Edgar Filing: MIZUHO FINANCIAL GROUP INC

Revision of the latest announced earnings estimates for fiscal 2013: Yes

The number of shares of common stock used in the above calculation is based on the following:

The average of “the average number of shares during the 1H Fiscal 2013” and “the number of shares as of September 30, 2013 (which is expected to be the average number of shares during the 2H of fiscal 2013)” is used.

It does not take into account any increase in the number of shares of common stock due to requests for acquisition (conversion) of the Eleventh Series Class XI Preferred Stock in the 2H of fiscal 2013.

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2013

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 ¨ Nox

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

SIGNATURES

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


Date: November 14, 2013

Mizuho Financial Group, Inc.

By:		/s/ Hideyuki Takahashi
Name:		Hideyuki Takahashi
Title:		Deputy President / Group CFO

For Immediate Release:

Financial Statements for the Second Quarter of Fiscal 2013

(Six months ended September 30, 2013)

<Under Japanese GAAP>


Company Name:		Mizuho Financial Group, Inc. (“MHFG”)		November 14, 2013



Stock Code Number (Japan):	8411
Stock Exchanges (Japan):	Tokyo Stock Exchange (First Section)
URL:	http://www.mizuho-fg.co.jp/english/
Representative:	Yasuhiro Sato	President & CEO
For Inquiry:	Yutaka Ueki	General Manager of Accounting	Phone: +81-3-5224-2030
Filing of Shihanki Hokokusho (scheduled):		November 28, 2013	Trading Accounts: Established
Commencement of Dividend Payment (scheduled):		December 6, 2013
Supplementary Materials on Quarterly Results:		Attached
IR Conference on Quarterly Results:		Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2013 (for the six months ended September 30, 2013)

(1) Consolidated Results of Operations


	(%: Changes from the previous first half)
	Ordinary Income				Ordinary Profits				Net Income
	¥ million		%		¥ million		%		¥ million		%
1H F2013		1,540,570		6.4		567,377		98.5		429,745		133.2
1H F2012		1,447,821		7.6		285,747		11.4		184,276		(27.6	)

Note:

Comprehensive Income:

1H F2013: ¥519,875 million, 186.0%; 1H F2012: ¥181,738 million, 2.3%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
1H F2013		17.62		16.92
1H F2012		7.49		7.24

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2013		182,149,236		8,100,621		3.4
Fiscal 2012		177,411,062		7,736,230		3.3

Reference:

Own Capital:

As of September 30, 2013: ¥6,286,681 million; As of March 31, 2013: ¥5,927,135 million

Note:

Own Capital Ratio is calculated as follows: (Total Net Assets - Stock Acquisition Rights - Minority Interests) / Total Assets ×100

Own Capital Ratio stated above is not calculated based on the public notice of Own Capital Ratio.

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Fiscal 2012		—		3.00		—		3.00		6.00
Fiscal 2013		—		3.00
Fiscal 2013 (estimate)						—		3.00		6.00


Notes:	1.	Revision of the latest announced estimates for cash dividends for shareholders of common stock: No
	2.	Please refer to the following “Cash Dividends for Shareholders of Classified Stock” for cash dividends for shareholders of classified stock (unlisted), the rights of which are different from those of common stock.

3. Consolidated Earnings Estimates for Fiscal 2013 (for the fiscal year ending March 31, 2014)


	(%: Changes from the previous fiscal year)
	Net Income				Net Income per Share of Common Stock
	¥ million		%		¥
Fiscal 2013		600,000		7.0		24.54

* Notes

(1) Changes in Significant Subsidiaries during the Period (changes in specified subsidiaries accompanying changes in the scope of consolidation): Yes

Newly consolidated: — (Company name: —); Excluded: 1 (Company name: Mizuho Bank, Ltd.)

(Note)

For more information, please refer to “(1) Changes in Significant Subsidiaries during the Period (changes in specified subsidiaries accompanying changes in the scope of consolidation) on page 1-2 of the attachment.

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

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

‚ Changes in accounting policies other than above: No

ƒ Changes in accounting estimates: No

„ Restatements: No

(Note)

For more information, please refer to “(2) Changes in Accounting Policies and Accounting Estimates / Restatements” on page 1-2 of the attachment.

(3) Issued Shares of Common Stock

Period-end issued shares (including treasury stock):

As of September 30, 2013

24,198,773,747 shares

As of March 31, 2013

24,164,864,477 shares

‚ Period-end treasury stock:

As of September 30, 2013

14,198,942 shares

As of March 31, 2013

22,128,230 shares

ƒ Average number of outstanding shares:

1st Half of Fiscal 2013

24,172,771,769 shares

1st Half of Fiscal 2012

24,026,109,898 shares

Non-consolidated Financial Statements

1. Financial Highlights for the Second Quarter (First Half) of Fiscal 2013 (for the six months ended September 30, 2013)


(1) Non-Consolidated Results of Operations		(%: Changes from the previous first half)


	Operating Income				Operating Profits				Ordinary Profits				Net Income
	¥ million		%		¥ million		%		¥ million		%		¥ million		%
1H F2013		300,911		21.6		289,938		22.4		287,028		22.4		286,290		22.3
1H F2012		247,269		979.2		236,792		—		234,342		—		234,020		—

	Net Income per Share of Common Stock
			¥
1H F2013				11.69
1H F2012				9.56

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio
	¥ million		¥ million		%
1H F2013		6,228,964		4,965,181		79.6
Fiscal 2012		6,202,149		4,788,923		77.1

Reference:

Own Capital:

As of September 30, 2013: ¥4,963,448 million; As of March 31, 2013: ¥4,786,236 million

(Presentation of Implementation Status of Interim Review Procedure)

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

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of “One MIZUHO,” and implement other strategic initiatives and measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and elsewhere; and changes to applicable laws and regulations.

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

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

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

Cash Dividends for Shareholders of Classified Stock

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


	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Fiscal Year-end		Total
	¥		¥		¥		¥		¥
Eleventh Series Class XI Preferred Stock
Fiscal 2012		—		10.00		—		10.00		20.00
Fiscal 2013		—		10.00
Fiscal 2013 (estimate)						—		10.00		20.00
Thirteenth Series Class XIII Preferred Stock
Fiscal 2012		—		15.00		—		15.00		30.00
Fiscal 2013		—

(Note) Mizuho Financial Group Inc. acquired all of the Thirteenth Series Class XIII Preferred Stock as of July 11, 2013 and cancelled all of the relevant stock on the same day. Accordingly, cash dividend payment of the Thirteenth Series Class XIII Preferred Stock is not to be made in fiscal 2013.

Mizuho Financial Group, Inc.

m Contents of Attachment


1.	Matters Related to Summary Information (Notes)	p.1-2
	(1) Changes in Significant Subsidiaries during the Period (changes in specified subsidiaries accompanying changes in the scope of consolidation)	p.1-2
	(2) Changes in Accounting Policies and Accounting Estimates / Restatements	p.1-2

2.	Interim Consolidated Financial Statements	p.1-3
	(1) Consolidated Balance Sheets	p.1-3
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-5
	(3) Consolidated Statements of Changes in Net Assets	p.1-7
	(4) Note for Assumption of Going Concern	p.1-9

3.	Interim Non-Consolidated Financial Statements	p.1-10
	(1) Non-Consolidated Balance Sheets	p.1-10
	(2) Non-Consolidated Statements of Income	p.1-11
	(3) Non-Consolidated Statements of Changes in Net Assets	p.1-12
	(4) Note for Assumption of Going Concern	p.1-13
	øSELECTED FINANCIAL INFORMATION For the Second Quarter (First Half) of Fiscal 2013

[Note to XBRL]

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

A MHFG IR conference for institutional investors and analysts is scheduled for November 20, 2013 (Wednesday). It will be broadcasted live on the Internet and its presentation materials will also be available for use by individual investors in the IR Information section of the Mizuho Financial Group HP immediately after the conference.

1-1

Mizuho Financial Group, Inc.

1. Matters Related to Summary Information (Notes)

(1) Changes in Significant Subsidiaries during the Period (changes in specified subsidiaries accompanying changes in the scope of consolidation)

Mizuho Bank, Ltd. (MHBK) and Mizuho Corporate Bank, Ltd. (MHCB) that had been consolidated subsidiaries of Mizuho Financial Group, Inc. (MHFG) conducted an absorption-type merger, with effect on July 1, 2013, whereby MHCB is the surviving company and MHBK is the dissolving company.

As a result of this, MHBK before the merger that was MHFG’s specified subsidiary is no longer applicable to a specified subsidiary. The trade name of MHCB has been changed to Mizuho Bank, Ltd. since the effective date of this merger.

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

(Changes in accounting policies due to revisions of accounting standards and others)

(Application of “Accounting Standard for Consolidated Financial Statements” and others)

Mizuho Financial Group has applied “Accounting Standard for Consolidated Financial Statements”

(ASBJ Statement No. 22, March 25, 2011) and others beginning with this interim period and has newly included FANTASTIC FUNDING CORPORATION and other companies in consolidated subsidiaries.

This accounting standard and others have been applied to FANTASTIC FUNDING CORPORATION and other companies that have been newly included in consolidated subsidiaries in accordance with the transitional treatment stipulated in “Accounting Standard for Consolidated Financial Statements” Paragraph 44-4 (3). At the beginning of the first fiscal year of the application, the assets, the liabilities, and the minority interests of FANTASTIC FUNDING CORPORATION and other companies have been recorded at the accurate book value in the consolidated financial statements. As a result of this, the effect of this application on the retained earnings at the beginning of this interim period is immaterial.

1-2

Mizuho Financial Group, Inc.

2. Interim Consolidated Financial Statements

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2013			As of September 30, 2013
Assets
Cash and Due from Banks	¥	12,333,997		¥	18,133,429
Call Loans and Bills Purchased		530,541			361,000
Receivables under Resale Agreements		9,025,049			12,157,183
Guarantee Deposits Paid under Securities Borrowing Transactions		5,543,914			5,586,262
Other Debt Purchased		1,279,964			2,978,895
Trading Assets		14,076,928			13,942,483
Money Held in Trust		96,014			128,874
Securities		53,472,399			46,601,342
Loans and Bills Discounted		67,536,882			67,435,232
Foreign Exchange Assets		1,412,601			1,338,201
Derivatives other than for Trading Assets		4,475,055			3,318,853
Other Assets		2,599,553			5,058,186
Tangible Fixed Assets		901,085			906,531
Intangible Fixed Assets		477,546			488,626
Deferred Tax Assets		165,299			147,872
Customers’ Liabilities for Acceptances and Guarantees		4,224,259			4,211,350
Reserves for Possible Losses on Loans		(739,990	)		(645,063	)
Reserve for Possible Losses on Investments		(40	)		(28	)

Total Assets	¥	177,411,062		¥	182,149,236

1-3

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2013			As of September 30, 2013
Liabilities
Deposits	¥	84,241,955		¥	86,720,758
Negotiable Certificates of Deposit		15,326,781			14,916,975
Call Money and Bills Sold		6,126,424			5,608,146
Payables under Repurchase Agreements		17,451,041			20,494,636
Guarantee Deposits Received under Securities Lending Transactions		11,325,439			7,306,493
Commercial Paper		472,718			619,956
Trading Liabilities		7,686,442			7,169,893
Borrowed Money		7,699,440			9,360,535
Foreign Exchange Liabilities		182,473			233,507
Short-term Bonds		477,400			568,197
Bonds and Notes		5,141,746			5,131,982
Due to Trust Accounts		1,120,696			1,253,759
Derivatives other than for Trading Liabilities		4,404,754			3,463,391
Other Liabilities		3,501,064			6,715,045
Reserve for Bonus Payments		45,754			36,325
Reserve for Employee Retirement Benefits		38,632			40,659
Reserve for Director and Corporate Auditor Retirement Benefits		1,612			1,323
Reserve for Possible Losses on Sales of Loans		48			346
Reserve for Contingencies		16,859			19,111
Reserve for Reimbursement of Deposits		16,464			16,654
Reserve for Reimbursement of Debentures		35,417			47,588
Reserves under Special Laws		1,203			1,049
Deferred Tax Liabilities		54,221			29,470
Deferred Tax Liabilities for Revaluation Reserve for Land		81,977			81,455
Acceptances and Guarantees		4,224,259			4,211,350

Total Liabilities		169,674,832			174,048,615

Net Assets
Common Stock and Preferred Stock		2,254,972			2,254,972
Capital Surplus		1,109,508			1,109,508
Retained Earnings		1,814,782			2,132,117
Treasury Stock		(4,661	)		(3,846	)

Total Shareholders’ Equity		5,174,601			5,492,751

Net Unrealized Gains (Losses) on Other Securities		615,883			729,899
Deferred Gains or Losses on Hedges		84,634			(4,990	)
Revaluation Reserve for Land		142,345			141,461
Foreign Currency Translation Adjustments		(90,329	)		(72,440	)

Total Accumulated Other Comprehensive Income		752,533			793,929

Stock Acquisition Rights		2,687			1,733
Minority Interests		1,806,407			1,812,207

Total Net Assets		7,736,230			8,100,621

Total Liabilities and Net Assets	¥	177,411,062		¥	182,149,236

1-4

Mizuho Financial Group, Inc.

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

[Consolidated Statements of Income]


	*Millions of yen*
	For the six months ended September 30, 2012			For the six months ended September 30, 2013
Ordinary Income	¥	1,447,821		¥	1,540,570
Interest Income		694,989			710,234
Interest on Loans and Bills Discounted		440,615			460,427
Interest and Dividends on Securities		168,509			163,044
Fiduciary Income		23,913			25,735
Fee and Commission Income		270,722			339,972
Trading Income		122,453			111,399
Other Operating Income		246,823			150,010
Other Ordinary Income		88,920			203,217
Ordinary Expenses		1,162,074			973,192
Interest Expenses		161,963			156,249
Interest on Deposits		45,915			50,635
Fee and Commission Expenses		56,257			64,594
Trading Expenses		—			4,268
Other Operating Expenses		36,631			69,264
General and Administrative Expenses		607,327			614,304
Other Ordinary Expenses		299,895			64,510

Ordinary Profits		285,747			567,377

Extraordinary Gains		974			529
Extraordinary Losses		9,307			4,532

Income before Income Taxes and Minority Interests		277,414			563,374

Income Taxes:
Current		128,502			71,836
Refund of Income Taxes		(46	)		(4,393	)
Deferred		(77,383	)		24,134

Total Income Taxes		51,073			91,577

Net Income before Minority Interests		226,341			471,797

Minority Interests in Net Income		42,064			42,051

Net Income	¥	184,276		¥	429,745

1-5

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the six months ended September 30, 2012			For the six months ended September 30, 2013
Income before Minority Interests	¥	226,341		¥	471,797
Other Comprehensive Income		(44,602	)		48,077
Net Unrealized Gains (Losses) on Other Securities		(70,559	)		117,890
Deferred Gains or Losses on Hedges		26,986			(89,792	)
Revaluation Reserve for Land		(0	)		21
Foreign Currency Translation Adjustments		(1,874	)		11,818
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		845			8,140

Comprehensive Income		181,738			519,875

(Breakdown)
Comprehensive Income Attributable to Owners of the Parent		138,991			472,047
Comprehensive Income Attributable to Minority Interests		42,747			47,827

1-6

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets


	*Millions of yen*
	For the six months ended September 30, 2012			For the six months ended September 30, 2013
Shareholders’ Equity
Common Stock and Preferred Stock
Balance as of the beginning of the period	¥	2,254,972		¥	2,254,972
Changes during the period
Total Changes during the period		—			—

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

Capital Surplus
Balance as of the beginning of the period		1,109,783			1,109,508
Changes during the period
Disposition of Treasury Stock		(275	)		—

