Direction of Mizuho’s Business

Transformation

September 2018
Forward-looking Statements
This presentation contains statements that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995,
including estimates, forecasts, targets and plans. Such forward-looking statements do not represent any guarantee by management of future performance.
In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “plan,” “probability,” “project,” “risk,” “seek,”
“should,” “strive,” “target” and similar expressions in relation to us or our management to identify forward-looking statements. You can also identify forward-looking
statements by discussions of strategy, plans or intentions. These statements reflect our current views with respect to future events and are subject to risks, uncertainties
and assumptions.
We may not be successful in implementing our business strategies, and management may fail to achieve its targets, for a wide range of possible reasons, including, without
limitation: incurrence of significant credit-related costs; declines in the value of our securities portfolio; changes in interest rates; foreign currency fluctuations; decrease in
the market liquidity of our assets; revised assumptions or other changes related to our pension plans; a decline in our deferred tax assets; the effect of financial transactions
entered into for hedging and other similar purposes; failure to maintain required capital adequacy ratio levels; downgrades in our credit ratings; our ability to avoid
reputational harm; our ability to implement our Medium-term Business Plan, realize the synergy effects of "One MIZUHO," and implement other strategic initiatives and
measures effectively; the effectiveness of our operational, legal and other risk management policies; the effect of changes in general economic conditions in Japan and
elsewhere; and changes to applicable laws and regulations.
Further information regarding factors that could affect our financial condition and results of operations is included in “Item 3.D. Key Information—Risk Factors” and “Item 5.
Operating and Financial Review and Prospects” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”), which is available in the
Financial Information section of our web page at www.mizuho-fg.com/index.html 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.

Unless otherwise specified, the financial figures used in this presentation are based on Japanese GAAP
This presentation does not constitute a solicitation of an offer for acquisition or an offer for sale of any securities

Definitions
FG: Mizuho Financial Group, Inc. BK: Mizuho Bank, Ltd. TB: Mizuho Trust & Banking Co., Ltd.
SC: Mizuho Securities Co., Ltd. AM: Asset Management One Co., Ltd. MHRI: Mizuho Research Institute Ltd.
RBC: Retail & Business Banking Company CIC: Corporate & Institutional Company MHCC: Mizuho Capital
GCC: Global Corporate Company GMC: Global Markets Company
AMC: Asset Management Company GPU: Global Products Unit RCU: Research & Consulting Unit

Consolidated Net Business Profits = Consolidated Gross Profits - G&A Expenses (excl. Non-Recurring Losses) + Equity in income from investments in
Affiliates and certain other consolidation adjustments
Net Income Attributable to FG: Profit Attributable to Owners of Parent
2 Banks: Aggregate figures for BK and TB on a non-consolidated basis
Group aggregated: Aggregate figures for BK, TB, SC, AM and other major subsidiaries on a non-consolidated basis
Company management basis: management figure of the respective in-house company (management figures based on results of former business units up to
FY2015)

1
Mizuho group
Holding company
Mizuho Financial Group

Banking Trust Securities Asset Research & Other major subsidiaries

management consulting1

Mizuho Research Trust & Custody

Mizuho Asset Institute Services Bank
Mizuho Mizuho
Trust & Management
Bank Securities
Banking One Mizuho Information & Mizuho Private Wealth
Research Institute Management

(rounded figures)

Individual SME, middle market, Forbes Global 2002

One of the broadest Coverage of listed (Non-Japanese
customers Securities accounts and business owner
customer bases among companies in Japan corporate clients)
Japanese financial institutions borrowers
24mm 1.75mm 100K 70% 80%

Credit ratings (As of September 5, 2018)

S&P Moody’s Fitch R&I JCR
FG A- A1 A- A+ AA-
BK/TB A A1 A- AA- AA
1. Also comprised of other departments and subsidiaries such as BK Industry Research Dept., TB Consulting Dept. and Mizuho-DL Financial Technology 2. Top 200 corporations from Forbes Global 2000 (excl. financial institutions)

