About Financial Information

Consolidated Gross Profits for the nine months ended Dec 31, 2009 increased by JPY 134.3 billion on a year-on-year basis to JPY 1,493.2 billion.

Gross Profits of the 3 Banks for the same period increased by JPY 93.2 billion on a year-on-year basis to JPY 1,208.0 billion, due to an increase in income derived from flexible and timely operations in the Trading segment and other factors partly offset by a decrease in income from Customer Groups mainly due to a decline in deposit income reflecting the drop in market interest rates. Despite a year-on-year increase of JPY 27.9 billion in expenses associated with employee retirement benefits, G&A expenses increased slightly by JPY 3.3 billion on a year-on-year basis to JPY 674.8 billion, due to our overall cost reduction efforts.

Aggregated consolidated Gross Profits (Net Operating Revenues) of our two securities subsidiaries (Mizuho Securities*1 and Mizuho Investors Securities) increased by JPY 125.2 billion on a year-on-year basis to JPY 231.1 billion, mainly due to, in addition to an increase in commission income, the effect of the merger with Shinko Securities.

• *1 Our financial results for the nine-month period from Apr to Dec 2008 did not include the results of Shinko Securities (Net Operating Revenues of JPY 73.5 billion and Ordinary Losses of JPY 8.3 billion), since Shinko Securities was an affiliate under the equity method of our group at that time.

As a result, Consolidated Net Business Profits amounted to JPY 527.5 billion, a year-on-year increase of JPY 45.6 billion.

Consolidated Net Income for the nine months ended Dec 31, 2009 amounted to JPY 126.2 billion, a year-on-year increase of JPY 176.8 billion due to an improvement in Credit-related Costs and Net Gains (Losses) related to Stocks in addition to the aforementioned factors.

Consolidated Credit-related Costs amounted to JPY 216.4 billion, and Credit Cost Ratio of the 3 Banks was 31bps*2, an improvement from 69bps for the full fiscal 2008.

• *2 Credit-related Costs for the 3Q of fiscal 2009 (Apr 1 to Dec 31, 2009) x (4/3) / Total claims under the Financial Reconstruction Law as of Dec 31, 2009 (aggregated amount of banking account and trust account)

Despite a gain of JPY 20.2 billion for the first half of fiscal 2009, Net Gains (Losses) related to Stocks recorded a loss in the amount of JPY 16.8 billion for the third quarter of fiscal 2009 (Apr 1 to Dec 31, 2009), mainly as a consequence of recording devaluation in the amount of JPY 46.5 billion for the three-month period from Oct to Dec 2009.

(Consolidated)

(JPY Bn)

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

(Reference) 3 Banks

(JPY Bn)

1. *1Includes impacts on banking subsidiaries (JPY 77.5 billion, eliminated on a consolidated basis) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs
2. *2Includes impact of a review of the calculation method for reserve for possible losses on loans guaranteed by our credit guarantee subsidiary (JPY 26.8 billion, eliminated on a consolidated basis)

The average loan balance for the three-month period from Oct to Dec 2009 decreased by JPY 2.9 trillion compared with the first half of fiscal 2009 mainly due to a decrease of JPY 1.5 trillion in loans to Deposit Insurance Corporation of Japan and the Japanese Government. Meanwhile, the loan balance as of the end of the third quarter of fiscal 2009 (Dec 31, 2009) was JPY 63.8 trillion, a decrease of JPY 0.4 trillion from that as of the end of the first half of fiscal 2009 (Sep 30, 2009; JPY 0.3 trillion of which was loans to Deposit Insurance Corporation of Japan and the Japanese Government).

The domestic loan-and-deposit rate margin (*2 shown on the graph below) for the three-month period from Oct to Dec 2009 was 1.40% with an improvement of 0.01% from that for the previous quarter (three-month period from Jul to Sep 2009).

Net Interest Income on a consolidated basis for the nine months ended Dec 31, 2009 increased by JPY 95.3 billion on a year-on-year basis to JPY 863.6 billion, with an increase in Net Interest Income in the Trading segment and other factors.

Loan Balance

• *1Aggregate average balance of the 3 Banks for the period, excluding Trust Account and loans to Mizuho Financial Group, Inc.
  Balance for overseas branches includes foreign exchange translation impact.
• *2Aggregate figures of domestic operations of Mizuho Bank and Mizuho Corporate Bank after excluding loans to Mizuho Financial Group, Inc., Deposit Insurance Corporation of Japan and the Japanese Government.

