		30,886		0.10		29,436		0.09
Claims with Collection Risk		119,458		0.38		(59,071	)		(0.22	)		(85,707	)		(0.28	)		178,530		0.60		205,166		0.67
Claims for Special Attention		139,969		0.45		(10,829	)		(0.06	)		(18,987	)		(0.06	)		150,798		0.51		158,957		0.52
Sub-total		276,968		0.89		(83,247	)		(0.33	)		(116,591	)		(0.39	)		360,215		1.22		393,560		1.28
Normal Claims		30,618,840		99.10		1,664,914			0.33			446,550			0.39			28,953,926		98.77		30,172,289		98.71

Total		30,895,808		100.00		1,581,666						329,958						29,314,141		100.00		30,565,849		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		114,399				(32,307	)					(57,730	)					146,706				172,129

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		38,090		1.13		3,740			0.13			(785	)		0.04			34,349		0.99		38,875		1.08
Claims with Collection Risk		26,232		0.78		(4,867	)		(0.12	)		5,712			0.20			31,100		0.90		20,520		0.57
Claims for Special Attention		13,733		0.40		(2,674	)		(0.06	)		(381	)		0.01			16,408		0.47		14,115		0.39
Sub-total		78,056		2.32		(3,802	)		(0.05	)		4,544			0.26			81,858		2.37		73,511		2.05
Normal Claims		3,283,037		97.67		(84,606	)		0.05			(214,158	)		(0.26	)		3,367,643		97.62		3,497,196		97.94

Total		3,361,093		100.00		(88,408	)					(209,613	)					3,449,502		100.00		3,570,707		100.00


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

Amount of Partial Direct Write-offs		12,032				(4,998	)					(7,191	)					17,031				19,224

(Trust Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—			—			—		—		—		—
Claims with Collection Risk		3,095		11.86		(8	)		0.65			(17	)		1.18			3,104		11.20		3,113		10.68
Claims for Special Attention		—		—		—			—			—			—			—		—		—		—
Sub-total		3,095		11.86		(8	)		0.65			(17	)		1.18			3,104		11.20		3,113		10.68
Normal Claims		22,993		88.13		(1,603	)		(0.65	)		(3,031	)		(1.18	)		24,596		88.79		26,025		89.31

Total		26,089		100.00		(1,612	)					(3,049	)					27,701		100.00		29,138		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, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Claims against Bankrupt and Substantially Bankrupt Obligors		231.4		(14.3	)		(26.6	)		245.8		258.0
Collateral, Guarantees, and equivalent		*212.6*		(9.8	)		(22.7	)		222.5		235.3
Reserve for Possible Losses		*18.7*		(4.5	)		(3.9	)		23.2		22.7
Claims with Collection Risk		550.1		(57.8	)		(78.7	)		607.9		628.9
Collateral, Guarantees, and equivalent		*299.0*		(16.1	)		(14.0	)		315.1		313.1
Reserve for Possible Losses		*162.9*		(46.1	)		(64.6	)		209.1		227.6
Claims for Special Attention		423.3		(21.8	)		(6.4	)		445.1		429.8
Collateral, Guarantees, and equivalent		*110.4*		3.6			(3.6	)		106.8		114.1
Reserve for Possible Losses		*92.7*		(10.9	)		(9.9	)		103.6		102.6
Total		1,204.9		(94.0	)		(111.9	)		1,298.9		1,316.8
Collateral, Guarantees, and equivalent		*622.1*		(22.3	)		(40.4	)		644.4		662.6
Reserve for Possible Losses		*274.4*		(61.6	)		(78.5	)		336.1		353.0

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		175.7		(4.7	)		(13.9	)		180.5		189.7
Collateral, Guarantees, and equivalent		*170.1*		(4.0	)		(13.1	)		174.2		183.2
Reserve for Possible Losses		*5.6*		(0.6	)		(0.8	)		6.3		6.5
Claims with Collection Risk		404.4		6.0			1.2			398.3		403.2
Collateral, Guarantees, and equivalent		*231.3*		(4.1	)		(1.3	)		235.5		232.7
Reserve for Possible Losses		*113.1*		7.1			(1.7	)		106.0		114.9
Claims for Special Attention		269.6		(8.3	)		12.9			277.9		256.7
Collateral, Guarantees, and equivalent		*86.2*		9.3			11.5			76.9		74.6
Reserve for Possible Losses		*53.6*		(8.7	)		(7.5	)		62.4		61.2
Total		849.8		(7.0	)		0.1			856.9		849.7
Collateral, Guarantees, and equivalent		*487.7*		1.1			(2.9	)		486.6		490.7
Reserve for Possible Losses		*172.5*		(2.2	)		(10.1	)		174.8		182.7

Mizuho Corporate Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		17.5		(13.3	)		(11.8	)		30.8		29.4
Collateral, Guarantees, and equivalent		*16.4*		(9.6	)		(8.9	)		26.1		25.4
Reserve for Possible Losses		*1.0*		(3.7	)		(2.9	)		4.7		3.9
Claims with Collection Risk		119.4		(59.0	)		(85.7	)		178.5		205.1
Collateral, Guarantees, and equivalent		*46.6*		(7.9	)		(19.9	)		54.6		66.5
Reserve for Possible Losses		*46.5*		(52.8	)		(62.0	)		99.4		108.5
Claims for Special Attention		139.9		(10.8	)		(18.9	)		150.7		158.9
Collateral, Guarantees, and equivalent		*19.6*		(5.2	)		(14.8	)		24.8		34.4
Reserve for Possible Losses		*36.8*		(1.7	)		(2.2	)		38.6		39.1
Total		276.9		(83.2	)		(116.5	)		360.2		393.5
Collateral, Guarantees, and equivalent		*82.8*		(22.8	)		(43.7	)		105.6		126.5
Reserve for Possible Losses		*84.4*		(58.4	)		(67.2	)		142.8		151.6

Mizuho Trust & Banking

(Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		38.0		3.7			(0.7	)		34.3		38.8
Collateral, Guarantees, and equivalent		*26.0*		3.8			(0.5	)		22.2		26.6
Reserve for Possible Losses		*12.0*		(0.0	)		(0.1	)		12.1		12.2
Claims with Collection Risk		26.2		(4.8	)		5.7			31.1		20.5
Collateral, Guarantees, and equivalent		*20.9*		(3.9	)		7.2			24.9		13.7
Reserve for Possible Losses		*3.2*		(0.4	)		(0.8	)		3.6		4.0
Claims for Special Attention		13.7		(2.6	)		(0.3	)		16.4		14.1
Collateral, Guarantees, and equivalent		*4.5*		(0.4	)		(0.4	)		4.9		4.9
Reserve for Possible Losses		*2.2*		(0.4	)		(0.0	)		2.6		2.2
Total		78.0		(3.8	)		4.5			81.8		73.5
Collateral, Guarantees, and equivalent		*51.5*		(0.6	)		6.1			52.1		45.3
Reserve for Possible Losses		*17.4*		(0.9	)		(1.1	)		18.4		18.5

(Reference) Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—			—		—
Collateral, Guarantees, and equivalent		—		—			—			—		—
Claims with Collection Risk		3.0		(0.0	)		(0.0	)		3.1		3.1
Collateral, Guarantees, and equivalent		*3.0*		(0.0	)		(0.0	)		3.1		3.1
Claims for Special Attention		—		—			—			—		—
Collateral, Guarantees, and equivalent		—		—			—			—		—
Total		3.0		(0.0	)		(0.0	)		3.1		3.1
Collateral, Guarantees, and equivalent		*3.0*		(0.0	)		(0.0	)		3.1		3.1

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

3-27

(2) Coverage Ratio

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks (Banking Account)


	*(Billions of yen)*
	As of March 31, 2011
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Coverage Amount		896.6		(83.9	)		(119.0	)		980.6		1,015.6
Reserves for Possible Losses on Loans		274.4		(61.6	)		(78.5	)		336.1		353.0
Collateral, Guarantees, and equivalent		622.1		(22.3	)		(40.4	)		644.4		662.6

	*(%)*
Coverage Ratio		74.4		(1.0	)		(2.7	)		75.5		77.1
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		83.9		(2.2	)		(2.0	)		86.2		85.9
Claims for Special Attention		48.0		0.7			(2.4	)		47.2		50.4
Claims against Special Attention Obligors		*51.8*		2.2			(1.1	)		49.5		52.9

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		64.8		(6.5	)		(7.1	)		71.4		72.0
Claims for Special Attention		29.6		(0.9	)		(2.8	)		30.6		32.5
Claims against Special Attention Obligors		*31.3*		(0.7	)		(2.8	)		32.0		34.1

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		21.96		(1.80	)		(2.45	)		23.76		24.41
Claims against Watch Obligors excluding Special Attention Obligors		4.34		0.15			(0.26	)		4.18		4.60
Claims against Normal Obligors		0.20		(0.02	)		(0.01	)		0.22		0.21

Mizuho Bank

	*(Billions of yen)*
Coverage Amount		660.3		(1.1	)		(13.1	)		661.4		673.4
Reserves for Possible Losses on Loans		172.5		(2.2	)		(10.1	)		174.8		182.7
Collateral, Guarantees, and equivalent		487.7		1.1			(2.9	)		486.6		490.7

	*(%)*
Coverage Ratio		77.6		0.5			(1.5	)		77.1		79.2
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		85.1		(0.5	)		(1.0	)		85.7		86.2
Claims for Special Attention		51.8		1.7			(1.0	)		50.1		52.9
Claims against Special Attention Obligors		*56.3*		4.0			0.7			52.2		55.5

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		65.4		0.2			(2.0	)		65.1		67.4
Claims for Special Attention		29.2		(1.7	)		(4.3	)		31.0		33.6
Claims against Special Attention Obligors		*31.0*		(0.6	)		(3.6	)		31.7		34.6

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		19.65		(2.49	)		(3.94	)		22.15		23.60
Claims against Watch Obligors excluding Special Attention Obligors		4.28		0.14			(0.37	)		4.13		4.65
Claims against Normal Obligors		0.23		(0.02	)		(0.02	)		0.26		0.25

Mizuho Corporate Bank

	*(Billions of yen)*
Coverage Amount		167.2		(81.2	)		(110.9	)		248.5		278.2
Reserves for Possible Losses on Loans		84.4		(58.4	)		(67.2	)		142.8		151.6
Collateral, Guarantees, and equivalent		82.8		(22.8	)		(43.7	)		105.6		126.5

	*(%)*
Coverage Ratio		60.3		(8.5	)		(10.3	)		68.9		70.6
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		78.0		(8.2	)		(7.3	)		86.3		85.3
Claims for Special Attention		40.3		(1.7	)		(5.9	)		42.1		46.3
Claims against Special Attention Obligors		*43.8*		(2.1	)		(5.8	)		45.9		49.6

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		63.9		(16.3	)		(14.4	)		80.2		78.3
Claims for Special Attention		30.6		(0.0	)		(0.8	)		30.6		31.4
Claims against Special Attention Obligors		*32.8*		(0.7	)		(1.6	)		33.6		34.5

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		27.53		0.09			0.93			27.43		26.59
Claims against Watch Obligors excluding Special Attention Obligors		4.45		0.20			(0.05	)		4.25		4.51
Claims against Normal Obligors		0.16		(0.01	)		(0.01	)		0.18		0.17

3-28

Mizuho Financial Group, Inc.