2
Contents

1. Financial results – Executive Summary 3. Direction of Mizuho’s business

transformation
‐ Executive summary of financial results P. 5 ‐ The business portfolio and business
direction we are pursuing P. 13
‐ Financial results by In-house Company P. 6 ‐ Retail segment
Encouraging household asset
reallocation and supporting business
‐ Overview of loans P. 7 succession P. 14
Channel Transformation and
‐ Non-interest Income P. 8 restructuring of our payments
business P. 17
‐ Wholesale segment
2. Economic environment Enhance market business P. 19

‐ Economic developments in Japan P. 10 Address clients’ globalization efforts P. 21

4. In Closing

‐ Our vision P. 24

3
1. Financial results – Executive Summary

2. Economic environment

3. Direction of Mizuho’s business transformation

4. In closing

4
Executive summary of financial results
(Consolidated, JPY bn) Changes from
1Q FY2018 1Q FY2017

Net Business Profits 142.9 44.6 - Income from loan and deposit related business outside Japan as well as
(+ETFs and others1) Non-interest Income from both in and outside Japan grew, leading to a
(Net Business Profits) (113.6) (29.2) large increase in Customer Groups’ profits compared to 1Q FY2017

- Reversal in Credit-related Costs mainly due to improvement in credit

Credit-related Costs 22.5 3.3 portfolios underpinned by a relatively sound macro environment
- NPL balances and ratio declined to the lowest levels in Mizuho’s history

Net Gains (Losses)

related Stocks 50.9 2.6
(-ETFs and others1) - Steady disposal of cross-shareholdings
(Net Gains (Losses) related to Stocks) (80.3) (18.0)

- 28% progress against the earnings plan of JPY 570.0bn for FY2018 due
Net Income
161.0 42.7 to the recovery of Consolidated Net Business Profits as well as reversal
Attributable to FG
of Credit-related Costs and Net Gains related to Stocks

Changes from
June 2018
Mar 2018
CET1 Capital Ratio - CET1 Capital Ratio increased due to the steady accumulation of
12.68% 0.19% Retained Earnings despite RWA increase mainly due to increase in
(excl. Net Unrealized Gains on loans outside Japan
Other Securities) (10.27%) (0.12%)

1. Net Gains (Losses) related to ETFs (2 Banks) + Net Gain on Operating Investment Securities (SC Consolidated)

5
 Financial results by In-house Company
Group aggregate, management accounting, rounded figures
1, 2 3
Net Business Profits Net Income
Result Plan Result Plan
4 4
1Q FY17 1Q FY18 FY18 1Q FY17 1Q FY18 FY18
(JPY bn) YoY YoY 5 YoY YoY 5

RBC -16.9 -14.8 2.1 31.0 17.0 -3.7 -8.5 -4.8 30.0 4.0

CIC 30.3 52.9 22.6 244.0 15.0 42.6 91.1 48.5 301.0 33.0

GCC 12.1 34.1 22.0 123.0 31.0 10.4 17.2 6.8 72.0 10.0

GMC 71.1 68.6 -2.5 285.0 99.0 49.3 47.8 -1.5 196.0 69.0

AMC 3.6 4.0 0.4 18.0 1.0 1.4 1.7 0.3 7.0 -0.0

In-house
100.2 144.8 44.6 701.0 163.0 100.0 149.3 49.3 606.0 116.0
Company Total

FG
98.3 142.9 44.6 700.0 161.9 118.2 161.0 42.7 570.0 -6.5
Consolidated
1. Net Gains (Losses) related to ETFs are included in GMC 2. FG Consolidated figures are Consolidated Net Business Profits + Net Gains (Losses) related to ETFs and others 3. FG Consolidated figures are
Net Income Attributable to FG 4. Figures for 1Q FY17 are recalculated based on FY18 management accounting rules 5. Figures for FY17 are recalculated based on FY18 management accounting rules