Total Changes during the period		(275	)		—

Balance as of the end of the period		1,109,508			1,109,508

Retained Earnings
Balance as of the beginning of the period		1,405,066			1,814,782
Changes during the period
Cash Dividends		(76,322	)		(76,392	)
Net Income		184,276			429,745
Disposition of Treasury Stock		(344	)		(27	)
Cancellation of Treasury Stock		—			(36,997	)
Transfer from Revaluation Reserve for Land		1,185			905
Change of scope of consolidation		—			(3	)
Increase in Retained Earnings due to change of accounting period of subsidiaries		—			104

Total Changes during the period		108,795			317,334

Balance as of the end of the period		1,513,862			2,132,117

Treasury Stock
Balance as of the beginning of the period		(7,074	)		(4,661	)
Changes during the period
Repurchase of Treasury Stock		(246	)		(37,238	)
Disposition of Treasury Stock		2,603			1,055
Cancellation of Treasury Stock		—			36,997

Total Changes during the period		2,357			814

Balance as of the end of the period	¥	(4,716	)	¥	(3,846	)

1-7

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the six months ended September 30, 2012			For the six months ended September 30, 2013
Total Shareholders’ Equity
Balance as of the beginning of the period	¥	4,762,749		¥	5,174,601
Changes during the period
Cash Dividends		(76,322	)		(76,392	)
Net Income		184,276			429,745
Repurchase of Treasury Stock		(246	)		(37,238	)
Disposition of Treasury Stock		1,984			1,028
Transfer from Revaluation Reserve for Land		1,185			905
Change of scope of consolidation		—			(3	)
Increase in Retained Earnings due to change of accounting period of subsidiaries		—			104

Total Changes during the period		110,877			318,149

Balance as of the end of the period		4,873,626			5,492,751

Accumulated Other Comprehensive Income
Net Unrealized Gains (Losses) on Other Securities
Balance as of the beginning of the period		37,857			615,883
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(71,282	)		114,015

Total Changes during the period		(71,282	)		114,015

Balance as of the end of the period		(33,425	)		729,899

Deferred Gains or Losses on Hedges
Balance as of the beginning of the period		67,045			84,634
Changes during the period
Net Changes in Items other than Shareholders’ Equity		27,080			(89,624	)

Total Changes during the period		27,080			(89,624	)

Balance as of the end of the period		94,126			(4,990	)

Revaluation Reserve for Land
Balance as of the beginning of the period		144,635			142,345
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(1,186	)		(884	)

Total Changes during the period		(1,186	)		(884	)

Balance as of the end of the period	¥	143,449		¥	141,461

1-8

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the six months ended September 30, 2012			For the six months ended September 30, 2013
Foreign Currency Translation Adjustments
Balance as of the beginning of the period	¥	(102,850	)	¥	(90,329	)
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(1,082	)		17,889

Total Changes during the period		(1,082	)		17,889

Balance as of the end of the period		(103,933	)		(72,440	)

Total Accumulated Other Comprehensive Income
Balance as of the beginning of the period		146,687			752,533
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(46,470	)		41,396

Total Changes during the period		(46,470	)		41,396

Balance as of the end of the period		100,216			793,929

Stock Acquisition Rights
Balance as of the beginning of the period		2,158			2,687
Changes during the period
Net Changes in Items other than Shareholders’ Equity		590			(954	)

Total Changes during the period		590			(954	)

Balance as of the end of the period		2,749			1,733

Minority Interests
Balance as of the beginning of the period		1,957,699			1,806,407
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(182,447	)		5,799

Total Changes during the period		(182,447	)		5,799

Balance as of the end of the period		1,775,252			1,812,207

Total Net Assets
Balance as of the beginning of the period		6,869,295			7,736,230
Changes during the period
Cash Dividends		(76,322	)		(76,392	)
Net Income		184,276			429,745
Repurchase of Treasury Stock		(246	)		(37,238	)
Disposition of Treasury Stock		1,984			1,028
Transfer from Revaluation Reserve for Land		1,185			905
Change of scope of consolidation		—			(3	)
Increase in Retained Earnings due to change of accounting period of subsidiaries		—			104
Net Changes in Items other than Shareholders’ Equity		(228,327	)		46,241

Total Changes during the period		(117,449	)		364,391

Balance as of the end of the period	¥	6,751,845		¥	8,100,621

(4) Note for Assumption of Going Concern

There is no applicable information.

1-9

Mizuho Financial Group, Inc.

3. Interim Non-Consolidated Financial Statements

(1) Non-Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2013			As of September 30, 2013
Assets
Current Assets
Cash and Due from Banks	¥	26,365		¥	13,365
Accounts Receivable		47,280			58,949
Other Current Assets		7,664			9,896
Total Current Assets		81,311			82,211
Fixed Assets
Tangible Fixed Assets		4,585			7,605
Intangible Fixed Assets		2,611			3,421
Investments		6,113,641			6,135,726
Investments in Subsidiaries and Affiliates		6,023,433			6,023,433
Other Investments		90,208			112,293
Total Fixed Assets		6,120,838			6,146,753

Total Assets	¥	6,202,149		¥	6,228,964

Liabilities
Current Liabilities
Short-term Borrowings	¥	646,995		¥	478,875
Short-term Bonds		500,000			500,000
Accrued Corporate Taxes		94			123
Reserve for Bonus Payments		272			261
Other Current Liabilities		6,466			7,695
Total Current Liabilities		1,153,827			986,954
Non-Current Liabilities
Bonds and Notes		240,000			240,000
Reserve for Employee Retirement Benefits		2,258			2,558
Asset Retirement Obligations		643			644
Other Non-Current Liabilities		16,496			33,626
Total Non-Current Liabilities		259,398			276,828

Total Liabilities	¥	1,413,226		¥	1,263,783

Net Assets
Shareholders’ Equity
Common Stock and Preferred Stock	¥	2,254,972		¥	2,254,972
Capital Surplus
Capital Reserve		1,194,864			1,194,864
Total Capital Surplus		1,194,864			1,194,864
Retained Earnings
Appropriated Reserve		4,350			4,350
Other Retained Earnings		1,318,948			1,491,821
Retained Earnings Brought Forward		1,318,948			1,491,821
Total Retained Earnings		1,323,298			1,496,171
Treasury Stock		(4,295	)		(3,310	)

Total Shareholders’ Equity		4,768,840			4,942,698

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		17,395			20,749

Total Valuation and Translation Adjustments		17,395			20,749

Stock Acquisition Rights		2,687			1,733

Total Net Assets		4,788,923			4,965,181

Total Liabilities and Net Assets	¥	6,202,149		¥	6,228,964

1-10

Mizuho Financial Group, Inc.

(2) Non-Consolidated Statements of Income


	*Millions of yen*
	For the six months ended September 30, 2012		For the six months ended September 30, 2013
Operating Income	¥	247,269	¥	300,911
Operating Expenses
General and Administrative Expenses		10,476		10,972
Total Operating Expenses		10,476		10,972

Operating Profits		236,792		289,938

Non-Operating Income		5,892		6,268
Non-Operating Expenses		8,342		9,178

Ordinary Profits		234,342		287,028

Extraordinary Losses		0		350

Income before Income Taxes		234,341		286,677

Income Taxes:
Current		200		253
Deferred		121		133

Total Income Taxes		321		387

Net Income	¥	234,020	¥	286,290

1-11

Mizuho Financial Group, Inc.

(3) Non-Consolidated Statements of Changes in Net Assets


	*Millions of yen*
	For the six months ended September 30, 2012			For the six months ended September 30, 2013
Shareholders’ Equity
Common Stock and Preferred Stock
Balance as of the beginning of the period	¥	2,254,972		¥	2,254,972
Changes during the period
Total Changes during the period		—			—

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

Capital Surplus
Capital Reserve
Balance as of the beginning of the period		1,194,864			1,194,864
Changes during the period
Total Changes during the period		—			—

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

Total Capital Surplus
Balance as of the beginning of the period		1,194,864			1,194,864
Changes during the period
Total Changes during the period		—			—

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

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

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

Other Retained Earnings
Retained Earnings Brought Forward
Balance as of the beginning of the period		1,230,688			1,318,948
Changes during the period
Cash Dividends		(76,350	)		(76,392	)
Net Income		234,020			286,290
Disposition of Treasury Stock		(344	)		(27	)
Cancellation of Treasury Stock		—			(36,997	)

Total Changes during the period		157,325			172,873

Balance as of the end of the period		1,388,014			1,491,821

Total Retained Earnings
Balance as of the beginning of the period		1,235,038			1,323,298
Changes during the period
Cash Dividends		(76,350	)		(76,392	)
Net Income		234,020			286,290
Disposition of Treasury Stock		(344	)		(27	)
Cancellation of Treasury Stock		—			(36,997	)

Total Changes during the period		157,325			172,873

Balance as of the end of the period	¥	1,392,364		¥	1,496,171

1-12

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the six months ended September 30, 2012			For the six months ended September 30, 2013
Treasury Stock
Balance as of the beginning of the period	¥	(5,453	)	¥	(4,295	)
Changes during the period
Repurchase of Treasury Stock		(2	)		(37,004	)
Disposition of Treasury Stock		1,094			991
Cancellation of Treasury Stock		—			36,997

Total Changes during the period		1,091			984

Balance as of the end of the period		(4,361	)		(3,310	)

Total Shareholders’ Equity
Balance as of the beginning of the period		4,679,422			4,768,840
Changes during the period
Cash Dividends		(76,350	)		(76,392	)
Net Income		234,020			286,290
Repurchase of Treasury Stock		(2	)		(37,004	)
Disposition of Treasury Stock		749			963

Total Changes during the period		158,417			173,858

Balance as of the end of the period		4,837,840			4,942,698

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes
Balance as of the beginning of the period		6,753			17,395
Changes during the period
Net Changes in Items other than Shareholders’ Equity		(4,456	)		3,353

Total Changes during the period		(4,456	)		3,353

Balance as of the end of the period		2,296			20,749

Stock Acquisition Rights
Balance as of the beginning of the period		2,158			2,687
Changes during the period
Net Changes in Items other than Shareholders’ Equity		590			(954	)

Total Changes during the period		590			(954	)

Balance as of the end of the period		2,749			1,733

Total Net Assets
Balance as of the beginning of the period		4,688,334			4,788,923
Changes during the period
Cash Dividends		(76,350	)		(76,392	)
Net Income		234,020			286,290
Repurchase of Treasury Stock		(2	)		(37,004	)
Disposition of Treasury Stock		749			963
Net Changes in Items other than Shareholders’ Equity		(3,865	)		2,399

Total Changes during the period		154,551			176,257

Balance as of the end of the period	¥	4,842,886		¥	4,965,181

(4) Note for Assumption of Going Concern

There is no applicable information.

1-13

SELECTED FINANCIAL INFORMATION

For the Second Quarter (First Half) of Fiscal 2013

(Six months ended September 30, 2013)

<Under Japanese GAAP>

LOGO

Mizuho Financial Group, Inc.

C O N T E N T S

Notes:

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

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

Non-consolidated figures for MHBK for previous periods are aggregate figures for former MHBK and former Mizuho Corporate Bank, Ltd. (“MHCB”).

Aggregate figures for the 2 banks (MHBK and MHTB) for previous periods are aggregate figures for former MHBK, former MHCB, and MHTB.

The surviving company after the merger is former MHCB and figures for MHBK include figures for former MHCB.

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

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2013

See above Notes

Page

1. Income Analysis

CON

NON

2-1

2. Interest Margins (Domestic Operations)

NON

2-5

3. Net Gains/Losses on Securities

NON

2-6

4. Unrealized Gains/Losses on Securities

CON

NON

2-8

5. Projected Redemption Amounts for Securities

NON

2-10

6. Overview of Derivative Transactions Qualifying for Hedge Accounting

NON

2-11

7. Employee Retirement Benefits

NON

CON

2-12

8. Capital Ratio (Basel III)

CON

NON

2-14

II. REVIEW OF CREDITS

See above Notes

Page

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

CON

NON

2-15

2. Status of Reserves for Possible Losses on Loans

CON

NON

2-17

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

CON

NON

2-18

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

CON

NON

2-19

5. Coverage on Disclosed Claims under the FRL

NON

2-21

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

NON

2-23

7. Results of Removal of NPLs from the Balance Sheet

NON

2-24

8. Status of Loans by Industry

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

NON

2-25

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

NON

2-27

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

(1) Balance of Housing and Consumer Loans

NON

2-28

(2) Loans to SMEs and Individual Customers

NON

2-28

10. Status of Loans by Region

NON

2-29

III. DEFERRED TAXES

See above Notes

Page

1. Estimation for Calculating Deferred Tax Assets

NON

CON

2-30

IV. OTHERS

See above Notes

Page

1. Breakdown of Deposits (Domestic Offices)

NON

2-33

2. Number of Directors and Employees

NON

2-34

3. Number of Branches and Offices

NON

2-35

4. Earnings Plan for Fiscal 2013

CON

NON

2-36

Attachments

See above Notes

Page

Mizuho Bank, Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

NON

2-37

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

NON

2-38

Non-Consolidated Statement of Changes in Net Assets

NON

2-39

Mizuho Trust & Banking Co., Ltd.

Comparison of Non-Consolidated Balance Sheets (selected items)

NON

2-40

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

NON

2-41

Non-Consolidated Statement of Changes in Net Assets

NON

2-42

Statement of Trust Assets and Liabilities

NON

2-43

Comparison of Balances of Principal Items

NON

2-44

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR THE FIRST HALF OF FISCAL 2013

1. Income Analysis

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2013
					Change			First Half of Fiscal 2012
Consolidated Gross Profits	1		1,042,975			(61,074	)		1,104,049
Net Interest Income	2		553,985			20,958			533,026
Fiduciary Income	3		25,735			1,821			23,913
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		275,378			60,913			214,464
Net Trading Income	6		107,131			(15,322	)		122,453
Net Other Operating Income	7		80,746			(129,446	)		210,192
General and Administrative Expenses	8		(614,304	)		(6,977	)		(607,327	)
Personnel Expenses	9		(302,346	)		1,862			(304,209	)
Non-Personnel Expenses	10		(286,759	)		(9,308	)		(277,451	)
Miscellaneous Taxes	11		(25,198	)		468			(25,666	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)	12		(15,837	)		3,754			(19,592	)
Losses on Write-offs of Loans	13		*(15,835*	)		3,788			(19,623	)
Reversal of Reserves for Possible Losses on Loans, etc.	14		92,848			67,299			25,548
Net Gains (Losses) related to Stocks	15		39,032			266,629			(227,596	)
Equity in Income from Investments in Affiliates	16		13,680			8,161			5,519
Other	17		8,983			3,837			5,146

Ordinary Profits	18		567,377			281,630			285,747

Net Extraordinary Gains (Losses)	19		(4,003	)		4,329			(8,332	)
Income before Income Taxes and Minority Interests	20		563,374			285,960			277,414
Income Taxes—Current *	21		(67,443	)		61,013			(128,456	)
—Deferred	22		(24,134	)		(101,517	)		77,383
Net Income before Minority Interests	23		471,797			245,456			226,341
Minority Interests in Net Income	24		(42,051	)		12			(42,064	)

Net Income	25		429,745			245,469			184,276

* Income Taxes—Current [21] includes Refund of Income Tax.