Mizuho Trust & Banking (Banking Account)


	*(Billions of yen)*
	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Coverage Amount		69.0		(1.5	)		5.0			70.6		63.9
Reserves for Possible Losses on Loans		17.4		(0.9	)		(1.1	)		18.4		18.5
Collateral, Guarantees, and equivalent		51.5		(0.6	)		6.1			52.1		45.3

	*(%)*
Coverage Ratio		88.4		2.1			1.4			86.3		87.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		92.3		0.1			5.4			92.1		86.9
Claims for Special Attention		49.1		2.5			(2.2	)		46.5		51.3
Claims against Special Attention Obligors		*42.2*		(0.0	)		(2.6	)		42.3		44.8

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			—			100.0		100.0
Claims with Collection Risk		61.7		1.5			1.2			60.1		60.4
Claims for Special Attention		23.9		0.7			(0.8	)		23.2		24.8
Claims against Special Attention Obligors		*21.8*		(0.2	)		(1.0	)		22.1		22.9

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		16.10		(0.25	)		(0.27	)		16.36		16.38
Claims against Watch Obligors excluding Special Attention Obligors		4.15		(0.17	)		(0.55	)		4.33		4.71
Claims against Normal Obligors		0.21		(0.02	)		0.00			0.23		0.21

3-29

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.

3-30

Mizuho Financial Group, Inc.

7. Results of Removal of NPLs from the Balance Sheet

Non-Consolidated

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

(under the FRL)

Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account + Trust Account)


	*(Billions of yen)*
	Up to Fiscal 2007		Fiscal 2008				Fiscal 2009				Fiscal 2010
			As of September 30, 2008		As of March 31, 2009		As of September 30, 2009		As of March 31, 2010		As of September 30, 2010		As of March 31, 2011
													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, 2010
Claims against Bankrupt and Substantially Bankrupt Obligors		2,494.9		124.8		114.4		102.0		86.8		81.7		37.8		5.2		27.8		70.9		(10.7	)
Claims with Collection Risk		8,508.2		244.9		175.6		138.5		113.4		96.6		73.7		6.8		4.8		85.3		(11.2	)
Amount Categorized as above up to Fiscal 2007		11,003.2		369.8		290.1		240.5		200.3		178.3		111.5		12.0		32.7		156.3		(21.9	)
of which the amount which was in the process of being removed from the balance sheet		1,123.0		78.6		70.4		61.4		46.4		42.7		29.9		3.8		0.2		34.0		(8.6	)
Claims against Bankrupt and Substantially Bankrupt Obligors				80.4		67.5		50.7		36.8		28.8		22.8		—		0.0		22.9		(5.9	)
Claims with Collection Risk				189.7		85.3		65.0		34.3		21.0		18.1		0.0		0.6		18.7		(2.2	)
Amount Newly Categorized as above during the First Half of Fiscal 2008				270.1		152.9		115.8		71.2		49.9		40.9		0.0		0.7		41.7		(8.2	)
of which the amount which was in the process of being removed from the balance sheet				75.7		61.3		44.8		30.1		26.2		21.1		—		0.0		21.2		(5.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors						126.8		82.2		61.9		46.2		22.2		7.4		0.1		29.9		(16.2	)
Claims with Collection Risk						336.9		184.7		100.0		62.1		33.3		8.4		1.0		42.7		(19.3	)
Amount Newly Categorized as above during the Second Half of Fiscal 2008						463.8		267.0		161.9		108.3		55.6		15.9		1.1		72.7		(35.6	)
of which the amount which was in the process of being removed from the balance sheet						96.5		72.6		55.7		40.7		19.4		6.2		0.1		25.9		(14.8	)
Claims against Bankrupt and Substantially Bankrupt Obligors								43.6		36.6		32.2		17.1		2.7		1.6		21.4		(10.7	)
Claims with Collection Risk								345.3		210.7		166.0		40.2		6.5		2.5		49.3		(116.7	)
Amount Newly Categorized as above during the First Half of Fiscal 2009								389.0		247.4		198.3		57.3		9.2		4.1		70.8		(127.5	)
of which the amount which was in the process of being removed from the balance sheet								39.2		31.5		28.9		16.4		2.7		1.6		20.8		(8.1	)
Claims against Bankrupt and Substantially Bankrupt Obligors										35.7		24.8		21.0		1.0		7.2		29.3		4.5
Claims with Collection Risk										173.4		124.4		71.3		15.9		0.4		87.6		(36.8	)
Amount Newly Categorized as above during the Second Half of Fiscal 2009										209.1		149.3		92.4		16.9		7.6		117.0		(32.3	)
of which the amount which was in the process of being removed from the balance sheet										32.0		21.9		18.8		—		1.2		20.0		(1.9	)
Claims against Bankrupt and Substantially Bankrupt Obligors												31.9		24.3		—		0.4		24.8		(7.0	)
Claims with Collection Risk												140.6		70.2		2.9		13.5		86.7		(53.9	)
Amount Newly Categorized as above during the First Half of Fiscal 2010												172.5		94.6		2.9		14.0		111.6		(60.9	)
of which the amount which was in the process of being removed from the balance sheet												28.8		23.2		1.0		0.4		24.7		(4.0	)
Claims against Bankrupt and Substantially Bankrupt Obligors														30.2		1.0		0.6		31.8		31.8
Claims with Collection Risk														97.4		78.8		6.2		182.5		182.5
Amount Newly Categorized as above during the Second Half of Fiscal 2010														127.6		79.8		6.9		214.4		214.4
of which the amount which was in the process of being removed from the balance sheet														29.9		—		0.6		30.5		30.5
Claims against Bankrupt and Substantially Bankrupt Obligors		—————		205.3		308.7		278.7		258.0		245.8		175.7		17.5		38.0		231.4		(14.3	)
Claims with Collection Risk		—————		434.7		598.0		733.7		632.0		611.0		404.4		119.4		29.3		553.2		(57.8	)
Total		—————		640.0		906.8		1,012.5		890.1		856.9		580.2		136.9		67.4		784.6		(72.2	)
of which the amount which was in the process of being removed from the balance sheet				154.3		228.3		218.1		195.8		189.4		158.9		13.9		4.4		177.3		(12.0	)


* 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 (including past figures for their former revitalization subsidiaries) (Banking Account + Trust Account)


	*(Billions of yen)*						*(%)*		*(%)*
	Amount Newly Categorized		Balance as of March 31, 2011		Accumulated Removal Amount		Accumulated Removal Ratio		Modified Accumulated Removal Ratio*
Up to Fiscal 2007		11,003.2		156.3		10,846.8		98.5		98.8
First Half of Fiscal 2008		270.1		41.7		228.4		84.5		92.3
Second Half of Fiscal 2008		463.8		72.7		391.0		84.3		89.9
First Half of Fiscal 2009		389.0		70.8		318.2		81.7		87.1
Second Half of Fiscal 2009		209.1		117.0		92.1		44.0		53.6
First Half of Fiscal 2010		172.5		111.6		60.9		35.3		49.6
Second Half of Fiscal 2010		214.4		214.4		—————		—————		—————

Total		12,722.3		784.6		11,937.7		—————		—————

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

3-31

Mizuho Financial Group, Inc.

(3) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the Second Half of Fiscal 2010

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 2010
	Up to Fiscal 2007			Fiscal 2008						Fiscal 2009						Fiscal 2010
	Up to Fiscal 2007			First Half			Second Half			First Half			Second Half			First Half
Liquidation		(36.3	)		(7.6	)		(4.7	)		(2.4	)		(0.8	)		(0.0	)		(52.2	)
Restructuring		(0.0	)		(2.4	)		(1.2	)		(72.3	)		—			—			(76.2	)
Improvement in Business Performance due to Restructuring		(0.0	)		—			—			(0.0	)		(0.0	)		(0.0	)		(0.1	)
Loan Sales		(11.8	)		(8.3	)		(8.9	)		(4.1	)		(3.6	)		(6.1	)		(43.1	)
Direct Write-off		47.5			16.6			6.9			19.4			(6.7	)		(4.9	)		78.8
Other		(21.1	)		(6.4	)		(27.5	)		(67.9	)		(21.0	)		(49.7	)		(193.8	)
Debt recovery		(16.5	)		(4.3	)		(21.3	)		(72.2	)		(13.7	)		(33.6	)		(161.8	)
Improvement in Business Performance		(4.6	)		(2.0	)		(6.2	)		4.3			(7.2	)		(16.1	)		(32.0	)

Total		(21.9	)		(8.2	)		(35.6	)		(127.5	)		(32.3	)		(60.9	)		(286.6	)