6
 Overview of loans
1
Loan Balance in Japan 2 Banks Loan and Deposit Rate Margin in Japan 2 2 Banks
(JPY tn) (%)
1Q FY17 +0.5 YoY
Return on Loans and Bills Discounted ･･･ a
Average Balance 50.9
Loan and Deposit Rate Margin ･･･ a - b
Costs of Deposits and Debentures ･･･ b
+ 0.3 from
2H FY17
1.05
1.01
0.94
0.90
50.7 51.5 50.0 50.7 50.9 51.1 51.4 0.86 0.85 0.84
1.01 0.98
0.93 0.89 0.86 0.84 0.83
0.04 0.03 0.01 0.00 0.00 0.00 0.00
1H FY15 2H
15/上 FY15 1H
15/下 FY16 2H
16/上 FY16 1H
16/下 FY17 2H
17/上 17/下 18/1Q
FY17 1Q FY18 1H FY15 2H FY15 1H FY16 2H FY16 1H FY17 2H FY17 1Q FY18

Loan Balance outside Japan3, 4 BK, management accounting Loan Spread BK, management accounting
(USD bn) 1Q FY17 +17.9 YoY （%）
Average Balance
216.4 Outside Japan 3, 4

+12.4 from 2H FY17 Loans to Middle Market Firms & SMEs in Japan
234.3 Loans to Large Corporate Banking Customers in Japan
214.1 220.8 216.0 221.9
208.0
195.1 49.4
40.0 44.2 41.8 41.7
29.3 35.0
EMEA 0.93 0.92 0.91 0.89 0.89 0.90
69.1 69.6 0.87
Americas 67.5 70.2 73.3 75.2 70.8
0.75
0.71 0.70
0.66 0.64 0.61
Asia 0.62
98.4 102.8 100.8 101.3 103.4 111.1 115.3
0.54 0.52 0.51 0.50 0.49 0.48
0.48
1H15/上 FY15 1H16/上
FY15 2H15/下 FY16 1H17/上
FY16 2H16/下 FY17 1Q
FY17 2H17/下 FY18
18/1Q 1H FY15 2H FY15 1H FY16 2H FY16 1H FY17 2H FY17 1Q FY18
3. BK (including the subsidiaries in China, the US, the Netherlands, Indonesia, Malaysia, Russia,
1. Excluding loans to FG, the Japanese Government, etc. , Banking account Brazil and Mexico)
2. Domestic operations, excluding loans to financial institutions (including FG), 4. Changed management accounting rules in FY18.
the Japanese Government, etc. Past figures are recalculated based on the new rules.

7
 Non-interest Income
Non-interest Income from Customer Groups 1 Reference: Breakdown of BK (Japan) Non-Interest Income
(JPY bn) Group aggregate, management accounting Group aggregate, management accounting
(JPY bn)
(rounded figures) (rounded figures)
Solution Business Related
BK (in Japan) Investment Trusts & Individual Annuities
BK (outside Japan) Settlement & Foreign Exchange
Trust & Asset Management Others
Securities
Others + JPY 28bn YoY 80 84

219 66 20
216 22
13 7
10
7
191 38
34 34

80 84 14 12 19

66 1Q FY16 1Q FY17 1Q FY18

2 Banks (left)
Reference: Investment Products SC Retail & Business Banking Division (right)
(JPY tn)
Equity Investment Trusts Sold
Individual Annuities Sold
51 43 Japanese Bonds Sold
38 Investment Trusts Sold (excl. MMF) Foreign Bonds Sold
Balance of Investment Products 2 Assets Under Management

5.59 5.53 5.49 30.1 33.2

25.7
38 41
37 0.23
0.26
0.10 0.06 0.10 0.17
0.34
0.24 0.22
44 45 49
0.09 0.11 0.09
0.23 0.25 0.25
4 4 2
1Q FY16 1Q FY17 1Q FY18 1Q FY16 1Q FY17 1Q FY18 1Q FY16 1Q FY17 1Q FY18
1. Changes in management accounting rules in FY18. The original figures before the
recalculation were 1Q FY16: JPY 221 bn and 1Q FY17 : JPY 192 bn 2. Total of Individual Annuities, Investment Trusts (excl. MMF) and non-JPY deposits

8
1. Financial results – Executive Summary

2. Economic environment

3. Direction of Mizuho’s business transformation

4. In closing

9
Economic developments in Japan
Although the economy is moderately expanding, the increase in prices is slow
 The economic conditions have improved as a whole.  While the economic growth rate has recovered, the
Corporate profits are at historically high levels. The pace of price increases continue to be slow.
employment environment is also favorable.