Net Fee and Commission Income of the 3 Banks for the nine months ended Dec 31, 2009 amounted to JPY 201.1 billion, a year-on-year decrease of JPY 6.7 billion.
In a weak economic environment, this was primarily due to a decrease in fee and commission income from solution-related business and overseas business with corporate customers as well as a decrease in profits from trust and asset management business of Mizuho Trust & Banking.

Net Fee and Commission Income of the 3 Banks for the three-month period from Oct to Dec 2009 amounted to JPY 65.0 billion, a year-on-year increase of JPY 3.5 billion due to an increase in fee income associated with sales of investment trusts and individual annuities with individual customers and other factors.

Net Fee and Commission Income

With respect to our financial soundness, our NPL Ratio remained at a low level of 1.93% (a decrease of 0.07% from Sep 30, 2009).

Unrealized Gains (Losses) on Other Securities amounted to JPY 75.0 billion.

Consolidated Gross Profits for the first half of FY2009 increased by JPY 87.8 billion on a year-on-year basis to JPY 1,005.1 billion.

Gross Profits of the banking subsidiaries amounted to JPY 790.6 billion, due to an increase in income derived from flexible and timely operations in the Trading segment and other factors partly offset by a decrease in income from Customer Groups mainly due to a decline in deposit income reflecting the drop in market interest rates. G&A expenses decreased by JPY 4.2 billion on a year-on-year basis to JPY 452.3 billion due to our overall cost reduction efforts, despite a year-on-year increase of JPY 18.6 billion in expenses associated with employee retirement benefits.

Aggregated consolidated Gross Profits (Net Operating Revenues) of our two securities subsidiaries (Mizuho Securities*1 and Mizuho Investors Securities) increased by JPY 103.4 billion on a year-on-year basis to JPY 168.6 billion, mainly due to, in addition to an increase in commission income, the effect of the merger with Shinko Securities.

• *1 Our financial results for the first half of FY2008 did not include the income of Shinko Securities (Net Operating Revenues of JPY 55.2 billion and Ordinary Profits of JPY 0.2 billion), since Shinko Securities was an affiliate under the equity method of our group at that time.

As a result, Consolidated Net Business Profits amounted to JPY 359.5 billion, a year-on-year increase of JPY 42.0 billion.

Consolidated Net Income for the first half of FY2009 amounted to JPY 87.8 billion, a year-on-year decrease of JPY 6.7 billion.

Consolidated Credit-related Costs amounted to JPY 161.7 billion, and Credit Cost Ratio of the 3 Banks was 32bps*2, an improvement from 69bps for the full FY2008.

• *2 Credit-related Costs for the first half of FY2009 x 2 / Total claims under the Financial Reconstruction Law as of Sep 30, 2009 (aggregated amount of banking account and trust account)

The total P&L impact on our group of the global financial market turmoil for the first half of FY2009 was limited to a loss of approximately JPY 3.0 billion.

Net Gains related to Stocks amounted to JPY 20.2 billion as a consequence of recording Gains on Sales in our efforts to reduce our stock portfolio despite recording losses in the amount of JPY 29.0 billion on equity derivatives entered into for hedging purposes at the banking subsidiaries.

As for credit derivatives transactions entered into for credit risk hedging purposes at the banking subsidiaries, we recognized valuation losses of JPY 76.8 billion related to such hedging transactions due to the improvement in the credit markets.

Net Extraordinary Gains on our consolidated basis in connection with the consummation of the merger between Mizuho Securities and Shinko Securities in May 2009 amounted to JPY 19.8 billion (negative goodwill incurred profits associated with the merger of these securities companies and other factors).

(Reference) 3 Banks

(JPY Bn)

1. *1Includes impacts on banking subsidiaries (JPY 45.0 billion, eliminated on a consolidated basis) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred debt securities by SPCs
2. *2Includes impact of a review of the calculation method for reserve for possible losses on loans guaranteed by our credit guarantee subsidiary (JPY 26.8 billion, eliminated on a consolidated basis)

The average loan balance for the first half of FY2009 increased by JPY 0.9 trillion on a year-on-year basis, while it decreased by JPY 1.3 trillion compared with the second half of FY2008 mainly due to a decrease of JPY 1.1 trillion in loans to Deposit Insurance Corporation of Japan and the Japanese Government.

The domestic loan-and-deposit rate margin for the same period increased by 0.15% at Mizuho Corporate Bank from that for the first half of FY2008. Meanwhile, the aggregate figure of domestic operations decreased slightly by 0.03% from that for the first half of FY2008, as shown on the graph.