Mizuho Bank

Liquidation		(23.6	)		(5.2	)		(3.1	)		(2.4	)		(0.8	)		(0.0	)		(35.4	)
Restructuring		(0.0	)		(0.7	)		(0.0	)		(0.5	)		—			—			(1.4	)
Improvement in Business Performance due to Restructuring		—			—			—			—			—			—			—
Loan Sales		(11.8	)		(8.0	)		(8.4	)		(1.7	)		(0.5	)		(0.0	)		(30.7	)
Direct Write-off		32.4			12.2			5.0			0.6			(4.7	)		(5.5	)		40.0
Other		(13.7	)		(5.9	)		(17.0	)		(12.7	)		(10.8	)		(38.4	)		(98.8	)
Debt recovery		(9.1	)		(3.8	)		(11.0	)		(9.1	)		(3.7	)		(22.6	)		(59.6	)
Improvement in Business Performance		(4.5	)		(2.0	)		(6.0	)		(3.5	)		(7.1	)		(15.7	)		(39.1	)

Total		(16.9	)		(7.6	)		(23.7	)		(16.8	)		(17.1	)		(44.0	)		(126.3	)


Mizuho Corporate Bank

Liquidation		(12.6	)		—			—			0.0			—			—			(12.6	)
Restructuring		—			(1.2	)		(0.4	)		(70.6	)		—			—			(72.4	)
Improvement in Business Performance due to Restructuring		—			—			—			—			—			—			—
Loan Sales		—			—			(0.0	)		(2.0	)		(3.0	)		(6.1	)		(11.2	)
Direct Write-off		15.1			1.2			(0.9	)		17.3			0.5			0.5			33.8
Other		(7.2	)		0.0			(8.7	)		(54.4	)		(9.9	)		(9.2	)		(89.7	)
Debt recovery		(7.2	)		0.0			(8.6	)		(62.4	)		(9.9	)		(9.2	)		(97.6	)
Improvement in Business Performance		—			—			(0.1	)		8.0			—			—			7.8

Total		(4.8	)		(0.0	)		(10.2	)		(109.8	)		(12.4	)		(14.9	)		(152.2	)


Mizuho Trust & Banking (Banking Account + Trust Account)

Liquidation		—			(2.4	)		(1.6	)		—			(0.0	)		—			(4.0	)
Restructuring		—			(0.4	)		(0.7	)		(1.2	)		—			—			(2.3	)
Improvement in Business Performance due to Restructuring		(0.0	)		—			—			(0.0	)		(0.0	)		(0.0	)		(0.1	)
Loan Sales		(0.0	)		(0.2	)		(0.5	)		(0.2	)		—			—			(1.1	)
Direct Write-off		0.0			3.1			2.8			1.4			(2.5	)		(0.0	)		4.9
Other		(0.1	)		(0.5	)		(1.6	)		(0.7	)		(0.1	)		(2.0	)		(5.3	)
Debt recovery		(0.0	)		(0.5	)		(1.5	)		(0.6	)		(0.0	)		(1.6	)		(4.5	)
Improvement in Business Performance		(0.0	)		(0.0	)		(0.0	)		(0.1	)		(0.1	)		(0.3	)		(0.7	)

Total		(0.1	)		(0.5	)		(1.6	)		(0.8	)		(2.7	)		(2.0	)		(8.0	)


(Reference) Breakdown of Accumulated Amount Removed from the Balance Sheet Aggregated Figures of the 3 Banks (including past figures for their former revitalization subsidiaries) (Banking Account + Trust Account)
	*(Billions of yen)*
	Amount Removed																		Accumulated Removed Amount from B/S from the Second Half of Fiscal 2000
	Up to First Half of Fiscal 2008*			In Second Half of Fiscal 2008			In First Half of Fiscal 2009			In Second Half of Fiscal 2009			In First Half of Fiscal 2010			In Second Half of Fiscal 2010
Liquidation		(1,590.7	)		(49.2	)		(15.0	)		(16.0	)		(19.2	)		(52.2	)		(1,742.7	)
Restructuring		(1,844.4	)		(0.0	)		(4.0	)		(16.6	)		(12.8	)		(76.2	)		(1,954.1	)
Improvement in Business Performance due to Restructuring		(181.7	)		(0.0	)		(0.0	)		(2.9	)		(0.1	)		(0.1	)		(185.1	)
Loan Sales		(4,302.3	)		(39.5	)		(40.2	)		(61.6	)		(72.3	)		(43.1	)		(4,559.3	)
Direct Write-off		3,383.9			22.9			(7.4	)		(2.1	)		68.2			78.8			3,544.3
Other		(6,097.8	)		(130.9	)		(216.5	)		(232.0	)		(169.3	)		(193.8	)		(7,040.5	)
Debt recovery		—————			(92.5	)		(133.3	)		(156.7	)		(109.7	)		(161.8	)		—————
Improvement in Business Performance		—————			(38.3	)		(83.2	)		(75.2	)		(59.6	)		(32.0	)		—————

Total		(10,633.4	)		(197.0	)		(283.3	)		(331.5	)		(205.8	)		(286.6	)		(11,937.7	)

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

3-32

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, 2011																As of September 30, 2010				As of March 31, 2010
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change from September 30, 2010						Change from March 31, 2010						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Domestic Total (excluding Loans Booked Offshore)		57,451.9		1,045.9		(83.4	)		(90.8	)		(232.1	)		(82.3	)		57,535.4		1,136.8		57,684.1		1,128.2
Manufacturing		7,220.0		246.7		(191.3	)		23.0			(438.3	)		46.0			7,411.3		223.7		7,658.3		200.7
Agriculture & Forestry		23.5		0.6		0.3			0.1			(0.4	)		0.2			23.1		0.4		24.0		0.3
Fishery		0.7		0.0		(0.2	)		—			(0.3	)		—			0.9		0.0		1.0		0.0
Mining, Quarrying Industry & Gravel Extraction Industry		154.0		—		0.8			—			2.4			(0.0	)		153.1		—		151.5		0.0
Construction		927.6		59.0		(36.9	)		(1.2	)		(106.3	)		0.4			964.5		60.2		1,034.0		58.6
Utilities		1,416.9		0.4		522.3			(0.5	)		528.0			(0.3	)		894.6		0.9		888.9		0.8
Communication		1,551.3		30.7		(120.5	)		(0.1	)		(108.2	)		(9.1	)		1,671.9		30.8		1,659.6		39.8
Transportation & Postal Industry		2,900.0		29.4		3.8			(74.0	)		(26.0	)		(73.8	)		2,896.2		103.4		2,926.1		103.2
Wholesale & Retail		4,842.9		155.8		60.1			10.2			(54.2	)		19.3			4,782.8		145.6		4,897.2		136.4
Finance & Insurance		6,842.9		2.9		(231.1	)		(12.5	)		(659.0	)		(16.7	)		7,074.0		15.4		7,501.9		19.6
Real Estate		6,351.0		182.0		(250.0	)		(38.9	)		(393.8	)		(51.0	)		6,601.1		221.0		6,744.9		233.0
Commodity Lease		1,588.9		1.6		(33.7	)		(15.0	)		(133.7	)		(17.2	)		1,622.7		16.7		1,722.7		18.9
Service Industries		2,699.0		105.4		(259.4	)		(30.7	)		(746.6	)		(48.3	)		2,958.5		136.2		3,445.7		153.7
Local Governments		1,231.9		2.9		132.5			(0.0	)		214.9			(0.0	)		1,099.4		2.9		1,016.9		3.0
Governments		5,856.6		—		236.9			—			1,471.8			—			5,619.7		—		4,384.7		—
Other		13,843.8		227.8		83.0			48.8			217.9			68.3			13,760.7		179.0		13,625.9		159.5
Overseas Total (including Loans Booked Offshore)		7,166.8		67.7		764.7			(17.3	)		483.2			(37.4	)		6,402.1		85.1		6,683.6		105.2
Governments		356.2		—		59.2			—			110.4			—			297.0		—		245.7		—
Financial Institutions		2,324.4		2.0		477.1			(6.6	)		637.1			1.1			1,847.3		8.7		1,687.3		0.9
Other		4,486.1		65.7		228.4			(10.7	)		(264.3	)		(38.6	)		4,257.7		76.4		4,750.5		104.3

Total		64,618.8		1,113.7		681.2			(108.2	)		251.0			(119.7	)		63,937.6		1,222.0		64,367.8		1,233.4

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


As of March 31, 2011:		¥741.5 billion (from MHBK ¥700.0 billion; from MHCB ¥41.5 billion)
As of September 30, 2010:		¥700.0 billion (from MHBK)
As of March 31, 2010:		¥700.0 billion (from MHBK)

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

3-33

Mizuho Financial Group, Inc.


	*(Billions of yen)*
	As of March 31, 2011																As of September 30, 2010				As of March 31, 2010
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change from September 30, 2010						Change from March 31, 2010						Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance			Non-Accrual, Past Due & Restructured Loans			Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Outstanding Balance		Non-Accrual, Past Due & Restructured Loans
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		33,376.2		817.6		97.2			(4.8	)		908.6			3.8			33,279.0		822.4		32,467.6		813.8
Manufacturing		2,790.1		160.7		(80.2	)		10.8			(186.0	)		34.4			2,870.3		149.9		2,976.2		126.3
Agriculture & Forestry		23.1		0.6		0.5			0.1			(0.3	)		0.2			22.6		0.4		23.5		0.3
Fishery		0.7		0.0		(0.2	)		—			(0.3	)		—			0.9		0.0		1.0		0.0
Mining, Quarrying Industry & Gravel Extraction Industry		5.9		—		0.2			—			(0.4	)		(0.0	)		5.7		—		6.4		0.0
Construction		529.7		44.3		19.7			(1.2	)		(33.4	)		(0.3	)		509.9		45.5		563.1		44.6
Utilities		67.0		0.2		5.5			(0.0	)		(3.1	)		(0.2	)		61.4		0.3		70.1		0.5
Communication		330.4		23.4		(1.2	)		(0.8	)		(11.4	)		(7.1	)		331.6		24.2		341.8		30.5
Transportation & Postal Industry		1,187.2		27.3		137.7			0.9			153.7			0.9			1,049.5		26.4		1,033.5		26.3
Wholesale & Retail		3,484.5		150.2		2.0			14.1			(79.5	)		21.6			3,482.5		136.0		3,564.0		128.5
Finance & Insurance		2,074.3		2.9		(230.9	)		(4.1	)		(248.9	)		(4.9	)		2,305.3		7.1		2,323.2		7.8
Real Estate		3,256.1		115.0		(92.6	)		(19.5	)		(184.9	)		(39.3	)		3,348.7		134.5		3,441.0		154.3
Commodity Lease		185.9		1.6		(10.9	)		0.3			(2.8	)		0.4			196.8		1.3		188.7		1.1
Service Industries		1,983.8		104.2		(212.6	)		(26.6	)		(421.8	)		(44.0	)		2,196.4		130.8		2,405.6		148.2
Local Governments		1,070.2		—		120.5			—			202.6			—			949.7		—		867.6		—
Governments		4,677.5		—		380.7			—			1,566.7			—			4,296.7		—		3,110.8		—
Other		11,709.1		186.7		58.9			21.2			158.8			42.0			11,650.1		165.4		11,550.3		144.7
Overseas Total (including Loans Booked Offshore)		—		—		—			—			—			—			—		—		—		—
Governments		—		—		—			—			—			—			—		—		—		—
Financial Institutions		—		—		—			—			—			—			—		—		—		—
Other		—		—		—			—			—			—			—		—		—		—

