Edgar Filing: MIZUHO FINANCIAL GROUP INC

Non-Consolidated Financial Statements

(1) Non-Consolidated Balance Sheets

(2) Non-Consolidated Statements of Income

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

FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2015

Commission File Number 001-33098

Mizuho Financial Group, Inc.

(Translation of registrant’s name into English)

5-5, Otemachi 1-chome

Chiyoda-ku, Tokyo 100-8176

Japan

(Address of principal executive office)

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

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

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

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ¨ No x

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

SIGNATURES

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

Date: May 15, 2015



Mizuho Financial Group, Inc.

By:		/s/ Junichi Shinbo
Name:		Junichi Shinbo
Title:		Managing Executive Officer / Group CFO


For Immediate Release:		May 15, 2015

Financial Statements for Fiscal 2014

<Under Japanese GAAP>


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


Stock Code Number (Japan):	8411
Stock Exchange (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:	+81-3-6838-6101


Ordinary General Meeting of Shareholders (scheduled):	June 23, 2015
Filing of Yuka Shoken Hokokusho to the Kanto Local		Commencement of Dividend Payment (scheduled):	June 4, 2015
Finance Bureau (scheduled):	June 24, 2015	Trading Accounts:	Established
Supplementary Materials on Annual Results:	Attached
IR Conference on Annual Results:	Scheduled

Amounts less than one million yen are rounded down.

1. Financial Highlights for Fiscal 2014 (for the fiscal year ended March 31, 2015)

(1) Consolidated Results of Operations


	(%: Changes from the previous fiscal year)
	Ordinary Income				Ordinary Profits				Net Income
	¥ million		%		¥ million		%		¥ million		%
Fiscal 2014		3,180,225		8.6		1,010,867		2.3		611,935		(11.1	)
Fiscal 2013		2,927,760		0.5		987,587		31.6		688,415		22.8

Note:

Comprehensive Income:

Fiscal 2014 ¥1,941,073 million, 133.0%; Fiscal 2013: ¥832,927 million, (34.4)%


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock		Net Income on Own Capital		Ordinary Profits to Total Assets		Ordinary Profits to Ordinary Income
	¥		¥		%		%		%
Fiscal 2014		24.91		24.10		8.6		0.5		31.7
Fiscal 2013		28.18		27.12		11.6		0.5		33.7

Reference:

Equity in Income from Investments in Affiliates:

Fiscal 2014: ¥15,052 million; Fiscal 2013: ¥15,491 million

(2) Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2014		189,684,749		9,800,538		4.3		322.86
Fiscal 2013		175,822,885		8,304,549		3.6		253.25

Reference:

Own Capital:

As of March 31, 2015 ¥8,161,121 million; As of March 31, 2014: ¥6,457,311 million

Note:

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

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

(3) Conditions of Consolidated Cash Flows


	Cash Flows from Operating Activities			Cash Flows from Investing Activities		Cash Flows from Financing Activities			Cash and Cash Equivalents at the end of the fiscal year
	¥ million			¥ million		¥ million			¥ million
Fiscal 2014		6,654,958			2,619,227		(903,401	)		27,840,775
Fiscal 2013		(2,286,042	)		10,607,483		(305,744	)		19,432,425

2. Cash Dividends for Shareholders of Common Stock


	Annual Cash Dividends per Share										Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual		Total Cash Dividends (Total)		Dividends Pay-out Ratio (Consolidated basis)		Dividends on Net Assets (Consolidated basis)
	¥		¥		¥		¥		¥		¥ million		%		%
Fiscal 2013		—		3.00		—		3.50		6.50		157,448		23.0		2.6
Fiscal 2014		—		3.50		—		4.00		7.50		183,797		30.1		2.6
Fiscal 2015 (estimate)		—		3.75		—		3.75		7.50				29.5


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

3. Consolidated Earnings Estimates for Fiscal 2015 (for the fiscal year ending March 31, 2016)


	(%: Changes from the corresponding period of the previous fiscal year)
		Profit Attributable to Owners of Parent				Net Income per Share of Common Stock
		¥ million		%		¥
1H F2015			—		—		—
Fiscal 2015			630,000		2.9		25.42


Note:		The number of shares of common stock used in the above calculation is based on the number of shares of common stock as of March 31, 2015.
		It does not take into account any increase in the number of outstanding shares of common stock due to requests for acquisition (conversion) of the Eleventh Series Class XI Preferred Stock.

øNotes

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

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

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

‚ Changes in accounting policies other than above: No

ƒ Changes in accounting estimates: No

„ Restatements: No


(Note)		For more information, please refer to “(7) Change in Accounting Policies” on page 1-29 of the attachment.

(3) Issued Shares of Common Stock


Year-end issued shares (including treasury stock):	As of March 31, 2015	24,621,897,967 shares	As of March 31, 2014	24,263,885,187 shares
‚ Year-end treasury stock:	As of March 31, 2015	11,649,262 shares	As of March 31, 2014	13,817,747 shares
ƒ Average number of outstanding shares:	Fiscal 2014	24,368,115,969 shares	Fiscal 2013	24,189,669,565 shares

(Reference) Non-Consolidated Financial Statements for Fiscal 2014

Financial Highlights for Fiscal 2014 (for the fiscal year ended March 31, 2015)

(1) Non-Consolidated Results of Operations

(%: Changes from the previous fiscal year)

Operating Income

Operating Profits

Ordinary Profits

Net Income

¥ million

Fiscal 2014

377,777

19.2

350,922

19.2

349,438

20.8

349,001

22.0

Fiscal 2013

316,886

20.8

294,294

22.0

289,031

22.5

285,861

18.4


	Net Income per Share of Common Stock		Diluted Net Income per Share of Common Stock
	¥		¥
Fiscal 2014		14.11		13.74
Fiscal 2013		11.53		11.25

(2) Non-Consolidated Financial Conditions


	Total Assets		Total Net Assets		Own Capital Ratio		Total Net Assets per Share of Common Stock
	¥ million		¥ million		%		¥
Fiscal 2014		6,603,104		5,096,205		77.1		198.15
Fiscal 2013		6,251,324		4,900,417		78.3		188.90

Reference:

Own Capital:

As of March 31, 2015: ¥5,092,385 million; As of March 31, 2014: ¥4,897,237 million


Note :		Own Capital Ratio was calculated as follows: (Total Net Assets - Stock Acquisition Rights) / Total Assets ×100
		Own Capital Ratio stated above was not calculated based on the public notice of Own Capital Ratio.

(Presentation of Implementation Status of Review Procedure)

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

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

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

We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid reputational harm; our ability to implement our Medium-term 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”) and our report on Form 6-K furnished to the SEC on January 27, 2015, both of which are 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.

Cash Dividends for Shareholders of Classified Stock

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


	Annual Cash Dividends per Share										Total Cash Dividends (Annual)
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual		Total Cash Dividends (Annual)
	¥		¥		¥		¥		¥		¥ million
Eleventh Series Class XI Preferred Stock
Fiscal 2013		—		10.00		—		10.00		20.00		6,437
Fiscal 2014		—		10.00		—		10.00		20.00		4,910
Fiscal 2015 (estimate)		—		10.00		—		10.00		20.00

Mizuho Financial Group, Inc.

m Contents of Attachment


1.	Consolidated Results of Operations and Financial Conditions	p.1-3
	(1) Analysis of Results of Operations	p.1-3
	(2) Analysis of Financial Conditions	p.1-4
	(3) Basic Policy on Profit Distribution, Proposed Dividend Payment for Fiscal 2014 and Forecast Dividend Payment for Fiscal 2015	p.1-4

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

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

4.	Basic Stance on Selection of Accounting Standards	p.1-13

5.	Consolidated Financial Statements and Others	p.1-14
	(1) Consolidated Balance Sheets	p.1-14
	(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	p.1-16
	(3) Consolidated Statements of Changes in Net Assets	p.1-19
	(4) Consolidated Statements of Cash Flows	p.1-21
	(5) Matters Related to the Assumption of Going Concern	p.1-23
	(6) Fundamental and Important Matters for the Preparation of Consolidated Financial Statements	p.1-23
	(7) Change in Accounting Policies	p.1-29
	(8) Issued but not yet Adopted Accounting Standard and Others	p.1-30
	(9) Change in Presentation of Financial Statements	p.1-30
	(10) Notes	p.1-31
	(Notes to Consolidated Balance Sheet)
	(Notes to Consolidated Statement of Income)
	(Notes to Consolidated Statement of Comprehensive Income)
	(Notes to Consolidated Statement of Changes in Net Assets)
	(Notes to Consolidated Statement of Cash Flows)
	(Financial Instruments)
	(Securities)
	(Notes to Money Held in Trust)
	(Tax Effect Accounting)
	(Business Segment Information)
	(Per Share Information)
	(Subsequent Events)

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Mizuho Financial Group, Inc.

[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.

An MHFG IR conference for institutional investors and analysts is scheduled for May 26, 2015 (Tuesday). The IR conference presentation materials and audio archive will be available for use by individual investors in the IR Information section of the Mizuho Financial Group HP immediately after the conference.

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Mizuho Financial Group, Inc.

1. Consolidated Results of Operations and Financial Conditions

(1) Analysis of Results of Operations

Reviewing the economic environment over the fiscal year ended March 31, 2015, although the global economy as a whole continued to recover gradually, weakness in the recovery is seen in some regions. As for the future direction of the economy, although continued recovery is expected particularly in the major industrialized countries, increase of geopolitical risk and effect of decline in oil prices need continued and careful observation.

In the United States, the economy continues to recover as employment conditions improved and consumer spending picked up. As for the future direction of the economy, although the possible effects of movements toward normalization of monetary policy should be noted, steady recovery in the economy is expected to continue.

In Europe, the economies of the Euro area continued to recover gradually, in addition to steady recovery in the United Kingdom. It is expected that the economies of the region will continue to be on a gradual recovery trend; however such factors as the consequence of debt problems (including developments in Greece) and high unemployment rates, the effect of the slowdown of the Russian economy, and trends in monetary policy still require attention.

In Asia, China’s economy continued to grow in a stable manner, although the growth speed was slightly reduced. This trend is expected to continue; however, a possibility of a slowdown in growth rate began to be recognized mainly due to the issue of excess equipment in the manufacturing sector and weakness in the real estate market. As for the economies of the region as a whole, the situation in which growth momentum was lacking continued partially due to the weakening of exports to Europe. As for the future direction of the economy, while domestic demand is expected to be boosted by the decline in oil prices, since there are some concerns including depreciation of currencies that may be caused by the expected increase in interest rates in the United States, the rate of economic expansion is expected to remain gradual.

In Japan, as the gradual economic recovery trend continued, improvement of employment conditions and companies’ earnings were seen. As for the future direction of the economy, the Japanese economy can be expected to continue picking up, supported by such factors as growth in consumer spending backed by a recovery in employee compensation, and increased exports due to the continued trend of depreciation of the yen against other major currencies.

Under the foregoing business environment, we recorded Consolidated Gross Profits of ¥2,247.7 billion for fiscal 2014, increasing by ¥212.4 billion from the previous fiscal year.

Gross Profits of aggregate figures for Mizuho Bank and Mizuho Trust & Banking on a non-consolidated basis (BK+TB (ø1)) increased by ¥122.8 billion on a year-on-year basis to ¥1,629.7 billion. Total income from Customer Groups increased by ¥61.3 billion mainly due to increases in income from domestic and overseas business, particularly Non-interest income. Income from Trading and Others increased by ¥61.5 billion. General and Administrative Expenses of BK+TB increased by ¥44.0 billion on a year-on-year basis to ¥908.3 billion mainly due to injection of strategic expenses aimed at increasing gross profits, consumption tax increase, and depreciation in yen despite continuing efforts for cost reduction such as cost structure reforms and others.

Net Operating Revenues of Mizuho Securities on a consolidated basis (SC) increased by ¥72.3 billion on a year-on-year basis to ¥395.5 billion.

As a result, Consolidated Net Business Profits increased by ¥132.6 billion on a year-on-year basis to ¥876.9 billion.

Consolidated Credit-related Costs amounted to ¥4.6 billion.

Consolidated Net Gains (Losses) related to Stocks increased by ¥54.8 billion on a year-on-year basis to net gains of ¥131.9 billion.

Consolidated Net Income of SC for fiscal 2014 increased by ¥7.4 billion on a year-on-year basis to ¥58.6 billion.

As a result, Consolidated Net Income decreased by ¥76.4 billion on a year-on-year basis to ¥611.9 billion. However, this result shows a 111% achievement against the earnings plan for fiscal 2014 of ¥550.0 billion.

As for earnings estimates for fiscal 2015, we estimate Ordinary Profits of ¥980.0 billion and Net Income (ø2) of ¥630.0 billion on a consolidated basis.

(ø1) Mizuho Bank and Mizuho Corporate Bank merged in July 2013. As for figures for the past for Mizuho Bank (BK), figures for the former BK for the first quarter, Mizuho Corporate Bank for the first quarter, and BK after the merger from the second quarter to the fourth quarter are simply aggregated.

(ø2) Net Income in earnings estimates for fiscal 2015 is Profit Attributable to Owners of Parent.

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

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Mizuho Financial Group, Inc.

(2) Analysis of Financial Conditions

Consolidated total assets as of March 31, 2015 amounted to ¥189,684.7 billion, increasing by ¥13,861.8 billion from the end of the previous fiscal year, mainly due to increases in Loans and Bills Discounted.

Securities were ¥43,278.7 billion, decreasing by ¥718.7 billion from the end of the previous fiscal year.

Loans and Bills Discounted amounted to ¥73,415.1 billion, increasing by ¥4,113.7 billion from the end of the previous fiscal year.

Deposits amounted to ¥97,757.5 billion, increasing by ¥8,702.0 billion from the end of the previous fiscal year.

Net Assets amounted to ¥9,800.5 billion, increasing by ¥1,495.9 billion from the end of the previous fiscal year. Shareholders’ Equity was ¥6,131.1 billion, Accumulated Other Comprehensive Income was ¥2,029.9 billion and Minority Interests was ¥1,635.5 billion.

Net Cash Provided in Operating Activities was ¥6,654.9 billion mainly due to increased deposits. Net Cash Provided (Used in) by Investing Activities was ¥2,619.2 billion mainly due to sale of securities, and Net Cash Provided in Financing Activities was ¥903.4 billion mainly due to redemption of subordinated bonds. As a result, Cash and Cash Equivalents as of March 31, 2015 was ¥27,840.7 billion.

(3) Basic Policy on Profit Distribution, Proposed Dividend Payment for Fiscal 2014 and Forecast Dividend Payment for Fiscal 2015

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

As a new policy to return profits to shareholders, starting from fiscal 2014, we have implemented a steady dividend payout policy setting a dividend payout ratio on a consolidated basis of approximately 30% as a guide for our consideration.

Based on this policy, in consideration of our consolidated financial results, we plan to make cash dividend payments on common stock of ¥7.50 (¥3.50 for interim dividends and ¥4.00 for year-end dividends) for the end of the fiscal year ended March 31, 2015, increasing by ¥1.00 compared to fiscal 2013. We also plan to make cash dividend payments on Eleventh Series Class XI for the end of the fiscal year ended March 31, 2015 as prescribed.


Common Stock	¥	4.00 per share	(increasing by ¥0.50 from Dividends Estimates)
Annual cash dividends including interim dividends	¥	7.50 per share	(increasing by ¥1.00 compared to fiscal 2013)
Eleventh Series Class XI	¥	10.00 per share
Annual cash dividends including interim dividends	¥	20.00 per share

Furthermore, in accordance with the Articles of Incorporation, we determine dividend payments of surplus not by the resolution at the general meeting of shareholders but by the resolution at the board of directors unless otherwise stipulated by laws and regulations. We determined the cash dividend payments on common stock for the fiscal year ended March 31, 2015 at the board of directors held today.

For fiscal 2015, we continuously aim to make steady dividend payouts setting a dividend payout ratio on a consolidated basis of approximately 30% as a guide for our consideration and realize steady returns to shareholders. We will comprehensively consider the business environment such as the Group’s business results, profit base, capital, and domestic and international regulation trends such as the Basel framework in determining cash dividend payments.

As for the dividend forecast of common stock for fiscal 2015, we plan to make cash dividend payments of ¥7.50 per share of common stock, which is the same as fiscal 2014. As for the dividend forecast of preferred stock for fiscal 2015, we plan to make cash dividend payments as prescribed. We intend to continue payments of cash dividends at the interim period to return profits to shareholders in a timely manner.


(Dividends Estimates for Fiscal 2015)

Common Stock	Cash Dividends per Share	¥	7.50
	of which Interim Dividends	¥	3.75

Eleventh Series Class XI	Cash Dividends per Share	¥	20.00
	of which Interim Dividends	¥	10.00

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

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Mizuho Financial Group, Inc.

2. Organization Structure of Mizuho Financial Group

Mizuho Financial Group (the “Group”) is composed of Mizuho Financial Group, Inc. (“MHFG”) and its affiliates. The Group provides banking business, trust business, securities business, and other financial services.

(as of March 31, 2015)

LOGO

(Note)

MHFG conducted the structure change as of April, 1, 2015.

1.	“Group Planning Division” and “Corporate Planning Division” were reorganized into newly established “Strategic Planning Division” and “Planning Administration Division”.

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Mizuho Financial Group, Inc.

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


Company Name	Location	Main Business	Ownership Percentage (%)		Listed Stock Exchanges
Orient Corporation	Chiyoda-Ku, Tokyo	Credit Business		21.5 21.5	Tokyo Stock Exchange (First Section)

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

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Mizuho Financial Group, Inc.

3. Management Policy

(1) Principal Management Policy

In 2014, The Group established a new Mizuho Corporate Identity, as fundamental mindsets underlying all of its corporate activities, which is comprised of Corporate Philosophy, Vision, and the Mizuho Values. Sharing the new group corporate identity and working as one group, the Group will operate and promote business, bringing fruitfulness for each customer and contributing to the prosperity of economies and societies.

1. Corporate Philosophy: Mizuho’s fundamental approach to business activities

Mizuho, the leading Japanese financial services group with a global presence and a broad customer base, is committed to:

Providing customers worldwide with the highest quality financial services with honesty and integrity;

Anticipating new trends on the world stage;

Expanding our knowledge in order to help customers shape their future;

Growing together with our customers in a stable and sustainable manner; and

Bringing together our group-wide expertise to contribute to the prosperity of economies and societies throughout the world.

These fundamental commitments support our primary role in bringing fruitfulness for each customer and the economies and the societies in which we operate. Mizuho creates lasting value. It is what makes us invaluable.

2. Vision: Mizuho’s vision for the future

The most trusted financial services group with a global presence and a broad customer base, contributing to the prosperity of the world, Asia and Japan.

The most trusted financial services group

The best financial services provider

The most cohesive financial services group

3. The Mizuho Values: The shared values and principles of Mizuho’s people

Customer First: The most trusted partner lighting the future

Innovative Spirit: Progressive and flexible thinking

Team Spirit: Diversity and collective strength

Speed: Sharpness and promptness

Passion: Communication and challenge for the future

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

The Group has promoted the “One MIZUHO New Frontier Plan—Stepping up to the Next Challenge—,” the medium-term business plan formulated for the three (3) years from the fiscal year 2013. This medium-term business plan is a proactive plan aimed at launching the new Mizuho toward the “new frontier” of the next generation of finance, in response to structural and regulatory changes in the economy and society both in Japan and overseas. In the medium-term business plan, the Group has developed five basic policies reflecting Mizuho’s vision for the Group’s future, the necessary elements for the new frontier of finance and the Group’s future direction based on an analysis of Mizuho’s current situation, and to add more detail to these five basic policies, we have also developed ten basic strategies in terms of business strategy and management foundations, etc., as follows.

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Mizuho Financial Group, Inc.

Mizuho’s Vision

The most trusted financial services group with a global presence and a broad customer base, contributing to the prosperity of the world, Asia and Japan.

The most trusted financial services group

The best financial services provider

The most cohesive financial services group

Five Basic Policies

Further develop integrated strategies across the group for each customer segment to respond to the diverse needs of our customers.

Contribute to sustainable development of the world and Japan by proactively responding to change.

Mizuho Means Asia: accelerate globalization.

Build strong financial and management foundations to support the essence of Mizuho.

Form strong corporate governance and culture in the spirit of One MIZUHO.

Ten Basic Strategies

[Business Strategy]

Strengthen integrated financial services by unifying banking, trust banking and securities functions to respond to finely delineated corporate and personal banking segments

Perform consulting functions taking advantage of our industry and business knowledge and forward-looking perspective.

Support formation of personal financial assets in Japan and invigorate their investment.

Strengthen proactive risk-taking functions for growth industries and corporations.

Strengthen and expand Asia-related business in Japan and on a global basis.

Cultivate multi-level transactions by capturing the accelerating global capital and trade flows.

[Business Management, Management Foundations, etc.]

Strengthen stable financial foundations based on abundant liquidity and appropriate capital levels.

Establish the optimal management foundations (human resources and business infrastructure) to support business strategy.

Further strengthen proactive governance and risk management.

10.

Embed the new Mizuho corporate identity toward forming a common culture throughout the group and take actions toward being the best financial services provider.

The Group considers the fiscal year 2015, which is the last fiscal year of the medium-term business plan, to be the year to concentrate its efforts on strengthening its competitive advantage and will further advance the unified strategies across the group-wide banking, trust banking and securities business areas in order to realize the purpose of the plan. At the same time, the Group will strive to further strengthen its corporate governance.

As part of this approach, the Group determined that it will prioritize the following four business areas: “transactions with family-owned companies,” “transactions with large corporate customers,” “transactions with non-Japanese blue-chip companies” and “asset management business.” The Group established a system to focus on these areas by assigning the Officers in charge of Strategic Planning (Priority Assignments) to these areas. The Group will steadily promote this strategy and strive to secure its competitive advantage in these areas.

As has been announced in March 2015, the Group determined to integrate its asset management group companies in order to strengthen its asset management business, with the aim to become a leading player in the industry in terms of both quality and size, which provides the highest quality solutions and has one of the highest volumes of assets under management in Japan. By making its asset management business the “fourth pillar” of the Group’s business, which is situated next to its banking, trust banking and securities businesses, and further promoting collaboration among companies in the Group, the Group will exert its utmost efforts to meet customers’ diversified and sophisticated needs.

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Mizuho Financial Group, Inc.

As an approach over the medium to long term, based on its corporate philosophy, the Group became a Gold Partner in the category of “Banking” for the Tokyo 2020 Olympic and Paralympic Games (“Tokyo 2020”). In order to lead Tokyo 2020, which is a chance for Japan to grow and develop as a nation, to success, the Group will, over the next six years, use its unparalleled collective strengths, solid and broad business base and its carefully cultivated in-depth industry knowledge to provide finance-related support and expertise to Tokyo 2020-related business as well as to help customers create new business opportunities.

The Group will also continue to consider the possibility of consolidation between MHBK and MHTB.

[Business strategies]

Promoting business strategies across the group-wide banking, trust banking, securities and other business areas, the Group adopted a group operational structure that enables MHFG to determine strategies and initiatives, and specifically, ten business units and head-office coordination divisions were established.

Group Operational Structure of Mizuho

LOGO

*	In principle, group companies other than the above belong to each unit depending on the characteristics of their businesses.

1-9

Mizuho Financial Group, Inc.

Details of the business strategies of each unit are as follows.

(Personal Banking Unit)

Personal Banking Unit will continue to strive for improvement of capacity to provide financial instruments and financial services, with the objective of becoming a “financial group continuously chosen by customers.” It will also promote the approach for next-generation financial services, such as provision of new services utilizing SNS, etc., increasing customer convenience at branches, and provision of services in alliance with other companies.

(Retail Banking Unit)

Retail Banking Unit will make efforts to provide customers that have various needs with optimal solutions that can be provided by coordination across the corporate and personal banking units and collaboration among the banking, trust banking and securities businesses, with the aim to be the “long-term business partner of customers.”

(Corporate Banking Unit (Large Corporations))

Corporate Banking Unit (Large Corporations) will further facilitate the progress of the Group’s business model to combine its specialized functions through collaboration among banking, trust banking and securities, and will provide advice on customers’ management issues, such as business and financial strategies and capital structure as well as group-wide optimal solutions.

(Corporate Banking Unit)

Corporate Banking Unit will offer customers the optimal solutions to a wide range of management issues, including fund raising, overseas business expansion and business succession, according to the development stages of the customers’ business, through collaboration among the banking, trust and securities businesses, and will meet the various needs of such customers.

(Financial Institutions and Public Sector Business Unit)

Financial Institutions and Public Sector Business Unit will provide optimal financial services on a group-wide basis: to customers that are financial institutions, it will provide services such as advice on financial strategies and proposals for various investment products; and to customers that are public-sector entities, it will provide services such as financing support through being entrusted with and underwriting of public bonds and services concerning Public Private Partnership/Private Finance Initiative (PPP/PFI). In addition, it will continue its efforts to realize regional revitalization, which is an important issue of the Japanese economy.