Snapshot of the Japanese economy

Potential growth rate2
(before and after Abenomics)1
(YoY, %) After Abenomics
2012 2018 （current data） Average growth rate
1.5
（Before Abenomics）
Evaluation
Before Abenomics 1.0%
1.0 Average growth rate
Capital investment JPY 34.5tn JPY 42.2tn 0.5%
Corporations

fiscal plans (Dec 2012 survey) (Jun 2018 survey)

Highest in 10 yrs 0.5

JPY 49.4tn JPY 97.1tn 0.0

Ordinary Income
(Oct-Dec. 2012) Highest Ever (Jan-Mar 2018)
-0.5
05 06 07 08 09 10 11 12 13 14 15 16 17 18 (Yr)
Employed persons 62.63mm 66.36mm
(Dec. 2012) (Jun. 2018)
Highest Ever
Consumer Price Index3
Labor

Unemployment rate 4.3% 2.5％ (YoY, %) BOJ price stability

(Dec. 2012) (Jun. 2018)
Lowest in 25 yrs
3 target: 2%
Job openings- 0.83 1.63 2
to-applicants ratio (Dec. 2012)
Highest in 44 yrs (Jun. 2018)
1
0
Nikkei Average JPY 8,661 JPY 22,870tn
-1
Markets

(Nov. 13, 2012) (Aug. 31, 2018)

Highest in 27 yrs CPI (excl. CPI (excl. fresh
-2 fresh food) food and energy)
Exchange rate JPY 79.4 JPY 110.8 -3
(1 USD) (Nov. 13, 2012) (Aug. 31, 2018)
05 06 07 08 09 10 11 12 13 14 15 16 17 18 (Yr)

1. Created by MHRI based on data from Tokyo Shoko Research, Bank of Japan, the Ministry of Finance, the 2. Estimated by MHRI based on data from Japan’s Cabinet Office and other sources.
Ministry of Health, Labour and Welfare, the Ministry of Internal Affairs and Communications, and other 3. After adjusting for consumption tax. Created by MHRI based on data from Japan’s
sources. Ministry of Internal Affairs and Communications.

10
Economic developments in Japan
BOJ focuses on the market function, prolonging monetary easing
 The Bank of Japan (BOJ) has virtually given up on
an early achievement of the price stability target.
The BOJ made minor policy changes towards the
prolongment of easing at the July Monetary Policy
Meeting.
 Expanded the interest rate fluctuation range to deal
with the decline in the market functioning due to the
BOJ’s bulk purchase of government bonds. Also,
minimized the burden of negative interest rates on
financial institutions.

Main policies determined in Proportion of the balance of JGBs held by the BOJ
the July Monetary Policy Meeting1 out of the total issue amount1
(%)
60
Forward guidance for policy rates
Maintain the current extremely low levels of short- and long-term 40
interest rates for an extended period of time

20
Flexibility in the Yield Curve Control
0
Allow 10-year JGB yields to move upward and downward
by around 0.2% 2000 2003 2006 2009 2012 2015 2018 (Yr)

The three-tier system of BOJ current accounts

(JPY tn) Reduction in interest rate
Flexibility in asset purchases such as ETFs burden on financial
institutions where the
Increase or decrease the amount of purchases 400 Policy rate balance: -0.1% interest rate balance was reduced
depending on market conditions
300
Macro add-on balance: +0.0% interest rate
200
Change in the size of the Policy-Rate Balance
100
Reduce the size from JPY 10tn to 5tn on average2 Basic balance: +0.1% interest rate
0
1. Created by MHRI based on disclosed information from the Bank of Japan.
2 5 8 11 2 5 8 11 2 5
2. Hypothetical amount assuming arbitrage transactions between financial institutions.
2016 2017 2018 (Yr)