Total		33,376.2		817.6		97.2			(4.8	)		908.6			3.8			33,279.0		822.4		32,467.6		813.8


Mizuho Corporate Bank
Domestic Total (excluding Loans Booked Offshore)		19,207.3		174.8		176.0			(82.1	)		(474.3	)		(90.8	)		19,031.3		257.0		19,681.6		265.7
Manufacturing		3,905.9		79.0		(100.1	)		12.8			(226.0	)		9.9			4,006.0		66.2		4,131.9		69.1
Agriculture & Forestry		0.3		—		(0.1	)		—			(0.1	)		—			0.4		—		0.4		—
Fishery		—		—		—			—			—			—			—		—		—		—
Mining, Quarrying Industry & Gravel Extraction Industry		143.7		—		1.3			—			3.8			—			142.3		—		139.8		—
Construction		315.2		14.2		(44.0	)		0.0			(39.8	)		1.9			359.3		14.1		355.1		12.2
Utilities		1,204.4		0.2		470.2			(0.3	)		476.0			(0.0	)		734.1		0.6		728.4		0.2
Communication		385.0		6.5		15.7			0.7			115.1			(1.3	)		369.2		5.8		269.9		7.9
Transportation & Postal Industry		1,492.3		1.0		(131.3	)		(75.9	)		(164.0	)		(75.9	)		1,623.7		76.9		1,656.4		76.9
Wholesale & Retail		1,156.5		4.2		63.5			(3.7	)		40.9			(2.1	)		1,092.9		7.9		1,115.6		6.3
Finance & Insurance		4,335.5		—		123.7			(8.3	)		(171.3	)		(11.7	)		4,211.8		8.3		4,506.8		11.7
Real Estate		2,126.1		34.8		(140.3	)		(15.5	)		(151.8	)		(16.6	)		2,266.4		50.3		2,278.0		51.4
Commodity Lease		1,195.3		—		(5.9	)		(15.4	)		(115.9	)		(17.7	)		1,201.3		15.4		1,311.2		17.7
Service Industries		639.9		0.9		(34.5	)		(2.5	)		(307.0	)		(1.6	)		674.4		3.4		947.0		2.6
Local Governments		124.0		—		11.6			—			12.4			—			112.3		—		111.5		—
Governments		968.2		—		(104.9	)		—			(66.5	)		—			1,073.1		—		1,034.8		—
Other		1,214.2		33.8		50.8			26.0			120.1			24.6			1,163.3		7.7		1,094.1		9.1
Overseas Total (including Loans Booked Offshore)		7,160.4		67.7		765.0			(17.3	)		486.4			(37.4	)		6,395.3		85.1		6,674.0		105.2
Governments		355.4		—		59.2			—			110.6			—			296.1		—		244.7		—
Financial Institutions		2,324.4		2.0		477.1			(6.6	)		637.1			1.1			1,847.3		8.7		1,687.3		0.9
Other		4,480.5		65.7		228.6			(10.7	)		(261.4	)		(38.6	)		4,251.8		76.4		4,741.9		104.3

Total		26,367.7		242.6		941.0			(99.5	)		12.1			(128.2	)		25,426.7		342.2		26,355.6		370.9


Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,868.3		53.4		(356.7	)		(3.8	)		(666.4	)		4.7			5,225.1		57.2		5,534.8		48.6
Manufacturing		523.9		6.9		(11.0	)		(0.6	)		(26.2	)		1.7			535.0		7.5		550.2		5.1
Agriculture & Forestry		0.0		—		(0.0	)		—			(0.0	)		—			0.0		—		0.0		—
Fishery		—		—		—			—			—			—			—		—		—		—
Mining, Quarrying Industry & Gravel Extraction Industry		4.3		—		(0.8	)		—			(0.9	)		—			5.1		—		5.2		—
Construction		82.6		0.5		(12.6	)		0.0			(33.0	)		(1.0	)		95.3		0.4		115.6		1.6
Utilities		145.5		0.0		46.5			(0.0	)		55.1			(0.0	)		99.0		0.0		90.3		0.0
Communication		835.9		0.6		(135.0	)		(0.0	)		(211.9	)		(0.7	)		970.9		0.7		1,047.8		1.3
Transportation & Postal Industry		220.4		1.0		(2.5	)		1.0			(15.7	)		1.0			223.0		0.0		236.2		—
Wholesale & Retail		201.8		1.3		(5.4	)		(0.1	)		(15.7	)		(0.2	)		207.2		1.5		217.5		1.5
Finance & Insurance		433.0		—		(123.8	)		—			(238.8	)		—			556.9		—		671.8		—
Real Estate		968.7		32.1		(17.1	)		(3.8	)		(57.0	)		4.9			985.8		36.0		1,025.7		27.2
Commodity Lease		207.7		—		(16.9	)		(0.0	)		(14.9	)		(0.0	)		224.6		0.0		222.6		0.0
Service Industries		75.2		0.2		(12.3	)		(1.6	)		(17.7	)		(2.6	)		87.5		1.8		93.0		2.9
Local Governments		37.6		2.9		0.3			(0.0	)		(0.1	)		(0.0	)		37.3		2.9		37.7		3.0
Governments		210.7		—		(38.9	)		—			(28.3	)		—			249.7		—		239.1		—
Other		920.4		7.3		(26.7	)		1.4			(61.0	)		1.6			947.2		5.8		981.4		5.7
Overseas Total (including Loans Booked Offshore)		6.4		—		(0.3	)		—			(3.1	)		—			6.7		—		9.6		—
Governments		0.8		—		(0.0	)		—			(0.1	)		—			0.9		—		1.0		—
Financial Institutions		—		—		—			—			—			—			—		—		—		—
Other		5.6		—		(0.2	)		—			(2.9	)		—			5.8		—		8.5		—

Total		4,874.8		53.4		(357.0	)		(3.8	)		(669.6	)		4.7			5,231.9		57.2		5,544.5		48.6

*	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, 2011																As of September 30, 2010				As of March 31, 2010
					Change from September 30, 2010						Change from March 31, 2010
	Disclosed Claims under the FRL		Coverage Ratio		Disclosed Claims under the FRL			Coverage Ratio			Disclosed Claims under the FRL			Coverage Ratio			Disclosed Claims under the FRL		Coverage Ratio		Disclosed Claims under the FRL		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		1,126.6		75.9		(85.6	)		(0.9	)		(80.3	)		(2.7	)		1,212.2		76.9		1,207.0		78.7
Manufacturing		257.7		57.8		22.7			(2.2	)		43.6			(4.6	)		235.0		60.1		214.0		62.5
Agriculture & Forestry		0.6		92.7		0.1			15.5			0.2			0.9			0.4		77.1		0.3		91.7
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		74.0		74.4		12.5			(3.3	)		14.4			(2.2	)		61.5		77.8		59.6		76.7
Utilities		0.4		57.3		(0.9	)		(3.7	)		(0.3	)		(9.1	)		1.4		61.1		0.8		66.5
Communication		31.2		66.2		(0.1	)		2.2			(9.2	)		(3.6	)		31.4		63.9		40.5		69.8
Transportation & Postal Industry		31.4		83.8		(79.8	)		(8.8	)		(80.5	)		(8.6	)		111.2		92.7		111.9		92.4
Wholesale & Retail		164.5		67.2		10.5			(0.2	)		18.9			(4.3	)		153.9		67.5		145.5		71.5
Finance & Insurance		3.6		52.4		(13.3	)		(7.0	)		(17.0	)		(7.4	)		16.9		59.4		20.7		59.8
Real Estate		183.1		86.5		(39.6	)		1.0			(52.0	)		(1.4	)		222.7		85.4		235.1		87.9
Commodity Lease		1.6		87.4		(15.3	)		9.6			(17.5	)		6.2			17.0		77.8		19.2		81.2
Service Industries		109.7		71.0		(30.7	)		8.3			(46.9	)		4.1			140.5		62.7		156.6		66.8
Local Governments		30.6		100.0		(0.0	)		—			(0.0	)		—			30.6		100.0		30.6		100.0
Other		237.5		93.6		48.4			(2.5	)		66.1			(1.8	)		189.1		96.2		171.4		95.5
Overseas Total (including Loans Booked Offshore)		81.3		53.7		(8.4	)		(3.2	)		(31.5	)		(6.4	)		89.7		56.9		112.9		60.1
Governments		—		—		—			—			—			—			—		—		—		—
Financial Institutions		2.0		100.0		(6.6	)		36.1			0.8			27.5			8.7		63.8		1.2		72.4
Other		79.2		52.4		(1.7	)		(3.7	)		(32.4	)		(7.5	)		81.0		56.2		111.6		60.0

Total		1,208.0		74.4		(94.0	)		(1.0	)		(111.9	)		(2.7	)		1,302.0		75.5		1,319.9		77.1

*	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, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Housing and Consumer Loans		12,383.8		15.9			86.2			12,367.9		12,297.5
Housing Loans for owner’s residential housing		*10,488.4*		94.8			229.9			10,393.6		10,258.4