Credit-related Costs (including Credit Costs for Trust Accounts)	26		77,010			71,054			5,955
* Credit-related Costs [26] = Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans) [12] + Reversal of Reserves for Possible Losses on Loans, etc. [14] + Credit Costs for Trust Accounts [4]

(Reference)
Consolidated Net Business Profits	27		418,616			(80,733	)		499,349

* Consolidated Net Business Profits [27] = 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	28		161			13			148
Number of affiliates under the equity method	29		22			—			22

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2013															First Half of Fiscal 2012
		MHBK (Apr. - Sep.) ^*3			Former MHBK (Apr. - Jun.)			MHTB			Aggregate Figures			Change			First Half of Fiscal 2012
Gross Profits	1		538,551			185,804			60,686			785,042			(95,146	)		880,189
Domestic Gross Profits	2		292,429			152,020			53,815			498,265			(80,968	)		579,233
Net Interest Income	3		211,178			113,605			15,551			340,335			(22,901	)		363,236
Fiduciary Income	4								25,446			25,446			1,863			23,583
Jointly Operated Designated Money Trust	5								*1,625*			*1,625*			161			1,463
Credit Costs for Trust Accounts ¹*	6								—			—			—			—
Net Fee and Commission Income	7		80,338			34,994			11,629			126,962			22,762			104,200
Net Trading Income	8		(8,558	)		831			(2,318	)		(10,045	)		(25,452	)		15,407
Net Other Operating Income	9		9,470			2,588			3,506			15,565			(57,240	)		72,806
International Gross Profits	10		246,122			33,783			6,870			286,777			(14,178	)		300,955
Net Interest Income	11		136,270			10,038			3,364			149,673			37,143			112,529
Net Fee and Commission Income	12		53,107			3,094			(167	)		56,033			12,315			43,718
Net Trading Income	13		38,887			(7,830	)		3,767			34,825			4,855			29,969
Net Other Operating Income	14		17,856			28,481			(93	)		46,244			(68,493	)		114,738
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(254,661	)		(132,088	)		(36,998	)		(423,748	)		(7,012	)		(416,735	)
Expense Ratio	16		*47.2*	%		*71.0*	%		*60.9*	%		*53.9*	%		6.6	%		47.3	%
Personnel Expenses	17		(97,331	)		(46,567	)		(16,911	)		(160,810	)		(5,937	)		(154,872	)
Non-Personnel Expenses	18		(145,137	)		(78,411	)		(18,805	)		(242,354	)		(1,944	)		(240,409	)
Premium for Deposit Insurance	19		*(12,866*	)		*(10,003*	)		*(900*	)		*(23,769*	)		(67	)		(23,702	)
Miscellaneous Taxes	20		(12,192	)		(7,108	)		(1,281	)		(20,583	)		870			(21,454	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	21		283,890			53,716			23,688			361,294			(102,158	)		463,453

Excluding Net Gains (Losses) related to Bonds	22		*262,708*			*40,007*			*19,996*			*322,712*			36,309			286,402

Reversal of (Provision for) General Reserve for Possible Losses on Loans	23		—			—			—			—			3,100			(3,100	)

Net Business Profits	24		283,890			53,716			23,688			361,294			(99,058	)		460,353

Net Gains (Losses) related to Bonds	25		*21,182*			*13,709*			*3,691*			*38,582*			(138,468	)		177,051

Net Non-Recurring Gains (Losses)	26		81,162			17,087			6,262			104,512			406,772			(302,259	)
Net Gains (Losses) related to Stocks	27		14,429			5,864			6,952			27,247			301,724			(274,477	)
Expenses related to Portfolio Problems	28		(6,104	)		(5,630	)		(261	)		(11,996	)		4,747			(16,743	)
Reversal of Reserves for Possible Losses on Loans, etc.	29		74,985			14,735			1,399			91,120			70,457			20,662
Other	30		(2,148	)		2,118			(1,828	)		(1,858	)		29,842			(31,700	)

Ordinary Profits	31		365,052			70,803			29,950			465,807			307,713			158,093

Net Extraordinary Gains (Losses)	32		(717	)		(674	)		(1,430	)		(2,821	)		1,010			(3,832	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(159*	)		*(674*	)		*(1,111*	)		*(1,945*	)		(225	)		(1,719	)
Losses on Impairment of Fixed Assets	34		*(557*	)		—			*(319*	)		*(876*	)		1,236			(2,112	)
Income before Income Taxes	35		364,335			70,129			28,520			462,985			308,724			154,260
Income Taxes—Current *²	36		(17,953	)		(26,259	)		(10,306	)		(54,519	)		63,652			(118,172	)
—Deferred	37		(86,847	)		41,107			8,997			(36,742	)		(113,891	)		77,148

Net Income	38		259,533			84,977			27,211			371,722			258,485			113,236

*1 Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) for MHTB excludes the amounts of “Credit Costs for Trust Accounts” [6].
*2 Income Taxes—Current [36] includes Refund of Income Tax.
*3 Figures for MHBK for the first half of fiscal 2013 are the aggregate figures for former MHCB for the first quarter and MHBK for the second quarter.

Credit-related Costs	39		68,880			9,104			1,138			79,123			78,305			818

* Credit-related Costs [39] = Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [23] + Reversal of Reserves for Possible Losses on Loans, etc. [29] + Credit Costs for Trust Accounts [6]

(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40								—			—			—			—
Reversal of (Provision for) General Reserve for Possible Losses on Loans	41		60,012			10,582			186			70,781			53,207			17,573
Losses on Write-offs of Loans	42		2,451			(780	)		(261	)		1,410			4,844			(3,433	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		3,531			(441	)		1,159			4,249			17,912			(13,663	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		25			—			0			25			25			(0	)
Reversal of (Provision for) Reserve for Contingencies	45		2,970			—			53			3,024			2,454			569
Other (including Losses on Sales of Loans)	46		(109	)		(256	)		—			(366	)		(138	)		(227	)
Total	47		68,880			9,104			1,138			79,123			78,305			818

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2013												First Half of Fiscal 2012
		MHBK (Apr. - Sep.) *²			Former MHBK (Apr. - Jun.)			Aggregate Figures			Change			First Half of Fiscal 2012
Gross Profits	1		538,551			185,804			724,356			(96,594	)		820,950
Domestic Gross Profits	2		292,429			152,020			444,449			(78,980	)		523,430
Net Interest Income	3		211,178			113,605			324,784			(18,862	)		343,646
Net Fee and Commission Income	4		80,338			34,994			115,333			19,382			95,950
Net Trading Income	5		(8,558	)		831			(7,726	)		(21,211	)		13,484
Net Other Operating Income	6		9,470			2,588			12,059			(58,289	)		70,349
International Gross Profits	7		246,122			33,783			279,906			(17,613	)		297,519
Net Interest Income	8		136,270			10,038			146,309			35,368			110,940
Net Fee and Commission Income	9		53,107			3,094			56,201			12,306			43,895
Net Trading Income	10		38,887			(7,830	)		31,057			(168	)		31,225
Net Other Operating Income	11		17,856			28,481			46,338			(65,120	)		111,458
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(254,661	)		(132,088	)		(386,749	)		(7,132	)		(379,617	)
Expense Ratio	13		*47.2*	%		*71.0*	%		*53.3*	%		7.1	%		46.2	%
Personnel Expenses	14		(97,331	)		(46,567	)		(143,899	)		(5,973	)		(137,925	)
Non-Personnel Expenses	15		(145,137	)		(78,411	)		(223,548	)		(2,124	)		(221,424	)
Premium for Deposit Insurance	16		*(12,866*	)		*(10,003*	)		*(22,869*	)		(115	)		(22,754	)
Miscellaneous Taxes	17		(12,192	)		(7,108	)		(19,301	)		966			(20,267	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		283,890			53,716			337,606			(103,726	)		441,333

Excluding Net Gains (Losses) related to Bonds	19		*262,708*			*40,007*			*302,715*			32,612			270,103

Reversal of (Provision for) General Reserve for Possible Losses on Loans	20		—			—			—			3,100			(3,100	)

Net Business Profits	21		283,890			53,716			337,606			(100,626	)		438,232

Net Gains (Losses) related to Bonds	22		*21,182*			*13,709*			*34,891*			(136,339	)		171,230

Net Non-Recurring Gains (Losses)	23		81,162			17,087			98,249			381,244			(282,995	)
Net Gains (Losses) related to Stocks	24		14,429			5,864			20,294			278,361			(258,066	)
Expenses related to Portfolio Problems	25		(6,104	)		(5,630	)		(11,734	)		4,749			(16,484	)
Reversal of Reserves for Possible Losses on Loans, etc.	26		74,985			14,735			89,720			70,535			19,184
Other	27		(2,148	)		2,118			(30	)		27,598			(27,629	)

Ordinary Profits	28		365,052			70,803			435,856			280,618			155,237

Net Extraordinary Gains (Losses)	29		(717	)		(674	)		(1,391	)		2,013			(3,405	)
Net Gains (Losses) on Disposition of Fixed Assets	30		*(159*	)		*(674*	)		*(834*	)		477			(1,311	)
Losses on Impairment of Fixed Assets	31		*(557*	)		—			*(557*	)		1,536			(2,093	)
Income before Income Taxes	32		364,335			70,129			434,464			282,632			151,832
Income Taxes—Current *¹	33		(17,953	)		(26,259	)		(44,212	)		70,452			(114,665	)
—Deferred	34		(86,847	)		41,107			(45,740	)		(119,846	)		74,105

Net Income	35		259,533			84,977			344,510			233,238			111,272

*1 Income Taxes—Current [33] includes Refund of Income Tax.
*2 Figures for MHBK for the first half of fiscal 2013 are the aggregate figures for former MHCB for the first quarter and MHBK for the second quarter.

Credit-related Costs	36		68,880			9,104			77,985			78,385			(400	)

* Credit-related Costs [36] = Expenses related to Portfolio Problems [25] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [20] + Reversal of Reserves for Possible Losses on Loans, etc. [26]

(Reference) Breakdown of Credit-related Costs
Reversal of (Provision for) General Reserve for Possible Losses on Loans	37		60,012			10,582			70,594			54,794			15,799
Losses on Write-offs of Loans	38		2,451			(780	)		1,671			4,846			(3,175	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	39		3,531			(441	)		3,089			16,221			(13,131	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	40		25			—			25			25			(0	)
Reversal of (Provision for) Reserve for Contingencies	41		2,970			—			2,970			2,635			334
Other (including Losses on Sales of Loans)	42		(109	)		(256	)		(366	)		(138	)		(227	)
Total	43		68,880			9,104			77,985			78,385			(400	)

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2013						First Half of Fiscal 2012
					Change			First Half of Fiscal 2012
Gross Profits	1		60,686			1,447			59,239
Domestic Gross Profits	2		53,815			(1,987	)		55,803
Net Interest Income	3		15,551			(4,039	)		19,590
Fiduciary Income	4		25,446			1,863			23,583
Jointly Operated Designated Money Trust	5		*1,625*			161			1,463
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		11,629			3,379			8,249
Net Trading Income	8		(2,318	)		(4,240	)		1,922
Net Other Operating Income	9		3,506			1,049			2,457
International Gross Profits	10		6,870			3,434			3,436
Net Interest Income	11		3,364			1,774			1,589
Net Fee and Commission Income	12		(167	)		9			(176	)
Net Trading Income	13		3,767			5,023			(1,256	)
Net Other Operating Income	14		(93	)		(3,373	)		3,280
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(36,998	)		120			(37,118	)
Expense Ratio	16		*60.9*	%		(1.6	%)		62.6	%
Personnel Expenses	17		(16,911	)		35			(16,946	)
Non-Personnel Expenses	18		(18,805	)		180			(18,985	)
Premium for Deposit Insurance	19		*(900*	)		48			(948	)
Miscellaneous Taxes	20		(1,281	)		(95	)		(1,186	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	21		23,688			1,567			22,120

Excluding Net Gains (Losses) related to Bonds	22		*19,996*			3,697			16,299

Reversal of (Provision for) General Reserve for Possible Losses on Loans	23		—			—			—

Net Business Profits	24		23,688			1,567			22,120

Net Gains (Losses) related to Bonds	25		*3,691*			(2,129	)		5,820

Net Non-Recurring Gains (Losses)	26		6,262			25,527			(19,264	)
Net Gains (Losses) related to Stocks	27		6,952			23,363			(16,411	)
Expenses related to Portfolio Problems	28		(261	)		(2	)		(258	)
Reversal of Reserves for Possible Losses on Loans, etc.	29		1,399			(77	)		1,477
Other	30		(1,828	)		2,243			(4,071	)

Ordinary Profits	31		29,950			27,094			2,856

Net Extraordinary Gains (Losses)	32		(1,430	)		(1,002	)		(427	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(1,111*	)		(703	)		(408	)
Losses on Impairment of Fixed Assets	34		*(319*	)		(299	)		(19	)
Income before Income Taxes	35		28,520			26,091			2,428
Income Taxes—Current	36		(10,306	)		(6,799	)		(3,507	)
—Deferred	37		8,997			5,954			3,043

Net Income	38		27,211			25,246			1,964

* Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans) excludes the amounts of “Credit Costs for Trust Accounts” [6].

Credit-related Costs	39		1,138			(79	)		1,218

* Credit-related Costs [39] = Expenses related to Portfolio Problems [28] + Reversal of (Provision for) General Reserve for Possible Losses on Loans [23] + Reversal of Reserves for Possible Losses on Loans, etc. [29] + Credit Costs for Trust Accounts [6]
(Reference) Breakdown of Credit-related Costs
Credit Costs for Trust Accounts	40		—			—			—
Reversal of (Provision for) General Reserve for Possible Losses on Loans	41		186			(1,587	)		1,773
Losses on Write-offs of Loans	42		(261	)		(2	)		(258	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		1,159			1,690			(531	)
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		53			(181	)		234
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		1,138			(79	)		1,218

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			*(%)*
			First Half of Fiscal 2013										First Half of Fiscal 2012
Mizuho Bank			MHBK (Apr. - Sep.) ^*3		Former MHBK (Apr. - Jun.)			Aggregate Figures		Change			First Half of Fiscal 2012
Return on Interest-Earning Assets		1		0.75		0.76			0.75		(0.04	)		0.79
Return on Loans and Bills Discounted *¹		2		1.05		1.27			1.12		(0.07	)		1.19
Return on Securities		3		0.59		0.34			0.51		0.05			0.45
Cost of Funding (including Expenses)		4		0.69		0.83			0.74		(0.00	)		0.74
Cost of Deposits (including Expenses)		5		0.83		0.88			0.85		(0.05	)		0.90
Cost of Deposits ²*		6		*0.05*		*0.04*			*0.05*		(0.00	)		0.06
Cost of Other External Liabilities		7		0.22		0.18			0.21		(0.02	)		0.24
Net Interest Margin	(1)-(4)	8		0.06		(0.07	)		0.01		(0.03	)		0.04
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.22		0.38			0.26		(0.02	)		0.29
Loan and Deposit Rate Margin	(2)-(6)	10		0.99		1.22			1.06		(0.06	)		1.13
1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG). 2 Deposits include Negotiable Certificates of Deposit (“NCDs”). *3 Figures are calculated based on the figures for former MHCB for the first quarter and MHBK for the second quarter.
(Reference) After excluding loans to Deposit Insurance Corporation of Japan and Japanese government
Return on Loans and Bills Discounted		11		1.15		1.46			1.24		(0.08	)		1.33
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.32		0.57			0.39		(0.02	)		0.42
Loan and Deposit Rate Margin	(11)-(6)	13		1.09		1.41			1.19		(0.07	)		1.26

								*(%)*
								First Half of Fiscal 2013					First Half of Fiscal 2012
*Mizuho Trust & Banking (3 domestic accounts) ¹**										Change			First Half of Fiscal 2012
Return on Interest-Earning Assets		14							0.75		(0.15	)		0.91
Return on Loans and Bills Discounted		15							0.98		(0.19	)		1.17
Return on Securities		16							0.56		(0.18	)		0.75
Cost of Funding		17							0.16		(0.02	)		0.18
Cost of Deposits ^*2		18							0.09		(0.03	)		0.12
Net Interest Margin	(14)-(17)	19							0.59		(0.13	)		0.72
Loan and Deposit Rate Margin	(15)-(18)	20							0.89		(0.15	)		1.05

*1	3 domestic accounts = banking accounts (domestic operations) + trust accounts with contracts indemnifying the principal amounts (jointly-managed money trusts).