(International Banking Unit)

In addition to providing support for Japanese companies in overseas business expansion, International Banking Unit will endeavor to build long-term relationships with non-Japanese and global multinational companies by expanding the scope of transactions from loan financing to diverse transactions, such as settlement and securities related transactions. Furthermore, it will continue to expand its office network and at the same time engage proactively in forming business alliances with overseas local financial institutions and government-affiliated organizations to further enhance its capacity to provide financial services.

(Investment Banking Unit)

Investment Banking Unit will provide optimal solutions that meet the diverse needs of customers by further accelerating the unified operations across the group-wide banking, trust banking and securities business areas and functionally integrating the sophisticated expertise of each business area.

(Transaction Banking Unit)

Transaction Banking Unit will strengthen its capability to provide comprehensive proposals in marketing to large corporations, including advancement of marketing to headquarters, and strengthen the marketing approaches through coordination across the corporate and personal banking units. Furthermore, it will aim to become a “core bank” for transaction banking for customers who are doing business in Asia by starting full-scale operations that offer comprehensive services for overseas businesses of customers.

1-10

Mizuho Financial Group, Inc.

(Asset Management Unit)

While preparing for and considering the integration of the asset management group companies, Asset Management Unit will offer superior investment products to individual customers, increase its capacity to provide and select products that match the diversified needs of pension funds, and strengthen its efforts to offer comprehensive services by integrating defined contribution pension schemes and defined benefits schemes into one. Furthermore, to address the expanding needs of local financial institutions in managing investment securities, Asset Management Unit will take actions to strengthen its capability to offer solutions and other measures.

(Markets Unit)

Markets Unit will continue to offer products, and improve the ability to provide solutions, that respond accurately to our customers’ needs and strive to provide stable portfolio management in an effort for the Group to be “the top global player in Asia offering a wide range of products based on the collaboration among banking, trust banking and securities.”

The business strategies of the three core companies, which were developed based on the business strategies of each of the above units, are as follows.

(Mizuho Bank, Ltd.)

As a leading bank with one of the largest customer bases in Japan, MHBK will further enhance its strengths and characteristics that have been cultivated thus far and fully leverage the comprehensive capabilities of the Group, which is the biggest strength of the Group, to meet customers’ diverse financial needs through initiatives that only Mizuho can provide.

For individual customers, MHBK will make efforts to strengthen its provision of products and services to them and to increase customer convenience.

For corporate customers, MHBK will enhance its lending function by demonstrating its ability to take intelligent risks and improve its ability to provide solutions based on the Group’s uniqueness and competitive advantages, such as industry expertise and capabilities in developing new products.

With respect to business with overseas customers, in addition to providing support for Japanese companies in overseas business expansions, MHBK will endeavor to build long-term relationships with non-Japanese and global multinational companies by expanding the scope of transactions from loan financing to diverse transactions, such as settlements.

(Mizuho Trust & Banking Co., Ltd.)

MHTB will further accelerate the unified group strategy and strive to enhance its expertise as a professional in the trust banking business, in order to improve the entire Group’s capability to provide solutions to customers.

For individual customers, MHTB will maximize its consulting functions, and further enhance its capability to meet customer needs related to the inheritance of assets, business, etc., through opening new branches and increasing personnel.

For corporate customers, MHTB will meet various needs by promoting solution-oriented sales activities through the utilization of trust-related solutions and by enhancing its capability to respond to real estate-related needs. In addition, in order to make the asset management business the “fourth pillar,” MHTB will strive to enhance its asset management capabilities with the asset management group companies.

(Mizuho Securities Co., Ltd.)

MHSC will further accelerate the unified group strategy and provide even more high-value added financial instruments and securities services to customers of the Group.

For individual customers, MHSC will provide various financial products, including equities, bonds, investment trusts and fund wraps as well as timely, high-quality research information, by leveraging its industry-leading domestic branch network and other channels, such as our Internet and call centers.

1-11

Mizuho Financial Group, Inc.

For corporate customers, MHSC will offer equities, bonds and other securities underwriting operations, support for listing stocks, advisory services for various types of financial matters and capital management, M&A advisory services, structured finance and other solutions closely in line with the business strategies of its customers.

For customers that are institutional investors, MHSC will provide products and various research reports that suit their investment strategies, improve its IR services and further reinforce its execution capabilities and thus meet the increasingly sophisticated needs of its customers.

[Business Management, Management Foundations, etc.]

By responding to the changes in the business environment, such as tightening of regulations, the Group will also firmly exert efforts in its business management and management foundations, which are inextricably linked to the business strategy.

(Enhancement of Corporate Governance)

While the Group has transformed into a Company with Three Committees, the Group will continue to endeavor to enhance the sophistication of the corporate governance structure that is suitable for a global systemically important financial institution (G-SIFI), in consideration of requirements both in Japan and overseas for a strong corporate governance, as can be observed in the amendments to the Companies Act, the establishment of the Corporate Governance Code, and the consultative document of the Basel Committee on Banking Supervision aiming to revise the Corporate Governance Principles for Banks. Furthermore, the Group will commit itself to continue to conduct its business operations appropriately, in compliance with the structure for ensuring appropriate conduct of operations (internal control system) determined by a resolution of the Board of Directors.

(Establishment of the Risk Appetite Framework)

Starting this fiscal year, the Group has introduced a risk appetite framework, in light of enhancement of corporate values through the integrated group-wide operation of business strategies, financial strategies and risk controls. Specifically, the Group will establish a policy on risk-taking, decide on the risk limits based on specific risk categories, and provide them to the units responsible for planning and advancing our business strategies. The risk-taking policy will be set separately for each of the three categories: “universal risk-taking category,” “medium to long term objectives” and “current fiscal year objectives.” The Group will implement effective business operations in accordance with its risk-taking policy, by nurturing a sound risk culture within the organization and by taking actions to raise the awareness of all officers and employees.

(Establishment of Data Management Division and Assignment of Chief Data Officer)

Against the backdrop of the strengthening of financial regulations and the development of information technology world-wide, the Group established the Data Management Division in July 2014, and the officer in charge was named the Chief Data Officer (“CDO”), in consideration of the importance of the collection and analysis, and the management of data that is applied to our business operations. The CDO is responsible for promoting data management and he/she will centrally manage data for the banking, trust banking and securities businesses and will enhance marketing efforts through strong risk management and effective application of big data.

(Establishment of Corporate Culture)

The Group will continue to take initiatives to establish a strong corporate culture that will support corporate governance. Specifically, it will further strengthen continued actions related to each initiative by having each division and branch create its own visions and supporting the initiatives towards realizing these visions, commencing discussion sessions with senior management, and off-site meetings for general managers of head office divisions and marketing offices in Japan and overseas.

1-12

Mizuho Financial Group, Inc.

(Further Market Penetration of Mizuho Brand)

The Group has adopted the brand slogan, “One MIZUHO: Building the future with you,” to indicate our commitment to become “The most trusted financial services group with a global presence and a broad customer base, contributing to the prosperity of the world, Asia and Japan.” In order to further the market penetration of the Mizuho brand, the Group will strive to achieve the business plans for the fiscal year 2015 and make efforts to practice communication of the Mizuho brand. Specifically, Mizuho has started, since April 2015, the social contribution project, “Mizuho Heartful Action,” such as registering Mizuho branches as children’s refuge centers, increasing branches with interpreting services for non-Japanese speaking customers, providing tablet banking service that allows users to fill out forms online, and conducting voluntary activities within the local communities. Moreover, Mizuho will continue to implement measures to further improve the value of the Mizuho brand by means such as contributing to the growth strategy of Japan through the appointment as a Tokyo 2020 Gold Partner in the category of “Banking.”

The Group will continue to endeavor to strengthen the attitude toward governance and toward compliance with laws and regulations, including severance of business relations with anti-social elements, and at the same time, it will pursue the group strategy sharing with all of its management and employees the determination represented by the brand slogan, in the spirit of One MIZUHO. The Group will promote CSR initiatives and contribute to the sustainable development of society on a group-wide basis, and further promote its corporate values.

4. Basic Stance on Selection of Accounting Standards

MHFG prepares its consolidated financial statements in accordance with Japanese Generally Accepted Accounting Principles. With respect to International Financial Reporting Standards (IFRS), in light of any possible adoption in the future, MHFG is continuing research and study on the situation in Japan and Overseas and/or the development of IFRS.

1-13

Mizuho Financial Group, Inc.

5. Consolidated Financial Statements and Others

(1) Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2014			As of March 31, 2015
Assets
Cash and Due from Banks	¥	20,610,276		¥	*8	29,096,166
Call Loans and Bills Purchased		467,758				444,115
Receivables under Resale Agreements		8,349,528				8,582,239
Guarantee Deposits Paid under Securities Borrowing Transactions		5,010,740				4,059,340
Other Debt Purchased		3,263,057				3,239,831
Trading Assets		11,469,811			*8	10,781,735
Money Held in Trust		168,369				157,728
Securities		43,997,517			1,8,*16	43,278,733
Loans and Bills Discounted		69,301,405			3,4,5,6,7,8,*9	73,415,170
Foreign Exchange Assets		1,576,167			*7	1,623,736
Derivatives other than for Trading Assets		2,820,468				3,544,243
Other Assets		2,840,720			*8	4,066,424
Tangible Fixed Assets		925,266			11,12	1,078,051
Buildings		323,194				340,101
Land		459,986			*10	612,901
Lease Assets		18,838				18,566
Construction in Progress		34,830				13,786
Other Tangible Fixed Assets		88,415				92,695
Intangible Fixed Assets		531,501				657,556
Software		286,028				309,207
Goodwill		62,238				58,617
Lease Assets		5,332				8,245
Other Intangible Fixed Assets		177,902				281,486
Net Defined Benefit Asset		413,073				743,382
Deferred Tax Assets		104,909				36,938
Customers’ Liabilities for Acceptances and Guarantees		4,588,646				5,404,843
Reserves for Possible Losses on Loans		(616,307	)			(525,486	)
Reserve for Possible Losses on Investments		(27	)			(2	)

Total Assets	¥	175,822,885		¥		189,684,749

1-14

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2014			As of March 31, 2015
Liabilities
Deposits	¥	89,055,505		¥	*8	97,757,545
Negotiable Certificates of Deposit		12,755,776				15,694,906
Call Money and Bills Sold		7,194,432			*8	5,091,198
Payables under Repurchase Agreements		16,797,803			*8	19,612,120
Guarantee Deposits Received under Securities Lending Transactions		6,085,331			*8	2,245,639
Commercial Paper		677,459				538,511
Trading Liabilities		8,183,037				8,743,196
Borrowed Money		7,838,357			8,13	7,195,869
Foreign Exchange Liabilities		323,327				473,060
Short-term Bonds		584,568				816,705
Bonds and Notes		5,245,743			*14	6,013,731
Due to Trust Accounts		1,300,655				1,780,768
Derivatives other than for Trading Liabilities		3,004,497				3,474,332
Other Liabilities		3,570,902				4,261,955
Reserve for Bonus Payments		52,641				59,869
Net Defined Benefit Liability		46,006				47,518
Reserve for Director and Corporate Auditor Retirement Benefits		1,547				1,527
Reserve for Possible Losses on Sales of Loans		1,259				13
Reserve for Contingencies		6,309				7,845
Reserve for Reimbursement of Deposits		16,451				15,851
Reserve for Reimbursement of Debentures		54,956				48,878
Reserves under Special Laws		1,273				1,607
Deferred Tax Liabilities		50,783				524,321
Deferred Tax Liabilities for Revaluation Reserve for Land		81,060			*10	72,392
Acceptances and Guarantees		4,588,646				5,404,843

Total Liabilities	¥	167,518,336		¥		179,884,211

Net Assets
Common Stock and Preferred Stock	¥	2,254,972		¥		2,255,404
Capital Surplus		1,109,508				1,110,006
Retained Earnings		2,315,608				2,769,371
Treasury Stock		(3,874	)			(3,616	)

Total Shareholders’ Equity		5,676,215				6,131,166

Net Unrealized Gains (Losses) on Other Securities		733,522				1,737,348
Deferred Gains or Losses on Hedges		(6,677	)			26,635
Revaluation Reserve for Land		140,745			*10	146,419
Foreign Currency Translation Adjustments		(63,513	)			(40,454	)
Remeasurements of Defined Benefit Plans		(22,979	)			160,005

Total Accumulated Other Comprehensive Income		781,096				2,029,955

Stock Acquisition Rights		3,179				3,820
Minority Interests		1,844,057				1,635,595

Total Net Assets		8,304,549				9,800,538

Total Liabilities and Net Assets	¥	175,822,885		¥		189,684,749

1-15

Mizuho Financial Group, Inc.

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

[Consolidated Statements of Income]

Millions of yen

For the fiscal
year ended
March 31, 2014

For the fiscal
year ended
March 31, 2015

Ordinary Income

2,927,760

3,180,225

Interest Income

1,417,569

1,468,976

Interest on Loans and Bills Discounted

920,295

931,883

Interest and Dividends on Securities

324,340

351,801

Interest on Call Loans and Bills Purchased

6,013

7,611

Interest on Receivables under Resale Agreements

29,602

27,995

Interest on Securities Borrowing Transactions

7,664

7,096

Interest on Due from Banks

35,771

50,093

Other Interest Income

93,880

92,495

Fiduciary Income

52,014

52,641

Fee and Commission Income

682,400

729,341

Trading Income

189,020

262,963

Other Operating Income

255,422

365,264

Other Ordinary Income

331,333

301,037

Gains on Reversal of Reserves for Possible Losses on Loans

103,690

73,301

Recovery of Written-off Claims

25,160

16,862

Other

202,481

210,873

Ordinary Expenses

1,940,173

2,169,357

Interest Expenses

309,266

339,543

Interest on Deposits

105,802

123,559

Interest on Negotiable Certificates of Deposit

28,073

30,095

Interest on Call Money and Bills Sold

7,731

7,609

Interest on Payables under Repurchase Agreements

27,947

30,537

Interest on Securities Lending Transactions

9,860

7,549

Interest on Commercial Paper

1,826

1,682

Interest on Borrowed Money

26,527

19,287

Interest on Short-term Bonds

1,808

1,453

Interest on Bonds and Notes

72,152

81,441

Other Interest Expenses

27,536

36,326

Fee and Commission Expenses

121,631

135,981

Trading Expenses

1,598

—

Other Operating Expenses

128,647

155,924

General and Administrative Expenses

1,258,227

1,351,611

Other Ordinary Expenses

120,800

186,296

Ordinary Profits

987,587

1,010,867

1-16

Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2014		For the fiscal year ended March 31, 2015
Extraordinary Gains	¥	12,941	¥	615
Gains on Disposition of Tangible Fixed Assets		428		615
Gains on Negative Goodwill Incurred		5,621		—
Other Extraordinary Gains		6,891		—
Extraordinary Losses		15,161		20,850
Losses on Disposition of Tangible Fixed Assets		6,929		9,156
Losses on Impairment of Fixed Assets		6,506		11,358
Other Extraordinary Losses		1,725		334

Income before Income Taxes and Minority Interests		985,366		990,632

Income Taxes:
Current		137,010		260,268
Deferred		77,960		44,723

Total Income Taxes		214,970		304,992

Income before Minority Interests		770,396		685,640

Minority Interests in Net Income		81,980		73,705

Net Income	¥	688,415	¥	611,935

1-17

Mizuho Financial Group, Inc.

[Consolidated Statements of Comprehensive Income]


	*Millions of yen*
	For the fiscal year ended March 31, 2014			For the fiscal year ended March 31, 2015
Income before Minority Interests	¥	770,396		¥		685,640
Other Comprehensive Income		62,531			*1	1,255,433
Net Unrealized Gains (Losses) on Other Securities		135,024				1,004,848
Deferred Gains or Losses on Hedges		(91,618	)			33,252
Revaluation Reserve for Land		3				7,531
Foreign Currency Translation Adjustments		15,979				15,144
Remeasurements of Defined Benefit Plans		—				183,108
Share of Other Comprehensive Income of Associates Accounted for Using Equity Method		3,142				11,548

Comprehensive Income		832,927				1,941,073

(Breakdown)
Comprehensive Income Attributable to Owners of the Parent		741,562				1,862,651
Comprehensive Income Attributable to Minority Interests		91,365				78,422

1-18

Mizuho Financial Group, Inc.

(3) Consolidated Statements of Changes in Net Assets

For the fiscal year ended March 31, 2014


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,254,972		1,109,508		1,814,782			(4,661	)		5,174,601
Changes during the period
Cash Dividends						(152,265	)					(152,265	)
Net Income						688,415						688,415
Repurchase of Treasury Stock									(37,387	)		(37,387	)
Disposition of Treasury Stock						(31	)		1,177			1,145
Cancellation of Treasury Stock						(36,997	)		36,997			—
Transfer from Revaluation Reserve for Land						1,604						1,604
Change of scope of consolidation						(3	)					(3	)
Increase in Retained Earnings due to change of accounting period of subsidiaries						104						104
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		—		500,826			787			501,614

Balance as of the end of the period		2,254,972		1,109,508		2,315,608			(3,874	)		5,676,215


	Accumulated Other Comprehensive Income																Stock Acquisition Rights		Minority Interests		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land			Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income		Stock Acquisition Rights		Minority Interests		Total Net Assets
Balance as of the beginning of the period		615,883		84,634			142,345			(90,329	)		—			752,533		2,687		1,806,407		7,736,230
Changes during the period
Cash Dividends																						(152,265	)
Net Income																						688,415
Repurchase of Treasury Stock																						(37,387	)
Disposition of Treasury Stock																						1,145
Cancellation of Treasury Stock																						—
Transfer from Revaluation Reserve for Land																						1,604
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		117,638		(91,311	)		(1,600	)		26,816			(22,979	)		28,562		492		37,649		66,705

Total Changes during the period		117,638		(91,311	)		(1,600	)		26,816			(22,979	)		28,562		492		37,649		568,319

Balance as of the end of the period		733,522		(6,677	)		140,745			(63,513	)		(22,979	)		781,096		3,179		1,844,057		8,304,549

1-19

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2015


	*Millions of yen*
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus		Retained Earnings			Treasury Stock			Total Shareholders’ Equity
Balance as of the beginning of the period		2,254,972		1,109,508		2,315,608			(3,874	)		5,676,215
Cumulative Effects of Changes in Accounting Policies						16,107						16,107
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,254,972		1,109,508		2,331,715			(3,874	)		5,692,322
Changes during the period
Issuance of New Shares		431		431								863
Cash Dividends						(176,136	)					(176,136	)
Net Income						611,935						611,935
Repurchase of Treasury Stock									(273	)		(273	)
Disposition of Treasury Stock				66					531			598
Transfer from Revaluation Reserve for Land						1,856						1,856
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		431		498		437,655			258			438,843

Balance as of the end of the period		2,255,404		1,110,006		2,769,371			(3,616	)		6,131,166


	Accumulated Other Comprehensive Income															Stock Acquisition Rights		Minority Interests			Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities		Deferred Gains or Losses on Hedges			Revaluation Reserve for Land		Foreign Currency Translation Adjustments			Remeasurements of Defined Benefit Plans			Total Accumulated Other Comprehensive Income		Stock Acquisition Rights		Minority Interests			Total Net Assets
Balance as of the beginning of the period		733,522		(6,677	)		140,745		(63,513	)		(22,979	)		781,096		3,179		1,844,057			8,304,549
Cumulative Effects of Changes in Accounting Policies																			573			16,681
Balance as of the beginning of the period reflecting Changes in Accounting Policies		733,522		(6,677	)		140,745		(63,513	)		(22,979	)		781,096		3,179		1,844,631			8,321,230
Changes during the period
Issuance of New Shares																						863
Cash Dividends																						(176,136	)
Net Income																						611,935
Repurchase of Treasury Stock																						(273	)
Disposition of Treasury Stock																						598
Transfer from Revaluation Reserve for Land																						1,856
Net Changes in Items other than Shareholders’ Equity		1,003,826		33,313			5,674		23,059			182,985			1,248,859		640		(209,035	)		1,040,464

Total Changes during the period		1,003,826		33,313			5,674		23,059			182,985			1,248,859		640		(209,035	)		1,479,307

Balance as of the end of the period		1,737,348		26,635			146,419		(40,454	)		160,005			2,029,955		3,820		1,635,595			9,800,538

1-20

Mizuho Financial Group, Inc.

(4) Consolidated Statements of Cash Flows


	*Millions of yen*
	For the fiscal year ended March 31, 2014			For the fiscal year ended March 31, 2015
Cash Flow from Operating Activities
Income before Income Taxes and Minority Interests	¥	985,366		¥	990,632
Depreciation		153,098			156,946
Losses on Impairment of Fixed Assets		6,506			11,358
Amortization of Goodwill		3,672			3,698
Gains on Negative Goodwill Incurred		(5,621	)		—
Equity in Loss (Gain) from Investments in Affiliates		(15,491	)		(15,052	)
Increase (Decrease) in Reserves for Possible Losses on Loans		(143,059	)		(103,554	)
Increase (Decrease) in Reserve for Possible Losses on Investments		(14	)		(25	)
Increase (Decrease) in Reserve for Possible Losses on Sales of Loans		1,210			(1,245	)
Increase (Decrease) in Reserve for Contingencies		(16,385	)		1,600
Increase (Decrease) in Reserve for Bonus Payments		4,331			5,113
Decrease (Increase) in Net Defined Benefit Asset		(32,414	)		(38,437	)
Increase (Decrease) in Net Defined Benefit Liability		3,011			4,297
Increase (Decrease) in Reserve for Director and Corporate Auditor Retirement Benefits		(88	)		(19	)
Increase (Decrease) in Reserve for Reimbursement of Deposits		(12	)		(600	)
Increase (Decrease) in Reserve for Reimbursement of Debentures		19,538			(6,078	)
Interest Income—accrual basis		(1,417,569	)		(1,468,976	)
Interest Expenses—accrual basis		309,266			339,543
Losses (Gains) on Securities		(115,111	)		(219,340	)
Losses (Gains) on Money Held in Trust		(97	)		(145	)
Foreign Exchange Losses (Gains)—net		(903,027	)		(645,471	)
Losses (Gains) on Disposition of Fixed Assets		6,500			8,541
Decrease (Increase) in Trading Assets		2,944,549			999,513
Increase (Decrease) in Trading Liabilities		228,270			359,772
Decrease (Increase) in Derivatives other than for Trading Assets		1,809,906			(639,290	)
Increase (Decrease) in Derivatives other than for Trading Liabilities		(1,537,943	)		386,732
Decrease (Increase) in Loans and Bills Discounted		(1,853,147	)		(2,289,581	)
Increase (Decrease) in Deposits		3,587,057			7,446,245
Increase (Decrease) in Negotiable Certificates of Deposit		(2,975,290	)		2,369,726
Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowed Money)		186,454			(544,370	)
Decrease (Increase) in Due from Banks (excluding Due from Central Banks)		195,716			471,141
Decrease (Increase) in Call Loans, etc.		1,920,731			918,102
Decrease (Increase) in Guarantee Deposits Paid under Securities Borrowing Transactions		533,173			951,399
Increase (Decrease) in Call Money, etc.		(1,620,912	)		(1,521,429	)
Increase (Decrease) in Commercial Paper		(108,048	)		(253,152	)
Increase (Decrease) in Guarantee Deposits Received under Securities Lending Transactions		(5,240,107	)		(3,839,692	)
Decrease (Increase) in Foreign Exchange Assets		(68,099	)		88,558
Increase (Decrease) in Foreign Exchange Liabilities		140,124			149,446
Increase (Decrease) in Short-term Bonds (Liabilities)		107,168			232,137
Increase (Decrease) in Bonds and Notes		25,941			992,919
Increase (Decrease) in Due to Trust Accounts		179,958			480,112
Interest and Dividend Income—cash basis		1,497,731			1,476,736
Interest Expenses—cash basis		(328,747	)		(346,060	)
Other—net		(631,487	)		(84,770	)

Subtotal		(2,163,391	)		6,826,983

Cash Refunded (Paid) in Income Taxes		(122,650	)		(172,024	)

Net Cash Provided by (Used in) Operating Activities		(2,286,042	)		6,654,958

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Mizuho Financial Group, Inc.