Mizuho Bank

Housing and Consumer Loans		12,130.6		30.6			113.7			12,100.0		12,016.9
Housing Loans		11,184.4		57.7			154.0			11,126.7		11,030.4
for owner’s residential housing		*10,268.1*		106.9			251.9			10,161.2		10,016.1
Consumer loans		946.2		(27.0	)		(40.3	)		973.3		986.5

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		253.1		(14.7	)		(27.4	)		267.8		280.6
Housing Loans for owner’s residential housing		*220.3*		(12.0	)		(21.9	)		232.4		242.3
* 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, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		57.0		(0.1	)		(0.6	)		57.2		57.6
Loans to SMEs and Individual Customers		32,774.2		(149.3	)		(487.3	)		32,923.6		33,261.5
* Loans to MHFG are included as follows: As of March 31, 2011: ¥741.5 billion (from MHBK ¥700.0 billion; from MHCB ¥41.5 billion) As of September 30, 2010: ¥700.0 billion (from MHBK) As of March 31, 2010: ¥700.0 billion (from MHBK)

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		70.5		(0.4	)		(2.6	)		70.9		73.1
Loans to SMEs and Individual Customers		23,541.4		(69.9	)		(219.1	)		23,611.3		23,760.5

Mizuho Corporate Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		37.4		(0.3	)		0.0			37.8		37.4
Loans to SMEs and Individual Customers		7,199.4		(8.4	)		(167.0	)		7,207.9		7,366.5

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		41.7		1.4			3.2			40.2		38.5
Loans to SMEs and Individual Customers		2,033.3		(70.9	)		(101.1	)		2,104.3		2,134.4

*	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, 2011							As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010		Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Loan amount		0.0		0.0		(1.5	)		0.0		1.5
Number of Restructuring Countries*		3		1		(1	)		2		4

*	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, 2011

As of September 30, 2010

As of March 31, 2010

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Change from September 30,
2010

Change from March 31,
2010

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due &
Restructured
Loans

Asia

2,429.7

9.9

377.1

(5.8

)

650.2

(10.2

)

2,052.5

15.8

1,779.5

20.1

Hong Kong

557.2

1.6

76.7

(1.1

)

171.5

(1.9

)

480.4

2.7

385.6

3.5

Korea

362.6

0.8

49.7

(0.3

)

93.6

(0.4

)

312.9

1.2

269.0

1.3

Singapore

321.2

3.9

39.4

(0.5

)

54.5

(0.9

)

281.7

4.5

266.7

4.8

Thailand

353.4

0.5

43.1

(1.3

)

77.6

(2.1

)

310.3

1.8

275.8

2.6

Central and South America

2,675.1

33.6

254.1

24.1

169.8

25.2

2,420.9

9.4

2,505.3

8.3

North America

2,111.1

2.8

273.9

(0.1

)

88.2

(4.8

)

1,837.2

2.9

2,022.9

7.6

Eastern Europe

39.9

9.1

(15.7

)

(1.8

)

(35.1

)

(6.0

)

55.6

10.9

75.1

15.1

Western Europe

1,920.0

47.6

(26.5

)

6.2

(268.2

)

(0.8

)

1,946.6

41.4

2,188.2

48.5

Other

801.9

4.6

11.8

(14.4

)

(29.9

)

(15.0

)

790.1

19.1

831.9

19.7

Total

9,978.0

107.9

874.8

8.0

574.9

(11.6

)

9,103.2

99.8

9,403.1

119.6

*	The above figures do not include the outstanding balance of loans by Mizuho Corporate Bank (China), Ltd. established in June 2007.

3-37

Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Change in Deferred Tax Assets, etc.

Consolidated


	*(Billions of yen)*
	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Net Deferred Tax Assets (A)		471.1		24.1			(49.6	)		447.0		520.8

(Reference)
Tier I Capital (B)		6,170.2		(89.9	)		996.7			6,260.1		5,173.4
(A)/(B) (%)		7.6		0.4			(2.4	)		7.1		10.0

Non-Consolidated


	*(Billions of yen)*
	As of March 31, 2011									As of September 30, 2010			As of March 31, 2010
				Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010			As of March 31, 2010
Mizuho Bank
Total Deferred Tax Assets (A)		786.7			(36.8	)		(84.0	)		823.5			870.8
Total Deferred Tax Liabilities (B)		(169.1	)		15.0			15.2			(184.2	)		(184.4	)
(A) + (B)		617.5			(21.7	)		(68.8	)		639.3			686.3
Valuation Allowance		(381.7	)		(1.0	)		53.7			(380.6	)		(435.5	)
Net Deferred Tax Assets (C)		235.8			(22.8	)		(15.0	)		258.6			250.8

(Reference)
Tier I Capital (D)		2,329.4			397.8			504.4			1,931.5			1,824.9
(C)/(D) (%)		10.1			(3.2	)		(3.6	)		13.3			13.7

Mizuho Corporate Bank
Total Deferred Tax Assets (A)		1,050.9			(32.9	)		(113.4	)		1,083.8			1,164.4
Total Deferred Tax Liabilities (B)		(220.5	)		28.3			(3.3	)		(248.9	)		(217.1	)
(A) + (B)		830.3			(4.6	)		(116.8	)		834.9			947.2
Valuation Allowance		(693.4	)		44.5			70.5			(738.0	)		(763.9	)
Net Deferred Tax Assets (C)		136.9			39.9			(46.3	)		96.9			183.2

(Reference)
Tier I Capital (D)		4,053.6			429.6			723.9			3,624.0			3,329.6
(C)/(D) (%)		3.3			0.7			(2.1	)		2.6			5.5

Mizuho Trust & Banking
Total Deferred Tax Assets (A)		122.0			(7.7	)		(17.0	)		129.7			139.0
Total Deferred Tax Liabilities (B)		(13.9	)		2.7			1.6			(16.7	)		(15.5	)
(A) + (B)		108.0			(4.9	)		(15.3	)		113.0			123.4
Valuation Allowance		(86.1	)		7.7			9.7			(93.8	)		(95.8	)
Net Deferred Tax Assets (C)		21.9			2.8			(5.6	)		19.1			27.6

(Reference)
Tier I Capital (D)		296.3			6.2			16.6			290.0			279.7
(C)/(D) (%)		7.4			0.8			(2.4	)		6.6			9.8

Aggregated Figures of the 3 Banks
Total Deferred Tax Assets (A)		1,959.7			(77.5	)		(214.5	)		2,037.2			2,174.2
Total Deferred Tax Liabilities (B)		(403.7	)		46.1			13.5			(449.9	)		(417.2	)
(A) + (B)		1,555.9			(31.3	)		(201.0	)		1,587.3			1,757.0
Valuation Allowance		(1,161.2	)		51.3			134.0			(1,212.5	)		(1,295.3	)
Net Deferred Tax Assets (C)		394.7			19.9			(66.9	)		374.7			461.7

(Reference)
Tier I Capital (D)		6,679.3			833.7			1,245.0			5,845.6			5,434.3
(C)/(D) (%)		5.9			(0.5	)		(2.5	)		6.4			8.4

3-38

Mizuho Financial Group, Inc.

2. Estimation of Deferred Tax Assets, etc.

Non-Consolidated

(1) Calculation Policy

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

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


	*(Billions of yen)*
	Mizuho Bank		Mizuho Corporate Bank		Mizuho Trust & Banking
Fiscal 2010 (estimate)		117.0		177.0		20.0
Fiscal 2009		94.8		96.8		16.7
Fiscal 2008		128.9		236.1		10.3
Fiscal 2007		273.2		487.1		74.3
Fiscal 2006		128.6		438.4		83.1

Notes:

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

2.	Figures for Fiscal 2010 are estimates of taxable income before deducting tax losses carried forward from prior years.

3-39

Mizuho Financial Group, Inc.

(2) Estimation for Calculating Deferred Tax Assets

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)*
					(Reference)
		Total amount for five years (from April 1, 2011 to March 31, 2016)			Fiscal 2010
					Fiscal 2010
Gross Profits	1		3,985.0			809.2
General and Administrative Expenses	2		(2,715.0	)		(554.7	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	3		1,270.0			254.5
Credit-related Costs	4		(600.0	)		(15.3	)
Income before Income Taxes	5		345.0			171.8
Tax Adjustments *1	6		656.7
Taxable Income before Current Deductible Temporary Differences *2	7		1,001.7

Effective Statutory Tax Rate	8		40.59	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 7 x 8 ]	9		406.5	ð Equal to Line 26

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2011.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2011									As of September 30, 2010			As of March 31, 2010
					Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010			As of March 31, 2010
Reserves for Possible Losses on Loans	10		209.9			(8.5	)		(27.0	)		218.4			237.0
Impairment of Securities	11		248.9			(3.6	)		(4.4	)		252.6			253.4
Net Unrealized Losses on Other Securities	12		52.2			22.3			24.5			29.9			27.7
Reserve for Employee Retirement Benefits	13		—			—			—			—			—
Net Deferred Hedge Losses	14		—			—			—			—			—
Tax Losses Carried Forward	15		86.8			(49.8	)		(81.8	)		136.6			168.6
Other	16		188.7			2.8			4.7			185.9			183.9
Total Deferred Tax Assets	17		786.7			(36.8	)		(84.0	)		823.5			870.8

Valuation Allowance	18		(381.7	)		(1.0	)		53.7			(380.6	)		(435.5	)
Sub-Total [ 17 + 18 ]	19		405.0			(37.8	)		(30.2	)		442.8			435.2

Amount related to Retirement Benefits Accounting *	20		(119.0	)		4.1			8.6			(123.2	)		(127.6	)
Net Unrealized Gains on Other Securities	21		(14.1	)		2.0			(2.4	)		(16.1	)		(11.6	)
Net Deferred Hedge Gains	22		(2.8	)		9.4			9.0			(12.2	)		(11.8	)
Other	23		(33.1	)		(0.5	)		0.0			(32.6	)		(33.2	)
Total Deferred Tax Liabilities	24		(169.1	)		15.0			15.2			(184.2	)		(184.4	)

Net Deferred Tax Assets (Liabilities) [19 + 24]	25		235.8			(22.8	)		(15.0	)		258.6			250.8
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [9]	26		406.5			(1.0	)		(44.8	)		407.6			451.4
Net Unrealized Gains on Other Securities [21]	27		(14.1	)		2.0			(2.4	)		(16.1	)		(11.6	)
Net Deferred Hedge Losses [14]	28		—			—			—			—			—
Net Deferred Hedge Gains [22]	29		(2.8	)		9.4			9.0			(12.2	)		(11.8	)
Other (including Deferred Tax Assets corresponding to Remaining Taxable Income before Current Deductible Temporary Differences and others)	30		(153.8	)		(33.2	)		23.2			(120.5	)		(177.0	)

*	Amount related to Retirement Benefits Accounting includes ¥(87.4) billion related to gains on securities contributed to employee retirement benefit trust.