*2	Deposits include NCDs.

2-5

Mizuho Financial Group, Inc.

3. Net Gains/Losses on Securities

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2013 *						First Half of Fiscal 2012
				Change			First Half of Fiscal 2012
Net Gains (Losses) related to Bonds		38,582			(138,468	)		177,051
Gains on Sales and Others		89,418			(112,193	)		201,612
Losses on Sales and Others		(43,237	)		(28,564	)		(14,673	)
Impairment (Devaluation)		(7,975	)		(745	)		(7,229	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		376			3,035			(2,658	)
* Figures are the aggregate figures for former MHBK for the first quarter, former MHCB for the first quarter, MHBK for the second quarter, and MHTB for the first half of fiscal 2013.
	First Half of Fiscal 2013 *						First Half of Fiscal 2012
				Change			First Half of Fiscal 2012
Net Gains (Losses) related to Stocks		27,247			301,724			(274,477	)
Gains on Sales		29,404			15,873			13,530
Losses on Sales		(2,166	)		3,298			(5,465	)
Impairment (Devaluation)		(1,279	)		280,416			(281,696	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		16			43			(26	)
Gains (Losses) on Derivatives other than for Trading		1,272			2,092			(819	)
* Figures are the aggregate figures for former MHBK for the first quarter, former MHCB for the first quarter, MHBK for the second quarter, and MHTB for the first half of fiscal 2013.

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2013												First Half of Fiscal 2012
	MHBK (Apr. - Sep.) *			Former MHBK (Apr. - Jun.)			Aggregate Figures			Change			First Half of Fiscal 2012
Net Gains (Losses) related to Bonds		21,182			13,709			34,891			(136,339	)		171,230
Gains on Sales and Others		58,647			25,080			83,727			(112,296	)		196,024
Losses on Sales and Others		(28,893	)		(12,158	)		(41,052	)		(26,653	)		(14,399	)
Impairment (Devaluation)		(7,559	)		(416	)		(7,975	)		(745	)		(7,229	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—			—			—
Gains (Losses) on Derivatives other than for Trading		(1,013	)		1,203			190			3,356			(3,165	)
* Figures are the aggregate figures for former MHCB for the first quarter and MHBK for the second quarter.
	First Half of Fiscal 2013												First Half of Fiscal 2012
	MHBK (Apr. - Sep.) *			Former MHBK (Apr. - Jun.)			Aggregate Figures			Change			First Half of Fiscal 2012
Net Gains (Losses) related to Stocks		14,429			5,864			20,294			278,361			(258,066	)
Gains on Sales		15,887			6,427			22,314			9,802			12,512
Losses on Sales		(1,295	)		(739	)		(2,035	)		2,405			(4,441	)
Impairment (Devaluation)		(468	)		(763	)		(1,232	)		264,103			(265,336	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		17			4			21			39			(17	)
Gains (Losses) on Derivatives other than for Trading		289			937			1,226			2,010			(784	)
* Figures are the aggregate figures for former MHCB for the first quarter and MHBK for the second quarter.

2-6

Mizuho Financial Group, Inc.

Mizuho Trust & Banking


	*(Millions of yen)*
	First Half of Fiscal 2013						First Half of Fiscal 2012
				Change			First Half of Fiscal 2012
Net Gains (Losses) related to Bonds		3,691			(2,129	)		5,820
Gains on Sales and Others		5,690			102			5,588
Losses on Sales and Others		(2,185	)		(1,911	)		(274	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		186			(321	)		507

	First Half of Fiscal 2013						First Half of Fiscal 2012
				Change			First Half of Fiscal 2012
Net Gains (Losses) related to Stocks		6,952			23,363			(16,411	)
Gains on Sales		7,089			6,071			1,017
Losses on Sales		(131	)		893			(1,024	)
Impairment (Devaluation)		(47	)		16,312			(16,359	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		(5	)		4			(9	)
Gains (Losses) on Derivatives other than for Trading		46			81			(34	)

2-7

Mizuho Financial Group, Inc.

4. Unrealized Gains/Losses on Securities

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

Consolidated

(1) Other Securities

(Millions of yen)

As of September 30, 2013

As of March 31, 2013

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

43,347,884

1,050,523

1,412,225

361,702

881,442

1,148,913

267,470

Japanese Stocks

3,169,229

1,134,191

1,230,439

96,248

710,082

843,264

133,181

Japanese Bonds

28,885,902

22,512

49,291

26,778

113,475

134,247

20,771

Japanese Government Bonds

25,956,915

7,202

18,274

11,071

88,210

89,672

1,462

Other

11,292,751

(106,181

)

132,494

238,676

57,884

171,401

113,516

Foreign Bonds

8,538,997

(189,209

)

18,005

207,214

17,905

74,016

56,110

*	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 ¥33,688 million and ¥3,311 million, which were recognized in the statement of income for September 30, 2013 and March 31, 2013, respectively, by applying the fair-value hedge method and others. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of September 30, 2013 and March 31, 2013 are ¥1,016,834 million and ¥878,131 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2013 and March 31, 2013 are ¥729,899 million and ¥615,883 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of September 30, 2013

As of March 31, 2013

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

3,600,317

14,756

16,471

1,714

19,940

20,022

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2013

As of March 31, 2013

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

42,201,125

952,817

1,317,638

364,820

1,026,258

1,299,158

272,899

Japanese Stocks

3,090,727

1,069,288

1,170,849

101,560

884,089

1,024,291

140,202

Japanese Bonds

28,651,082

22,070

48,462

26,391

113,231

133,999

20,768

Japanese Government Bonds

25,845,071

7,174

18,245

11,070

88,144

89,606

1,462

Other

10,459,316

(138,541

)

98,326

236,868

28,937

140,866

111,928

Foreign Bonds

8,383,857

(188,375

)

17,049

205,425

18,308

73,347

55,038

Mizuho Bank

Other Securities

39,966,858

864,324

1,218,034

353,709

947,009

1,210,574

263,564

Japanese Stocks

2,880,147

985,224

1,082,889

97,664

822,952

956,901

133,948

Japanese Bonds

27,319,871

21,570

46,925

25,355

108,256

128,694

20,438

Japanese Government Bonds

24,582,132

7,475

17,655

10,179

84,257

85,405

1,147

Other

9,766,839

(142,470

)

88,219

230,689

15,800

124,978

109,177

Foreign Bonds

7,832,145

(184,553

)

16,548

201,101

16,912

71,550

54,637

Mizuho Trust & Banking

Other Securities

2,234,267

88,492

99,603

11,111

79,248

88,584

9,335

Japanese Stocks

210,580

84,064

87,960

3,895

61,136

67,390

6,254

Japanese Bonds

1,331,210

499

1,536

1,036

4,975

5,305

329

Japanese Government Bonds

1,262,938

(301

)

590

891

3,886

4,200

314

Other

692,476

3,928

10,107

6,179

13,136

15,888

2,751

Foreign Bonds

551,712

(3,822

)

501

4,323

1,396

1,796

400

*	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 ¥33,688 million and ¥3,311 million, which were recognized in the statement of income for September 30, 2013 and March 31, 2013, respectively, by applying the fair-value hedge method and others. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment as of September 30, 2013 and March 31, 2013 are ¥919,128 million and ¥1,022,947 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of September 30, 2013 and March 31, 2013 are as follows:


	*(Millions of yen)*
	As of September 30, 2013		As of March 31, 2013
Aggregate Figures		667,093		730,865
Mizuho Bank		596,082		669,465
Mizuho Trust & Banking		71,010		61,399

2-8

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2013

As of March 31, 2013

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

3,600,317

14,756

16,471

1,714

19,940

20,022

Mizuho Bank

3,600,317

14,756

16,471

1,714

19,940

20,022

Mizuho Trust & Banking

—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2013

As of March 31, 2013

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

118,376

202,459

203,651

1,192

5,850

—

Mizuho Bank

118,376

202,459

203,651

1,192

5,850

—

Mizuho Trust & Banking

—

(Reference)

Unrealized Gains/Losses on Other Securities

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

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

The base amount was as follows:

Consolidated

(Millions of yen)

As of September 30, 2013

As of
March 31, 2013

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

1,016,834

138,702

878,131

Japanese Stocks

1,134,379

424,181

710,198

Japanese Bonds

22,512

(90,962

)

113,475

Japanese Government Bonds

7,202

(81,008

)

88,210

Other

(140,057

)

(194,515

)

54,457

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of September 30, 2013

As of
March 31, 2013

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

919,128

(103,818

)

1,022,947

Japanese Stocks

1,069,476

185,271

884,204

Japanese Bonds

22,070

(91,161

)

113,231

Japanese Government Bonds

7,174

(80,969

)

88,144

Other

(172,418

)

(197,929

)

25,510

2-9

Mizuho Financial Group, Inc.

5. 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

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of September 30, 2013								Change												Maturity as of March 31, 2013
	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		9,709.1		18,451.2		3,035.7		883.2		(3,052.3	)		343.0			(1,564.3	)		(109.5	)		12,761.4		18,108.1		4,600.0		992.8
Japanese Government Bonds		9,293.6		17,290.1		2,723.4		—		(2,905.2	)		354.9			(1,562.0	)		(5.0	)		12,198.9		16,935.2		4,285.4		5.0
Japanese Local Government Bonds		30.7		145.4		70.2		0.8		(3.9	)		6.4			6.0			(0.0	)		34.7		139.0		64.1		0.8
Japanese Corporate Bonds		384.6		1,015.6		242.0		882.4		(143.0	)		(18.2	)		(8.3	)		(104.5	)		527.7		1,033.9		250.4		987.0
Other		1,319.7		3,736.6		1,805.9		2,078.0		8.0			(2,202.4	)		(295.9	)		(764.4	)		1,311.6		5,939.1		2,101.8		2,842.5

Mizuho Bank
Japanese Bonds		9,429.8		17,621.2		2,820.0		883.2		(3,055.6	)		(176.3	)		(1,397.2	)		(109.5	)		12,485.4		17,797.6		4,217.2		992.8
Japanese Government Bonds		9,016.1		16,515.1		2,518.4		—		(2,910.2	)		(155.1	)		(1,392.0	)		(5.0	)		11,926.4		16,670.2		3,910.4		5.0
Japanese Local Government Bonds		30.6		144.6		67.5		0.8		(3.9	)		6.3			6.2			(0.0	)		34.6		138.2		61.3		0.8
Japanese Corporate Bonds		382.9		961.5		234.1		882.4		(141.4	)		(27.6	)		(11.4	)		(104.5	)		524.4		989.1		245.5		987.0
Other		1,310.8		3,181.1		1,766.9		2,078.0		7.2			(2,306.6	)		(289.0	)		(764.4	)		1,303.5		5,487.7		2,056.0		2,842.5

Mizuho Trust & Banking
Japanese Bonds		279.3		829.9		215.6		—		3.3			519.4			(167.0	)		—			275.9		310.5		382.7		—
Japanese Government Bonds		277.5		775.0		205.0		—		5.0			510.0			(170.0	)		—			272.5		265.0		375.0		—
Japanese Local Government Bonds		0.1		0.8		2.6		—		(0.0	)		0.0			(0.1	)		—			0.1		0.8		2.8		—
Japanese Corporate Bonds		1.7		54.1		7.9		—		(1.6	)		9.4			3.0			—			3.3		44.7		4.9		—
Other		8.9		555.5		38.9		—		0.7			104.1			(6.8	)		—			8.1		451.3		45.8		—

2-10

Mizuho Financial Group, Inc.

6. 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

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of September 30, 2013								Change												As of March 31, 2013
	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		4,504.3		14,581.5		5,804.4		24,890.3		16.7			1,651.5			(735.7	)		932.4			4,487.6		12,930.0		6,540.1		23,957.8
Receive Float / Pay Fixed		498.3		2,090.0		4,044.9		6,633.3		(597.6	)		(214.8	)		1,548.2			735.7			1,096.0		2,304.8		2,496.7		5,897.5
Receive Float / Pay Float		10.0		113.1		—		123.1		(80.0	)		33.1			—			(46.8	)		90.0		80.0		—		170.0
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		5,012.6		16,784.7		9,849.3		31,646.8		(660.9	)		1,469.8			812.5			1,621.4			5,673.6		15,314.8		9,036.8		30,025.4

Mizuho Bank
Receive Fixed / Pay Float		4,499.3		14,451.5		5,719.4		24,670.3		11.7			1,521.5			(535.7	)		997.4			4,487.6		12,930.0		6,255.1		23,672.8
Receive Float / Pay Fixed		498.3		2,055.0		3,943.4		6,496.7		(557.6	)		(184.8	)		1,453.0			710.5			1,056.0		2,239.8		2,490.4		5,786.2
Receive Float / Pay Float		10.0		113.1		—		123.1		(80.0	)		33.1			—			(46.8	)		90.0		80.0		—		170.0
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—

Total		5,007.6		16,619.7		9,662.8		31,290.3		(625.9	)		1,369.8			917.2			1,661.1			5,633.6		15,249.8		8,745.5		29,629.1

Mizuho Trust & Banking
Receive Fixed / Pay Float		5.0		130.0		85.0		220.0		5.0			130.0			(200.0	)		(65.0	)		—		—		285.0		285.0
Receive Float / Pay Fixed		—		35.0		101.5		136.5		(40.0	)		(30.0	)		95.2			25.2			40.0		65.0		6.3		111.3
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		5.0		165.0		186.5		356.5		(35.0	)		100.0			(104.7	)		(39.7	)		40.0		65.0		291.3		396.3

(Reference)

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


	*(Billions of yen)*
	As of September 30, 2013						Change							As of March 31, 2013
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses							Deferred Hedge Gains/Losses
	Gains		Losses				Gains			Losses				Gains		Losses
Aggregate Figures		692.2		666.8	25.4			(53.6	)		103.6	(157.2	)		745.8		563.1	182.7
Mizuho Bank		622.9		590.7	32.1			(50.9	)		101.3	(152.3	)		673.9		489.4	184.5
Mizuho Trust & Banking		69.2		76.0	(6.7	)		(2.6	)		2.3	(4.9	)		71.9		73.7	(1.7	)

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

2-11

Mizuho Financial Group, Inc.

7. Employee Retirement Benefits

Non-Consolidated

Projected Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		First Half of Fiscal 2013 *
				Change			First Half of Fiscal 2012
Projected Benefit Obligations (at the beginning of the fiscal year)	(A)		1,173,721		(12,604	)		1,186,325
Discount Rate (%)			1.7		—			1.7
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,388,176		178,055			1,210,121
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		179,404		(211,545	)		390,949
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		393,859		(20,886	)		414,745

* Figures are the aggregate balances for former MHCB, former MHBK, and MHTB at the beginning of the fiscal year.

Mizuho Bank
		*(Millions of yen)*
		First Half of Fiscal 2013 *
				Change			First Half of Fiscal 2012
Projected Benefit Obligations (at the beginning of the fiscal year)	(A)		1,040,412		(12,170	)		1,052,582
Discount Rate (%)			1.7		—			1.7
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,239,020		161,247			1,077,772
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		154,819		(191,759	)		346,578
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		353,427		(18,342	)		371,769

* Figures are the aggregate balances for former MHCB and former MHBK at the beginning of the fiscal year.