11
1. Financial results – Executive Summary

2. Economic environment

3. Direction of Mizuho’s business transformation

4. In closing

12
 The business portfolio and business direction we are pursuing

Positioning Challenges Business direction

Capturing
growth areas
Stable revenue Stable formation of 1. Encourage household
foundation and household assets asset reallocation and
Retail

source of liquidity support business

Declining birthrate
succession
and a growing Securities,
proportion of retirees 2. Revisit channel strategy /
trusts,
promote cashless
Mutually Need to reduce fixed Digitalization asset payments
complementary expenses
management
Generate
synergies

Room to pursue upside Expansion of capital Outside Japan

source of growth markets (mainly Asia) 3. Enhance both primary
Wholesale

and secondary markets

Increase of debt-free businesses
clients 4. Take initiatives toward
globalization
Need to address Clients’ global
revenue volatility expansion

13
 1. Retail segment - Encouraging household asset reallocation -
The environment surrounding household assets in Japan
Composition of household assets Population demographics History of individual asset management in Japan and the United States

(JPY tn) Financial assets Real estate (mm ppl) (Year) 1970 1980 1990 2000 2010
Retirement-age population (a)
Working-age population (b)
53% 16% 31% 1,809 2.8 1971 Introduction of MMF

Change in system
100 b/a
RE held
by 80 2.0 1974 Establishment of ERISA
1.8
Japanese
33% 31% 33% 3,050 60 1.5
household 1.3 1.3 1975 Establishment of IRA
JPY 1,065tn 40

13% 54% 33% 8,193 20 1981 Introduction of full-scale 401K

0 TB, CP
2010 20 30 40 50 60

Money flow
Cash & deposits Investments Insurance, annuities, etc.
Depo Bonds
Source: The Bank of Japan Research and Statistics Department ‘Flow
of Funds -Overview of Japan, the United States, and the Euro area-’ Source: Population Census, National Institute of Population and Social
August 18, 2017, Real Estate- Japan - System of National Accounts Security Research “Population Projection of Japan” -sits MMF
Statistics 2016

Transition of household assets (1980-2016) Living expenses necessary after retirement Mutual funds and pensions

1992 Introduction of MMF

Change in system
For each year of life after
(JPY tn) (USD tn) retirement in Japan Japan is 20-30 years behind
2001 Enforcement
8,000 80 compared to tax-advantaged
Insurance, Minimum： of DC Law
その他
annuities, etc.
investment plan systems
instituted in the US in the 2014 Start of NISA
6,000 有価証券
Investments 60 JPY 2.64mm
1970s
現預金
Cash & deposits
4,000 40

Money flow
Relatively comfortable：
2,000 20 Deposits Investment
JPY 4.19mm
0 0
Source: Prepared by MHRI based on Japan Institute of Life
Source: The Bank of Japan Flow of Funds Account, FRB data Insurance ‘Survey on Life Protection’ Source: Prepared by MHRI

14
1. Retail segment - Encouraging household asset reallocation -
Mizuho’s presence Business direction
 Wealth formation / asset management
Retail foundations 2028 forecast (vs. 2015)
Mar 2018 - Utilize Mizuho Bank’s customer base
Total household financial assets
Retail deposits Retail AUM - Shift focus from consulting services for
individuals with disposable income to invest JPY +280tn
JPY 42tn JPY 22tn (investment product sales) to consulting
services on investment planning for the
o/w belong to high net-worth

BK+TB BK+TB: 7tn SC: 15tn JPY +160tn

future (wealth formation / asset
Source: Estimated by MHRI and SC. High net-
management) worth are households with over JPY 100mm
AM and product development foundations net financial assets

 Leverage our strength as one of the Net inflow of client assets

Size No.1 Largest AUM in Japan Mega financial institutions in Japan (JPY tn) FY17 results
2
AM
- Business approach utilizing our trust bank’s 1.7 No.1 for three
capabilities No.1 Largest AUM from GPIF functions (e.g., business succession) consecutive yrs *
1