	*Millions of yen*
	For the fiscal year ended March 31, 2014			For the fiscal year ended March 31, 2015
Cash Flow from Investing Activities
Payments for Purchase of Securities		(72,279,170	)			(81,055,617	)
Proceeds from Sale of Securities		73,065,653				76,467,302
Proceeds from Redemption of Securities		10,156,411				7,599,068
Payments for Increase in Money Held in Trust		(76,215	)			(5,770	)
Proceeds from Decrease in Money Held in Trust		3,871				16,408
Payments for Purchase of Tangible Fixed Assets		(89,425	)			(216,299	)
Payments for Purchase of Intangible Fixed Assets		(142,229	)			(187,451	)
Proceeds from Sale of Tangible Fixed Assets		5,172				1,585
Proceeds from Sale of Intangible Fixed Assets		0				0
Payments for Purchase of Stocks of Subsidiaries (affecting the scope of consolidation)		(36,584	)			—

Net Cash Provided by (Used in) Investing Activities		10,607,483				2,619,227

Cash Flow from Financing Activities
Repayments of Subordinated Borrowed Money		(52,500	)			(100,000	)
Proceeds from Issuance of Subordinated Bonds		154,380				150,000
Payments for Redemption of Subordinated Bonds		(130,700	)			(464,705	)
Proceeds from Issuance of Common Stock		—				6
Proceeds from Investments by Minority Shareholders		1,069				866
Repayments to Minority Shareholders		—				(241,729	)
Cash Dividends Paid		(152,162	)			(176,186	)
Cash Dividends Paid to Minority Shareholders		(88,829	)			(71,644	)
Payments for Repurchase of Treasury Stock		(37,013	)			(12	)
Proceeds from Sale of Treasury Stock		10				2

Net Cash Provided by (Used in) Financing Activities		(305,744	)			(903,401	)

Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents		69,190				37,565

Net Increase (Decrease) in Cash and Cash Equivalents		8,084,887				8,408,350

Cash and Cash Equivalents at the beginning of the fiscal year		11,347,537				19,432,425
Increase (Decrease) in Cash and Cash Equivalents Due to Change of Accounting Period of Subsidiaries		0				—

Cash and Cash Equivalents at the end of the fiscal year	¥	19,432,425		¥	*1	27,840,775

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Mizuho Financial Group, Inc.

(5) Matters Related to the Assumption of Going Concern

There is no applicable information.

(6) Fundamental and Important Matters for the Preparation of Consolidated Financial Statements

1. Scope of Consolidation

Number of consolidated subsidiaries: 150

Names of principal companies:

Mizuho Bank, Ltd.

Mizuho Trust & Banking Co., Ltd.

Mizuho Securities Co., Ltd.

During the period, Mizuho AsiaInfra Capital Pte. Ltd. and two other companies were newly included in the scope of consolidation as a result of new establishment.

During the period, Mizuho Capital No.2 Limited Partnership and 11 other companies were excluded from the scope of consolidation as a result of dissolution and other factors.

Number of non-consolidated subsidiaries: 0

2. Application of the Equity Method

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

Number of affiliates under the equity method: 21

Names of principal companies:

Orient Corporation

The Chiba Kogyo Bank, Ltd.

Joint Stock Commercial Bank for Foreign Trade of Vietnam

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

Affiliates not under the equity method:

Name of principal company:

Asian-American Merchant Bank Limited

Affiliates not under the equity method are excluded from the scope of the equity method since such exclusion has no material effect on MHFG’s consolidated financial statements in terms of Net Income (Loss) (amount corresponding to MHFG’s equity position), Retained Earnings (amount corresponding to MHFG’s equity position), Accumulated Other Comprehensive Income (amount corresponding to MHFG’s equity position) and others.

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Mizuho Financial Group, Inc.

3. Balance Sheet Dates of Consolidated Subsidiaries

Balance sheet dates of consolidated subsidiaries are as follows:


July 31			1 company
December 29			16 companies
December 31			52 companies
March 31			81 companies

Consolidated subsidiaries with balance sheet dates of December 29 were consolidated based on their tentative financial statements as of and for the period ended December 31.

The consolidated subsidiary with balance sheet date of July 31 was consolidated based on its tentative financial statement as of and for the period ended the consolidated balance sheet date.

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

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

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Mizuho Financial Group, Inc.

4. Standards of Accounting Method

Amounts less than one million yen are rounded down.

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

Credited loans held for the purpose of trading are, in line with trading securities, recognized on a trade date basis and recorded in Other Debt Purchased on the consolidated balance sheet. Other Debt Purchased related to the relevant credited loans is stated at fair value at the consolidated balance sheet date.

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

2.	Trading Assets & Liabilities and Trading Income & Expenses

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

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

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

3.	Securities

(i) Bonds held to maturity are stated at amortized cost (straight-line method) and determined by the moving average method. Investments in affiliates not under the equity method are stated at acquisition cost and determined by the moving average method. As to Other Securities, in principle, fair value of Japanese stocks is determined based on the average quoted market price over the month preceding the consolidated balance sheet date. Fair value of securities other than Japanese stocks is determined at the quoted market price if available, or other reasonable value at the consolidated balance sheet date (cost of securities sold is calculated primarily by the moving average method). Other Securities, the fair values of which are extremely difficult to determine, are stated at acquisition cost or amortized cost and determined by the moving average method.

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

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

4.	Derivative Transactions

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

5.	Depreciation of Fixed Assets

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

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


Buildings:		3 years to 50 years
Others:		2 years to 20 years

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Mizuho Financial Group, Inc.

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

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

(3) Lease Assets

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

6.	Deferred Assets

Bond issuance costs are expensed as incurred.

7.	Reserves for Possible Losses on Loans

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

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

For claims extended to Intensive Control Obligors and Obligors with Restructured Loans and others, if the exposure to an obligor exceeds a certain specific amount, reserves are provided as follows: (i) if future cash flows of the principal and interest can be reasonably estimated, the discounted cash flow method is applied, under which the reserve is determined as the difference between the book value of the loan and its present value of future cash flows discounted using the contractual interest rate before the loan was classified as a Restructured Loan, and (ii) if future cash flows of the principal and interest cannot be reasonably estimated, reserves are provided for the losses estimated for each individual loan.

For claims extended to other obligors, reserves are maintained at rates derived from historical credit loss experience and other factors. Reserve for Possible Losses on Loans to Restructuring Countries is maintained in order to cover possible losses based on analyses of the political and economic climates of the countries.

All claims are assessed by each claim origination department in accordance with the internally established “Self-assessment Standard,” and the results of the assessments are verified and examined by the independent examination departments.

In the case of claims to Bankrupt Obligors and Substantially Bankrupt Obligors, which are collateralized or guaranteed by a third party, the amounts deemed uncollectible (calculated by deducting the anticipated proceeds from the sale of collateral pledged against the claims and amounts that are expected to be recovered from guarantors of the claims) are written off against the respective claims balances. The total directly written-off amount was ¥227,209 million.

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

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Mizuho Financial Group, Inc.

8.	Reserve for Possible Losses on Investments

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

9.	Reserve for Bonus Payments

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

10.	Reserve for Director and Corporate Auditor Retirement Benefits

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

11.	Reserve for Possible Losses on Sales of Loans

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

12.	Reserve for Contingencies

Reserve for Contingencies is maintained to provide against possible losses from contingencies which are not covered by other specific reserves. The balance is an estimate of possible future losses considered to require a reserve.

13.	Reserve for Reimbursement of Deposits

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

14.	Reserve for Reimbursement of Debentures

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

15.	Reserve under Special Laws

Reserve under Special Laws is Reserve for Contingent Liabilities from Financial Instruments and Exchange. This is the reserve pursuant to Article 46-5 of the Financial Instruments and Exchange Law and Article 175 of the Cabinet Office Ordinance regarding Financial Instruments Business, etc. to indemnify the losses incurred from accidents in the purchase and sale of securities, other transactions or derivative transactions.

16.	Accounting Method for Retirement Benefits

In calculating retirement benefit obligations, a benefit formula basis is used as a method of attributing expected retirement benefits to the period up to the end of this fiscal year. Unrecognized actuarial differences are recognized as income or expenses from the following fiscal year under the straight-line method over a certain term within the average remaining service period of the employees (mainly 10 years) of the respective fiscal years.

Certain consolidated subsidiaries apply the simplified method that assumes the amount required for voluntary resignation at the end of the term to be retirement benefit obligations in computing net defined benefit liability and retirement benefit expenses.

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Mizuho Financial Group, Inc.

17.	Assets and Liabilities denominated in foreign currencies

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

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

18.	Hedge Accounting

(1) Interest Rate Risk

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

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

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

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

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

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

Among Deferred Gains or Losses on Hedges recorded on the consolidated balance sheet, those deferred hedge gains or losses are included that resulted from the application of the macro-hedge method based on the “Tentative Accounting and Auditing Treatment relating to Adoption of Accounting Standards for Financial Instruments for Banks” (JICPA Industry Audit Committee Report No.15), under which the overall interest rate risks inherent in loans, deposits and others are controlled on a macro-basis using derivatives transactions. The deferred hedge gains/losses are amortized as interest income or interest expenses over the remaining maturity and average remaining maturity of the respective hedging instruments. The unamortized amounts of gross deferred hedge losses and gross deferred hedge gains on the macro-hedges, before net of applicable income taxes were ¥856 million and ¥704 million, respectively.

(2) Foreign Exchange Risk

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

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

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Mizuho Financial Group, Inc.

(3) Inter-company Transactions

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

As for certain assets and liabilities of MHFG and its consolidated subsidiaries, the deferred method, the fair-value hedge method or the exceptional accrual method for interest rate swaps are applied.

19.	Consumption Taxes and other

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

20.	Amortization Method of Goodwill and Amortization Period

Goodwill of Mizuho Trust & Banking Co., Ltd. is amortized over a period of 20 years under the straight-line method. Other Goodwill is amortized over an appropriate period not to exceed 20 years under the straight-line method. The full amount of Goodwill that has no material impact is expensed as incurred.

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

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

(7) Change in Accounting Policies

(Application of “Accounting Standard for Retirement Benefits” and others)

Mizuho Financial Group has applied “Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26, May 17, 2012) (hereinafter, the “Accounting Standard”) and “Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No. 25, March 26, 2015) (hereinafter, the “Guidance”), in terms of regulations stipulated in the text of the Accounting Standard, Paragraph 35 and the Guidance, Paragraph 67, beginning with the fiscal year ended March 31, 2015. We have reviewed the calculation methods of retirement benefit obligations and service cost, changed the method of attributing the expected retirement benefits to periods of service from a straight-line basis to a benefit formula basis, and changed the method of determining the discount rate from the method using the discount rate based on the average period up to the estimated timing of the benefit payment and another period to the method using different discount rates according to the estimated timing of each benefit payment.

The Accounting Standard and the Guidance have been applied in accordance with the transitional treatment stipulated in the Accounting Standard, Paragraph 37, and the amount of financial impact resulting from the change in the calculation method of retirement benefit obligations and service cost was added to or deducted from retained earnings at the beginning of the fiscal year ended March 31, 2015.

As a result of this, Net Defined Benefit Asset increased by ¥19,795 million, Net Defined Benefit Liability decreased by ¥2,787 million, Retained Earnings increased by ¥16,107 million and Minority Interests increased by ¥573 million at the beginning of the fiscal year ended March 31, 2015. Ordinary Profits and Income before Income Taxes and Minority Interests for the fiscal year ended March 31, 2015 increased by ¥8,217 million, respectively.

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Mizuho Financial Group, Inc.

(8) Issued but not yet Adopted Accounting Standard and Others

Accounting Standard for Business Combinations (September 13, 2013)

(1) Overview

This accounting standard was revised mainly focusing on the treatment of the parent company’s changes in equity of its subsidiary while the parent company’s control is continuing because of additional acquisition of shares of the subsidiary, ‚the treatment of acquisition-related expenses, ƒthe treatment of provisional accounting, and „the presentation of Net Income and the change from minority interests to non-controlling interests.

(2) Scheduled Date of Application

Mizuho Financial Group is scheduled to apply this accounting standard after revision from the beginning of the fiscal year starting on April 1, 2015.

(3) Effect of Application of this accounting standard

The effect of the application of this accounting standard is under consideration.

(9) Change in Presentation of Financial Statements

(Consolidated Statement of Income)

Refund of Income Taxes separately presented in the previous fiscal year has been included within Current Income Taxes from this fiscal year due to decreased materiality. Refund of Income Taxes presented in the previous fiscal year was ¥(5,629) million.

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Mizuho Financial Group, Inc.

(10) Notes

(Notes to Consolidated Balance Sheet)

1.	The total amount of shares and investments in affiliates (excluding shares and investments in consolidated subsidiaries) is ¥291,974 million.

MHFG does not have unsecured loaned securities which the borrowers have the right to sell or repledge. MHFG has the right to sell or repledge some of unsecured borrowed securities, securities purchased under resale agreements and securities borrowed with cash collateral. Among them, the total of securities repledged was ¥12,240,951 million and securities neither repledged nor re-loaned was ¥1,264,787 million.

3.	Loans and Bills Discounted include Loans to Bankrupt Obligors of ¥10,246 million and Non-Accrual Delinquent Loans of ¥425,778 million.

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

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

4.	Balance of Loans Past Due for Three Months or More: ¥3,496 million

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

5.	Balance of Restructured Loans: ¥614,928 million

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

6.	Total balance of Loans to Bankrupt Obligors, Non-Accrual Delinquent Loans, Loans Past Due for Three Months or More, and Restructured Loans: ¥1,054,450 million

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

In accordance with JICPA Industry Audit Committee Report No. 24, bills discounted are accounted for as financing transactions. The banking subsidiaries have rights to sell or pledge these commercial bills, foreign exchange bills purchased and others. The face value of these bills amounted to ¥1,370,730 million.

8.	The following assets were pledged as collateral:


Trading Assets:	¥	2,567,206 million
Securities:	¥	11,209,154 million
Loans and Bills Discounted:	¥	6,580,383 million
Other Assets:	¥	1,006 million

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Mizuho Financial Group, Inc.

The following liabilities were collateralized by the above assets:


Deposits:	¥	772,816 million
Call Money and Bills Sold:	¥	1,265,000 million
Payables under Repurchase Agreements:	¥	7,861,692 million
Guarantee Deposits Received under Securities Lending Transactions:	¥	2,121,374 million
Borrowed Money:	¥	5,516,730 million

In addition to the above, the settlement accounts of foreign and domestic exchange transactions or derivatives transactions and others were collateralized, and margins for futures transactions were substituted by Cash and Due from Banks of ¥34,156 million, Trading Assets of ¥210,434 million, Securities of ¥4,518,541 million, and Loans and Bills Discounted of ¥191,639 million.

Other Assets includes margins for futures transactions of ¥193,743 million, guarantee deposits of ¥119,437 million, and collateral pledged for financial instruments and others of ¥571,163 million.

Overdraft protection on current accounts and contracts of the commitment line for loans are contracts by which banking subsidiaries are bound to extend loans up to the prearranged amount, at the request of customers, unless the customer is in breach of contract conditions. The unutilized balance of these contracts amounted to ¥82,839,928 million. Of this amount, ¥64,322,076 million relates to contracts of which the original contractual maturity is one year or less, or which are unconditionally cancelable at any time.

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

10.

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

Revaluation date: March 31, 1998

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

The difference at the consolidated balance sheet date between the total fair value of land for business operation purposes, which has been revalued in accordance with Article 10 of the above-mentioned law, and the total book value of the land after such revaluation was ¥147,005 million.

11.	Accumulated Depreciation of Tangible Fixed Assets amounted to ¥842,605 million.

12.	The book value of Tangible Fixed Assets adjusted for gains on sales of replaced assets and others amounted to ¥35,685 million.

13.	Borrowed Money includes subordinated borrowed money of ¥456,000 million with a covenant that performance of the obligation is subordinated to that of other obligations.

14.	Bonds and Notes includes subordinated bonds of ¥1,409,149 million.

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Mizuho Financial Group, Inc.

15.	The principal amounts of money trusts with contracts indemnifying the principal amounts, which are entrusted to domestic consolidated trust banking subsidiaries, are ¥701,373 million.

16.	Liabilities for guarantees on corporate bonds included in Securities, which were issued by private placement (Article 2, Paragraph 3 of the Financial Instruments and Exchange Law) amounted to ¥1,036,575 million.

(Notes to Consolidated Statement of Income)

1.	Other within Other Ordinary Income includes gains on sales of stocks of ¥152,029 million.

2.	Other Ordinary Expenses includes losses on write-offs of loans of ¥84,504 million.

(Notes to Consolidated Statement of Comprehensive Income)

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


Net Unrealized Gains on Other Securities:
The amount arising during the period	¥	1,630,152		million
Reclassification adjustments	¥	(241,126	)	million

Before adjustments to tax effects	¥	1,389,026		million
The amount of tax effects	¥	(384,178	)	million

Net Unrealized Gains on Other Securities	¥	1,004,848		million

Deferred Gains or Losses on Hedges:
The amount arising during the period	¥	80,563		million
Reclassification adjustments	¥	(30,961	)	million

Before adjustments to tax effects	¥	49,602		million
The amount of tax effects	¥	(16,349	)	million

Deferred Gains or Losses on Hedges	¥	33,252		million

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

Before adjustments to tax effects		—
The amount of tax effects	¥	7,531		million

Revaluation Reserve for Land	¥	7,531		million

Foreign Currency Translation Adjustments:
The amount arising during the period	¥	13,108		million
Reclassification Adjustments	¥	2,035		million

Before adjustments to tax effects	¥	15,144		million
The amount of tax effects		—

Foreign Currency Translation Adjustments	¥	15,144		million

Remeasurements of Defined Benefit Plans:
The amount arising during the period	¥	249,665		million
Reclassification adjustments	¥	22,548		million

Before adjustments to tax effects	¥	272,213		million
The amount of tax effects	¥	(89,104	)	million

Remeasurements of Defined Benefit Plans	¥	183,108		million

Share of Other Comprehensive Income of Associates Accounted for Using Equity Method:
The amount arising during the period	¥	11,548		million

The total amount of Other Comprehensive Income	¥	1,255,433		million

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Mizuho Financial Group, Inc.

(Notes to Consolidated Statement of Changes in Net Assets)

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


	*Thousands of Shares*
	As of April 1, 2014		Increase during the fiscal year		Decrease during the fiscal year		As of March 31, 2015		Remarks
Issued shares
Common stock		24,263,885		358,012		—		24,621,897		*1
Eleventh Series Class XI Preferred Stock		914,752		—		—		914,752

Total		25,178,637		358,012		—		25,536,649

Treasury stock
Common stock		13,817		1,235		3,404		11,649		*2
Eleventh Series Class XI Preferred Stock		602,100		99,530		—		701,631		*3

Total		615,918		100,766		3,404		713,280

*1.	Increases are due to request for acquisition (conversion) of preferred stock (351,822 thousand shares) and exercise of stock acquisition rights (stock option) (6,190 thousand shares).

*2.	Increases are due to repurchase of shares constituting less than one unit and other factors. Decreases are due to exercise of stock acquisition rights (stock option) (1,997 thousand shares) and repurchase of shares constituting less than one unit and other factors (1,407 thousand shares).

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

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


Category	Breakdown of stock acquisition rights			Class of shares to be issued or transferred upon exercise of stock acquisition rights		Number of shares to be issued or transferred upon exercise of stock acquisition rights *(Shares)*												Balance as of March 31, 2015 (*Millions of yen*)			Remarks
Category	Breakdown of stock acquisition rights					As of April 1, 2014			Increase during the fiscal year			Decrease during the fiscal year			As of March 31, 2015			Balance as of March 31, 2015 (*Millions of yen*)			Remarks
MHFG		Stock acquisition rights			—		—			—			—			—			—
		(Treasury stock acquisition rights	)				(—	)		(—	)		(—	)		(—	)		(—	)
		Stock acquisition rights as stock option								—									3,820
Consolidated subsidiaries										—									—
(Treasury stock acquisition rights)																			(—	)
Total										—									3,820
																			(—	)

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Mizuho Financial Group, Inc.

3. Cash dividends distributed by MHFG are as follows:

(1) Cash dividends paid during the fiscal year ended March 31, 2015

Resolution

Type

Cash Dividends
(Millions of yen)

Cash
Dividends
per Share
(Yen)

Record
Date

Effective
Date

June 24,

2014

Common Stock

84,886

3.5

March 31,

2014

June 24,

2014

[

Ordinary
General Meeting of
Shareholders

]

Eleventh Series Class XI Preferred Stock

3,126

March 31,

2014

June 24

2014

November 14,

2014

Common Stock

85,344

3.5

September 30,

2014

December 5,

2014

[

The Board of
Directors

]

Eleventh Series Class XI
Preferred Stock

2,778

September 30,

2014

December 5,

2014

Total

176,136

(2) Cash dividends with record dates falling in the fiscal year ended March 31, 2015 and effective dates coming after the end of the fiscal year

Resolution

Type

Cash Dividends
(Millions of yen)

Resource
of
Dividends

Cash
Dividends
per Share
(Yen)

Record
Date

Effective
Date

May 15

2015

Common Stock

98,452

Retained

Earnings

March 31,

2015

June 4,
2015

[

The Board of
Directors

]

Eleventh Series
Class XI
Preferred Stock

2,131

Retained

Earnings

March 31,

2015

June 4,
2015

(Notes to Consolidated Statement of Cash Flows)

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


	*Millions of yen*
Cash and Due from Banks	¥	29,096,166
Due from Banks excluding central banks		(1,255,391	)

Cash and Cash Equivalents	¥	27,840,775

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Mizuho Financial Group, Inc.

(Financial Instruments)

Matters relating to fair value of financial instruments and others

1. The following are the consolidated balance sheet amounts, fair values and differences between them as of March 31, 2015. Unlisted stocks and others, the fair values of which are extremely difficult to determine, are excluded from the table below.


	*(Unit: Millions of yen)*
	Consolidated Balance Sheet Amount			Fair Value		Difference
(1) Cash and Due from Banks (*1)		29,094,362			29,094,362		—
(2) Call Loans and Bills Purchased (*1)		443,394			443,394		—
(3) Receivables under Resale Agreements		8,582,239			8,582,239		—
(4) Guarantee Deposits Paid under Securities Borrowing Transactions		4,059,340			4,059,340		—
(5) Other Debt Purchased (*1)		3,239,582			3,239,662		79
(6) Trading Assets Trading Securities		5,042,005			5,042,005		—
(7) Money Held in Trust (*1)		157,225			157,225		—
(8) Securities
Bonds Held to Maturity		5,647,341			5,677,806		30,465
Other Securities		37,001,945			37,001,945		—
(9) Loans and Bills Discounted		73,415,170
Reserves for Possible Losses on Loans (*1)		(461,940	)

		72,953,230			74,059,603		1,106,373

Total Assets		166,220,667			167,357,586		1,136,918
(1) Deposits		97,757,545			97,725,179		(32,366	)
(2) Negotiable Certificates of Deposit		15,694,906			15,694,463		(442	)
(3) Call Money and Bills Sold		5,091,198			5,091,198		—
(4) Payables under Repurchase Agreements		19,612,120			19,612,120		—
(5) Guarantee Deposits Received under Securities Lending Transactions		2,245,639			2,245,639		—
(6) Trading Liabilities Securities Sold, Not yet Purchased		3,200,813			3,200,813		—
(7) Borrowed Money		7,195,869			7,171,622		(24,247	)
(8) Bonds and Notes		6,013,731			6,151,033		137,301

Total Liabilities		156,811,824			156,892,070		80,245

Derivative Transactions (*2)
Derivative Transactions not Qualifying for Hedge Accounting		313,667
Derivative Transactions Qualifying for Hedge Accounting		[23,904	]
Reserves for Derivative Transactions (*1)		(13,797	)

Total Derivative Transactions		275,965			275,965		—

(*1)

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

(*2)	Derivative Transactions recorded in Trading Assets, Trading Liabilities, Derivatives other than for Trading Assets, Derivatives other than for Trading Liabilities, and others are presented as a lump sum.

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

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Mizuho Financial Group, Inc.

2. Consolidated balance sheet amounts of financial instruments whose fair values are deemed to be extremely difficult to determine are indicated below, and are not included in “Assets (5) Other Debt Purchased”, “Assets (7) Money Held in Trust”, and “Assets (8) Other Securities” in fair value information of financial instruments.


	*(Millions of yen)*
Category	Consolidated Balance Sheet Amount
Unlisted Stocks (*1)		163,219
‚ Investments in Partnerships and others (*2)		74,158
ƒ Other (*3)		100,595

Total (*4)		337,974

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

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

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

(*4)	During the fiscal year ended March 31, 2015, the amount of impairment (devaluation) was ¥3,525 million on a consolidated basis.

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Mizuho Financial Group, Inc.

(Securities)

In addition to “Securities” on the consolidated balance sheet, trading securities, short-term bonds and certain other items in “Trading Assets,” NCDs in “Cash and Due from Banks,” certain items in “Other Debt Purchased” and certain items in “Other Assets” are also included.

1. Trading Securities (as of March 31, 2015)


	*(Millions of yen)*
	Unrealized Gains (Losses) Included in Profit and Loss for the Fiscal Year
Trading Securities		(5,103	)

2. Bonds Held to Maturity (as of March 31, 2015)


		*(Millions of yen)*
	Type	Consolidated Balance Sheet Amount		Fair Value		Difference
Bonds Whose Fair Values Exceed the Consolidated Balance Sheet Amount
	Japanese Government Bonds		4,260,214		4,289,216		29,001
	Foreign Bonds		931,033		933,292		2,259
	Sub-total		5,191,248		5,222,508		31,260
Bonds Whose Fair Values Do Not Exceed the Consolidated Balance Sheet Amount
	Japanese Government Bonds		99,911		99,738		(173	)
	Foreign Bonds		356,181		355,560		(621	)
	Sub-total		456,092		455,298		(794	)

Total			5,647,341		5,677,806		30,465

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Mizuho Financial Group, Inc.