Mizuho Trust & Banking

Projected Benefit Obligations (at the beginning of the fiscal year)	(A)		133,309		(434	)		133,743
Discount Rate (%)			1.7		—			1.7
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		149,156		16,807			132,348
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		24,584		(19,786	)		44,370
Prepaid Pension Cost (at the beginning of the fiscal year)	(B)+ (C) - (A)		40,431		(2,544	)		42,976

2-12

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	First Half of Fiscal 2013 *
				Change		First Half of Fiscal 2012
Service Cost		(10,596	)		436		(11,032	)
Interest Cost		(9,976	)		107		(10,083	)
Expected Return on Plan Assets		16,519			2,141		14,377
Accumulation (Amortization) of Unrecognized Actuarial Differences		(8,960	)		22,444		(31,405	)
Other		(1,968	)		123		(2,091	)

Total		(14,983	)		25,252		(40,235	)

*	Figures are the aggregate figures for former MHBK for the first quarter, former MHCB for the first quarter, MHBK for the second quarter, and MHTB for the first half of fiscal 2013.

Mizuho Bank


	*(Millions of yen)*
	First Half of Fiscal 2013
	MHBK (Apr. - Sep.) *			Former MHBK (Apr. - Jun.)			Aggregate Figures			Change		First Half of Fiscal 2012
Service Cost		(5,790	)		(3,380	)		(9,170	)		423		(9,594	)
Interest Cost		(5,863	)		(2,979	)		(8,843	)		103		(8,946	)
Expected Return on Plan Assets		9,626			5,057			14,684			1,944		12,740
Accumulation (Amortization) of Unrecognized Actuarial Differences		(5,063	)		(2,637	)		(7,700	)		20,112		(27,812	)
Other		(1,106	)		(591	)		(1,698	)		72		(1,771	)

Total		(8,197	)		(4,531	)		(12,728	)		22,656		(35,385	)

*	Figures are the aggregate figures for former MHCB for the first quarter and MHBK for the second quarter.

Mizuho Trust & Banking


	*(Millions of yen)*
	First Half of Fiscal 2013
				Change		First Half of Fiscal 2012
Service Cost		(1,425	)		12		(1,437	)
Interest Cost		(1,133	)		3		(1,136	)
Expected Return on Plan Assets		1,834			197		1,637
Accumulation (Amortization) of Unrecognized Actuarial Differences		(1,260	)		2,332		(3,593	)
Other		(270	)		50		(320	)

Total		(2,254	)		2,596		(4,850	)

Consolidated


		*(Millions of yen)*
		First Half of Fiscal 2013
					Change			First Half of Fiscal 2012
Projected Benefit Obligations (at the beginning of the fiscal year)	(A)		1,326,443			(2,379	)		1,328,823
Fair Value of Plan Assets (at the beginning of the fiscal year)	(B)		1,512,741			200,855			1,311,886
Unrecognized Actuarial Differences (at the beginning of the fiscal year)	(C)		193,916			(224,976	)		418,892
Amount accumulated (amortized) during the period			*(10,584*	)		22,949			(33,534	)
Prepaid Pension Cost (at the beginning of the fiscal year)	(D)		418,846			(19,161	)		438,008
Reserve for Employee Retirement Benefits (at the beginning of the fiscal year)	(A)-(B)-(C)+(D)		38,632			2,579			36,053

Income (Expenses) related to Employee Retirement Benefits			(22,969	)		24,146			(47,115	)

2-13

Mizuho Financial Group, Inc.

8. Capital Ratio (Basel III)

Mizuho Financial Group


	*(%, Billions of yen)*
	Consolidated
	As of September 30, 2013 (Preliminary)					As of March 31, 2013
International Standard (Basel III)			Change			As of March 31, 2013
(1) Total Capital Ratio		14.98		0.80			14.18
(2) Tier 1 Capital Ratio		11.70		0.68			11.02
(3) Common Equity Tier 1 Capital Ratio		8.78		0.62			8.16
(4) Total Capital		8,806.6		462.1			8,344.5
(5) Tier 1 Capital		6,881.2		393.7			6,487.4
(6) Common Equity Tier 1 Capital		5,166.6		362.8			4,803.8
(7) Risk weighted Assets		58,789.0		(34.5	)		58,823.5
(8) Total Required Capital (7)X8%		4,703.1		(2.7	)		4,705.8

Mizuho Bank

Consolidated

Non-Consolidated

As of
September 30,
2013
(Preliminary)

As of March 31, 2013

As of
September 30,
2013
(Preliminary)

International Standard (Basel III)

Former MHCB

Former MHBK
(Reference)

(1) Total Capital Ratio

16.34

13.89

14.08

16.57

(2) Tier 1 Capital Ratio

12.91

11.03

10.13

12.93

(3) Common Equity Tier 1 Capital Ratio

10.45

8.65

8.90

10.43

(4) Total Capital

8,514.7

5,130.0

3,258.6

8,492.7

(5) Tier 1 Capital

6,726.9

4,071.3

2,343.8

6,626.1

(6) Common Equity Tier 1 Capital

5,448.7

3,195.0

2,060.5

5,346.9

(7) Risk weighted Assets

52,097.7

36,908.3

23,128.6

51,231.4

(8) Total Required Capital (7)X8%

4,167.8

2,952.6

1,850.2

4,098.5

* Figures as of March 31, 2013 are on a basis in which distribution of all of the shares of Mizuho Securities to Mizuho Financial Group as a dividend in kind (Former MHCB¥424.4 billion, Former MHBK¥125.7 billion) on April 1, 2013 is deducted from Common Equity Tier 1 Capital.

Mizuho Trust & Banking

Consolidated

Non-Consolidated

As of
September 30, 2013
(Preliminary)

As of
March 31,
2013

As of
September 30,
2013
(Preliminary)

International Standard (Basel III)

Change

(1) Total Capital Ratio

18.63

1.41

17.22

18.69

(2) Tier 1 Capital Ratio

14.46

1.22

13.24

14.53

(3) Common Equity Tier 1 Capital Ratio

14.46

1.22

13.24

14.53

(4) Total Capital

482.8

35.3

447.5

479.1

(5) Tier 1 Capital

374.8

30.6

344.2

372.5

(6) Common Equity Tier 1 Capital

374.8

30.6

344.2

372.5

(7) Risk weighted Assets

2,591.8

(6.2

)

2,598.0

2,562.6

(8) Total Required Capital (7)X8%

207.3

(0.4

)

207.8

205.0

2-14

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•

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

•

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

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

Consolidated


	*(Millions of yen, %)*
	As of September 30, 2013										As of March 31, 2013
			%		Change			%					%
Loans to Bankrupt Obligors		19,468		0.02		(14,220	)		(0.02	)		33,688		0.04
Non-Accrual Delinquent Loans		526,284		0.78		(111,627	)		(0.16	)		637,911		0.94
Loans Past Due for 3 Months or More		2,319		0.00		(1,148	)		(0.00	)		3,468		0.00
Restructured Loans		542,143		0.80		(152,588	)		(0.22	)		694,732		1.02

Total		1,090,215		1.61		(279,585	)		(0.41	)		1,369,801		2.02


Total Loans		67,435,232		100.00		(101,649	)					67,536,882		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		214,522				(18,209)						232,731

Trust Account
	As of September 30, 2013										As of March 31, 2013
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		3,052		16.66		(7	)		0.65			3,060		16.01
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		3,052		16.66		(7	)		0.65			3,060		16.01


Total Loans		18,312		100.00		(802	)					19,114		100.00


Consolidated + Trust Account
	As of September 30, 2013										As of March 31, 2013
			%		Change			%					%
Loans to Bankrupt Obligors		19,468		0.02		(14,220	)		(0.02	)		33,688		0.04
Non-Accrual Delinquent Loans		529,336		0.78		(111,634	)		(0.16	)		640,971		0.94
Loans Past Due for 3 Months or More		2,319		0.00		(1,148	)		(0.00	)		3,468		0.00
Restructured Loans		542,143		0.80		(152,588	)		(0.22	)		694,732		1.02

Total		1,093,267		1.62		(279,593	)		(0.41	)		1,372,861		2.03


Total Loans		67,453,545		100.00		(102,452	)					67,555,997		100.00

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

2-15

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen, %)*
	As of September 30, 2013										As of March 31, 2013
(Banking Account + Trust Account)			%		Change			%					%
Loans to Bankrupt Obligors		16,201		0.02		(14,502	)		(0.02	)		30,703		0.04
Non-Accrual Delinquent Loans		508,541		0.74		(115,056	)		(0.18	)		623,597		0.92
Loans Past Due for 3 Months or More		2,307		0.00		(1,149	)		(0.00	)		3,456		0.00
Restructured Loans		439,978		0.64		(137,361	)		(0.21	)		577,340		0.85

Total		967,029		1.42		(268,069	)		(0.41	)		1,235,098		1.83

Total Loans		68,051,001		100.00		843,706						67,207,294		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		189,707				(19,135	)					208,842
Mizuho Bank
Loans to Bankrupt Obligors		16,143		0.02		(14,470	)		(0.02	)		30,613		0.04
Non-Accrual Delinquent Loans		490,819		0.75		(112,518	)		(0.19	)		603,337		0.95
Loans Past Due for 3 Months or More		2,306		0.00		(1,062	)		(0.00	)		3,368		0.00
Restructured Loans		433,038		0.66		(135,418	)		(0.22	)		568,457		0.89

Total		942,307		1.45		(263,469	)		(0.44	)		1,205,776		1.89

Total Loans		64,708,374		100.00		1,246,295						63,462,079		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		186,049				(19,573	)					205,623
Mizuho Trust & Banking
(Banking Account)
Loans to Bankrupt Obligors		58		0.00		(32	)		(0.00	)		90		0.00
Non-Accrual Delinquent Loans		14,669		0.44		(2,530	)		(0.02	)		17,199		0.46
Loans Past Due for 3 Months or More		1		0.00		(86	)		(0.00	)		88		0.00
Restructured Loans		6,940		0.20		(1,943	)		(0.02	)		8,883		0.23

Total		21,669		0.65		(4,592	)		(0.05	)		26,261		0.70

Total Loans		3,324,314		100.00		(401,785	)					3,726,100		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		3,657				438						3,218
(Trust Account)
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		3,052		16.66		(7	)		0.65			3,060		16.01
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		3,052		16.66		(7	)		0.65			3,060		16.01

Total Loans		18,312		100.00		(802	)					19,114		100.00

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

2-16

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Reserves for Possible Losses on Loans		645,063		(94,927	)		739,990
General Reserve for Possible Losses on Loans		433,365		(69,651	)		503,017
Specific Reserve for Possible Losses on Loans		210,623		(25,292	)		235,915
Reserve for Possible Losses on Loans to Restructuring Countries		1,074		16			1,058
Above figures are presented net of partial direct write-offs, the amounts of which are indicated in the table below.
Amount of Partial Direct Write-offs		248,602		(21,786	)		270,388

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Reserves for Possible Losses on Loans		551,706		(94,315	)		646,022
General Reserve for Possible Losses on Loans		385,760		(70,781	)		456,541
Specific Reserve for Possible Losses on Loans		164,872		(23,550	)		188,423
Reserve for Possible Losses on Loans to Restructuring Countries		1,074		16			1,058
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		223,024		(22,652	)		245,677
Mizuho Bank
Reserves for Possible Losses on Loans		536,748		(92,470	)		629,218
General Reserve for Possible Losses on Loans		374,538		(70,594	)		445,132
Specific Reserve for Possible Losses on Loans		161,135		(21,891	)		183,027
Reserve for Possible Losses on Loans to Restructuring Countries		1,074		16			1,057
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		218,835		(23,124	)		241,959
Mizuho Trust & Banking
Reserves for Possible Losses on Loans		14,958		(1,845	)		16,804
General Reserve for Possible Losses on Loans		11,221		(186	)		11,408
Specific Reserve for Possible Losses on Loans		3,736		(1,658	)		5,395
Reserve for Possible Losses on Loans to Restructuring Countries		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		4,189		471			3,717

*	Reserve for Possible Losses on Entrusted Loans (¥55 million and ¥66 million for September 30, 2013 and March 31, 2013 respectively) is not included in the above figures for Trust Account.

2-17

Mizuho Financial Group, Inc.

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

Consolidated

(%)

As of September 30, 2013

As of
March 31, 2013

Change

Mizuho Financial Group

59.16

5.14

54.02

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

Non-Consolidated

(%)

As of September 30, 2013

As of
March 31, 2013

Change

Total

57.23

4.79

52.43

Mizuho Bank

56.96

4.77

52.18

Mizuho Trust & Banking (Banking Account)

69.03

5.04

63.98

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

2-18

Mizuho Financial Group, Inc.

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

Consolidated


	*(Millions of yen)*
	As of September 30, 2013				As of March 31, 2013
			Change		As of March 31, 2013
Claims against Bankrupt and Substantially Bankrupt Obligors		146,095		(29,366)		175,461
Claims with Collection Risk		464,696		(99,066)		563,763
Claims for Special Attention		544,513		(153,750)		698,263
Total		1,155,305		(282,182)		1,437,488

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		247,931		(21,805)		269,736
Trust Account
	As of September 30, 2013				As of March 31, 2013
			Change		As of March 31, 2013
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—
Claims with Collection Risk		3,052		(7)		3,060
Claims for Special Attention		—		—		—
Total		3,052		(7)		3,060
Consolidated + Trust Account
	As of September 30, 2013				As of March 31, 2013
			Change		As of March 31, 2013
Claims against Bankrupt and Substantially Bankrupt Obligors		146,095		(29,366)		175,461
Claims with Collection Risk		467,749		(99,074)		566,823
Claims for Special Attention		544,513		(153,750)		698,263
Total		1,158,358		(282,190)		1,440,548
* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-19

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)


	*(Millions of yen, %)*
	As of September 30, 2013										As of March 31, 2013
			%		Change			%					%
Claims against Bankrupt and Substantially Bankrupt Obligors		131,046		0.17		(28,134	)		(0.03	)		159,181		0.21
Claims with Collection Risk		452,740		0.59		(100,557	)		(0.13	)		553,297		0.73
Claims for Special Attention		442,336		0.58		(138,523	)		(0.18	)		580,860		0.76
Sub-total		1,026,123		1.35		(267,215	)		(0.35	)		1,293,339		1.71
Normal Claims		74,842,132		98.64		548,537			0.35			74,293,594		98.28
Total		75,868,256		100.00		281,322						75,586,934		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		222,668				(22,686	)					245,354

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		100,990		0.13		(27,899	)		(0.04	)		128,889		0.17
Claims with Collection Risk		436,768		0.60		(98,212	)		(0.14	)		534,980		0.74
Claims for Special Attention		435,344		0.60		(136,480	)		(0.19	)		571,825		0.79
Sub-total		973,103		1.34		(262,592	)		(0.37	)		1,235,695		1.72
Normal Claims		71,443,109		98.65		950,895			0.37			70,492,213		98.27
Total		72,416,213		100.00		688,303						71,727,909		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		218,835				(23,124	)					241,959

Mizuho Trust & Banking
(Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		30,056		0.87		(235	)		0.08			30,292		0.78
Claims with Collection Risk		12,918		0.37		(2,337	)		(0.02	)		15,256		0.39
Claims for Special Attention		6,991		0.20		(2,042	)		(0.03	)		9,034		0.23
Sub-total		49,967		1.45		(4,615	)		0.03			54,583		1.42
Normal Claims		3,383,763		98.54		(401,563	)		(0.03	)		3,785,326		98.57
Total		3,433,730		100.00		(406,179	)					3,839,910		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		3,832				438						3,394

(Trust Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		3,052		16.66		(7	)		0.65			3,060		16.01
Claims for Special Attention		—		—		—			—			—		—
Sub-total		3,052		16.66		(7	)		0.65			3,060		16.01
Normal Claims		15,259		83.33		(794	)		(0.65	)		16,054		83.98
Total		18,312		100.00		(802	)					19,114		100.00
* Trust account denotes trust accounts with contracts indemnifying the principal amounts.