2nd in brand power and - Promote retail customers’ shift away from B
Products No.2 0
customer satisfaction deposits to investments Mizuho A
Source: AM capabilities - GPIF website SC
Products - Nikkin Fund Information AM Company Brand Power Survey (12th) Banks Sector Overall Ranking - Take an approach that focuses on the -1
R&I Fund Information AM Company Satisfactory Survey (11th) Overall Evaluation * Comparing the five major securities
younger generation (e.g., Mizuho corporate companies in Japan
Commitment to meet customers’ needs
clients’ employees)
Announced Policies Regarding Fiduciary Duties (Feb. 16)
e.g., Avg. yrs investment trusts held by customers Mizuho’s challenges
3.5  Earn the trust of retail customers as a medium-to long-term
Mizuho 3.3 yrs
Industry avg. 2.9 yrs
partner
2.5 Source: Average balance for - Need medium- to long-term business strategies to match
the past year divided with
cancellation/redeemed amount.
Created by SC based on data  Support the improvement of retail customer investment
1.5 from the Investment Trusts

YY/M 15/3 16/3 17/3 18/3

Association, Japan. literacy

15
 1. Retail segment - Supporting business succession -
Environment surrounding baby boomer business owners Business direction
 Utilizing Mizuho’s strengths
Age distribution of Preparation for
SME business owners1 business succession by owners1
Consulting system
Providing and achieving solutions

×
(10K ppl) Unprepared Prepared
47yrs 66yrs through BK/TB/SC one-stop
40 old old
services from the beginning to the
1995 60s 57% 43% end of the process
Strong capabilities in
30
2015 products

20 70s 50% 50% Business succession solutions (conceptualization)

Solution provided through
Needs for business successions intra-group collaboration
10

Consulting department (BK & TB)

80s 52% 48% Relatives
Share transfer Robust client base
& older (heirs) BK
Finance functions
0
30s 40s 50s 60s 70s 80s Relatives Separation of mgmt.

Current owner
No. 1 in the banking
& older (non-heirs) and property rights TB industry in real estate
agency business
2.45mm SME business owners will become 70 or older within 10 Non-relatives
MBO
years. Approximately half have not decided their successors. (internal)
BK/
SC MBO/LBO No. 1 in Japan 2
M&A
Changes in taxation system in FY2018 Non-relatives M&A No. 2 in Japan
4
3
(outside the MH IPO No. 2 in Japan
Direction of succession Changes in taxation system in FY2018 company)
IPO CC
Succession to 2. FY17. Based on internal management 3. FY17. Based on number of deals. Any Japanese related deals (excl. real estate deals)
Inside relatives Establishment of specific measures of Source: Thomson Reuters 4. Incl. Joint lead managers. Excl. REIT, global offering transactions. Source: CAPITAL EYE
the Succession to Business Succession Taxation System
Co. executives (Limited period of 10 years)
Mizuho’s challenges
and/or employees
Outside M&A Reducing the tax when reorganizing and  Improving our ability to provide solutions
the integrating business
and others by further strengthening group-wide collaboration
Co. (registration tax, real-estate acquisition tax)
1. Source: The Small and Medium Enterprise Agency, Business Succession Guidelines

16
 2. Retail segment - Channel transformation -
Mizuho’s retail network Business direction
 With all financial transactions shifting to digital banking,
BK individual One out of every we will fundamentally transform both face-to-face and
24mn five Japanese citizens digital channels
customers
Face-to- • Digitalization, reduction, and optimization of all branches /
face offices
• Improve added value by strengthening bank, trust, and
ATMs 700 No.1 among megabanks channels securities collaboration within the group
Integrated Branch (image)
Strengthen face-to-face channels as
Largest bank, trust, and financial consulting destinations
Locations in 500 securities network One-stop consulting services on a banking, trust, BK SC
Japan among megabanks and securities integrated basis TB

By utilizing remote
Present Percentage of integrated
technology expand nation
By 2020
Changes in consumer channel usage status branches approx. 40%
wide to all offices

Active digital Channel usage • Utilize FinTech, artificial intelligence, and external alliances
Branch users1 Digital
banking users1 by age2 • All banking, trust, and securities services completed via the
channels
Digital Banking internet
Branches
-30% By strategically allocating corporate resources, transform
Intend to use (%) payment services and improve customer services
2.5x
Financial management Savings / investments Lending
60+
Mobile