Net Interest Income on a consolidated basis for the first half of FY2009 increased by JPY 57.6 billion on a year-on-year basis to JPY 581.0 billion, with an increase in Net Interest Income in the Trading segment.

Loan Balance

• *1Aggregate average balance of the 3 Banks for the period, excluding Trust Account and loans to Mizuho Financial Group, Inc.
  Balance for overseas branches includes foreign exchange translation impact.
• *2Aggregate figures of domestic operations of Mizuho Bank and Mizuho Corporate Bank after excluding loans to Mizuho Financial Group, Inc., Deposit Insurance Corporation of Japan and the Japanese Government

Net Fee and Commission Income

(JPY Bn)

1. *1Prime Capital (Tier1 Capital - preferred securities - preferred stock (excluding mandatory convertible preferred stock)) divided by Risk-weighted Assets
2. *2The base amount to be recorded directly to Net Assets after tax and other necessary adjustments.
   For Floating-rate Japanese Government Bonds and the vast majority of foreign currency denominated securitization products, we applied reasonably calculated prices based on the reasonable estimates of our management as fair value.

Please see the tables below for the balances of stock portfolio*1 and Unrealized Gains / Losses on Stocks*2 as of Sep 30, 2009.

Status of Stock Portfolio

(Consolidated)

(JPY Bn)

(3 Banks)

(JPY Bn)

The balances of stock portfolio (Book Value (=Fair Value)) as of Sep 30, 2009 increased from Mar 31, 2009, and unrealized gains / losses turned positive owing to a recovery in the stock markets.

With respect to our stock portfolio, we aim to achieve a further reduction in stock price fluctuation risks associated with the portfolio, and to reduce the ratio of the balance of listed Japanese stocks on an acquisition cost basis (consolidated basis) to Tier 1 Capital to a level of about 50% in the medium term. In this regard, we sold approx. JPY 150 billion (3 Banks) of stocks in the first half of FY2009. The ratio of Japanese stocks on an acquisition cost basis (consolidated basis) to Tier 1 Capital as of Sep 30, 2009 was 51% (74% as of Mar 31, 2009) reflecting an increase in Tier 1 Capital and the sales of stocks.

Consolidated Net Gains / Losses related to Stocks for the first half of FY2009 amounted to JPY 20.2 billion primarily due to the recording of realized gains as a result of the sales of stocks in line with our aforementioned initiatives for stock portfolio reduction, although the amount was offset in part by losses recorded in the amount of JPY 29.0 billion on equity derivatives entered into for hedging purposes at the banking subsidiaries.

• *1Acquisition costs of Japanese stocks in Other Securities (which have readily determinable fair value)
• *2The base amount to be recorded directly to Net Assets after tax and other necessary adjustments for Japanese stocks included in Other Securities (which have readily determinable fair value)

In the first half of FY2009, we issued common stock (the number of shares issued: 3 billion shares, total amount paid: JPY 529.2 billion) for the purpose of increasing our prime capital. Our decision was aimed at, in light of the uncertainty over the economy, securing a solid and sufficient capital buffer in preparation for a further adverse business environment and ensuring the flexibility to capture business opportunities leading to our future growth and to respond to customer needs.

We issued preferred debt securities amounted at JPY 139.5 billion in Jun 2009, JPY 72.5 billion in Aug 2009, and JPY 25.0 billion in Sep 2009 through our overseas special purpose subsidiary, so as to further increase our group's capital base in light of the recent financial market turmoil on top of securing the agility and improving the flexibility of our capital strategy.

Meanwhile, we made a full redemption of JPY 176.0 billion of preferred debt securities which became redeemable at the issuer's option in Jun 2009.

During the first half of FY2009, the number of shares of our common stock increased by 1,002 million through requests for conversion of 317 million shares (JPY 317.6 billion) of Eleventh Series Class XI Preferred Stock. The outstanding balance of such preferred stock as of Sep 30, 2009 was JPY 594.2 billion.

We continue to pursue "disciplined capital management", optimally balancing "strengthening of stable capital base" and "steady returns to shareholders" in accordance with changes in the business environment, our financial condition or other factors, and in light of on-going global discussions on capital.

(Reference) 3 Banks

(JPY Bn)

• *1Includes impacts on banking subsidiaries (approximately JPY 78.0 billion) of a change in the recipients of dividend payments under our schemes for capital raising through issuance of preferred securities by SPCs
• *2Includes impact of a review of the calculation method for reserve for possible losses on loans guaranteed by our credit guarantee subsidiary (JPY 26.8 billion, eliminated on a consolidated basis)