2-20

Mizuho Financial Group, Inc.

5. Coverage on Disclosed Claims under the FRL

Non-Consolidated

(1) Disclosed Claims under the FRL and Coverage Amount

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

As of September 30, 2013

As of
March 31, 2013

Change

Claims against Bankrupt and Substantially Bankrupt Obligors

131.0

(28.1

)

159.1

Collateral, Guarantees, and equivalent

116.1

(21.1

)

137.2

Reserve for Possible Losses

14.9

(7.0

)

21.9

Claims with Collection Risk

449.6

(100.5

)

550.2

Collateral, Guarantees, and equivalent

211.5

(71.4

)

283.0

Reserve for Possible Losses

162.1

(16.5

)

178.6

Claims for Special Attention

442.3

(138.5

)

580.8

Collateral, Guarantees, and equivalent

170.8

(51.9

)

222.8

Reserve for Possible Losses

69.8

(42.3

)

112.2

Total

1,023.0

(267.2

)

1,290.2

Collateral, Guarantees, and equivalent

498.5

(144.5

)

643.1

Reserve for Possible Losses

246.9

(65.9

)

312.8

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

100.9

(27.8

)

128.8

Collateral, Guarantees, and equivalent

98.5

(20.9

)

119.4

Reserve for Possible Losses

2.4

(6.9

)

9.3

Claims with Collection Risk

436.7

(98.2

)

534.9

Collateral, Guarantees, and equivalent

202.9

(71.0

)

274.0

Reserve for Possible Losses

158.4

(14.9

)

173.4

Claims for Special Attention

435.3

(136.4

)

571.8

Collateral, Guarantees, and equivalent

168.7

(51.5

)

220.2

Reserve for Possible Losses

68.7

(42.0

)

110.8

Total

973.1

(262.5

)

1,235.6

Collateral, Guarantees, and equivalent

470.2

(143.5

)

613.7

Reserve for Possible Losses

229.6

(63.9

)

293.6

Mizuho Trust & Banking

(Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

30.0

(0.2

)

30.2

Collateral, Guarantees, and equivalent

17.6

(0.1

)

17.7

Reserve for Possible Losses

12.4

(0.0

)

12.5

Claims with Collection Risk

12.9

(2.3

)

15.2

Collateral, Guarantees, and equivalent

8.6

(0.3

)

9.0

Reserve for Possible Losses

3.6

(1.6

)

5.2

Claims for Special Attention

6.9

(2.0

)

9.0

Collateral, Guarantees, and equivalent

2.0

(0.4

)

2.5

Reserve for Possible Losses

1.1

(0.2

)

1.4

Total

49.9

(4.6

)

54.5

Collateral, Guarantees, and equivalent

28.3

(0.9

)

29.3

Reserve for Possible Losses

17.2

(1.9

)

19.2

(Reference) Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

3.0

(0.0

)

3.0

Collateral, Guarantees, and equivalent

3.0

(0.0

)

3.0

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

3.0

(0.0

)

3.0

Collateral, Guarantees, and equivalent

3.0

(0.0

)

3.0

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

2-21

Mizuho Financial Group, Inc.

(2) Coverage Ratio

Aggregate Figures for the 2 Banks (Banking Account)


	*(Billions of yen)*
	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Coverage Amount		745.4		(210.5	)		956.0
Reserves for Possible Losses on Loans		246.9		(65.9	)		312.8
Collateral, Guarantees, and equivalent		498.5		(144.5	)		643.1

	*(%)*
Coverage Ratio		72.9		(1.2	)		74.1
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		83.1		(0.8	)		83.9
Claims for Special Attention		54.4		(3.2	)		57.6
Claims against Special Attention Obligors		*57.6*		(0.6	)		58.3

Reserve Ratio against Non-collateralized Claims		*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		68.0		1.2			66.8
Claims for Special Attention		25.7		(5.6	)		31.3
Claims against Special Attention Obligors		*28.7*		(3.1	)		31.9

(Reference) Reserve Ratio		*(%)*
Claims against Special Attention Obligors		17.11		(2.48	)		19.59
Claims against Watch Obligors excluding Special Attention Obligors		6.89		0.61			6.27
Claims against Normal Obligors		0.11		(0.00	)		0.11

Mizuho Bank
	*(Billions of yen)*
Coverage Amount		699.9		(207.5	)		907.4
Reserves for Possible Losses on Loans		229.6		(63.9	)		293.6
Collateral, Guarantees, and equivalent		470.2		(143.5	)		613.7

	*(%)*
Coverage Ratio		71.9		(1.5	)		73.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		82.7		(0.8	)		83.6
Claims for Special Attention		54.5		(3.3	)		57.9
Claims against Special Attention Obligors		*58.0*		(0.6	)		58.7

Reserve Ratio against Non-collateralized Claims		*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		67.7		1.3			66.4
Claims for Special Attention		25.8		(5.7	)		31.5
Claims against Special Attention Obligors		*29.0*		(3.2	)		32.2

(Reference) Reserve Ratio		*(%)*
Claims against Special Attention Obligors		17.14		(2.54	)		19.68
Claims against Watch Obligors excluding Special Attention Obligors		6.92		0.60			6.31
Claims against Normal Obligors		0.11		(0.00	)		0.11

Mizuho Trust & Banking (Banking Account)
	*(Billions of yen)*
Coverage Amount		45.5		(2.9	)		48.5
Reserves for Possible Losses on Loans		17.2		(1.9	)		19.2
Collateral, Guarantees, and equivalent		28.3		(0.9	)		29.3

	*(%)*
Coverage Ratio		91.2		2.2			88.9
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		95.3		1.4			93.8
Claims for Special Attention		45.9		2.0			43.8
Claims against Special Attention Obligors		*41.1*		0.2			40.9

Reserve Ratio against Non-collateralized Claims		*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		85.8		0.8			84.9
Claims for Special Attention		22.7		0.9			21.7
Claims against Special Attention Obligors		*21.3*		0.3			20.9

(Reference) Reserve Ratio		*(%)*
Claims against Special Attention Obligors		15.94		0.27			15.67
Claims against Watch Obligors excluding Special Attention Obligors		5.84		0.99			4.85
Claims against Normal Obligors		0.09		(0.00	)		0.09

2-22

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account)

(Billions of yen)

LOGO

Notes:

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.

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.

2-23

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)

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(Billions of yen)

Fiscal 2010

Fiscal 2011

Fiscal 2012

Fiscal 2013

As of March 31,
2011

As of March 31,
2012

As of March 31,
2013

As of September 30, 2013

MHBK

MHTB *

Aggregate Figures for
the 2 Banks

Change from
March 31,
2013

Amount Categorized as above up to Fiscal 2010

784.6

440.6

319.4

226.1

36.0

262.2

(57.2

)

of which the amount which was in the process of being removed from the balance sheet

177.3

71.6

43.5

34.4

0.8

35.3

(8.2

)

Amount Newly Categorized as above during Fiscal 2011

237.9

119.6

74.8

0.8

75.6

(43.9

)

of which the amount which was in the process of being removed from the balance sheet

42.0

25.8

7.7

0.3

8.0

(17.7

)

Amount Newly Categorized as above during Fiscal 2012

273.3

165.5

5.3

170.8

(102.5

)

of which the amount which was in the process of being removed from the balance sheet

25.1

14.6

0.2

14.9

(10.2

)

Amount Newly Categorized as above during the First Half of Fiscal 2013

71.2

3.7

75.0

of which the amount which was in the process of being removed from the balance sheet

16.6

0.2

16.8

Total

784.6

678.6

712.4

537.7

46.0

583.7

(128.6

)

of which the amount which was in the process of being removed from the balance sheet

177.3

113.6

94.5

73.4

1.7

75.2

(19.3

)

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

*	denotes newly categorized amounts.

(2) Breakdown of Reasons for Removal of NPLs from the Balance Sheet in the First Half of Fiscal 2013


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)
				MHBK *			MHTB (Banking Account + Trust Account)
Liquidation		(21.1	)		(21.1	)		—
Restructuring		(1.1	)		(1.1	)		—
Improvement in Business Performance due to Restructuring		(2.1	)		(2.1	)		(0.0	)
Loan Sales		(37.4	)		(37.4	)		—
Direct Write-off		17.8			18.5			(0.7	)
Other		(159.6	)		(154.0	)		(5.5	)
Debt recovery		(57.8	)		(56.3	)		(1.5	)
Improvement in Business Performance		(101.7	)		(97.6	)		(4.0	)

Total		(203.7	)		(197.4	)		(6.3	)

*	Figures are the aggregate figures for former MHBK for the first quarter, former MHCB for the first quarter, and MHBK for the second quarter.

2-24

Mizuho Financial Group, Inc.

8. Status of Loans by Industry

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Billions of yen)*
	As of September 30, 2013										As of March 31, 2013
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						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)		56,560.3		856.9		(177.1	)		(258.0	)		56,737.5		1,115.0
Manufacturing		7,720.2		169.6		53.0			(121.6	)		7,667.2		291.2
Agriculture & Forestry		35.2		0.2		0.2			(0.0	)		34.9		0.3
Fishery		2.1		0.4		0.0			—			2.1		0.4
Mining, Quarrying Industry & Gravel Extraction Industry		229.4		0.0		13.3			(0.0	)		216.0		0.0
Construction		779.4		32.2		(32.6	)		(3.1	)		812.1		35.4
Utilities		2,210.4		3.4		82.3			(1.0	)		2,128.1		4.5
Communication		1,183.3		10.5		195.2			(9.3	)		988.0		19.8
Transportation & Postal Industry		2,474.7		31.6		(154.0	)		(74.1	)		2,628.8		105.7
Wholesale & Retail		4,761.6		135.8		(76.3	)		(15.0	)		4,838.0		150.8
Finance & Insurance		6,043.9		12.2		(195.6	)		(1.5	)		6,239.5		13.8
Real Estate		6,471.6		104.7		(141.2	)		(81.6	)		6,612.9		186.4
Commodity Lease		1,547.8		2.0		(14.4	)		(0.1	)		1,562.2		2.2
Service Industries		2,428.2		78.1		19.4			(6.4	)		2,408.7		84.6
Local Governments		1,174.2		2.9		(51.0	)		(0.0	)		1,225.2		2.9
Governments		5,588.1		—		(1.7	)		—			5,589.8		—
Other		13,909.5		272.6		126.3			56.4			13,783.2		216.2
Overseas Total (including Loans Booked Offshore)		12,500.2		110.0		1,065.9			(10.0	)		11,434.2		120.0
Governments		555.3		—		207.6			—			347.6		—
Financial Institutions		4,328.9		—		225.9			—			4,103.0		—
Other		7,615.9		110.0		632.3			(10.0	)		6,983.5		120.0
Total		69,060.5		967.0		888.8			(268.0	)		68,171.7		1,235.0

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

As of September 30, 2013: ¥ 478.8 billion

As of March 31, 2013: ¥ 646.9 billion

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

2-25

Mizuho Financial Group, Inc.

Mizuho Bank


	*(Billions of yen)*
	As of September 30, 2013										As of March 31, 2013
	Outstanding Balance		Non-Accrual, Past Due & Restructured Loans		Change						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)		52,214.3		832.2		180.2			(253.4	)		52,034.0		1,085.7
Manufacturing		7,142.6		165.7		30.5			(120.1	)		7,112.0		285.8
Agriculture & Forestry		35.2		0.2		0.2			(0.0	)		34.9		0.3
Fishery		2.1		0.4		0.0			—			2.1		0.4
Mining, Quarrying Industry & Gravel Extraction Industry		226.8		0.0		13.9			(0.0	)		212.9		0.0
Construction		728.1		32.1		(27.8	)		(3.1	)		755.9		35.3
Utilities		1,965.3		3.4		75.4			(1.0	)		1,889.8		4.5
Communication		1,106.0		10.5		182.1			(8.9	)		923.8		19.4
Transportation & Postal Industry		2,266.6		31.6		(146.8	)		(74.1	)		2,413.5		105.7
Wholesale & Retail		4,603.2		135.4		(72.5	)		(14.4	)		4,675.8		149.8
Finance & Insurance		5,492.4		12.2		(230.4	)		(1.5	)		5,722.9		13.8
Real Estate		5,419.4		92.5		(137.1	)		(79.7	)		5,556.5		172.3
Commodity Lease		1,345.3		2.0		(0.4	)		(0.1	)		1,345.7		2.2
Service Industries		2,356.5		78.0		17.8			(6.2	)		2,338.7		84.3
Local Governments		1,147.4		—		(49.3	)		—			1,196.8		—
Governments		5,412.8		—		422.8			—			4,989.9		—
Other		12,963.8		267.8		101.8			56.3			12,862.0		211.4
Overseas Total (including Loans Booked Offshore)		12,494.0		110.0		1,066.0			(10.0	)		11,427.9		120.0
Governments		554.7		—		207.7			—			347.0		—
Financial Institutions		4,328.9		—		225.9			—			4,103.0		—
Other		7,610.2		110.0		632.3			(10.0	)		6,977.8		120.0
Total		64,708.3		942.3		1,246.2			(263.4	)		63,462.0		1,205.7
Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,345.9		24.7		(357.4	)		(4.6	)		4,703.4		29.3
Manufacturing		577.6		3.8		22.4			(1.5	)		555.1		5.4
Agriculture & Forestry		0.0		—		(0.0	)		—			0.0		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.5		—		(0.5	)		—			3.1		—
Construction		51.3		0.1		(4.8	)		(0.0	)		56.1		0.1
Utilities		245.0		—		6.8			—			238.2		—
Communication		77.2		—		13.1			(0.4	)		64.1		0.4
Transportation & Postal Industry		208.1		0.0		(7.2	)		(0.0	)		215.3		0.0
Wholesale & Retail		158.4		0.4		(3.7	)		(0.5	)		162.2		1.0
Finance & Insurance		551.4		—		34.8			—			516.6		—
Real Estate		1,052.1		12.2		(4.1	)		(1.8	)		1,056.3		14.1
Commodity Lease		202.5		—		(13.9	)		—			216.5		—
Service Industries		71.6		0.1		1.6			(0.2	)		70.0		0.3
Local Governments		26.7		2.9		(1.6	)		(0.0	)		28.4		2.9
Governments		175.2		—		(424.5	)		—			599.8		—
Other		945.7		4.8		24.5			0.0			921.2		4.7
Overseas Total (including Loans Booked Offshore)		6.1		—		(0.0	)		—			6.2		—
Governments		0.5		—		(0.0	)		—			0.5		—
Financial Institutions		—		—		—			—			—		—
Other		5.6		—		0.0			—			5.6		—
Total		4,352.1		24.7		(357.4	)		(4.6	)		4,709.6		29.3

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

2-26

Mizuho Financial Group, Inc.