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

Gross Profits: ¥3,985.0 billion [1]

General and Administrative Expenses: ¥2,715.0 billion [2]

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥1,270.0 billion [3]

Income before Income Taxes (including Credit-related costs, etc.): ¥345.0 billion [5]

Taxable Income before Current Deductible Temporary Differences: ¥1,001.7 billion [7].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans, Tax Losses Carried Forward and others amount to ¥786.7 billion [17]. However, after considering temporary differences which are not expected to be reversed in the next five years, Valuation Allowance of ¥381.7 billion [18] was provided, therefore after offsetting Deferred Tax Liabilities of ¥169.1 billion [24], ¥235.8 billion [25] of Net Deferred Tax Assets was recorded on the balance sheet.

3-40

Mizuho Financial Group, Inc.

Mizuho Corporate Bank

1. Estimate of future taxable income


		*(Billions of yen)*
					(Reference)
		Total amount for five years (from April 1, 2011 to March 31, 2016)			Fiscal 2010
Gross Profits	1		2,727.5			678.3
General and Administrative Expenses	2		(1,249.5	)		(234.9	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	3		1,478.0			443.3
Credit-related Costs	4		(388.0	)		32.5
Income before Income Taxes	5		923.5			378.5
Tax Adjustments*1	6		232.6
Taxable Income before Current Deductible Temporary Differences*2	7		1,156.1

Effective Statutory Tax Rate	8		40.69	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 7 x 8 ]	9		470.4	ð Equal to Line 26

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2011.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2011									As of September 30, 2010			As of March 31, 2010
					Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010			As of March 31, 2010
Reserves for Possible Losses on Loans	10		80.2			(24.4	)		(42.1	)		104.6			122.4
Impairment of Securities	11		607.6			(7.9	)		(27.1	)		615.6			634.8
Net Unrealized Losses on Other Securities	12		105.9			43.4			61.7			62.4			44.1
Reserve for Employee Retirement Benefits	13		—			—			—			—			—
Net Deferred Hedge Losses	14		—			—			—			—			—
Tax Losses Carried Forward	15		104.1			(49.3	)		(109.9	)		153.4			214.0
Other	16		152.9			5.2			4.0			147.6			148.9
Total Deferred Tax Assets	17		1,050.9			(32.9	)		(113.4	)		1,083.8			1,164.4

Valuation Allowance	18		(693.4	)		44.5			70.5			(738.0	)		(763.9	)
Sub-Total [ 17 + 18 ]	19		357.5			11.6			(42.9	)		345.8			400.4

Amount related to Retirement Benefits Accounting*	20		(57.0	)		0.6			1.3			(57.6	)		(58.3	)
Net Unrealized Gains on Other Securities	21		(48.5	)		(11.8	)		11.5			(36.7	)		(60.1	)
Net Deferred Hedge Gains	22		(95.2	)		41.3			(15.4	)		(136.6	)		(79.8	)
Other	23		(19.6	)		(1.7	)		(0.7	)		(17.9	)		(18.8	)
Total Deferred Tax Liabilities	24		(220.5	)		28.3			(3.3	)		(248.9	)		(217.1	)

Net Deferred Tax Assets (Liabilities) [19 + 24]	25		136.9			39.9			(46.3	)		96.9			183.2
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [9]	26		470.4			(7.3	)		(10.4	)		477.8			480.9
Net Unrealized Gains on Other Securities [21]	27		(48.5	)		(11.8	)		11.5			(36.7	)		(60.1	)
Net Deferred Hedge Losses [14]	28		—			—			—			—			—
Net Deferred Hedge Gains [22]	29		(95.2	)		41.3			(15.4	)		(136.6	)		(79.8	)
Other (including Deferred Tax Assets corresponding to Remaining Taxable Income before Current Deductible Temporary Differences and others)	30		(189.6	)		17.9			(31.8	)		(207.5	)		(157.7	)

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

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

Gross Profits: ¥2,727.5 billion [1]

General and Administrative Expenses: ¥1,249.5 billion [2]

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥1,478.0 billion [3]

Income before Income Taxes (including Credit-related costs, etc.): ¥923.5 billion [5]

Taxable Income before Current Deductible Temporary Differences: ¥1,156.1 billion [7].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans, Tax Losses Carried Forward and others amount to ¥1,050.9 billion [17]. However, after considering temporary differences which are not expected to be reversed in the next five years, Valuation Allowance of ¥693.4 billion [18] was provided, therefore after offsetting Deferred Tax Liabilities of ¥220.5 billion [24], ¥136.9 billion [25] of Net Deferred Tax Assets was recorded on the balance sheet.

3-41

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


	*(Billions of yen)*
						(Reference)
			Total amount for five years (from April 1, 2011 to March 31, 2016)			Fiscal 2010
Gross Profits		1		647.4			131.8
General and Administrative Expenses		2		(425.0	)		(87.3	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)		3		222.4			44.4
Credit-related Costs		4		(50.0	)		(1.0	)
Income before Income Taxes		5		136.1			32.0
Tax Adjustments *1		6		28.1
Taxable Income before Current Deductible Temporary Differences *2		7		164.2

Effective Statutory Tax Rate		8		40.60	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 7 x 8 ]		9		66.6	ð Equal to Line 26

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2011.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2011									As of September 30, 2010			As of March 31, 2010
					Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010			As of March 31, 2010
Reserves for Possible Losses on Loans	10		11.2			(1.3	)		(2.5	)		12.6			13.7
Impairment of Securities	11		60.0			(0.5	)		(0.9	)		60.6			61.0
Net Unrealized Losses on Other Securities	12		6.0			2.6			1.0			3.3			4.9
Reserve for Employee Retirement Benefits	13		12.3			0.7			1.5			11.5			10.7
Net Deferred Hedge Losses	14		3.4			0.7			(0.4	)		2.7			3.9
Tax Losses Carried Forward	15		15.6			(8.3	)		(12.5	)		23.9			28.1
Other	16		13.2			(1.5	)		(3.1	)		14.8			16.3
Total Deferred Tax Assets	17		122.0			(7.7	)		(17.0	)		129.7			139.0

Valuation Allowance	18		(86.1	)		7.7			9.7			(93.8	)		(95.8	)
Sub-Total [ 17 + 18 ]	19		35.9			0.0			(7.2	)		35.9			43.2

Amount related to Retirement Benefits Accounting *	20		(6.0	)		—			—			(6.0	)		(6.0	)
Net Unrealized Gains on Other Securities	21		(7.3	)		3.0			1.4			(10.3	)		(8.8	)
Net Deferred Hedge Gains	22		—			—			—			—			—
Other	23		(0.5	)		(0.2	)		0.1			(0.3	)		(0.7	)
Total Deferred Tax Liabilities	24		(13.9	)		2.7			1.6			(16.7	)		(15.5	)

Net Deferred Tax Assets (Liabilities) [19 + 24]	25		21.9			2.8			(5.6	)		19.1			27.6
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [9]	26		66.6			11.6			10.7			55.0			55.9
Net Unrealized Gains on Other Securities [21]	27		(7.3	)		3.0			1.4			(10.3	)		(8.8	)
Net Deferred Hedge Losses [14]	28		3.4			0.7			(0.4	)		2.7			3.9
Net Deferred Hedge Gains [22]	29		—			—			—			—			—
Other (including Deferred Tax Assets corresponding to Remaining Taxable Income before Current Deductible Temporary Differences and others)	30		(40.8	)		(12.5	)		(17.3	)		(28.3	)		(23.4	)

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

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

Gross Profits: ¥647.4 billion [1]

General and Administrative Expenses: ¥425.0 billion [2]

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥222.4 billion [3]

Income before Income Taxes (including Credit-related costs, etc.): ¥136.1 billion [5]

Taxable Income before Current Deductible Temporary Differences: ¥164.2 billion [7].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans, Tax Losses Carried Forward and others amount to ¥122.0 billion [17]. However, after considering temporary differences which are not expected to be reversed in the next five years, Valuation Allowance of ¥86.1 billion [18] was provided, therefore after offsetting Deferred Tax Liabilities of ¥13.9 billion [24], ¥21.9 billion [25] of Net Deferred Tax Assets was recorded on the balance sheet.

3-42

Mizuho Financial Group, Inc.

Aggregated Figures of the 3 Banks

1. Estimate of future taxable income


	*(Billions of yen)*
						(Reference)
			Total amount for five years (from April 1, 2011 to March 31, 2016)			Fiscal 2010
						Fiscal 2010
Gross Profits		1		7,359.9			1,619.5
General and Administrative Expenses		2		(4,389.5	)		(877.1	)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)		3		2,970.4			742.3
Credit-related Costs		4		(1,038.0	)		16.0
Income before Income Taxes		5		1,404.6			582.4
Tax Adjustments*1		6		917.4
Taxable Income before Current Deductible Temporary Differences*2		7		2,322.0

Effective Statutory Tax Rate		8		40.59% - 40.69 %
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 7 x 8 ]		9		943.6	ð Equal to Line 26
1. Tax Adjustments are estimated future book-tax differences under the provisions of the corporation tax law and others. 2. Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2011.