3. Other Securities (as of March 31, 2015)


		*(Millions of yen)*
	Type	Consolidated Balance Sheet Amount		Acquisition Cost		Difference
Other Securities Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost
	Stocks		3,838,387		1,651,030		2,187,357
	Bonds		14,292,166		14,236,356		55,809
	Japanese Government Bonds		12,180,998		12,156,981		24,016
	Japanese Local Government Bonds		223,065		218,882		4,183
	Short-term Bonds		—		—		—
	Japanese Corporate Bonds		1,888,103		1,860,492		27,610
	Other		8,409,331		8,029,303		380,027
	Foreign Bonds		6,207,461		6,126,701		80,760
	Other Debt Purchased		188,534		184,285		4,249
	Other		2,013,335		1,718,317		295,018
	Sub-total		26,539,885		23,916,691		2,623,193
Other Securities Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition Cost
	Stocks		283,518		311,919		(28,401	)
	Bonds		6,036,256		6,047,965		(11,708	)
	Japanese Government Bonds		5,234,793		5,236,173		(1,379	)
	Japanese Local Government Bonds		15,522		15,538		(15	)
	Short-term Bonds		99		99		—
	Japanese Corporate Bonds		785,840		796,153		(10,312	)
	Other		4,844,843		4,896,549		(51,705	)
	Foreign Bonds		3,825,059		3,865,759		(40,699	)
	Other Debt Purchased		299,661		301,081		(1,419	)
	Other		720,122		729,708		(9,586	)
	Sub-total		11,164,618		11,256,434		(91,815	)
Total			37,704,504		35,173,125		2,531,378

(Note) Unrealized Gains (Losses) includes ¥52,059 million which was recognized in the statement of income by applying the fair-value hedge method.

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Mizuho Financial Group, Inc.

4. Bonds Held to Maturity which were sold during the fiscal year ended March 31, 2015

There were no Bonds Held to Maturity which were sold during the fiscal year ended March 31, 2015.

5. Other Securities Sold during the Fiscal Year ended March 31, 2015


	*(Millions of yen)*
	Amount Sold		Gains on Sales		Losses on Sales
Stocks		175,816		81,295		2,228
Bonds		57,275,999		63,014		4,322
Japanese Government Bonds		56,125,675		52,782		4,069
Japanese Local Government Bonds		67,442		53		47
Japanese Corporate Bonds		1,082,881		10,178		204
Other		19,379,289		208,921		102,348

Total		76,831,104		353,231		108,898

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

6. Securities for which the Holding Purpose has Changed

There were no securities for which the holding purpose has changed during the fiscal year ended March 31, 2015.

7. Impairment (“Devaluation”) of Securities

Certain Securities other than Trading Securities (excluding Securities for which it is deemed to be extremely difficult to determine the fair value) are devalued to the fair value, and the difference between the acquisition cost and the fair value is treated as the loss for the fiscal year (impairment (devaluation)), if the fair value (primarily the closing market price at the consolidated balance sheet date) has significantly deteriorated compared with the acquisition cost (including amortized cost), and unless it is deemed that there is a possibility of a recovery in the fair value. The amount of impairment (devaluation) for the fiscal year was ¥3,206 million.

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

•

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

•

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

(Notes to Money Held in Trust)

1. Money Held in Trust for Investment (as of March 31, 2015)


	*(Millions of yen)*
	Consolidated Balance Sheet Amount		Unrealized Gains (Losses) Included in Profit and Loss for the Fiscal Year
Money Held in Trust for Investment		154,312		25

2. Money Held in Trust Held to Maturity (As of March 31, 2015)

There was no Money Held in Trust held to maturity.

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Mizuho Financial Group, Inc.

3. Other in Money Held in Trust (other than for investment purposes and held to maturity purposes)

(as of March 31, 2015)


	*(Millions of yen)*
	Consolidated Balance Sheet Amount		Acquisition Cost		Difference		Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Exceeds Acquisition Cost		Other in Money Held in Trust Whose Consolidated Balance Sheet Amount Does Not Exceed Acquisition cost
Other in Money Held in Trust		3,415		3,415		—		—		—

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

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Mizuho Financial Group, Inc.

(Tax Effect Accounting)

“Act on Partial Amendment to the Income Tax Act, etc.” (Act No. 9, 2015) and “Act on Partial Amendment to the Local Tax Act, etc.” (Act No. 2, 2015) were promulgated on March 31, 2015, and accordingly, the corporate tax rate and other rates have been lowered from the fiscal year beginning on or after April 1, 2015.

Due to this change, the effective statutory tax rate used for the calculation of deferred tax assets and deferred tax liabilities has been revised from the previous rate of 35.64%. The rate of 33.06% has been applied to the temporary differences, expected to be either deductible, taxable or expired in the fiscal year beginning on April 1, 2015, while the rate of 32.26% has been applied to the temporary differences, expected to be either deductible, taxable, or expired in or after the fiscal year beginning on April 1, 2016.

In addition, due to the revision of the carry-forward system of the net operating losses, the amount of net operating losses that can be deducted has been limited to the equivalent of 65% of taxable income before such deductions from the fiscal year beginning on April 1, 2015 through the fiscal year beginning on April 1, 2016, while the amount of net operating losses that can be deducted has been limited to the equivalent of 50% of taxable income before such deductions in or after the fiscal year beginning on April 1, 2017.

As a result of the changes in tax rates and the carry-forward system of the losses, Deferred Tax Liabilities decreased by ¥51,997 million, Net Unrealized Gains on Other Securities increased by ¥70,180 million, Deferred Gains or Losses on Hedges increased by ¥872 million, Remeasurements of Defined Benefit Plans increased by ¥7,685 million, and Deferred Income Taxes increased by ¥26,739 million. Deferred Tax Liabilities for Revaluation Reserve for Land decreased by ¥7,531 million and Revaluation Reserve for Land increased by the same amount.

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Mizuho Financial Group, Inc.

(Business Segment Information)

1. Summary of reportable segment

We engage in banking, trust banking, securities and other financial businesses through consolidated subsidiaries and affiliates. As these subsidiaries and affiliates are in different industries and regulatory environments, we disclose business segment information based on the following principal consolidated subsidiaries to measure the present and future cash flow properly:

Mizuho Bank, Ltd. (MHBK): Banking business

Mizuho Trust & Banking Co., Ltd. (MHTB): Trust business Ÿ Banking business

Mizuho Securities Co., Ltd. (MHSC): Securities business

Operating segments of MHBK are aggregated based on the type of customer characteristics into six customer segments and Trading and Others. The six customer segments are Personal Banking, Retail Banking, Corporate Banking (Large Corporations), Corporate Banking, Financial Institutions & Public Sector Business, and International Banking. The targets of these segments are as follows:

•

Personal Banking: individuals (excluding individuals who belong to Retail Banking);

•

Retail Banking: business owners, land owners, lease holders, and SMEs;

•

Corporate Banking (Large Corporations): large corporations and their affiliates in Japan;

•

Corporate Banking: relatively larger SMEs in Japan (quasi listed companies);

•

Financial Institutions & Public Sector Business: financial institutions and central and local governments; and

•

International Banking: Japanese companies that conduct business overseas and business with non-Japanese companies.

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

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

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

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

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

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

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

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Mizuho Financial Group, Inc.

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


	*Millions of yen*
	MHBK (Consolidated)
	MHBK (Non-consolidated)
	Personal Banking		Retail Banking		Corporate Banking (Large Corporations)		Corporate Banking		Financial Institutions & Public Sector Business		International Banking		Trading and others			Others
Gross profits: (excluding the amounts of credit costs of trust accounts)
Net interest income (expense)		217,500		78,400		179,400		100,500		33,500		141,900		183,696	934,896		152,401		1,087,298
Net non-interest income		49,800		53,300		127,800		79,400		27,300		170,100		52,874	560,574		37,845		598,420
Total		267,300		131,700		307,200		179,900		60,800		312,000		236,571	1,495,471		190,247		1,685,718
General and administrative expenses (excluding Non-Recurring Losses)		233,500		118,400		94,400		76,500		30,300		92,600		188,037	833,737		70,963		904,700
Others		—		—		—		—		—		—		—	—		(43,198	)	(43,198	)
Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)		33,800		13,300		212,800		103,400		30,500		219,400		48,533	661,733		76,085		737,819


	MHTB (Consolidated)			MHSC (Consolidated)		Others			MHFG (Consolidated)
Gross profits: (excluding the amounts of credit costs of trust accounts)
Net interest income (expense)		39,484			1,753		897			1,129,433
Net non-interest income		122,565			335,799		61,520			1,118,305
Total		162,049			337,552		62,418			2,247,738
General and administrative expenses (excluding Non-Recurring Losses)		94,527			267,970		54,025			1,321,224
Others		(3,697	)		32		(2,689	)		(49,552	)
Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)		63,824			69,614		5,703			876,961

Notes:

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

(2)	“Others” includes items which should be eliminated as internal transactions between subsidiaries on a consolidated basis.

1-44

Mizuho Financial Group, Inc.

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

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

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

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


	*Millions of yen*
Gross profits: (excluding the amounts of credit costs of trust accounts)	Amount
Total amount of the above segment information		2,247,738
Other Ordinary Income		301,037
General and Administrative Expenses		(1,351,611	)
Other Ordinary Expenses		(186,296	)

Ordinary Profits recorded in Consolidated Statements of Income		1,010,867

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


	*Millions of yen*
Net business profits (excluding the amounts of credit costs of trust accounts, before reversal of (provision for) general reserve for losses on loans)	Amount
Total amount of the above segment information		876,961
Credit Costs for Trust Accounts		—
General and Administrative Expenses (non-recurring losses)		(30,386	)
Expenses related to Portfolio Problems (including reversal of (provision for) general reserve for losses on loans)		(87,051	)
Gains on Reversal of Reserves for Possible Losses on Loans, and other		82,351
Net Gains (Losses) related to Stocks		131,910
Net Extraordinary Gains (Losses)		(20,235	)
Other		37,082

Income before income taxes and minority interests recorded in Consolidated Statements of Income		990,632

1-45

Mizuho Financial Group, Inc.

(Per Share Information)

(Consolidated basis)


		Fiscal 2013		Fiscal 2014
Net Assets per Share of Common Stock		¥	253.25	¥	322.86
Net Income per Share of Common Stock		¥	28.18	¥	24.91
Diluted Net Income per Share of Common Stock		¥	27.12	¥	24.10

1. Total Net Assets per Share of Common Stock is based on the following information:
		Fiscal 2013		Fiscal 2014
Net Assets per Share of Common Stock
Total Net Assets	¥ million		8,304,549		9,800,538
Deductions from Total Net Assets	¥ million		2,163,015		1,854,668
Paid-in Amount of Preferred Stock	¥ million		312,651		213,120
Cash Dividends on Preferred Stock	¥ million		3,126		2,131
Stock Acquisition Rights	¥ million		3,179		3,820
Minority Interests	¥ million		1,844,057		1,635,595
Net Assets (year-end) related to Common Stock	¥ million		6,141,534		7,945,869
Year-end Outstanding Shares of Common Stock, based on which Total Net Assets per Share of Common Stock was calculated	Thousands of shares		24,250,067		24,610,248

2. Net Income per Share of Common Stock and Diluted Net Income per Share of Common Stock are based on the following information:
		Fiscal 2013		Fiscal 2014
Net Income per Share of Common Stock
Net Income	¥ million		688,415		611,935
Amount not attributable to Common Stock	¥ million		6,744		4,910
Cash Dividends on Preferred Stock	¥ million		6,437		4,910
Cancellation differences on Dividend Preferred Stock	¥ million		307		—
Net Income related to Common Stock	¥ million		681,670		607,025
Average Outstanding Shares of Common Stock (during the period)	Thousands of shares		24,189,669		24,368,115

Diluted Net Income per Share of Common Stock
Adjustment to Net Income	¥ million		6,437		4,910
Cash Dividends on Preferred Stock	¥ million		6,437		4,910
Increased Number of Shares of Common Stock	Thousands of shares		1,181,582		1,012,931
Preferred Stock	Thousands of shares		1,164,941		994,744
Stock Acquisition Rights	Thousands of shares		16,641		18,186
Description of dilutive securities which were not included in the calculation of Diluted Net Income per Share of Common Stock as they have no dilutive effects			—		—

3. As indicated in “Change in Accounting Policies”, Mizuho Financial Group has applied “Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26, May 17, 2012) (hereinafter, the “Accounting Standard”) and “Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No. 25, March 26, 2015) (hereinafter, the “Guidance”), in terms of regulations stipulated in the text of the Accounting Standard, Paragraph 35 and the Guidance, Paragraph 67, beginning with the fiscal year ended March 31, 2015 and the Accounting Standard and the Guidance have been applied in accordance with the transitional treatment stipulated in the Accounting Standard, Paragraph 37.

As a result of this, the impact on Net Assets per Share of Common Stock at the beginning of the fiscal year ended March 31, 2015, Net Income per Share of Common Stock, and Diluted Net Income per Share of Common Stock for the fiscal year ended March 31, 2015 is immaterial.

(Subsequent Events)

There is no applicable information.

1-46

Mizuho Financial Group, Inc.

6. Non-Consolidated Financial Statements

(1) Non-Consolidated Balance Sheets


	*Millions of yen*
	As of March 31, 2014		As of March 31, 2015
Assets
Current Assets
Cash and Due from Banks	¥	17,269	¥	12,729
Prepaid Expenses		2,708		2,476
Other Current Assets		66,888		75,430
Total Current Assets		86,866		90,636
Fixed Assets
Tangible Fixed Assets		7,655		166,381
Buildings		5,951		5,729
Equipment		1,644		1,273
Land		—		159,342
Construction in Progress		59		35
Intangible Fixed Assets		4,064		4,269
Trademarks		1		1
Software		3,784		3,096
Other Intangible Fixed Assets		278		1,170
Investments		6,152,737		6,341,817
Investment Securities		99,285		134,970
Investments in Subsidiaries and Affiliates		6,023,433		6,023,428
Long-term Loans to Subsidiaries and Affiliates		—		150,000
Long-term Prepaid Expenses		150		145
Prepaid Pension Cost		6,362		9,144
Other Investments		23,506		24,128
Total Fixed Assets		6,164,457		6,512,468

Total Assets	¥	6,251,324	¥	6,603,104

Liabilities
Current Liabilities
Short-term Borrowings	¥	561,460	¥	700,135
Short-term Bonds		500,000		500,000
Accounts Payable		2,401		2,493
Accrued Expenses		4,134		3,636
Accrued Corporate Taxes		92		53
Deposits Received		2,000		2,017
Reserve for Bonus Payments		272		291
Unearned Income		—		89
Total Current Liabilities		1,070,361		1,208,717
Non-Current Liabilities
Bonds and Notes		240,000		248,800
Deferred Tax Liabilities		18,182		26,070
Reserve for Employee Retirement Benefits		2,814		2,842
Other Non-Current Liabilities		19,548		20,468
Total Non-Current Liabilities		280,546		298,181

Total Liabilities	¥	1,350,907	¥	1,506,898

1-47

Mizuho Financial Group, Inc.


	*Millions of yen*
	As of March 31, 2014			As of March 31, 2015
Net Assets
Shareholders’ Equity
Common Stock and Preferred Stock	¥	2,254,972		¥	2,255,404
Capital Surplus
Capital Reserve		1,194,864			1,195,296
Other Capital Surplus		—			66
Total Capital Surplus		1,194,864			1,195,363
Retained Earnings
Appropriated Reserve		4,350			4,350
Other Retained Earnings		1,415,516			1,589,574
Retained Earnings Brought Forward		1,415,516			1,589,574
Total Retained Earnings		1,419,866			1,593,924
Treasury Stock		(3,233	)		(3,011	)

Total Shareholders’ Equity		4,866,470			5,041,680

Valuation and Translation Adjustments
Net Unrealized Gains (Losses) on Other Securities, net of Taxes		30,766			50,704

Total Valuation and Translation Adjustments		30,766			50,704

Stock Acquisition Rights		3,179			3,820

Total Net Assets		4,900,417			5,096,205

Total Liabilities and Net Assets	¥	6,251,324		¥	6,603,104

1-48

Mizuho Financial Group, Inc.

(2) Non-Consolidated Statements of Income


	*Millions of yen*
	For the fiscal year ended March 31, 2014		For the fiscal year ended March 31, 2015
Operating Income
Cash Dividends Received from Subsidiaries and Affiliates	¥	285,129	¥	344,668
Fee and Commission Income Received from Subsidiaries and Affiliates		31,756		33,109
Total Operating Income		316,886		377,777
Operating Expenses
General and Administrative Expenses		22,591		26,854
Total Operating Expenses		22,591		26,854

Operating Profits		294,294		350,922

Non-Operating Income
Interest on Deposits and Cash Dividends		2,172		2,777
Interest on Loans		—		799
Fee and Commissions		10,155		5,669
Other Non-Operating Income		199		832
Total Non-Operating Income		12,527		10,078
Non-Operating Expenses
Interest Expenses		3,290		1,722
Interest on Short-term Bonds		1,161		796
Interest on Bonds		10,155		6,418
Other Non-Operating Expenses		3,182		2,625
Total Non-Operating Expenses		17,790		11,562

Ordinary Profits		289,031		349,438

Extraordinary Gains
Gains on Disposition of Investments in Subsidiaries		—		67
Other Extraordinary Gains		—		4
Total Extraordinary Gains		—		71
Extraordinary Losses
Head Office Relocation Expenses		2,203		66
Other Extraordinary Losses		338		0
Total Extraordinary Losses		2,541		67

Income before Income Taxes		286,489		349,442

Income Taxes:
Current		288		325
Deferred		339		116
Total Income Taxes		627		441

Net Income	¥	285,861	¥	349,001

1-49

Mizuho Financial Group, Inc.

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


For the fiscal year ended March 31, 2014


	Millions of yen
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings								Treasury Stock			Total Shareholders’ Equity
									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 the beginning of the period		2,254,972		1,194,864		—		1,194,864		4,350		1,318,948			1,323,298			(4,295	)		4,768,840
Changes during the period
Cash Dividends												(152,265	)		(152,265	)					(152,265	)
Net Income												285,861			285,861						285,861
Repurchase of Treasury Stock																		(37,013	)		(37,013	)
Disposition of Treasury Stock												(31	)		(31	)		1,077			1,046
Cancellation of Treasury Stock												(36,997	)		(36,997	)		36,997			—
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		—		—		—		—		—		96,567			96,567			1,062			97,629

Balance as of the end of the period		2,254,972		1,194,864		—		1,194,864		4,350		1,415,516			1,419,866			(3,233	)		4,866,470


	Valuation and Translation Adjustments		Stock Acquisition Rights		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Stock Acquisition Rights		Total Net Assets
Balance as of the beginning of the period		17,395		2,687		4,788,923
Changes during the period
Cash Dividends						(152,265	)
Net Income						285,861
Repurchase of Treasury Stock						(37,013	)
Disposition of Treasury Stock						1,046
Cancellation of Treasury Stock						—
Net Changes in Items other than Shareholders’ Equity		13,371		492		13,863

Total Changes during the period		13,371		492		111,493

Balance as of the end of the period		30,766		3,179		4,900,417

1-50

Mizuho Financial Group, Inc.

For the fiscal year ended March 31, 2015


	Millions of yen
	Shareholders’ Equity
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings								Treasury Stock			Total Shareholders’ Equity
			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 the beginning of the period		2,254,972		1,194,864		—		1,194,864		4,350		1,415,516			1,419,866			(3,233	)		4,866,470
Cumulative Effects of Changes in Accounting Policies												1,193			1,193						1,193
Balance as of the beginning of the period reflecting Changes in Accounting Policies		2,254,972		1,194,864		—		1,194,864		4,350		1,416,709			1,421,059			(3,233	)		4,867,663
Changes during the period
Issuance of New Shares		431		431				431													863
Cash Dividends												(176,136	)		(176,136	)					(176,136	)
Net Income												349,001			349,001						349,001
Repurchase of Treasury Stock																		(12	)		(12	)
Disposition of Treasury Stock						66		66										234			300
Net Changes in Items other than Shareholders’ Equity

Total Changes during the period		431		431		66		498		—		172,864			172,864			222			174,016

Balance as of the end of the period		2,255,404		1,195,296		66		1,195,363		4,350		1,589,574			1,593,924			(3,011	)		5,041,680


	Valuation and Translation Adjustments		Stock Acquisition Rights		Total Net Assets
	Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Stock Acquisition Rights		Total Net Assets
Balance as of the beginning of the period		30,766		3,179		4,900,417
Cumulative Effects of Changes in Accounting Policies						1,193
Balance as of the beginning of the period reflecting Changes in Accounting Policies		30,766		3,179		4,901,610
Changes during the period
Issuance of New Shares						863
Cash Dividends						(176,136	)
Net Income						349,001
Repurchase of Treasury Stock						(12	)
Disposition of Treasury Stock						300
Net Changes in Items other than Shareholders’ Equity		19,938		640		20,578

Total Changes during the period		19,938		640		194,595

Balance as of the end of the period		50,704		3,820		5,096,205

1-51

SELECTED FINANCIAL INFORMATION

For Fiscal 2014

<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”)

The former MHBK and the former Mizuho Corporate Bank, Ltd. (“MHCB”) conducted a merger on July 1, 2013.

Non-consolidated profit/loss figures for MHBK for the previous period (Fiscal 2013) are aggregate figures for the former MHBK for the first quarter, the former MHCB for the first quarter, and MHBK for the second quarter and the second half of Fiscal 2013. Aggregate profit/loss figures for the 2 banks (MHBK and MHTB) for the previous period (Fiscal 2013) are aggregate figures for the former MHBK for the first quarter, the former MHCB for the first quarter, MHBK for the second quarter and the second half of Fiscal 2013, and MHTB for Fiscal 2013.

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


I. FINANCIAL DATA FOR FISCAL 2014	*See above Notes*			*Page*

1. Income Analysis		CON	NON		2- 1

2. Interest Margins (Domestic Operations)		NON			2- 5

3. Use and Source of Funds		NON			2- 6

4. Net Gains/Losses on Securities		CON	NON		2- 7

5. Unrealized Gains/Losses on Securities		CON	NON		2- 9

6. Projected Redemption Amounts for Securities		NON			2- 11

7. Overview of Derivative Transactions Qualifying for Hedge Accounting		NON			2- 12

8. Employee Retirement Benefits		NON	CON		2- 13

9. Capital Ratio		CON	NON		2- 15

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

1. Status of Non-Accrual, Past Due & Restructured Loans		CON	NON		2- 16

2. Status of Reserves for Possible Losses on Loans		CON	NON		2- 18

3. Reserve Ratios for Non-Accrual, Past Due & Restructured Loans		CON	NON		2- 19

4. Status of Disclosed Claims under the Financial Reconstruction Act (“FRA”)		CON	NON		2- 20

5. Coverage on Disclosed Claims under the FRA		NON			2- 22

6. Overview of Non-Performing Loans (“NPLs”)		NON			2- 24

7. Results of Removal of NPLs from the Balance Sheet		NON			2- 25

8. Status of Loans by Industry

(1) Outstanding Balances and Non-Accrual, Past Due & Restructured Loans by Industry		NON			2- 26

(2) Disclosed Claims under the FRA and Coverage Ratio by Industry		NON			2- 28

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- 29

(2) Loans to SMEs and Individual Customers		NON			2- 29

10. Status of Loans by Region		NON			2- 30

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

1. Estimation for Calculating Deferred Tax Assets		NON			2-31


IV. OTHERS	*See above Notes*			*Page*

1. Breakdown of Deposits (Domestic Offices)		NON			2- 34

2. Number of Directors and Employees		HC	NON		2- 35

3. Number of Branches and Offices		NON			2- 36

4. Earnings Plan for Fiscal 2015		CON	NON		2- 37

Attachments	*See above Notes*			*Page*
Mizuho Bank, Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		NON			2- 38
Comparison of Non-Consolidated Statements of Income (selected items)		NON			2- 39
Non-Consolidated Statement of Changes in Net Assets		NON			2- 40
Mizuho Trust & Banking Co., Ltd.
Comparison of Non-Consolidated Balance Sheets (selected items)		NON			2- 41
Comparison of Non-Consolidated Statements of Income (selected items)		NON			2- 42
Non-Consolidated Statement of Changes in Net Assets		NON			2- 43
Statement of Trust Assets and Liabilities		NON			2- 44
Comparison of Balances of Principal Items		NON			2- 45

Mizuho Financial Group, Inc.