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

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)


	*(Billions of yen, %)*
	As of September 30, 2013										As of March 31, 2013
					Change
	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)		900.0		73.2		(261.6	)		(2.2	)		1,161.6		75.4
Manufacturing		172.1		65.1		(124.3	)		(7.7	)		296.5		72.9
Agriculture & Forestry		0.2		29.0		(0.0	)		(11.4	)		0.3		40.4
Fishery		0.4		26.9		—			(2.2	)		0.4		29.1
Mining, Quarrying Industry & Gravel Extraction Industry		0.0		100.0		(0.0	)		—			0.0		100.0
Construction		32.3		80.4		(3.2	)		5.5			35.6		74.9
Utilities		3.4		62.6		(1.0	)		8.8			4.5		53.8
Communication		10.7		61.4		(9.4	)		4.2			20.1		57.1
Transportation & Postal Industry		31.7		60.6		(74.3	)		(12.7	)		106.0		73.3
Wholesale & Retail		141.7		60.4		(17.0	)		(1.0	)		158.8		61.5
Finance & Insurance		12.2		19.6		(1.5	)		(0.0	)		13.8		19.6
Real Estate		104.9		87.3		(81.8	)		(3.4	)		186.7		90.7
Commodity Lease		2.0		66.5		(0.1	)		(5.5	)		2.2		72.1
Service Industries		78.8		66.5		(6.1	)		(0.4	)		85.0		66.9
Local Governments		31.2		100.0		(0.0	)		—			31.2		100.0
Other		277.7		82.0		57.7			(0.6	)		220.0		82.7
Overseas Total (including Loans Booked Offshore)		126.0		70.7		(5.6	)		8.3			131.6		62.4
Governments		—		—		—			—			—		—
Financial Institutions		—		—		—			—			—		—
Other		126.0		70.7		(5.6	)		8.3			131.6		62.4
Total		1,026.1		72.9		(267.2	)		(1.2	)		1,293.3		74.1

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

2-27

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

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2013

As of
March 31, 2013

Change

Housing and Consumer Loans

11,999.8

(186.6

)

12,186.5

Housing Loans for owner’s residential housing

10,338.4

(158.6

)

10,497.0

Mizuho Bank

Housing and Consumer Loans

11,820.0

(172.2

)

11,992.2

Housing Loans

10,834.2

(200.4

)

11,034.6

for owner’s residential housing

10,179.4

(146.5

)

10,326.0

Consumer loans

985.7

28.1

957.5

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

179.7

(14.4

)

194.2

Housing Loans for owner’s residential housing

158.9

(12.0

)

171.0

*	Above figures are aggregate banking and trust account amounts.

(2) Loans to SMEs and Individual Customers

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)


	*(%, Billions of yen)*
	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		56.3		0.0			56.3
Loans to SMEs and Individual Customers		31,879.2		(84.0	)		31,963.2

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		56.9		(0.4	)		57.3
Loans to SMEs and Individual Customers		29,727.1		(122.0	)		29,849.1

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans		49.5		4.5			44.9
Loans to SMEs and Individual Customers		2,152.0		38.0			2,114.0

*	Above figures are aggregate 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, restaurant and commodity lease industries etc.), or enterprises with full-time employees of 300 or below (100 or below for the wholesale and commodity lease industries etc., 50 or below for the retail and restaurant industries.)

2-28

Mizuho Financial Group, Inc.

10. Status of Loans by Region

Non-Consolidated

Aggregate Figures for the 2 Banks (Banking Account + Trust Account)

(Billions of yen)

As of September 30, 2013

As of March 31, 2013

Non-Accrual,
Past Due and
Restructured
Loans

Change

Outstanding
Balance

Non-Accrual,
Past Due and
Restructured
Loans

Outstanding
Balance

Non-Accrual,
Past Due and
Restructured
Loans

Asia

4,803.3

27.9

852.9

(1.2

)

3,950.4

29.1

Hong Kong

1,082.5

4.1

270.9

(0.7

)

811.5

4.9

South Korea

690.3

1.3

151.1

(0.0

)

539.2

1.4

Singapore

702.2

11.5

90.9

(0.3

)

611.3

11.9

Thailand

657.1

0.2

72.4

(0.6

)

584.6

0.8

Central and South America

3,329.5

169.5

96.8

(0.3

)

3,232.7

169.9

North America

3,488.3

0.6

147.1

(3.6

)

3,341.2

4.2

Eastern Europe

25.1

—

0.5

(0.4

)

24.6

0.4

Western Europe

2,513.5

40.0

(73.4

)

(9.8

)

2,587.0

49.9

Other

1,281.7

13.1

19.2

1.8

1,262.5

11.3

Total

15,441.8

251.3

1,043.2

(13.6

)

14,398.5

265.0

2-29

Mizuho Financial Group, Inc.

III. DEFERRED TAXES

1. Estimation for Calculating Deferred Tax Assets

Non-Consolidated

Aggregate Figures for the 2 Banks

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2013 to September 30, 2018)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		3,988.7
Income before Income Taxes	2		3,257.6
Tax Adjustments *¹	3		369.6
Taxable Income before Current Deductible Temporary Differences *²	4		3,627.2

Effective Statutory Tax Rate	5		35.55%~38.00	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,318.0

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2013.

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


	*(Billions of yen)*
Fiscal 2009		208.3
Fiscal 2010		313.7
Fiscal 2011		491.9
Fiscal 2012		107.3
First Half of Fiscal 2013 (estimate)		120.0

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

*2.	Figure for the first half of fiscal 2013 is the aggregate figure for former MHBK for the first quarter, former MHCB for the first quarter, MHBK for the second quarter, and MHTB for the first half of fiscal 2013.

*3.	Figure for the first half of fiscal 2013 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2013						As of March 31, 2013
					Change			As of March 31, 2013
Reserves for Possible Losses on Loans	7		222.0			(29.5	)		251.5
Impairment of Securities	8		238.5			(466.6	)		705.2
Net Unrealized Losses on Other Securities	9		27.4			(7.2	)		34.6
Reserve for Employee Retirement Benefits	10		13.6			(0.1	)		13.8
Net Deferred Hedge Losses	11		2.3			1.3			1.0
Tax Losses Carried Forward	12		—			—			—
Other	13		295.9			5.0			290.9

Total Deferred Tax Assets	14		800.0			(497.2	)		1,297.2

Valuation Allowance	15		(264.7	)		459.4			(724.1	)

Sub-Total [ 14 + 15 ]	16		535.2			(37.8	)		573.1

Amount related to Retirement Benefits Accounting *¹	17		(135.1	)		(4.6	)		(130.4	)
Net Unrealized Gains on Other Securities	18		(246.4	)		44.8			(291.2	)
Net Deferred Hedge Gains	19		(11.4	)		54.7			(66.1	)
Other	20		(38.8	)		1.8			(40.6	)

Total Deferred Tax Liabilities	21		(431.9	)		96.7			(528.6	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		103.3			58.8			44.4
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(252.0	)		40.0			(292.0	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(9.0	)		56.0			(65.1	)
Tax effects related to others	25		364.4			(37.2	)		401.6

*1	Amount related to Retirement Benefits Accounting includes ¥(93.3) billion related to gains on securities contributed to employee retirement benefit trust.

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

(Reference)

Consolidated

(Billions of yen)

As of September 30, 2013

As of
March 31, 2013

Change

Net Deferred Tax Assets

118.4

7.3

111.0

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-30

Mizuho Financial Group, Inc.

Mizuho Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2013 to September 30, 2018)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		3,703.0
Income before Income Taxes	2		3,023.6
Tax Adjustments *¹	3		354.8
Taxable Income before Current Deductible Temporary Differences *²	4		3,378.4

Effective Statutory Tax Rate	5		37.92%/35.55%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,227.8

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2013.

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


	*(Billions of yen)*
Fiscal 2009		191.6
Fiscal 2010		293.6
Fiscal 2011		461.1
Fiscal 2012		80.5
First Half of Fiscal 2013 (estimate)		95.0

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

*2.	Figure for the first half of fiscal 2013 is the aggregate figure for former MHBK for the first quarter, former MHCB for the first quarter, and MHBK for the second quarter.

*3.	Figure for the first half of fiscal 2013 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2013						As of March 31, 2013
					Change			As of March 31, 2013
Reserves for Possible Losses on Loans	7		216.2			(29.9	)		246.2
Impairment of Securities	8		203.2			(450.6	)		653.8
Net Unrealized Losses on Other Securities	9		26.5			(6.9	)		33.5
Reserve for Employee Retirement Benefits	10		—			—			—
Net Deferred Hedge Losses	11		—			(0.4	)		0.4
Tax Losses Carried Forward	12		—			—			—
Other	13		283.0			4.5			278.5

Total Deferred Tax Assets	14		729.2			(483.4	)		1,212.6

Valuation Allowance	15		(229.8	)		435.3			(665.1	)

Sub-Total [ 14 + 15 ]	16		499.3			(48.0	)		547.4

Amount related to Retirement Benefits Accounting *¹	17		(129.8	)		(4.6	)		(125.1	)
Net Unrealized Gains on Other Securities	18		(229.3	)		44.0			(273.4	)
Net Deferred Hedge Gains	19		(11.4	)		54.7			(66.1	)
Other	20		(38.5	)		1.6			(40.2	)

Total Deferred Tax Liabilities	21		(409.2	)		95.8			(505.0	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		90.1			47.7			42.4
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(234.5	)		39.6			(274.2	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		(11.4	)		54.3			(65.7	)
Tax effects related to others	25		336.1			(46.2	)		382.4

*1	Amount related to Retirement Benefits Accounting includes ¥(88.0) billion related to gains on securities contributed to employee retirement benefit trust.

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

Assessment of Recoverability of Deferred Tax Assets is based on 5. (1) ‚ of “Audit Guideline for Considering Recoverability of Deferred Tax Assets” (JICPA Audit Committee Report No. 66).

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

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥3,703.0 billion [1]

Income before Income Taxes: ¥3,023.6 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥3,378.4 billion [4].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans amount to ¥729.2 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥229.8 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥409.2 billion [21], ¥90.1 billion [22] of Net Deferred Tax Assets was recorded on the balance sheet.

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-31

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from October 1, 2013 to September 30, 2018)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		285.7
Income before Income Taxes	2		234.0
Tax Adjustments *¹	3		14.8
Taxable Income before Current Deductible Temporary Differences *²	4		248.8

Effective Statutory Tax Rate	5		38.00%/35.60	%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		90.2

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of September 30, 2013.

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


	*(Billions of yen)*
Fiscal 2009		16.7
Fiscal 2010		20.1
Fiscal 2011		30.8
Fiscal 2012		26.8
First Half of Fiscal 2013 (estimate)		25.0

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

*2.	Figure for the first half of fiscal 2013 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of September 30, 2013						As of March 31, 2013
					Change			As of March 31, 2013
Reserves for Possible Losses on Loans	7		5.7			0.4			5.3
Impairment of Securities	8		35.3			(16.0	)		51.3
Net Unrealized Losses on Other Securities	9		0.8			(0.3	)		1.1
Reserve for Employee Retirement Benefits	10		13.6			(0.1	)		13.8
Net Deferred Hedge Losses	11		2.3			1.7			0.6
Tax Losses Carried Forward	12		—			—			—
Other	13		12.8			0.4			12.3

Total Deferred Tax Assets	14		70.8			(13.8	)		84.6

Valuation Allowance	15		(34.9	)		24.0			(58.9	)

Sub-Total [ 14 + 15 ]	16		35.8			10.2			25.6

Amount related to Retirement Benefits Accounting *¹	17		(5.3	)		—			(5.3	)
Net Unrealized Gains on Other Securities	18		(17.0	)		0.7			(17.8	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(0.3	)		0.1			(0.4	)

Total Deferred Tax Liabilities	21		(22.7	)		0.8			(23.6	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		13.1			11.1			2.0
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *²	23		(17.4	)		0.3			(17.8	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		2.3			1.7			0.6
Tax effects related to others	25		28.2			8.9			19.2

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

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

Assessment of Recoverability of Deferred Tax Assets is based on 5. (1) ‚ of “Audit Guideline for Considering Recoverability of Deferred Tax Assets” (JICPA Audit Committee Report No. 66).

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

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans): ¥285.7 billion [1]

Income before Income Taxes: ¥234.0 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥248.8 billion [4].

On the other hand, Deferred Tax Assets which are tax deductible in the future, such as Reserves for Possible Losses on Loans amount to ¥70.8 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥34.9 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥22.7 billion [21], ¥13.1 billion [22] of Net Deferred Tax Assets was recorded on the balance sheet.

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-32

Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billion of yen)*
	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Deposits		75,306.6		852.6			74,453.9

Individual Deposits		38,271.6		491.0			37,780.5
Corporate Deposits		32,096.0		662.1			31,433.8
Financial/Government Institutions		4,938.9		(300.5	)		5,239.4
Mizuho Bank
Deposits		73,440.0		945.3			72,494.7

Individual Deposits		36,992.5		561.1			36,431.4
Corporate Deposits		31,579.2		693.9			30,885.2
Financial/Government Institutions		4,868.3		(309.7	)		5,178.1
Mizuho Trust & Banking
Deposits		1,866.5		(92.6	)		1,959.1

Individual Deposits		1,279.1		(70.0	)		1,349.1
Corporate Deposits		516.8		(31.8	)		548.6
Financial/Government Institutions		70.5		9.2			61.3

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

2-33

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

Aggregate Figures for Mizuho Financial Group, Inc. and the 2 Banks


	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Members of the Board of Directors and Auditors		33		1			32
Executive Officers (excluding those doubling as directors)		91		—			91
Employees (excluding Executive Officers)		31,032		290			30,742
* The numbers have been adjusted for Members of the Board of Directors and Auditors and Executive Officers doubling other positions.

Mizuho Financial Group, Inc. (Non-Consolidated)

Mizuho Financial Group, Inc.

	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Members of the Board of Directors and Auditors		17		3			14
Executive Officers (excluding those doubling as directors)		37		26			11
Employees (excluding Executive Officers)		1,074		13			1,061

Non-Consolidated

Mizuho Bank

	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Members of the Board of Directors and Auditors		14		—			14
Executive Officers (excluding those doubling as directors)		68		(5	)		73
Employees (excluding Executive Officers)		26,839		275			26,564
* The numbers as of September 30, 2013 are the aggregate figures for former MHBK and former MHCB and have been adjusted for Members of the Board of Directors and Auditors and Executive Officers doubling other positions. Mizuho Trust & Banking
Members of the Board of Directors and Auditors		9		—			9
Executive Officers (excluding those doubling as directors)		24		(1	)		25
Employees (excluding Executive Officers)		3,119		2			3,117

(Reference)

Aggregate Figures for Mizuho Financial Group, Inc., the 2 Banks, and Mizuho Securities

	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Members of the Board of Directors and Auditors		46		1			45
Executive Officers (excluding those doubling as directors)		122		(14	)		136
Employees (excluding Executive Officers)		38,230		193			38,037
* The numbers have been adjusted for Members of the Board of Directors and Auditors and Executive Officers doubling other positions.

Mizuho Securities

	As of September 30, 2013					As of March 31, 2013
			Change			As of March 31, 2013
Members of the Board of Directors and Auditors		14		—			14
Executive Officers (excluding those doubling as directors)		44		(1	)		45
Employees (excluding Executive Officers)		7,198		(97	)		7,295

2-34

Mizuho Financial Group, Inc.

3. Number of Branches and Offices

Non-Consolidated

Aggregate Figures for the 2 Banks


	As of September 30, 2013				As of March 31, 2013
			Change		As of March 31, 2013
Head Offices and Domestic Branches		454		1		453
Overseas Branches		23		1		22
Domestic Sub-Branches		55		—		55
Overseas Sub-Branches		11		—		11
Overseas Representative Offices		7		1		6
* Head Offices and Domestic Branches do not include in-store branches (2), branches and offices for remittance purposes only (36), 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		418		1		417
Overseas Branches		23		1		22
Domestic Sub-Branches		39		—		39
Overseas Sub-Branches		11		—		11
Overseas Representative Offices		7		1		6
* Head Offices and Domestic Branches do not include in-store branches (2), branches and offices for remittance purposes only (36), 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 Trust & Banking

Head Office and Domestic Branches		36		—		36
Overseas Branches		—		—		—
Domestic Sub-Branches		16		—		16
Overseas Sub-Branches		—		—		—
Overseas Representative Offices		—		—		—

2-35

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2013

Consolidated


	*(Billions of yen)*
	Fiscal 2013
Ordinary Profits		885.0
Net Income		600.0

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2013

Aggregate Figures
for the 2 Banks

MHBK *¹

MHTB *²

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

690.0

640.0

50.0

Ordinary Profits

725.0

675.0

50.0

Net Income

525.0

485.0

40.0

Credit-related Costs

30.0

—

*1	Figures are the aggregate figures for former MHBK for the first quarter, former MHCB for the first quarter, and MHBK for the second, third, and forth quarters.