2. Breakdown of Deferred Tax Assets

		*(Billions of yen)*
		As of March 31, 2011									As of September 30, 2010			As of March 31, 2010
					Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010			As of March 31, 2010
Reserves for Possible Losses on Loans	10		301.4			(34.3	)		(71.8	)		335.8			373.2
Impairment of Securities	11		916.7			(12.0	)		(32.5	)		928.8			949.3
Net Unrealized Losses on Other Securities	12		164.2			68.4			87.4			95.7			76.8
Reserve for Employee Retirement Benefits	13		12.3			0.7			1.5			11.5			10.7
Net Deferred Hedge Losses	14		3.4			0.7			(0.4	)		2.7			3.9
Tax Losses Carried Forward	15		206.5			(107.5	)		(204.3	)		314.0			410.8
Other	16		354.9			6.5			5.6			348.4			349.2
Total Deferred Tax Assets	17		1,959.7			(77.5	)		(214.5	)		2,037.2			2,174.2

Valuation Allowance	18		(1,161.2	)		51.3			134.0			(1,212.5	)		(1,295.3	)
Sub-Total [ 17 + 18 ]	19		798.4			(26.2	)		(80.4	)		824.6			878.9

Amount related to Retirement Benefits Accounting*	20		(182.1	)		4.7			9.9			(186.8	)		(192.1	)
Net Unrealized Gains on Other Securities	21		(70.0	)		(6.8	)		10.5			(63.2	)		(80.5	)
Net Deferred Hedge Gains	22		(98.1	)		50.7			(6.4	)		(148.8	)		(91.6	)
Other	23		(53.4	)		(2.5	)		(0.5	)		(50.9	)		(52.8	)
Total Deferred Tax Liabilities	24		(403.7	)		46.1			13.5			(449.9	)		(417.2	)

Net Deferred Tax Assets (Liabilities) [19 + 24]	25		394.7			19.9			(66.9	)		374.7			461.7
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [9]	26		943.6			3.1			(44.6	)		940.4			988.3
Net Unrealized Gains on Other Securities [21]	27		(70.0	)		(6.8	)		10.5			(63.2	)		(80.5	)
Net Deferred Hedge Losses [14]	28		3.4			0.7			(0.4	)		2.7			3.9
Net Deferred Hedge Gains [22]	29		(98.1	)		50.7			(6.4	)		(148.8	)		(91.6	)
Other (including Deferred Tax Assets corresponding to Remaining Taxable Income before Current Deductible Temporary Differences and others)	30		(384.2	)		(27.8	)		(25.9	)		(356.4	)		(358.3	)

*	Amount related to Retirement Benefits Accounting includes ¥(120.5) billion related to gains on securities contributed to employee retirement benefit trust.

3-43

Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregated Figures of the 3 Banks


	*(Billions of yen)*
	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Deposits		71,812.8		3,461.4			2,344.7			68,351.3		69,468.0
Individual Deposits		35,622.9		462.6			524.0			35,160.2		35,098.8
Corporate Deposits		30,427.1		2,538.8			1,976.6			27,888.2		28,450.4
Financial/Government Institutions		5,762.7		459.9			(156.0	)		5,302.8		5,918.7

Mizuho Bank

Deposits		56,207.2		1,558.5			481.9			54,648.7		55,725.3
Individual Deposits		34,022.3		518.1			652.8			33,504.2		33,369.5
Corporate Deposits		19,034.0		520.3			45.0			18,513.7		18,989.0
Financial/Government Institutions		3,150.8		520.0			(215.9	)		2,630.7		3,366.8

Mizuho Corporate Bank

Deposits		13,300.9		1,915.5			2,063.3			11,385.3		11,237.5
Individual Deposits		4.8		1.1			1.2			3.6		3.6
Corporate Deposits		10,800.0		1,982.6			1,911.5			8,817.3		8,888.5
Financial/Government Institutions		2,496.0		(68.3	)		150.5			2,564.3		2,345.4

Mizuho Trust & Banking

Deposits		2,304.6		(12.5	)		(200.5	)		2,317.2		2,505.1
Individual Deposits		1,595.6		(56.6	)		(130.0	)		1,652.3		1,725.7
Corporate Deposits		593.1		35.8			20.1			557.2		572.9
Financial/Government Institutions		115.8		8.1			(90.5	)		107.7		206.4

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

3-44

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

•

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

Mizuho Financial Group, Inc. (Non-Consolidated)


	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Members of the Board of Directors and Auditors		14		—			—			14		14
Executive Officers (excluding those doubling as directors)		4		—			—			4		4
Employees (excluding Executive Officers)		411		105			117			306		294
Note: Three members of the Board of Directors and Auditors double as directors of the banking subsidiaries. Non-Consolidated Aggregated Figures of the 3 Banks

	As of March 31, 2011								As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010			Change from March 31, 2010			As of September 30, 2010		As of March 31, 2010
Members of the Board of Directors and Auditors		30		(1	)		(1	)		31		31
Executive Officers (excluding those doubling as directors)		89		(2	)		(1	)		91		90
Employees (excluding Executive Officers)		30,608		(588	)		191			31,196		30,417
Note: The numbers have been adjusted for Members of the Board of Directors and Auditors doubling other positions.

Mizuho Bank

Members of the Board of Directors and Auditors		10		—			(1	)		10		11
Executive Officers (excluding those doubling as directors)		31		—			(1	)		31		32
Employees (excluding Executive Officers)		18,969		(549	)		26			19,518		18,943

Mizuho Corporate Bank

Members of the Board of Directors and Auditors		9		(1	)		(2	)		10		11
Executive Officers (excluding those doubling as directors)		39		(2	)		(1	)		41		40
Employees (excluding Executive Officers)		8,307		17			160			8,290		8,147

Mizuho Trust & Banking

Members of the Board of Directors and Auditors		13		—			2			13		11
Executive Officers (excluding those doubling as directors)		19		—			1			19		18
Employees (excluding Executive Officers)		3,332		(56	)		5			3,388		3,327

3-45

Mizuho Financial Group, Inc.

3. Number of Branches and Offices

Non-Consolidated

Aggregated Figures of the 3 Banks


	As of March 31, 2011						As of September 30, 2010		As of March 31, 2010
			Change from September 30, 2010		Change from March 31, 2010		As of September 30, 2010		As of March 31, 2010
Head Offices and Domestic Branches		449		3		5		446		444
Overseas Branches		22		—		—		22		22
Domestic Sub-Branches		46		5		5		41		41
Overseas Sub-Branches		11		—		—		11		11
Overseas Representative Offices		6		—		—		6		6
* Head Offices and Domestic Branches do not include in-store branches (3), branches and offices for remittance purposes only (42), branches offering account transfer services only (2), branches and offices to maintain shared ATMs only (1), internet branches (1) and pension plan advisory offices (1).

Mizuho Bank

Head Office and Domestic Branches		395		3		4		392		391
Overseas Branches		—		—		—		—		—
Domestic Sub-Branches		38		1		—		37		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		—		—		6		6
* Head Office and Domestic Branches do not include branches and offices for remittance purposes only (24).

Mizuho Trust & Banking

Head Office and Domestic Branches		36		—		1		36		35
Overseas Branches		—		—		—		—		—
Domestic Sub-Branches		8		4		5		4		3
Overseas Sub-Branches		—		—		—		—		—
Overseas Representative Offices		—		—		—		—		—

3-46

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2011

Consolidated


	*(Billions of yen)*
	First Half		Fiscal 2011
Ordinary Profits		300.0		660.0
Net Income		230.0		460.0

Mizuho Bank, Mizuho Corporate Bank, Mizuho Trust & Banking

Aggregated Figures of the 3 Banks (Non-consolidated)


	*(Billions of yen)*
	Fiscal 2011
	Aggregated Figures			MHBK			MHCB			MHTB
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)		687.0			275.0			360.0			52.0
Ordinary Profits		480.0			145.0			300.0			35.0
Net Income		355.0			135.0			195.0			25.0
Credit-related Costs		(125.0	)		(70.0	)		(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.

3-47

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of March 31, 2011 (A)			As of March 31, 2010 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	4,758,812		¥	2,638,336		¥	2,120,475
Call Loans		8,640,000			9,040,000			(400,000	)
Guarantee Deposits Paid under Securities Borrowing Transactions		430,337			262,417			167,920
Other Debt Purchased		944,811			1,259,295			(314,483	)
Trading Assets		1,057,313			1,463,369			(406,056	)
Money Held in Trust		984			1,070			(86	)
Securities		19,887,559			19,671,063			216,495
Loans and Bills Discounted		33,376,277			32,467,647			908,630
Foreign Exchange Assets		130,547			130,572			(24	)
Other Assets		2,482,773			2,889,486			(406,712	)
Tangible Fixed Assets		748,700			727,740			20,959
Intangible Fixed Assets		216,366			178,964			37,401
Deferred Tax Assets		235,826			250,847			(15,020	)
Customers’ Liabilities for Acceptances and Guarantees		953,547			997,665			(44,118	)
Reserves for Possible Losses on Loans		(403,089	)		(440,887	)		37,797
Reserve for Possible Losses on Investments		(14	)		(26	)		12

Total Assets	¥	73,460,755		¥	71,537,565		¥	1,923,190

Liabilities
Deposits	¥	56,261,351		¥	55,761,093		¥	500,257
Negotiable Certificates of Deposit		1,067,200			2,027,790			(960,590	)
Debentures		740,932			821,867			(80,934	)
Call Money		1,129,300			1,627,500			(498,200	)
Payables under Repurchase Agreements		—			635,326			(635,326	)
Guarantee Deposits Received under Securities Lending Transactions		1,174,557			1,452,372			(277,815	)
Trading Liabilities		298,680			247,136			51,543
Borrowed Money		6,024,707			3,019,909			3,004,797
Foreign Exchange Liabilities		14,040			10,040			4,000
Bonds and Notes		802,400			849,500			(47,100	)
Other Liabilities		2,829,438			2,380,144			449,294
Reserve for Bonus Payments		9,070			8,647			422
Reserve for Reimbursement of Deposits		14,079			13,548			530
Reserve for Reimbursement of Debentures		13,344			10,824			2,519
Deferred Tax Liabilities for Revaluation Reserve for Land		77,333			77,372			(39	)
Acceptances and Guarantees		953,547			997,665			(44,118	)

