Interim Results for FY2018 November 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. MHFG is a specified business company under "Cabinet Office Ordinance on Disclosure of Corporate Information, etc." Article 17-15 clause 2 and prepares the interim consolidated financial statements in the second quarter. 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. MSUSA: Mizuho Securities USA LLC RBC: Retail & Business Banking Company CIC: Corporate & Institutional Company 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) 2 Mizuho Group Holding company Mizuho Financial Group Banking Trust Securities Asset Research & Other major subsidiaries Management consulting1 Mizuho Research Mizuho Private Wealth Asset Institute Management Mizuho Mizuho Trust Mizuho Management Bank & Banking Securities Mizuho Information One & Research JTC Holdings2 Institute (Rounded figures) SME, middle market, 3 One of the broadest Coverage of listed Forbes Global 200 Individual customers Securities accounts and business owner (Non-Japanese customer bases among companies in Japan Japanese financial borrowers corporate clients) institutions 24M 1.75M 100K 70% 80% Credit ratings (As of November 14, 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 organizations such as the BK Industry Research Dept., TB Consulting Dept. and Mizuho-DL Financial Technology 2. Bank holding company established on October 1, 2018 with the consolidation of Trust & Custody Services Bank, Ltd. (TCSB) and Japan Trustee Services Bank, Ltd. (JTSB) 3. Top 200 corporations from Forbes Global 2000 (excl. financial institutions) 3 Table of Contents Interim Results for FY2018: Executive Summary FY2018 Interim Review ‐ Executive Summary of Financial Results P. 6 ‐ 1. Commencement and Implementation of ‐ In-house Company Initiatives P. 8 Structural Reforms P. 30 ‐ Overview of Income Statement P. 10 ‐ 2. Accomplishing the Medium-term Business Plan P. 3 1 ‐ Overview of Balance Sheet P. 12 ‐ 3. Transition to the Next-Generation IT System P. 33 ‐ Consolidated Gross Profits P. 13 ‐ Net Interest Income P. 15 Digitalization Initiatives ‐ Overview of Loans P. 16 ‐ A.I.-based Credit Score P. 35 ‐ Loans in Japan P. 17 ‐ Transition to a Cashless Society P. 36 ‐ Loans outside Japan P. 18 ‐ Initiatives for Open Innovation P. 37 ‐ Non-JPY Funding P. 19 ‐ Non-interest Income P. 20 ESG Initiatives ‐ General and Administrative Expenses P. 21 ‐ Overview of ESG Initiatives P. 39 ‐ Securities Portfolio (Bond) P. 22 ‐ Securities Portfolio (Stock) P. 23 Undertakings by New Group CEO ‐ Credit Portfolio P. 24 ‐ Initiatives Implemented Since Appointment of ‐ Loan Portfolio outside Japan P. 25 New Group CEO P. 41 ‐ ‐ Capital Management P. 26 Our Management Issues P. 42 ‐ Our Goal P. 43 ‐ Revised Earning Plan for FY2018 P. 27 ‐ Enhancing Our Corporate Value P. 44 ‐ In-house Company Financial Results P. 2 8 ‐ In Closing P. 46 and Revised Plan Appendix 4 Interim Results for FY2018: Executive Summary Executive Summary of Financial Results (Consolidated, JPY B) FY2018 H1 YoY Gross Profits increased mainly due to the improvement of Customer Net Business Profits + Groups’ Non-interest Income both inside and outside Japan and Interest Net Gains (Losses) 330.9 +67.9 related to ETFs and Income outside Japan others* Net Business Profits 291.0 +49.3 Prevented an increase in expenses by thoroughly conducting expense control at BK and TB Recorded reversals due to further improvement of credit portfolio Credit-related Costs 29.7 -98.2 However, the reversal amount largely decreased due to lack of a large reversal such as that which occurred last fiscal year Net Gains (Losses) related to Stocks – Net Surpassed last fiscal H1 results through the continuation of sales of cross- Gains (Losses) related to 110.0 +23.5 ETFs and others* shareholdings and profits related to ETFs and others, which was the result Net Gains (Losses) related 149.9 +42.0 of operations identifying opportunities in stock markets to Stocks Strong 63% progress against the fiscal year earnings plan due mainly to Net Income +42.7 Attributable to FG 359.3 improvement of Consolidated Net Business Profits as well as reversal in Credit-related Costs and Net Gains related to Stocks CET1 Capital Ratio 12.62 % +0.13% CET1 Capital Ratio increased steadily due to the accumulation of Retained excl. Net Unrealized Gains Earnings and appropriate risk weighted asset control on Other Securities 10.41 % +0.26% * Net Gains related to ETFs (2 Banks) + Net Gains on Operating Investment Securities (SC Consolidated) 6 Executive Summary: Net Business Profits by In-house Company Net Business Profits1 Group aggregate, management accounting, rounded figures FY18 FY17 FY18 Plan 2 (JPY B) H1 H1 YoY (Progress) Offset the decrease in Net Interest Income 31.0 Retail & Business through an increase in Non-interest Income 8.3 Banking -0.1 -8.4 which was mainly through solution businesses (RBC) - for corporate clients Corporate & 244.0 Net Interest Income increased resulting from a Institutional 123.8 86.7 37.1 shift to profitable assets and Non-interest Income (CIC) 51% growth is also progressing smoothly 123.0 Net Interest Income increased due mainly to an Global Corporate increase in loans in EMEA and Asia and Non- 79.4 32.7 46.7 (GCC) interest Income showed steady performance due 65% to transaction banking profits among other factors 285.0 The Banking section showed steady progress Global Markets 132.7 138.4 -5.7 due to accumulation of Net Gains related to (GMC) 47% ETFs, however, bond related trading struggled 18.0 AUM increased based on addressing customers’ Asset Management needs for medium-to-long term asset formation, 7.7 7.4 0.3 (AMC) contributing to the increase in Net Business Profits 43% 1. Net Gains (Losses) related to ETFs are included in GMC 2. Figures for FY17 H1 are recalculated based on FY18 management accounting rules 7 Retail & Business Banking Asset Management Shift Household Assets to More Growth-focused Portfolios Initiatives towards shifting from savings to asset formation Optimal Investment products for asset formation 1 Average holding period of Publicly Offered Stock Investment Net Inflow of Client Assets (SC) 2 stock investment trust holdings Trusts AUM JPY 4 ‘Prime One’ Series denominated JPY 1.1T FY18 H1 (JPY T) 7.7 principal +JPY 120B guaranteed type Industry +JPY 530B 0.1 (first in Japan) Mizuho Average 7.2 0.9 ‘ ’ Series ＞ Mirai no sekai Global 3.2 yrs 2.9 yrs 0.5 +JPY 330B stocks 6.6 6.7 SC Company A Company B 2.