Securities, Trust, and Asset Management Business Strategies

For the purpose of integrating group-wide business operations, optimizing management resources, such as workforce and branch network, and accelerating the implementation of the Mizuho's Transformation Program, in April 2011, the respective share exchange agreements were entered whereby (i) Mizuho Trust & Banking (MHTB) would be turned into the wholly-owned subsidiary of Mizuho Financial Group (MHFG), (ii) Mizuho Securities (MHSC) would be turned into the wholly-owned subsidiary of Mizuho Corporate Bank (MHCB), and (iii) Mizuho Investors Securities (MHIS) would be turned into the wholly-owned subsidiary of Mizuho Bank (MHBK) (the "Transactions").

Through the Transactions, the group aims to (i) ensure a prompt decision making process and flexibility of strategies and establish a group management structure that can respond with greater flexibility to the changes in the extended business environment, etc., (ii) further enhance its comprehensive financial services capabilities and reinforce group collaboration that provides seamless full-line services that include banking, trust and securities functions and (iii) pursue improvement of group management efficiency by thoroughly promoting the consolidation of operations and the cost structure reforms.