40-59
Computer,
other
Under
Mizuho’s challenges
40  Re-distribute corporate resources
YY/M 08/3 16/3 17/3 18/3 08/3 16/3 17/3 18/3 0 25 50 75 100 - Optimize and enhance existing channels
1. Based on Mizuho’s group customer base. For the month of March only.
2. Based on the Better Banking Services Survey published by the Japanese Bankers Association - Invest corporate resources in new growth areas

17
 2. Retail segment - Restructuring of our payments business -
Low cashless payments rate in Japan Business direction
 Restructuring our digital channels and payments business
Cashless payments rate in Improvement in customer service
Customers using ATMs1
other countries2
QR code- Running two proof of concept projects
- From Jun. 2018: Tomioka, Iwaki and other cities/towns in Fukushima
based - From Sep. 2018: City of Kitakyushu in Fukuoka
payments
89% From Mar. 2018 - Android
Debit card available smartphone app
- Immediate debit simply by holding a
smartphone over the reader
60% 55% 55% Mizuho - Immediate registration and
immediate use available
45% Wallet
From Aug. 2018 - iOS
e-money that doesn’t require a card to be issue
- Mizuho Suica
18%
From Jan. 2018
Mizuho Business debit card for SMEs and the
Business self-employed
YY/M 08/3 16/3 17/3 18/3 S.KR China Canada UK US JP - Instant settlements
Debit - Shift to cashless and paperless business
1. Mizuho group customer basis. Data is for the month of March only.
2. Data from “Cashless Vision”, Japan’s Ministry of Economy, Trade and Industry

Economic effects due to cashless payments Mizuho’s challenges

• Reduction in cost of managing  Resolve issues in promoting cashless payments
Financial ATM network
-JPY 1tn - Improving convenience for users
industry • Reduction in operation and
fixed costs in branches managing cash - Making society as a whole more efficient by revising the cost structure
Retail and  Support the creation of new industries by utilizing data
food - JPY 3tn
service • Reduction in personnel expenses
industries

18
 3. Wholesale segment - Enhance markets business -
Market size Business direction
Japan U.S.
Bonds Stocks Bonds Stocks Investors
Institutional Investors Retail Investors
outside/inside Japan in Japan
Secondary JPY JPY USD USD
markets 1,200tn 660tn 140tn 68tn
(trade amounts)
Sales of
products

Primary Mizuho
JPY JPY USD USD
markets Markets Research Retail
15tn 4tn 2tn 0.2tn
(total issue amounts)

Source: Japan – FY16, Japan Securities Dealers Association, Japan Exchange Group,
I-N Information System, Thomson Reuters, the U.S. – FY16, Securities Industry and Financial Markets Association
Intermediary function in
Profit by business (JPN securities companies) capital markets

Major Securities Companies* Mizuho SC IB

IB
IB
10%
17% Underwriting products
Markets Markets Issuers
based on the needs of investors
50% Retail 47%
41% リテール
Retail
49%
36%
Issuers outside/inside Japan
FY15-17 results.
* Prepared by Mizuho based on the financial disclosure of Nomura and Daiwa. Operating Revenues or Net Revenues basis
(exclude asset management, proprietary, and other businesses)

19
 3. Wholesale segment - Enhance markets business -
Opportunities centered on markets business Mizuho’s challenges
Mizuho’s presence in each market  Enhance market literacy to capture more business
DCM - Japan DCM - US ECM - Japan ABS - Japan - Primary business / Secondary business