I. FINANCIAL DATA FOR FISCAL 2014

1. Income Analysis

Consolidated


		(Millions of yen)
		Fiscal 2014
					Change			Fiscal 2013
Consolidated Gross Profits	1		2,247,738			212,457			2,035,281
Net Interest Income	2		1,129,433			21,130			1,108,303
Fiduciary Income	3		52,641			627			52,014
Credit Costs for Trust Accounts	4		—			—			—
Net Fee and Commission Income	5		593,360			32,591			560,768
Net Trading Income	6		262,963			75,542			187,421
Net Other Operating Income	7		209,340			82,566			126,774
General and Administrative Expenses	8		(1,351,611	)		(93,384	)		(1,258,227	)
Personnel Expenses	9		(637,709	)		(26,326	)		(611,382	)
Non-Personnel Expenses	10		(648,382	)		(54,644	)		(593,737	)
Miscellaneous Taxes	11		(65,519	)		(12,413	)		(53,106	)
Expenses related to Portfolio Problems (including Reversal of (Provision for) General Reserve for Possible Losses on Loans)	12		(87,051	)		(63,695	)		(23,355	)
Losses on Write-offs of Loans	13		*(84,504*	)		(62,072	)		(22,431	)
Reversal of Reserves for Possible Losses on Loans, etc.	14		82,351			(53,883	)		136,235
Net Gains (Losses) related to Stocks	15		131,910			54,879			77,031
Equity in Income from Investments in Affiliates	16		15,052			(439	)		15,491
Other	17		(27,522	)		(32,653	)		5,130

Ordinary Profits	18		1,010,867			23,280			987,587

Net Extraordinary Gains (Losses)	19		(20,235	)		(18,015	)		(2,220	)
Income before Income Taxes and Minority Interests	20		990,632			5,265			985,366
Income Taxes - Current	21		(260,268	)		(123,258	)		(137,010	)
- Deferred	22		(44,723	)		33,236			(77,960	)
Net Income before Minority Interests	23		685,640			(84,755	)		770,396
Minority Interests in Net Income	24		(73,705	)		8,275			(81,980	)

Net Income	25		611,935			(76,479	)		688,415


Credit-related Costs (including Credit Costs for Trust Accounts)	26		(4,699	)		(117,579	)		112,879
* 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		876,961			132,696			744,264
* 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		150			(9	)		159
Number of affiliates under the equity method	29		21			—			21

2-1

Mizuho Financial Group, Inc.

Aggregate Figures for the 2 Banks

Non-Consolidated


		(Millions of yen)
		Fiscal 2014												Fiscal 2013
		MHBK			MHTB			Aggregate Figures			Change			Fiscal 2013
Gross Profits	1		1,495,471			134,267			1,629,739			122,862			1,506,876
Domestic Gross Profits	2		944,334			117,022			1,061,357			55,983			1,005,373
Net Interest Income	3		595,624			30,725			626,349			(41,500	)		667,849
Fiduciary Income	4					51,947			51,947			513			51,434
Trust Fees for Jointly Operated Designated Money Trust	5					*2,814*			*2,814*			(285	)		3,100
Credit Costs for Trust Accounts *	6					—			—			—			—
Net Fee and Commission Income	7		240,751			29,886			270,638			13,958			256,679
Net Trading Income	8		51,372			180			51,553			53,266			(1,713	)
Net Other Operating Income	9		56,585			4,282			60,868			29,744			31,123
International Gross Profits	10		551,136			17,245			568,381			66,879			501,502
Net Interest Income	11		339,272			8,569			347,841			51,891			295,950
Net Fee and Commission Income	12		142,778			(746	)		142,031			24,521			117,509
Net Trading Income	13		(2,837	)		2,313			(523	)		(35,965	)		35,442
Net Other Operating Income	14		71,923			7,107			79,031			26,431			52,600
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(833,737	)		(74,617	)		(908,354	)		(44,090	)		(864,264	)
Expense Ratio	16		*55.7*	%		*55.5*	%		*55.7*	%		(1.6	%)		57.3	%
Personnel Expenses	17		(289,934	)		(34,448	)		(324,383	)		(1,521	)		(322,862	)
Non-Personnel Expenses	18		(491,820	)		(37,348	)		(529,168	)		(31,976	)		(497,192	)
Premium for Deposit Insurance	19		*(48,840*	)		*(1,729*	)		*(50,569*	)		(3,030	)		(47,539	)
Miscellaneous Taxes	20		(51,982	)		(2,819	)		(54,802	)		(10,592	)		(44,209	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	21		661,733			59,650			721,384			78,772			642,611
Excluding Net Gains (Losses) related to Bonds	22		*596,783*			*48,732*			*645,515*			36,810			608,704

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

Net Business Profits	24		661,733			59,650			721,384			78,772			642,611
Net Gains (Losses) related to Bonds	25		*64,950*			*10,918*			*75,869*			41,962			33,907

Net Non-Recurring Gains (Losses)	26		24,586			8,493			33,079			(125,982	)		159,062
Net Gains (Losses) related to Stocks	27		88,963			7,233			96,196			38,515			57,681
Expenses related to Portfolio Problems	28		(82,395	)		(6	)		(82,401	)		(64,218	)		(18,182	)
Reversal of Reserves for Possible Losses on Loans, etc.	29		68,702			5,891			74,593			(60,284	)		134,877
Other	30		(50,683	)		(4,625	)		(55,309	)		(39,995	)		(15,313	)

Ordinary Profits	31		686,320			68,143			754,464			(47,210	)		801,674

Net Extraordinary Gains (Losses)	32		(18,275	)		(229	)		(18,504	)		(8,214	)		(10,290	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(7,888*	)		*(170*	)		*(8,058*	)		(2,460	)		(5,598	)
Losses on Impairment of Fixed Assets	34		*(10,387*	)		*(59*	)		*(10,446*	)		(5,754	)		(4,692	)
Income before Income Taxes	35		668,044			67,914			735,959			(55,424	)		791,383
Income Taxes - Current	36		(209,116	)		(5,643	)		(214,759	)		(99,405	)		(115,353	)
- Deferred	37		(35,740	)		(5,027	)		(40,767	)		52,759			(93,527	)

Net Income	38		423,188			57,243			480,432			(102,070	)		582,502

* 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].

Credit-related Costs	39		(13,693	)		5,884			(7,808	)		(124,502	)		116,694
* 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		44,403			2,994			47,398			(60,689	)		108,087
Losses on Write-offs of Loans	42		(65,661	)		(6	)		(65,667	)		(71,653	)		5,985
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		11,372			2,896			14,268			26,347			(12,078	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	44		309			(0	)		309			(65	)		374
Reversal of (Provision for) Reserve for Contingencies	45		(1,346	)		—			(1,346	)		(18,568	)		17,222
Other (including Losses on Sales of Loans)	46		(2,771	)		—			(2,771	)		125			(2,896	)
Total	47		(13,693	)		5,884			(7,808	)		(124,502	)		116,694

2-2

Mizuho Financial Group, Inc.

Mizuho Bank

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2014						Fiscal 2013
					Change			Fiscal 2013
Gross Profits	1		1,495,471			111,355			1,384,115
Domestic Gross Profits	2		944,334			46,362			897,971
Net Interest Income	3		595,624			(40,497	)		636,122
Net Fee and Commission Income	4		240,751			8,179			232,572
Net Trading Income	5		51,372			49,001			2,370
Net Other Operating Income	6		56,585			29,678			26,906
International Gross Profits	7		551,136			64,993			486,143
Net Interest Income	8		339,272			51,641			287,630
Net Fee and Commission Income	9		142,778			24,785			117,992
Net Trading Income	10		(2,837	)		(31,906	)		29,069
Net Other Operating Income	11		71,923			20,472			51,451
General and Administrative Expenses (excluding Non-Recurring Losses)	12		(833,737	)		(42,620	)		(791,116	)
Expense Ratio	13		*55.7*	%		(1.4	%)		57.1	%
Personnel Expenses	14		(289,934	)		(1,006	)		(288,927	)
Non-Personnel Expenses	15		(491,820	)		(31,448	)		(460,371	)
Premium for Deposit Insurance	16		*(48,840*	)		(3,101	)		(45,739	)
Miscellaneous Taxes	17		(51,982	)		(10,165	)		(41,817	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	18		661,733			68,735			592,998
Excluding Net Gains (Losses) related to Bonds	19		*596,783*			31,875			564,907

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

Net Business Profits	21		661,733			68,735			592,998
Net Gains (Losses) related to Bonds	22		*64,950*			36,859			28,091

Net Non-Recurring Gains (Losses)	23		24,586			(113,453	)		138,040
Net Gains (Losses) related to Stocks	24		88,963			39,888			49,075
Expenses related to Portfolio Problems	25		(82,395	)		(64,562	)		(17,832	)
Reversal of Reserves for Possible Losses on Loans, etc.	26		68,702			(49,180	)		117,882
Other	27		(50,683	)		(39,598	)		(11,085	)

Ordinary Profits	28		686,320			(44,718	)		731,038

Net Extraordinary Gains (Losses)	29		(18,275	)		(10,538	)		(7,737	)
Net Gains (Losses) on Disposition of Fixed Assets	30		*(7,888*	)		(3,689	)		(4,198	)
Losses on Impairment of Fixed Assets	31		*(10,387*	)		(6,848	)		(3,538	)
Income before Income Taxes	32		668,044			(55,256	)		723,301
Income Taxes - Current	33		(209,116	)		(110,932	)		(98,183	)
- Deferred	34		(35,740	)		59,172			(94,912	)

Net Income	35		423,188			(107,016	)		530,205


Credit-related Costs	36		(13,693	)		(113,743	)		100,050
* 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		44,403			(60,751	)		105,154
Losses on Write-offs of Loans	38		(65,661	)		(71,997	)		6,336
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	39		11,372			23,968			(12,596	)
Reversal of (Provision for) Reserve for Possible Losses on Loans to Restructuring Countries	40		309			(65	)		374
Reversal of (Provision for) Reserve for Contingencies	41		(1,346	)		(5,024	)		3,677
Other (including Losses on Sales of Loans)	42		(2,771	)		125			(2,896	)
Total	43		(13,693	)		(113,743	)		100,050

2-3

Mizuho Financial Group, Inc.

Mizuho Trust & Banking

Non-Consolidated


		*(Millions of yen)*
		Fiscal 2014						Fiscal 2013
					Change			Fiscal 2013
Gross Profits	1		134,267			11,506			122,760
Domestic Gross Profits	2		117,022			9,620			107,401
Net Interest Income	3		30,725			(1,002	)		31,727
Fiduciary Income	4		*51,947*			513			51,434
Trust Fees for Jointly Operated Designated Money Trust	5		*2,814*			(285	)		3,100
Credit Costs for Trust Accounts *	6		—			—			—
Net Fee and Commission Income	7		29,886			5,779			24,107
Net Trading Income	8		180			4,264			(4,084	)
Net Other Operating Income	9		4,282			66			4,216
International Gross Profits	10		17,245			1,886			15,358
Net Interest Income	11		8,569			249			8,319
Net Fee and Commission Income	12		(746	)		(263	)		(482	)
Net Trading Income	13		2,313			(4,058	)		6,372
Net Other Operating Income	14		7,107			5,958			1,149
General and Administrative Expenses (excluding Non-Recurring Losses)	15		(74,617	)		(1,469	)		(73,147	)
Expense Ratio	16		*55.5*	%		(4.0	%)		59.5	%
Personnel Expenses	17		(34,448	)		(514	)		(33,934	)
Non-Personnel Expenses	18		(37,348	)		(527	)		(36,821	)
Premium for Deposit Insurance	19		*(1,729*	)		70			(1,800	)
Miscellaneous Taxes	20		(2,819	)		(427	)		(2,392	)

Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	21		59,650			10,037			49,613
Excluding Net Gains (Losses) related to Bonds	22		*48,732*			4,934			43,797

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

Net Business Profits	24		59,650			10,037			49,613
Net Gains (Losses) related to Bonds	25		*10,918*			5,102			5,815

Net Non-Recurring Gains (Losses)	26		8,493			(12,528	)		21,022
Net Gains (Losses) related to Stocks	27		7,233			(1,372	)		8,606
Expenses related to Portfolio Problems	28		(6	)		344			(350	)
Reversal of Reserves for Possible Losses on Loans, etc.	29		5,891			(11,103	)		16,994
Other	30		(4,625	)		(396	)		(4,228	)

Ordinary Profits	31		68,143			(2,491	)		70,635

Net Extraordinary Gains (Losses)	32		(229	)		2,323			(2,553	)
Net Gains (Losses) on Disposition of Fixed Assets	33		*(170*	)		1,229			(1,399	)
Losses on Impairment of Fixed Assets	34		*(59*	)		1,094			(1,153	)
Income before Income Taxes	35		67,914			(167	)		68,082
Income Taxes - Current	36		(5,643	)		11,526			(17,169	)
- Deferred	37		(5,027	)		(6,412	)		1,384

Net Income	38		57,243			4,946			52,297

* 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		5,884			(10,758	)		16,643
* 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		2,994			62			2,932
Losses on Write-offs of Loans	42		(6	)		344			(350	)
Reversal of (Provision for) Specific Reserve for Possible Losses on Loans	43		2,896			2,379			517
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		—			(13,544	)		13,544
Other (including Losses on Sales of Loans)	46		—			—			—
Total	47		5,884			(10,758	)		16,643

2-4

Mizuho Financial Group, Inc.

2. Interest Margins (Domestic Operations)

Non-Consolidated


			(%)
			Fiscal 2014						Fiscal 2013
Mizuho Bank						Change

Return on Interest-Earning Assets		1		0.69			(0.04	)		0.74
Return on Loans and Bills Discounted *1		2		1.03			(0.06	)		1.09
Return on Securities		3		0.45			(0.04	)		0.50
Cost of Funding (including Expenses)		4		0.77			0.01			0.75
Cost of Deposits (including Expenses)		5		0.85			(0.01	)		0.86
Cost of Deposits 2*		6		*0.04*			(0.00	)		0.05
Cost of Other External Liabilities		7		0.19			(0.00	)		0.20

Net Interest Margin	(1)-(4)	8		(0.07	)		(0.06	)		(0.00	)
Loan and Deposit Rate Margin (including Expenses)	(2)-(5)	9		0.17			(0.05	)		0.23
Loan and Deposit Rate Margin	(2)-(6)	10		0.99			(0.05	)		1.04

*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2 Deposits include Negotiable Certificates of Deposit (“NCDs”).

(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		11		1.13			(0.09	)		1.22
Loan and Deposit Rate Margin (including Expenses)	(11)-(5)	12		0.27			(0.08	)		0.36
Loan and Deposit Rate Margin	(11)-(6)	13		1.08			(0.08	)		1.17

			(%)
			Fiscal 2014						Fiscal 2013
Mizuho Trust & Banking						Change

Return on Interest-Earning Assets		14		0.70			(0.05	)		0.76
Return on Loans and Bills Discounted *1		15		1.00			(0.00	)		1.01
Return on Securities		16		0.78			0.13			0.65
Cost of Funding		17		0.16			(0.04	)		0.20
Cost of Deposits *2		18		0.07			(0.01	)		0.09

Net Interest Margin	(14)-(17)	19		0.54			(0.01	)		0.55
Loan and Deposit Rate Margin	(15)-(18)	20		0.92			0.00			0.92

*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2 Deposits include NCDs.

(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		21		1.00			(0.10	)		1.11
Loan and Deposit Rate Margin	(21)-(18)	22		0.92			(0.09	)		1.01



(Reference)			(%)
			Fiscal 2014						Fiscal 2013
Aggregate Figures for the 2 Banks						Change

Return on Loans and Bills Discounted *1		23		1.03			(0.06	)		1.09
Cost of Deposits *2		24		0.04			(0.00	)		0.05
Loan and Deposit Rate Margin	(23)-(24)	25		0.98			(0.05	)		1.04
*1 Return on Loans and Bills Discounted excludes loans to financial institutions (including MHFG).
*2 Deposits include NCDs.

(Reference) After excluding loans to the Japanese government and others
Return on Loans and Bills Discounted		26		1.12			(0.09	)		1.21
Loan and Deposit Rate Margin	(26)-(24)	27		1.08			(0.08	)		1.16

2-5

Mizuho Financial Group, Inc.

3. Use and Source of Funds

Non-Consolidated

Mizuho Bank

(Millions of yen, %)

Fiscal 2014

Fiscal 2013

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

135,672,564

0.92

4,281,575

(0.01

)

131,390,989

0.94

Loans and Bills Discounted

69,043,413

1.16

3,604,816

(0.07

)

65,438,597

1.24

Securities

41,941,102

0.77

(1,306,964

)

0.07

43,248,067

0.70

Source of Funds

135,488,809

0.23

4,024,971

(0.00

)

131,463,837

0.24

Deposits

88,245,507

0.10

4,939,252

0.00

83,306,254

0.09

NCDs

16,390,621

0.17

2,641,521

(0.01

)

13,749,100

0.19

(Domestic Operations)

Use of Funds

97,740,573

0.69

(2,497,827

)

(0.04

)

100,238,400

0.74

Loans and Bills Discounted

48,742,971

1.03

(326,309

)

(0.06

)

49,069,281

1.10

Securities

30,243,263

0.45

(2,568,037

)

(0.04

)

32,811,301

0.50

Source of Funds

97,478,051

0.08

(2,720,334

)

(0.02

)

100,198,386

0.11

Deposits

71,317,602

0.03

2,109,256

(0.00

)

69,208,346

0.04

NCDs

10,364,682

0.08

712,588

(0.00

)

9,652,094

0.09

(International Operations)

Use of Funds

41,317,959

1.39

6,087,245

(0.01

)

35,230,714

1.40

Loans and Bills Discounted

20,300,442

1.49

3,931,126

(0.15

)

16,369,316

1.65

Securities

11,697,839

1.61

1,261,073

0.27

10,436,766

1.33

Source of Funds

41,396,725

0.57

6,053,149

(0.01

)

35,343,576

0.59

Deposits

16,927,904

0.38

2,829,996

0.02

14,097,907

0.35

NCDs

6,025,939

0.32

1,928,932

(0.10

)

4,097,006

0.43

Mizuho Trust & Banking (Banking Account)

(Millions of yen, %)

Fiscal 2014

Fiscal 2013

Change

Average Balance

Rate

Average Balance

Rate

Average Balance

Rate

(Total)

Use of Funds

6,239,854

0.79

(35,221

)

(0.04

)

6,275,075

0.83

Loans and Bills Discounted

3,036,394

1.00

(337,966

)

(0.00

)

3,374,361

1.00

Securities

1,677,615

1.01

(302,652

)

0.14

1,980,268

0.87

Source of Funds

6,015,860

0.17

(38,925

)

(0.03

)

6,054,785

0.20

Deposits

2,398,749

0.07

443,535

(0.01

)

1,955,213

0.09

NCDs

809,441

0.09

(238,358

)

(0.00

)

1,047,800

0.09

(Domestic Operations)

Use of Funds

5,603,499

0.70

(53,308

)

(0.05

)

5,656,808

0.76

Loans and Bills Discounted

2,868,956

1.00

(387,893

)

(0.00

)

3,256,850

1.00

Securities

1,102,792

0.78

(266,249

)

0.13

1,369,042

0.65

Source of Funds

5,363,603

0.16

(66,532

)

(0.04

)

5,430,135

0.20

Deposits

2,372,312

0.07

458,763

(0.01

)

1,913,549

0.08

NCDs

809,441

0.09

(238,358

)

(0.00

)

1,047,800

0.09

(International Operations)

Use of Funds

794,955

1.28

(386,295

)

0.42

1,181,250

0.86

Loans and Bills Discounted

167,438

1.03

49,926

0.09

117,511

0.93

Securities

574,823

1.46

(36,402

)

0.08

611,225

1.37

Source of Funds

810,857

0.20

(376,776

)

0.04

1,187,634

0.15

Deposits

26,436

0.27

(15,227

)

(0.02

)

41,663

0.30

NCDs

—

2-6

Mizuho Financial Group, Inc.

4. Net Gains/Losses on Securities

Consolidated


	*(Millions of yen)*
	Fiscal 2014						Fiscal 2013
				Change
Net Gains (Losses) related to Bonds		73,253			39,216			34,036
Gains on Sales and Others		175,364			56,498			118,865
Losses on Sales and Others		(97,060	)		(24,987	)		(72,073	)
Impairment (Devaluation)		(1,438	)		8,278			(9,717	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3,612	)		(573	)		(3,038	)

	Fiscal 2014						Fiscal 2013
				Change
Net Gains (Losses) related to Stocks		131,910			54,879			77,031
Gains on Sales		152,029			64,551			87,477
Losses on Sales		(8,326	)		(2,364	)		(5,961	)
Impairment (Devaluation)		(5,389	)		2			(5,392	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		24			10			13
Gains (Losses) on Derivatives other than for Trading		(6,427	)		(7,321	)		894

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	Fiscal 2014						Fiscal 2013
				Change
Net Gains (Losses) related to Bonds		75,869			41,962			33,907
Gains on Sales and Others		178,581			59,165			119,415
Losses on Sales and Others		(97,719	)		(24,865	)		(72,854	)
Impairment (Devaluation)		(1,386	)		8,229			(9,615	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(3,606	)		(567	)		(3,038	)

	Fiscal 2014						Fiscal 2013
				Change
Net Gains (Losses) related to Stocks		96,196			38,515			57,681
Gains on Sales		109,548			47,473			62,075
Losses on Sales		(6,299	)		(2,684	)		(3,615	)
Impairment (Devaluation)		(648	)		1,068			(1,716	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		23			(20	)		44
Gains (Losses) on Derivatives other than for Trading		(6,427	)		(7,321	)		894

2-7

Mizuho Financial Group, Inc.


Mizuho Bank	*(Millions of yen)*
	Fiscal 2014						Fiscal 2013
				Change
Net Gains (Losses) related to Bonds		64,950			36,859			28,091
Gains on Sales and Others		161,203			50,475			110,728
Losses on Sales and Others		(91,906	)		(22,414	)		(69,492	)
Impairment (Devaluation)		(1,386	)		8,229			(9,615	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(2,959	)		569			(3,528	)

	Fiscal 2014						Fiscal 2013
				Change
Net Gains (Losses) related to Stocks		88,963			39,888			49,075
Gains on Sales		101,881			48,742			53,139
Losses on Sales		(6,065	)		(2,761	)		(3,304	)
Impairment (Devaluation)		(610	)		1,036			(1,647	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		13			(36	)		49
Gains (Losses) on Derivatives other than for Trading		(6,256	)		(7,093	)		837

Mizuho Trust & Banking	*(Millions of yen)*
	Fiscal 2014						Fiscal 2013
				Change
Net Gains (Losses) related to Bonds		10,918			5,102			5,815
Gains on Sales and Others		17,378			8,690			8,687
Losses on Sales and Others		(5,812	)		(2,451	)		(3,361	)
Impairment (Devaluation)		—			—			—
Reversal of (Provision for) Reserve for Possible Losses on Investments		—			—			—
Gains (Losses) on Derivatives other than for Trading		(646	)		(1,136	)		489

	Fiscal 2014						Fiscal 2013
				Change
Net Gains (Losses) related to Stocks		7,233			(1,372	)		8,606
Gains on Sales		7,666			(1,268	)		8,935
Losses on Sales		(234	)		77			(311	)
Impairment (Devaluation)		(37	)		31			(69	)
Reversal of (Provision for) Reserve for Possible Losses on Investments		10			15			(5	)
Gains (Losses) on Derivatives other than for Trading		(170	)		(227	)		57

2-8

Mizuho Financial Group, Inc.

5. Unrealized Gains/Losses on Securities

•

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

Consolidated

(1) Other Securities

(Millions of yen)

As of March 31, 2015

As of March 31, 2014

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

37,704,504

2,531,378

2,623,193

91,815

1,127,679

1,475,537

347,858

Japanese Stocks

4,121,905

2,158,955

2,187,357

28,401

1,106,994

1,197,864

90,869

Japanese Bonds

20,328,423

44,101

55,809

11,708

31,372

48,126

16,753

Japanese Government Bonds

17,415,791

22,636

24,016

1,379

13,401

17,821

4,420

Other

13,254,174

328,321

380,027

51,705

(10,688

)

229,546

240,234

Foreign Bonds

10,032,520

40,060

80,760

40,699

(170,636

)

32,151

202,787

*	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 ¥52,059 million and ¥37,413 million, which were recognized in the statement of income for March 31, 2015 and March 31, 2014, respectively, by applying the fair-value hedge method and others. As a result, the base amounts to be recorded directly to Net Assets after tax and consolidation adjustments as of March 31, 2015 and March 31, 2014 are ¥2,479,318 million and ¥1,090,266 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax and consolidation adjustments, excluding the amount recognized in the statement of income by applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of March 31, 2015 and March 31, 2014 are ¥1,737,348 million and ¥733,522 million, respectively.