Total Liabilities		71,409,983			69,940,741			1,469,242

Net Assets
Common Stock and Preferred Stock		700,000			700,000			—
Capital Surplus		1,057,242			681,432			375,810
Capital Reserve		490,707			490,707			—
Other Capital Surplus		566,535			190,725			375,810
Retained Earnings		239,365			96,147			143,217
Appropriated Reserve		1,332			—			1,332
Other Retained Earnings		238,033			96,147			141,885
Retained Earnings Brought Forward		238,033			96,147			141,885

Total Shareholders’ Equity		1,996,608			1,477,580			519,027

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		(58,823	)		(7,084	)		(51,739	)
Net Deferred Hedge Gains (Losses), net of Taxes		4,113			17,395			(13,282	)
Revaluation Reserve for Land, net of Taxes		108,873			108,931			(57	)

Total Valuation and Translation Adjustments		54,163			119,242			(65,079	)

Total Net Assets		2,050,771			1,596,823			453,948

Total Liabilities and Net Assets	¥	73,460,755		¥	71,537,565		¥	1,923,190

3-48

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, 2011 (A)		For the fiscal year ended March 31, 2010 (B)		Change (A) - (B)
Ordinary Income	¥	1,034,929	¥	1,129,427	¥	(94,497	)
Interest Income		680,532		765,263		(84,731	)
Interest on Loans and Bills Discounted		*476,273*		526,434		(50,160	)
Interest and Dividends on Securities		*116,182*		139,345		(23,162	)
Fee and Commission Income		203,073		201,229		1,843
Trading Income		55,197		43,175		12,021
Other Operating Income		66,561		69,731		(3,170	)
Other Ordinary Income		29,566		50,027		(20,461	)

Ordinary Expenses		896,454		1,040,552		(144,098	)
Interest Expenses		108,781		152,337		(43,555	)
Interest on Deposits		*51,208*		86,260		(35,052	)
Interest on Debentures		*3,108*		3,385		(276	)
Fee and Commission Expenses		55,252		52,861		2,391
Other Operating Expenses		32,032		55,364		(23,331	)
General and Administrative Expenses		605,250		633,240		(27,989	)
Other Ordinary Expenses		95,136		146,748		(51,612	)

Ordinary Profits		138,475		88,875		49,600

Extraordinary Gains		38,860		26,713		12,147

Extraordinary Losses		5,468		5,698		(230	)

Income before Income Taxes		171,867		109,890		61,977
Income Taxes:
Current		476		498		(22	)
Deferred		21,570		13,387		8,182

Net Income	¥	149,821	¥	96,004	¥	53,817

3-49

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 March 31, 2010	¥	700,000	¥	490,707	¥	190,725	¥	681,432		—	¥	96,147		¥	96,147			—	¥	1,477,580		¥	(7,084	)	¥	17,395		¥	108,931		¥	119,242		¥	1,596,823

Changes during the fiscal year
Cash Dividends		—		—		—		—		1,332		(7,993	)		(6,661	)		—		(6,661	)		—			—			—			—			(6,661	)
Net Income		—		—		—		—		—		149,821			149,821			—		149,821			—			—			—			—			149,821
Cancellation of Treasury Stock		—		—		375,810		375,810		—		—			—			—		375,810			—			—			—			—			375,810
Transfer from Revaluation Reserve for Land, net of Taxes		—		—		—		—		—		57			57			—		57			—			—			—			—			57
Net Changes in Items other than Shareholders’ Equity		—		—		—		—		—		—			—			—		—			(51,739	)		(13,282	)		(57	)		(65,079	)		(65,079	)

Total Changes during the fiscal year		—		—		375,810		375,810		1,332		141,885			143,217			—		519,027			(51,739	)		(13,282	)		(57	)		(65,079	)		453,948

Balance as of March 31, 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

3-50

Mizuho Corporate Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO CORPORATE BANK


	*Millions of yen*
	As of March 31, 2011 (A)			As of March 31, 2010 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	5,546,714		¥	3,384,257		¥	2,162,457
Call Loans		297,686			165,356			132,330
Receivables under Resale Agreements		481,642			1,122,332			(640,690	)
Guarantee Deposits Paid under Securities Borrowing Transactions		1,042,798			1,330,552			(287,754	)
Other Debt Purchased		91,054			124,986			(33,932	)
Trading Assets		4,499,655			4,678,323			(178,668	)
Money Held in Trust		2,024			2,024			(0	)
Securities		23,345,084			22,362,394			982,690
Loans and Bills Discounted		26,367,776			26,355,649			12,126
Foreign Exchange Assets		792,269			486,366			305,903
Derivatives other than for Trading		5,989,607			8,151,045			(2,161,437	)
Other Assets		1,369,417			1,958,835			(589,418	)
Tangible Fixed Assets		103,726			98,976			4,749
Intangible Fixed Assets		74,902			83,608			(8,705	)
Deferred Tax Assets		136,911			183,238			(46,326	)
Customers’ Liabilities for Acceptances and Guarantees		3,483,003			3,427,807			55,195
Reserves for Possible Losses on Loans		(211,992	)		(311,750	)		99,757
Reserve for Possible Losses on Investments		(2,508	)		(5,276	)		2,767

Total Assets	¥	73,409,773		¥	73,598,729		¥	(188,955)

Liabilities
Deposits	¥	21,448,735		¥	18,811,356		¥	2,637,378
Negotiable Certificates of Deposit		7,922,176			7,748,218			173,957
Debentures		—			695,930			(695,930	)
Call Money		11,557,672			11,830,952			(273,280	)
Payables under Repurchase Agreements		3,546,579			4,270,983			(724,404	)
Guarantee Deposits Received under Securities Lending Transactions		1,961,840			2,523,792			(561,952	)
Trading Liabilities		3,140,425			3,805,392			(664,967	)
Borrowed Money		7,443,572			6,033,926			1,409,645
Foreign Exchange Liabilities		195,177			201,637			(6,460	)
Short-term Bonds		114,900			144,700			(29,800	)
Bonds and Notes		3,225,016			2,688,063			536,953
Derivatives other than for Trading		5,643,375			7,874,654			(2,231,279	)
Other Liabilities		362,653			688,300			(325,646	)
Reserve for Bonus Payments		7,279			8,474			(1,195	)
Reserve for Possible Losses on Sales of Loans		420			15,258			(14,838	)
Reserve for Contingencies		974			1,688			(713	)
Deferred Tax Liabilities for Revaluation Reserve for Land		21,082			21,502			(420	)
Acceptances and Guarantees		3,483,003			3,427,807			55,195

Total Liabilities		70,074,884			70,792,641			(717,757	)

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		1,039,244			663,434			375,810
Capital Reserve		578,540			578,540			—
Other Capital Surplus		460,703			84,893			375,810
Retained Earnings		720,831			454,970			265,860
Appropriated Reserve		1,355			—			1,355
Other Retained Earnings		719,475			454,970			264,505
Retained Earnings Brought Forward		719,475			454,970			264,505

Total Shareholders’ Equity		3,164,140			2,522,469			641,670

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		3,011			137,595			(134,584	)
Net Deferred Hedge Gains (Losses), net of Taxes		138,904			116,523			22,380
Revaluation Reserve for Land, net of Taxes		28,833			29,498			(665	)

Total Valuation and Translation Adjustments		170,749			283,618			(112,869	)

Total Net Assets		3,334,889			2,806,088			528,801

Total Liabilities and Net Assets	¥	73,409,773		¥	73,598,729		¥	(188,955)

3-51

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, 2011 (A)		For the fiscal year ended March 31, 2010 (B)		Change (A) - (B)
Ordinary Income	¥	1,094,173	¥	1,141,245	¥	(47,072	)
Interest Income		665,886		774,416		(108,529	)
Interest on Loans and Bills Discounted		*335,873*		413,646		(77,772	)
Interest and Dividends on Securities		*225,973*		270,627		(44,653	)
Fee and Commission Income		144,194		138,458		5,735
Trading Income		62,787		89,250		(26,463	)
Other Operating Income		182,656		64,744		117,912
Other Ordinary Income		38,647		74,374		(35,726	)

Ordinary Expenses		753,033		947,564		(194,531	)
Interest Expenses		270,115		329,594		(59,479	)
Interest on Deposits		*49,555*		67,081		(17,526	)
Interest on Debentures		*3,423*		8,589		(5,166	)
Fee and Commission Expenses		22,852		24,983		(2,131	)
Other Operating Expenses		84,230		69,996		14,233
General and Administrative Expenses		255,316		273,446		(18,129	)
Other Ordinary Expenses		120,519		249,543		(129,024	)

Ordinary Profits		341,139		193,680		147,459

Extraordinary Gains		41,333		18,974		22,358

Extraordinary Losses		3,935		3,690		244

Income before Income Taxes		378,537		208,964		169,572
Income Taxes:
Current		12,618		439		12,178
Deferred		93,923		8,185		85,738

Net Income	¥	271,995	¥	200,339	¥	71,655

3-52

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 March 31, 2010	¥	1,404,065	¥	578,540	¥	84,893	¥	663,434		—	¥	454,970		¥	454,970			—	¥	2,522,469		¥	137,595		¥	116,523	¥	29,498		¥	283,618		¥	2,806,088

Changes during the fiscal year
Cash Dividends		—		—		—		—		1,355		(8,134	)		(6,778	)		—		(6,778	)		—			—		—			—			(6,778	)
Net Income		—		—		—		—		—		271,995			271,995			—		271,995			—			—		—			—			271,995
Cancellation of Treasury Stock		—		—		375,810		375,810		—		—			—			—		375,810			—			—		—			—			375,810
Transfer from Revaluation Reserve for Land, net of Taxes		—		—		—		—		—		644			644			—		644			—			—		—			—			644
Net Changes in Items other than Shareholders’ Equity		—		—		—		—		—		—			—			—		—			(134,584	)		22,380		(665	)		(112,869	)		(112,869	)

Total Changes during the fiscal year		—		—		375,810		375,810		1,355		264,505			265,860			—		641,670			(134,584	)		22,380		(665	)		(112,869	)		528,801

Balance as of March 31, 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

3-53