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

The above includes forward-looking information. See the disclaimer at the end of the table of contents located at the beginning of this document.

2-36

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of September 30, 2013			As of March 31, 2013
	As of September 30, 2013			Former MHCB			Former MHBK (Reference)			Change
Assets
Cash and Due from Banks	¥	16,597,464		¥	5,213,082		¥	4,817,867
Call Loans		403,267			483,401			9,890,000
Receivables under Resale Agreements		1,327,936			969,105			—
Guarantee Deposits Paid under Securities Borrowing Transactions		1,102,640			986,277			202,893
Other Debt Purchased		508,266			125,873			540,487
Trading Assets		5,779,965			5,494,339			897,689
Money Held in Trust		2,836			2,836			—
Securities		44,449,583			26,985,546			25,609,616
Loans and Bills Discounted		64,708,374			31,187,804			32,274,275
Foreign Exchange Assets		1,287,970			1,255,731			116,627
Derivatives other than for Trading		4,160,207			5,096,899			733,006
Other Assets		3,528,109			1,249,707			680,020
Tangible Fixed Assets		814,449			96,210			714,978
Intangible Fixed Assets		300,397			59,575			230,457
Deferred Tax Assets		90,164			—			128,906
Customers’ Liabilities for Acceptances and Guarantees		5,252,233			4,587,056			1,016,109
Reserves for Possible Losses on Loans		(536,748	)		(333,355	)		(295,863	)
Reserve for Possible Losses on Investments		(1,233	)		(1,196	)		(12	)

Total Assets	¥	149,775,888		¥	83,458,896		¥	77,557,060

Liabilities
Deposits	¥	84,423,029		¥	22,549,865		¥	59,933,897
Negotiable Certificates of Deposit		13,261,670			10,915,095			1,359,520
Call Money		4,216,880			13,053,038			1,665,700
Payables under Repurchase Agreements		7,509,503			6,736,846			4,999
Guarantee Deposits Received under Securities Lending Transactions		2,979,685			5,285,682			3,423,408
Trading Liabilities		2,999,956			3,646,047			212,103
Borrowed Money		10,204,425			2,795,165			4,810,868
Foreign Exchange Liabilities		323,080			291,438			14,163
Short-term Bonds		25,000			40,000			—
Bonds and Notes		4,061,782			3,317,003			805,400
Derivatives other than for Trading		4,305,211			5,183,062			577,227
Other Liabilities		3,950,414			791,241			1,010,688
Reserve for Bonus Payments		13,891			8,928			8,845
Reserve for Possible Losses on Sales of Loans		346			48			—
Reserve for Contingencies		652			3,314			—
Reserve for Reimbursement of Deposits		15,532			—			15,366
Reserve for Reimbursement of Debentures		47,588			—			35,417
Deferred Tax Liabilities		—			86,500			—
Deferred Tax Liabilities for Revaluation Reserve for Land		81,455			16,209			65,768
Acceptances and Guarantees		5,252,233			4,587,056			1,016,109

Total Liabilities		143,672,340			79,306,546			74,959,485

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			700,000
Capital Surplus		2,286,795			1,039,244			1,057,242
Capital Reserve		655,324			578,540			490,707
Other Capital Surplus		1,631,471			460,703			566,535
Retained Earnings		1,654,394			1,102,288			516,515
Appropriated Reserve		63,545			29,443			19,493
Other Retained Earnings		1,590,849			1,072,845			497,021
Retained Earnings Brought Forward		1,590,849			1,072,845			497,021

Total Shareholders’ Equity		5,345,255			3,545,598			2,273,758

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		596,082			459,836			209,629
Net Deferred Hedge Gains (Losses), net of Taxes		20,748			119,539			(781	)
Revaluation Reserve for Land, net of Taxes		141,461			27,375			114,969

Total Valuation and Translation Adjustments		758,292			606,752			323,817

Total Net Assets		6,103,548			4,152,350			2,597,575

Total Liabilities and Net Assets	¥	149,775,888		¥	83,458,896		¥	77,557,060

2-37

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the six months ended September 30, 2013			For the six months ended September 30, 2012
	For the six months ended September 30, 2013			Former MHCB			Former MHBK (Reference)			Change
Ordinary Income	¥	885,014		¥	575,872		¥	557,002
Interest Income		489,255			323,635			305,382
Interest on Loans and Bills Discounted		*310,092*			181,135			211,887
Interest and Dividends on Securities		*129,459*			100,283			59,652
Fee and Commission Income		163,507			76,335			106,385
Trading Income		33,994			21,469			23,476
Other Operating Income		76,052			133,731			81,766
Other Ordinary Income		122,204			20,699			39,991

Ordinary Expenses		519,961			480,818			496,818
Interest Expenses		141,808			130,747			43,686
Interest on Deposits		*32,883*			23,327			15,963
Fee and Commission Expenses		30,061			11,819			31,056
Trading Expenses		3,664			235			—
Other Operating Expenses		48,725			25,644			8,046
General and Administrative Expenses		261,235			123,961			286,003
Other Ordinary Expenses		34,467			188,411			128,026

Ordinary Profits		365,052			95,053			60,183

Extraordinary Gains		259			613			34

Extraordinary Losses		976			2,111			1,942

Income before Income Taxes		364,335			93,556			58,275
Income Taxes:
Current		20,984			71,224			43,447
Refund of Income Taxes		(3,030	)		(6	)		—
Deferred		86,847			(68,095	)		(6,010	)

Net Income	¥	259,533		¥	90,433		¥	20,838

2-38

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		Capital Reserve		Other Capital Surplus			Total Capital Surplus			Appropriated Reserve		Other Retained Earnings			Total Retained Earnings			Treasury Stock		Total Shareholders’ Equity			Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Net Deferred Hedge Gains (Losses), net of Taxes			Revaluation Reserve for Land, net of Taxes		Total Valuation and Translation Adjustments		Total Net Assets
	Common Stock and Preferred Stock		Capital Reserve		Other Capital Surplus			Total Capital Surplus			Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings			Treasury Stock		Total Shareholders’ Equity					Net Deferred Hedge Gains (Losses), net of Taxes			Revaluation Reserve for Land, net of Taxes		Total Valuation and Translation Adjustments		Total Net Assets
Balance as of April 1, 2013	¥	1,404,065	¥	578,540	¥	460,703		¥	1,039,244		¥	29,443	¥	1,072,845		¥	1,102,288			—	¥	3,545,598		¥	459,836	¥	119,539		¥	27,375	¥	606,752	¥	4,152,350

Changes during the period
Cash Dividends		—		76,783		(460,703	)		(383,919	)		34,101		(204,611	)		(170,509	)		—		(554,429	)		—		—			—		—		(554,429	)
Net Income		—		—		—			—			—		259,533			259,533			—		259,533			—		—			—		—		259,533
Increase by Merger		—		—		1,631,471			1,631,471			—		462,175			462,175			—		2,093,647			—		—			—		—		2,093,647
Transfer from Revaluation Reserve for Land, net of Taxes		—		—		—			—			—		905			905			—		905			—		—			—		—		905
Net Changes in Items other than Shareholders’ Equity		—		—		—			—			—		—			—			—		—			136,246		(98,791	)		114,085		151,540		151,540

Total Changes during the period		—		76,783		1,170,767			1,247,551			34,101		518,003			552,105			—		1,799,657			136,246		(98,791	)		114,085		151,540		1,951,197

Balance as of September 30, 2013	¥	1,404,065	¥	655,324	¥	1,631,471		¥	2,286,795		¥	63,545	¥	1,590,849		¥	1,654,394			—	¥	5,345,255		¥	596,082	¥	20,748		¥	141,461	¥	758,292	¥	6,103,548

2-39

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of September 30, 2013 (A)			As of March 31, 2013 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	767,702		¥	621,643		¥	146,059
Call Loans		13,683			6,583			7,100
Other Debt Purchased		60,135			70,848			(10,713	)
Trading Assets		59,508			72,374			(12,865	)
Money Held in Trust		1,509			—			1,509
Securities		2,257,488			1,829,069			428,419
Loans and Bills Discounted		3,324,314			3,726,100			(401,785	)
Foreign Exchange Assets		328			361			(32	)
Other Assets		124,571			118,643			5,928
Tangible Fixed Assets		26,216			27,559			(1,342	)
Intangible Fixed Assets		15,528			17,560			(2,031	)
Deferred Tax Assets		13,173			2,040			11,133
Customers’ Liabilities for Acceptances and Guarantees		43,351			46,682			(3,331	)
Reserves for Possible Losses on Loans		(14,958	)		(16,804	)		1,845
Reserve for Possible Losses on Investments		(11	)		(6	)		(5	)

Total Assets	¥	6,692,544		¥	6,522,657		¥	169,886

Liabilities
Deposits	¥	1,902,546		¥	1,994,802		¥	(92,255	)
Negotiable Certificates of Deposit		1,084,020			1,042,040			41,980
Call Money		1,129,285			885,188			244,097
Guarantee Deposits Received under Securities Lending Transactions		549,085			477,688			71,396
Trading Liabilities		59,633			67,781			(8,147	)
Borrowed Money		307,635			522,951			(215,315	)
Bonds and Notes		78,700			78,700			—
Due to Trust Accounts		1,050,061			918,454			131,606
Other Liabilities		28,895			49,931			(21,036	)
Reserve for Bonus Payments		1,899			1,936			(36	)
Reserve for Contingencies		13,490			13,544			(53	)
Reserve for Reimbursement of Deposits		1,121			1,097			24
Acceptances and Guarantees		43,351			46,682			(3,331	)

Total Liabilities		6,249,726			6,100,798			148,927

Net Assets
Common Stock and Preferred Stock		247,369			247,369			—
Capital Surplus		15,505			15,505			—
Capital Reserve		15,505			15,505			—
Retained Earnings		113,270			98,723			14,547
Appropriated Reserve		12,041			9,508			2,532
Other Retained Earnings		101,229			89,214			12,014
Retained Earnings Brought Forward		101,229			89,214			12,014

Total Shareholders’ Equity		376,145			361,598			14,547

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		71,010			61,399			9,611
Net Deferred Hedge Gains (Losses), net of Taxes		(4,339	)		(1,139	)		(3,200	)

Total Valuation and Translation Adjustments		66,671			60,260			6,411

Total Net Assets		442,817			421,858			20,958

Total Liabilities and Net Assets	¥	6,692,544		¥	6,522,657		¥	169,886

2-40

Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the six months ended September 30, 2013 (A)			For the six months ended September 30, 2012 (B)			Change (A) - (B)
Ordinary Income	¥	92,323		¥	82,437		¥	9,885
Fiduciary Income		25,446			23,583			1,863
Interest Income		25,343			28,074			(2,730	)
Interest on Loans and Bills Discounted		*17,420*			19,620			(2,200	)
Interest and Dividends on Securities		*7,262*			7,552			(290	)
Fee and Commission Income		24,692			20,404			4,287
Trading Income		1,596			673			923
Other Operating Income		5,759			6,191			(432	)
Other Ordinary Income		9,484			3,510			5,974

Ordinary Expenses		62,372			79,581			(17,209	)
Interest Expenses		6,429			6,894			(465	)
Interest on Deposits		*954*			1,591			(637	)
Fee and Commission Expenses		13,230			12,331			898
Trading Expenses		147			6			140
Other Operating Expenses		2,346			454			1,891
General and Administrative Expenses		38,587			40,997			(2,410	)
Other Ordinary Expenses		1,631			18,896			(17,264	)

Ordinary Profits		29,950			2,856			27,094

Extraordinary Gains		86			254			(167	)

Extraordinary Losses		1,517			681			835

Income before Income Taxes		28,520			2,428			26,091
Income Taxes:
Current		10,306			3,507			6,799
Deferred		(8,997	)		(3,043	)		(5,954	)

Net Income	¥	27,211		¥	1,964		¥	25,246

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Mizuho Trust & Banking Co., Ltd.

NON-CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	Shareholders’ Equity																					Valuation and Translation Adjustments							Total Net Assets
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings								Treasury Stock		Total Shareholders’ Equity			Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Net Deferred Hedge Gains (Losses), net of Taxes			Total Valuation and Translation Adjustments
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings
Balance as of April 1, 2013	¥	247,369	¥	15,505		—	¥	15,505	¥	9,508	¥	89,214		¥	98,723			—	¥	361,598		¥	61,399	¥	(1,139)		¥	60,260	¥	421,858

Changes during the period
Cash Dividends		—		—		—		—		2,532		(15,196	)		(12,663	)		—		(12,663	)		—		—			—		(12,663	)
Net Income		—		—		—		—		—		27,211			27,211			—		27,211			—		—			—		27,211
Net Changes in Items other than Shareholders’ Equity		—		—		—		—		—		—			—			—		—			9,611		(3,200	)		6,411		6,411

Total Changes during the period		—		—		—		—		2,532		12,014			14,547			—		14,547			9,611		(3,200	)		6,411		20,958

Balance as of September 30, 2013	¥	247,369	¥	15,505		—	¥	15,505	¥	12,041	¥	101,229		¥	113,270			—	¥	376,145		¥	71,010	¥	(4,339	)	¥	66,671	¥	442,817

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Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities


*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		1,027,847	Money Trusts		14,681,912
Securities		949,546	Pension Trusts		4,375,098
Beneficiary Rights to the Trusts		36,829,373	Property Formation Benefit Trusts		4,842
Securities held in Custody Accounts		659,721	Investment Trusts		11,100,416
Money Claims		4,380,211	Money Entrusted Other than Money Trusts		1,471,361
Tangible Fixed Assets		4,833,631	Securities Trusts		5,481,698
Intangible Fixed Assets		221,964	Money Claims Trusts		3,718,903
Other Claims		160,339	Land and Fixtures Trusts		201,801
Due from Banking Account		1,050,061	Composite Trusts		9,519,681
Cash and Due from Banks		447,787	Other Trusts		4,766

Total		50,560,482	Total		50,560,482


Note:
1.		The statement is exclusive of the Trusts that are difficult to value monetarily.
2.		Beneficiary Rights to the Trusts include entrusted Trusts for asset maintenance of ¥35,654,845 million.
3.		Joint trust assets under the management of other companies: ¥794,369 million.
		There is no “Trust assets under the service-shared co-trusteeship” in “Joint trust assets under the management of other companies”.
4.		Loans and Bills Discounted among Money Trusts with the contracts of principal indemnification amounted to ¥18,312 million. Of this amount, Balance of Non-Accrual Delinquent Loans is ¥3,052 million.

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


Money Trusts	*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		18,312	Principal		743,060
Securities		3	Reserve		55
Others		724,933	Others		134

Total		743,250	Total		743,250

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Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of September 30, 2013 (A)		As of March 31, 2013(B)		Change (A) - (B)
Total Amount of Funds		22,048,419		21,863,998		184,420
Deposits		1,902,546		1,994,802		(92,255	)
Negotiable Certificates of Deposit		1,084,020		1,042,040		41,980
Money Trusts		14,681,912		14,907,257		(225,345	)
Pension Trusts		4,375,098		3,914,854		460,243
Property Formation Benefit Trusts		4,842		5,044		(201	)
Loans and Bills Discounted		4,352,161		4,709,640		(357,478	)
of Banking accounts		3,324,314		3,726,100		(401,785	)
of Trust accounts		1,027,847		983,539		44,307
Securities for Investments		3,207,034		2,780,578		426,455
of Banking accounts		2,257,488		1,829,069		428,419
of Trust accounts		949,546		951,509		(1,963	)

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