1st 10th 4th 1st - Capital raising needs / Investment needs

Primary
- Industry knowledge / Market knowledge
Yen bonds Non-yen bonds JPN equities JGBs
- Risk distribution / Intermediary functions
Secondary 4th 12th 2nd 2nd
 Form a resilient business portfolio with careful
Source: [Primary] DCM-Japan: Total Japan publicly offered bonds (FY17/Q1), I-N Information Systems, underwriting amount basis.
DCM-US (FY17) Dealogic, IG or above corporate bonds with an issuance amount more than USD 250mm. ECM Japan‐Total equity consideration of business characteristics
underwriting worldwide (FY17), Thomson Reuters, underwriting amount basis. ABS Japan‐ABS lead manager (FY17) Thomson
Reuters, deal amount basis. [Secondary] Based on the research outcome of Greenwich Associates’ Yen Bond Investors - Japan 2017,
Nonyen Bond Investors – Japan 2017 and Japanese Institutional Investors – Japanese Shares 2017. Mizuho Securities market share - Balance among capital, profit volatility, and costs
and ranking in Yen Bond, Nonyen Bond studies is based on evaluations by Japan-based institutional investors. Mizuho Securities’
market share and ranking in Japanese equity is based on evaluations by Japan domestic investors as well as foreign investors based in
Japan and offshore Asia.
(JPY tn) 5 securities companies 3 megabanks
Profit comparison with peer group immediately above us
(Conceptual Chart) Peer group Revenue SG&A GP G&AE
immediately above us 2.4
3.1 2.8
P/L 4.3
structure 0.7 Ordinary
Ordinary Income Profits
Mizuho 82% 1.5
Increase business
Secondary market profit 72% opportunities Net worth 6.9 25.8

18% OHR 78.5% ＜ 65.7%

Primary market profit 28%
ROE 10.3% ＞ 7.7%
Source: Coalition FY17 analysis. Results are based upon Mizuho’s internal business structure. Peer group: BNP Paribas, HSBC, Source: Prepared by Mizuho based on each company’s disclosures. Securities companies are on a consolidated basis,
Nomura, SG, UBS megabanks are on a non-consolidated basis.

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 4. Wholesale segment - Address clients’ globalization efforts -
GDP forecast (2000-2035) Business direction
(USD tn)
Asia
60
Previous model Current model
Forecast
50
China
40 • Support Japanese clients’ Capture clients’ cross-regional
US overseas expansion business value chain by
30
• Use the strength of our leveraging our leading
20 balance sheet to provide presence in Asia
10 credit to non-Japanese
Japan clients
0
2000 2008 2016 2024 2032
Source: IMF World Economic Outlook Database, April 2018.
Forecasts are created by MHRI based on the data of IMF, UN, and other countries/regions statistics

Trade among major regions (2017) Japanese Americas EMEA

EMEA clients
(USD bn) Non-Japanese
clients
Asia
The amount of imports and Japanese Mizuho
JPN clients
exports related to Asia Americas
Banks Non-Japanese
clients
accounts for approx. 80%
Japanese
of trade among the three
clients
Asia
424 major regions Non-Japanese
clients
Japan/Asia
284

Source: Created by MHRI using IMF data. Europe stands for the EU and Asia stands for RCEP

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4. Wholesale segment - Address clients’ globalization efforts -
Footprint in Asia Achievements in Asia
Number of branches (As of June 30th 2018)
THE ASIAN The Asian Banker, Transaction Banking Awards
BANKER
China 2018, The Most Improved Transaction Bank in Asia Pacific
1997 Launch of Yuan business
India (First among foreign banks)

1996 Opening of Mumbai Branch

2018 Obtainment of market making
license for China’s Bond Connect
Global Trade Review, Leaders in Trade
(Largest network among Japanese 2018, Best Trade Finance Bank in East Asia & the Pacific
banks)

2
22 Japan Thomson Reuters, Asia Loans Bookrunners
#3 2017, ex-Japan, ex-Australia
4
787
(500 locations)
6 3
2
Mizuho’s challenges
2 1
Taiwan
1
2 1922 Opening of Taipei Branch  Become an Asian partner with multinational
(Largest network among
Japanese banks)
corporation and investors
3 Vietnam
- Improve added value in Asia utilizing our foundation
3 2011 Investment in Vietcombank
in Japan
Number of branches：55 1 Indonesia
Number of employees：5,800 - Strengthen our network and relationships with Asian
Loan balance: USD 120.7bn 2011 Investment in Balimor Finance
corporations and investors
Available currencies：18
3

22
1. Financial results – Executive Summary

2. Economic environment

3. Direction of Mizuho’s business transformation

4. In closing

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Our vision

Establishing a stronger and more resilient financial

group which our customers can depend on in the coming era

Cultivating a resilient business portfolio

Implementing fundamental structural reforms

Contributing to the sustainable development of society

Pursuing effective corporate governance

Transforming our corporate culture

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