(2) Bonds Held to Maturity

(Millions of yen)

As of March 31, 2015

As of March 31, 2014

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Bonds Held to Maturity

5,647,341

30,465

31,260

794

17,734

17,954

220

Non-Consolidated

(1) Other Securities

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2015

As of March 31, 2014

Book Value
(=Fair Value)

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Other Securities

36,466,869

2,313,319

2,411,731

98,411

958,662

1,310,832

352,169

Japanese Stocks

4,033,359

2,078,883

2,114,307

35,423

1,027,355

1,124,319

96,963

Japanese Bonds

19,977,203

44,061

55,681

11,619

31,506

48,013

16,506

Japanese Government Bonds

17,243,638

22,570

23,950

1,379

13,365

17,782

4,417

Other

12,456,306

190,374

241,743

51,368

(100,199

)

138,498

238,698

Foreign Bonds

9,828,550

38,339

78,892

40,552

(170,250

)

31,339

201,589

Mizuho Bank

Other Securities

34,603,226

2,138,808

2,234,014

95,205

874,549

1,215,814

341,264

Japanese Stocks

3,762,836

1,933,204

1,966,662

33,457

945,045

1,038,309

93,263

Japanese Bonds

19,003,116

42,869

53,952

11,083

30,461

46,201

15,739

Japanese Government Bonds

16,338,400

21,454

22,677

1,222

13,114

16,860

3,745

Other

11,837,274

162,734

213,399

50,664

(100,957

)

131,304

232,261

Foreign Bonds

9,390,437

28,218

68,386

40,167

(165,782

)

30,860

196,643

Mizuho Trust & Banking

Other Securities

1,863,643

174,510

177,717

3,206

84,112

95,017

10,904

Japanese Stocks

270,523

145,678

147,645

1,966

82,309

86,010

3,700

Japanese Bonds

974,087

1,192

1,728

536

1,045

1,812

767

Japanese Government Bonds

905,238

1,116

1,272

156

251

922

671

Other

619,032

27,639

28,343

703

757

7,194

6,436

Foreign Bonds

438,113

10,120

10,506

385

(4,467

)

478

4,945

*	In addition to “Securities” 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 ¥52,059 million and ¥37,413 million, which were recognized in the statement of income for March 31, 2015 and March 31, 2014, respectively, by applying the fair-value hedge method and others. As a result, the base amounts to be recorded directly to Net Assets after tax adjustment as of March 31, 2015 and March 31, 2014 are ¥2,261,259 million and ¥921,249 million, respectively.

Unrealized Gains (Losses) on Other Securities, net of Taxes (recorded directly to Net Assets after tax adjustment, excluding the amount recognized in the statement of income by applying the fair-value hedge method and others, including translation differences regarding securities, the fair values of which are extremely difficult to determine) as of March 31, 2015 and March 31, 2014 are as follows:


	*(Millions of yen)*
	As of March 31, 2015		As of March 31, 2014
Aggregate Figures		1,633,442		665,027
Mizuho Bank		1,497,419		597,410
Mizuho Trust & Banking		136,022		67,616

2-9

Mizuho Financial Group, Inc.

(2) Bonds Held to Maturity

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2015

As of March 31, 2014

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

5,647,341

30,465

31,260

794

17,734

17,954

220

Mizuho Bank

5,647,341

30,465

31,260

794

17,734

17,954

220

Mizuho Trust & Banking

—

(3) Investment in Subsidiaries and Affiliates

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2015

As of March 31, 2014

Book Value

Unrealized Gains/Losses

Gains

Losses

Gains

Losses

Aggregate Figures

118,376

159,543

—

140,597

141,249

651

Mizuho Bank

118,376

159,543

—

140,597

141,249

651

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 March 31, 2015

As of
March 31,
2014

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

2,479,318

1,389,052

1,090,266

Japanese Stocks

2,132,177

1,023,954

1,108,222

Japanese Bonds

44,101

12,728

31,372

Japanese Government Bonds

22,636

9,235

13,401

Other

303,040

352,369

(49,328

)

Foreign Bonds

14,778

224,056

(209,277

)

Non-Consolidated

Aggregate Figures for the 2 Banks

(Millions of yen)

As of March 31, 2015

As of
March 31,
2014

Unrealized Gains/Losses

Unrealized
Gains/Losses

Change

Other Securities

2,261,259

1,340,010

921,249

Japanese Stocks

2,052,104

1,023,522

1,028,582

Japanese Bonds

44,061

12,554

31,507

Japanese Government Bonds

22,570

9,205

13,365

Other

165,093

303,933

(138,840

)

Foreign Bonds

13,058

221,949

(208,891

)

2-10

Mizuho Financial Group, Inc.

6. Projected Redemption Amounts for Securities

•

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

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	Maturity as of March 31, 2015								Change												Maturity as of March 31, 2014
	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		4,532.5		16,751.8		2,169.7		775.9		(2,282.8	)		(1,247.9	)		(671.4	)		(226.0	)		6,815.4		17,999.7		2,841.1		1,001.9
Japanese Government Bonds		4,088.9		15,545.7		1,898.9		—		(2,348.8	)		(1,213.2	)		(674.9	)		—			6,437.7		16,758.9		2,573.8		—
Japanese Local Government Bonds		36.1		104.4		92.9		0.7		5.9			(25.8	)		12.7			(0.0	)		30.2		130.2		80.1		0.7
Japanese Corporate Bonds		407.4		1,101.6		177.9		775.1		60.0			(8.8	)		(9.2	)		(226.0	)		347.4		1,110.5		187.2		1,001.2
Other		2,415.4		3,466.9		2,383.2		2,924.2		571.2			(695.7	)		777.0			1,009.3			1,844.2		4,162.7		1,606.2		1,914.8

Mizuho Bank

Japanese Bonds		4,004.1		16,404.5		2,081.6		775.9		(2,789.4	)		(923.8	)		(446.2	)		(226.0	)		6,793.6		17,328.3		2,527.8		1,001.9
Japanese Government Bonds		3,578.9		15,245.7		1,813.8		—		(2,838.8	)		(900.7	)		(455.0	)		—			6,417.7		16,146.4		2,268.8		—
Japanese Local Government Bonds		35.6		102.8		91.5		0.7		5.4			(26.5	)		14.0			(0.0	)		30.1		129.4		77.4		0.7
Japanese Corporate Bonds		389.6		1,055.9		176.3		775.1		43.9			3.3			(5.2	)		(226.0	)		345.7		1,052.5		181.6		1,001.2
Other		2,411.7		3,356.4		2,121.1		2,875.2		578.7			(413.6	)		637.3			960.4			1,832.9		3,770.1		1,483.7		1,914.8

Mizuho Trust & Banking

Japanese Bonds		528.4		347.2		88.1		—		506.6			(324.0	)		(225.1	)		—			21.8		671.3		313.2		—
Japanese Government Bonds		510.0		300.0		85.1		—		490.0			(312.5	)		(219.9	)		—			20.0		612.5		305.0		—
Japanese Local Government Bonds		0.5		1.5		1.4		—		0.4			0.7			(1.2	)		—			0.1		0.8		2.6		—
Japanese Corporate Bonds		17.8		45.7		1.6		—		16.1			(12.2	)		(3.9	)		—			1.7		57.9		5.6		—
Other		3.7		110.5		262.1		48.9		(7.4	)		(282.1	)		139.6			48.9			11.2		392.6		122.4		—

2-11

Mizuho Financial Group, Inc.

7. Overview of Derivative Transactions Qualifying for Hedge Accounting

Non-Consolidated

•

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

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of March 31, 2015								Change												As of March 31, 2014
	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		2,395.8		16,343.3		7,197.4		25,936.6		(2,012.2	)		1,707.9			1,147.9			843.6			4,408.0		14,635.4		6,049.5		25,093.0
Receive Float / Pay Fixed		242.6		4,553.6		2,651.7		7,447.9		(244.2	)		1,488.0			(1,161.7	)		82.1			486.8		3,065.5		3,813.4		7,365.8
Receive Float / Pay Float		42.6		—		—		42.6		(7.3	)		(71.9	)		—			(79.2	)		50.0		71.9		—		121.9
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		2,681.1		20,897.0		9,849.1		33,427.3		(2,263.8	)		3,124.0			(13.7	)		846.4			4,944.9		17,772.9		9,862.9		32,580.8

Mizuho Bank

Receive Fixed / Pay Float		2,395.8		16,343.3		6,798.0		25,537.2		(2,007.2	)		1,837.9			1,053.5			884.2			4,403.0		14,505.4		5,744.5		24,653.0
Receive Float / Pay Fixed		217.6		4,437.2		2,441.7		7,096.5		(269.2	)		1,412.7			(1,276.7	)		(133.2	)		486.8		3,024.4		3,718.4		7,229.7
Receive Float / Pay Float		42.6		—		—		42.6		(7.3	)		(71.9	)		—			(79.2	)		50.0		71.9		—		121.9
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		2,656.1		20,780.6		9,239.7		32,676.5		(2,283.8	)		3,178.7			(223.1	)		671.7			4,939.9		17,601.8		9,462.9		32,004.7

Mizuho Trust & Banking

Receive Fixed / Pay Float		—		—		399.4		399.4		(5.0	)		(130.0	)		94.4			(40.6	)		5.0		130.0		305.0		440.0
Receive Float / Pay Fixed		25.0		116.4		210.0		351.4		25.0			75.3			115.0			215.3			—		41.0		95.0		136.0
Receive Float / Pay Float		—		—		—		—		—			—			—			—			—		—		—		—
Receive Fixed / Pay Fixed		—		—		—		—		—			—			—			—			—		—		—		—
Total		25.0		116.4		609.4		750.8		20.0			(54.6	)		209.4			174.7			5.0		171.0		400.0		576.0

(Reference)

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


	*(Billions of yen)*
	As of March 31, 2015						Change						As of March 31, 2014
	Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses						Deferred Hedge Gains/Losses
	Gains		Losses				Gains		Losses				Gains		Losses
Aggregate Figures		733.1		745.6	(12.5	)		87.8		91.6	(3.7	)		645.2		654.0	(8.7	)
Mizuho Bank		642.2		652.3	(10.0	)		65.1		73.1	(7.9	)		577.1		579.2	(2.0	)
Mizuho Trust & Banking		90.8		93.2	(2.4	)		22.7		18.5	4.2			68.1		74.7	(6.6	)

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

2-12

Mizuho Financial Group, Inc.

8. Employee Retirement Benefits

Certain part of Accounting Standard for Retirement Benefits and others has been applied from the beginning of fiscal 2014.

Non-Consolidated

Retirement Benefit Obligations

Aggregate Figures for the 2 Banks


		*(Millions of yen)*
		Fiscal 2014			Change			Fiscal 2013
Retirement Benefit Obligations	(A)		1,193,979			37,123			1,156,856
Discount Rate (%)			0.07~1.62						1.70

Total Fair Value of Plan Assets	(B)		1,883,289			343,584			1,539,705
Unrecognized Actuarial Differences	(C)		(227,830	)		(266,201	)		38,370
Prepaid Pension Cost	(B)+(C)-(A)		461,479			40,260			421,219

Mizuho Bank

Retirement Benefit Obligations	(A)		1,055,879			31,431			1,024,448
Discount Rate (%)			0.07~1.62						1.70

Total Fair Value of Plan Assets	(B)		1,697,155			316,335			1,380,819
Unrecognized Actuarial Differences	(C)		(225,581	)		(247,626	)		22,045
Prepaid Pension Cost	(B)+(C)-(A)		415,694			37,278			378,416

Mizuho Trust & Banking

Retirement Benefit Obligations	(A)		138,099			5,691			132,407
Discount Rate (%)			0.07~1.62						1.70

Total Fair Value of Plan Assets	(B)		186,134			27,248			158,885
Unrecognized Actuarial Differences	(C)		(2,249	)		(18,574	)		16,325
Prepaid Pension Cost	(B)+(C)-(A)		45,785			2,982			42,803

2-13

Mizuho Financial Group, Inc.

Income (Expenses) related to Employee Retirement Benefits

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	Fiscal 2014			Change			Fiscal 2013
Service Cost		(21,953	)		(764	)		(21,188	)
Interest Cost		(10,223	)		9,729			(19,953	)
Expected Return on Plan Assets		32,497			(540	)		33,038
Accumulation (Amortization) of Unrecognized Actuarial Differences		(20,536	)		(2,579	)		(17,957	)
Other		(3,776	)		506			(4,282	)

Total		(23,992	)		6,351			(30,343	)

Mizuho Bank


	*(Millions of yen)*
	Fiscal 2014			Change			Fiscal 2013
Service Cost		(18,859	)		(519	)		(18,339	)
Interest Cost		(9,036	)		8,650			(17,687	)
Expected Return on Plan Assets		29,127			(240	)		29,368
Accumulation (Amortization) of Unrecognized Actuarial Differences		(17,393	)		(1,993	)		(15,400	)
Other		(3,255	)		431			(3,687	)

Total		(19,417	)		6,328			(25,745	)

Mizuho Trust & Banking


	*(Millions of yen)*
	Fiscal 2014			Change			Fiscal 2013
Service Cost		(3,093	)		(245	)		(2,848	)
Interest Cost		(1,186	)		1,079			(2,266	)
Expected Return on Plan Assets		3,369			(300	)		3,669
Accumulation (Amortization) of Unrecognized Actuarial Differences		(3,143	)		(586	)		(2,556	)
Other		(520	)		75			(595	)

Total		(4,574	)		22			(4,597	)

Consolidated

Retirement Benefit Obligations

(Millions of yen)

As of March 31, 2015

Change

As of March 31, 2014

Retirement Benefit Obligations

(A)

1,360,954

41,567

1,319,387

Total Fair Value of Plan Assets

(B)

2,056,818

370,363

1,686,455

Unrecognized Actuarial Differences

(C)

(229,825

)

(272,213

)

42,388

Net Defined Benefit Asset

(D)

743,382

330,308

413,073

Net Defined Benefit Liability

(A)-(B)+(D)

47,518

1,512

46,006

Income (Expenses) related to Employee Retirement Benefits


	*(Millions of yen)*
	Fiscal 2014			Change			Fiscal 2013
Service Cost		(32,967	)		(2,019	)		(30,947	)
Interest Cost		(11,975	)		10,521			(22,496	)
Expected Return on Plan Assets		36,875			828			36,046
Accumulation (Amortization) of Unrecognized Actuarial Differences		(22,548	)		(1,385	)		(21,162	)
Other		(7,909	)		(235	)		(7,673	)

Total		(38,524	)		7,709			(46,234	)

2-14

Mizuho Financial Group, Inc.

9. Capital Ratio

Mizuho Financial Group

International Standard

Consolidated

(%, Billions of yen)

As of March 31, 2015
(Preliminary)

Change

As of March 31, 2014

(1) Total Capital Ratio

14.58

0.22

14.36

(2) Tier 1 Capital Ratio

11.50

0.15

11.35

(3) Common Equity Tier 1 Capital Ratio

9.43

0.63

8.80

(4) Total Capital

9,508.4

852.4

8,655.9

(5) Tier 1 Capital

7,500.3

655.6

6,844.7

(6) Common Equity Tier 1 Capital

6,153.1

848.7

5,304.4

(7) Risk weighted Assets

65,191.9

4,917.8

60,274.0

(8) Total Required Capital (7)X8%

5,215.3

393.4

4,821.9

Mizuho Bank

International Standard

Consolidated

Non-Consolidated

As of March 31, 2015
(Preliminary)

Change

As of March 31, 2014

As of March 31, 2015
(Preliminary)

(1) Total Capital Ratio

15.30

(0.18

)

15.48

15.35

(2) Tier 1 Capital Ratio

12.13

(0.22

)

12.35

12.01

(3) Common Equity Tier 1 Capital Ratio

10.42

0.23

10.19

10.33

(4) Total Capital

8,753.5

572.9

8,180.6

8,597.5

(5) Tier 1 Capital

6,943.1

417.7

6,525.3

6,727.5

(6) Common Equity Tier 1 Capital

5,965.7

579.2

5,386.5

5,787.3

(7) Risk weighted Assets

57,201.8

4,378.1

52,823.7

55,981.4

(8) Total Required Capital (7)X8%

4,576.1

350.2

4,225.8

4,478.5

Mizuho Trust & Banking

International Standard

(1) Total Capital Ratio

19.21

1.41

17.80

19.33

(2) Tier 1 Capital Ratio

16.68

1.92

14.76

16.79

(3) Common Equity Tier 1 Capital Ratio

16.67

1.91

14.76

16.79

(4) Total Capital

511.6

54.9

456.6

502.8

(5) Tier 1 Capital

444.4

65.6

378.7

436.7

(6) Common Equity Tier 1 Capital

444.1

65.3

378.7

436.7

(7) Risk weighted Assets

2,663.4

98.7

2,564.6

2,600.9

(8) Total Required Capital (7)X8%

213.0

7.8

205.1

208.0

2-15

Mizuho Financial Group, Inc.

II. REVIEW OF CREDITS

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

•

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

•

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

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

Consolidated


	*(Millions of yen, %)*
	As of March 31, 2015										As of March 31, 2014
			%		Change			%					%
Loans to Bankrupt Obligors		10,246		0.01		(1,948	)		(0.00	)		12,194		0.01
Non-Accrual Delinquent Loans		425,778		0.57		(82,222	)		(0.15	)		508,001		0.73
Loans Past Due for 3 Months or More		3,496		0.00		(612	)		(0.00	)		4,109		0.00
Restructured Loans		614,928		0.83		110,328			0.10			504,600		0.72

Total		1,054,450		1.43		25,545			(0.04	)		1,028,905		1.48

Total Loans		73,415,170		100.00		4,113,765						69,301,405		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		205,011				38,258						166,752

Trust Account
	As of March 31, 2015										As of March 31, 2014
			%		Change			%					%
Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,990		18.68		(55	)		1.29			3,046		17.38
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,990		18.68		(55	)		1.29			3,046		17.38

Total Loans		16,006		100.00		(1,516	)					17,522		100.00

Consolidated + Trust Account
	As of March 31, 2015										As of March 31, 2014
			%		Change			%					%
Loans to Bankrupt Obligors		10,246		0.01		(1,948	)		(0.00	)		12,194		0.01
Non-Accrual Delinquent Loans		428,769		0.58		(82,278	)		(0.15	)		511,047		0.73
Loans Past Due for 3 Months or More		3,496		0.00		(612	)		(0.00	)		4,109		0.00
Restructured Loans		614,928		0.83		110,328			0.10			504,600		0.72

Total		1,057,441		1.44		25,489			(0.04	)		1,031,951		1.48

Total Loans		73,431,176		100.00		4,112,248						69,318,927		100.00

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

2-16

Mizuho Financial Group, Inc.

Non-Consolidated

Aggregate Figures for the 2 Banks

(Banking Account + Trust Account)


	*(Millions of yen, %)*
	As of March 31, 2015										As of March 31, 2014
			%		Change			%					%
Loans to Bankrupt Obligors		5,934		0.00		(3,344	)		(0.00	)		9,278		0.01
Non-Accrual Delinquent Loans		399,427		0.54		(89,028	)		(0.15	)		488,456		0.69
Loans Past Due for 3 Months or More		3,492		0.00		(612	)		(0.00	)		4,104		0.00
Restructured Loans		539,440		0.72		131,417			0.14			408,023		0.58

Total		948,295		1.28		38,431			(0.01	)		909,864		1.29


Total Loans		73,958,301		100.00		3,966,373						69,991,928		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		192,481				43,302						149,178

Mizuho Bank

Loans to Bankrupt Obligors		5,932		0.00		(3,325	)		(0.00	)		9,257		0.01
Non-Accrual Delinquent Loans		387,186		0.54		(82,181	)		(0.15	)		469,368		0.70
Loans Past Due for 3 Months or More		3,492		0.00		(612	)		(0.00	)		4,104		0.00
Restructured Loans		531,275		0.74		129,054			0.14			402,221		0.60

Total		927,886		1.30		42,934			(0.01	)		884,952		1.32


Total Loans		70,873,844		100.00		4,037,290						66,836,553		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		191,473				44,277						147,196

Mizuho Trust & Banking (Banking Account)

Loans to Bankrupt Obligors		2		0.00		(18	)		(0.00	)		21		0.00
Non-Accrual Delinquent Loans		9,250		0.30		(6,791	)		(0.20	)		16,041		0.51
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		8,165		0.26		2,362			0.08			5,802		0.18

Total		17,418		0.56		(4,447	)		(0.12	)		21,865		0.69


Total Loans		3,068,451		100.00		(69,401	)					3,137,852		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		1,007				(975	)					1,982

(Trust Account)

Loans to Bankrupt Obligors		—		—		—			—			—		—
Non-Accrual Delinquent Loans		2,990		18.68		(55	)		1.29			3,046		17.38
Loans Past Due for 3 Months or More		—		—		—			—			—		—
Restructured Loans		—		—		—			—			—		—

Total		2,990		18.68		(55	)		1.29			3,046		17.38


Total Loans		16,006		100.00		(1,516	)					17,522		100.00

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

2-17

Mizuho Financial Group, Inc.

2. Status of Reserves for Possible Losses on Loans

Consolidated


	*(Millions of yen)*
	As of March 31, 2015		Change			As of March 31, 2014
Reserves for Possible Losses on Loans		525,486		(90,821	)		616,307
General Reserve for Possible Losses on Loans		344,496		(54,241	)		398,737
Specific Reserve for Possible Losses on Loans		180,386		(36,400	)		216,787
Reserve for Possible Losses on Loans to Restructuring Countries		603		(179	)		782

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		227,209		32,052			195,157

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Millions of yen)*
	As of March 31, 2015		Change			As of March 31, 2014
Reserves for Possible Losses on Loans		441,639		(81,745	)		523,384
General Reserve for Possible Losses on Loans		299,820		(48,633	)		348,454
Specific Reserve for Possible Losses on Loans		141,215		(32,932	)		174,147
Reserve for Possible Losses on Loans to Restructuring Countries		603		(179	)		782

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		214,063		37,078			176,984

Mizuho Bank

Reserves for Possible Losses on Loans		434,828		(75,847	)		510,675
General Reserve for Possible Losses on Loans		294,339		(45,638	)		339,978
Specific Reserve for Possible Losses on Loans		139,885		(30,029	)		169,914
Reserve for Possible Losses on Loans to Restructuring Countries		603		(179	)		782

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		212,670		38,203			174,467

Mizuho Trust & Banking

Reserves for Possible Losses on Loans		6,811		(5,898	)		12,709
General Reserve for Possible Losses on Loans		5,481		(2,994	)		8,475
Specific Reserve for Possible Losses on Loans		1,329		(2,903	)		4,233
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		1,392		(1,125	)		2,517

*	Reserve for Possible Losses on Entrusted Loans (¥49 million and ¥53 million for March 31, 2015 and March 31, 2014, respectively) is not included in the above figures for Trust Account.

2-18

Mizuho Financial Group, Inc.

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

Consolidated

(%)

As of
March 31,
2015

Change

As of
March 31,
2014

Mizuho Financial Group

49.83

(10.06

)

59.89

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



Non-Consolidated
	*(%)*
	As of March 31, 2015		Change			As of March 31, 2014
Total		46.71		(10.99	)		57.71
Mizuho Bank		46.86		(10.84	)		57.70
Mizuho Trust & Banking (Banking Account)		39.10		(19.02	)		58.12

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

2-19

Mizuho Financial Group, Inc.

4. Status of Disclosed Claims under the Financial Reconstruction Act (“FRA”)

Consolidated


	*(Millions of yen)*
	As of March 31, 2015		Change			As of March 31, 2014
Claims against Bankrupt and Substantially Bankrupt Obligors		77,316		(2,921	)		80,238
Claims with Collection Risk		404,270		(80,728	)		484,998
Claims for Special Attention		618,425		109,715			508,709
Total		1,100,011		26,065			1,073,945

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		226,664		32,134			194,529

Trust Account

	As of March 31, 2015		Change			As of March 31, 2014
Claims against Bankrupt and Substantially Bankrupt Obligors		—		—			—
Claims with Collection Risk		2,990		(55	)		3,046
Claims for Special Attention		—		—			—
Total		2,990		(55	)		3,046

Consolidated + Trust Account

	As of March 31, 2015		Change			As of March 31, 2014
Claims against Bankrupt and Substantially Bankrupt Obligors		77,316		(2,921	)		80,238
Claims with Collection Risk		407,260		(80,784	)		488,044
Claims for Special Attention		618,425		109,715			508,709
Total		1,103,001		26,009			1,076,992

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

2-20

Mizuho Financial Group, Inc.

Non-Consolidated

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


	*(Millions of yen, %)*
	As of March 31, 2015										As of March 31, 2014
			%		Change			%					%
Claims against Bankrupt and Substantially Bankrupt Obligors		56,669		0.06		(10,606	)		(0.01	)		67,275		0.08
Claims with Collection Risk		402,582		0.48		(69,459	)		(0.11	)		472,041		0.60
Claims for Special Attention		542,932		0.65		130,804			0.12			412,128		0.52
Sub-total		1,002,184		1.20		50,738			(0.00	)		951,445		1.21
Normal Claims		82,041,015		98.79		4,508,500			0.00			77,532,514		98.78

Total		83,043,199		100.00		4,559,239						78,483,960		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		213,852				37,228						176,624

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors		55,478		0.06		(10,024	)		(0.01	)		65,502		0.08
Claims with Collection Risk		391,517		0.49		(63,178	)		(0.11	)		454,696		0.60
Claims for Special Attention		534,767		0.66		128,441			0.12			406,326		0.54
Sub-total		981,763		1.22		55,238			(0.00	)		926,525		1.23
Normal Claims		78,899,943		98.77		4,603,493			0.00			74,296,449		98.76

Total		79,881,706		100.00		4,658,731						75,222,975		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		212,670				38,203						174,467

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		1,191		0.03		(581	)		(0.01	)		1,772		0.05
Claims with Collection Risk		8,074		0.25		(6,224	)		(0.18	)		14,298		0.44
Claims for Special Attention		8,165		0.25		2,362			0.08			5,802		0.17
Sub-total		17,430		0.55		(4,443	)		(0.12	)		21,874		0.67
Normal Claims		3,128,056		99.44		(93,532	)		0.12			3,221,588		99.32

Total		3,145,486		100.00		(97,976	)					3,243,463		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		1,181				(975	)					2,157

(Trust Account)

Claims against Bankrupt and Substantially Bankrupt Obligors		—		—		—			—			—		—
Claims with Collection Risk		2,990		18.68		(55	)		1.29			3,046		17.38
Claims for Special Attention		—		—		—			—			—		—
Sub-total		2,990		18.68		(55	)		1.29			3,046		17.38
Normal Claims		13,015		81.31		(1,460	)		(1.29	)		14,475		82.61

Total		16,006		100.00		(1,516	)					17,522		100.00

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

2-21

Mizuho Financial Group, Inc.

5. Coverage on Disclosed Claims under the FRA

Non-Consolidated

(1) Disclosed Claims under the FRA and Coverage Amount

(Billions of yen)

As of
March 31, 2015

Change

As of
March 31, 2014

Aggregate Figures for the 2 Banks (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

56.6

(10.6

)

67.2

Collateral, Guarantees, and equivalent

53.9

(12.3

)

66.2

Reserve for Possible Losses

2.7

1.7

1.0

Claims with Collection Risk

399.5

(69.4

)

468.9

Collateral, Guarantees, and equivalent

200.9

(21.3

)

222.3

Reserve for Possible Losses

138.4

(34.4

)

172.9

Claims for Special Attention

542.9

130.8

412.1

Collateral, Guarantees, and equivalent

192.8

29.9

162.9

Reserve for Possible Losses

130.7

70.3

60.3

Total

999.1

50.7

948.3

Collateral, Guarantees, and equivalent

447.7

(3.7

)

451.4

Reserve for Possible Losses

271.8

37.5

234.3

Mizuho Bank

Claims against Bankrupt and Substantially Bankrupt Obligors

55.4

(10.0

)

65.5

Collateral, Guarantees, and equivalent

52.7

(11.7

)

64.5

Reserve for Possible Losses

2.7

1.7

0.9

Claims with Collection Risk

391.5

(63.1

)

454.6

Collateral, Guarantees, and equivalent

194.8

(18.0

)

212.8

Reserve for Possible Losses

137.1

(31.5

)

168.7

Claims for Special Attention

534.7

128.4

406.3

Collateral, Guarantees, and equivalent

191.5

30.1

161.4

Reserve for Possible Losses

128.0

68.5

59.5

Total

981.7

55.2

926.5

Collateral, Guarantees, and equivalent

439.2

0.4

438.7

Reserve for Possible Losses

267.9

38.7

229.2

Mizuho Trust & Banking (Banking Account)

Claims against Bankrupt and Substantially Bankrupt Obligors

1.1

(0.5

)

1.7

Collateral, Guarantees, and equivalent

1.1

(0.5

)

1.7

Reserve for Possible Losses

0.0

(0.0

)

0.0

Claims with Collection Risk

8.0

(6.2

)

14.2

Collateral, Guarantees, and equivalent

6.1

(3.3

)

9.4

Reserve for Possible Losses

1.2

(2.8

)

4.1

Claims for Special Attention

8.1

2.3

5.8

Collateral, Guarantees, and equivalent

1.2

(0.2

)

1.5

Reserve for Possible Losses

2.6

1.7

0.8

Total

17.4

(4.4

)

21.8

Collateral, Guarantees, and equivalent

8.5

(4.1

)

12.7

Reserve for Possible Losses

3.9

(1.1

)

5.1

(Reference) Trust Account

Claims against Bankrupt and Substantially Bankrupt Obligors

—

Collateral, Guarantees, and equivalent

—

Claims with Collection Risk

2.9

(0.0

)

3.0

Collateral, Guarantees, and equivalent

2.9

(0.0

)

3.0

Claims for Special Attention

—

Collateral, Guarantees, and equivalent

—

Total

2.9

(0.0

)

3.0

Collateral, Guarantees, and equivalent

2.9

(0.0

)

3.0

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

2-22

Mizuho Financial Group, Inc.

(2) Coverage Ratio


	*(Billions of yen)*
	As of March 31, 2015		Change			As of March 31, 2014

Aggregate Figures for the 2 Banks (Banking Account)

Coverage Amount		719.6		33.8			685.8
Reserves for Possible Losses on Loans		271.8		37.5			234.3
Collateral, Guarantees, and equivalent		447.7		(3.7	)		451.4

	*(%)*
Coverage Ratio		72.1		(0.2	)		72.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		84.9		0.6			84.2
Claims for Special Attention		59.5		5.4			54.1
Claims against Special Attention Obligors		*62.6*		5.1			57.4

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		69.6		(0.4	)		70.1
Claims for Special Attention		37.3		13.1			24.2
Claims against Special Attention Obligors		*39.7*		11.8			27.9

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		24.68		8.17			16.50
Claims against Watch Obligors excluding Special Attention Obligors		3.72		(2.61	)		6.34
Claims against Normal Obligors		0.07		(0.03	)		0.10

Mizuho Bank

	*(Billions of yen)*
Coverage Amount		707.1		39.1			668.0
Reserves for Possible Losses on Loans		267.9		38.7			229.2
Collateral, Guarantees, and equivalent		439.2		0.4			438.7

	*(%)*
Coverage Ratio		72.0		(0.0	)		72.0
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		84.7		0.8			83.9
Claims for Special Attention		59.7		5.4			54.3
Claims against Special Attention Obligors		*62.3*		4.4			57.9

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		69.7		(0.0	)		69.7
Claims for Special Attention		37.3		13.0			24.2
Claims against Special Attention Obligors		*39.8*		11.6			28.2

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		24.88		8.38			16.50
Claims against Watch Obligors excluding Special Attention Obligors		3.77		(2.65	)		6.42
Claims against Normal Obligors		0.07		(0.03	)		0.10

Mizuho Trust & Banking (Banking Account)

	*(Billions of yen)*
Coverage Amount		12.5		(5.3	)		17.8
Reserves for Possible Losses on Loans		3.9		(1.1	)		5.1
Collateral, Guarantees, and equivalent		8.5		(4.1	)		12.7

	*(%)*
Coverage Ratio		71.7		(9.7	)		81.4
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		92.3		(3.1	)		95.5
Claims for Special Attention		47.2		6.0			41.2
Claims against Special Attention Obligors		*72.7*		36.0			36.7

Reserve Ratio against Non-collateralized Claims

	*(%)*
Claims against Bankrupt and Substantially Bankrupt Obligors		100.0		—			100.0
Claims with Collection Risk		67.8		(18.9	)		86.7
Claims for Special Attention		37.8		17.0			20.7
Claims against Special Attention Obligors		*37.3*		16.6			20.6

(Reference) Reserve Ratio

	*(%)*
Claims against Special Attention Obligors		16.23		(0.27	)		16.51
Claims against Watch Obligors excluding Special Attention Obligors		1.50		(2.56	)		4.07
Claims against Normal Obligors		0.07		(0.00	)		0.07

2-23

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: 1.		Claims for Special Attention is denoted on an individual loans basis. Claims against Special Attention Obligors includes all claims, not limited to Claims for Special Attention.

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

2-24

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 FRA)

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


	*(Billions of yen)*
	Fiscal 2011		Fiscal 2012		Fiscal 2013		Fiscal 2014
	As of March 31, 2012		As of March 31, 2013		As of March 31, 2014		As of March 31, 2015
							MHBK		MHTB*		Aggregate Figures for the 2 Banks		Change from March 31, 2014
Claims against Bankrupt and Substantially Bankrupt Obligors		157.0		107.8		38.3		27.6		0.6		28.2		(10.0	)
Claims with Collection Risk		521.5		331.2		223.6		134.6		5.8		140.4		(83.2	)
Amount Categorized as above up to Fiscal 2011		678.6		439.1		262.0		162.2		6.4		168.7		(93.2	)
of which the amount which was in the process of being removed from the balance sheet		113.6		69.3		34.4		21.2		0.6		21.9		(12.5	)
Claims against Bankrupt and Substantially Bankrupt Obligors				51.3		8.4		3.9		0.1		4.1		(4.2	)
Claims with Collection Risk				222.0		120.1		75.3		0.6		76.0		(44.1	)
Amount Newly Categorized as above during Fiscal 2012				273.3		128.6		79.2		0.8		80.1		(48.4	)
of which the amount which was in the process of being removed from the balance sheet				25.1		8.4		3.9		0.1		4.1		(4.2	)
Claims against Bankrupt and Substantially Bankrupt Obligors						20.5		7.2		0.1		7.4		(13.0	)
Claims with Collection Risk						128.1		78.1		3.3		81.5		(46.6	)
Amount Newly Categorized as above during Fiscal 2013						148.7		85.4		3.5		89.0		(59.7	)
of which the amount which was in the process of being removed from the balance sheet						18.5		6.2		0.1		6.3		(12.2	)
Claims against Bankrupt and Substantially Bankrupt Obligors								16.6		0.2		16.8		16.8
Claims with Collection Risk								103.4		1.1		104.5		104.5
Amount Newly Categorized as above during Fiscal 2014								120.0		1.3		121.4		121.4
of which the amount which was in the process of being removed from the balance sheet								15.4		0.2		15.6		15.6
Claims against Bankrupt and Substantially Bankrupt Obligors		157.0		159.1		67.2		55.4		1.1		56.6		(10.6	)
Claims with Collection Risk		521.5		553.2		472.0		391.5		11.0		402.5		(69.4	)
Total		678.6		712.4		539.3		446.9		12.2		459.2		(80.0	)
of which the amount which was in the process of being removed from the balance sheet		113.6		94.5		61.4		46.8		1.1		48.0		(13.3	)


* 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 Fiscal 2014


	*(Billions of yen)*
	Aggregate Figures for the 2 Banks (Banking Account + Trust Account)			MHBK			MHTB (Banking Account + Trust Account)
Liquidation		(15.3	)		(15.3	)		(0.0	)
Restructuring		(5.1	)		(4.8	)		(0.2	)
Improvement in Business Performance due to Restructuring		(0.0	)		—			(0.0	)
Loan Sales		(50.3	)		(49.9	)		(0.4	)
Direct Write-off		28.6			28.0			0.5
Other		(159.2	)		(151.1	)		(8.1	)
Debt recovery		(114.0	)		(107.6	)		(6.3	)
Improvement in Business Performance		(45.1	)		(43.4	)		(1.7	)

Total		(201.4	)		(193.2	)		(8.2	)

2-25

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 March 31, 2015										As of March 31, 2014
	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)		56,467.2		877.4		(725.5	)		77.6			57,192.7		799.8
Manufacturing		7,943.2		385.2		329.4			230.1			7,613.7		155.1
Agriculture & Forestry		42.3		0.2		5.4			(0.1	)		36.8		0.3
Fishery		0.9		0.3		(1.0	)		(0.1	)		2.0		0.4
Mining, Quarrying Industry & Gravel Extraction Industry		264.0		0.0		24.0			(0.0	)		239.9		0.0
Construction		758.4		21.8		2.5			(9.5	)		755.9		31.4
Utilities		2,424.5		0.0		27.5			(0.0	)		2,397.0		0.0
Communication		1,240.8		13.6		14.0			(3.6	)		1,226.8		17.2
Transportation & Postal Industry		2,283.1		21.5		(184.3	)		(8.4	)		2,467.4		30.0
Wholesale & Retail		5,046.9		134.6		255.8			(2.7	)		4,791.1		137.4
Finance & Insurance		7,179.6		5.4		497.5			(6.0	)		6,682.1		11.4
Real Estate		6,520.4		58.9		138.0			(22.8	)		6,382.3		81.7
Commodity Lease		1,784.4		1.2		247.7			(0.6	)		1,536.7		1.9
Service Industries		2,487.2		66.6		69.6			(6.0	)		2,417.6		72.6
Local Governments		1,014.8		2.9		(107.9	)		(0.0	)		1,122.8		2.9
Governments		3,505.2		—		(2,066.3	)		—			5,571.6		—
Other		13,970.7		164.6		22.2			(92.2	)		13,948.4		256.8
Overseas Total (including Loans Booked Offshore)		18,460.1		70.8		4,658.1			(39.2	)		13,802.0		110.0
Governments		680.2		—		159.7			—			520.4		—
Financial Institutions		5,458.9		—		883.7			—			4,575.1		—
Other		12,321.0		70.8		3,614.5			(39.2	)		8,706.4		110.0

Total		74,927.4		948.2		3,932.5			38.4			70,994.8		909.8

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


As of March 31, 2015:		¥700.1 billion (from MHBK)
As of March 31, 2014:		¥561.4 billion (from MHBK)

*	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.


	*(Billions of yen)*
	As of March 31, 2015										As of March 31, 2014
	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
Mizuho Bank
Domestic Total (excluding Loans Booked Offshore)		52,420.4		857.0		(620.2	)		82.1			53,040.7		774.8
Manufacturing		7,442.8		378.2		366.5			226.6			7,076.2		151.6
Agriculture & Forestry		42.3		0.2		5.4			(0.1	)		36.8		0.3
Fishery		0.9		0.3		(1.0	)		(0.1	)		2.0		0.4
Mining, Quarrying Industry & Gravel Extraction Industry		261.6		0.0		24.1			(0.0	)		237.4		0.0
Construction		714.6		21.7		12.4			(9.5	)		702.2		31.2
Utilities		2,137.4		0.0		17.6			(0.0	)		2,119.8		0.0
Communication		1,167.7		13.6		11.0			(3.6	)		1,156.7		17.2
Transportation & Postal Industry		2,081.5		21.5		(186.5	)		(8.4	)		2,268.0		29.9
Wholesale & Retail		4,859.4		134.3		228.7			(2.8	)		4,630.7		137.1
Finance & Insurance		6,780.0		5.4		618.3			(6.0	)		6,161.7		11.4
Real Estate		5,456.7		52.7		142.1			(15.5	)		5,314.6		68.3
Commodity Lease		1,547.5		1.2		210.9			(0.6	)		1,336.6		1.9
Service Industries		2,434.8		66.4		86.9			(6.1	)		2,347.9		72.5
Local Governments		992.7		—		(104.8	)		—			1,097.5		—
Governments		3,505.2		—		(2,052.8	)		—			5,558.1		—
Other		12,994.6		160.9		0.7			(91.3	)		12,993.8		252.2
Overseas Total (including Loans Booked Offshore)		18,453.3		70.8		4,657.5			(39.2	)		13,795.8		110.0
Governments		679.6		—		159.7			—			519.9		—
Financial Institutions		5,458.9		—		883.7			—			4,575.1		—
Other		12,314.7		70.8		3,614.0			(39.2	)		8,700.7		110.0

Total		70,873.8		927.8		4,037.2			42.9			66,836.5		884.9


Mizuho Trust & Banking (Banking Account + Trust Account)
Domestic Total (excluding Loans Booked Offshore)		4,046.7		20.4		(105.2	)		(4.5	)		4,152.0		24.9
Manufacturing		500.3		6.9		(37.1	)		3.5			537.5		3.4
Agriculture & Forestry		0.0		—		(0.0	)		—			0.0		—
Fishery		—		—		—			—			—		—
Mining, Quarrying Industry & Gravel Extraction Industry		2.3		—		(0.1	)		—			2.5		—
Construction		43.7		0.1		(9.8	)		(0.0	)		53.6		0.1
Utilities		287.0		—		9.9			—			277.1		—
Communication		73.1		—		2.9			—			70.1		—
Transportation & Postal Industry		201.6		0.0		2.2			(0.0	)		199.4		0.0
Wholesale & Retail		187.4		0.3		27.0			0.0			160.3		0.2
Finance & Insurance		399.6		—		(120.7	)		—			520.3		—
Real Estate		1,063.6		6.1		(4.0	)		(7.2	)		1,067.6		13.3
Commodity Lease		236.9		—		36.8			—			200.0		—
Service Industries		52.4		0.1		(17.3	)		0.0			69.7		0.1
Local Governments		22.1		2.9		(3.1	)		(0.0	)		25.2		2.9
Governments		—		—		(13.5	)		—			13.5		—
Other		976.1		3.7		21.5			(0.8	)		954.6		4.6
Overseas Total (including Loans Booked Offshore)		6.8		—		0.5			—			6.2		—
Governments		0.5		—		0.0			—			0.4		—
Financial Institutions		—		—		—			—			—		—
Other		6.2		—		0.5			—			5.7		—

Total		4,053.5		20.4		(104.6	)		(4.5	)		4,158.2		24.9

*	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.

2-27

Mizuho Financial Group, Inc.

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

Non-Consolidated

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


	*(Billions of yen, %)*
	As of March 31, 2015										As of March 31, 2014
	Disclosed Claims under the FRA		Coverage Ratio		Change						Disclosed Claims under the FRA		Coverage Ratio
	Disclosed Claims under the FRA		Coverage Ratio		Disclosed Claims under the FRA			Coverage Ratio			Disclosed Claims under the FRA		Coverage Ratio
Domestic Total (excluding Loans Booked Offshore)		895.2		70.1		73.2			(1.9	)		822.0		72.1
Manufacturing		395.5		65.1		229.7			(0.4	)		165.7		65.5
Agriculture & Forestry		0.2		41.6		(0.1	)		15.9			0.3		25.7
Fishery		0.3		11.3		(0.1	)		(10.5	)		0.4		21.9
Mining, Quarrying Industry & Gravel Extraction Industry		0.0		100.0		(0.0	)		—			0.0		100.0
Construction		22.0		68.1		(9.4	)		(13.7	)		31.4		81.8
Utilities		0.0		100.0		(0.0	)		86.8			0.0		13.1
Communication		13.8		74.4		(3.6	)		8.2			17.5		66.2
Transportation & Postal Industry		21.6		60.6		(8.3	)		2.0			30.0		58.5
Wholesale & Retail		140.1		63.1		(1.3	)		2.0			141.5		61.0
Finance & Insurance		5.4		25.1		(6.0	)		8.9			11.4		16.1
Real Estate		58.9		81.7		(23.1	)		(3.5	)		82.0		85.2
Commodity Lease		1.2		87.7		(0.6	)		16.6			1.9		71.1
Service Industries		67.2		67.1		(6.1	)		0.9			73.4		66.1
Local Governments		2.9		100.0		(0.0	)		—			2.9		100.0
Other		165.4		87.2		(97.3	)		4.3			262.8		82.9
Overseas Total (including Loans Booked Offshore)		106.9		88.3		(22.4	)		14.4			129.4		73.9
Governments		—		—		—			—			—		—
Financial Institutions		0.0		100.0		0.0			—			—		—
Other		106.8		88.3		(22.5	)		14.4			129.4		73.9

Total		1,002.1		72.1		50.7			(0.2	)		951.4		72.4

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

2-28

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
March 31,
2015

As of
March 31,
2014

Change

Housing and Consumer Loans

11,808.2

(182.2

)

11,990.5

Housing Loans for owner’s residential housing

10,263.0

(113.5

)

10,376.5

Mizuho Bank

Housing and Consumer Loans

11,662.6

(159.4

)

11,822.0

Housing Loans

10,652.8

(178.6

)

10,831.5

for owner’s residential housing

10,132.8

(94.2

)

10,227.0

Consumer loans

1,009.7

19.2

990.5

Mizuho Trust & Banking (Banking Account + Trust Account)

Housing and Consumer Loans

145.5

(22.8

)

168.4

Housing Loans for owner’s residential housing

130.1

(19.3

)

149.4

* 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
March 31,
2015

As of
March 31,
2014

Change

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

57.6

0.9

56.7

Loans to SMEs and Individual Customers

32,575.7

130.8

32,444.8

Mizuho Bank

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

58.2

1.1

57.0

Loans to SMEs and Individual Customers

30,512.3

228.7

30,283.5

Mizuho Trust & Banking (Banking Account + Trust Account)

Percentage of Loans to SMEs and Individual Customers, of Total Domestic Loans

50.9

(1.0

)

52.0

Loans to SMEs and Individual Customers

2,063.3

(97.9

)

2,161.3

*	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.)

2-29

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 March 31, 2015

As of March 31, 2014

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

Asia

6,840.9

20.1

1,530.4

(4.2

)

5,310.4

24.4

Hong Kong

1,510.5

11.5

381.8

7.2

1,128.6

4.3

South Korea

769.0

—

(77.5

)

(1.2

)

846.6

1.2

Singapore

1,038.2

6.9

307.0

(4.3

)

731.1

11.3

Thailand

950.4

1.0

214.2

0.8

736.1

0.2

Central and South America

4,195.5

82.0

642.1

(81.2

)

3,553.4

163.2

North America

5,692.3

7.6

1,798.8

7.5

3,893.5

0.1

Eastern Europe

28.0

4.9

2.2

0.6

25.8

4.3

Western Europe

2,870.0

22.0

204.6

(19.9

)

2,665.4

41.9

Other

1,828.0

9.8

352.1

(1.4

)

1,475.9

11.3

Total

21,455.0

146.8

4,530.3

(98.6

)

16,924.6

245.4

2-30

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 April 1, 2015 to March 31, 2020)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		4,042.0
Income before Income Taxes	2		3,926.5
Tax Adjustments *1	3		(49.7	)
Taxable Income before Current Deductible Temporary Differences *2	4		3,876.7

Effective Statutory Tax Rate	5		32.20%~33.00%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,255.3

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2015.


(Reference) Past results of taxable income (tax loss)
	*(Billions of yen)*
Fiscal 2010		313.7
Fiscal 2011		491.9
Fiscal 2012		107.3
Fiscal 2013		278.3
Fiscal 2014 (estimate)		561.0

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

*2.	Figure for fiscal 2013 is the aggregate figure for MHBK, the former MHBK, and MHTB. Figures for fiscal 2012 and before are the aggregate figures for the former MHBK, the former MHCB, and MHTB.

*3.	Figure for fiscal 2014 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2015			Change			As of March 31, 2014
		As of March 31, 2015			Change			As of March 31, 2014
Reserves for Possible Losses on Loans	7		174.3			(22.6	)		197.0
Impairment of Securities	8		166.6			(71.7	)		238.3
Net Unrealized Losses on Other Securities	9		6.9			(19.2	)		26.2
Reserve for Employee Retirement Benefits	10		11.5			(1.8	)		13.4
Net Deferred Hedge Losses	11		5.8			2.7			3.1
Tax Losses Carried Forward	12		—			—			—
Other	13		276.5			(14.1	)		290.7
Total Deferred Tax Assets	14		641.9			(126.8	)		768.8

Valuation Allowance	15		(188.1	)		81.0			(269.2	)
Sub-Total [ 14 + 15 ]	16		453.8			(45.8	)		499.6

Amount related to Retirement Benefits Accounting *1	17		(138.6	)		1.1			(139.8	)
Net Unrealized Gains on Other Securities	18		(624.7	)		(370.7	)		(253.9	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(50.2	)		1.4			(51.6	)
Total Deferred Tax Liabilities	21		(813.6	)		(368.1	)		(445.5	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(359.8	)		(413.9	)		54.1
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(627.8	)		(371.5	)		(256.2	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		5.8			2.7			3.1
Tax effects related to others	25		262.1			(45.0	)		307.2

*1	Amount related to Retirement Benefits Accounting includes ¥(84.5) 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
March 31,
2015

Change

As of
March 31,
2014

Net Deferred Tax Assets

(487.3

)

(541.5

)

54.1

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 Bank

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from April 1, 2015 to March 31, 2020)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		3,743.0
Income before Income Taxes	2		3,660.0
Tax Adjustments *1	3		(54.8	)
Taxable Income before Current Deductible Temporary Differences *2	4		3,605.1
Effective Statutory Tax Rate	5		32.98%/32.20%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		1,167.4

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2015.

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


	*(Billions of yen)*
Fiscal 2010		293.6
Fiscal 2011		461.1
Fiscal 2012		80.5
Fiscal 2013		238.4
Fiscal 2014 (estimate)		547.0

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

*2.	Figure for fiscal 2013 is the aggregate figure for MHBK and the former MHBK. Figures for fiscal 2012 and before are the aggregate figures for the former MHBK and the former MHCB.

*3.	Figure for fiscal 2014 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2015						As of March 31, 2014
					Change			As of March 31, 2014
Reserves for Possible Losses on Loans	7		172.2			(20.5	)		192.7
Impairment of Securities	8		153.6			(49.3	)		202.9
Net Unrealized Losses on Other Securities	9		6.9			(18.6	)		25.5
Reserve for Employee Retirement Benefits	10		—			—			—
Net Deferred Hedge Losses	11		5.0			4.2			0.7
Tax Losses Carried Forward	12		—			—			—
Other	13		269.3			(13.8	)		283.1
Total Deferred Tax Assets	14		607.1			(98.0	)		705.2

Valuation Allowance	15		(174.5	)		59.6			(234.2	)
Sub-Total [ 14 + 15 ]	16		432.5			(38.4	)		470.9

Amount related to Retirement Benefits Accounting *1	17		(133.8	)		0.6			(134.5	)
Net Unrealized Gains on Other Securities	18		(586.8	)		(349.2	)		(237.6	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(49.3	)		1.8			(51.2	)
Total Deferred Tax Liabilities	21		(770.0	)		(346.6	)		(423.3	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(337.5	)		(385.1	)		47.5
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(589.3	)		(349.6	)		(239.7	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		5.0			4.2			0.7
Tax effects related to others	25		246.7			(39.7	)		286.5

*1	Amount related to Retirement Benefits Accounting includes ¥(79.7) billion related to gains on securities contributed to employee retirement benefit trust.

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

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): ¥3,743.0 billion [1]

Income before Income Taxes: ¥3,660.0 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥3,605.1 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 ¥607.1 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥174.5 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥770.0 billion [21], ¥337.5 billion [22] of Net Deferred Tax Liabilities were 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.

Mizuho Trust & Banking

1. Estimate of future taxable income


		*(Billions of yen)*
		Total amount for five years (from April 1, 2015 to March 31, 2020)
Net Business Profits (before Reversal of (Provision for) General Reserve for Possible Losses on Loans)	1		299.0
Income before Income Taxes	2		266.5
Tax Adjustments *1	3		5.1
Taxable Income before Current Deductible Temporary Differences *2	4		271.6

Effective Statutory Tax Rate	5		33.00%/32.20%
Deferred Tax Assets corresponding to Taxable Income before Current Deductible Temporary Differences [ 4 x 5 ]	6		87.9

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

*2.	Taxable Income before Current Deductible Temporary Differences is an estimate of taxable income before adjusting deductible temporary differences as of March 31, 2015.

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


	*(Billions of yen)*
Fiscal 2010		20.1
Fiscal 2011		30.8
Fiscal 2012		26.8
Fiscal 2013		39.9
Fiscal 2014 (estimate)		14.0

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

*2.	Figure for fiscal 2014 is an estimate of taxable income.

2. Breakdown of Deferred Tax Assets


		*(Billions of yen)*
		As of March 31, 2015			Change			As of March 31, 2014
Reserves for Possible Losses on Loans	7		2.1			(2.1	)		4.2
Impairment of Securities	8		12.9			(22.3	)		35.3
Net Unrealized Losses on Other Securities	9		0.0			(0.6	)		0.6
Reserve for Employee Retirement Benefits	10		11.5			(1.8	)		13.4
Net Deferred Hedge Losses	11		0.7			(1.5	)		2.3
Tax Losses Carried Forward	12		—			—			—
Other	13		7.2			(0.3	)		7.5
Total Deferred Tax Assets	14		34.8			(28.8	)		63.6

Valuation Allowance	15		(13.5	)		21.4			(34.9	)
Sub-Total [ 14 + 15 ]	16		21.2			(7.4	)		28.6

Amount related to Retirement Benefits Accounting *1	17		(4.8	)		0.5			(5.3	)
Net Unrealized Gains on Other Securities	18		(37.9	)		(21.5	)		(16.3	)
Net Deferred Hedge Gains	19		—			—			—
Other	20		(0.8	)		(0.3	)		(0.4	)
Total Deferred Tax Liabilities	21		(43.6	)		(21.4	)		(22.1	)

Net Deferred Tax Assets (Liabilities) [16 + 21]	22		(22.3	)		(28.8	)		6.5
Tax effects related to Net Unrealized Losses (Gains) on Other Securities *2	23		(38.4	)		(21.9	)		(16.4	)
Tax effects related to Net Deferred Hedge Losses (Gains)	24		0.7			(1.5	)		2.3
Tax effects related to others	25		15.3			(5.2	)		20.6

*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): ¥299.0 billion [1]

Income before Income Taxes: ¥266.5 billion [2]

Taxable Income before Current Deductible Temporary Differences: ¥271.6 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 ¥34.8 billion [14]. However, after considering temporary differences which are not expected to be reversed, Valuation Allowance of ¥13.5 billion [15] was provided, therefore after offsetting Deferred Tax Liabilities of ¥43.6 billion [21], ¥22.3 billion [22] of Net Deferred Tax Liabilities were 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.

2-33

Mizuho Financial Group, Inc.

IV. OTHERS

1. Breakdown of Deposits (Domestic Offices)

Non-Consolidated

Aggregate Figures for the 2 Banks


	*(Billions of yen)*
	As of March 31, 2015		Change			As of March 31, 2014
Deposits		81,852.3		4,820.0			77,032.2
Individual Deposits		39,486.5		983.6			38,502.8
Corporate Deposits		36,528.0		3,198.4			33,329.6
Financial/Government Institutions		5,837.7		637.9			5,199.7

Mizuho Bank

Deposits		79,228.3		4,350.7			74,877.5
Individual Deposits		38,339.3		1,063.2			37,276.0
Corporate Deposits		35,442.3		2,904.5			32,537.7
Financial/Government Institutions		5,446.5		382.8			5,063.7

Mizuho Trust & Banking

Deposits		2,623.9		469.3			2,154.6
Individual Deposits		1,147.1		(79.6	)		1,226.7
Corporate Deposits		1,085.7		293.8			791.8
Financial/Government Institutions		391.1		255.0			136.0

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

2-34

Mizuho Financial Group, Inc.

2. Number of Directors and Employees

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


	As of March 31, 2015		Change			As of March 31, 2014
Directors, Executive Officers as defined in the Companies Act, and Auditors		47		14			33
Executive Officers as defined in our internal regulations (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		91		1			90
Employees (excluding Executive Officers as defined in our internal regulations)		30,865		409			30,456
* The numbers have been adjusted for Directors, Auditors, and Executive Officers doubling other positions.

Mizuho Financial Group, Inc. (Non-Consolidated)

Mizuho Financial Group, Inc.

	As of March 31, 2015		Change			As of March 31, 2014
Directors and Executive Officers as defined in the Companies Act		20		5			15
Executive Officers as defined in the Companies Act		12
Executive Officers as defined in our internal regulations (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		38		1			37
Employees (excluding Executive Officers as defined in our internal regulations)		1,152		44			1,108
* MHFG transformed itself into a Company with Nominating Committee and others which was approved at the ordinary general meeting of shareholders on June 24, 2014. Executive Officers as defined in the Companies Act include those doubling as Directors of Mizuho Financial Group, Inc.

Non-Consolidated

Mizuho Bank
	As of March 31, 2015		Change			As of March 31, 2014
Directors and Auditors		19		4			15
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		65		—			65
Employees (excluding Executive Officers as defined in our internal regulations)		26,561		311			26,250

Mizuho Trust & Banking

Directors and Auditors		15		5			10
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		17		(8	)		25
Employees (excluding Executive Officers as defined in our internal regulations)		3,152		54			3,098

(Reference)

Aggregate Figures for Mizuho Financial Group, Inc., the 2 Banks, and Mizuho Securities
	As of March 31, 2015		Change			As of March 31, 2014
Directors, Executive Officers as defined in the Companies Act, and Auditors		63		16			47
Executive Officers as defined in our internal regulations (excluding those doubling as Directors and Executive Officers as defined in the Companies Act)		110		(11	)		121
Employees (excluding Executive Officers as defined in our internal regulations)		37,713		332			37,381
* The numbers have been adjusted for Directors, Auditors, and Executive Officers doubling other positions.

Mizuho Securities
	As of March 31, 2015		Change			As of March 31, 2014
Directors and Auditors		18		2			16
Executive Officers as defined in our internal regulations (excluding those doubling as Directors)		32		(13	)		45
Employees (excluding Executive Officers as defined in our internal regulations)		6,848		(77	)		6,925

2-35

Mizuho Financial Group, Inc.

3. Number of Branches and Offices

Non-Consolidated

Aggregate Figures for the 2 Banks


	As of March 31, 2015		Change		As of March 31, 2014
Head Offices and Domestic Branches		455		—		455
Overseas Branches		24		—		24
Domestic Sub-Branches		57		—		57
Overseas Sub-Branches		14		2		12
Overseas Representative Offices		7		—		7
* Head Offices and Domestic Branches do not include in-store branches (2), branches and offices for remittance purposes only (41), 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		419		—		419
Overseas Branches		24		—		24
Domestic Sub-Branches		40		—		40
Overseas Sub-Branches		14		2		12
Overseas Representative Offices		7		—		7
* Head Office and Domestic Branches do not include in-store branches (2), branches and offices for remittance purposes only (41), 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		17		—		17
Overseas Sub-Branches		—		—		—
Overseas Representative Offices		—		—		—

2-36

Mizuho Financial Group, Inc.

4. Earnings Plan for Fiscal 2015

Consolidated


	*(Billions of yen)*
	First Half		Fiscal 2015
Ordinary Profits		470.0		980.0
Net Income *		300.0		630.0

*	Profit Attributable to Owners of Parent

Non-Consolidated

Mizuho Bank, Mizuho Trust & Banking

(Billions of yen)

Fiscal 2015

Aggregate Figures
for the 2 Banks

MHBK

MHTB*

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

810.0

750.0

60.0

Ordinary Profits

790.0

735.0

55.0

Net Income

535.0

500.0

35.0

Credit-related Costs

(50.0

)

(50.0

)

—

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

2-37

Mizuho Bank, Ltd.

(Attachments)

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO BANK


	*Millions of yen*
	As of March 31, 2015 (A)			As of March 31, 2014 (B)			Change (A)-(B)
Assets
Cash and Due from Banks	¥	25,803,781		¥	19,218,757			6,585,023
Call Loans		396,839			434,458			(37,618	)
Receivables under Resale Agreements		525,653			642,344			(116,691	)
Guarantee Deposits Paid under Securities Borrowing Transactions		133,336			388,060			(254,723	)
Other Debt Purchased		543,683			480,372			63,310
Trading Assets		5,761,693			4,972,189			789,503
Money Held in Trust		3,249			2,807			441
Securities		41,235,710			42,174,781			(939,070	)
Loans and Bills Discounted		70,873,844			66,836,553			4,037,290
Foreign Exchange Assets		1,559,516			1,507,927			51,589
Derivatives other than for Trading		5,062,613			3,703,349			1,359,263
Other Assets		1,735,907			1,285,649			450,258
Tangible Fixed Assets		828,583			834,166			(5,582	)
Intangible Fixed Assets		469,546			344,173			125,373
Prepaid Pension Cost		415,694			378,416			37,278
Deferred Tax Assets		—			47,591			(47,591	)
Customers’ Liabilities for Acceptances and Guarantees		6,193,731			5,668,241			525,490
Reserves for Possible Losses on Loans		(434,828	)		(510,675	)		75,847
Reserve for Possible Losses on Investments		(1	)		(15	)		13

Total Assets	¥	161,108,555		¥	148,409,149			12,699,406

Liabilities
Deposits	¥	93,528,342		¥	86,048,678			7,479,663
Negotiable Certificates of Deposit		14,830,058			11,854,716			2,975,341
Call Money		3,469,055			6,058,995			(2,589,940	)
Payables under Repurchase Agreements		10,131,327			7,656,634			2,474,693
Guarantee Deposits Received under Securities Lending Transactions		513,983			3,159,574			(2,645,591	)
Trading Liabilities		4,397,160			3,144,085			1,253,075
Borrowed Money		8,315,873			8,968,740			(652,866	)
Foreign Exchange Liabilities		625,566			436,106			189,459
Short-term Bonds		25,000			25,000			—
Bonds and Notes		4,624,117			3,958,105			666,011
Derivatives other than for Trading		5,006,591			3,886,304			1,120,286
Other Liabilities		1,640,679			1,103,309			537,369
Reserve for Bonus Payments		19,933			19,389			544
Reserve for Possible Losses on Sales of Loans		13			1,259			(1,245	)
Reserve for Contingencies		1,544			215			1,329
Reserve for Reimbursement of Deposits		14,772			15,307			(535	)
Reserve for Reimbursement of Debentures		48,878			54,956			(6,078	)
Deferred Tax Liabilities		337,508			—			337,508
Deferred Tax Liabilities for Revaluation Reserve for Land		72,392			81,060			(8,667	)
Acceptances and Guarantees		6,193,731			5,668,241			525,490

Total Liabilities		153,796,531			142,140,682			11,655,848

Net Assets
Common Stock and Preferred Stock		1,404,065			1,404,065			—
Capital Surplus		2,286,795			2,286,795			—
Capital Reserve		655,324			655,324			—
Other Capital Surplus		1,631,471			1,631,471			—
Retained Earnings		1,982,352			1,840,787			141,564
Appropriated Reserve		121,296			63,545			57,751
Other Retained Earnings		1,861,055			1,777,242			83,812
Retained Earnings Brought Forward		1,861,055			1,777,242			83,812

Total Shareholders’ Equity		5,673,213			5,531,648			141,564

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		1,497,419			597,410			900,009
Net Deferred Hedge Gains (Losses), net of Taxes		(5,028	)		(1,337	)		(3,690	)
Revaluation Reserve for Land, net of Taxes		146,419			140,745			5,674

Total Valuation and Translation Adjustments		1,638,811			736,818			901,992

Total Net Assets		7,312,024			6,268,466			1,043,557

Total Liabilities and Net Assets	¥	161,108,555		¥	148,409,149			12,699,406

2-38

Mizuho Bank, Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO BANK


	*Millions of yen*
	For the fiscal year ended March 31, 2015 (A)		For the fiscal year ended March 31, 2014 (B) *		Change (A) - (B)
Ordinary Income	¥	2,238,239	¥	1,879,713		358,525
Interest Income		1,258,141		1,096,265		161,876
Interest on Loans and Bills Discounted		*807,368*		711,695		95,672
Interest and Dividends on Securities		*327,025*		274,925		52,100
Fee and Commission Income		471,563		384,827		86,735
Trading Income		48,535		38,994		9,540
Other Operating Income		248,620		142,975		105,644
Other Ordinary Income		211,378		216,649		(5,271	)

Ordinary Expenses		1,551,919		1,219,478		332,440
Interest Expenses		323,247		296,160		27,087
Interest on Deposits		*90,883*		73,756		17,126
Fee and Commission Expenses		88,033		72,351		15,682
Trading Expenses		—		556		(556	)
Other Operating Expenses		120,110		95,688		24,422
General and Administrative Expenses		855,795		675,728		180,066
Other Ordinary Expenses		164,731		78,993		85,738

Ordinary Profits		686,320		660,234		26,085

Extraordinary Gains		509		265		244

Extraordinary Losses		18,785		7,328		11,457

Income before Income Taxes		668,044		653,171		14,872
Income Taxes:
Current		209,116		71,924		137,191
Deferred		35,740		136,019		(100,279	)

Net Income	¥	423,188	¥	445,228		(22,039	)

*	Figures for the fiscal year ended March 31, 2014 are the aggregate figures for the former MHCB for the first quarter and MHBK for the second quarter and the second half of fiscal 2013.

2-39

Mizuho Bank, Ltd.

NON-CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

OF MIZUHO BANK


	*Millions of yen*
	Shareholders’ Equity																			Valuation and Translation Adjustments									Total Net Assets
	Common Stock and Preferred Stock		Capital Surplus						Retained Earnings								Total Shareholders’ Equity			Net Unrealized Gains (Losses) on Other Securities, net of Taxes		Net Deferred Hedge Gains (Losses), net of Taxes			Revaluation Reserve for Land, net of Taxes		Total Valuation and Translation Adjustments
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
			Capital Reserve		Other Capital Surplus		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings
Balance as of April 1, 2014	¥	1,404,065	¥	655,324	¥	1,631,471	¥	2,286,795	¥	63,545	¥	1,777,242		¥	1,840,787		¥	5,531,648		¥	597,410	¥	(1,337	)	¥	140,745	¥	736,818	¥	6,268,466

Cumulative Effects of Changes in Accounting Policies												5,277			5,277			5,277												5,277
Balance as of the beginning of the period reflecting Changes in Accounting Policies	¥	1,404,065	¥	655,324	¥	1,631,471	¥	2,286,795	¥	63,545	¥	1,782,519		¥	1,846,064		¥	5,536,925		¥	597,410	¥	(1,337	)	¥	140,745	¥	736,818	¥	6,273,744

Changes during the period
Cash Dividends										57,751		(346,509	)		(288,757	)		(288,757	)											(288,757	)
Net Income												423,188			423,188			423,188												423,188
Transfer from Revaluation Reserve for Land, net of Taxes												1,856			1,856			1,856												1,856
Net Changes in Items other than Shareholders’ Equity																					900,009		(3,690	)		5,674		901,992		901,992

Total Changes during the period		—		—		—		—		57,751		78,535			136,287			136,287			900,009		(3,690	)		5,674		901,992		1,038,280

Balance as of March 31, 2015	¥	1,404,065	¥	655,324	¥	1,631,471	¥	2,286,795	¥	121,296	¥	1,861,055		¥	1,982,352		¥	5,673,213		¥	1,497,419	¥	(5,028	)	¥	146,419	¥	1,638,811	¥	7,312,024

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Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED BALANCE SHEETS (selected items)

OF MIZUHO TRUST & BANKING


	*Millions of yen*
	As of March 31, 2015 (A)			As of March 31, 2014 (B)			Change (A) - (B)
Assets
Cash and Due from Banks	¥	1,457,944		¥	1,028,662		¥	429,281
Call Loans		6,852			202,058			(195,205	)
Other Debt Purchased		48,713			57,591			(8,877	)
Trading Assets		67,185			60,918			6,267
Money Held in Trust		3,415			1,513			1,902
Securities		1,887,153			1,837,573			49,579
Loans and Bills Discounted		3,068,451			3,137,852			(69,401	)
Foreign Exchange Assets		7,088			1,580			5,508
Other Assets		79,017			88,917			(9,899	)
Tangible Fixed Assets		26,561			26,384			176
Intangible Fixed Assets		17,624			14,444			3,180
Prepaid Pension Cost		45,785			42,803			2,982
Deferred Tax Assets		—			6,524			(6,524	)
Customers’ Liabilities for Acceptances and Guarantees		41,828			40,151			1,676
Reserves for Possible Losses on Loans		(6,811	)		(12,709	)		5,898
Reserve for Possible Losses on Investments		(1	)		(11	)		10

Total Assets	¥	6,750,811		¥	6,534,256		¥	216,554

Liabilities
Deposits	¥	2,637,041		¥	2,192,012		¥	445,029
Negotiable Certificates of Deposit		579,810			959,230			(379,420	)
Call Money		1,072,860			996,045			76,814
Payables under Repurchase Agreements		12,022			10,291			1,731
Guarantee Deposits Received under Securities Lending Transactions		436,750			446,947			(10,196	)
Trading Liabilities		63,242			61,320			1,922
Borrowed Money		221,967			168,562			53,405
Foreign Exchange Liabilities		—			8			(8	)
Bonds and Notes		42,200			61,500			(19,300	)
Due to Trust Accounts		1,008,363			1,084,938			(76,574	)
Other Liabilities		43,236			45,542			(2,305	)
Reserve for Bonus Payments		1,909			2,013			(103	)
Reserve for Reimbursement of Deposits		1,079			1,144			(64	)
Deferred Tax Liabilities		22,342			—			22,342
Acceptances and Guarantees		41,828			40,151			1,676

Total Liabilities		6,184,654			6,069,708			114,946

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		168,935			138,356			30,578
Appropriated Reserve		17,471			12,041			5,429
Other Retained Earnings		151,464			126,315			25,149
Retained Earnings Brought Forward		151,464			126,315			25,149

Total Shareholders’ Equity		431,810			401,231			30,578

Net Unrealized Gains (Losses) on Other Securities, net of Taxes		136,022			67,616			68,405
Net Deferred Hedge Gains (Losses), net of Taxes		(1,676	)		(4,300	)		2,623

Total Valuation and Translation Adjustments		134,345			63,316			71,029

Total Net Assets		566,156			464,548			101,608

Total Liabilities and Net Assets	¥	6,750,811		¥	6,534,256		¥	216,554

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Mizuho Trust & Banking Co., Ltd.

COMPARISON OF NON-CONSOLIDATED STATEMENTS OF INCOME

(selected items) OF MIZUHO TRUST & BANKING


	*Millions of yen*
	For the fiscal year ended March 31, 2015 (A)		For the fiscal year ended March 31, 2014 (B)			Change (A) - (B)
Ordinary Income	¥	192,718	¥	192,958		¥	(239	)
Fiduciary Income		51,947		51,434			513
Interest Income		49,683		52,664			(2,980	)
Interest on Loans and Bills Discounted		*30,524*		33,923			(3,398	)
Interest and Dividends on Securities		*17,075*		17,339			(264	)
Fee and Commission Income		54,678		49,524			5,154
Trading Income		2,494		2,405			89
Other Operating Income		18,016		9,086			8,930
Other Ordinary Income		15,897		27,843			(11,946	)

Ordinary Expenses		124,574		122,322			2,252
Interest Expenses		10,392		12,618			(2,226	)
Interest on Deposits		*1,804*		1,763			41
Fee and Commission Expenses		25,538		25,899			(361	)
Trading Expenses		—		116			(116	)
Other Operating Expenses		6,625		3,720			2,905
General and Administrative Expenses		78,460		76,418			2,042
Other Ordinary Expenses		3,557		3,548			9

Ordinary Profits		68,143		70,635			(2,491	)

Extraordinary Gains		4		86			(82	)

Extraordinary Losses		233		2,639			(2,405	)

Income before Income Taxes		67,914		68,082			(167	)
Income Taxes:
Current		5,643		17,169			(11,526	)
Deferred		5,027		(1,384	)		6,412

Net Income	¥	57,243	¥	52,297		¥	4,946

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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								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		Total Capital Surplus		Appropriated Reserve		Other Retained Earnings			Total Retained Earnings
			Capital Reserve		Total Capital Surplus		Appropriated Reserve		Retained Earnings Brought Forward			Total Retained Earnings
Balance as of April 1, 2014	¥	247,369	¥	15,505	¥	15,505	¥	12,041	¥	126,315		¥	138,356		¥	401,231		¥	67,616	¥	(4,300	)	¥	63,316	¥	464,548

Cumulative Effects of Changes in Accounting Policies										482			482			482										482
Balance as of the beginning of the period reflecting Changes in Accounting Policies	¥	247,369	¥	15,505	¥	15,505	¥	12,041	¥	126,797		¥	138,839		¥	401,714		¥	67,616	¥	(4,300	)	¥	63,316	¥	465,030

Changes during the period
Cash Dividends								5,429		(32,577	)		(27,147	)		(27,147	)									(27,147	)
Net Income										57,243			57,243			57,243										57,243
Net Changes in Items other than Shareholders’ Equity																			68,405		2,623			71,029		71,029

Total Changes during the period		—		—		—		5,429		24,666			30,096			30,096			68,405		2,623			71,029		101,125

Balance as of March 31, 2015	¥	247,369	¥	15,505	¥	15,505	¥	17,471	¥	151,464		¥	168,935		¥	431,810		¥	136,022	¥	(1,676	)	¥	134,345	¥	566,156

2-43

Mizuho Trust & Banking Co., Ltd.

(Reference)

Statement of Trust Assets and Liabilities


*Millions of yen*
Assets	Amount		Liabilities	Amount
Loans and Bills Discounted		985,122	Money Trusts		17,392,804
Securities		1,134,120	Pension Trusts		3,940,731
Beneficiary Rights to the Trusts		41,539,727	Property Formation Benefit Trusts		5,220
Securities held in Custody Accounts		501,002	Investment Trusts		12,037,681
Money Claims		4,133,646	Money Entrusted Other than Money Trusts		1,598,530
Tangible Fixed Assets		5,437,222	Securities Trusts		8,047,935
Intangible Fixed Assets		317,901	Money Claims Trusts		3,378,699
Other Claims		1,424,033	Land and Fixtures Trusts		178,076
Due from Banking Account		1,008,363	Composite Trusts		10,395,857
Cash and Due from Banks		499,379	Other Trusts		4,982

Total		56,980,518	Total		56,980,518

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 ¥40,337,836 million.

3.	Joint trust assets under the management of other companies: ¥686,069 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 ¥16,006 million.

Of this amount, Balance of Non-Accrual Delinquent Loans is ¥2,990 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		16,006	Principal		701,226
Securities		3	Reserve		49
Others		685,399	Others		133

Total		701,408	Total		701,408

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Mizuho Trust & Banking Co., Ltd.

(Reference)

Comparison of Balances of Principal Items


	*Millions of yen*
Items	As of March 31, 2015 (A)		As of March 31, 2014 (B)		Change (A) - (B)
Total Amount of Funds		24,555,608		23,114,075		1,441,532
Deposits		2,637,041		2,192,012		445,029
Negotiable Certificates of Deposit		579,810		959,230		(379,420	)
Money Trusts		17,392,804		15,931,177		1,461,627
Pension Trusts		3,940,731		4,026,597		(85,865	)
Property Formation Benefit Trusts		5,220		5,058		161

Loans and Bills Discounted		4,053,574		4,158,264		(104,690	)
of Banking accounts		3,068,451		3,137,852		(69,401	)
of Trust accounts		985,122		1,020,412		(35,289	)

Securities for Investments		3,021,274		2,868,239		153,034
of Banking accounts		1,887,153		1,837,573		49,579
of Trust accounts		1,134,120		1,030,666		103,454

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